v3.25.2
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
May 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value, Assets 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, 2025 and 2024, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement.
MAY 31, 2025
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$1,221 $1,221 $— 
Level 1:
U.S. Treasury securities1,046 — 1,046 
Level 2:
Commercial paper and bonds675 45 630 
Money market funds5,902 5,902 — 
Time deposits297 295 2 
U.S. Agency securities10 1 9 
Total Level 26,884 6,243 641 
TOTAL$9,151 $7,464 $1,687 
MAY 31, 2024
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$1,222 $1,222 $— 
Level 1:
U.S. Treasury securities1,175 155 1,020 
Level 2:
Commercial paper and bonds591 17 574 
Money market funds8,119 8,119 — 
Time deposits440 347 93 
U.S. Agency securities35 — 35 
Total Level 29,185 8,483 702 
TOTAL$11,582 $9,860 $1,722 
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, 2025
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)
$107 $85 $22 $368 $226 $142 
Interest rate swaps(1)
24 — 24 3 — 3 
TOTAL
$131 $85 $46 $371 $226 $145 
(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 $131 million as of May 31, 2025. As of that date, the Company posted $166 million cash collateral to various counterparties on the derivative liability balance and no amount of collateral was received from counterparties on the derivative asset balance.
MAY 31, 2024
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)
$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.
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)
20252024
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets$75 $269 
Foreign exchange forwards and optionsDeferred income taxes and other assets22 44 
Interest rate swaps
Deferred income taxes and other assets
24 — 
Total derivatives formally designated as hedging instruments121 313 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options
Prepaid expenses and other current assets10 30 
Total derivatives not designated as hedging instruments10 30 
TOTAL DERIVATIVE ASSETS$131 $343 


 DERIVATIVE LIABILITIES
BALANCE SHEET LOCATIONMAY 31,
(Dollars in millions)
20252024
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities$216 $110 
Foreign exchange forwards and optionsDeferred income taxes and other liabilities142 5 
Interest rate swapsDeferred income taxes and other liabilities3 31 
Total derivatives formally designated as hedging instruments361 146 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options
Accrued liabilities10 5 
Total derivatives not designated as hedging instruments10 5 
TOTAL DERIVATIVE LIABILITIES$371 $151