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Accumulated Other Comprehensive Income (Loss)
 12 Months Ended
May 31, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income (Loss)
NOTE 15 — ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The changes in Accumulated other comprehensive income (loss), net of tax, were as follows:
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)

CASH FLOW HEDGES

NET INVESTMENT HEDGES(1)

OTHER

TOTAL

Balance at May 31, 2019
$
(346
)
$
520

$
115

$
(58
)
$
231

Other comprehensive income (loss):
 
 
 
 
 
Other comprehensive gains (losses) before reclassifications(2)
(149
)
387

—

(8
)
230

Reclassifications to net income of previously deferred (gains) losses(3)
1

(517
)
—

(1
)
(517
)
Total other comprehensive income (loss)
(148
)
(130
)
—

(9
)
(287
)
Balance at May 31, 2020
$
(494
)
$
390

$
115

$
(67
)
$
(56
)
(1)
The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)
Net of tax benefit (expense) of $0 million, $(15) million, $0 million, $1 million and $(14) million, respectively.
(3)
Net of tax (benefit) expense of $0 million, $2 million, $0 million, $0 million and $2 million, respectively.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)

CASH FLOW HEDGES

NET INVESTMENT HEDGES(1)

OTHER

TOTAL

Balance at May 31, 2018
$
(173
)
$
17

$
115

$
(51
)
$
(92
)
Other comprehensive income (loss):
 
 
 
 
 
Other comprehensive gains (losses) before reclassifications(2)
(173
)
573

—

10

410

Reclassifications to net income of previously deferred (gains) losses(3)
—

(70
)
—

(17
)
(87
)
Total other comprehensive income (loss)
(173
)
503

—

(7
)
323

Balance at May 31, 2019
$
(346
)
$
520

$
115

$
(58
)
$
231

(1)
The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)
Net of tax benefit (expense) of $0 million, $(4) million, $0 million, $1 million and $(3) million, respectively.
(3)
Net of tax (benefit) expense of $0 million, $6 million, $0 million, $0 million and $6 million, respectively.

The following table summarizes the reclassifications from Accumulated other comprehensive income (loss) to the Consolidated Statements of Income:
 
AMOUNT OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME
LOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME
 
YEAR ENDED MAY 31,
(Dollars in millions)
2020
2019
Gains (losses) on foreign currency translation adjustment
$
(1
)
$
—

Other (income) expense, net
Total before tax
(1
)
—

 
Tax (expense) benefit
—

—

 
Gain (loss) net of tax
(1
)
—

 
Gains (losses) on cash flow hedges:
 
 
 
Foreign exchange forwards and options
$
(17
)
(5
)
Revenues
Foreign exchange forwards and options
364

53

Cost of sales
Foreign exchange forwards and options
(2
)
—

Demand creation expense
Foreign exchange forwards and options
181

35

Other (income) expense, net
Interest rate swaps
(7
)
(7
)
Interest expense (income), net
Total before tax
519

76

 
Tax (expense) benefit
(2
)
(6
)
 
Gain (loss) net of tax
517

70

 
Gains (losses) on other
1

17

Other (income) expense, net
Total before tax
1

17

 
Tax (expense) benefit
—

—

 
Gain (loss) net of tax
1

17

 
Total net gain (loss) reclassified for the period
$
517

$
87