v3.26.1
RETIREMENT PLANS (Tables)
 12 Months Ended
May 31, 2026
Retirement Benefits [Abstract]  
Schedule of Retirement Plan Costs
A summary of our retirement plan costs for the years ended May 31 is as follows (in millions):
202620252024
Defined benefit pension plans$185 $278 $363 
Defined contribution plans1,264 1,144 968 
Postretirement healthcare plans90 87 85 
Retirement plans MTM adjustments(647)(515)(561)
$892 $994 $855 
The components of the retirement plans MTM adjustments for the years ended May 31 are as follows (in millions):
202620252024
Actual versus expected return on assets$(1,386)$75 $(67)
Discount rate change462 (1,024)(1,139)
Demographic experience:
Current year actuarial loss230 196 67 
Change in future assumptions64 247 577 
Pension plan amendments, including curtailment gains(17)(9)1 
Total retirement plans MTM adjustments$(647)$(515)$(561)
Schedule of Weighted-Average Actuarial Assumptions Used to Determine the Benefit Obligations and Net Periodic Benefit Cost of Plans
Weighted-average actuarial assumptions used to determine the benefit obligations and net periodic benefit cost of our plans are as follows:
U.S. Pension PlansInternational Pension PlansPostretirement Healthcare Plans
202620252024202620252024202620252024
Discount rate used to determine benefit obligation5.76 %5.94 %5.58 %4.88 %4.40 %4.29 %5.47 %5.60 %5.63 %
Discount rate used to determine net periodic benefit cost5.94 5.58 5.20 4.40 4.29 4.21 5.60 5.63 5.37 
Rate of increase in future compensation levels used to determine benefit obligation5.46 5.36 5.29 3.35 3.11 3.06 — — — 
Rate of increase in future compensation levels used to determine net periodic benefit cost5.36 5.29 5.13 3.11 3.06 3.04 — — — 
Expected long-term rate of return on assets7.00 6.75 6.50 4.07 3.59 3.55 — — — 
Interest crediting rate used to determine benefit obligation4.07 4.10 4.32 2.70 2.30 2.90 — — — 
Interest crediting rate used to determine net periodic benefit cost4.10 4.32 4.23 2.30 2.90 2.40 — — — 
Schedule of Plan Assets at Measurement Date
The fair values of investments by level and asset category and the weighted-average asset allocations for our U.S. Pension Plans and our most significant international pension plan at the measurement date are presented in the following tables (in millions):
Plan Assets at Measurement Date
2026
Asset Class (U.S. Plan)Fair ValueActual %
Target
Range %(1)
Quoted Prices in
Active Markets
Level 1		Other Observable
Inputs
Level 2		Unobservable
Inputs
Level 3
Cash and cash equivalents$696 2 %
0 - 5%
$26 $670 $— 
Equities
30 - 35
U.S. large cap equity(2)
4,149 15 1,556 — — 
International equities(2)
2,908 10 1,717 — — 
Global equities(2)
1,745 6 — — — 
U.S. SMID cap equity528 2 517 11 — 
Fixed-income securities
40 - 60
Corporate7,013 25 — 7,013 — 
Government(2)
4,327 15 — 2,240 — 
Mortgage-backed and other(2)
1,691 6 — 230 — 
Alternative investments(2)
5,170 18 
20 - 30
— 3 1,142 
Other226 1 (34)260 — 
Total U.S. plan assets$28,453 100 %$3,782 $10,427 $1,142 
Asset Class (International Plan)
Cash and cash equivalents$14 4 %$14 $— $— 
Fixed-income securities
Corporate(2)
118 34 — — — 
Government(2)
179 52 121 — — 
Other(2)
33 10 — — — 
Total international plan assets$344 100 %$135 $— $— 
(1)Target ranges have not been provided for international plan assets as they are managed at an individual country level.
(2)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy but are included in the total.
Plan Assets at Measurement Date
2025
Asset Class (U.S. Plan)Fair ValueActual %
Target
Range %(1)
Quoted Prices in
Active Markets
Level 1		Other Observable
Inputs
Level 2		Unobservable
Inputs
Level 3
Cash and cash equivalents$641 2 %
0 - 5%
$34 $607 $— 
Equities
25 - 40
U.S. large cap equity(2)
3,804 14 1,678 — — 
International equities(2)
2,869 11 1,994 — — 
Global equities(2)
1,224 5 — — — 
U.S. SMID cap equity671 2 662 9 — 
Fixed-income securities
40 - 60
Corporate6,625 25 — 6,625 — 
Government(2)
4,142 16 — 2,277 — 
Mortgage-backed and other(2)
1,648 6 — 229 — 
Alternative investments(2)
4,972 19 
15 - 25
— — 1,083 
Other5 — (16)21 — 
Total U.S. plan assets$26,601 100 %$4,352 $9,768 $1,083 
Asset Class (International Plan)
Cash and cash equivalents$12 3 %$12 $— $— 
Fixed-income securities
Corporate(2)
118 34 — — — 
Government(2)
184 53 141 — — 
Other(2)
35 10 — — — 
Total international plan assets$349 100 %$153 $— $— 
(1)Target ranges have not been provided for international plan assets as they are managed at an individual country level.
(2)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy but are included in the total.
Schedule of Change in Fair Value of Level 3 Assets
The change in fair value of Level 3 assets that use significant unobservable inputs is shown in the table below (in millions):
U.S. Pension Plans
20262025
Balance at beginning of year$1,083 $1,075 
Actual return on plan assets:
Assets held during current year11 (63)
Assets sold during the year100 75 
Purchases, sales, and settlements, net(52)(4)
Balance at end of year$1,142 $1,083 
Schedule of Changes in the Pension and Postretirement Healthcare Plans' Benefit Obligation and Fair Value of Assets and Funded Status
The following tables provide a reconciliation of the changes in the pension and postretirement healthcare plans’ benefit obligations and fair value of assets over the two-year period ended May 31, 2026 and a statement of the funded status as of May 31, 2026 and 2025 (in millions):
U.S. Pension PlansInternational
Pension Plans		Postretirement Healthcare Plans
202620252026202520262025
Accumulated Benefit Obligation (“ABO”)$26,491 $25,501 $931 $938 
Changes in PBO and Accumulated Postretirement Benefit Obligation (“APBO”)
PBO/APBO at the beginning of year$25,975 $26,284 $1,073 $1,018 $1,195 $1,162 
Service cost446 499 40 38 27 26 
Interest cost1,514 1,447 48 43 66 65 
Actuarial (gain) loss811 (581)(31)(4)(23)2 
Benefits paid(1,684)(1,674)(34)(39)(69)(62)
Settlements— — (35)(20)— — 
Other— — (28)37 4 2 
PBO/APBO at the end of year$27,062 $25,975 $1,033 $1,073 $1,200 $1,195 
Change in Plan Assets
Fair value of plan assets at the beginning of year26,601 25,797 644 602 — — 
Actual return on plan assets3,220 1,661 20 6 — — 
Company contributions316 817 60 64 65 59 
Benefits paid(1,684)(1,674)(34)(39)(69)(62)
Settlements— — (35)(22)— — 
Other— — 5 33 4 3 
Fair value of plan assets at the end of year28,453 26,601 660 644 — — 
Funded Status of the Plans$1,391 $626 $(373)$(429)$(1,200)$(1,195)
Amount Recognized in the Balance Sheet at May 31:
Noncurrent asset$1,479 $746 $74 $88 $— $— 
Current pension, and other benefit obligations(12)(33)(24)(25)(78)(79)
Noncurrent pension, and other benefit obligations(76)(87)(423)(492)(1,122)(1,116)
Net amount recognized$1,391 $626 $(373)$(429)$(1,200)$(1,195)
Amounts Recognized in AOCL and not yet reflected in Net Periodic Benefit Cost:
Prior service cost (credit)$(24)$(32)$2 $3 $(35)$(39)
Schedule of Components of Pension Plans
Our pension plans included the following components at May 31 (in millions):
PBOFair Value of
Plan Assets		Funded Status
2026
Qualified$26,974 $28,453 $1,479 
Nonqualified88 — (88)
International Plans1,033 660 (373)
Total$28,095 $29,113 $1,018 
2025
Qualified$25,855 $26,601 $746 
Nonqualified120 — (120)
International Plans1,073 644 (429)
Total$27,048 $27,245 $197 
Schedule of Fair Value of Plan Assets for Pension Plans with an Obligation in Excess of Plan Assets
The table above provides the PBO, fair value of plan assets, and funded status of our pension plans on an aggregated basis. The following tables present our plans on a disaggregated basis to show those plans (as a group) whose assets did not exceed their liabilities. The fair value of plan assets for pension plans with a PBO or ABO in excess of plan assets at May 31 were as follows (in millions):
PBO Exceeds the Fair Value
of Plan Assets
20262025
U.S. Pension Benefits
Fair value of plan assets$— $— 
PBO(88)(120)
Net funded status$(88)$(120)
International Pension Benefits
Fair value of plan assets$264 $268 
PBO(712)(784)
Net funded status$(448)$(516)
ABO Exceeds the Fair Value
of Plan Assets
20262025
U.S. Pension Benefits
ABO(1)
$(77)$(115)
Fair value of plan assets— — 
PBO(88)(120)
Net funded status$(88)$(120)
International Pension Benefits
ABO(1)
$(463)$(627)
Fair value of plan assets112 242 
PBO(553)(757)
Net funded status$(441)$(515)
(1) ABO not used in determination of funded status.
Schedule of Contributions to Qualified Pension Plans
Contributions to our qualified U.S. Pension Plans for the years ended May 31 were as follows (in millions):
20262025
Required$— $— 
Voluntary275 800 
$275 $800 
Schedule of Net Periodic Benefit (Income) Cost
Net periodic benefit (income) cost for the years ended May 31 were as follows (in millions):
U.S. Pension PlansInternational Pension PlansPostretirement Healthcare Plans
202620252024202620252024202620252024
Service cost$446 $499 $544 $40 $38 $38 $27 $26 $27 
Interest cost1,514 1,447 1,362 48 43 42 66 65 61 
Expected return on plan assets(1,829)(1,721)(1,598)(26)(21)(18)— — — 
Amortization of prior service credit(8)(8)(7)— 1 — (3)(4)(3)
Actuarial losses (gains) and other(581)(521)(590)(42)4 13 (24)2 16 
Net periodic benefit (income) cost$(458)$(304)$(289)$20 $65 $75 $66 $89 $101 
Schedule of Expected Future Benefit Payments
Benefit payments, which reflect expected future service, are expected to be paid as follows for the years ending May 31 (in millions):
U.S. Pension PlanInternational
Pension Plans		Postretirement
Healthcare Plans
2027$1,931 $40 $78 
20281,946 62 88 
20291,954 74 98 
20301,948 81 109 
20311,999 88 120 
2032-203610,507 462 666