XML 71 R36.htm IDEA: XBRL DOCUMENT

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

May 31, 2024

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 May 31, 2024 and 2023, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement.


	MAY 31, 2024
(Dollars in millions)	ASSETS AT FAIR VALUE		CASH AND EQUIVALENTS		SHORT-TERM INVESTMENTS
Cash	$	1,222	$	1,222	$	—
Level 1:
U.S. Treasury securities	1,175		155		1,020
Level 2:
Commercial paper and bonds	591		17		574
Money market funds	8,119		8,119		—
Time deposits	440		347		93
U.S. Agency securities	35		—		35
Total Level 2	9,185		8,483		702
TOTAL	$	11,582	$	9,860	$	1,722


	MAY 31, 2023
(Dollars in millions)	ASSETS AT FAIR VALUE		CASH AND EQUIVALENTS		SHORT-TERM INVESTMENTS
Cash	$	1,767	$	1,767	$	—
Level 1:
U.S. Treasury securities	2,655		—		2,655
Level 2:
Commercial paper and bonds	543		15		528
Money market funds	5,157		5,157		—
Time deposits	507		502		5
U.S. Agency securities	46		—		46
Total Level 2	6,253		5,674		579
TOTAL	$	10,675	$	7,441	$	3,234

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, 2024
	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)	$	343	$	299	$	44	$	120	$	115	$	5
Interest rate swaps(1)	—		—		—		31		—		31
TOTAL	$	343	$	299	$	44	$	151	$	115	$	36

(1)If the foreign exchange and interest rate swap derivative instruments had been netted on the Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $142 million as of May 31, 2024. As of that date, the Company received $112 million of cash collateral from various counterparties on the derivative asset balance and posted $10 million cash collateral on the derivative liability balance.


	MAY 31, 2023
	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)	$	557	$	493	$	64	$	180	$	128	$	52

(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 $178 million as of May 31, 2023. As of that date, the Company had received $36 million of cash collateral from various counterparties related to foreign exchange derivative instruments. No amount of collateral was posted on the Company's derivative liability balance as of May 31, 2023.

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


	DERIVATIVE ASSETS
	BALANCE SHEET LOCATION	MAY 31,
(Dollars in millions)		2024		2023
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and options	Prepaid expenses and other current assets	$	269	$	480
Foreign exchange forwards and options	Deferred income taxes and other assets	$	44	$	64

Total derivatives formally designated as hedging instruments		313		544
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options	Prepaid expenses and other current assets	30		13

Total derivatives not designated as hedging instruments		30		13
TOTAL DERIVATIVE ASSETS		$	343	$	557


	DERIVATIVE LIABILITIES
	BALANCE SHEET LOCATION	MAY 31,
(Dollars in millions)		2024		2023
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and options	Accrued liabilities	$	110	$	93
Foreign exchange forwards and options	Deferred income taxes and other liabilities	5		52
Interest rate swaps	Deferred income taxes and other liabilities	31		—
Total derivatives formally designated as hedging instruments		146		145
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options	Accrued liabilities	5		35


Total derivatives not designated as hedging instruments		5		35
TOTAL DERIVATIVE LIABILITIES		$	151	$	180