FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Aug. 31, 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 and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:

	AUGUST 31, 2022
(Dollars in millions)	ASSETS AT FAIR VALUE		CASH AND EQUIVALENTS		SHORT-TERM INVESTMENTS
Cash	$	746	$	746	$	—
Level 1:
U.S. Treasury securities	3,855		7		3,848
Level 2:
Commercial paper and bonds	720		31		689
Money market funds	5,579		5,579		—
Time deposits	968		863		105
U.S. Agency securities	8		—		8
Total Level 2	7,275		6,473		802
TOTAL	$	11,876	$	7,226	$	4,650

	MAY 31, 2022
(Dollars in millions)	ASSETS AT FAIR VALUE		CASH AND EQUIVALENTS		SHORT-TERM INVESTMENTS
Cash	$	839	$	839	$	—
Level 1:
U.S. Treasury securities	3,801		8		3,793
Level 2:
Commercial paper and bonds	660		37		623
Money market funds	6,458		6,458		—
Time deposits	1,237		1,232		5
U.S. Agency securities	2		—		2
Total Level 2	8,357		7,727		630
TOTAL	$	12,997	$	8,574	$	4,423

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:

	AUGUST 31, 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)	$	1,426	$	1,049	$	377	$	43	$	39	$	4
Embedded derivatives	3		3		—		—		—		—
TOTAL	$	1,429	$	1,052	$	377	$	43	$	39	$	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 $43 million as of August 31, 2022. As of that date, the Company received $962 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 August 31, 2022.

	MAY 31, 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)	$	875	$	669	$	206	$	76	$	65	$	11
Embedded derivatives	5		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.

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

	DERIVATIVE ASSETS
	BALANCE SHEET LOCATION	AUGUST 31,		MAY 31,
(Dollars in millions)		2022		2022
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and options	Prepaid expenses and other current assets	$	990	$	639
Foreign exchange forwards and options	Deferred income taxes and other assets	377		206
Total derivatives formally designated as hedging instruments		1,367		845
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options	Prepaid expenses and other current assets	59		30
Embedded derivatives	Prepaid expenses and other current assets	3		5
Total derivatives not designated as hedging instruments		62		35
TOTAL DERIVATIVE ASSETS		$	1,429	$	880
	DERIVATIVE LIABILITIES
	BALANCE SHEET LOCATION	AUGUST 31,		MAY 31,
(Dollars in millions)		2022		2022
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and options	Accrued liabilities	$	16	$	37
Foreign exchange forwards and options	Deferred income taxes and other liabilities	4		11
Total derivatives formally designated as hedging instruments		20		48
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options	Accrued liabilities	23		28
Embedded derivatives	Accrued liabilities	—		1
Total derivatives not designated as hedging instruments		23		29
TOTAL DERIVATIVE LIABILITIES		$	43	$	77