Fair Value as of

(in millions)

Balance Sheet Location

November 30,

2019

May 31,

2019

Derivative assets:

Interest rate swap agreements designated as fair value hedges

Other non-current assets

$

12

$

5

Total derivative assets

$

12

$

5

Derivative liabilities:

Interest rate swap agreements designated as fair value hedges

Other current liabilities

$

—

$

5

Cross-currency interest rate swap agreements designated as fair value hedges

Other non-current liabilities

27

17

Cross-currency swap agreements designated as cash flow hedges

Other non-current liabilities

242

208

Total derivative liabilities

$

269

$

230

Three Months Ended November 30,

2019

2018

(in millions)

Non-operating

income, net

Interest

expense

Non-operating

income, net

Interest

expense

Condensed consolidated statements of operations line amounts in which the hedge effects were recorded

$

92

$

(465

)

$

192

$

(519

)

Gain (loss) on hedges recognized in income:

Interest rate swaps designated as fair value hedges:

Derivative instruments

$

—

$

(4

)

$

—

$

(31

)

Hedged items

—

4

—

31

Cross-currency interest rate swaps designated as fair value hedges:

Derivative instruments

5

(16

)

(24

)

1

Hedged items

(3

)

16

21

(1

)

Cross-currency swap agreements designated as cash flow hedges:

Amount of gain (loss) reclassified from accumulated OCI or OCL

(10

)

—

(49

)

—

Total gain (loss) on hedges recognized in income

$

(8

)

$

—

$

(52

)

$

—

Six Months Ended November 30,

2019

2018

(in millions)

Non-operating income, net

Interest

expense

Non-operating income, net

Interest

expense

Condensed consolidated statements of operations line amounts in which the hedge effects were recorded

$

191

$

(959

)

$

484

$

(1,048

)

Gain (loss) on hedges recognized in income:

Interest rate swaps designated as fair value hedges:

Derivative instruments

$

—

$

12

$

—

$

(38

)

Hedged items

—

(12

)

—

38

Cross-currency interest rate swaps designated as fair value hedges:

Derivative instruments

(13

)

7

(28

)

1

Hedged items

12

(7

)

26

(1

)

Cross-currency swap agreements designated as cash flow hedges:

Amount of gain (loss) reclassified from accumulated OCI or OCL

(18

)

—

(37

)

—

Total gain (loss) on hedges recognized in income

$

(19

)

$

—

$

(39

)

$

—