| Accumulated Other Comprehensive Income |
| | NOTE 9 — Accumulated Other Comprehensive Income |
The changes in Accumulated other comprehensive income, net of tax, for the three and six months ended November 30, 2014 were as follows: | | | | | | | | | | | | | | | | | | | | | | (In millions) | | Foreign Currency Translation Adjustment(1) | | Cash Flow Hedges | | Net Investment Hedges(1) | | Other | | Total | Balance at August 31, 2014 | | $ | 11 |
| | $ | 167 |
| | $ | 95 |
| | $ | (49 | ) | | $ | 224 |
| Other comprehensive gains (losses) before reclassifications(2) | | (34 | ) | | 351 |
| | — |
| | 9 |
| | 326 |
| Reclassifications to net income of previously deferred (gains) losses(3) | | — |
| | (18 | ) | | — |
| | (7 | ) | | (25 | ) | Other comprehensive income (loss) | | (34 | ) | | 333 |
| | — |
| | 2 |
| | 301 |
| Balance at November 30, 2014 | | $ | (23 | ) | | $ | 500 |
| | $ | 95 |
| | $ | (47 | ) | | $ | 525 |
|
| | (1) | The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity. |
| | (2) | Net of tax benefit (expense) of $11 million, $(28) million, $0 million, $(1) million and $(18) million, respectively. |
| | (3) | Net of tax (benefit) expense of $0 million, $(3) million, $0 million, $2 million and $(1) million, respectively. |
| | | | | | | | | | | | | | | | | | | | | | (In millions) | | Foreign Currency Translation Adjustment(1) | | Cash Flow Hedges | | Net Investment Hedges(1) | | Other | | Total | Balance at May 31, 2014 | | $ | 9 |
| | $ | 32 |
| | $ | 95 |
| | $ | (51 | ) | | $ | 85 |
| Other comprehensive gains (losses) before reclassifications(2) | | (32 | ) | | 470 |
| | — |
| | 14 |
| | 452 |
| Reclassifications to net income of previously deferred (gains) losses(3) | | — |
| | (2 | ) | | — |
| | (10 | ) | | (12 | ) | Other comprehensive income (loss) | | (32 | ) | | 468 |
| | — |
| | 4 |
| | 440 |
| Balance at November 30, 2014 | | $ | (23 | ) | | $ | 500 |
| | $ | 95 |
| | $ | (47 | ) | | $ | 525 |
|
| | (1) | The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity. |
| | (2) | Net of tax benefit (expense) of $0 million, $(27) million, $0 million, $(3) million and $(30) million, respectively. |
| | (3) | Net of tax (benefit) expense of $0 million, $(7) million, $0 million, $3 million and $(4) million, respectively. |
The changes in Accumulated other comprehensive income, net of tax, for the three and six months ended November 30, 2013 were as follows: | | | | | | | | | | | | | | | | | | | | | | (In millions) | | Foreign Currency Translation Adjustment(1) | | Cash Flow Hedges | | Net Investment Hedges(1) | | Other | | Total | Balance at August 31, 2013 | | $ | 10 |
| | $ | 128 |
| | $ | 95 |
| | $ | (56 | ) | | $ | 177 |
| Other comprehensive gains (losses) before reclassifications(2) | | 14 |
| | (85 | ) | | — |
| | (2 | ) | | (73 | ) | Reclassifications to net income of previously deferred (gains) losses(3) | | — |
| | (15 | ) | | — |
| | 1 |
| | (14 | ) | Other comprehensive income (loss) | | 14 |
| | (100 | ) | | — |
| | (1 | ) | | (87 | ) | Balance at November 30, 2013 | | $ | 24 |
| | $ | 28 |
| | $ | 95 |
| | $ | (57 | ) | | $ | 90 |
|
| | (1) | The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity. |
| | (2) | Net of tax benefit (expense) of $0 million, $9 million, $0 million, $0 million and $9 million, respectively. |
| | (3) | Net of tax (benefit) expense of $0 million, $5 million, $0 million, $0 million and $5 million, respectively. |
| | | | | | | | | | | | | | | | | | | | | | (In millions) | | Foreign Currency Translation Adjustment(1) | | Cash Flow Hedges | | Net Investment Hedges(1) | | Other | | Total | Balance at May 31, 2013 | | $ | 41 |
| | $ | 193 |
| | $ | 95 |
| | $ | (55 | ) | | $ | 274 |
| Other comprehensive gains (losses) before reclassifications(2) | | (17 | ) | | (120 | ) | | — |
| | (4 | ) | | (141 | ) | Reclassifications to net income of previously deferred (gains) losses(3) | | — |
| | (45 | ) | | — |
| | 2 |
| | (43 | ) | Other comprehensive income (loss) | | (17 | ) | | (165 | ) | | — |
| | (2 | ) | | (184 | ) | Balance at November 30, 2013 | | $ | 24 |
| | $ | 28 |
| | $ | 95 |
| | $ | (57 | ) | | $ | 90 |
|
| | (1) | The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity. |
| | (2) | Net of tax benefit (expense) of $0 million, $7 million, $0 million, $0 million and $7 million, respectively. |
| | (3) | Net of tax (benefit) expense of $0 million, $10 million, $0 million, $0 million and $10 million, respectively. |
The following table summarizes the reclassifications from Accumulated other comprehensive income to the Unaudited Condensed Consolidated Statements of Income: | | | | | | | | | | | | | | | | | | | | | | Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | | | | | Three Months Ended November 30, | | Six Months Ended November 30, | | Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | (In millions) | | 2014 | | 2013 | | 2014 | | 2013 | | Gains (losses) on cash flow hedges: | | | | | | | | | | | Foreign exchange forwards and options | | $ | (19 | ) | | $ | 7 |
| | $ | (36 | ) | | $ | 21 |
| | Revenue | Foreign exchange forwards and options | | 21 |
| | 7 |
| | 13 |
| | 23 |
| | Cost of sales | Foreign exchange forwards and options | | — |
| | — |
| | — |
| | — |
| | Total selling and administrative expense | Foreign exchange forwards and options | | 13 |
| | 6 |
| | 18 |
| | 11 |
| | Other expense (income), net | Total before tax | | 15 |
| | 20 |
| | (5 | ) | | 55 |
| | | Tax benefit (expense) | | 3 |
| | (5 | ) | | 7 |
| | (10 | ) | | | Gain net of tax | | 18 |
| | 15 |
| | 2 |
| | 45 |
| | | Gains (losses) on other | | 9 |
| | (1 | ) | | 13 |
| | (2 | ) | | Other expense (income), net | Total before tax | | 9 |
| | (1 | ) | | 13 |
| | (2 | ) | | | Tax (expense) | | (2 | ) | | — |
| | (3 | ) | | — |
| | | Gain (loss) net of tax | | 7 |
| | (1 | ) | | 10 |
| | (2 | ) | | | Total net gain reclassified for the period | | $ | 25 |
| | $ | 14 |
| | $ | 12 |
| | $ | 43 |
| | |
|