EQUITY SECURITIES. Equity securities are included within “Other assets” in the accompanying consolidated balance sheets. The summary of our investments in equity securities at May 31, 2025 and 2024 is as follows (in millions):


	2025		2024
Equity securities with readily determinable fair values	$	91	$	100
Equity securities without readily determinable fair values - NAV practical expedient	51		37
Equity securities without readily determinable fair values - measurement alternative	364		223
Total equity securities	$	506	$	360

Equity securities with a readily determinable fair value are Level 1 investments that are valued at the closing price or last trade reported on the major market on which the individual securities are traded. For equity securities without readily determinable fair values that qualify for the NAV practical expedient, we have elected to apply the NAV practical expedient to estimate fair value. We apply the measurement alternative for all other equity securities without readily determinable fair values, where adjustments to cost are made for observable price changes and any impairments. For equity securities where the measurement alternative is applied, annual and cumulative amounts of impairments, downward adjustments, and upward adjustments were immaterial for 2025 and 2024.

Unrealized gains and (losses) recognized during the reporting period on all equity securities still held at May 31, 2025, 2024, and 2023 were ($6) million, $14 million, and ($48) million, respectively.

DEBT SECURITIES. The carrying values of our investments in debt securities are classified as available-for-sale and reported at their estimated fair values within “Prepaid expenses and other” in the accompanying consolidated balance sheets. The summary of our investments in debt securities at May 31, 2025 and 2024 is as follows (in millions):


	2025								2024
			Gross Unrealized								Gross Unrealized
	Cost		Gains		Losses		Estimated Fair Value		Cost		Gains		Losses		Estimated Fair Value
Fixed-income securities	$	69	$	1	$	—	$	70	$	76	$	1	$	—	$	77
Total debt securities	$	69	$	1	$	—	$	70	$	76	$	1	$	—	$	77

Debt securities are classified as Level 2 within the fair value hierarchy. Realized gains and losses were immaterial for 2025 and 2024. We did not invest in debt securities during 2023.