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Risk Management and Derivatives (Tables)
 12 Months Ended
May 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
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:
MAY 31, 2022
DERIVATIVE ASSETSDERIVATIVE LIABILITIES
(Dollars in millions)ASSETS AT FAIR VALUEOTHER CURRENT ASSETSOTHER LONG-TERM ASSETSLIABILITIES AT FAIR VALUEACCRUED LIABILITIESOTHER LONG-TERM LIABILITIES
Level 2:
Foreign exchange forwards and options(1)
$875 $669 $206 $76 $65 $11 
Embedded derivatives5 5 — 1 1 — 
TOTAL$880 $674 $206 $77 $66 $11 
(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 $76 million as of May 31, 2022. As of that date, the Company received $486 million of cash collateral from counterparties related to foreign exchange derivative instruments. No amount of collateral was posted on the derivative liability balance as of May 31, 2022.
MAY 31, 2021
DERIVATIVE ASSETSDERIVATIVE LIABILITIES
(Dollars in millions)
ASSETS AT FAIR VALUEOTHER CURRENT ASSETSOTHER LONG-TERM ASSETSLIABILITIES AT FAIR VALUEACCRUED LIABILITIESOTHER 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 Consolidated Balance Sheets:
 DERIVATIVE ASSETS
BALANCE SHEET LOCATIONMAY 31,
(Dollars in millions)
20222021
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets$639 $42 
Foreign exchange forwards and optionsDeferred income taxes and other assets206 16 
Total derivatives formally designated as hedging instruments845 58 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets30 34 
Embedded derivativesPrepaid expenses and other current assets5 — 
Total derivatives not designated as hedging instruments35 34 
TOTAL DERIVATIVE ASSETS$880 $92 

 DERIVATIVE LIABILITIES
BALANCE SHEET LOCATIONMAY 31,
(Dollars in millions)
20222021
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities$37 $385 
Foreign exchange forwards and optionsDeferred income taxes and other liabilities11 41 
Total derivatives formally designated as hedging instruments48 426 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities28 30 
Embedded derivativesAccrued liabilities1 1 
Total derivatives not designated as hedging instruments29 31 
TOTAL DERIVATIVE LIABILITIES$77 $457 
Schedule of Derivative Instruments, Gain (Loss) In Statement of Income
The following table presents the amounts in the Consolidated Statements of Income in which the effects of cash flow hedges are recorded and the effects of cash flow hedge activity on these line items for the fiscal years ended May 31, 2022, 2021 and 2020:
YEAR ENDED MAY 31,
202220212020
(Dollars in millions)
TOTALAMOUNT OF
GAIN (LOSS)
ON CASH FLOW
HEDGE ACTIVITY		TOTALAMOUNT OF
GAIN (LOSS)
ON CASH FLOW
HEDGE ACTIVITY		TOTALAMOUNT OF
GAIN (LOSS)
ON CASH FLOW
HEDGE ACTIVITY
Revenues$46,710 $(82)$44,538 $45 $37,403 $(17)
Cost of sales25,231 (23)24,576 51 21,162 364 
Demand creation expense3,850 1 3,114 3 3,592 (2)
Other (income) expense, net(181)130 14 (47)139 181 
Interest expense (income), net205 (7)262 (7)89 (7)
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The following tables present the amounts affecting the Consolidated Statements of Income for the years ended May 31, 2022, 2021 and 2020:

(Dollars in millions)
AMOUNT OF GAIN (LOSS)
RECOGNIZED IN OTHER
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES(1)
AMOUNT OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE
INCOME (LOSS) INTO INCOME(1)
YEAR ENDED MAY 31,LOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME		YEAR ENDED MAY 31,
202220212020202220212020
Derivatives designated as
cash flow hedges:
Foreign exchange forwards
and options
$(39)$(61)$28 Revenues$(82)$45 $(17)
Foreign exchange forwards
and options
889 (563)283 Cost of sales(23)51 364 
Foreign exchange forwards
and options
(6)5 1 Demand creation expense1 3 (2)
Foreign exchange forwards
and options
492 (163)90 Other (income) expense, net130 (47)181 
Interest rate swaps(2)
— — — Interest expense (income), net(7)(7)(7)
Total designated cash
flow hedges
$1,336 $(782)$402 $19 $45 $519 
(1)For the fiscal years ended May 31, 2022, 2021 and 2020, the amounts recorded in Other (income) expense, net as a result of the discontinuance of cash flow hedges because the forecasted transactions were no longer probable of occurring were immaterial.
(2)Gains and losses associated with terminated interest rate swaps, which were previously designated as cash flow hedges and recorded in Accumulated other comprehensive income (loss), will be released through Interest expense (income), net over the term of the issued debt.
AMOUNT OF GAIN (LOSS) RECOGNIZED
IN INCOME ON DERIVATIVES
LOCATION OF GAIN (LOSS)
RECOGNIZED IN INCOME
ON DERIVATIVES
YEAR ENDED MAY 31,
(Dollars in millions)
202220212020
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options$40 $(150)$76 Other (income) expense, net
Embedded derivatives(2)(17)(1)Other (income) expense, net