| NOTE\u00a01 \u2014 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
| NOTE\u00a02 \u2014 INVENTORIES |
| NOTE\u00a03 \u2014 PROPERTY, PLANT AND EQUIPMENT |
| MAY 31, | ||||||||
(Dollars in millions) | 2022 | 2021 | ||||||
| Land and improvements | $ | 330\u00a0 | $ | 363\u00a0 | ||||
| Buildings | 3,170\u00a0 | 3,365\u00a0 | ||||||
| Machinery and equipment | 2,870\u00a0 | 3,023\u00a0 | ||||||
| Internal-use software | 1,616\u00a0 | 1,391\u00a0 | ||||||
| Leasehold improvements | 1,712\u00a0 | 1,608\u00a0 | ||||||
| Construction in process | 399\u00a0 | 311\u00a0 | ||||||
| Total property, plant and equipment, gross | 10,097\u00a0 | 10,061\u00a0 | ||||||
| Less accumulated depreciation | 5,306\u00a0 | 5,157\u00a0 | ||||||
| TOTAL PROPERTY, PLANT AND EQUIPMENT, NET | $ | 4,791\u00a0 | $ | 4,904\u00a0 |
| MAY 31, | ||||||||
(Dollars in millions) | 2022 | 2021 | ||||||
| Land and improvements | $ | 330\u00a0 | $ | 363\u00a0 | ||||
| Buildings | 3,170\u00a0 | 3,365\u00a0 | ||||||
| Machinery and equipment | 2,870\u00a0 | 3,023\u00a0 | ||||||
| Internal-use software | 1,616\u00a0 | 1,391\u00a0 | ||||||
| Leasehold improvements | 1,712\u00a0 | 1,608\u00a0 | ||||||
| Construction in process | 399\u00a0 | 311\u00a0 | ||||||
| Total property, plant and equipment, gross | 10,097\u00a0 | 10,061\u00a0 | ||||||
| Less accumulated depreciation | 5,306\u00a0 | 5,157\u00a0 | ||||||
| TOTAL PROPERTY, PLANT AND EQUIPMENT, NET | $ | 4,791\u00a0 | $ | 4,904\u00a0 |
| NOTE\u00a04 \u2014 IDENTIFIABLE INTANGIBLE ASSETS AND GOODWILL |
| MAY 31, | |||||||||||||||||||||||
| 2022 | 2021 | ||||||||||||||||||||||
(Dollars in\u00a0millions) | GROSS CARRYING AMOUNT | ACCUMULATED AMORTIZATION | NET CARRYING AMOUNT | GROSS CARRYING AMOUNT | ACCUMULATED AMORTIZATION | NET CARRYING AMOUNT | |||||||||||||||||
| Indefinite-lived trademarks | $ | 259\u00a0 | $ | \u2014\u00a0 | $ | 259\u00a0 | $ | 246\u00a0 | $ | \u2014\u00a0 | $ | 246\u00a0 | |||||||||||
| Acquired trademarks and other | 66\u00a0 | 39\u00a0 | 27\u00a0 | 50\u00a0 | 27\u00a0 | 23\u00a0 | |||||||||||||||||
| IDENTIFIABLE INTANGIBLE ASSETS, NET | $ | 325\u00a0 | $ | 39\u00a0 | $ | 286\u00a0 | $ | 296\u00a0 | $ | 27\u00a0 | $ | 269\u00a0 |
| MAY 31, | |||||||||||||||||||||||
| 2022 | 2021 | ||||||||||||||||||||||
(Dollars in\u00a0millions) | GROSS CARRYING AMOUNT | ACCUMULATED AMORTIZATION | NET CARRYING AMOUNT | GROSS CARRYING AMOUNT | ACCUMULATED AMORTIZATION | NET CARRYING AMOUNT | |||||||||||||||||
| Indefinite-lived trademarks | $ | 259\u00a0 | $ | \u2014\u00a0 | $ | 259\u00a0 | $ | 246\u00a0 | $ | \u2014\u00a0 | $ | 246\u00a0 | |||||||||||
| Acquired trademarks and other | 66\u00a0 | 39\u00a0 | 27\u00a0 | 50\u00a0 | 27\u00a0 | 23\u00a0 | |||||||||||||||||
| IDENTIFIABLE INTANGIBLE ASSETS, NET | $ | 325\u00a0 | $ | 39\u00a0 | $ | 286\u00a0 | $ | 296\u00a0 | $ | 27\u00a0 | $ | 269\u00a0 |
| MAY 31, | |||||||||||||||||||||||
| 2022 | 2021 | ||||||||||||||||||||||
(Dollars in\u00a0millions) | GROSS CARRYING AMOUNT | ACCUMULATED AMORTIZATION | NET CARRYING AMOUNT | GROSS CARRYING AMOUNT | ACCUMULATED AMORTIZATION | NET CARRYING AMOUNT | |||||||||||||||||
| Indefinite-lived trademarks | $ | 259\u00a0 | $ | \u2014\u00a0 | $ | 259\u00a0 | $ | 246\u00a0 | $ | \u2014\u00a0 | $ | 246\u00a0 | |||||||||||
| Acquired trademarks and other | 66\u00a0 | 39\u00a0 | 27\u00a0 | 50\u00a0 | 27\u00a0 | 23\u00a0 | |||||||||||||||||
| IDENTIFIABLE INTANGIBLE ASSETS, NET | $ | 325\u00a0 | $ | 39\u00a0 | $ | 286\u00a0 | $ | 296\u00a0 | $ | 27\u00a0 | $ | 269\u00a0 |
| NOTE\u00a05 \u2014 ACCRUED LIABILITIES |
| MAY 31, | ||||||||
(Dollars in millions) | 2022 | 2021 | ||||||
| Compensation and benefits, excluding taxes | $ | 1,297\u00a0 | $ | 1,472\u00a0 | ||||
| Sales-related reserves | 1,015\u00a0 | 1,077\u00a0 | ||||||
Allowance for expected loss on sale(1) | 397\u00a0 | 358\u00a0 | ||||||
| Other | 3,511\u00a0 | 3,156\u00a0 | ||||||
| TOTAL ACCRUED LIABILITIES | $ | 6,220\u00a0 | $ | 6,063\u00a0 |
| MAY 31, | ||||||||
(Dollars in millions) | 2022 | 2021 | ||||||
| Compensation and benefits, excluding taxes | $ | 1,297\u00a0 | $ | 1,472\u00a0 | ||||
| Sales-related reserves | 1,015\u00a0 | 1,077\u00a0 | ||||||
Allowance for expected loss on sale(1) | 397\u00a0 | 358\u00a0 | ||||||
| Other | 3,511\u00a0 | 3,156\u00a0 | ||||||
| TOTAL ACCRUED LIABILITIES | $ | 6,220\u00a0 | $ | 6,063\u00a0 |
| NOTE\u00a06 \u2014 FAIR VALUE MEASUREMENTS |
| MAY 31, 2022 | |||||||||||
(Dollars in millions) | ASSETS AT FAIR VALUE | CASH AND EQUIVALENTS | SHORT-TERM INVESTMENTS | ||||||||
| Cash | $ | 839\u00a0 | $ | 839\u00a0 | $ | \u2014\u00a0 | |||||
| Level 1: | |||||||||||
| U.S. Treasury securities | 3,801\u00a0 | 8\u00a0 | 3,793\u00a0 | ||||||||
| Level 2: | |||||||||||
| Commercial paper and bonds | 660\u00a0 | 37\u00a0 | 623\u00a0 | ||||||||
| Money market funds | 6,458\u00a0 | 6,458\u00a0 | \u2014\u00a0 | ||||||||
| Time deposits | 1,237\u00a0 | 1,232\u00a0 | 5\u00a0 | ||||||||
| U.S. Agency securities | 2\u00a0 | \u2014\u00a0 | 2\u00a0 | ||||||||
| Total Level 2 | 8,357\u00a0 | 7,727\u00a0 | 630\u00a0 | ||||||||
| TOTAL | $ | 12,997\u00a0 | $ | 8,574\u00a0 | $ | 4,423\u00a0 |
| MAY 31, 2021 | |||||||||||
(Dollars in millions) | ASSETS AT FAIR VALUE | CASH AND EQUIVALENTS | SHORT-TERM INVESTMENTS | ||||||||
| Cash | $ | 840\u00a0 | $ | 840\u00a0 | $ | \u2014\u00a0 | |||||
| Level 1: | |||||||||||
| U.S. Treasury securities | 2,892\u00a0 | \u2014\u00a0 | 2,892\u00a0 | ||||||||
| Level 2: | |||||||||||
| Commercial paper and bonds | 748\u00a0 | 57\u00a0 | 691\u00a0 | ||||||||
| Money market funds | 7,701\u00a0 | 7,701\u00a0 | \u2014\u00a0 | ||||||||
| Time deposits | 1,293\u00a0 | 1,291\u00a0 | 2\u00a0 | ||||||||
| U.S. Agency securities | 2\u00a0 | \u2014\u00a0 | 2\u00a0 | ||||||||
| Total Level 2 | 9,744\u00a0 | 9,049\u00a0 | 695\u00a0 | ||||||||
| TOTAL | $ | 13,476\u00a0 | $ | 9,889\u00a0 | $ | 3,587\u00a0 |
| MAY 31, 2022 | |||||||||||||||||||||||
| 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) | $ | 875\u00a0 | $ | 669\u00a0 | $ | 206\u00a0 | $ | 76\u00a0 | $ | 65\u00a0 | $ | 11\u00a0 | |||||||||||
| Embedded derivatives | 5\u00a0 | 5\u00a0 | \u2014\u00a0 | 1\u00a0 | 1\u00a0 | \u2014\u00a0 | |||||||||||||||||
| TOTAL | $ | 880\u00a0 | $ | 674\u00a0 | $ | 206\u00a0 | $ | 77\u00a0 | $ | 66\u00a0 | $ | 11\u00a0 |
| MAY 31, 2021 | |||||||||||||||||||||||
| 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) | $ | 92\u00a0 | $ | 76\u00a0 | $ | 16\u00a0 | $ | 456\u00a0 | $ | 415\u00a0 | $ | 41\u00a0 | |||||||||||
| Embedded derivatives | \u2014\u00a0 | \u2014\u00a0 | \u2014\u00a0 | 1\u00a0 | 1\u00a0 | \u2014\u00a0 | |||||||||||||||||
| TOTAL | $ | 92\u00a0 | $ | 76\u00a0 | $ | 16\u00a0 | $ | 457\u00a0 | $ | 416\u00a0 | $ | 41\u00a0 |
| MAY 31, 2022 | |||||||||||
(Dollars in millions) | ASSETS AT FAIR VALUE | CASH AND EQUIVALENTS | SHORT-TERM INVESTMENTS | ||||||||
| Cash | $ | 839\u00a0 | $ | 839\u00a0 | $ | \u2014\u00a0 | |||||
| Level 1: | |||||||||||
| U.S. Treasury securities | 3,801\u00a0 | 8\u00a0 | 3,793\u00a0 | ||||||||
| Level 2: | |||||||||||
| Commercial paper and bonds | 660\u00a0 | 37\u00a0 | 623\u00a0 | ||||||||
| Money market funds | 6,458\u00a0 | 6,458\u00a0 | \u2014\u00a0 | ||||||||
| Time deposits | 1,237\u00a0 | 1,232\u00a0 | 5\u00a0 | ||||||||
| U.S. Agency securities | 2\u00a0 | \u2014\u00a0 | 2\u00a0 | ||||||||
| Total Level 2 | 8,357\u00a0 | 7,727\u00a0 | 630\u00a0 | ||||||||
| TOTAL | $ | 12,997\u00a0 | $ | 8,574\u00a0 | $ | 4,423\u00a0 |
| MAY 31, 2021 | |||||||||||
(Dollars in millions) | ASSETS AT FAIR VALUE | CASH AND EQUIVALENTS | SHORT-TERM INVESTMENTS | ||||||||
| Cash | $ | 840\u00a0 | $ | 840\u00a0 | $ | \u2014\u00a0 | |||||
| Level 1: | |||||||||||
| U.S. Treasury securities | 2,892\u00a0 | \u2014\u00a0 | 2,892\u00a0 | ||||||||
| Level 2: | |||||||||||
| Commercial paper and bonds | 748\u00a0 | 57\u00a0 | 691\u00a0 | ||||||||
| Money market funds | 7,701\u00a0 | 7,701\u00a0 | \u2014\u00a0 | ||||||||
| Time deposits | 1,293\u00a0 | 1,291\u00a0 | 2\u00a0 | ||||||||
| U.S. Agency securities | 2\u00a0 | \u2014\u00a0 | 2\u00a0 | ||||||||
| Total Level 2 | 9,744\u00a0 | 9,049\u00a0 | 695\u00a0 | ||||||||
| TOTAL | $ | 13,476\u00a0 | $ | 9,889\u00a0 | $ | 3,587\u00a0 |
| MAY 31, 2022 | |||||||||||||||||||||||
| 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) | $ | 875\u00a0 | $ | 669\u00a0 | $ | 206\u00a0 | $ | 76\u00a0 | $ | 65\u00a0 | $ | 11\u00a0 | |||||||||||
| Embedded derivatives | 5\u00a0 | 5\u00a0 | \u2014\u00a0 | 1\u00a0 | 1\u00a0 | \u2014\u00a0 | |||||||||||||||||
| TOTAL | $ | 880\u00a0 | $ | 674\u00a0 | $ | 206\u00a0 | $ | 77\u00a0 | $ | 66\u00a0 | $ | 11\u00a0 |
| MAY 31, 2021 | |||||||||||||||||||||||
| 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) | $ | 92\u00a0 | $ | 76\u00a0 | $ | 16\u00a0 | $ | 456\u00a0 | $ | 415\u00a0 | $ | 41\u00a0 | |||||||||||
| Embedded derivatives | \u2014\u00a0 | \u2014\u00a0 | \u2014\u00a0 | 1\u00a0 | 1\u00a0 | \u2014\u00a0 | |||||||||||||||||
| TOTAL | $ | 92\u00a0 | $ | 76\u00a0 | $ | 16\u00a0 | $ | 457\u00a0 | $ | 416\u00a0 | $ | 41\u00a0 |
| \u00a0 | DERIVATIVE ASSETS | |||||||||||||
| BALANCE SHEET LOCATION | MAY 31, | |||||||||||||
(Dollars in millions) | 2022 | 2021 | ||||||||||||
| Derivatives\u00a0formally designated as hedging instruments: | ||||||||||||||
| Foreign exchange forwards and options | Prepaid expenses and other current assets | $ | 639\u00a0 | $ | 42\u00a0 | |||||||||
| Foreign exchange forwards and options | Deferred income taxes and other assets | 206\u00a0 | 16\u00a0 | |||||||||||
| Total derivatives formally designated as hedging instruments | 845\u00a0 | 58\u00a0 | ||||||||||||
| Derivatives not designated as hedging instruments: | ||||||||||||||
| Foreign exchange forwards and options | Prepaid expenses and other current assets | 30\u00a0 | 34\u00a0 | |||||||||||
| Embedded derivatives | Prepaid expenses and other current assets | 5\u00a0 | \u2014\u00a0 | |||||||||||
| Total derivatives not designated as hedging instruments | 35\u00a0 | 34\u00a0 | ||||||||||||
| TOTAL DERIVATIVE ASSETS | $ | 880\u00a0 | $ | 92\u00a0 |
| \u00a0 | DERIVATIVE LIABILITIES | |||||||||||||
| BALANCE SHEET LOCATION | MAY 31, | |||||||||||||
(Dollars in millions) | 2022 | 2021 | ||||||||||||
| Derivatives\u00a0formally designated as hedging instruments: | ||||||||||||||
| Foreign exchange forwards and options | Accrued\u00a0liabilities | $ | 37\u00a0 | $ | 385\u00a0 | |||||||||
| Foreign exchange forwards and options | Deferred income taxes and other liabilities | 11\u00a0 | 41\u00a0 | |||||||||||
| Total derivatives formally designated as hedging instruments | 48\u00a0 | 426\u00a0 | ||||||||||||
| Derivatives not designated as hedging instruments: | ||||||||||||||
| Foreign exchange forwards and options | Accrued liabilities | 28\u00a0 | 30\u00a0 | |||||||||||
| Embedded derivatives | Accrued liabilities | 1\u00a0 | 1\u00a0 | |||||||||||
| Total derivatives not designated as hedging instruments | 29\u00a0 | 31\u00a0 | ||||||||||||
| TOTAL DERIVATIVE LIABILITIES | $ | 77\u00a0 | $ | 457\u00a0 |
| NOTE\u00a07 \u2014 SHORT-TERM BORROWINGS AND CREDIT LINES |
| MAY 31, | |||||||||||||||||||||||
| 2022 | 2021 | ||||||||||||||||||||||
(Dollars in\u00a0millions) | BORROWINGS | INTEREST RATE | BORROWINGS | INTEREST RATE | |||||||||||||||||||
| Notes payable: | |||||||||||||||||||||||
| U.S. operations | $ | \u2014\u00a0 | 0.00\u00a0 | % | \u2014\u00a0 | 0.00\u00a0 | % | ||||||||||||||||
| Non-U.S. operations | $ | 10\u00a0 | 19.80\u00a0 | % | (1) | $ | 2\u00a0 | 17.80\u00a0 | % | (1) | |||||||||||||
| TOTAL NOTES PAYABLE | $ | 10\u00a0 | $ | 2\u00a0 |
| MAY 31, | |||||||||||||||||||||||
| 2022 | 2021 | ||||||||||||||||||||||
(Dollars in\u00a0millions) | BORROWINGS | INTEREST RATE | BORROWINGS | INTEREST RATE | |||||||||||||||||||
| Notes payable: | |||||||||||||||||||||||
| U.S. operations | $ | \u2014\u00a0 | 0.00\u00a0 | % | \u2014\u00a0 | 0.00\u00a0 | % | ||||||||||||||||
| Non-U.S. operations | $ | 10\u00a0 | 19.80\u00a0 | % | (1) | $ | 2\u00a0 | 17.80\u00a0 | % | (1) | |||||||||||||
| TOTAL NOTES PAYABLE | $ | 10\u00a0 | $ | 2\u00a0 |
| NOTE\u00a08 \u2014 LONG-TERM DEBT |
| BOOK VALUE OUTSTANDING AS OF MAY\u00a031, | |||||||||||||||||
Scheduled Maturity (Dollars in millions) | ORIGINAL PRINCIPAL | INTEREST RATE | INTEREST PAYMENTS | 2022 | 2021 | ||||||||||||
Corporate Term Debt:(1)(2) | |||||||||||||||||
| May 1, 2023 | $ | 500\u00a0 | 2.25\u00a0 | % | Semi-Annually | $ | 500\u00a0 | $ | 499\u00a0 | ||||||||
| March 27, 2025 | 1,000\u00a0 | 2.40\u00a0 | % | Semi-Annually | 996\u00a0 | 995\u00a0 | |||||||||||
| November 1, 2026 | 1,000\u00a0 | 2.38\u00a0 | % | Semi-Annually | 997\u00a0 | 996\u00a0 | |||||||||||
| March 27, 2027 | 1,000\u00a0 | 2.75\u00a0 | % | Semi-Annually | 996\u00a0 | 995\u00a0 | |||||||||||
| March 27, 2030 | 1,500\u00a0 | 2.85\u00a0 | % | Semi-Annually | 1,491\u00a0 | 1,490\u00a0 | |||||||||||
| March 27, 2040 | 1,000\u00a0 | 3.25\u00a0 | % | Semi-Annually | 986\u00a0 | 986\u00a0 | |||||||||||
| May 1, 2043 | 500\u00a0 | 3.63\u00a0 | % | Semi-Annually | 496\u00a0 | 496\u00a0 | |||||||||||
| November 1, 2045 | 1,000\u00a0 | 3.88\u00a0 | % | Semi-Annually | 985\u00a0 | 984\u00a0 | |||||||||||
| November 1, 2046 | 500\u00a0 | 3.38\u00a0 | % | Semi-Annually | 492\u00a0 | 491\u00a0 | |||||||||||
| March 27, 2050 | 1,500\u00a0 | 3.38\u00a0 | % | Semi-Annually | 1,481\u00a0 | 1,481\u00a0 | |||||||||||
| Total | 9,420\u00a0 | 9,413\u00a0 | |||||||||||||||
| Less Current Portion of Long-Term Debt | 500\u00a0 | \u2014\u00a0 | |||||||||||||||
| TOTAL LONG-TERM DEBT | $ | 8,920\u00a0 | $ | 9,413\u00a0 |
| BOOK VALUE OUTSTANDING AS OF MAY\u00a031, | |||||||||||||||||
Scheduled Maturity (Dollars in millions) | ORIGINAL PRINCIPAL | INTEREST RATE | INTEREST PAYMENTS | 2022 | 2021 | ||||||||||||
Corporate Term Debt:(1)(2) | |||||||||||||||||
| May 1, 2023 | $ | 500\u00a0 | 2.25\u00a0 | % | Semi-Annually | $ | 500\u00a0 | $ | 499\u00a0 | ||||||||
| March 27, 2025 | 1,000\u00a0 | 2.40\u00a0 | % | Semi-Annually | 996\u00a0 | 995\u00a0 | |||||||||||
| November 1, 2026 | 1,000\u00a0 | 2.38\u00a0 | % | Semi-Annually | 997\u00a0 | 996\u00a0 | |||||||||||
| March 27, 2027 | 1,000\u00a0 | 2.75\u00a0 | % | Semi-Annually | 996\u00a0 | 995\u00a0 | |||||||||||
| March 27, 2030 | 1,500\u00a0 | 2.85\u00a0 | % | Semi-Annually | 1,491\u00a0 | 1,490\u00a0 | |||||||||||
| March 27, 2040 | 1,000\u00a0 | 3.25\u00a0 | % | Semi-Annually | 986\u00a0 | 986\u00a0 | |||||||||||
| May 1, 2043 | 500\u00a0 | 3.63\u00a0 | % | Semi-Annually | 496\u00a0 | 496\u00a0 | |||||||||||
| November 1, 2045 | 1,000\u00a0 | 3.88\u00a0 | % | Semi-Annually | 985\u00a0 | 984\u00a0 | |||||||||||
| November 1, 2046 | 500\u00a0 | 3.38\u00a0 | % | Semi-Annually | 492\u00a0 | 491\u00a0 | |||||||||||
| March 27, 2050 | 1,500\u00a0 | 3.38\u00a0 | % | Semi-Annually | 1,481\u00a0 | 1,481\u00a0 | |||||||||||
| Total | 9,420\u00a0 | 9,413\u00a0 | |||||||||||||||
| Less Current Portion of Long-Term Debt | 500\u00a0 | \u2014\u00a0 | |||||||||||||||
| TOTAL LONG-TERM DEBT | $ | 8,920\u00a0 | $ | 9,413\u00a0 |
| NOTE\u00a09 \u2014 INCOME TAXES |
| YEAR ENDED MAY\u00a031, | |||||||||||
(Dollars in millions) | 2022 | 2021 | 2020 | ||||||||
| Income before income taxes: | |||||||||||
| United States | $ | 6,020\u00a0 | $ | 5,723\u00a0 | $ | 2,954\u00a0 | |||||
| Foreign | 631\u00a0 | 938\u00a0 | (67) | ||||||||
| TOTAL INCOME BEFORE INCOME TAXES | $ | 6,651\u00a0 | $ | 6,661\u00a0 | $ | 2,887\u00a0 |
| YEAR ENDED MAY\u00a031, | |||||||||||
(Dollars in millions) | 2022 | 2021 | 2020 | ||||||||
| Current: | |||||||||||
| United States | |||||||||||
| Federal | $ | 231\u00a0 | $ | 328\u00a0 | $ | (109) | |||||
| State | 98\u00a0 | 134\u00a0 | 81\u00a0 | ||||||||
| Foreign | 926\u00a0 | 857\u00a0 | 756\u00a0 | ||||||||
| Total Current | 1,255\u00a0 | 1,319\u00a0 | 728\u00a0 | ||||||||
| Deferred: | |||||||||||
| United States | |||||||||||
| Federal | (522) | (371) | (231) | ||||||||
| State | (16) | (34) | (47) | ||||||||
| Foreign | (112) | 20\u00a0 | (102) | ||||||||
| Total Deferred | (650) | (385) | (380) | ||||||||
| TOTAL INCOME TAX EXPENSE | $ | 605\u00a0 | $ | 934\u00a0 | $ | 348\u00a0 |
| \u00a0 | YEAR ENDED MAY\u00a031, | ||||||||||
| 2022 | 2021 | 2020 | |||||||||
| Federal income tax rate | 21.0\u00a0 | % | 21.0\u00a0 | % | 21.0\u00a0 | % | |||||
| State taxes, net of federal benefit | 1.4\u00a0 | % | 1.3\u00a0 | % | 0.8\u00a0 | % | |||||
| Foreign earnings | -1.8\u00a0 | % | 0.2\u00a0 | % | 5.9\u00a0 | % | |||||
| Subpart F deferred tax benefit | -4.7\u00a0 | % | 0.0\u00a0 | % | 0.0\u00a0 | % | |||||
| Foreign-derived intangible income benefit | -4.1\u00a0 | % | -3.7\u00a0 | % | -8.1\u00a0 | % | |||||
| Excess tax benefits from share-based compensation | -4.9\u00a0 | % | -4.5\u00a0 | % | -7.2\u00a0 | % | |||||
| Income tax audits and contingency reserves | 1.5\u00a0 | % | 1.5\u00a0 | % | -1.4\u00a0 | % | |||||
| U.S. research and development tax credit | -1.0\u00a0 | % | -0.9\u00a0 | % | -1.8\u00a0 | % | |||||
| Other, net | 1.7\u00a0 | % | -0.9\u00a0 | % | 2.9\u00a0 | % | |||||
| EFFECTIVE INCOME TAX RATE | 9.1\u00a0 | % | 14.0\u00a0 | % | 12.1\u00a0 | % |
| MAY 31, | ||||||||
(Dollars in millions) | 2022 | 2021 | ||||||
| Deferred tax assets: | ||||||||
Inventories(1) | $ | 136\u00a0 | $ | 78\u00a0 | ||||
Sales return reserves(1) | 109\u00a0 | 100\u00a0 | ||||||
Deferred compensation(1) | 313\u00a0 | 350\u00a0 | ||||||
| Stock-based compensation | 195\u00a0 | 175\u00a0 | ||||||
Reserves and accrued liabilities(1) | 145\u00a0 | 96\u00a0 | ||||||
| Operating lease liabilities | 508\u00a0 | 499\u00a0 | ||||||
| Intangibles | 275\u00a0 | 187\u00a0 | ||||||
| Capitalized research and development expenditures | 353\u00a0 | 349\u00a0 | ||||||
| Net operating loss carry-forwards | 8\u00a0 | 15\u00a0 | ||||||
| Subpart F deferred tax | 313\u00a0 | \u2014\u00a0 | ||||||
| Foreign tax credit carry-forward | 103\u00a0 | \u2014\u00a0 | ||||||
Other(1) | 148\u00a0 | 178\u00a0 | ||||||
| Total deferred tax assets | 2,606\u00a0 | 2,027\u00a0 | ||||||
| Valuation allowance | (19) | (12) | ||||||
| Total deferred tax assets after valuation allowance | 2,587\u00a0 | 2,015\u00a0 | ||||||
| Deferred tax liabilities: | ||||||||
| Foreign withholding tax on undistributed earnings of foreign subsidiaries | (146) | (182) | ||||||
Property, plant and equipment(1) | (247) | (255) | ||||||
| Right-of-use assets | (437) | (431) | ||||||
Other(1) | (92) | (14) | ||||||
| Total deferred tax liabilities | (922) | (882) | ||||||
| NET DEFERRED TAX ASSET | $ | 1,665\u00a0 | $ | 1,133\u00a0 |
| \u00a0 | MAY 31, | ||||||||||
(Dollars in millions) | 2022 | 2021 | 2020 | ||||||||
| Unrecognized tax benefits, beginning of the period | $ | 896\u00a0 | $ | 771\u00a0 | $ | 808\u00a0 | |||||
| Gross increases related to prior period tax positions | 71\u00a0 | 77\u00a0 | 181\u00a0 | ||||||||
| Gross decreases related to prior period tax positions | (145) | (22) | (171) | ||||||||
| Gross increases related to current period tax positions | 62\u00a0 | 59\u00a0 | 50\u00a0 | ||||||||
| Settlements | (17) | (5) | (58) | ||||||||
| Lapse of statute of limitations | (10) | (6) | (28) | ||||||||
| Changes due to currency translation | (9) | 22\u00a0 | (11) | ||||||||
| UNRECOGNIZED TAX BENEFITS, END OF THE PERIOD | $ | 848\u00a0 | $ | 896\u00a0 | $ | 771\u00a0 |
| \u00a0 | YEAR ENDING MAY 31, | ||||||||||||||||||||||
(Dollars in millions) | 2023 | 2024 | 2025 | 2026 | 2027-2042 | INDEFINITE | TOTAL | ||||||||||||||||
| Net\u00a0operating\u00a0losses | $ | \u2014\u00a0 | $ | \u2014\u00a0 | $ | \u2014\u00a0 | $ | \u2014\u00a0 | $ | 7\u00a0 | $ | 37\u00a0 | $ | 44\u00a0 |
| YEAR ENDED MAY\u00a031, | |||||||||||
(Dollars in millions) | 2022 | 2021 | 2020 | ||||||||
| Income before income taxes: | |||||||||||
| United States | $ | 6,020\u00a0 | $ | 5,723\u00a0 | $ | 2,954\u00a0 | |||||
| Foreign | 631\u00a0 | 938\u00a0 | (67) | ||||||||
| TOTAL INCOME BEFORE INCOME TAXES | $ | 6,651\u00a0 | $ | 6,661\u00a0 | $ | 2,887\u00a0 |
| YEAR ENDED MAY\u00a031, | |||||||||||
(Dollars in millions) | 2022 | 2021 | 2020 | ||||||||
| Current: | |||||||||||
| United States | |||||||||||
| Federal | $ | 231\u00a0 | $ | 328\u00a0 | $ | (109) | |||||
| State | 98\u00a0 | 134\u00a0 | 81\u00a0 | ||||||||
| Foreign | 926\u00a0 | 857\u00a0 | 756\u00a0 | ||||||||
| Total Current | 1,255\u00a0 | 1,319\u00a0 | 728\u00a0 | ||||||||
| Deferred: | |||||||||||
| United States | |||||||||||
| Federal | (522) | (371) | (231) | ||||||||
| State | (16) | (34) | (47) | ||||||||
| Foreign | (112) | 20\u00a0 | (102) | ||||||||
| Total Deferred | (650) | (385) | (380) | ||||||||
| TOTAL INCOME TAX EXPENSE | $ | 605\u00a0 | $ | 934\u00a0 | $ | 348\u00a0 |
| \u00a0 | YEAR ENDED MAY\u00a031, | ||||||||||
| 2022 | 2021 | 2020 | |||||||||
| Federal income tax rate | 21.0\u00a0 | % | 21.0\u00a0 | % | 21.0\u00a0 | % | |||||
| State taxes, net of federal benefit | 1.4\u00a0 | % | 1.3\u00a0 | % | 0.8\u00a0 | % | |||||
| Foreign earnings | -1.8\u00a0 | % | 0.2\u00a0 | % | 5.9\u00a0 | % | |||||
| Subpart F deferred tax benefit | -4.7\u00a0 | % | 0.0\u00a0 | % | 0.0\u00a0 | % | |||||
| Foreign-derived intangible income benefit | -4.1\u00a0 | % | -3.7\u00a0 | % | -8.1\u00a0 | % | |||||
| Excess tax benefits from share-based compensation | -4.9\u00a0 | % | -4.5\u00a0 | % | -7.2\u00a0 | % | |||||
| Income tax audits and contingency reserves | 1.5\u00a0 | % | 1.5\u00a0 | % | -1.4\u00a0 | % | |||||
| U.S. research and development tax credit | -1.0\u00a0 | % | -0.9\u00a0 | % | -1.8\u00a0 | % | |||||
| Other, net | 1.7\u00a0 | % | -0.9\u00a0 | % | 2.9\u00a0 | % | |||||
| EFFECTIVE INCOME TAX RATE | 9.1\u00a0 | % | 14.0\u00a0 | % | 12.1\u00a0 | % |
| MAY 31, | ||||||||
(Dollars in millions) | 2022 | 2021 | ||||||
| Deferred tax assets: | ||||||||
Inventories(1) | $ | 136\u00a0 | $ | 78\u00a0 | ||||
Sales return reserves(1) | 109\u00a0 | 100\u00a0 | ||||||
Deferred compensation(1) | 313\u00a0 | 350\u00a0 | ||||||
| Stock-based compensation | 195\u00a0 | 175\u00a0 | ||||||
Reserves and accrued liabilities(1) | 145\u00a0 | 96\u00a0 | ||||||
| Operating lease liabilities | 508\u00a0 | 499\u00a0 | ||||||
| Intangibles | 275\u00a0 | 187\u00a0 | ||||||
| Capitalized research and development expenditures | 353\u00a0 | 349\u00a0 | ||||||
| Net operating loss carry-forwards | 8\u00a0 | 15\u00a0 | ||||||
| Subpart F deferred tax | 313\u00a0 | \u2014\u00a0 | ||||||
| Foreign tax credit carry-forward | 103\u00a0 | \u2014\u00a0 | ||||||
Other(1) | 148\u00a0 | 178\u00a0 | ||||||
| Total deferred tax assets | 2,606\u00a0 | 2,027\u00a0 | ||||||
| Valuation allowance | (19) | (12) | ||||||
| Total deferred tax assets after valuation allowance | 2,587\u00a0 | 2,015\u00a0 | ||||||
| Deferred tax liabilities: | ||||||||
| Foreign withholding tax on undistributed earnings of foreign subsidiaries | (146) | (182) | ||||||
Property, plant and equipment(1) | (247) | (255) | ||||||
| Right-of-use assets | (437) | (431) | ||||||
Other(1) | (92) | (14) | ||||||
| Total deferred tax liabilities | (922) | (882) | ||||||
| NET DEFERRED TAX ASSET | $ | 1,665\u00a0 | $ | 1,133\u00a0 |
| \u00a0 | MAY 31, | ||||||||||
(Dollars in millions) | 2022 | 2021 | 2020 | ||||||||
| Unrecognized tax benefits, beginning of the period | $ | 896\u00a0 | $ | 771\u00a0 | $ | 808\u00a0 | |||||
| Gross increases related to prior period tax positions | 71\u00a0 | 77\u00a0 | 181\u00a0 | ||||||||
| Gross decreases related to prior period tax positions | (145) | (22) | (171) | ||||||||
| Gross increases related to current period tax positions | 62\u00a0 | 59\u00a0 | 50\u00a0 | ||||||||
| Settlements | (17) | (5) | (58) | ||||||||
| Lapse of statute of limitations | (10) | (6) | (28) | ||||||||
| Changes due to currency translation | (9) | 22\u00a0 | (11) | ||||||||
| UNRECOGNIZED TAX BENEFITS, END OF THE PERIOD | $ | 848\u00a0 | $ | 896\u00a0 | $ | 771\u00a0 |
| \u00a0 | YEAR ENDING MAY 31, | ||||||||||||||||||||||
(Dollars in millions) | 2023 | 2024 | 2025 | 2026 | 2027-2042 | INDEFINITE | TOTAL | ||||||||||||||||
| Net\u00a0operating\u00a0losses | $ | \u2014\u00a0 | $ | \u2014\u00a0 | $ | \u2014\u00a0 | $ | \u2014\u00a0 | $ | 7\u00a0 | $ | 37\u00a0 | $ | 44\u00a0 |
| NOTE\u00a010 \u2014 REDEEMABLE PREFERRED STOCK |
| NOTE\u00a011 \u2014 COMMON STOCK AND STOCK-BASED COMPENSATION |
| \u00a0 | YEAR ENDED MAY 31, | ||||||||||
(Dollars in millions) | 2022 | 2021 | 2020 | ||||||||
Stock options(1) | $ | 297\u00a0 | $ | 323\u00a0 | $ | 237\u00a0 | |||||
| ESPPs | 60\u00a0 | 63\u00a0 | 53\u00a0 | ||||||||
Restricted stock and restricted stock units(1)(2) | 281\u00a0 | 225\u00a0 | 139\u00a0 | ||||||||
| TOTAL STOCK-BASED COMPENSATION EXPENSE | $ | 638\u00a0 | $ | 611\u00a0 | $ | 429\u00a0 |
| \u00a0 | YEAR ENDED MAY 31, | ||||||||||
| 2022 | 2021 | 2020 | |||||||||
| Dividend yield | 0.8\u00a0 | % | 0.9\u00a0 | % | 1.0\u00a0 | % | |||||
| Expected volatility | 24.9\u00a0 | % | 27.3\u00a0 | % | 23.0\u00a0 | % | |||||
| Weighted average expected life (in years) | 5.8 | 6.0 | 6.0 | ||||||||
| Risk-free interest rate | 0.9\u00a0 | % | 0.4\u00a0 | % | 1.5\u00a0 | % |
SHARES(1) | WEIGHTED AVERAGE OPTION PRICE | |||||||
| (In\u00a0millions) | ||||||||
| Options outstanding as of May 31, 2021 | 78.3\u00a0 | $ | 72.88\u00a0 | |||||
| Exercised | (17.1) | 54.32\u00a0 | ||||||
| Forfeited | (2.5) | 114.89\u00a0 | ||||||
| Granted | 9.3\u00a0 | 164.91\u00a0 | ||||||
| Options outstanding as of May 31, 2022 | 68.0\u00a0 | $ | 88.66\u00a0 |
| SHARES | WEIGHTED AVERAGE GRANT DATE FAIR VALUE | ||||||||||
| (In\u00a0millions) | |||||||||||
| Nonvested as of May 31, 2021 | 6.6\u00a0 | $ | 99.70 | ||||||||
| Vested | (2.3) | 93.70 | |||||||||
| Forfeited | (0.7) | 123.54 | |||||||||
Granted(1) | 3.1\u00a0 | 168.04 | |||||||||
| Nonvested as of May 31, 2022 | 6.7\u00a0 | $ | 130.88 |
| \u00a0 | YEAR ENDED MAY 31, | ||||||||||
(Dollars in millions) | 2022 | 2021 | 2020 | ||||||||
Stock options(1) | $ | 297\u00a0 | $ | 323\u00a0 | $ | 237\u00a0 | |||||
| ESPPs | 60\u00a0 | 63\u00a0 | 53\u00a0 | ||||||||
Restricted stock and restricted stock units(1)(2) | 281\u00a0 | 225\u00a0 | 139\u00a0 | ||||||||
| TOTAL STOCK-BASED COMPENSATION EXPENSE | $ | 638\u00a0 | $ | 611\u00a0 | $ | 429\u00a0 |
| \u00a0 | YEAR ENDED MAY 31, | ||||||||||
| 2022 | 2021 | 2020 | |||||||||
| Dividend yield | 0.8\u00a0 | % | 0.9\u00a0 | % | 1.0\u00a0 | % | |||||
| Expected volatility | 24.9\u00a0 | % | 27.3\u00a0 | % | 23.0\u00a0 | % | |||||
| Weighted average expected life (in years) | 5.8 | 6.0 | 6.0 | ||||||||
| Risk-free interest rate | 0.9\u00a0 | % | 0.4\u00a0 | % | 1.5\u00a0 | % |
SHARES(1) | WEIGHTED AVERAGE OPTION PRICE | |||||||
| (In\u00a0millions) | ||||||||
| Options outstanding as of May 31, 2021 | 78.3\u00a0 | $ | 72.88\u00a0 | |||||
| Exercised | (17.1) | 54.32\u00a0 | ||||||
| Forfeited | (2.5) | 114.89\u00a0 | ||||||
| Granted | 9.3\u00a0 | 164.91\u00a0 | ||||||
| Options outstanding as of May 31, 2022 | 68.0\u00a0 | $ | 88.66\u00a0 |
| SHARES | WEIGHTED AVERAGE GRANT DATE FAIR VALUE | ||||||||||
| (In\u00a0millions) | |||||||||||
| Nonvested as of May 31, 2021 | 6.6\u00a0 | $ | 99.70 | ||||||||
| Vested | (2.3) | 93.70 | |||||||||
| Forfeited | (0.7) | 123.54 | |||||||||
Granted(1) | 3.1\u00a0 | 168.04 | |||||||||
| Nonvested as of May 31, 2022 | 6.7\u00a0 | $ | 130.88 |
| NOTE\u00a012 \u2014 EARNINGS PER SHARE |
| \u00a0 | YEAR ENDED MAY 31, | ||||||||||
(In millions, except per share data) | 2022 | 2021 | 2020 | ||||||||
| Net income available to common stockholders | $ | 6,046\u00a0 | $ | 5,727\u00a0 | $ | 2,539\u00a0 | |||||
| Determination of shares: | |||||||||||
| Weighted average common shares outstanding | 1,578.8\u00a0 | 1,573.0\u00a0 | 1,558.8\u00a0 | ||||||||
| Assumed conversion of dilutive stock options and awards | 32.0\u00a0 | 36.4\u00a0 | 32.8\u00a0 | ||||||||
| DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | 1,610.8\u00a0 | 1,609.4\u00a0 | 1,591.6\u00a0 | ||||||||
| Earnings per common share: | |||||||||||
| Basic | $ | 3.83\u00a0 | $ | 3.64\u00a0 | $ | 1.63\u00a0 | |||||
| Diluted | $ | 3.75\u00a0 | $ | 3.56\u00a0 | $ | 1.60\u00a0 |
| \u00a0 | YEAR ENDED MAY 31, | ||||||||||
(In millions, except per share data) | 2022 | 2021 | 2020 | ||||||||
| Net income available to common stockholders | $ | 6,046\u00a0 | $ | 5,727\u00a0 | $ | 2,539\u00a0 | |||||
| Determination of shares: | |||||||||||
| Weighted average common shares outstanding | 1,578.8\u00a0 | 1,573.0\u00a0 | 1,558.8\u00a0 | ||||||||
| Assumed conversion of dilutive stock options and awards | 32.0\u00a0 | 36.4\u00a0 | 32.8\u00a0 | ||||||||
| DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | 1,610.8\u00a0 | 1,609.4\u00a0 | 1,591.6\u00a0 | ||||||||
| Earnings per common share: | |||||||||||
| Basic | $ | 3.83\u00a0 | $ | 3.64\u00a0 | $ | 1.63\u00a0 | |||||
| Diluted | $ | 3.75\u00a0 | $ | 3.56\u00a0 | $ | 1.60\u00a0 |
| NOTE\u00a013 \u2014 BENEFIT PLANS |
| NOTE\u00a014 \u2014 RISK MANAGEMENT AND DERIVATIVES |
| \u00a0 | DERIVATIVE ASSETS | |||||||||||||
| BALANCE SHEET LOCATION | MAY 31, | |||||||||||||
(Dollars in millions) | 2022 | 2021 | ||||||||||||
| Derivatives\u00a0formally designated as hedging instruments: | ||||||||||||||
| Foreign exchange forwards and options | Prepaid expenses and other current assets | $ | 639\u00a0 | $ | 42\u00a0 | |||||||||
| Foreign exchange forwards and options | Deferred income taxes and other assets | 206\u00a0 | 16\u00a0 | |||||||||||
| Total derivatives formally designated as hedging instruments | 845\u00a0 | 58\u00a0 | ||||||||||||
| Derivatives not designated as hedging instruments: | ||||||||||||||
| Foreign exchange forwards and options | Prepaid expenses and other current assets | 30\u00a0 | 34\u00a0 | |||||||||||
| Embedded derivatives | Prepaid expenses and other current assets | 5\u00a0 | \u2014\u00a0 | |||||||||||
| Total derivatives not designated as hedging instruments | 35\u00a0 | 34\u00a0 | ||||||||||||
| TOTAL DERIVATIVE ASSETS | $ | 880\u00a0 | $ | 92\u00a0 |
| \u00a0 | DERIVATIVE LIABILITIES | |||||||||||||
| BALANCE SHEET LOCATION | MAY 31, | |||||||||||||
(Dollars in millions) | 2022 | 2021 | ||||||||||||
| Derivatives\u00a0formally designated as hedging instruments: | ||||||||||||||
| Foreign exchange forwards and options | Accrued\u00a0liabilities | $ | 37\u00a0 | $ | 385\u00a0 | |||||||||
| Foreign exchange forwards and options | Deferred income taxes and other liabilities | 11\u00a0 | 41\u00a0 | |||||||||||
| Total derivatives formally designated as hedging instruments | 48\u00a0 | 426\u00a0 | ||||||||||||
| Derivatives not designated as hedging instruments: | ||||||||||||||
| Foreign exchange forwards and options | Accrued liabilities | 28\u00a0 | 30\u00a0 | |||||||||||
| Embedded derivatives | Accrued liabilities | 1\u00a0 | 1\u00a0 | |||||||||||
| Total derivatives not designated as hedging instruments | 29\u00a0 | 31\u00a0 | ||||||||||||
| TOTAL DERIVATIVE LIABILITIES | $ | 77\u00a0 | $ | 457\u00a0 |
| YEAR ENDED MAY 31, | ||||||||||||||||||||||||||
| 2022 | 2021 | 2020 | ||||||||||||||||||||||||
(Dollars in millions) | TOTAL | AMOUNT OF GAIN (LOSS) ON CASH FLOW HEDGE ACTIVITY | TOTAL | AMOUNT OF GAIN (LOSS) ON CASH FLOW HEDGE ACTIVITY | TOTAL | AMOUNT OF GAIN (LOSS) ON CASH FLOW HEDGE ACTIVITY | ||||||||||||||||||||
| Revenues | $ | 46,710\u00a0 | $ | (82) | $ | 44,538\u00a0 | $ | 45\u00a0 | $ | 37,403\u00a0 | $ | (17) | ||||||||||||||
| Cost of sales | 25,231\u00a0 | (23) | 24,576\u00a0 | 51\u00a0 | 21,162\u00a0 | 364\u00a0 | ||||||||||||||||||||
| Demand creation expense | 3,850\u00a0 | 1\u00a0 | 3,114\u00a0 | 3\u00a0 | 3,592\u00a0 | (2) | ||||||||||||||||||||
| Other (income) expense, net | (181) | 130\u00a0 | 14\u00a0 | (47) | 139\u00a0 | 181\u00a0 | ||||||||||||||||||||
| Interest expense (income), net | 205\u00a0 | (7) | 262\u00a0 | (7) | 89\u00a0 | (7) |
(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) | |||||||||||||||||||||||||||
| YEAR ENDED MAY 31, | LOCATION OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME | YEAR ENDED MAY 31, | |||||||||||||||||||||||||||
| 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | ||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||||||
Foreign exchange forwards and options | $ | (39) | $ | (61) | $ | 28\u00a0 | Revenues | $ | (82) | $ | 45\u00a0 | $ | (17) | ||||||||||||||||
Foreign exchange forwards and options | 889\u00a0 | (563) | 283\u00a0 | Cost of sales | (23) | 51\u00a0 | 364\u00a0 | ||||||||||||||||||||||
Foreign exchange forwards and options | (6) | 5\u00a0 | 1\u00a0 | Demand creation expense | 1\u00a0 | 3\u00a0 | (2) | ||||||||||||||||||||||
Foreign exchange forwards and options | 492\u00a0 | (163) | 90\u00a0 | Other (income) expense, net | 130\u00a0 | (47) | 181\u00a0 | ||||||||||||||||||||||
Interest rate swaps(2) | \u2014\u00a0 | \u2014\u00a0 | \u2014\u00a0 | Interest expense (income), net | (7) | (7) | (7) | ||||||||||||||||||||||
Total designated cash flow hedges | $ | 1,336\u00a0 | $ | (782) | $ | 402\u00a0 | $ | 19\u00a0 | $ | 45\u00a0 | $ | 519\u00a0 |
AMOUNT OF GAIN (LOSS) RECOGNIZED IN INCOME ON DERIVATIVES | LOCATION OF GAIN (LOSS) RECOGNIZED IN INCOME ON DERIVATIVES | ||||||||||||||||
| YEAR ENDED MAY 31, | |||||||||||||||||
(Dollars in millions) | 2022 | 2021 | 2020 | ||||||||||||||
| Derivatives not designated as hedging instruments: | |||||||||||||||||
| Foreign exchange forwards and options | $ | 40\u00a0 | $ | (150) | $ | 76\u00a0 | Other (income) expense, net | ||||||||||
| Embedded derivatives | (2) | (17) | (1) | Other (income) expense, net |
| YEAR ENDED MAY 31, | ||||||||||||||||||||||||||
| 2022 | 2021 | 2020 | ||||||||||||||||||||||||
(Dollars in millions) | TOTAL | AMOUNT OF GAIN (LOSS) ON CASH FLOW HEDGE ACTIVITY | TOTAL | AMOUNT OF GAIN (LOSS) ON CASH FLOW HEDGE ACTIVITY | TOTAL | AMOUNT OF GAIN (LOSS) ON CASH FLOW HEDGE ACTIVITY | ||||||||||||||||||||
| Revenues | $ | 46,710\u00a0 | $ | (82) | $ | 44,538\u00a0 | $ | 45\u00a0 | $ | 37,403\u00a0 | $ | (17) | ||||||||||||||
| Cost of sales | 25,231\u00a0 | (23) | 24,576\u00a0 | 51\u00a0 | 21,162\u00a0 | 364\u00a0 | ||||||||||||||||||||
| Demand creation expense | 3,850\u00a0 | 1\u00a0 | 3,114\u00a0 | 3\u00a0 | 3,592\u00a0 | (2) | ||||||||||||||||||||
| Other (income) expense, net | (181) | 130\u00a0 | 14\u00a0 | (47) | 139\u00a0 | 181\u00a0 | ||||||||||||||||||||
| Interest expense (income), net | 205\u00a0 | (7) | 262\u00a0 | (7) | 89\u00a0 | (7) |
(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) | |||||||||||||||||||||||||||
| YEAR ENDED MAY 31, | LOCATION OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME | YEAR ENDED MAY 31, | |||||||||||||||||||||||||||
| 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | ||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||||||
Foreign exchange forwards and options | $ | (39) | $ | (61) | $ | 28\u00a0 | Revenues | $ | (82) | $ | 45\u00a0 | $ | (17) | ||||||||||||||||
Foreign exchange forwards and options | 889\u00a0 | (563) | 283\u00a0 | Cost of sales | (23) | 51\u00a0 | 364\u00a0 | ||||||||||||||||||||||
Foreign exchange forwards and options | (6) | 5\u00a0 | 1\u00a0 | Demand creation expense | 1\u00a0 | 3\u00a0 | (2) | ||||||||||||||||||||||
Foreign exchange forwards and options | 492\u00a0 | (163) | 90\u00a0 | Other (income) expense, net | 130\u00a0 | (47) | 181\u00a0 | ||||||||||||||||||||||
Interest rate swaps(2) | \u2014\u00a0 | \u2014\u00a0 | \u2014\u00a0 | Interest expense (income), net | (7) | (7) | (7) | ||||||||||||||||||||||
Total designated cash flow hedges | $ | 1,336\u00a0 | $ | (782) | $ | 402\u00a0 | $ | 19\u00a0 | $ | 45\u00a0 | $ | 519\u00a0 |
AMOUNT OF GAIN (LOSS) RECOGNIZED IN INCOME ON DERIVATIVES | LOCATION OF GAIN (LOSS) RECOGNIZED IN INCOME ON DERIVATIVES | ||||||||||||||||
| YEAR ENDED MAY 31, | |||||||||||||||||
(Dollars in millions) | 2022 | 2021 | 2020 | ||||||||||||||
| Derivatives not designated as hedging instruments: | |||||||||||||||||
| Foreign exchange forwards and options | $ | 40\u00a0 | $ | (150) | $ | 76\u00a0 | Other (income) expense, net | ||||||||||
| Embedded derivatives | (2) | (17) | (1) | Other (income) expense, net |
| NOTE\u00a015 \u2014 ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) |
(Dollars in millions) | FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1) | CASH FLOW HEDGES | NET INVESTMENT HEDGES(1) | OTHER | TOTAL | ||||||||||||
| Balance at May 31, 2021 | $ | 2\u00a0 | $ | (435) | $ | 115\u00a0 | $ | (62) | $ | (380) | |||||||
| Other comprehensive income (loss): | |||||||||||||||||
Other comprehensive gains (losses) before reclassifications(2) | (522) | 1,222\u00a0 | \u2014\u00a0 | 28\u00a0 | 728\u00a0 | ||||||||||||
Reclassifications to net income of previously deferred (gains) losses(3) | \u2014\u00a0 | (8) | \u2014\u00a0 | (22) | (30) | ||||||||||||
| Total other comprehensive income (loss) | (522) | 1,214\u00a0 | \u2014\u00a0 | 6\u00a0 | 698\u00a0 | ||||||||||||
| Balance at May 31, 2022 | $ | (520) | $ | 779\u00a0 | $ | 115\u00a0 | $ | (56) | $ | 318\u00a0 |
(Dollars in millions) | FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1) | CASH FLOW HEDGES | NET INVESTMENT HEDGES(1) | OTHER | TOTAL | ||||||||||||
| Balance at May 31, 2020 | $ | (494) | $ | 390\u00a0 | $ | 115\u00a0 | $ | (67) | $ | (56) | |||||||
| Other comprehensive income (loss): | |||||||||||||||||
Other comprehensive gains (losses) before reclassifications(2) | 499\u00a0 | (788) | \u2014\u00a0 | (8) | (297) | ||||||||||||
Reclassifications to net income of previously deferred (gains) losses(3) | (3) | (37) | \u2014\u00a0 | 13\u00a0 | (27) | ||||||||||||
| Total other comprehensive income (loss) | 496\u00a0 | (825) | \u2014\u00a0 | 5\u00a0 | (324) | ||||||||||||
| Balance at May 31, 2021 | $ | 2\u00a0 | $ | (435) | $ | 115\u00a0 | $ | (62) | $ | (380) |
| AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME | LOCATION OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME | ||||||||||
| YEAR ENDED MAY 31, | |||||||||||
(Dollars in millions) | 2022 | 2021 | |||||||||
| Gains (losses) on foreign currency translation adjustment | $ | \u2014\u00a0 | $ | 3\u00a0 | Other (income) expense, net | ||||||
| Total before tax | 3\u00a0 | ||||||||||
| Tax (expense) benefit | \u2014\u00a0 | \u2014\u00a0 | |||||||||
| Gain (loss) net of tax | \u2014\u00a0 | 3\u00a0 | |||||||||
| Gains (losses) on cash flow hedges: | |||||||||||
| Foreign exchange forwards and options | $ | (82) | 45\u00a0 | Revenues | |||||||
| Foreign exchange forwards and options | (23) | 51\u00a0 | Cost of sales | ||||||||
| Foreign exchange forwards and options | 1\u00a0 | 3\u00a0 | Demand creation expense | ||||||||
| Foreign exchange forwards and options | 130\u00a0 | (47) | Other (income) expense, net | ||||||||
| Interest rate swaps | (7) | (7) | Interest expense (income), net | ||||||||
| Total before tax | 19\u00a0 | 45\u00a0 | |||||||||
| Tax (expense) benefit | (11) | (8) | |||||||||
| Gain (loss) net of tax | 8\u00a0 | 37\u00a0 | |||||||||
| Gains (losses) on other | 31\u00a0 | (13) | Other (income) expense, net | ||||||||
| Total before tax | 31\u00a0 | (13) | |||||||||
| Tax (expense) benefit | (9) | \u2014\u00a0 | |||||||||
| Gain (loss) net of tax | 22\u00a0 | (13) | |||||||||
| Total net gain (loss) reclassified for the period | $ | 30\u00a0 | $ | 27\u00a0 |
(Dollars in millions) | FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1) | CASH FLOW HEDGES | NET INVESTMENT HEDGES(1) | OTHER | TOTAL | ||||||||||||
| Balance at May 31, 2021 | $ | 2\u00a0 | $ | (435) | $ | 115\u00a0 | $ | (62) | $ | (380) | |||||||
| Other comprehensive income (loss): | |||||||||||||||||
Other comprehensive gains (losses) before reclassifications(2) | (522) | 1,222\u00a0 | \u2014\u00a0 | 28\u00a0 | 728\u00a0 | ||||||||||||
Reclassifications to net income of previously deferred (gains) losses(3) | \u2014\u00a0 | (8) | \u2014\u00a0 | (22) | (30) | ||||||||||||
| Total other comprehensive income (loss) | (522) | 1,214\u00a0 | \u2014\u00a0 | 6\u00a0 | 698\u00a0 | ||||||||||||
| Balance at May 31, 2022 | $ | (520) | $ | 779\u00a0 | $ | 115\u00a0 | $ | (56) | $ | 318\u00a0 |
(Dollars in millions) | FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1) | CASH FLOW HEDGES | NET INVESTMENT HEDGES(1) | OTHER | TOTAL | ||||||||||||
| Balance at May 31, 2020 | $ | (494) | $ | 390\u00a0 | $ | 115\u00a0 | $ | (67) | $ | (56) | |||||||
| Other comprehensive income (loss): | |||||||||||||||||
Other comprehensive gains (losses) before reclassifications(2) | 499\u00a0 | (788) | \u2014\u00a0 | (8) | (297) | ||||||||||||
Reclassifications to net income of previously deferred (gains) losses(3) | (3) | (37) | \u2014\u00a0 | 13\u00a0 | (27) | ||||||||||||
| Total other comprehensive income (loss) | 496\u00a0 | (825) | \u2014\u00a0 | 5\u00a0 | (324) | ||||||||||||
| Balance at May 31, 2021 | $ | 2\u00a0 | $ | (435) | $ | 115\u00a0 | $ | (62) | $ | (380) |
| AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME | LOCATION OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME | ||||||||||
| YEAR ENDED MAY 31, | |||||||||||
(Dollars in millions) | 2022 | 2021 | |||||||||
| Gains (losses) on foreign currency translation adjustment | $ | \u2014\u00a0 | $ | 3\u00a0 | Other (income) expense, net | ||||||
| Total before tax | 3\u00a0 | ||||||||||
| Tax (expense) benefit | \u2014\u00a0 | \u2014\u00a0 | |||||||||
| Gain (loss) net of tax | \u2014\u00a0 | 3\u00a0 | |||||||||
| Gains (losses) on cash flow hedges: | |||||||||||
| Foreign exchange forwards and options | $ | (82) | 45\u00a0 | Revenues | |||||||
| Foreign exchange forwards and options | (23) | 51\u00a0 | Cost of sales | ||||||||
| Foreign exchange forwards and options | 1\u00a0 | 3\u00a0 | Demand creation expense | ||||||||
| Foreign exchange forwards and options | 130\u00a0 | (47) | Other (income) expense, net | ||||||||
| Interest rate swaps | (7) | (7) | Interest expense (income), net | ||||||||
| Total before tax | 19\u00a0 | 45\u00a0 | |||||||||
| Tax (expense) benefit | (11) | (8) | |||||||||
| Gain (loss) net of tax | 8\u00a0 | 37\u00a0 | |||||||||
| Gains (losses) on other | 31\u00a0 | (13) | Other (income) expense, net | ||||||||
| Total before tax | 31\u00a0 | (13) | |||||||||
| Tax (expense) benefit | (9) | \u2014\u00a0 | |||||||||
| Gain (loss) net of tax | 22\u00a0 | (13) | |||||||||
| Total net gain (loss) reclassified for the period | $ | 30\u00a0 | $ | 27\u00a0 |
| NOTE\u00a016 \u2014 REVENUES |
| YEAR ENDED MAY 31, 2022 | |||||||||||||||||||||||||||||
(Dollars in millions) | NORTH AMERICA | EUROPE, MIDDLE EAST & AFRICA | GREATER CHINA | ASIA PACIFIC & LATIN AMERICA | GLOBAL BRAND DIVISIONS | TOTAL NIKE BRAND | CONVERSE | CORPORATE | TOTAL NIKE, INC. | ||||||||||||||||||||
| Revenues by: | |||||||||||||||||||||||||||||
| Footwear | $ | 12,228\u00a0 | $ | 7,388\u00a0 | $ | 5,416\u00a0 | $ | 4,111\u00a0 | $ | \u2014\u00a0 | $ | 29,143\u00a0 | $ | 2,094\u00a0 | $ | \u2014\u00a0 | $ | 31,237\u00a0 | |||||||||||
| Apparel | 5,492\u00a0 | 4,527\u00a0 | 1,938\u00a0 | 1,610\u00a0 | \u2014\u00a0 | 13,567\u00a0 | 103\u00a0 | \u2014\u00a0 | 13,670\u00a0 | ||||||||||||||||||||
| Equipment | 633\u00a0 | 564\u00a0 | 193\u00a0 | 234\u00a0 | \u2014\u00a0 | 1,624\u00a0 | 26\u00a0 | \u2014\u00a0 | 1,650\u00a0 | ||||||||||||||||||||
| Other | \u2014\u00a0 | \u2014\u00a0 | \u2014\u00a0 | \u2014\u00a0 | 102\u00a0 | 102\u00a0 | 123\u00a0 | (72) | 153\u00a0 | ||||||||||||||||||||
| TOTAL REVENUES | $ | 18,353\u00a0 | $ | 12,479\u00a0 | $ | 7,547\u00a0 | $ | 5,955\u00a0 | $ | 102\u00a0 | $ | 44,436\u00a0 | $ | 2,346\u00a0 | $ | (72) | $ | 46,710\u00a0 | |||||||||||
| Revenues by: | |||||||||||||||||||||||||||||
| Sales to Wholesale Customers | $ | 9,621\u00a0 | $ | 8,377\u00a0 | $ | 4,081\u00a0 | $ | 3,529\u00a0 | $ | \u2014\u00a0 | $ | 25,608\u00a0 | $ | 1,292\u00a0 | $ | \u2014\u00a0 | $ | 26,900\u00a0 | |||||||||||
| Sales through Direct to Consumer | 8,732\u00a0 | 4,102\u00a0 | 3,466\u00a0 | 2,426\u00a0 | \u2014\u00a0 | 18,726\u00a0 | 931\u00a0 | \u2014\u00a0 | 19,657\u00a0 | ||||||||||||||||||||
| Other | \u2014\u00a0 | \u2014\u00a0 | \u2014\u00a0 | \u2014\u00a0 | 102\u00a0 | 102\u00a0 | 123\u00a0 | (72) | 153\u00a0 | ||||||||||||||||||||
| TOTAL REVENUES | $ | 18,353\u00a0 | $ | 12,479\u00a0 | $ | 7,547\u00a0 | $ | 5,955\u00a0 | $ | 102\u00a0 | $ | 44,436\u00a0 | $ | 2,346\u00a0 | $ | (72) | $ | 46,710\u00a0 |
| YEAR ENDED MAY 31, 2021 | |||||||||||||||||||||||||||||
(Dollars in millions) | NORTH AMERICA | EUROPE, MIDDLE EAST & AFRICA | GREATER CHINA | ASIA PACIFIC & LATIN AMERICA(1) | GLOBAL BRAND DIVISIONS | TOTAL NIKE BRAND | CONVERSE | CORPORATE | TOTAL NIKE, INC. | ||||||||||||||||||||
| Revenues by: | |||||||||||||||||||||||||||||
| Footwear | $ | 11,644\u00a0 | $ | 6,970\u00a0 | $ | 5,748\u00a0 | $ | 3,659\u00a0 | $ | \u2014\u00a0 | $ | 28,021\u00a0 | $ | 1,986\u00a0 | $ | \u2014\u00a0 | $ | 30,007\u00a0 | |||||||||||
| Apparel | 5,028\u00a0 | 3,996\u00a0 | 2,347\u00a0 | 1,494\u00a0 | \u2014\u00a0 | 12,865\u00a0 | 104\u00a0 | \u2014\u00a0 | 12,969\u00a0 | ||||||||||||||||||||
| Equipment | 507\u00a0 | 490\u00a0 | 195\u00a0 | 190\u00a0 | \u2014\u00a0 | 1,382\u00a0 | 29\u00a0 | \u2014\u00a0 | 1,411\u00a0 | ||||||||||||||||||||
| Other | \u2014\u00a0 | \u2014\u00a0 | \u2014\u00a0 | \u2014\u00a0 | 25\u00a0 | 25\u00a0 | 86\u00a0 | 40\u00a0 | 151\u00a0 | ||||||||||||||||||||
| TOTAL REVENUES | $ | 17,179\u00a0 | $ | 11,456\u00a0 | $ | 8,290\u00a0 | $ | 5,343\u00a0 | $ | 25\u00a0 | $ | 42,293\u00a0 | $ | 2,205\u00a0 | $ | 40\u00a0 | $ | 44,538\u00a0 | |||||||||||
| Revenues by: | |||||||||||||||||||||||||||||
| Sales to Wholesale Customers | $ | 10,186\u00a0 | $ | 7,812\u00a0 | $ | 4,513\u00a0 | $ | 3,387\u00a0 | $ | \u2014\u00a0 | $ | 25,898\u00a0 | $ | 1,353\u00a0 | $ | \u2014\u00a0 | $ | 27,251\u00a0 | |||||||||||
| Sales through Direct to Consumer | 6,993\u00a0 | 3,644\u00a0 | 3,777\u00a0 | 1,956\u00a0 | \u2014\u00a0 | 16,370\u00a0 | 766\u00a0 | \u2014\u00a0 | 17,136\u00a0 | ||||||||||||||||||||
| Other | \u2014\u00a0 | \u2014\u00a0 | \u2014\u00a0 | \u2014\u00a0 | 25\u00a0 | 25\u00a0 | 86\u00a0 | 40\u00a0 | 151\u00a0 | ||||||||||||||||||||
| TOTAL REVENUES | $ | 17,179\u00a0 | $ | 11,456\u00a0 | $ | 8,290\u00a0 | $ | 5,343\u00a0 | $ | 25\u00a0 | $ | 42,293\u00a0 | $ | 2,205\u00a0 | $ | 40\u00a0 | $ | 44,538\u00a0 |
| YEAR ENDED MAY 31, 2020 | |||||||||||||||||||||||||||||
(Dollars in millions) | NORTH AMERICA | EUROPE, MIDDLE EAST & AFRICA | GREATER CHINA | ASIA PACIFIC & LATIN AMERICA | GLOBAL BRAND DIVISIONS | TOTAL NIKE BRAND | CONVERSE | CORPORATE | TOTAL NIKE, INC. | ||||||||||||||||||||
| Revenues by: | |||||||||||||||||||||||||||||
| Footwear | $ | 9,329\u00a0 | $ | 5,892\u00a0 | $ | 4,635\u00a0 | $ | 3,449\u00a0 | $ | \u2014\u00a0 | $ | 23,305\u00a0 | $ | 1,642\u00a0 | $ | \u2014\u00a0 | $ | 24,947\u00a0 | |||||||||||
| Apparel | 4,639\u00a0 | 3,053\u00a0 | 1,896\u00a0 | 1,365\u00a0 | \u2014\u00a0 | 10,953\u00a0 | 89\u00a0 | \u2014\u00a0 | 11,042\u00a0 | ||||||||||||||||||||
| Equipment | 516\u00a0 | 402\u00a0 | 148\u00a0 | 214\u00a0 | \u2014\u00a0 | 1,280\u00a0 | 25\u00a0 | \u2014\u00a0 | 1,305\u00a0 | ||||||||||||||||||||
| Other | \u2014\u00a0 | \u2014\u00a0 | \u2014\u00a0 | \u2014\u00a0 | 30\u00a0 | 30\u00a0 | 90\u00a0 | (11) | 109\u00a0 | ||||||||||||||||||||
| TOTAL REVENUES | $ | 14,484\u00a0 | $ | 9,347\u00a0 | $ | 6,679\u00a0 | $ | 5,028\u00a0 | $ | 30\u00a0 | $ | 35,568\u00a0 | $ | 1,846\u00a0 | $ | (11) | $ | 37,403\u00a0 | |||||||||||
| Revenues by: | |||||||||||||||||||||||||||||
| Sales to Wholesale Customers | $ | 9,371\u00a0 | $ | 6,574\u00a0 | $ | 3,803\u00a0 | $ | 3,408\u00a0 | $ | \u2014\u00a0 | $ | 23,156\u00a0 | $ | 1,154\u00a0 | $ | \u2014\u00a0 | $ | 24,310\u00a0 | |||||||||||
| Sales through Direct to Consumer | 5,113\u00a0 | 2,773\u00a0 | 2,876\u00a0 | 1,620\u00a0 | \u2014\u00a0 | 12,382\u00a0 | 602\u00a0 | \u2014\u00a0 | 12,984\u00a0 | ||||||||||||||||||||
| Other | \u2014\u00a0 | \u2014\u00a0 | \u2014\u00a0 | \u2014\u00a0 | 30\u00a0 | 30\u00a0 | 90\u00a0 | (11) | 109\u00a0 | ||||||||||||||||||||
| TOTAL REVENUES | $ | 14,484\u00a0 | $ | 9,347\u00a0 | $ | 6,679\u00a0 | $ | 5,028\u00a0 | $ | 30\u00a0 | $ | 35,568\u00a0 | $ | 1,846\u00a0 | $ | (11) | $ | 37,403\u00a0 |
| YEAR ENDED MAY 31, 2022 | |||||||||||||||||||||||||||||
(Dollars in millions) | NORTH AMERICA | EUROPE, MIDDLE EAST & AFRICA | GREATER CHINA | ASIA PACIFIC & LATIN AMERICA | GLOBAL BRAND DIVISIONS | TOTAL NIKE BRAND | CONVERSE | CORPORATE | TOTAL NIKE, INC. | ||||||||||||||||||||
| Revenues by: | |||||||||||||||||||||||||||||
| Footwear | $ | 12,228\u00a0 | $ | 7,388\u00a0 | $ | 5,416\u00a0 | $ | 4,111\u00a0 | $ | \u2014\u00a0 | $ | 29,143\u00a0 | $ | 2,094\u00a0 | $ | \u2014\u00a0 | $ | 31,237\u00a0 | |||||||||||
| Apparel | 5,492\u00a0 | 4,527\u00a0 | 1,938\u00a0 | 1,610\u00a0 | \u2014\u00a0 | 13,567\u00a0 | 103\u00a0 | \u2014\u00a0 | 13,670\u00a0 | ||||||||||||||||||||
| Equipment | 633\u00a0 | 564\u00a0 | 193\u00a0 | 234\u00a0 | \u2014\u00a0 | 1,624\u00a0 | 26\u00a0 | \u2014\u00a0 | 1,650\u00a0 | ||||||||||||||||||||
| Other | \u2014\u00a0 | \u2014\u00a0 | \u2014\u00a0 | \u2014\u00a0 | 102\u00a0 | 102\u00a0 | 123\u00a0 | (72) | 153\u00a0 | ||||||||||||||||||||
| TOTAL REVENUES | $ | 18,353\u00a0 | $ | 12,479\u00a0 | $ | 7,547\u00a0 | $ | 5,955\u00a0 | $ | 102\u00a0 | $ | 44,436\u00a0 | $ | 2,346\u00a0 | $ | (72) | $ | 46,710\u00a0 | |||||||||||
| Revenues by: | |||||||||||||||||||||||||||||
| Sales to Wholesale Customers | $ | 9,621\u00a0 | $ | 8,377\u00a0 | $ | 4,081\u00a0 | $ | 3,529\u00a0 | $ | \u2014\u00a0 | $ | 25,608\u00a0 | $ | 1,292\u00a0 | $ | \u2014\u00a0 | $ | 26,900\u00a0 | |||||||||||
| Sales through Direct to Consumer | 8,732\u00a0 | 4,102\u00a0 | 3,466\u00a0 | 2,426\u00a0 | \u2014\u00a0 | 18,726\u00a0 | 931\u00a0 | \u2014\u00a0 | 19,657\u00a0 | ||||||||||||||||||||
| Other | \u2014\u00a0 | \u2014\u00a0 | \u2014\u00a0 | \u2014\u00a0 | 102\u00a0 | 102\u00a0 | 123\u00a0 | (72) | 153\u00a0 | ||||||||||||||||||||
| TOTAL REVENUES | $ | 18,353\u00a0 | $ | 12,479\u00a0 | $ | 7,547\u00a0 | $ | 5,955\u00a0 | $ | 102\u00a0 | $ | 44,436\u00a0 | $ | 2,346\u00a0 | $ | (72) | $ | 46,710\u00a0 |
| YEAR ENDED MAY 31, 2021 | |||||||||||||||||||||||||||||
(Dollars in millions) | NORTH AMERICA | EUROPE, MIDDLE EAST & AFRICA | GREATER CHINA | ASIA PACIFIC & LATIN AMERICA(1) | GLOBAL BRAND DIVISIONS | TOTAL NIKE BRAND | CONVERSE | CORPORATE | TOTAL NIKE, INC. | ||||||||||||||||||||
| Revenues by: | |||||||||||||||||||||||||||||
| Footwear | $ | 11,644\u00a0 | $ | 6,970\u00a0 | $ | 5,748\u00a0 | $ | 3,659\u00a0 | $ | \u2014\u00a0 | $ | 28,021\u00a0 | $ | 1,986\u00a0 | $ | \u2014\u00a0 | $ | 30,007\u00a0 | |||||||||||
| Apparel | 5,028\u00a0 | 3,996\u00a0 | 2,347\u00a0 | 1,494\u00a0 | \u2014\u00a0 | 12,865\u00a0 | 104\u00a0 | \u2014\u00a0 | 12,969\u00a0 | ||||||||||||||||||||
| Equipment | 507\u00a0 | 490\u00a0 | 195\u00a0 | 190\u00a0 | \u2014\u00a0 | 1,382\u00a0 | 29\u00a0 | \u2014\u00a0 | 1,411\u00a0 | ||||||||||||||||||||
| Other | \u2014\u00a0 | \u2014\u00a0 | \u2014\u00a0 | \u2014\u00a0 | 25\u00a0 | 25\u00a0 | 86\u00a0 | 40\u00a0 | 151\u00a0 | ||||||||||||||||||||
| TOTAL REVENUES | $ | 17,179\u00a0 | $ | 11,456\u00a0 | $ | 8,290\u00a0 | $ | 5,343\u00a0 | $ | 25\u00a0 | $ | 42,293\u00a0 | $ | 2,205\u00a0 | $ | 40\u00a0 | $ | 44,538\u00a0 | |||||||||||
| Revenues by: | |||||||||||||||||||||||||||||
| Sales to Wholesale Customers | $ | 10,186\u00a0 | $ | 7,812\u00a0 | $ | 4,513\u00a0 | $ | 3,387\u00a0 | $ | \u2014\u00a0 | $ | 25,898\u00a0 | $ | 1,353\u00a0 | $ | \u2014\u00a0 | $ | 27,251\u00a0 | |||||||||||
| Sales through Direct to Consumer | 6,993\u00a0 | 3,644\u00a0 | 3,777\u00a0 | 1,956\u00a0 | \u2014\u00a0 | 16,370\u00a0 | 766\u00a0 | \u2014\u00a0 | 17,136\u00a0 | ||||||||||||||||||||
| Other | \u2014\u00a0 | \u2014\u00a0 | \u2014\u00a0 | \u2014\u00a0 | 25\u00a0 | 25\u00a0 | 86\u00a0 | 40\u00a0 | 151\u00a0 | ||||||||||||||||||||
| TOTAL REVENUES | $ | 17,179\u00a0 | $ | 11,456\u00a0 | $ | 8,290\u00a0 | $ | 5,343\u00a0 | $ | 25\u00a0 | $ | 42,293\u00a0 | $ | 2,205\u00a0 | $ | 40\u00a0 | $ | 44,538\u00a0 |
| YEAR ENDED MAY 31, 2020 | |||||||||||||||||||||||||||||
(Dollars in millions) | NORTH AMERICA | EUROPE, MIDDLE EAST & AFRICA | GREATER CHINA | ASIA PACIFIC & LATIN AMERICA | GLOBAL BRAND DIVISIONS | TOTAL NIKE BRAND | CONVERSE | CORPORATE | TOTAL NIKE, INC. | ||||||||||||||||||||
| Revenues by: | |||||||||||||||||||||||||||||
| Footwear | $ | 9,329\u00a0 | $ | 5,892\u00a0 | $ | 4,635\u00a0 | $ | 3,449\u00a0 | $ | \u2014\u00a0 | $ | 23,305\u00a0 | $ | 1,642\u00a0 | $ | \u2014\u00a0 | $ | 24,947\u00a0 | |||||||||||
| Apparel | 4,639\u00a0 | 3,053\u00a0 | 1,896\u00a0 | 1,365\u00a0 | \u2014\u00a0 | 10,953\u00a0 | 89\u00a0 | \u2014\u00a0 | 11,042\u00a0 | ||||||||||||||||||||
| Equipment | 516\u00a0 | 402\u00a0 | 148\u00a0 | 214\u00a0 | \u2014\u00a0 | 1,280\u00a0 | 25\u00a0 | \u2014\u00a0 | 1,305\u00a0 | ||||||||||||||||||||
| Other | \u2014\u00a0 | \u2014\u00a0 | \u2014\u00a0 | \u2014\u00a0 | 30\u00a0 | 30\u00a0 | 90\u00a0 | (11) | 109\u00a0 | ||||||||||||||||||||
| TOTAL REVENUES | $ | 14,484\u00a0 | $ | 9,347\u00a0 | $ | 6,679\u00a0 | $ | 5,028\u00a0 | $ | 30\u00a0 | $ | 35,568\u00a0 | $ | 1,846\u00a0 | $ | (11) | $ | 37,403\u00a0 | |||||||||||
| Revenues by: | |||||||||||||||||||||||||||||
| Sales to Wholesale Customers | $ | 9,371\u00a0 | $ | 6,574\u00a0 | $ | 3,803\u00a0 | $ | 3,408\u00a0 | $ | \u2014\u00a0 | $ | 23,156\u00a0 | $ | 1,154\u00a0 | $ | \u2014\u00a0 | $ | 24,310\u00a0 | |||||||||||
| Sales through Direct to Consumer | 5,113\u00a0 | 2,773\u00a0 | 2,876\u00a0 | 1,620\u00a0 | \u2014\u00a0 | 12,382\u00a0 | 602\u00a0 | \u2014\u00a0 | 12,984\u00a0 | ||||||||||||||||||||
| Other | \u2014\u00a0 | \u2014\u00a0 | \u2014\u00a0 | \u2014\u00a0 | 30\u00a0 | 30\u00a0 | 90\u00a0 | (11) | 109\u00a0 | ||||||||||||||||||||
| TOTAL REVENUES | $ | 14,484\u00a0 | $ | 9,347\u00a0 | $ | 6,679\u00a0 | $ | 5,028\u00a0 | $ | 30\u00a0 | $ | 35,568\u00a0 | $ | 1,846\u00a0 | $ | (11) | $ | 37,403\u00a0 |
| NOTE\u00a017 \u2014 OPERATING SEGMENTS AND RELATED INFORMATION |
| YEAR ENDED MAY 31, | |||||||||||
(Dollars in millions) | 2022 | 2021 | 2020 | ||||||||
| REVENUES | |||||||||||
| North America | $ | 18,353\u00a0 | $ | 17,179\u00a0 | $ | 14,484\u00a0 | |||||
| Europe, Middle East & Africa | 12,479\u00a0 | 11,456\u00a0 | 9,347\u00a0 | ||||||||
| Greater China | 7,547\u00a0 | 8,290\u00a0 | 6,679\u00a0 | ||||||||
| Asia Pacific & Latin America | 5,955\u00a0 | 5,343\u00a0 | 5,028\u00a0 | ||||||||
| Global Brand Divisions | 102\u00a0 | 25\u00a0 | 30\u00a0 | ||||||||
| Total NIKE Brand | 44,436\u00a0 | 42,293\u00a0 | 35,568\u00a0 | ||||||||
| Converse | 2,346\u00a0 | 2,205\u00a0 | 1,846\u00a0 | ||||||||
| Corporate | (72) | 40\u00a0 | (11) | ||||||||
| TOTAL NIKE, INC. REVENUES | $ | 46,710\u00a0 | $ | 44,538\u00a0 | $ | 37,403\u00a0 | |||||
| EARNINGS BEFORE INTEREST AND TAXES | |||||||||||
| North America | $ | 5,114\u00a0 | $ | 5,089\u00a0 | $ | 2,899\u00a0 | |||||
| Europe, Middle East & Africa | 3,293\u00a0 | 2,435\u00a0 | 1,541\u00a0 | ||||||||
| Greater China | 2,365\u00a0 | 3,243\u00a0 | 2,490\u00a0 | ||||||||
| Asia Pacific & Latin America | 1,896\u00a0 | 1,530\u00a0 | 1,184\u00a0 | ||||||||
| Global Brand Divisions | (4,262) | (3,656) | (3,468) | ||||||||
| Converse | 669\u00a0 | 543\u00a0 | 297\u00a0 | ||||||||
| Corporate | (2,219) | (2,261) | (1,967) | ||||||||
| Interest expense (income), net | 205\u00a0 | 262\u00a0 | 89\u00a0 | ||||||||
| TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES | $ | 6,651\u00a0 | $ | 6,661\u00a0 | $ | 2,887\u00a0 | |||||
| ADDITIONS TO PROPERTY, PLANT AND EQUIPMENT | |||||||||||
| North America | $ | 146\u00a0 | $ | 98\u00a0 | $ | 110\u00a0 | |||||
| Europe, Middle East & Africa | 197\u00a0 | 153\u00a0 | 139\u00a0 | ||||||||
| Greater China | 78\u00a0 | 94\u00a0 | 28\u00a0 | ||||||||
| Asia Pacific & Latin America | 56\u00a0 | 54\u00a0 | 41\u00a0 | ||||||||
| Global Brand Divisions | 222\u00a0 | 278\u00a0 | 438\u00a0 | ||||||||
| Total NIKE Brand | 699\u00a0 | 677\u00a0 | 756\u00a0 | ||||||||
| Converse | 9\u00a0 | 7\u00a0 | 12\u00a0 | ||||||||
| Corporate | 103\u00a0 | 107\u00a0 | 356\u00a0 | ||||||||
| TOTAL ADDITIONS TO PROPERTY, PLANT AND EQUIPMENT | $ | 811\u00a0 | $ | 791\u00a0 | $ | 1,124\u00a0 | |||||
| DEPRECIATION | |||||||||||
| North America | $ | 124\u00a0 | $ | 130\u00a0 | $ | 148\u00a0 | |||||
| Europe, Middle East & Africa | 134\u00a0 | 136\u00a0 | 132\u00a0 | ||||||||
| Greater China | 41\u00a0 | 46\u00a0 | 44\u00a0 | ||||||||
| Asia Pacific & Latin America | 42\u00a0 | 43\u00a0 | 46\u00a0 | ||||||||
| Global Brand Divisions | 220\u00a0 | 222\u00a0 | 214\u00a0 | ||||||||
| Total NIKE Brand | 561\u00a0 | 577\u00a0 | 584\u00a0 | ||||||||
| Converse | 22\u00a0 | 26\u00a0 | 25\u00a0 | ||||||||
| Corporate | 134\u00a0 | 141\u00a0 | 112\u00a0 | ||||||||
| TOTAL DEPRECIATION | $ | 717\u00a0 | $ | 744\u00a0 | $ | 721\u00a0 |
| AS OF MAY 31, | ||||||||
(Dollars in millions) | 2022 | 2021 | ||||||
| ACCOUNTS RECEIVABLE, NET | ||||||||
| North America | $ | 1,850\u00a0 | $ | 1,777\u00a0 | ||||
| Europe, Middle East & Africa | 1,351\u00a0 | 1,349\u00a0 | ||||||
| Greater China | 406\u00a0 | 288\u00a0 | ||||||
Asia Pacific & Latin America(1) | 664\u00a0 | 643\u00a0 | ||||||
| Global Brand Divisions | 113\u00a0 | 128\u00a0 | ||||||
| Total NIKE Brand | 4,384\u00a0 | 4,185\u00a0 | ||||||
| Converse | 230\u00a0 | 225\u00a0 | ||||||
| Corporate | 53\u00a0 | 53\u00a0 | ||||||
| TOTAL ACCOUNTS RECEIVABLE, NET | $ | 4,667\u00a0 | $ | 4,463\u00a0 | ||||
| INVENTORIES | ||||||||
| North America | $ | 4,098\u00a0 | $ | 2,851\u00a0 | ||||
| Europe, Middle East & Africa | 1,887\u00a0 | 1,821\u00a0 | ||||||
| Greater China | 1,044\u00a0 | 1,247\u00a0 | ||||||
Asia Pacific & Latin America(1) | 686\u00a0 | 667\u00a0 | ||||||
| Global Brand Divisions | 197\u00a0 | 153\u00a0 | ||||||
| Total NIKE Brand | 7,912\u00a0 | 6,739\u00a0 | ||||||
| Converse | 279\u00a0 | 290\u00a0 | ||||||
| Corporate | 229\u00a0 | (175) | ||||||
| TOTAL INVENTORIES | $ | 8,420\u00a0 | $ | 6,854\u00a0 | ||||
| PROPERTY, PLANT AND EQUIPMENT, NET | ||||||||
| North America | $ | 639\u00a0 | $ | 617\u00a0 | ||||
| Europe, Middle East & Africa | 920\u00a0 | 982\u00a0 | ||||||
| Greater China | 303\u00a0 | 288\u00a0 | ||||||
Asia Pacific & Latin America(1) | 274\u00a0 | 304\u00a0 | ||||||
| Global Brand Divisions | 789\u00a0 | 780\u00a0 | ||||||
| Total NIKE Brand | 2,925\u00a0 | 2,971\u00a0 | ||||||
| Converse | 49\u00a0 | 63\u00a0 | ||||||
| Corporate | 1,817\u00a0 | 1,870\u00a0 | ||||||
| TOTAL PROPERTY, PLANT AND EQUIPMENT, NET | $ | 4,791\u00a0 | $ | 4,904\u00a0 |
| MAY 31, | ||||||||
(Dollars in millions) | 2022 | 2021 | ||||||
| United States | $ | 4,916\u00a0 | $ | 4,927\u00a0 | ||||
| Belgium | 646\u00a0 | 676\u00a0 | ||||||
| China | 538\u00a0 | 518\u00a0 |
| YEAR ENDED MAY 31, | |||||||||||
(Dollars in millions) | 2022 | 2021 | 2020 | ||||||||
| REVENUES | |||||||||||
| North America | $ | 18,353\u00a0 | $ | 17,179\u00a0 | $ | 14,484\u00a0 | |||||
| Europe, Middle East & Africa | 12,479\u00a0 | 11,456\u00a0 | 9,347\u00a0 | ||||||||
| Greater China | 7,547\u00a0 | 8,290\u00a0 | 6,679\u00a0 | ||||||||
| Asia Pacific & Latin America | 5,955\u00a0 | 5,343\u00a0 | 5,028\u00a0 | ||||||||
| Global Brand Divisions | 102\u00a0 | 25\u00a0 | 30\u00a0 | ||||||||
| Total NIKE Brand | 44,436\u00a0 | 42,293\u00a0 | 35,568\u00a0 | ||||||||
| Converse | 2,346\u00a0 | 2,205\u00a0 | 1,846\u00a0 | ||||||||
| Corporate | (72) | 40\u00a0 | (11) | ||||||||
| TOTAL NIKE, INC. REVENUES | $ | 46,710\u00a0 | $ | 44,538\u00a0 | $ | 37,403\u00a0 | |||||
| EARNINGS BEFORE INTEREST AND TAXES | |||||||||||
| North America | $ | 5,114\u00a0 | $ | 5,089\u00a0 | $ | 2,899\u00a0 | |||||
| Europe, Middle East & Africa | 3,293\u00a0 | 2,435\u00a0 | 1,541\u00a0 | ||||||||
| Greater China | 2,365\u00a0 | 3,243\u00a0 | 2,490\u00a0 | ||||||||
| Asia Pacific & Latin America | 1,896\u00a0 | 1,530\u00a0 | 1,184\u00a0 | ||||||||
| Global Brand Divisions | (4,262) | (3,656) | (3,468) | ||||||||
| Converse | 669\u00a0 | 543\u00a0 | 297\u00a0 | ||||||||
| Corporate | (2,219) | (2,261) | (1,967) | ||||||||
| Interest expense (income), net | 205\u00a0 | 262\u00a0 | 89\u00a0 | ||||||||
| TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES | $ | 6,651\u00a0 | $ | 6,661\u00a0 | $ | 2,887\u00a0 | |||||
| ADDITIONS TO PROPERTY, PLANT AND EQUIPMENT | |||||||||||
| North America | $ | 146\u00a0 | $ | 98\u00a0 | $ | 110\u00a0 | |||||
| Europe, Middle East & Africa | 197\u00a0 | 153\u00a0 | 139\u00a0 | ||||||||
| Greater China | 78\u00a0 | 94\u00a0 | 28\u00a0 | ||||||||
| Asia Pacific & Latin America | 56\u00a0 | 54\u00a0 | 41\u00a0 | ||||||||
| Global Brand Divisions | 222\u00a0 | 278\u00a0 | 438\u00a0 | ||||||||
| Total NIKE Brand | 699\u00a0 | 677\u00a0 | 756\u00a0 | ||||||||
| Converse | 9\u00a0 | 7\u00a0 | 12\u00a0 | ||||||||
| Corporate | 103\u00a0 | 107\u00a0 | 356\u00a0 | ||||||||
| TOTAL ADDITIONS TO PROPERTY, PLANT AND EQUIPMENT | $ | 811\u00a0 | $ | 791\u00a0 | $ | 1,124\u00a0 | |||||
| DEPRECIATION | |||||||||||
| North America | $ | 124\u00a0 | $ | 130\u00a0 | $ | 148\u00a0 | |||||
| Europe, Middle East & Africa | 134\u00a0 | 136\u00a0 | 132\u00a0 | ||||||||
| Greater China | 41\u00a0 | 46\u00a0 | 44\u00a0 | ||||||||
| Asia Pacific & Latin America | 42\u00a0 | 43\u00a0 | 46\u00a0 | ||||||||
| Global Brand Divisions | 220\u00a0 | 222\u00a0 | 214\u00a0 | ||||||||
| Total NIKE Brand | 561\u00a0 | 577\u00a0 | 584\u00a0 | ||||||||
| Converse | 22\u00a0 | 26\u00a0 | 25\u00a0 | ||||||||
| Corporate | 134\u00a0 | 141\u00a0 | 112\u00a0 | ||||||||
| TOTAL DEPRECIATION | $ | 717\u00a0 | $ | 744\u00a0 | $ | 721\u00a0 |
| AS OF MAY 31, | ||||||||
(Dollars in millions) | 2022 | 2021 | ||||||
| ACCOUNTS RECEIVABLE, NET | ||||||||
| North America | $ | 1,850\u00a0 | $ | 1,777\u00a0 | ||||
| Europe, Middle East & Africa | 1,351\u00a0 | 1,349\u00a0 | ||||||
| Greater China | 406\u00a0 | 288\u00a0 | ||||||
Asia Pacific & Latin America(1) | 664\u00a0 | 643\u00a0 | ||||||
| Global Brand Divisions | 113\u00a0 | 128\u00a0 | ||||||
| Total NIKE Brand | 4,384\u00a0 | 4,185\u00a0 | ||||||
| Converse | 230\u00a0 | 225\u00a0 | ||||||
| Corporate | 53\u00a0 | 53\u00a0 | ||||||
| TOTAL ACCOUNTS RECEIVABLE, NET | $ | 4,667\u00a0 | $ | 4,463\u00a0 | ||||
| INVENTORIES | ||||||||
| North America | $ | 4,098\u00a0 | $ | 2,851\u00a0 | ||||
| Europe, Middle East & Africa | 1,887\u00a0 | 1,821\u00a0 | ||||||
| Greater China | 1,044\u00a0 | 1,247\u00a0 | ||||||
Asia Pacific & Latin America(1) | 686\u00a0 | 667\u00a0 | ||||||
| Global Brand Divisions | 197\u00a0 | 153\u00a0 | ||||||
| Total NIKE Brand | 7,912\u00a0 | 6,739\u00a0 | ||||||
| Converse | 279\u00a0 | 290\u00a0 | ||||||
| Corporate | 229\u00a0 | (175) | ||||||
| TOTAL INVENTORIES | $ | 8,420\u00a0 | $ | 6,854\u00a0 | ||||
| PROPERTY, PLANT AND EQUIPMENT, NET | ||||||||
| North America | $ | 639\u00a0 | $ | 617\u00a0 | ||||
| Europe, Middle East & Africa | 920\u00a0 | 982\u00a0 | ||||||
| Greater China | 303\u00a0 | 288\u00a0 | ||||||
Asia Pacific & Latin America(1) | 274\u00a0 | 304\u00a0 | ||||||
| Global Brand Divisions | 789\u00a0 | 780\u00a0 | ||||||
| Total NIKE Brand | 2,925\u00a0 | 2,971\u00a0 | ||||||
| Converse | 49\u00a0 | 63\u00a0 | ||||||
| Corporate | 1,817\u00a0 | 1,870\u00a0 | ||||||
| TOTAL PROPERTY, PLANT AND EQUIPMENT, NET | $ | 4,791\u00a0 | $ | 4,904\u00a0 |
| MAY 31, | ||||||||
(Dollars in millions) | 2022 | 2021 | ||||||
| United States | $ | 4,916\u00a0 | $ | 4,927\u00a0 | ||||
| Belgium | 646\u00a0 | 676\u00a0 | ||||||
| China | 538\u00a0 | 518\u00a0 |
| NOTE\u00a018 \u2014 COMMITMENTS AND CONTINGENCIES |
| NOTE\u00a019 \u2014 LEASES |
(Dollars in millions) | AS OF MAY 31, 2022(1) | ||||
| Fiscal 2023 | $ | 491\u00a0 | |||
| Fiscal 2024 | 543\u00a0 | ||||
| Fiscal 2025 | 490\u00a0 | ||||
| Fiscal 2026 | 405\u00a0 | ||||
| Fiscal 2027 | 350\u00a0 | ||||
| Thereafter | 1,250\u00a0 | ||||
| Total undiscounted future cash flows related to lease payments | $ | 3,529\u00a0 | |||
| Less interest | 332\u00a0 | ||||
| Present value of lease liabilities | $ | 3,197\u00a0 |
| AS OF MAY 31, | ||||||||
| 2022 | 2021 | |||||||
| Weighted-average remaining lease term (in years) | 7.8 | 8.3 | ||||||
| Weighted-average discount rate | 2.3\u00a0 | % | 2.3\u00a0 | % |
| YEAR ENDED MAY 31, | ||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | 2020 | |||||||||||||||||
| Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||||||||
| Operating cash flows from operating leases | $ | 589\u00a0 | $ | 583\u00a0 | $ | 532\u00a0 | ||||||||||||||
| Operating lease right-of-use assets obtained in exchange for new operating lease liabilities | $ | 537\u00a0 | $ | 489\u00a0 | $ | 705\u00a0 | (1) |
(Dollars in millions) | AS OF MAY 31, 2022(1) | ||||
| Fiscal 2023 | $ | 491\u00a0 | |||
| Fiscal 2024 | 543\u00a0 | ||||
| Fiscal 2025 | 490\u00a0 | ||||
| Fiscal 2026 | 405\u00a0 | ||||
| Fiscal 2027 | 350\u00a0 | ||||
| Thereafter | 1,250\u00a0 | ||||
| Total undiscounted future cash flows related to lease payments | $ | 3,529\u00a0 | |||
| Less interest | 332\u00a0 | ||||
| Present value of lease liabilities | $ | 3,197\u00a0 |
| AS OF MAY 31, | ||||||||
| 2022 | 2021 | |||||||
| Weighted-average remaining lease term (in years) | 7.8 | 8.3 | ||||||
| Weighted-average discount rate | 2.3\u00a0 | % | 2.3\u00a0 | % |
| YEAR ENDED MAY 31, | ||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | 2020 | |||||||||||||||||
| Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||||||||
| Operating cash flows from operating leases | $ | 589\u00a0 | $ | 583\u00a0 | $ | 532\u00a0 | ||||||||||||||
| Operating lease right-of-use assets obtained in exchange for new operating lease liabilities | $ | 537\u00a0 | $ | 489\u00a0 | $ | 705\u00a0 | (1) |
| NOTE\u00a020 \u2014 ACQUISITIONS AND DIVESTITURES |
| NOTE\u00a021 \u2014 RESTRUCTURING |
| (Dollars in\u00a0millions) | BALANCE\u00a0AT BEGINNING\u00a0OF PERIOD | CHARGED TO \u00a0COSTS AND \u00a0EXPENSES | CHARGED \u00a0TO OTHER\u00a0 ACCOUNTS(1) | WRITE-OFFS, NET | BALANCE AT END OF PERIOD | ||||||||||||
| Sales returns reserve | |||||||||||||||||
For the fiscal year ended May 31, 2020(2) | $ | 843\u00a0 | $ | 2,263\u00a0 | $ | (31) | $ | (2,393) | $ | 682\u00a0 | |||||||
For the fiscal year ended May 31, 2021(2) | 682\u00a0 | 2,617\u00a0 | 41\u00a0 | (2,745) | 595\u00a0 | ||||||||||||
| For the fiscal year ended May 31, 2022 | 595\u00a0 | 2,573\u00a0 | (31) | (2,612) | 525\u00a0 |