Fair Value Measurements (Tables)

9 Months Ended

Feb. 28, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present information about the Company's financial assets measured at fair value on a recurring basis as of February 28, 2022 and May 31, 2021, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:

	FEBRUARY 28, 2022
(Dollars in millions)	ASSETS AT FAIR VALUE		CASH AND EQUIVALENTS		SHORT-TERM INVESTMENTS
Cash	$	730	$	730	$	—
Level 1:
U.S. Treasury securities	4,231		117		4,114
Level 2:
Commercial paper and bonds	686		42		644
Money market funds	6,662		6,662		—
Time deposits	1,158		1,153		5
Total Level 2	8,506		7,857		649
TOTAL	$	13,467	$	8,704	$	4,763

	MAY 31, 2021
(Dollars in millions)	ASSETS AT FAIR VALUE		CASH AND EQUIVALENTS		SHORT-TERM INVESTMENTS
Cash	$	840	$	840	$	—
Level 1:
U.S. Treasury securities	2,892		—		2,892
Level 2:
Commercial paper and bonds	748		57		691
Money market funds	7,701		7,701		—
Time deposits	1,293		1,291		2
U.S. Agency securities	2		—		2
Total Level 2	9,744		9,049		695
TOTAL	$	13,476	$	9,889	$	3,587

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following tables present information about the Company's derivative assets and liabilities measured at fair value on a recurring basis and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:

	FEBRUARY 28, 2022
	DERIVATIVE ASSETS						DERIVATIVE LIABILITIES
(Dollars in millions)	ASSETS AT FAIR VALUE		OTHER CURRENT ASSETS		OTHER LONG-TERM ASSETS		LIABILITIES AT FAIR VALUE		ACCRUED LIABILITIES		OTHER LONG-TERM LIABILITIES
Level 2:
Foreign exchange forwards and options(1)	$	482	$	414	$	68	$	107	$	103	$	4
Embedded derivatives	2		2		—		1		1		—
TOTAL	$	484	$	416	$	68	$	108	$	104	$	4

(1)If the foreign exchange derivative instruments had been netted on the Unaudited Condensed Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $107 million as of February 28, 2022. As of that date, the Company received $62 million of cash collateral from various counterparties related to foreign exchange derivative instruments. No amount of collateral was posted on the derivative liability balance as of February 28, 2022.

	MAY 31, 2021
	DERIVATIVE ASSETS						DERIVATIVE LIABILITIES
(Dollars in millions)	ASSETS AT FAIR VALUE		OTHER CURRENT ASSETS		OTHER LONG-TERM ASSETS		LIABILITIES AT FAIR VALUE		ACCRUED LIABILITIES		OTHER LONG-TERM LIABILITIES
Level 2:
Foreign exchange forwards and options(1)	$	92	$	76	$	16	$	456	$	415	$	41
Embedded derivatives	—		—		—		1		1		—
TOTAL	$	92	$	76	$	16	$	457	$	416	$	41

(1)If the foreign exchange derivative instruments had been netted on the Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $93 million as of May 31, 2021. As of that date, the Company had posted $39 million of cash collateral to various counterparties related to foreign exchange derivative instruments. No amount of collateral was received on the Company's derivative asset balance as of May 31, 2021.

The following tables present the fair values of derivative instruments included within the Unaudited Condensed Consolidated Balance Sheets:    

	DERIVATIVE ASSETS
	BALANCE SHEET LOCATION	FEBRUARY 28,		MAY 31,
(Dollars in millions)		2022		2021
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and options	Prepaid expenses and other current assets	$	393	$	42
Foreign exchange forwards and options	Deferred income taxes and other assets	68		16
Total derivatives formally designated as hedging instruments		461		58
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options	Prepaid expenses and other current assets	21		34
Embedded derivatives	Prepaid expenses and other current assets	2		—
Total derivatives not designated as hedging instruments		23		34
TOTAL DERIVATIVE ASSETS		$	484	$	92
	DERIVATIVE LIABILITIES
	BALANCE SHEET LOCATION	FEBRUARY 28,		MAY 31,
(Dollars in millions)		2022		2021
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and options	Accrued liabilities	$	83	$	385
Foreign exchange forwards and options	Deferred income taxes and other liabilities	4		41
Total derivatives formally designated as hedging instruments		87		426
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options	Accrued liabilities	20		30
Embedded derivatives	Accrued liabilities	1		1
Total derivatives not designated as hedging instruments		21		31
TOTAL DERIVATIVE LIABILITIES		$	108	$	457