v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
May 31, 2026
May 31, 2025
May 31, 2024
OPERATING ACTIVITIES      
Net income $ 655 $ 1,346 $ 1,574
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation and amortization 449 416 404
Provision for uncollectible accounts 91 19 11
Other noncash items including leases and deferred income taxes 237 228 157
Stock-based compensation 13 10 12
Separation and other costs, net of payments 135 0 0
Changes in assets and liabilities:      
Receivables (1,153) 0 (9)
Other current assets (39) 16 22
Accounts payable and other liabilities (169) (255) (233)
Due to Parent, net (32) (255) (397)
Other, net (20) 6 0
Cash provided by operating activities 167 1,531 1,541
INVESTING ACTIVITIES      
Capital expenditures (379) (437) (461)
Proceeds from asset dispositions and other 16 52 58
Cash used in investing activities (363) (385) (403)
FINANCING ACTIVITIES      
Principal payments on debt (26) (63) (1)
Proceeds from debt issuances 4,271 0 0
Net transfers to Parent (3,910) (1,077) (1,125)
Cash provided by (used in) financing activities 335 (1,140) (1,126)
Effect of exchange rate changes on cash 3 (3) 1
Net increase in cash 142 3 13
Cash at beginning of period 109 106 93
Cash at end of period $ 251 $ 109 $ 106