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FAIR VALUE MEASUREMENTS (Tables)
6 Months Ended
Nov. 30, 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 November 30, 2022 and May 31, 2022, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
NOVEMBER 30, 2022
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$788 $788 $— 
Level 1:
U.S. Treasury securities3,417 3,413 
Level 2:
Commercial paper and bonds622 29 593 
Money market funds5,024 5,024 — 
Time deposits753 645 108 
U.S. Agency securities17 — 17 
Total Level 26,416 5,698 718 
TOTAL$10,621 $6,490 $4,131 
MAY 31, 2022
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$839 $839 $— 
Level 1:
U.S. Treasury securities3,801 3,793 
Level 2:
Commercial paper and bonds660 37 623 
Money market funds6,458 6,458 — 
Time deposits1,237 1,232 
U.S. Agency securities— 
Total Level 28,357 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:
NOVEMBER 30, 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)
$953 $759 $194 $134 $93 $41 
Embedded derivatives— — 
TOTAL$959 $765 $194 $135 $94 $41 
(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 $133 million as of November 30, 2022. As of that date, the Company received $345 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 November 30, 2022.
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 derivatives— — 
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 LOCATIONNOVEMBER 30,MAY 31,
(Dollars in millions)
20222022
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets$745 $639 
Foreign exchange forwards and optionsDeferred income taxes and other assets194 206 
Total derivatives formally designated as hedging instruments939 845 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets14 30 
Embedded derivativesPrepaid expenses and other current assets
Total derivatives not designated as hedging instruments20 35 
TOTAL DERIVATIVE ASSETS$959 $880 
DERIVATIVE LIABILITIES
BALANCE SHEET LOCATIONNOVEMBER 30,MAY 31,
(Dollars in millions)
20222022
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities$58 $37 
Foreign exchange forwards and optionsDeferred income taxes and other liabilities41 11 
Total derivatives formally designated as hedging instruments99 48 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities35 28 
Embedded derivativesAccrued liabilities
Total derivatives not designated as hedging instruments36 29 
TOTAL DERIVATIVE LIABILITIES$135 $77