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Leases (Tables)
 12 Months Ended
May 31, 2021
Leases [Abstract]  
Lessee, Operating Lease, Liability, Maturity
The undiscounted cash flows for future maturities of the Company’s operating lease liabilities and the reconciliation to the Operating lease liabilities recognized in the Company’s Consolidated Balance Sheets are as follows:
(Dollars in millions)
AS OF MAY 31, 2021(1)
Fiscal 2022$534 
Fiscal 2023530 
Fiscal 2024490 
Fiscal 2025437 
Fiscal 2026357 
Thereafter1,397 
Total undiscounted future cash flows related to lease payments$3,745 
Less: Interest 347 
Present value of lease liabilities$3,398 
(1)Excludes $78 million as of May 31, 2021, of future operating lease payments for lease agreements signed but not yet commenced.
Lease Term and Discount Rate
The following table includes supplemental information used to calculate the present value of Operating lease liabilities:
AS OF MAY 31,
20212020
Weighted-average remaining lease term (in years)8.38.7
Weighted-average discount rate2.3 %2.4 %
Lease, Cost
The following table includes supplemental cash and non-cash information related to operating leases:
YEAR ENDED MAY 31,
(Dollars in millions)
20212020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$583 $532 
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities$489 $705 
(1)
(1)Excludes the amount initially capitalized in conjunction with the adoption of Topic 842.