RISK MANAGEMENT AND DERIVATIVES (Tables)

6 Months Ended

Nov. 30, 2024

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:

	NOVEMBER 30, 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)	$	557	$	434	$	123	$	106	$	99	$	7
Interest rate swaps(1)	36		—		36		—		—		—
TOTAL	$	593	$	434	$	159	$	106	$	99	$	7

(1)If the derivative instruments had been netted on the Unaudited Condensed Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $106 million as of November 30, 2024. As of that date, the Company received $311 million of cash collateral and $38 million of securities from various counterparties on the derivative asset balance. No collateral was posted on the derivative liability balance as of November 30, 2024.

	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 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.

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

	DERIVATIVE ASSETS
	BALANCE SHEET LOCATION	NOVEMBER 30,		MAY 31,
(Dollars in millions)		2024		2024
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and options	Prepaid expenses and other current assets	$	429	$	269
Foreign exchange forwards and options	Deferred income taxes and other assets	123		44
Interest rate swaps	Deferred income taxes and other assets	36		—
Total derivatives formally designated as hedging instruments		588		313
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options	Prepaid expenses and other current assets	5		30
Total derivatives not designated as hedging instruments		5		30
TOTAL DERIVATIVE ASSETS		$	593	$	343
	DERIVATIVE LIABILITIES
	BALANCE SHEET LOCATION	NOVEMBER 30,		MAY 31,
(Dollars in millions)		2024		2024
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and options	Accrued liabilities	$	77	$	110
Foreign exchange forwards and options	Deferred income taxes and other liabilities	7		5
Interest rate swaps	Deferred income taxes and other liabilities	—		31
Total derivatives formally designated as hedging instruments		84		146
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options	Accrued liabilities	22		5
Total derivatives not designated as hedging instruments		22		5
TOTAL DERIVATIVE LIABILITIES		$	106	$	151

Schedule of Derivative Instruments, Gain (Loss) In Statement of Income

The following tables present the amounts affecting the Unaudited Condensed Consolidated Statements of Income:

(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)
	THREE MONTHS ENDED NOVEMBER 30,				LOCATION OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME	THREE MONTHS ENDED NOVEMBER 30,
	2024		2023			2024		2023
Derivatives designated as cash flow hedges:
Foreign exchange forwards and options	$	(29)	$	(5)	Revenues	$	(24)	$	2
Foreign exchange forwards and options	396		21		Cost of sales	50		65
Foreign exchange forwards and options	—		2		Demand creation expense	—		—
Foreign exchange forwards and options	157		39		Other (income) expense, net	15		51
Interest rate swaps(2)	—		—		Interest expense (income), net	(2)		(2)
TOTAL DESIGNATED CASH FLOW HEDGES	$	524	$	57		$	39	$	116

(1)For the three months ended November 30, 2024 and 2023, 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.

(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)
	SIX MONTHS ENDED NOVEMBER 30,				LOCATION OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME	SIX MONTHS ENDED NOVEMBER 30,
	2024		2023			2024		2023
Derivatives designated as cash flow hedges:
Foreign exchange forwards and options	$	(73)	$	(23)	Revenues	$	(45)	$	3
Foreign exchange forwards and options	298		19		Cost of sales	120		151
Foreign exchange forwards and options	—		2		Demand creation expense	—		—
Foreign exchange forwards and options	128		29		Other (income) expense, net	45		86
Interest rate swaps(2)	—		—		Interest expense (income), net	(4)		(4)
TOTAL DESIGNATED CASH FLOW HEDGES	$	353	$	27		$	116	$	236

(1)For the six months ended November 30, 2024 and 2023, 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
	THREE MONTHS ENDED NOVEMBER 30,				SIX MONTHS ENDED NOVEMBER 30,
(Dollars in millions)	2024		2023		2024		2023
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options	$	6	$	17	$	6	$	(10)	Other (income) expense, net