Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Feb. 28, 2019	Apr. 01, 2019
Entity Listings [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Feb. 28, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Trading Symbol	NKE
Entity Registrant Name	NIKE INC
Entity Central Index Key	0000320187
Current Fiscal Year End Date	--05-31
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Class A Convertible Common Stock
Entity Listings [Line Items]
Entity Common Stock Shares Outstanding (In Shares)		315,024,752
Class B Common Stock
Entity Listings [Line Items]
Entity Common Stock Shares Outstanding (In Shares)		1,256,724,839

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Feb. 28, 2019	May 31, 2018
Current assets:
Cash and equivalents	$ 3,695	$ 4,249
Short-term investments	351	996
Accounts receivable, net	4,549	3,498
Inventories	5,415	5,261
Prepaid expenses and other current assets	1,786	1,130
Total current assets	15,796	15,134
Property, plant and equipment, net	4,688	4,454
Identifiable intangible assets, net	283	285
Goodwill	154	154
Deferred income taxes and other assets	2,000	2,509
TOTAL ASSETS	22,921	22,536
Current liabilities:
Current portion of long-term debt	6	6
Notes payable	16	336
Accounts payable	2,307	2,279
Accrued liabilities	4,738	3,269
Income taxes payable	214	150
Total current liabilities	7,281	6,040
Long-term debt	3,465	3,468
Deferred income taxes and other liabilities	3,214	3,216
Commitments and contingencies (Note 13)
Redeemable preferred stock	0	0
Shareholders’ equity:
Capital in excess of stated value	6,910	6,384
Accumulated other comprehensive income (loss)	197	(92)
Retained earnings	1,851	3,517
Total shareholders’ equity	8,961	9,812
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	22,921	22,536
Class A convertible — 315 and 329 shares outstanding
Shareholders’ equity:
Common stock at stated value	0	0
Class B — 1,258 and 1,272 shares outstanding
Shareholders’ equity:
Common stock at stated value	$ 3	$ 3

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - shares shares in Millions	Feb. 28, 2019	May 31, 2018
Class A convertible — 315 and 329 shares outstanding
Common Stock, shares outstanding	315	329
Class B — 1,258 and 1,272 shares outstanding
Common Stock, shares outstanding	1,258	1,272

Unaudited Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018
Income Statement [Abstract]
Revenues	$ 9,611	$ 8,984	$ 28,933	$ 26,608
Cost of sales	5,272	5,046	16,092	15,030
Gross profit	4,339	3,938	12,841	11,578
Demand creation expense	865	862	2,739	2,594
Operating overhead expense	2,226	1,905	6,557	5,797
Total selling and administrative expense	3,091	2,767	9,296	8,391
Interest expense (income), net	12	13	37	42
Other (income) expense, net	(55)	(1)	(50)	35
Income before income taxes	1,291	1,159	3,558	3,110
Income tax expense	190	2,080	518	2,314
NET INCOME (LOSS)	$ 1,101	$ (921)	$ 3,040	$ 796
Earnings (loss) per common share:
Basic (in dollars per share)	$ 0.70	$ (0.57)	$ 1.92	$ 0.49
Diluted (in dollars per share)	$ 0.68	$ (0.57)	$ 1.87	$ 0.48
Weighted average common shares outstanding:
Basic (in shares)	1,572.8	1,623.5	1,582.8	1,629.9
Diluted (in shares)	1,609.6	1,623.5	1,621.5	1,665.7

Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 1,101	$ (921)	$ 3,040	$ 796
Other comprehensive income (loss), net of tax:
Change in net foreign currency translation adjustment	79	51	(51)	65
Change in net gains (losses) on cash flow hedges	(91)	(107)	343	(494)
Change in net gains (losses) on other	0	2	(3)	1
Total other comprehensive income (loss), net of tax	(12)	(54)	289	(428)
TOTAL COMPREHENSIVE INCOME (LOSS)	$ 1,089	$ (975)	$ 3,329	$ 368

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Feb. 28, 2019	Feb. 28, 2018
Cash provided by operations:
Net income	$ 3,040	$ 796
Adjustments to reconcile net income to net cash provided by operations:
Depreciation	527	551
Deferred income taxes	67	564
Stock-based compensation	226	158
Amortization and other	9	23
Net foreign currency adjustments	218	(130)
Changes in certain working capital components and other assets and liabilities:
(Increase) decrease in accounts receivable	(460)	3
(Increase) decrease in inventories	(226)	(245)
(Increase) decrease in prepaid expenses and other current and non-current assets	(167)	(474)
Increase (decrease) in accounts payable, accrued liabilities and other current and non-current liabilities	659	1,439
Cash provided by operations	3,893	2,685
Cash (used) provided by investing activities:
Purchases of short-term investments	(2,384)	(3,644)
Maturities of short-term investments	1,613	3,101
Sales of short-term investments	1,491	1,797
Additions to property, plant and equipment	(846)	(728)
Disposals of property, plant and equipment	5	0
Cash (used) provided by investing activities	(121)	526
Cash used by financing activities:
Long-term debt payments, including current portion	(5)	(4)
Increase (decrease) in notes payable	(320)	(314)
Payments on capital lease and other financing obligations	(21)	(16)
Proceeds from exercise of stock options and other stock issuances	487	554
Repurchases of common stock	(3,405)	(2,694)
Dividends — common and preferred	(986)	(920)
Tax payments for net share settlement of equity awards	(17)	(54)
Cash used by financing activities	(4,267)	(3,448)
Effect of exchange rate changes on cash and equivalents	(59)	91
Net increase (decrease) in cash and equivalents	(554)	(146)
Cash and equivalents, beginning of period	4,249	3,808
CASH AND EQUIVALENTS, END OF PERIOD	3,695	3,662
Supplemental disclosure of cash flow information:
Non-cash additions to property, plant and equipment	171	190
Dividends declared and not paid	$ 347	$ 324

Unaudited Condensed Consolidated Statements of Shareholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Capital in Excess of Stated Value	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Class A Convertible Common Stock	Class A Convertible Common Stock Common Stock	Class B Common Stock	Class B Common Stock Common Stock	Restatement Adjustment	Restatement Adjustment Retained Earnings
Beginning Balance (in shares) at May. 31, 2017						329		1,314
Beginning balance at May. 31, 2017	$ 12,407	$ 5,710	$ (213)	$ 6,907		$ 0		$ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock options exercised (in shares)								20
Stock options exercised	490	490
Repurchase of Class B Common Stock (in shares)								(47)
Repurchase of Class B Common Stock	(2,713)	(168)		(2,545)
Dividends on common stock and preferred stock	(944)			(944)
Issuance of shares to employees, net of shares withheld for employee taxes (in shares)								3
Issuance of shares to employees, net of shares withheld for employee taxes	16	45		(29)
Stock-based compensation	158	158
Net income (loss)	796			796
Other comprehensive income (loss)	(428)		(428)
Ending Balance (in shares) at Feb. 28, 2018						329		1,290
Ending balance at Feb. 28, 2018	9,782	6,235	(624)	4,168		$ 0		$ 3
Beginning Balance (in shares) at Nov. 30, 2017						329		1,295
Beginning balance at Nov. 30, 2017	11,758	6,005	(587)	6,337		$ 0		$ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock options exercised (in shares)								9
Stock options exercised	231	231
Repurchase of Class B Common Stock (in shares)								(15)
Repurchase of Class B Common Stock	(962)	(56)		(906)
Dividends on common stock and preferred stock	(324)			(324)
Issuance of shares to employees, net of shares withheld for employee taxes (in shares)								1
Issuance of shares to employees, net of shares withheld for employee taxes	(1)			(1)
Stock-based compensation	55	55
Net income (loss)	(921)			(921)
Other comprehensive income (loss)	(54)		(54)
Ending Balance (in shares) at Feb. 28, 2018						329		1,290
Ending balance at Feb. 28, 2018	9,782	6,235	(624)	4,168		$ 0		$ 3
Beginning Balance (in shares) at May. 31, 2018					329	329	1,272	1,272
Beginning balance at May. 31, 2018	9,812	6,384	(92)	3,517		$ 0		$ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock options exercised (in shares)								14
Stock options exercised	419	419
Conversion to Class B Common Stock (in shares)						(14)		14
Conversion to Class B Common Stock	0
Repurchase of Class B Common Stock (in shares)								(44)
Repurchase of Class B Common Stock	(3,386)	(181)		(3,205)
Dividends on common stock and preferred stock	(1,013)			(1,013)
Issuance of shares to employees, net of shares withheld for employee taxes (in shares)								2
Issuance of shares to employees, net of shares withheld for employee taxes	58	62		(4)
Stock-based compensation	226	226
Net income (loss)	3,040			3,040
Other comprehensive income (loss)	289		289
Ending Balance (in shares) at Feb. 28, 2019					315	315	1,258	1,258
Ending balance at Feb. 28, 2019	8,961	6,910	197	1,851		$ 0		$ 3
Ending balance (Adoption of ASU 2016-16 (Note 1)) at Feb. 28, 2019									$ (507)	$ (507)
Ending balance (Adoption of ASC Topic 606 (Note 1)) at Feb. 28, 2019									23	23
Beginning Balance (in shares) at Nov. 30, 2018						315		1,262
Beginning balance at Nov. 30, 2018	8,729	6,707	209	1,810		$ 0		$ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock options exercised (in shares)								6
Stock options exercised	159	159
Repurchase of Class B Common Stock (in shares)								(10)
Repurchase of Class B Common Stock	(754)	(44)		(710)
Dividends on common stock and preferred stock	(347)			(347)
Issuance of shares to employees, net of shares withheld for employee taxes (in shares)
Issuance of shares to employees, net of shares withheld for employee taxes	(8)	(5)		(3)
Stock-based compensation	93	93
Net income (loss)	1,101			1,101
Other comprehensive income (loss)	(12)		(12)
Ending Balance (in shares) at Feb. 28, 2019					315	315	1,258	1,258
Ending balance at Feb. 28, 2019	$ 8,961	$ 6,910	$ 197	$ 1,851		$ 0		$ 3
Ending balance (Adoption of ASU 2016-16 (Note 1)) at Feb. 28, 2019									(507)	(507)
Ending balance (Adoption of ASC Topic 606 (Note 1)) at Feb. 28, 2019									$ 23	$ 23

Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018
Statement of Stockholders' Equity [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.22	$ 0.20	$ 0.64	$ 0.58
Dividends declared per preferred share (in dollars per share)	$ 0.00	$ 0.00	$ 0.10	$ 0.10

Summary of Significant Accounting Policies

9 Months Ended

Feb. 28, 2019

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 1 — Summary of Significant Accounting Policies

Basis of Presentation

The Unaudited Condensed Consolidated Financial Statements include the accounts of NIKE, Inc. and its subsidiaries (the “Company” or “NIKE”) and reflect all normal adjustments which are, in the opinion of management, necessary for a fair statement of the results of operations for the interim period. The year-end Condensed Consolidated Balance Sheet data as of May 31, 2018 was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). The interim financial information and notes thereto should be read in conjunction with the Company’s latest Annual Report on Form 10-K. The results of operations for the three and nine months ended February 28, 2019 are not necessarily indicative of results to be expected for the entire year.

Reclassifications

As previously disclosed in the Annual Report on Form 10-K for the fiscal year ended May 31, 2018, management identified a misstatement related to the historical allocation of repurchases of Class B Common Stock between Capital in excess of stated value and Retained earnings within the Shareholders’ Equity section of the Consolidated Balance Sheets and the Consolidated Statements of Shareholders’ Equity. The misstatement had no impact on the previously reported Consolidated Statements of Income, Comprehensive Income or Cash Flows.

The Company assessed the materiality of these misstatements on prior period financial statements in accordance with U.S. Securities and Exchange Commission Staff Accounting Bulletin No. 99, Materiality, codified in Accounting Standards Codification (ASC) 250, Presentation of Financial Statements, and concluded that these misstatements were not material to any prior annual or interim period. As such, the Company has revised the Unaudited Condensed Consolidated Statements of Shareholders’ Equity for the periods ended November 30, 2017 and February 28, 2018, through a reduction to Capital in excess of stated value of $3.0 billion and an incremental $0.1 billion, respectively, and an increase to Retained earnings for the same amount in the respective periods.

Recently Adopted Accounting Standards

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606), that replaces existing revenue recognition guidance. The new standard requires companies to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, Topic 606 requires disclosures of the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The Company adopted this standard using a modified retrospective approach in the first quarter of fiscal 2019 with the cumulative effect of initially applying the standard recognized in Retained earnings at June 1, 2018. Comparative prior period information has not been adjusted and continues to be reported in accordance with previous revenue recognition guidance in ASC Topic 605 — Revenue Recognition. The Company has applied the new standard to all contracts at adoption.

The Company’s adoption of Topic 606 resulted in a change to the timing of revenue recognition. The satisfaction of the Company’s performance obligation is based upon transfer of control over a product to a customer, which results in sales being recognized upon shipment rather than upon delivery for certain wholesale transactions and substantially all digital commerce sales. A customer is considered to have control once they are able to direct the use and receive substantially all of the benefits of the product. This resulted in a cumulative effect adjustment, which increased Retained earnings by $23 million at June 1, 2018. The adoption of Topic 606 did not have a material effect on the Unaudited Condensed Consolidated Statements of Income during the three and nine months ended February 28, 2019.

Additionally, the Company’s reserve balances for returns, post-invoice sales discounts and miscellaneous claims for wholesale transactions were previously reported net of the estimated cost of inventory for product returns, and as a reduction to Accounts receivable, net on the Unaudited Condensed Consolidated Balance Sheets. Under Topic 606, an asset for the estimated cost of inventory for expected products returns is now recognized separately from the liability for sales-related reserves. This resulted in an increase to Accounts receivable, net, an increase in Prepaid expenses and other current assets and an increase in Accrued liabilities on the Unaudited Condensed Consolidated Balance Sheets at February 28, 2019. Sales-related reserves for the Company’s direct to consumer operations continue to be recognized in Accrued liabilities, but are now recorded separately from an asset for the estimated cost of inventory for expected product returns, which is recognized in Prepaid expenses and other current assets. The following table presents the related effect of the adoption of Topic 606 on the Unaudited Condensed Consolidated Balance Sheets at February 28, 2019:



	As of February 28, 2019
(In millions)	As Reported		Effect of Adoption		Balances Without Adoption of Topic 606
Accounts receivable, net	$	4,549	$	795	$	3,754
Prepaid expenses and other current assets	1,786		426		1,360
Total current assets	15,796		1,221		14,575
TOTAL ASSETS	22,921		1,221		21,700
Accrued liabilities	4,738		1,221		3,517
Total current liabilities	7,281		1,221		6,060
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	22,921	$	1,221	$	21,700

Other impacts from the adoption of Topic 606 on the Unaudited Condensed Consolidated Financial Statements were immaterial. Refer to Note 11 — Revenues for further discussion.

In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. The updated guidance requires companies to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. Income tax effects of intra-entity transfers of inventory will continue to be deferred until the inventory has been sold to a third party. The Company adopted the standard on June 1, 2018, using a modified retrospective approach, with the cumulative effect of applying the new standard recognized in Retained earnings at the date of adoption. The adoption resulted in reductions to Retained earnings, Deferred income taxes and other assets and Prepaid expenses and other current assets of $507 million, $422 million and $45 million, respectively, and an increase in Deferred income taxes and other liabilities of $40 million on the Unaudited Condensed Consolidated Balance Sheets.

In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which expands and refines hedge accounting for both financial and non-financial risk components, aligns the recognition and presentation of the effects of hedging instruments and hedge items in the financial statements, and includes certain targeted improvements to ease the application of current guidance related to the assessment of hedge effectiveness. The Company elected to early adopt the ASU in the first quarter of fiscal 2019 and the adoption of the new guidance did not have a material impact on the Unaudited Condensed Consolidated Financial Statements.

In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments — Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The updated guidance enhances the reporting model for financial instruments, which includes amendments to address aspects of recognition, measurement, presentation and disclosure. The Company adopted the ASU in the first quarter of fiscal 2019 and the adoption of the new guidance did not have a material impact on the Unaudited Condensed Consolidated Financial Statements.

Recently Issued Accounting Standards

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which replaces existing lease accounting guidance. The new standard is intended to provide enhanced transparency and comparability by requiring lessees to record right-of-use assets and corresponding lease liabilities on the balance sheet. The new guidance will require the Company to continue to classify leases as either an operating or finance lease, with classification affecting the pattern of expense recognition in the income statement. In July 2018, the FASB issued ASU No. 2018-11, which provides entities with an additional transition method to adopt Topic 842. Under the new transition method, an entity initially applies the new standard at the adoption date, versus at the beginning of the earliest period presented, and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company expects to elect this transition method at the adoption date of June 1, 2019.

Upon adoption, the Company plans to elect the practical expedient to not separate lease components from nonlease components for all real estate leases within the portfolio. Additionally, the Company will make an accounting policy election that will keep leases with an initial term of 12 months or less off of the balance sheet and will result in recognizing those lease payments in the Consolidated Statements of Income on a straight-line basis over the lease term. The Company continues to assess and has not yet made a determination on whether to elect the package of transition practical expedients which would allow the Company to carry forward prior conclusions related to: (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases and (iii) initial direct costs for existing leases.

In preparation for implementation, the Company has been executing changes to business processes, including implementing a software solution to assist with the new reporting requirements. The Company continues to assess the effect the guidance will have on its existing accounting policies and the Consolidated Financial Statements, and expects there will be a material increase in assets and liabilities on the Consolidated Balance Sheets at adoption due to the recognition of right-of-use assets and corresponding lease liabilities. Refer to Note 15 — Commitments and Contingencies of the Annual Report on Form 10-K for the fiscal year ended May 31, 2018 for information about the Company’s lease obligations.

Inventories

9 Months Ended

Feb. 28, 2019

Inventory Disclosure [Abstract]

Inventories

Note 2 — Inventories

Inventory balances of $5,415 million and $5,261 million at February 28, 2019 and May 31, 2018, respectively, were substantially all finished goods.

Accrued Liabilities

9 Months Ended

Feb. 28, 2019

Accrued Liabilities, Current [Abstract]

Accrued Liabilities

Note 3 — Accrued Liabilities

Accrued liabilities included the following:



	As of February 28,		As of May 31,
(In millions)	2019		2018
Sales-related reserves⁽¹⁾	$	1,244	$	20
Compensation and benefits, excluding taxes	1,043		897
Endorsement compensation	394		425
Dividends payable	346		320
Import and logistics costs	295		268
Taxes other than income taxes payable	228		224
Advertising and marketing	161		140
Collateral received from counterparties to hedging instruments	137		23
Fair value of derivatives	87		184
Other⁽²⁾	803		768
TOTAL ACCRUED LIABILITIES	$	4,738	$	3,269


(1)	Sales-related reserves as of February 28, 2019 reflect the Company’s fiscal 2019 adoption of Topic 606. As of May 31, 2018, Sales-related reserves reflect the Company’s prior accounting under Topic 605. Refer to Note 1 — Summary of Significant Accounting Policies for additional information on the adoption of the new standard.


(2)	Other consists of various accrued expenses with no individual item accounting for more than 5% of the total Accrued liabilities balance at February 28, 2019 and May 31, 2018.

Fair Value Measurements

9 Months Ended

Feb. 28, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 4 — Fair Value Measurements

The Company measures certain financial assets and liabilities at fair value on a recurring basis, including derivatives, equity securities and available-for-sale debt securities. Fair value is the price the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. The Company uses a three-level hierarchy established by the FASB that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach and cost approach).

The levels of the fair value hierarchy are described below:


•	Level 1: Quoted prices in active markets for identical assets or liabilities.


•	Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.


•	Level 3: Unobservable inputs with little or no market data available, which require the reporting entity to develop its own assumptions.

The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Financial assets and liabilities are classified in their entirety based on the most conservative level of input that is significant to the fair value measurement.

Pricing vendors are utilized for a majority of Level 1 and Level 2 investments. These vendors either provide a quoted market price in an active market or use observable inputs without applying significant adjustments in their pricing. Observable inputs include broker quotes, interest rates and yield curves observable at commonly quoted intervals, volatilities and credit risks. The fair value of derivative contracts is determined using observable market inputs such as the daily market foreign currency rates, forward pricing curves, currency volatilities, currency correlations and interest rates, and considers non-performance risk of the Company and its counterparties.

The Company’s fair value measurement process includes comparing fair values to another independent pricing vendor to ensure appropriate fair values are recorded.

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis as of February 28, 2019 and May 31, 2018, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement.



	As of February 28, 2019
(In millions)	Assets at Fair Value		Cash and Equivalents		Short-term Investments
Cash	$	540	$	540	$	—
Level 1:
U.S. Treasury securities	417		100		317
Level 2:
Commercial paper and bonds	31		1		30
Money market funds	1,379		1,379		—
Time deposits	1,678		1,675		3
U.S. Agency securities	1		—		1
Total Level 2:	3,089		3,055		34
TOTAL	$	4,046	$	3,695	$	351



	As of May 31, 2018
(In millions)	Assets at Fair Value		Cash and Equivalents		Short-term Investments
Cash	$	415	$	415	$	—
Level 1:
U.S. Treasury securities	1,178		500		678
Level 2:
Commercial paper and bonds	451		153		298
Money market funds	2,174		2,174		—
Time deposits	925		907		18
U.S. Agency securities	102		100		2
Total Level 2:	3,652		3,334		318
TOTAL	$	5,245	$	4,249	$	996

The Company elects to record the gross assets and liabilities of its derivative financial instruments on the Unaudited Condensed Consolidated Balance Sheets. The Company’s derivative financial instruments are subject to master netting arrangements that allow for the offset of assets and liabilities in the event of default or early termination of the contract. Any amounts of cash collateral received related to these instruments associated with the Company’s credit-related contingent features are recorded in Cash and equivalents and Accrued liabilities, the latter of which would further offset against the Company’s derivative asset balance. Any amounts of cash collateral posted related to these instruments associated with the Company’s credit-related contingent features are recorded in Prepaid expenses and other current assets, which would further offset against the Company’s derivative liability balance. Cash collateral received or posted related to the Company’s credit-related contingent features is presented in the Cash provided by operations component of the Unaudited Condensed Consolidated Statements of Cash Flows. Any amounts of non-cash collateral received, such as securities, are not recorded on the Unaudited Condensed Consolidated Balance Sheets pursuant to U.S. GAAP. For further information related to credit risk, refer to Note 9 — Risk Management and Derivatives.

The following tables present information about the Company’s derivative assets and liabilities measured at fair value on a recurring basis as of February 28, 2019 and May 31, 2018, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement.



	As of February 28, 2019
	Derivative Assets						Derivative Liabilities
(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⁾	$	481	$	414	$	67	$	83	$	83	$	—
Embedded derivatives	7		1		6		6		4		2
TOTAL	$	488	$	415	$	73	$	89	$	87	$	2

(1)

If the foreign exchange derivative instruments had been netted on the Unaudited Condensed Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $82 million as of February 28, 2019. As of that date, the Company had received $137 million of cash collateral from various counterparties related to foreign exchange derivative instruments. No amount of collateral was posted on the Company’s derivative liability balance as of February 28, 2019.



	As of May 31, 2018
	Derivative Assets						Derivative Liabilities
(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⁾	$	389	$	237	$	152	$	182	$	182	$	—
Embedded derivatives	11		3		8		8		2		6
TOTAL	$	400	$	240	$	160	$	190	$	184	$	6

(1)

If the foreign exchange derivative instruments had been netted on the Condensed Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $182 million as of May 31, 2018. As of that date, the Company had received $23 million of cash collateral from various counterparties related to these foreign exchange derivative instruments. No amount of collateral was posted on the Company’s derivative liability balance as of May 31, 2018.

The Company’s investment portfolio consists of investments in U.S. Treasury and Agency securities, time deposits, money market funds, corporate commercial paper and bonds. These securities are valued using market prices in both active markets (Level 1) and less active markets (Level 2). As of February 28, 2019, the Company held $313 million of available-for-sale debt securities with maturity dates within one year and $38 million with maturity dates over one year and less than five years in Short-term investments on the Unaudited Condensed Consolidated Balance Sheets. The gross realized gains and losses on sales of securities were immaterial for the three and nine months ended February 28, 2019 and 2018. Unrealized gains and losses on available-for-sale debt securities included in Accumulated other comprehensive income (loss) were immaterial as of February 28, 2019 and May 31, 2018. The Company regularly reviews its available-for-sale debt securities for other-than-temporary impairment. For the nine months ended February 28, 2019 and 2018, the Company did not consider any of its securities to be other-than-temporarily impaired and, accordingly, did not recognize any impairment losses.

Included in Interest expense (income), net for the three months ended February 28, 2019 and 2018 was interest income related to the Company’s investment portfolio of $20 million and $12 million, respectively, and $60 million and $36 million for the nine months ended February 28, 2019 and 2018, respectively.

The Company’s Level 3 assets comprise investments in certain non-marketable preferred stock. These Level 3 investments are an immaterial portion of the Company’s portfolio. Changes in Level 3 investments were immaterial during the nine months ended February 28, 2019 and the fiscal year ended May 31, 2018.

No transfers among levels within the fair value hierarchy occurred during the nine months ended February 28, 2019 and the fiscal year ended May 31, 2018.

For additional information related to the Company’s derivative financial instruments, refer to Note 9 — Risk Management and Derivatives. The carrying amounts of other current financial assets and other current financial liabilities approximate fair value.

As of February 28, 2019 and May 31, 2018, assets or liabilities required to be measured at fair value on a non-recurring basis were immaterial.

Financial Assets and Liabilities Not Recorded at Fair Value

Long-term debt is recorded at adjusted cost, net of unamortized premiums, discounts and debt issuance costs. The fair value of Long-term debt is estimated based upon quoted prices for similar instruments or quoted prices for identical instruments in inactive markets (Level 2). The fair value of the Company’s Long-term debt, including the current portion, was approximately $3,345 million at February 28, 2019 and $3,294 million at May 31, 2018.

For fair value information regarding Notes payable, refer to Note 5 — Short-Term Borrowings and Credit Lines.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Short-Term Borrowings and Credit Lines

9 Months Ended

Feb. 28, 2019

Debt Disclosure [Abstract]

Short-Term Borrowings and Credit Lines

Note 5 — Short-Term Borrowings and Credit Lines

As of February 28, 2019, the Company had no outstanding borrowings under its $2 billion commercial paper program. As of May 31, 2018, $325 million of commercial paper was outstanding at a weighted average interest rate of 1.77%. These borrowings are included within Notes payable on the Unaudited Condensed Consolidated Balance Sheets.

Due to the short-term nature of the borrowings, the carrying amounts reflected on the Unaudited Condensed Consolidated Balance Sheets for Notes payable approximate fair value.

Income Taxes

9 Months Ended

Feb. 28, 2019

Income Tax Disclosure [Abstract]

Income Taxes

Note 6 — Income Taxes

The effective tax rate was 14.6% for the nine months ended February 28, 2019 compared to 74.4% for the nine months ended February 28, 2018. The decrease in the Company’s effective tax rate was driven by one-time charges in fiscal 2018 related to the enactment of the U.S. Tax Cuts and Jobs Act (the “Tax Act”).

As previously disclosed, during the second quarter of fiscal 2019, the Company completed its analysis of the impact of the Tax Act in accordance with the U.S. Securities and Exchange Commission Staff Accounting Bulletin No. 118 ("SAB 118") and the amounts are no longer considered provisional. This resulted in no change to the provisional amounts recorded in fiscal 2018 related to the one-time transition tax on the deemed repatriation of undistributed foreign earnings and the remeasurement of deferred tax assets and liabilities.

As of February 28, 2019, total gross unrecognized tax benefits, excluding related interest and penalties, were $798 million, $537 million of which would affect the Company’s effective tax rate if recognized in future periods. As of May 31, 2018, total gross unrecognized tax benefits, excluding related interest and penalties, were $698 million. The liability for payment of interest and penalties increased $12 million during the nine months ended February 28, 2019. As of February 28, 2019 and May 31, 2018, accrued interest and penalties related to uncertain tax positions were $169 million and $157 million, respectively (excluding federal benefit).

The Company is subject to taxation in the United States, as well as various state and foreign jurisdictions. The Company has closed all U.S. federal income tax matters through fiscal 2016, with the exception of certain transfer pricing adjustments.

The Company’s major foreign jurisdictions, China and the Netherlands, have substantially concluded all income tax matters through calendar 2008 and fiscal 2012, respectively. Although the timing of resolution of audits is not certain, the Company evaluates all domestic and foreign audit issues in the aggregate, along with the expiration of applicable statutes of limitations, and estimates that it is reasonably possible the total gross unrecognized tax benefits could decrease by up to approximately $210 million within the next 12 months. In addition, in January 2019, the European Commission opened a formal investigation to examine whether the Netherlands has breached State Aid rules with respect to the Company. The Company believes the investigation is without merit. If this matter is adversely resolved, the Netherlands may be required to assess additional amounts with respect to current and prior periods, and the Company's Netherlands income taxes in the future could increase.

Common Stock and Stock-Based Compensation

9 Months Ended

Feb. 28, 2019

Share-based Compensation [Abstract]

Common Stock and Stock-Based Compensation

Note 7 — Common Stock and Stock-Based Compensation

The authorized number of shares of Class A Common Stock, no par value, and Class B Common Stock, no par value, are 400 million and 2,400 million, respectively. Each share of Class A Common Stock is convertible into one share of Class B Common Stock. Voting rights of Class B Common Stock are limited in certain circumstances with respect to the election of directors. There are no differences in the dividend and liquidation preferences or participation rights of the holders of Class A and Class B Common Stock. From time to time, the Company’s Board of Directors authorizes share repurchase programs for the repurchase of Class B Common Stock. The value of repurchased shares is deducted from Total shareholders’ equity through allocation to Capital in excess of stated value and Retained earnings.

The NIKE, Inc. Stock Incentive Plan (the “Stock Incentive Plan”) provides for the issuance of up to 718 million previously unissued shares of Class B Common Stock in connection with equity awards granted under the Stock Incentive Plan. The Stock Incentive Plan authorizes the grant of non-statutory stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units and performance-based awards. The exercise price for stock options and stock appreciation rights may not be less than the fair market value of the underlying shares on the date of grant. A committee of the Board of Directors administers the Stock Incentive Plan. The committee has the authority to determine the employees to whom awards will be made, the amount of the awards and other terms and conditions of the awards. The Company generally grants stock options and restricted stock on an annual basis. Substantially all awards outstanding under the Stock Incentive Plan vest ratably over four years, with stock option grants expiring ten years from the date of grant.

In addition to the Stock Incentive Plan, the Company gives employees the right to purchase shares at a discount from the market price under employee stock purchase plans (ESPPs). Subject to the annual statutory limit, employees are eligible to participate through payroll deductions of up to 10% of their compensation. At the end of each six-month offering period, shares are purchased by the participants at 85% of the lower of the fair market value at the beginning or the end of the offering period.

The Company accounts for stock-based compensation for options granted under the Stock Incentive Plan and employees’ purchase rights under the ESPPs by estimating the fair value using the Black-Scholes option pricing model. The Company recognizes this fair value in Cost of sales or Operating overhead expense, as applicable, on a straight-line basis over the vesting period.

The following table summarizes the Company’s total stock-based compensation expense recognized in Cost of sales or Operating overhead expense, as applicable:



	Three Months Ended February 28,				Nine Months Ended February 28,
(In millions)	2019		2018		2019		2018
Stock options⁽¹⁾	$	62	$	38	$	145	$	110
ESPPs	10		7		28		24
Restricted stock	21		10		53		24
TOTAL STOCK-BASED COMPENSATION EXPENSE	$	93	$	55	$	226	$	158

(1)

Expense for stock options includes the expense associated with stock appreciation rights. Accelerated stock option expense is recorded for employees eligible for accelerated stock option vesting upon retirement. Accelerated stock option expense was $13 million and $6 million for the three months ended February 28, 2019 and 2018, respectively, and $28 million and $14 million for the nine months ended February 28, 2019 and 2018, respectively.

As of February 28, 2019, the Company had $414 million of unrecognized compensation costs from stock options, net of estimated forfeitures, to be recognized in Cost of sales or Operating overhead expense, as applicable, over a weighted average remaining period of 2.3 years.

The weighted average fair value per share of the options granted during the nine months ended February 28, 2019 and 2018, computed as of the grant date using the Black-Scholes pricing model, was $22.79 and $9.82, respectively. The weighted average assumptions used to estimate these fair values were as follows:



	Nine Months Ended February 28,
	2019		2018
Dividend yield	1.0	%	1.2	%
Expected volatility	26.6	%	16.4	%
Weighted average expected life (in years)	6.0		6.0
Risk-free interest rate	2.8	%	2.0	%

The Company estimates the expected volatility based on the implied volatility in market traded options on the Company’s common stock with a term greater than one year, along with other factors. The weighted average expected life of options is based on an analysis of historical and expected future exercise patterns. The interest rate is based on the U.S. Treasury (constant maturity) risk-free rate in effect at the date of grant for periods corresponding with the expected term of the options.

Earnings Per Share

9 Months Ended

Feb. 28, 2019

Earnings Per Share [Abstract]

Earnings Per Share

Note 8 — Earnings Per Share

The following is a reconciliation from basic earnings per common share to diluted earnings (loss) per common share. The computations of diluted earnings per common share excluded options, including shares under ESPPs, to purchase an additional 18.7 million and 19.1 million shares of common stock outstanding for the three and nine months ended February 28, 2019, respectively, and 42.9 million shares of common stock outstanding for the nine months ended February 28, 2018, because the options were anti-dilutive. Additionally, as a result of the net loss incurred for the three months ended February 28, 2018, all outstanding options, including shares under ESPPs, to purchase common stock and other awards of common stock were excluded from the computation of diluted earnings (loss) per common share because the inclusion of the shares would have been anti-dilutive.



	Three Months Ended February 28,					Nine Months Ended February 28,
(In millions, except per share data)	2019		2018			2019		2018
Determination of shares:
Weighted average common shares outstanding	1,572.8		1,623.5			1,582.8		1,629.9
Assumed conversion of dilutive stock options and awards	36.8		—			38.7		35.8
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING	1,609.6		1,623.5			1,621.5		1,665.7

Earnings (loss) per common share:
Basic	$	0.70	$	(0.57	)	$	1.92	$	0.49
Diluted	$	0.68	$	(0.57	)	$	1.87	$	0.48

Risk Management and Derivatives

9 Months Ended

Feb. 28, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Risk Management and Derivatives

Note 9 — Risk Management and Derivatives

The Company is exposed to global market risks, including the effect of changes in foreign currency exchange rates and interest rates, and uses derivatives to manage financial exposures that occur in the normal course of business. The Company does not hold or issue derivatives for trading or speculative purposes.

The Company may elect to designate certain derivatives as hedging instruments under U.S. GAAP. The Company formally documents all relationships between designated hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking hedge transactions. This process includes linking all derivatives designated as hedges to either recognized assets, liabilities, or forecasted transactions and assessing, both at inception and on an ongoing basis, the effectiveness of the hedging relationships.

The majority of derivatives outstanding as of February 28, 2019 are designated as foreign currency cash flow hedges, primarily for Euro/U.S. Dollar, British Pound/Euro, Chinese Yuan/U.S. Dollar and Japanese Yen/U.S. Dollar currency pairs. All derivatives are recognized on the Unaudited Condensed Consolidated Balance Sheets at fair value and classified based on the instrument’s maturity date.

The following table presents the fair values of derivative instruments included within the Unaudited Condensed Consolidated Balance Sheets as of February 28, 2019 and May 31, 2018. Refer to Note 4 — Fair Value Measurements for a description of how the financial instruments in the table below are valued.



	Derivative Assets					Derivative Liabilities
(In millions)	Balance Sheet Location	February 28, 2019		May 31, 2018		Balance Sheet Location	February 28, 2019		May 31, 2018
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and options	Prepaid expenses and other current assets	$	343	$	118	Accrued liabilities	$	58	$	156
Foreign exchange forwards and options	Deferred income taxes and other assets	67		152		Deferred income taxes and other liabilities	—		—
Total derivatives formally designated as hedging instruments		410		270			58		156
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options	Prepaid expenses and other current assets	71		119		Accrued liabilities	25		26
Embedded derivatives	Prepaid expenses and other current assets	1		3		Accrued liabilities	4		2
Foreign exchange forwards and options	Deferred income taxes and other assets	—		—		Deferred income taxes and other liabilities	—		—
Embedded derivatives	Deferred income taxes and other assets	6		8		Deferred income taxes and other liabilities	2		6
Total derivatives not designated as hedging instruments		78		130			31		34
TOTAL DERIVATIVES		$	488	$	400		$	89	$	190

The following tables present the amounts in the Unaudited Condensed Consolidated Statements of Income in which the effects of cash flow hedges are recorded and the effects of cash flow hedge activity on these line items for the three and nine months ended February 28, 2019 and 2018:



	Three Months Ended February 28, 2019						Three Months Ended February 28, 2018
(In millions)	Total			Amount of Gain (Loss) on Cash Flow Hedge Activity			Total			Amount of Gain (Loss) on Cash Flow Hedge Activity
Revenues	$	9,611		$	1		$	8,984		$	9
Cost of sales	5,272			34			5,046			(41		)
Other (income) expense, net	(55		)	18			(1		)	(15		)
Interest expense (income), net	12			(2		)	13			(1		)



	Nine Months Ended February 28, 2019						Nine Months Ended February 28, 2018
(In millions)	Total			Amount of Gain (Loss) on Cash Flow Hedge Activity			Total		Amount of Gain (Loss) on Cash Flow Hedge Activity
Revenues	$	28,933		$	9		$	26,608	$	24
Cost of sales	16,092			—			15,030		(17		)
Other (income) expense, net	(50		)	9			35		(33		)
Interest expense (income), net	37			(5		)	42		(5		)

The following tables present the amounts affecting the Unaudited Condensed Consolidated Statements of Income for the three and nine months ended February 28, 2019 and 2018:



(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⁾
	Three Months Ended February 28,						Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	Three Months Ended February 28,
	2019			2018				2019			2018
Derivatives designated as cash flow hedges:
Foreign exchange forwards and options	$	(50	)	$	7		Revenues	$	1		$	9
Foreign exchange forwards and options	(1		)	(118		)	Cost of sales	34			(41		)
Foreign exchange forwards and options	2			—			Demand creation expense	—			—
Foreign exchange forwards and options	7			(47		)	Other (income) expense, net	18			(15		)
Interest rate swaps⁽²⁾	—			—			Interest expense (income), net	(2		)	(1		)
Total designated cash flow hedges	$	(42	)	$	(158	)		$	51		$	(48	)


(1)	For the three months ended February 28, 2019 and 2018, the amounts recorded in Other (income) expense, net as a result of the discontinuance of cash flow hedges because the forecasted transactions were no longer probable of occurring were immaterial.


(2)	Gains and losses associated with terminated interest rate swaps, which were previously designated as cash flow hedges and recorded in Accumulated other comprehensive income (loss), will be released through Interest expense (income), net over the term of the issued debt.



(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⁾
	Nine Months Ended February 28,						Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	Nine Months Ended February 28,
	2019			2018				2019			2018
Derivatives designated as cash flow hedges:
Foreign exchange forwards and options	$	(31	)	$	26		Revenues	$	9		$	24
Foreign exchange forwards and options	273			(382		)	Cost of sales	—			(17		)
Foreign exchange forwards and options	2			1			Demand creation expense	—			—
Foreign exchange forwards and options	112			(169		)	Other (income) expense, net	9			(33		)
Interest rate swaps⁽²⁾	—			—			Interest expense (income), net	(5		)	(5		)
Total designated cash flow hedges	$	356		$	(524	)		$	13		$	(31	)


(1)	For the nine months ended February 28, 2019 and 2018, the amounts recorded in Other (income) expense, net as a result of the discontinuance of cash flow hedges because the forecasted transactions were no longer probable of occurring were immaterial.


(2)	Gains and losses associated with terminated interest rate swaps, which were previously designated as cash flow hedges and recorded in Accumulated other comprehensive income (loss), will be released through Interest expense (income), net over the term of the issued debt.



	Amount of Gain (Loss) Recognized in Income on Derivatives
	Three Months Ended February 28,						Nine Months Ended February 28,					Location of Gain (Loss) Recognized in Income on Derivatives
(In millions)	2019			2018			2019		2018			Location of Gain (Loss) Recognized in Income on Derivatives
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options	$	(59	)	$	(101	)	$	129	$	(270	)	Other (income) expense, net
Embedded derivatives	(2		)	1			2		(3		)	Other (income) expense, net

Cash Flow Hedges

All changes in fair value of derivatives designated as cash flow hedges are recorded in Accumulated other comprehensive income (loss) until Net income (loss) is affected by the variability of cash flows of the hedged transaction. Effective hedge results are classified in the Unaudited Condensed Consolidated Statements of Income in the same manner as the underlying exposure. Derivative instruments designated as cash flow hedges must be discontinued when it is no longer probable the forecasted hedged transaction will occur in the initially identified time period. The gains and losses associated with discontinued derivative instruments in Accumulated other comprehensive income (loss) will be recognized immediately in Other (income) expense, net, if it is probable the forecasted hedged transaction will not occur by the end of the initially identified time period or within an additional two-month period thereafter. In all situations in which hedge accounting is discontinued and the derivative remains outstanding, the Company will account for the derivative as an undesignated instrument as discussed below.

The purpose of the Company’s foreign exchange risk management program is to lessen both the positive and negative effects of currency fluctuations on the Company’s consolidated results of operations, financial position and cash flows. Foreign currency exposures the Company may elect to hedge in this manner include product cost exposures, non-functional currency denominated external and intercompany revenues, demand creation expenses, investments in U.S. Dollar-denominated available-for-sale debt securities and certain other intercompany transactions.

Product cost exposures are primarily generated through non-functional currency denominated product purchases and the foreign currency adjustment program described below. NIKE entities primarily purchase product in two ways: (1) Certain NIKE entities purchase product from the NIKE Trading Company (NTC), a wholly owned sourcing hub that buys NIKE branded product from third party factories, predominantly in U.S. Dollars. The NTC, whose functional currency is the U.S. Dollar, then sells the product to NIKE entities in their respective functional currencies. NTC sales to a NIKE entity with a different functional currency result in a foreign currency exposure for the NTC. (2) Other NIKE entities purchase product directly from third party factories in U.S. Dollars. These purchases generate a foreign currency exposure for those NIKE entities with a functional currency other than the U.S. Dollar.

The Company operates a foreign currency adjustment program with certain factories. The program is designed to more effectively manage foreign currency risk by assuming certain of the factories’ foreign currency exposures, some of which are natural offsets to the Company’s existing foreign currency exposures. Under this program, the Company’s payments to these factories are adjusted for rate fluctuations in the basket of currencies (“factory currency exposure index”) in which the labor, materials and overhead costs incurred by the factories in the production of NIKE branded products (“factory input costs”) are denominated. For the portion of the indices denominated in the local or functional currency of the factory, the Company may elect to place formally designated cash flow hedges. For all currencies within the indices, excluding the U.S. Dollar and the local or functional currency of the factory, an embedded derivative contract is created upon the factory’s acceptance of NIKE’s purchase order. Embedded derivative contracts are separated from the related purchase order, as further described within the Embedded Derivatives section below.

The Company’s policy permits the utilization of derivatives to reduce its foreign currency exposures where internal netting or other strategies cannot be effectively employed. Typically, the Company may enter into hedge contracts starting up to 12 to 24 months in advance of the forecasted transaction and may place incremental hedges up to 100% of the exposure by the time the forecasted transaction occurs. The total notional amount of outstanding foreign currency derivatives designated as cash flow hedges was $9.7 billion as of February 28, 2019.

As of February 28, 2019, approximately $287 million of deferred net gains (net of tax) on both outstanding and matured derivatives in Accumulated other comprehensive income (loss) are expected to be reclassified to Net income (loss) during the next 12 months concurrent with the underlying hedged transactions also being recorded in Net income (loss). Actual amounts ultimately reclassified to Net income (loss) are dependent on the exchange rates in effect when derivative contracts currently outstanding mature. As of February 28, 2019, the maximum term over which the Company is hedging exposures to the variability of cash flows for its forecasted transactions was 15 months.

Fair Value Hedges

The Company has, in the past, been exposed to the risk of changes in the fair value of certain fixed-rate debt attributable to changes in interest rates. Derivatives used by the Company to hedge this risk are receive-fixed, pay-variable interest rate swaps. All interest rate swaps designated as fair value hedges of the related long-term debt meet the shortcut method requirements under U.S. GAAP. Accordingly, changes in the fair values of the interest rate swaps are considered to exactly offset changes in the fair value of the underlying long-term debt. The Company had no interest rate swaps designated as fair value hedges as of February 28, 2019.

Net Investment Hedges

The Company has, in the past, hedged and may, in the future, hedge the risk of variability in foreign currency-denominated net investments in wholly-owned international operations. All changes in fair value of the derivatives designated as net investment hedges, are reported in Accumulated other comprehensive income (loss) along with the foreign currency translation adjustments on those investments. The Company had no outstanding net investment hedges as of February 28, 2019.

Undesignated Derivative Instruments

The Company may elect to enter into foreign exchange forwards to mitigate the change in fair value of specific assets and liabilities on the Unaudited Condensed Consolidated Balance Sheets and/or embedded derivative contracts. These undesignated instruments are recorded at fair value as a derivative asset or liability on the Unaudited Condensed Consolidated Balance Sheets with their corresponding change in fair value recognized in Other (income) expense, net, together with the re-measurement gain or loss from the hedged balance sheet position and/or embedded derivative contract. The total notional amount of outstanding undesignated derivative instruments was $6.0 billion as of February 28, 2019.

Embedded Derivatives

As part of the foreign currency adjustment program described above, an embedded derivative contract is created upon the factory’s acceptance of NIKE’s purchase order for currencies within the factory currency exposure indices that are neither the U.S. Dollar nor the local or functional currency of the factory. In addition, embedded derivative contracts are created when the Company enters into certain other contractual agreements which have payments that are indexed to currencies that are not the functional currency of either substantial party to the contracts. Embedded derivative contracts are treated as foreign currency forward contracts that are bifurcated from the related contract and recorded at fair value as a derivative asset or liability on the Unaudited Condensed Consolidated Balance Sheets with their corresponding change in fair value recognized in Other (income) expense, net, through the date the foreign currency fluctuations cease to exist.

As of February 28, 2019, the total notional amount of embedded derivatives outstanding was approximately $419 million.

Credit Risk

The Company is exposed to credit-related losses in the event of nonperformance by counterparties to hedging instruments. The counterparties to all derivative transactions are major financial institutions with investment grade credit ratings; however, this does not eliminate the Company’s exposure to credit risk with these institutions. This credit risk is limited to the unrealized gains in such contracts should any of these counterparties fail to perform as contracted. To manage this risk, the Company has established strict counterparty credit guidelines that are continually monitored.

The Company’s derivative contracts contain credit risk-related contingent features designed to protect against significant deterioration in counterparties’ creditworthiness and their ultimate ability to settle outstanding derivative contracts in the normal course of business. The Company’s bilateral credit-related contingent features generally require the owing entity, either the Company or the derivative counterparty, to post collateral for the portion of the fair value in excess of $50 million should the fair value of outstanding derivatives per counterparty be greater than $50 million. Additionally, a certain level of decline in credit rating of either the Company or the counterparty could also trigger collateral requirements. As of February 28, 2019, the Company was in compliance with all credit risk-related contingent features and had derivative instruments with credit risk-related contingent features in a net liability position of $1 million. Accordingly, the Company was not required to post any collateral as a result of these contingent features. Further, as of February 28, 2019, the Company had $137 million of cash collateral received from various counterparties to its derivative contracts (refer to Note 4 — Fair Value Measurements). The Company considers the impact of the risk of counterparty default to be immaterial.

Accumulated Other Comprehensive Income

9 Months Ended

Feb. 28, 2019

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income

Note 10 — Accumulated Other Comprehensive Income (Loss)

The changes in Accumulated other comprehensive income (loss), net of tax, for the three and nine months ended February 28, 2019 were as follows:



(In millions)	Foreign Currency Translation Adjustment⁽¹⁾			Cash Flow Hedges			Net Investment Hedges⁽¹⁾		Other			Total
Balance at November 30, 2018	$	(303	)	$	451		$	115	$	(54	)	$	209
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications⁽²⁾	79			(43		)	—		(3		)	33
Reclassifications to net income of previously deferred (gains) losses⁽³⁾	—			(48		)	—		3			(45		)
Total other comprehensive income (loss)	79			(91		)	—		—			(12		)
Balance at February 28, 2019	$	(224	)	$	360		$	115	$	(54	)	$	197


(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 (loss) upon sale or upon complete or substantially complete liquidation of the respective entity.


(2)	Net of tax benefit (expense) of $0 million, $(1) million, $0 million, $0 million and $(1) million, respectively.


(3)	Net of tax (benefit) expense of $0 million, $3 million, $0 million, $0 million and $3 million, respectively.



(In millions)	Foreign Currency Translation Adjustment⁽¹⁾			Cash Flow Hedges			Net Investment Hedges⁽¹⁾		Other			Total
Balance at May 31, 2018	$	(173	)	$	17		$	115	$	(51	)	$	(92	)
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications⁽²⁾	(51		)	351			—		5			305
Reclassifications to net income of previously deferred (gains) losses⁽³⁾	—			(8		)	—		(8		)	(16		)
Total other comprehensive income (loss)	(51		)	343			—		(3		)	289
Balance at February 28, 2019	$	(224	)	$	360		$	115	$	(54	)	$	197


(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 (loss) upon sale or upon complete or substantially complete liquidation of the respective entity.


(2)	Net of tax benefit (expense) of $0 million, $(5) million, $0 million, $0 million and $(5) million, respectively.


(3)	Net of tax (benefit) expense of $0 million, $5 million, $0 million, $0 million and $5 million, respectively.

The changes in Accumulated other comprehensive income (loss), net of tax, for the three and nine months ended February 28, 2018 were as follows:



(In millions)	Foreign Currency Translation Adjustment⁽¹⁾			Cash Flow Hedges			Net Investment Hedges⁽¹⁾		Other			Total
Balance at November 30, 2017	$	(177	)	$	(439	)	$	115	$	(86	)	$	(587	)
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications⁽²⁾	51			(156		)	—		(15		)	(120		)
Reclassifications to net income (loss) of previously deferred (gains) losses⁽³⁾	—			49			—		17			66
Total other comprehensive income (loss)	51			(107		)	—		2			(54		)
Reclassification to retained earnings in accordance with ASU 2018-02	24			(7		)	—		—			17
Balance at February 28, 2018	$	(102	)	$	(553	)	$	115	$	(84	)	$	(624	)


(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 (loss) upon sale or upon complete or substantially complete liquidation of the respective entity.


(2)	Net of tax benefit (expense) of $0 million, $2 million, $0 million, $0 million and $2 million, respectively.


(3)	Net of tax (benefit) expense of $0 million, $1 million, $0 million, $1 million and $2 million, respectively.



(In millions)	Foreign Currency Translation Adjustment⁽¹⁾			Cash Flow Hedges			Net Investment Hedges⁽¹⁾		Other			Total
Balance at May 31, 2017	$	(191	)	$	(52	)	$	115	$	(85	)	$	(213	)
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications⁽²⁾	65			(523		)	—		(35		)	(493		)
Reclassifications to net income of previously deferred (gains) losses⁽³⁾	—			29			—		36			65
Total other comprehensive income (loss)	65			(494		)	—		1			(428		)
Reclassification to retained earnings in accordance with ASU 2018-02	24			(7		)	—		—			17
Balance at February 28, 2018	$	(102	)	$	(553	)	$	115	$	(84	)	$	(624	)


(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 (loss) upon sale or upon complete or substantially complete liquidation of the respective entity.


(2)	Net of tax benefit (expense) of $(23) million, $1 million, $0 million, $0 million and $(22) million, respectively.


(3)	Net of tax (benefit) expense of $0 million, $(2) million, $0 million, $1 million and $(1) million, respectively.

The following table summarizes the reclassifications from Accumulated other comprehensive income (loss) to the Unaudited Condensed Consolidated Statements of Income:



	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
	Three Months Ended February 28,						Nine Months Ended February 28,
(In millions)	2019			2018			2019			2018
Gains (losses) on cash flow hedges:
Foreign exchange forwards and options	$	1		$	9		$	9		$	24		Revenues
Foreign exchange forwards and options	34			(41		)	—			(17		)	Cost of sales
Foreign exchange forwards and options	18			(15		)	9			(33		)	Other (income) expense, net
Interest rate swaps	(2		)	(1		)	(5		)	(5		)	Interest expense (income), net
Total before tax	51			(48		)	13			(31		)
Tax (expense) benefit	(3		)	(1		)	(5		)	2
Gain (loss) net of tax	48			(49		)	8			(29		)
Gains (losses) on other	(3		)	(16		)	8			(35		)	Other (income) expense, net
Total before tax	(3		)	(16		)	8			(35		)
Tax (expense) benefit	—			(1		)	—			(1		)
Gain (loss) net of tax	(3		)	(17		)	8			(36		)
Total net gain (loss) reclassified for the period	$	45		$	(66	)	$	16		$	(65	)

Revenues

9 Months Ended

Feb. 28, 2019

Revenue from Contract with Customer [Abstract]

Revenues

Note 11 — Revenues

Nature of Revenues

Revenue transactions associated with the sale of NIKE Brand footwear, apparel and equipment, as well as Converse products, comprise a single performance obligation, which consists of the sale of products to customers either through wholesale or direct to consumer channels. The Company satisfies the performance obligationand records revenues when transfer of control has passed to the customer, based on the terms of sale. A customer is considered to have control once they are able to direct the use and receive substantially all of the benefits of the product. Transfer of control passes to wholesale customers upon shipment or upon receipt depending on the country of the sale and the agreement with the customer. Control passes to retail store customers at the time of sale and to substantially all digital commerce customers upon shipment. The transaction price is determined based upon the invoiced sales price, less anticipated sales returns, discounts and miscellaneous claims from customers. Payment terms for wholesale transactions depend on the country of sale or agreement with the customer, and payment is generally required within 90 days or less of shipment to or receipt by the wholesale customer. Payment is due at the time of sale for retail store and digital commerce transactions.

At February 28, 2019, the Company did not have any contract assets and had an immaterial amount of contract liabilities recorded in Accrued liabilities on the Unaudited Condensed Consolidated Balance Sheets. Consideration for trademark licensing contracts is earned through sales-based or usage-based royalty arrangements and the associated revenues are recognized over the license period. Licensing revenues for the three and nine months ended February 28, 2019 were immaterial and are included in the results for the NIKE Brand geographic operating segments, Global Brand Divisions and Converse.

Taxes assessed by governmental authorities that are both imposed on and concurrent with a specific revenue-producing transaction, and are collected by the Company from a customer, are excluded from Revenues and Cost of sales in the Unaudited Condensed Consolidated Statements of Income. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in Cost of sales when the related revenue is recognized.

Disaggregation of Revenues

The following tables present the Company’s revenues disaggregated by reportable operating segment, major product line and by distribution channel for the three and nine months ended February 28, 2019:



	Three Months Ended February 28, 2019
	North America		Europe, Middle East & Africa		Greater China		Asia Pacific & Latin America		Global Brand Divisions		Total NIKE Brand		Converse		Corporate		Total NIKE, Inc.

(In millions)
Revenues by:
Footwear	$	2,509	$	1,589	$	1,115	$	909	$	—	$	6,122	$	405	$	—	$	6,527
Apparel	1,173		750		444		340		—		2,707		27		—		2,734
Equipment	128		96		29		58		—		311		5		—		316
Other⁽¹⁾	—		—		—		—		8		8		26		—		34
TOTAL REVENUES	$	3,810	$	2,435	$	1,588	$	1,307	$	8	$	9,148	$	463	$	—	$	9,611
Revenues by:
Sales to Wholesale Customers	$	2,547	$	1,785	$	936	$	906	$	—	$	6,174	$	308	$	—	$	6,482
Sales through Direct to Consumer	1,263		650		652		401		—		2,966		129		—		3,095
Other⁽¹⁾	—		—		—		—		8		8		26		—		34
TOTAL REVENUES	$	3,810	$	2,435	$	1,588	$	1,307	$	8	$	9,148	$	463	$	—	$	9,611


(1)	Other revenues for Global Brand Divisions and Converse are primarily attributable to licensing businesses. Corporate revenues primarily consist of foreign currency hedge gains and losses related to revenues generated by entities within the NIKE Brand geographic operating segments and Converse but managed through the Company’s central foreign exchange risk management program.



	Nine Months Ended February 28, 2019
	North America		Europe, Middle East & Africa		Greater China		Asia Pacific & Latin America		Global Brand Divisions		Total NIKE Brand		Converse		Corporate		Total NIKE, Inc.

(In millions)
Revenues by:
Footwear	$	7,309	$	4,650	$	3,095	$	2,669	$	—	$	17,723	$	1,222	$	—	$	18,945
Apparel	3,985		2,374		1,314		1,032		—		8,705		93		—		8,798
Equipment	443		331		102		174		—		1,050		18		—		1,068
Other⁽¹⁾	—		—		—		—		33		33		82		7		122
TOTAL REVENUES	$	11,737	$	7,355	$	4,511	$	3,875	$	33	$	27,511	$	1,415	$	7	$	28,933
Revenues by:
Sales to Wholesale Customers	$	8,031	$	5,318	$	2,704	$	2,777	$	—	$	18,830	$	930	$	—	$	19,760
Sales through Direct to Consumer	3,706		2,037		1,807		1,098		—		8,648		403		—		9,051
Other⁽¹⁾	—		—		—		—		33		33		82		7		122
TOTAL REVENUES	$	11,737	$	7,355	$	4,511	$	3,875	$	33	$	27,511	$	1,415	$	7	$	28,933


(1)	Other revenues for Global Brand Divisions and Converse are primarily attributable to licensing businesses. Corporate revenues primarily consist of foreign currency hedge gains and losses related to revenues generated by entities within the NIKE Brand geographic operating segments and Converse but managed through the Company’s central foreign exchange risk management program.

Sales-related Reserves

Consideration promised in the Company’s contracts with customers includes a variable amount related to anticipated sales returns, discounts and miscellaneous claims from customers. This variable consideration is estimated and recorded as a reduction to Revenues and as an increase to Accrued liabilities at the time revenues are recognized. The estimated cost of inventory for product returns is recorded in Prepaid expenses and other current assets on the Unaudited Condensed Consolidated Balance Sheets.

The provision for anticipated sales returns consists of both contractual return rights and discretionary authorized returns. Provisions for post-invoice sales discounts consist of both contractual programs and discretionary discounts that are expected to be granted at a later date.

Estimates of discretionary authorized returns, discounts and claims are based on (1) historical rates, (2) specific identification of outstanding returns not yet received from customers and outstanding discounts and claims and (3) estimated returns, discounts and claims expected, but not yet finalized with customers. Actual returns, discounts and claims in any future period are inherently uncertain and thus may differ from estimates recorded. If actual or expected future returns, discounts or claims were significantly greater or lower than the reserves established, a reduction or increase to net revenues would be recorded in the period in which such determination was made. At February 28, 2019, the Company’s sales-related reserve balance, which includes returns, post-invoice sales discounts and miscellaneous claims, was $1,244 million and recorded in Accrued liabilities on the Unaudited Condensed Consolidated Balance Sheets. The estimated cost of inventory for expected product returns was $426 million as of February 28, 2019 and was recorded in Prepaid expenses and other current assets on the Unaudited Condensed Consolidated Balance Sheets. At May 31, 2018, the Company’s sales-related reserve balance, which includes returns, post-invoice sales discounts and miscellaneous claims, was $675 million, net of the estimated cost of inventory for expected product returns, and recognized as a reduction in Accounts receivable, net on the Consolidated Balance Sheets.

Operating Segments

9 Months Ended

Feb. 28, 2019

Segment Reporting [Abstract]

Operating Segments

Note 12 — Operating Segments

The Company’s operating segments are evidence of the structure of the Company’s internal organization. The NIKE Brand segments are defined by geographic regions for operations participating in NIKE Brand sales activity.

Each NIKE Brand geographic segment operates predominantly in one industry: the design, development, marketing and selling of athletic footwear, apparel and equipment. The Company’s reportable operating segments for the NIKE Brand are: North America; Europe, Middle East & Africa; Greater China; and Asia Pacific & Latin America, and include results for the NIKE, Jordan and Hurley brands.

The Company’s NIKE Direct operations are managed within each NIKE Brand geographic operating segment. Converse is also a reportable segment for the Company, and operates in one industry: the design, marketing, licensing and selling of casual sneakers, apparel and accessories.

Global Brand Divisions is included within the NIKE Brand for presentation purposes to align with the way management views the Company. Global Brand Divisions primarily represent NIKE Brand licensing businesses that are not part of a geographic operating segment, and demand creation, operating overhead and product creation and design expenses that are centrally managed for the NIKE Brand.

Corporate consists primarily of unallocated general and administrative expenses, including expenses associated with centrally managed departments; depreciation and amortization related to the Company’s headquarters; unallocated insurance, benefit and compensation programs, including stock-based compensation; and certain foreign currency gains and losses, including certain hedge gains and losses.

The primary financial measure used by the Company to evaluate performance of individual operating segments is earnings before interest and taxes (commonly referred to as “EBIT”), which represents Net income (loss) before Interest expense (income), net and Income tax expense in the Unaudited Condensed Consolidated Statements of Income.

As part of the Company’s centrally managed foreign exchange risk management program, standard foreign currency rates are assigned twice per year to each NIKE Brand entity in the Company’s geographic operating segments and to Converse. These rates are set approximately nine and twelve months in advance of the future selling seasons to which they relate (specifically, for each currency, one standard rate applies to the fall and holiday selling seasons and one standard rate applies to the spring and summer selling seasons) based on average market spot rates in the calendar month preceding the date they are established. Inventories and Cost of sales for geographic operating segments and Converse reflect the use of these standard rates to record non-functional currency product purchases in the entity’s functional currency. Differences between assigned standard foreign currency rates and actual market rates are included in Corporate, together with foreign currency hedge gains and losses generated from the Company’s centrally managed foreign exchange risk management program and other conversion gains and losses.

Accounts receivable, net, Inventories and Property, plant and equipment, net for operating segments are regularly reviewed by management and are therefore provided below.



	Three Months Ended February 28,						Nine Months Ended February 28,
(In millions)	2019			2018			2019			2018
REVENUES
North America	$	3,810		$	3,571		$	11,737		$	10,980
Europe, Middle East & Africa	2,435			2,299			7,355			6,776
Greater China	1,588			1,336			4,511			3,666
Asia Pacific & Latin America	1,307			1,268			3,875			3,730
Global Brand Divisions	8			21			33			64
Total NIKE Brand	9,148			8,495			27,511			25,216
Converse	463			483			1,415			1,374
Corporate	—			6			7			18
TOTAL NIKE, INC. REVENUES	$	9,611		$	8,984		$	28,933		$	26,608
EARNINGS BEFORE INTEREST AND TAXES
North America	$	916		$	840		$	2,877		$	2,625
Europe, Middle East & Africa	538			417			1,489			1,205
Greater China	639			496			1,702			1,268
Asia Pacific & Latin America	339			298			983			849
Global Brand Divisions	(788		)	(649		)	(2,432		)	(1,926		)
Total NIKE Brand	1,644			1,402			4,619			4,021
Converse	79			69			221			206
Corporate	(420		)	(299		)	(1,245		)	(1,075		)
Total NIKE, Inc. Earnings Before Interest and Taxes	1,303			1,172			3,595			3,152
Interest expense (income), net	12			13			37			42
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES	$	1,291		$	1,159		$	3,558		$	3,110



	As of February 28,		As of May 31,
(In millions)	2019		2018
ACCOUNTS RECEIVABLE, NET⁽¹⁾
North America	$	1,810	$	1,443
Europe, Middle East & Africa	1,241		870
Greater China	289		101
Asia Pacific & Latin America	783		720
Global Brand Divisions	111		102
Total NIKE Brand	4,234		3,236
Converse	281		240
Corporate	34		22
TOTAL ACCOUNTS RECEIVABLE, NET	$	4,549	$	3,498
INVENTORIES
North America	$	2,260	$	2,270
Europe, Middle East & Africa	1,271		1,433
Greater China	723		580
Asia Pacific & Latin America	708		687
Global Brand Divisions	96		91
Total NIKE Brand	5,058		5,061
Converse	259		268
Corporate	98		(68		)
TOTAL INVENTORIES	$	5,415	$	5,261
PROPERTY, PLANT AND EQUIPMENT, NET
North America	$	838	$	848
Europe, Middle East & Africa	921		849
Greater China	244		256
Asia Pacific & Latin America	321		339
Global Brand Divisions	631		597
Total NIKE Brand	2,955		2,889
Converse	105		115
Corporate	1,628		1,450
TOTAL PROPERTY, PLANT AND EQUIPMENT, NET	$	4,688	$	4,454


(1)	Accounts receivable, net as of February 28, 2019 reflects the Company’s fiscal 2019 adoption of Topic 606. Refer to Note 1 — Summary of Significant Accounting Policies for additional information on the adoption of the new standard.

Commitments and Contingencies

9 Months Ended

Feb. 28, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 13 — Commitments and Contingencies

As of February 28, 2019, the Company had bank guarantees and letters of credit outstanding totaling $172 million, issued primarily for real estate agreements, self-insurance programs and other general business obligations.

There have been no other significant subsequent developments relating to the commitments and contingencies reported on the Company’s latest Annual Report on Form 10-K.

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Feb. 28, 2019

Accounting Policies [Abstract]

Basis of Presentation

The Unaudited Condensed Consolidated Financial Statements include the accounts of NIKE, Inc. and its subsidiaries (the “Company” or “NIKE”) and reflect all normal adjustments which are, in the opinion of management, necessary for a fair statement of the results of operations for the interim period. The year-end Condensed Consolidated Balance Sheet data as of May 31, 2018 was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). The interim financial information and notes thereto should be read in conjunction with the Company’s latest Annual Report on Form 10-K. The results of operations for the three and nine months ended February 28, 2019 are not necessarily indicative of results to be expected for the entire year.

Reclassifications

As previously disclosed in the Annual Report on Form 10-K for the fiscal year ended May 31, 2018, management identified a misstatement related to the historical allocation of repurchases of Class B Common Stock between Capital in excess of stated value and Retained earnings within the Shareholders’ Equity section of the Consolidated Balance Sheets and the Consolidated Statements of Shareholders’ Equity. The misstatement had no impact on the previously reported Consolidated Statements of Income, Comprehensive Income or Cash Flows.

The Company assessed the materiality of these misstatements on prior period financial statements in accordance with U.S. Securities and Exchange Commission Staff Accounting Bulletin No. 99, Materiality, codified in Accounting Standards Codification (ASC) 250, Presentation of Financial Statements, and concluded that these misstatements were not material to any prior annual or interim period. As such, the Company has revised the Unaudited Condensed Consolidated Statements of Shareholders’ Equity for the periods ended November 30, 2017 and February 28, 2018, through a reduction to Capital in excess of stated value of $3.0 billion and an incremental $0.1 billion, respectively, and an increase to Retained earnings for the same amount in the respective periods.

Recently Issued Accounting Standards

Recently Adopted Accounting Standards

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606), that replaces existing revenue recognition guidance. The new standard requires companies to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, Topic 606 requires disclosures of the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The Company adopted this standard using a modified retrospective approach in the first quarter of fiscal 2019 with the cumulative effect of initially applying the standard recognized in Retained earnings at June 1, 2018. Comparative prior period information has not been adjusted and continues to be reported in accordance with previous revenue recognition guidance in ASC Topic 605 — Revenue Recognition. The Company has applied the new standard to all contracts at adoption.

The Company’s adoption of Topic 606 resulted in a change to the timing of revenue recognition. The satisfaction of the Company’s performance obligation is based upon transfer of control over a product to a customer, which results in sales being recognized upon shipment rather than upon delivery for certain wholesale transactions and substantially all digital commerce sales. A customer is considered to have control once they are able to direct the use and receive substantially all of the benefits of the product. This resulted in a cumulative effect adjustment, which increased Retained earnings by $23 million at June 1, 2018. The adoption of Topic 606 did not have a material effect on the Unaudited Condensed Consolidated Statements of Income during the three and nine months ended February 28, 2019.

Additionally, the Company’s reserve balances for returns, post-invoice sales discounts and miscellaneous claims for wholesale transactions were previously reported net of the estimated cost of inventory for product returns, and as a reduction to Accounts receivable, net on the Unaudited Condensed Consolidated Balance Sheets. Under Topic 606, an asset for the estimated cost of inventory for expected products returns is now recognized separately from the liability for sales-related reserves. This resulted in an increase to Accounts receivable, net, an increase in Prepaid expenses and other current assets and an increase in Accrued liabilities on the Unaudited Condensed Consolidated Balance Sheets at February 28, 2019. Sales-related reserves for the Company’s direct to consumer operations continue to be recognized in Accrued liabilities, but are now recorded separately from an asset for the estimated cost of inventory for expected product returns, which is recognized in Prepaid expenses and other current assets. The following table presents the related effect of the adoption of Topic 606 on the Unaudited Condensed Consolidated Balance Sheets at February 28, 2019:



	As of February 28, 2019
(In millions)	As Reported		Effect of Adoption		Balances Without Adoption of Topic 606
Accounts receivable, net	$	4,549	$	795	$	3,754
Prepaid expenses and other current assets	1,786		426		1,360
Total current assets	15,796		1,221		14,575
TOTAL ASSETS	22,921		1,221		21,700
Accrued liabilities	4,738		1,221		3,517
Total current liabilities	7,281		1,221		6,060
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	22,921	$	1,221	$	21,700

Other impacts from the adoption of Topic 606 on the Unaudited Condensed Consolidated Financial Statements were immaterial. Refer to Note 11 — Revenues for further discussion.

In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. The updated guidance requires companies to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. Income tax effects of intra-entity transfers of inventory will continue to be deferred until the inventory has been sold to a third party. The Company adopted the standard on June 1, 2018, using a modified retrospective approach, with the cumulative effect of applying the new standard recognized in Retained earnings at the date of adoption. The adoption resulted in reductions to Retained earnings, Deferred income taxes and other assets and Prepaid expenses and other current assets of $507 million, $422 million and $45 million, respectively, and an increase in Deferred income taxes and other liabilities of $40 million on the Unaudited Condensed Consolidated Balance Sheets.

In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which expands and refines hedge accounting for both financial and non-financial risk components, aligns the recognition and presentation of the effects of hedging instruments and hedge items in the financial statements, and includes certain targeted improvements to ease the application of current guidance related to the assessment of hedge effectiveness. The Company elected to early adopt the ASU in the first quarter of fiscal 2019 and the adoption of the new guidance did not have a material impact on the Unaudited Condensed Consolidated Financial Statements.

In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments — Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The updated guidance enhances the reporting model for financial instruments, which includes amendments to address aspects of recognition, measurement, presentation and disclosure. The Company adopted the ASU in the first quarter of fiscal 2019 and the adoption of the new guidance did not have a material impact on the Unaudited Condensed Consolidated Financial Statements.

Recently Issued Accounting Standards

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which replaces existing lease accounting guidance. The new standard is intended to provide enhanced transparency and comparability by requiring lessees to record right-of-use assets and corresponding lease liabilities on the balance sheet. The new guidance will require the Company to continue to classify leases as either an operating or finance lease, with classification affecting the pattern of expense recognition in the income statement. In July 2018, the FASB issued ASU No. 2018-11, which provides entities with an additional transition method to adopt Topic 842. Under the new transition method, an entity initially applies the new standard at the adoption date, versus at the beginning of the earliest period presented, and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company expects to elect this transition method at the adoption date of June 1, 2019.

Upon adoption, the Company plans to elect the practical expedient to not separate lease components from nonlease components for all real estate leases within the portfolio. Additionally, the Company will make an accounting policy election that will keep leases with an initial term of 12 months or less off of the balance sheet and will result in recognizing those lease payments in the Consolidated Statements of Income on a straight-line basis over the lease term. The Company continues to assess and has not yet made a determination on whether to elect the package of transition practical expedients which would allow the Company to carry forward prior conclusions related to: (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases and (iii) initial direct costs for existing leases.

In preparation for implementation, the Company has been executing changes to business processes, including implementing a software solution to assist with the new reporting requirements. The Company continues to assess the effect the guidance will have on its existing accounting policies and the Consolidated Financial Statements, and expects there will be a material increase in assets and liabilities on the Consolidated Balance Sheets at adoption due to the recognition of right-of-use assets and corresponding lease liabilities. Refer to Note 15 — Commitments and Contingencies of the Annual Report on Form 10-K for the fiscal year ended May 31, 2018 for information about the Company’s lease obligations.

Revenue Recognition in Accordance with ASC 606

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606), that replaces existing revenue recognition guidance. The new standard requires companies to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, Topic 606 requires disclosures of the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The Company adopted this standard using a modified retrospective approach in the first quarter of fiscal 2019 with the cumulative effect of initially applying the standard recognized in Retained earnings at June 1, 2018. Comparative prior period information has not been adjusted and continues to be reported in accordance with previous revenue recognition guidance in ASC Topic 605 — Revenue Recognition. The Company has applied the new standard to all contracts at adoption.

The Company’s adoption of Topic 606 resulted in a change to the timing of revenue recognition. The satisfaction of the Company’s performance obligation is based upon transfer of control over a product to a customer, which results in sales being recognized upon shipment rather than upon delivery for certain wholesale transactions and substantially all digital commerce sales. A customer is considered to have control once they are able to direct the use and receive substantially all of the benefits of the product. This resulted in a cumulative effect adjustment, which increased Retained earnings by $23 million at June 1, 2018. The adoption of Topic 606 did not have a material effect on the Unaudited Condensed Consolidated Statements of Income during the three and nine months ended February 28, 2019.

Additionally, the Company’s reserve balances for returns, post-invoice sales discounts and miscellaneous claims for wholesale transactions were previously reported net of the estimated cost of inventory for product returns, and as a reduction to Accounts receivable, net on the Unaudited Condensed Consolidated Balance Sheets. Under Topic 606, an asset for the estimated cost of inventory for expected products returns is now recognized separately from the liability for sales-related reserves. This resulted in an increase to Accounts receivable, net, an increase in Prepaid expenses and other current assets and an increase in Accrued liabilities on the Unaudited Condensed Consolidated Balance Sheets at February 28, 2019. Sales-related reserves for the Company’s direct to consumer operations continue to be recognized in Accrued liabilities, but are now recorded separately from an asset for the estimated cost of inventory for expected product returns, which is recognized in Prepaid expenses and other current assets. The following table presents the related effect of the adoption of Topic 606 on the Unaudited Condensed Consolidated Balance Sheets at February 28, 2019:



	As of February 28, 2019
(In millions)	As Reported		Effect of Adoption		Balances Without Adoption of Topic 606
Accounts receivable, net	$	4,549	$	795	$	3,754
Prepaid expenses and other current assets	1,786		426		1,360
Total current assets	15,796		1,221		14,575
TOTAL ASSETS	22,921		1,221		21,700
Accrued liabilities	4,738		1,221		3,517
Total current liabilities	7,281		1,221		6,060
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	22,921	$	1,221	$	21,700

Other impacts from the adoption of Topic 606 on the Unaudited Condensed Consolidated Financial Statements were immaterial. Refer to Note 11 — Revenues for further discussion.

Nature of Revenues

Revenue transactions associated with the sale of NIKE Brand footwear, apparel and equipment, as well as Converse products, comprise a single performance obligation, which consists of the sale of products to customers either through wholesale or direct to consumer channels. The Company satisfies the performance obligationand records revenues when transfer of control has passed to the customer, based on the terms of sale. A customer is considered to have control once they are able to direct the use and receive substantially all of the benefits of the product. Transfer of control passes to wholesale customers upon shipment or upon receipt depending on the country of the sale and the agreement with the customer. Control passes to retail store customers at the time of sale and to substantially all digital commerce customers upon shipment. The transaction price is determined based upon the invoiced sales price, less anticipated sales returns, discounts and miscellaneous claims from customers. Payment terms for wholesale transactions depend on the country of sale or agreement with the customer, and payment is generally required within 90 days or less of shipment to or receipt by the wholesale customer. Payment is due at the time of sale for retail store and digital commerce transactions.

At February 28, 2019, the Company did not have any contract assets and had an immaterial amount of contract liabilities recorded in Accrued liabilities on the Unaudited Condensed Consolidated Balance Sheets. Consideration for trademark licensing contracts is earned through sales-based or usage-based royalty arrangements and the associated revenues are recognized over the license period. Licensing revenues for the three and nine months ended February 28, 2019 were immaterial and are included in the results for the NIKE Brand geographic operating segments, Global Brand Divisions and Converse.

Taxes assessed by governmental authorities that are both imposed on and concurrent with a specific revenue-producing transaction, and are collected by the Company from a customer, are excluded from Revenues and Cost of sales in the Unaudited Condensed Consolidated Statements of Income. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in Cost of sales when the related revenue is recognized.

Fair Value Measurements

The Company measures certain financial assets and liabilities at fair value on a recurring basis, including derivatives, equity securities and available-for-sale debt securities. Fair value is the price the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. The Company uses a three-level hierarchy established by the FASB that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach and cost approach).

The levels of the fair value hierarchy are described below:


•	Level 1: Quoted prices in active markets for identical assets or liabilities.


•	Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.


•	Level 3: Unobservable inputs with little or no market data available, which require the reporting entity to develop its own assumptions.

The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Financial assets and liabilities are classified in their entirety based on the most conservative level of input that is significant to the fair value measurement.

Pricing vendors are utilized for a majority of Level 1 and Level 2 investments. These vendors either provide a quoted market price in an active market or use observable inputs without applying significant adjustments in their pricing. Observable inputs include broker quotes, interest rates and yield curves observable at commonly quoted intervals, volatilities and credit risks. The fair value of derivative contracts is determined using observable market inputs such as the daily market foreign currency rates, forward pricing curves, currency volatilities, currency correlations and interest rates, and considers non-performance risk of the Company and its counterparties.

The Company’s fair value measurement process includes comparing fair values to another independent pricing vendor to ensure appropriate fair values are recorded.

Hedging Derivatives

The Company elects to record the gross assets and liabilities of its derivative financial instruments on the Unaudited Condensed Consolidated Balance Sheets. The Company’s derivative financial instruments are subject to master netting arrangements that allow for the offset of assets and liabilities in the event of default or early termination of the contract. Any amounts of cash collateral received related to these instruments associated with the Company’s credit-related contingent features are recorded in Cash and equivalents and Accrued liabilities, the latter of which would further offset against the Company’s derivative asset balance. Any amounts of cash collateral posted related to these instruments associated with the Company’s credit-related contingent features are recorded in Prepaid expenses and other current assets, which would further offset against the Company’s derivative liability balance. Cash collateral received or posted related to the Company’s credit-related contingent features is presented in the Cash provided by operations component of the Unaudited Condensed Consolidated Statements of Cash Flows. Any amounts of non-cash collateral received, such as securities, are not recorded on the Unaudited Condensed Consolidated Balance Sheets pursuant to U.S. GAAP. For further information related to credit risk, refer to Note 9 — Risk Management and Derivatives.

Cash Flow Hedges

All changes in fair value of derivatives designated as cash flow hedges are recorded in Accumulated other comprehensive income (loss) until Net income (loss) is affected by the variability of cash flows of the hedged transaction. Effective hedge results are classified in the Unaudited Condensed Consolidated Statements of Income in the same manner as the underlying exposure. Derivative instruments designated as cash flow hedges must be discontinued when it is no longer probable the forecasted hedged transaction will occur in the initially identified time period. The gains and losses associated with discontinued derivative instruments in Accumulated other comprehensive income (loss) will be recognized immediately in Other (income) expense, net, if it is probable the forecasted hedged transaction will not occur by the end of the initially identified time period or within an additional two-month period thereafter. In all situations in which hedge accounting is discontinued and the derivative remains outstanding, the Company will account for the derivative as an undesignated instrument as discussed below.

The purpose of the Company’s foreign exchange risk management program is to lessen both the positive and negative effects of currency fluctuations on the Company’s consolidated results of operations, financial position and cash flows. Foreign currency exposures the Company may elect to hedge in this manner include product cost exposures, non-functional currency denominated external and intercompany revenues, demand creation expenses, investments in U.S. Dollar-denominated available-for-sale debt securities and certain other intercompany transactions.

Product cost exposures are primarily generated through non-functional currency denominated product purchases and the foreign currency adjustment program described below. NIKE entities primarily purchase product in two ways: (1) Certain NIKE entities purchase product from the NIKE Trading Company (NTC), a wholly owned sourcing hub that buys NIKE branded product from third party factories, predominantly in U.S. Dollars. The NTC, whose functional currency is the U.S. Dollar, then sells the product to NIKE entities in their respective functional currencies. NTC sales to a NIKE entity with a different functional currency result in a foreign currency exposure for the NTC. (2) Other NIKE entities purchase product directly from third party factories in U.S. Dollars. These purchases generate a foreign currency exposure for those NIKE entities with a functional currency other than the U.S. Dollar.

The Company operates a foreign currency adjustment program with certain factories. The program is designed to more effectively manage foreign currency risk by assuming certain of the factories’ foreign currency exposures, some of which are natural offsets to the Company’s existing foreign currency exposures. Under this program, the Company’s payments to these factories are adjusted for rate fluctuations in the basket of currencies (“factory currency exposure index”) in which the labor, materials and overhead costs incurred by the factories in the production of NIKE branded products (“factory input costs”) are denominated. For the portion of the indices denominated in the local or functional currency of the factory, the Company may elect to place formally designated cash flow hedges. For all currencies within the indices, excluding the U.S. Dollar and the local or functional currency of the factory, an embedded derivative contract is created upon the factory’s acceptance of NIKE’s purchase order. Embedded derivative contracts are separated from the related purchase order, as further described within the Embedded Derivatives section below.

The Company’s policy permits the utilization of derivatives to reduce its foreign currency exposures where internal netting or other strategies cannot be effectively employed. Typically, the Company may enter into hedge contracts starting up to 12 to 24 months in advance of the forecasted transaction and may place incremental hedges up to 100% of the exposure by the time the forecasted transaction occurs.

Fair Value Hedges

The Company has, in the past, been exposed to the risk of changes in the fair value of certain fixed-rate debt attributable to changes in interest rates. Derivatives used by the Company to hedge this risk are receive-fixed, pay-variable interest rate swaps. All interest rate swaps designated as fair value hedges of the related long-term debt meet the shortcut method requirements under U.S. GAAP. Accordingly, changes in the fair values of the interest rate swaps are considered to exactly offset changes in the fair value of the underlying long-term debt.

Net Investment Hedges

The Company has, in the past, hedged and may, in the future, hedge the risk of variability in foreign currency-denominated net investments in wholly-owned international operations. All changes in fair value of the derivatives designated as net investment hedges, are reported in Accumulated other comprehensive income (loss) along with the foreign currency translation adjustments on those investments.

Undesignated Derivative Instruments

The Company may elect to enter into foreign exchange forwards to mitigate the change in fair value of specific assets and liabilities on the Unaudited Condensed Consolidated Balance Sheets and/or embedded derivative contracts. These undesignated instruments are recorded at fair value as a derivative asset or liability on the Unaudited Condensed Consolidated Balance Sheets with their corresponding change in fair value recognized in Other (income) expense, net, together with the re-measurement gain or loss from the hedged balance sheet position and/or embedded derivative contract.

Embedded Derivatives

As part of the foreign currency adjustment program described above, an embedded derivative contract is created upon the factory’s acceptance of NIKE’s purchase order for currencies within the factory currency exposure indices that are neither the U.S. Dollar nor the local or functional currency of the factory. In addition, embedded derivative contracts are created when the Company enters into certain other contractual agreements which have payments that are indexed to currencies that are not the functional currency of either substantial party to the contracts. Embedded derivative contracts are treated as foreign currency forward contracts that are bifurcated from the related contract and recorded at fair value as a derivative asset or liability on the Unaudited Condensed Consolidated Balance Sheets with their corresponding change in fair value recognized in Other (income) expense, net, through the date the foreign currency fluctuations cease to exist.

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Feb. 28, 2019

Accounting Policies [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The following table presents the related effect of the adoption of Topic 606 on the Unaudited Condensed Consolidated Balance Sheets at February 28, 2019:



	As of February 28, 2019
(In millions)	As Reported		Effect of Adoption		Balances Without Adoption of Topic 606
Accounts receivable, net	$	4,549	$	795	$	3,754
Prepaid expenses and other current assets	1,786		426		1,360
Total current assets	15,796		1,221		14,575
TOTAL ASSETS	22,921		1,221		21,700
Accrued liabilities	4,738		1,221		3,517
Total current liabilities	7,281		1,221		6,060
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	22,921	$	1,221	$	21,700

Accrued Liabilities (Tables)

9 Months Ended

Feb. 28, 2019

Accrued Liabilities, Current [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities included the following:



	As of February 28,		As of May 31,
(In millions)	2019		2018
Sales-related reserves⁽¹⁾	$	1,244	$	20
Compensation and benefits, excluding taxes	1,043		897
Endorsement compensation	394		425
Dividends payable	346		320
Import and logistics costs	295		268
Taxes other than income taxes payable	228		224
Advertising and marketing	161		140
Collateral received from counterparties to hedging instruments	137		23
Fair value of derivatives	87		184
Other⁽²⁾	803		768
TOTAL ACCRUED LIABILITIES	$	4,738	$	3,269


(1)	Sales-related reserves as of February 28, 2019 reflect the Company’s fiscal 2019 adoption of Topic 606. As of May 31, 2018, Sales-related reserves reflect the Company’s prior accounting under Topic 605. Refer to Note 1 — Summary of Significant Accounting Policies for additional information on the adoption of the new standard.


(2)	Other consists of various accrued expenses with no individual item accounting for more than 5% of the total Accrued liabilities balance at February 28, 2019 and May 31, 2018.

Fair Value Measurements (Tables)

9 Months Ended

Feb. 28, 2019

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis as of February 28, 2019 and May 31, 2018, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement.



	As of February 28, 2019
(In millions)	Assets at Fair Value		Cash and Equivalents		Short-term Investments
Cash	$	540	$	540	$	—
Level 1:
U.S. Treasury securities	417		100		317
Level 2:
Commercial paper and bonds	31		1		30
Money market funds	1,379		1,379		—
Time deposits	1,678		1,675		3
U.S. Agency securities	1		—		1
Total Level 2:	3,089		3,055		34
TOTAL	$	4,046	$	3,695	$	351



	As of May 31, 2018
(In millions)	Assets at Fair Value		Cash and Equivalents		Short-term Investments
Cash	$	415	$	415	$	—
Level 1:
U.S. Treasury securities	1,178		500		678
Level 2:
Commercial paper and bonds	451		153		298
Money market funds	2,174		2,174		—
Time deposits	925		907		18
U.S. Agency securities	102		100		2
Total Level 2:	3,652		3,334		318
TOTAL	$	5,245	$	4,249	$	996

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following tables present information about the Company’s derivative assets and liabilities measured at fair value on a recurring basis as of February 28, 2019 and May 31, 2018, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement.



	As of February 28, 2019
	Derivative Assets						Derivative Liabilities
(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⁾	$	481	$	414	$	67	$	83	$	83	$	—
Embedded derivatives	7		1		6		6		4		2
TOTAL	$	488	$	415	$	73	$	89	$	87	$	2

(1)

If the foreign exchange derivative instruments had been netted on the Unaudited Condensed Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $82 million as of February 28, 2019. As of that date, the Company had received $137 million of cash collateral from various counterparties related to foreign exchange derivative instruments. No amount of collateral was posted on the Company’s derivative liability balance as of February 28, 2019.



	As of May 31, 2018
	Derivative Assets						Derivative Liabilities
(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⁾	$	389	$	237	$	152	$	182	$	182	$	—
Embedded derivatives	11		3		8		8		2		6
TOTAL	$	400	$	240	$	160	$	190	$	184	$	6

(1)

If the foreign exchange derivative instruments had been netted on the Condensed Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $182 million as of May 31, 2018. As of that date, the Company had received $23 million of cash collateral from various counterparties related to these foreign exchange derivative instruments. No amount of collateral was posted on the Company’s derivative liability balance as of May 31, 2018.

The following table presents the fair values of derivative instruments included within the Unaudited Condensed Consolidated Balance Sheets as of February 28, 2019 and May 31, 2018. Refer to Note 4 — Fair Value Measurements for a description of how the financial instruments in the table below are valued.



	Derivative Assets					Derivative Liabilities
(In millions)	Balance Sheet Location	February 28, 2019		May 31, 2018		Balance Sheet Location	February 28, 2019		May 31, 2018
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and options	Prepaid expenses and other current assets	$	343	$	118	Accrued liabilities	$	58	$	156
Foreign exchange forwards and options	Deferred income taxes and other assets	67		152		Deferred income taxes and other liabilities	—		—
Total derivatives formally designated as hedging instruments		410		270			58		156
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options	Prepaid expenses and other current assets	71		119		Accrued liabilities	25		26
Embedded derivatives	Prepaid expenses and other current assets	1		3		Accrued liabilities	4		2
Foreign exchange forwards and options	Deferred income taxes and other assets	—		—		Deferred income taxes and other liabilities	—		—
Embedded derivatives	Deferred income taxes and other assets	6		8		Deferred income taxes and other liabilities	2		6
Total derivatives not designated as hedging instruments		78		130			31		34
TOTAL DERIVATIVES		$	488	$	400		$	89	$	190

Common Stock and Stock-Based Compensation (Tables)

9 Months Ended

Feb. 28, 2019

Share-based Compensation [Abstract]

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan

The following table summarizes the Company’s total stock-based compensation expense recognized in Cost of sales or Operating overhead expense, as applicable:



	Three Months Ended February 28,				Nine Months Ended February 28,
(In millions)	2019		2018		2019		2018
Stock options⁽¹⁾	$	62	$	38	$	145	$	110
ESPPs	10		7		28		24
Restricted stock	21		10		53		24
TOTAL STOCK-BASED COMPENSATION EXPENSE	$	93	$	55	$	226	$	158

(1)

Expense for stock options includes the expense associated with stock appreciation rights. Accelerated stock option expense is recorded for employees eligible for accelerated stock option vesting upon retirement. Accelerated stock option expense was $13 million and $6 million for the three months ended February 28, 2019 and 2018, respectively, and $28 million and $14 million for the nine months ended February 28, 2019 and 2018, respectively.

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The weighted average assumptions used to estimate these fair values were as follows:



	Nine Months Ended February 28,
	2019		2018
Dividend yield	1.0	%	1.2	%
Expected volatility	26.6	%	16.4	%
Weighted average expected life (in years)	6.0		6.0
Risk-free interest rate	2.8	%	2.0	%

Earnings Per Share (Tables)

9 Months Ended

Feb. 28, 2019

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following is a reconciliation from basic earnings per common share to diluted earnings (loss) per common share. The computations of diluted earnings per common share excluded options, including shares under ESPPs, to purchase an additional 18.7 million and 19.1 million shares of common stock outstanding for the three and nine months ended February 28, 2019, respectively, and 42.9 million shares of common stock outstanding for the nine months ended February 28, 2018, because the options were anti-dilutive. Additionally, as a result of the net loss incurred for the three months ended February 28, 2018, all outstanding options, including shares under ESPPs, to purchase common stock and other awards of common stock were excluded from the computation of diluted earnings (loss) per common share because the inclusion of the shares would have been anti-dilutive.



	Three Months Ended February 28,					Nine Months Ended February 28,
(In millions, except per share data)	2019		2018			2019		2018
Determination of shares:
Weighted average common shares outstanding	1,572.8		1,623.5			1,582.8		1,629.9
Assumed conversion of dilutive stock options and awards	36.8		—			38.7		35.8
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING	1,609.6		1,623.5			1,621.5		1,665.7

Earnings (loss) per common share:
Basic	$	0.70	$	(0.57	)	$	1.92	$	0.49
Diluted	$	0.68	$	(0.57	)	$	1.87	$	0.48

Risk Management and Derivatives (Tables)

9 Months Ended

Feb. 28, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following tables present information about the Company’s derivative assets and liabilities measured at fair value on a recurring basis as of February 28, 2019 and May 31, 2018, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement.



	As of February 28, 2019
	Derivative Assets						Derivative Liabilities
(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⁾	$	481	$	414	$	67	$	83	$	83	$	—
Embedded derivatives	7		1		6		6		4		2
TOTAL	$	488	$	415	$	73	$	89	$	87	$	2

(1)

If the foreign exchange derivative instruments had been netted on the Unaudited Condensed Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $82 million as of February 28, 2019. As of that date, the Company had received $137 million of cash collateral from various counterparties related to foreign exchange derivative instruments. No amount of collateral was posted on the Company’s derivative liability balance as of February 28, 2019.



	As of May 31, 2018
	Derivative Assets						Derivative Liabilities
(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⁾	$	389	$	237	$	152	$	182	$	182	$	—
Embedded derivatives	11		3		8		8		2		6
TOTAL	$	400	$	240	$	160	$	190	$	184	$	6

(1)

If the foreign exchange derivative instruments had been netted on the Condensed Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $182 million as of May 31, 2018. As of that date, the Company had received $23 million of cash collateral from various counterparties related to these foreign exchange derivative instruments. No amount of collateral was posted on the Company’s derivative liability balance as of May 31, 2018.

The following table presents the fair values of derivative instruments included within the Unaudited Condensed Consolidated Balance Sheets as of February 28, 2019 and May 31, 2018. Refer to Note 4 — Fair Value Measurements for a description of how the financial instruments in the table below are valued.



	Derivative Assets					Derivative Liabilities
(In millions)	Balance Sheet Location	February 28, 2019		May 31, 2018		Balance Sheet Location	February 28, 2019		May 31, 2018
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and options	Prepaid expenses and other current assets	$	343	$	118	Accrued liabilities	$	58	$	156
Foreign exchange forwards and options	Deferred income taxes and other assets	67		152		Deferred income taxes and other liabilities	—		—
Total derivatives formally designated as hedging instruments		410		270			58		156
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options	Prepaid expenses and other current assets	71		119		Accrued liabilities	25		26
Embedded derivatives	Prepaid expenses and other current assets	1		3		Accrued liabilities	4		2
Foreign exchange forwards and options	Deferred income taxes and other assets	—		—		Deferred income taxes and other liabilities	—		—
Embedded derivatives	Deferred income taxes and other assets	6		8		Deferred income taxes and other liabilities	2		6
Total derivatives not designated as hedging instruments		78		130			31		34
TOTAL DERIVATIVES		$	488	$	400		$	89	$	190

Schedule Of Derivative Instruments, Gain (Loss) In Statement Of Income

The following tables present the amounts in the Unaudited Condensed Consolidated Statements of Income in which the effects of cash flow hedges are recorded and the effects of cash flow hedge activity on these line items for the three and nine months ended February 28, 2019 and 2018:



	Three Months Ended February 28, 2019						Three Months Ended February 28, 2018
(In millions)	Total			Amount of Gain (Loss) on Cash Flow Hedge Activity			Total			Amount of Gain (Loss) on Cash Flow Hedge Activity
Revenues	$	9,611		$	1		$	8,984		$	9
Cost of sales	5,272			34			5,046			(41		)
Other (income) expense, net	(55		)	18			(1		)	(15		)
Interest expense (income), net	12			(2		)	13			(1		)



	Nine Months Ended February 28, 2019						Nine Months Ended February 28, 2018
(In millions)	Total			Amount of Gain (Loss) on Cash Flow Hedge Activity			Total		Amount of Gain (Loss) on Cash Flow Hedge Activity
Revenues	$	28,933		$	9		$	26,608	$	24
Cost of sales	16,092			—			15,030		(17		)
Other (income) expense, net	(50		)	9			35		(33		)
Interest expense (income), net	37			(5		)	42		(5		)

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

The following tables present the amounts affecting the Unaudited Condensed Consolidated Statements of Income for the three and nine months ended February 28, 2019 and 2018:



(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⁾
	Three Months Ended February 28,						Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	Three Months Ended February 28,
	2019			2018				2019			2018
Derivatives designated as cash flow hedges:
Foreign exchange forwards and options	$	(50	)	$	7		Revenues	$	1		$	9
Foreign exchange forwards and options	(1		)	(118		)	Cost of sales	34			(41		)
Foreign exchange forwards and options	2			—			Demand creation expense	—			—
Foreign exchange forwards and options	7			(47		)	Other (income) expense, net	18			(15		)
Interest rate swaps⁽²⁾	—			—			Interest expense (income), net	(2		)	(1		)
Total designated cash flow hedges	$	(42	)	$	(158	)		$	51		$	(48	)


(1)	For the three months ended February 28, 2019 and 2018, the amounts recorded in Other (income) expense, net as a result of the discontinuance of cash flow hedges because the forecasted transactions were no longer probable of occurring were immaterial.


(2)	Gains and losses associated with terminated interest rate swaps, which were previously designated as cash flow hedges and recorded in Accumulated other comprehensive income (loss), will be released through Interest expense (income), net over the term of the issued debt.



(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⁾
	Nine Months Ended February 28,						Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	Nine Months Ended February 28,
	2019			2018				2019			2018
Derivatives designated as cash flow hedges:
Foreign exchange forwards and options	$	(31	)	$	26		Revenues	$	9		$	24
Foreign exchange forwards and options	273			(382		)	Cost of sales	—			(17		)
Foreign exchange forwards and options	2			1			Demand creation expense	—			—
Foreign exchange forwards and options	112			(169		)	Other (income) expense, net	9			(33		)
Interest rate swaps⁽²⁾	—			—			Interest expense (income), net	(5		)	(5		)
Total designated cash flow hedges	$	356		$	(524	)		$	13		$	(31	)


(1)	For the nine months ended February 28, 2019 and 2018, the amounts recorded in Other (income) expense, net as a result of the discontinuance of cash flow hedges because the forecasted transactions were no longer probable of occurring were immaterial.


(2)	Gains and losses associated with terminated interest rate swaps, which were previously designated as cash flow hedges and recorded in Accumulated other comprehensive income (loss), will be released through Interest expense (income), net over the term of the issued debt.



	Amount of Gain (Loss) Recognized in Income on Derivatives
	Three Months Ended February 28,						Nine Months Ended February 28,					Location of Gain (Loss) Recognized in Income on Derivatives
(In millions)	2019			2018			2019		2018			Location of Gain (Loss) Recognized in Income on Derivatives
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options	$	(59	)	$	(101	)	$	129	$	(270	)	Other (income) expense, net
Embedded derivatives	(2		)	1			2		(3		)	Other (income) expense, net

Accumulated Other Comprehensive Income (Tables)

9 Months Ended

Feb. 28, 2019

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Accumulated Other Comprehensive Income

The changes in Accumulated other comprehensive income (loss), net of tax, for the three and nine months ended February 28, 2019 were as follows:



(In millions)	Foreign Currency Translation Adjustment⁽¹⁾			Cash Flow Hedges			Net Investment Hedges⁽¹⁾		Other			Total
Balance at November 30, 2018	$	(303	)	$	451		$	115	$	(54	)	$	209
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications⁽²⁾	79			(43		)	—		(3		)	33
Reclassifications to net income of previously deferred (gains) losses⁽³⁾	—			(48		)	—		3			(45		)
Total other comprehensive income (loss)	79			(91		)	—		—			(12		)
Balance at February 28, 2019	$	(224	)	$	360		$	115	$	(54	)	$	197


(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 (loss) upon sale or upon complete or substantially complete liquidation of the respective entity.


(2)	Net of tax benefit (expense) of $0 million, $(1) million, $0 million, $0 million and $(1) million, respectively.


(3)	Net of tax (benefit) expense of $0 million, $3 million, $0 million, $0 million and $3 million, respectively.



(In millions)	Foreign Currency Translation Adjustment⁽¹⁾			Cash Flow Hedges			Net Investment Hedges⁽¹⁾		Other			Total
Balance at May 31, 2018	$	(173	)	$	17		$	115	$	(51	)	$	(92	)
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications⁽²⁾	(51		)	351			—		5			305
Reclassifications to net income of previously deferred (gains) losses⁽³⁾	—			(8		)	—		(8		)	(16		)
Total other comprehensive income (loss)	(51		)	343			—		(3		)	289
Balance at February 28, 2019	$	(224	)	$	360		$	115	$	(54	)	$	197


(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 (loss) upon sale or upon complete or substantially complete liquidation of the respective entity.


(2)	Net of tax benefit (expense) of $0 million, $(5) million, $0 million, $0 million and $(5) million, respectively.


(3)	Net of tax (benefit) expense of $0 million, $5 million, $0 million, $0 million and $5 million, respectively.

The changes in Accumulated other comprehensive income (loss), net of tax, for the three and nine months ended February 28, 2018 were as follows:



(In millions)	Foreign Currency Translation Adjustment⁽¹⁾			Cash Flow Hedges			Net Investment Hedges⁽¹⁾		Other			Total
Balance at November 30, 2017	$	(177	)	$	(439	)	$	115	$	(86	)	$	(587	)
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications⁽²⁾	51			(156		)	—		(15		)	(120		)
Reclassifications to net income (loss) of previously deferred (gains) losses⁽³⁾	—			49			—		17			66
Total other comprehensive income (loss)	51			(107		)	—		2			(54		)
Reclassification to retained earnings in accordance with ASU 2018-02	24			(7		)	—		—			17
Balance at February 28, 2018	$	(102	)	$	(553	)	$	115	$	(84	)	$	(624	)


(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 (loss) upon sale or upon complete or substantially complete liquidation of the respective entity.


(2)	Net of tax benefit (expense) of $0 million, $2 million, $0 million, $0 million and $2 million, respectively.


(3)	Net of tax (benefit) expense of $0 million, $1 million, $0 million, $1 million and $2 million, respectively.



(In millions)	Foreign Currency Translation Adjustment⁽¹⁾			Cash Flow Hedges			Net Investment Hedges⁽¹⁾		Other			Total
Balance at May 31, 2017	$	(191	)	$	(52	)	$	115	$	(85	)	$	(213	)
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications⁽²⁾	65			(523		)	—		(35		)	(493		)
Reclassifications to net income of previously deferred (gains) losses⁽³⁾	—			29			—		36			65
Total other comprehensive income (loss)	65			(494		)	—		1			(428		)
Reclassification to retained earnings in accordance with ASU 2018-02	24			(7		)	—		—			17
Balance at February 28, 2018	$	(102	)	$	(553	)	$	115	$	(84	)	$	(624	)


(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 (loss) upon sale or upon complete or substantially complete liquidation of the respective entity.


(2)	Net of tax benefit (expense) of $(23) million, $1 million, $0 million, $0 million and $(22) million, respectively.


(3)	Net of tax (benefit) expense of $0 million, $(2) million, $0 million, $1 million and $(1) million, respectively.

Reclassification out of Accumulated Other Comprehensive Income

The following table summarizes the reclassifications from Accumulated other comprehensive income (loss) to the Unaudited Condensed Consolidated Statements of Income:



	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
	Three Months Ended February 28,						Nine Months Ended February 28,
(In millions)	2019			2018			2019			2018
Gains (losses) on cash flow hedges:
Foreign exchange forwards and options	$	1		$	9		$	9		$	24		Revenues
Foreign exchange forwards and options	34			(41		)	—			(17		)	Cost of sales
Foreign exchange forwards and options	18			(15		)	9			(33		)	Other (income) expense, net
Interest rate swaps	(2		)	(1		)	(5		)	(5		)	Interest expense (income), net
Total before tax	51			(48		)	13			(31		)
Tax (expense) benefit	(3		)	(1		)	(5		)	2
Gain (loss) net of tax	48			(49		)	8			(29		)
Gains (losses) on other	(3		)	(16		)	8			(35		)	Other (income) expense, net
Total before tax	(3		)	(16		)	8			(35		)
Tax (expense) benefit	—			(1		)	—			(1		)
Gain (loss) net of tax	(3		)	(17		)	8			(36		)
Total net gain (loss) reclassified for the period	$	45		$	(66	)	$	16		$	(65	)

Revenues (Tables)

9 Months Ended

Feb. 28, 2019

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following tables present the Company’s revenues disaggregated by reportable operating segment, major product line and by distribution channel for the three and nine months ended February 28, 2019:



	Three Months Ended February 28, 2019
	North America		Europe, Middle East & Africa		Greater China		Asia Pacific & Latin America		Global Brand Divisions		Total NIKE Brand		Converse		Corporate		Total NIKE, Inc.

(In millions)
Revenues by:
Footwear	$	2,509	$	1,589	$	1,115	$	909	$	—	$	6,122	$	405	$	—	$	6,527
Apparel	1,173		750		444		340		—		2,707		27		—		2,734
Equipment	128		96		29		58		—		311		5		—		316
Other⁽¹⁾	—		—		—		—		8		8		26		—		34
TOTAL REVENUES	$	3,810	$	2,435	$	1,588	$	1,307	$	8	$	9,148	$	463	$	—	$	9,611
Revenues by:
Sales to Wholesale Customers	$	2,547	$	1,785	$	936	$	906	$	—	$	6,174	$	308	$	—	$	6,482
Sales through Direct to Consumer	1,263		650		652		401		—		2,966		129		—		3,095
Other⁽¹⁾	—		—		—		—		8		8		26		—		34
TOTAL REVENUES	$	3,810	$	2,435	$	1,588	$	1,307	$	8	$	9,148	$	463	$	—	$	9,611


(1)	Other revenues for Global Brand Divisions and Converse are primarily attributable to licensing businesses. Corporate revenues primarily consist of foreign currency hedge gains and losses related to revenues generated by entities within the NIKE Brand geographic operating segments and Converse but managed through the Company’s central foreign exchange risk management program.



	Nine Months Ended February 28, 2019
	North America		Europe, Middle East & Africa		Greater China		Asia Pacific & Latin America		Global Brand Divisions		Total NIKE Brand		Converse		Corporate		Total NIKE, Inc.

(In millions)
Revenues by:
Footwear	$	7,309	$	4,650	$	3,095	$	2,669	$	—	$	17,723	$	1,222	$	—	$	18,945
Apparel	3,985		2,374		1,314		1,032		—		8,705		93		—		8,798
Equipment	443		331		102		174		—		1,050		18		—		1,068
Other⁽¹⁾	—		—		—		—		33		33		82		7		122
TOTAL REVENUES	$	11,737	$	7,355	$	4,511	$	3,875	$	33	$	27,511	$	1,415	$	7	$	28,933
Revenues by:
Sales to Wholesale Customers	$	8,031	$	5,318	$	2,704	$	2,777	$	—	$	18,830	$	930	$	—	$	19,760
Sales through Direct to Consumer	3,706		2,037		1,807		1,098		—		8,648		403		—		9,051
Other⁽¹⁾	—		—		—		—		33		33		82		7		122
TOTAL REVENUES	$	11,737	$	7,355	$	4,511	$	3,875	$	33	$	27,511	$	1,415	$	7	$	28,933


(1)	Other revenues for Global Brand Divisions and Converse are primarily attributable to licensing businesses. Corporate revenues primarily consist of foreign currency hedge gains and losses related to revenues generated by entities within the NIKE Brand geographic operating segments and Converse but managed through the Company’s central foreign exchange risk management program.

Operating Segments (Tables)

9 Months Ended

Feb. 28, 2019

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment



	Three Months Ended February 28,						Nine Months Ended February 28,
(In millions)	2019			2018			2019			2018
REVENUES
North America	$	3,810		$	3,571		$	11,737		$	10,980
Europe, Middle East & Africa	2,435			2,299			7,355			6,776
Greater China	1,588			1,336			4,511			3,666
Asia Pacific & Latin America	1,307			1,268			3,875			3,730
Global Brand Divisions	8			21			33			64
Total NIKE Brand	9,148			8,495			27,511			25,216
Converse	463			483			1,415			1,374
Corporate	—			6			7			18
TOTAL NIKE, INC. REVENUES	$	9,611		$	8,984		$	28,933		$	26,608
EARNINGS BEFORE INTEREST AND TAXES
North America	$	916		$	840		$	2,877		$	2,625
Europe, Middle East & Africa	538			417			1,489			1,205
Greater China	639			496			1,702			1,268
Asia Pacific & Latin America	339			298			983			849
Global Brand Divisions	(788		)	(649		)	(2,432		)	(1,926		)
Total NIKE Brand	1,644			1,402			4,619			4,021
Converse	79			69			221			206
Corporate	(420		)	(299		)	(1,245		)	(1,075		)
Total NIKE, Inc. Earnings Before Interest and Taxes	1,303			1,172			3,595			3,152
Interest expense (income), net	12			13			37			42
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES	$	1,291		$	1,159		$	3,558		$	3,110

Reconciliation of Assets from Segment to Consolidated



	As of February 28,		As of May 31,
(In millions)	2019		2018
ACCOUNTS RECEIVABLE, NET⁽¹⁾
North America	$	1,810	$	1,443
Europe, Middle East & Africa	1,241		870
Greater China	289		101
Asia Pacific & Latin America	783		720
Global Brand Divisions	111		102
Total NIKE Brand	4,234		3,236
Converse	281		240
Corporate	34		22
TOTAL ACCOUNTS RECEIVABLE, NET	$	4,549	$	3,498
INVENTORIES
North America	$	2,260	$	2,270
Europe, Middle East & Africa	1,271		1,433
Greater China	723		580
Asia Pacific & Latin America	708		687
Global Brand Divisions	96		91
Total NIKE Brand	5,058		5,061
Converse	259		268
Corporate	98		(68		)
TOTAL INVENTORIES	$	5,415	$	5,261
PROPERTY, PLANT AND EQUIPMENT, NET
North America	$	838	$	848
Europe, Middle East & Africa	921		849
Greater China	244		256
Asia Pacific & Latin America	321		339
Global Brand Divisions	631		597
Total NIKE Brand	2,955		2,889
Converse	105		115
Corporate	1,628		1,450
TOTAL PROPERTY, PLANT AND EQUIPMENT, NET	$	4,688	$	4,454


(1)	Accounts receivable, net as of February 28, 2019 reflects the Company’s fiscal 2019 adoption of Topic 606. Refer to Note 1 — Summary of Significant Accounting Policies for additional information on the adoption of the new standard.

Summary of Significant Accounting Policies (Detail) - USD ($) $ in Millions	Feb. 28, 2019	Jun. 01, 2018	May 31, 2018	Feb. 28, 2018	Nov. 30, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Capital in excess of stated value	$ 6,910		$ 6,384
Retained earnings	1,851		3,517
Accounts receivable, net	4,549		3,498
Prepaid expenses and other current assets	1,786		1,130
Total current assets	15,796		15,134
TOTAL ASSETS	22,921		22,536
Accrued liabilities	4,738		3,269
Total current liabilities	7,281		6,040
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	22,921		22,536
Deferred income taxes and other assets	2,000		2,509
Deferred income taxes and other liabilities	3,214		$ 3,216
Adoption of ASC Topic 606 (Note 1)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings		$ 23
Adoption of ASU 2016-16 (Note 1)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings		(507)
Prepaid expenses and other current assets		(45)
Deferred income taxes and other assets		(422)
Deferred income taxes and other liabilities		$ 40
Effect of Adoption \| Adoption of ASC Topic 606 (Note 1)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounts receivable, net	795
Prepaid expenses and other current assets	426
Total current assets	1,221
TOTAL ASSETS	1,221
Accrued liabilities	1,221
Total current liabilities	1,221
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	1,221
Balances Without Adoption of Topic 606
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounts receivable, net	3,754
Prepaid expenses and other current assets	1,360
Total current assets	14,575
TOTAL ASSETS	21,700
Accrued liabilities	3,517
Total current liabilities	6,060
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 21,700
Restatement Adjustment \| Repurchases Of Class B Common Stock
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Capital in excess of stated value				$ (100)	$ (3,000)
Retained earnings				$ 100	$ 3,000

Inventories (Detail) - USD ($) $ in Millions	Feb. 28, 2019	May 31, 2018
Inventory Disclosure [Abstract]
Inventory balances (substantially all finished goods)	$ 5,415	$ 5,261

Accrued Liabilities (Detail) - USD ($) $ in Millions	Feb. 28, 2019	May 31, 2018
Accrued Liabilities, Current [Abstract]
Sales-related reserves	$ 1,244	$ 20
Compensation and benefits, excluding taxes	1,043	897
Endorsement compensation	394	425
Dividends payable	346	320
Import and logistics costs	295	268
Taxes other than income taxes payable	228	224
Advertising and marketing	161	140
Collateral received from counterparties to hedging instruments	137	23
Fair value of derivatives	87	184
Other	803	768
TOTAL ACCRUED LIABILITIES	$ 4,738	$ 3,269

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Feb. 28, 2019	May 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Cash	$ 540	$ 415
Assets at Fair Value	4,046	5,245
Cash and Equivalents	3,695	4,249
Short-term Investments	351	996
Fair Value Measurements Using Level 1 \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets at Fair Value	417	1,178
Cash and Equivalents	100	500
Short-term Investments	317	678
Fair Value Measurements Using Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets at Fair Value	3,089	3,652
Cash and Equivalents	3,055	3,334
Short-term Investments	34	318
Fair Value Measurements Using Level 2 \| Commercial paper and bonds
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets at Fair Value	31	451
Cash and Equivalents	1	153
Short-term Investments	30	298
Fair Value Measurements Using Level 2 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets at Fair Value	1,379	2,174
Cash and Equivalents	1,379	2,174
Short-term Investments	0	0
Fair Value Measurements Using Level 2 \| Time deposits
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets at Fair Value	1,678	925
Cash and Equivalents	1,675	907
Short-term Investments	3	18
Fair Value Measurements Using Level 2 \| U.S. Agency securities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets at Fair Value	1	102
Cash and Equivalents	0	100
Short-term Investments	$ 1	$ 2

Fair Value Measurements - Derivative Assets and Liabilities at Fair Value (Detail) - USD ($)	Feb. 28, 2019	May 31, 2018
Derivatives, Fair Value [Line Items]
Accrued Liabilities	$ 87,000,000	$ 184,000,000
Collateral received on derivative assets	137,000,000	23,000,000
Fair Value, Measurements, Recurring \| Foreign exchange forwards and options
Derivatives, Fair Value [Line Items]
Reduction in derivative assets if netted	82,000,000	182,000,000
Reduction in derivative liabilities if netted	82,000,000	182,000,000
Fair Value Measurements Using Level 2 \| Fair Value, Measurements, Recurring
Derivatives, Fair Value [Line Items]
Assets at Fair Value	488,000,000	400,000,000
Other Current Assets	415,000,000	240,000,000
Other Long-term Assets	73,000,000	160,000,000
Liabilities at Fair Value	89,000,000	190,000,000
Accrued Liabilities	87,000,000	184,000,000
Other Long-term Liabilities	2,000,000	6,000,000
Fair Value Measurements Using Level 2 \| Fair Value, Measurements, Recurring \| Foreign exchange forwards and options
Derivatives, Fair Value [Line Items]
Assets at Fair Value	481,000,000	389,000,000
Other Current Assets	414,000,000	237,000,000
Other Long-term Assets	67,000,000	152,000,000
Liabilities at Fair Value	83,000,000	182,000,000
Accrued Liabilities	83,000,000	182,000,000
Other Long-term Liabilities	0	0
Fair Value Measurements Using Level 2 \| Fair Value, Measurements, Recurring \| Embedded derivatives
Derivatives, Fair Value [Line Items]
Assets at Fair Value	7,000,000	11,000,000
Other Current Assets	1,000,000	3,000,000
Other Long-term Assets	6,000,000	8,000,000
Liabilities at Fair Value	6,000,000	8,000,000
Accrued Liabilities	4,000,000	2,000,000
Other Long-term Liabilities	2,000,000	6,000,000
Cash and Cash Equivalents \| Foreign exchange forwards and options
Derivatives, Fair Value [Line Items]
Collateral posted on derivative liabilities	0	0
Collateral received on derivative assets	$ 137,000,000	$ 23,000,000

Fair Value Measurements - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018	May 31, 2017	May 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Interest income	$ 20,000,000	$ 12,000,000	$ 60,000,000	$ 36,000,000
Fair value transfers between fair value hierarchy levels			0		$ 0
Available-for-sale Securities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Available-for-sale securities with maturity dates within one year from purchase date	313,000,000		313,000,000
Available-for-sale securities with maturity dates over one year and less than five years from purchase date	38,000,000		38,000,000
Fair Value Measurements Using Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Fair value of long term debt	$ 3,345,000,000		$ 3,345,000,000			$ 3,294,000,000

Short-Term Borrowings and Credit Lines (Detail) - USD ($)	Feb. 28, 2019	May 31, 2018
Short-term Debt [Line Items]
Notes payable	$ 16,000,000	$ 336,000,000
Commercial paper
Short-term Debt [Line Items]
Notes payable	0	$ 325,000,000
Borrowing capacity	$ 2,000,000,000
Notes payable - interest rate		1.77%

Income Taxes (Detail) - USD ($) $ in Millions	9 Months Ended
Income Taxes (Detail) - USD ($) $ in Millions	Feb. 28, 2019	Feb. 28, 2018	May 31, 2018
Income Tax Disclosure [Abstract]
Effective tax rate on continuing operations (percent)	14.60%	74.40%
Total gross unrecognized tax benefits, excluding related interest and penalties	$ 798		$ 698
Increase (decrease) in liability for payment of interest and penalties	12
Total gross unrecognized tax benefits, excluding related interest and penalties, amount which would affect the Company's effective tax rate if recognized in future periods	537
Accrued interest and penalties related to uncertain tax positions (excluding federal benefit)	169		$ 157
Estimated decrease in total gross unrecognized tax benefits as a result of resolutions of global tax examinations and expiration of applicable statutes of limitations	$ 210

Common Stock and Stock-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Millions	9 Months Ended
	Feb. 28, 2019 USD ($) $ / shares shares	Feb. 28, 2018 $ / shares
Class A Convertible Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, no par value (in dollars per share) \| $ / shares	$ 0
Common stock, shares authorized (in shares) \| shares	400,000,000
Common stock, conversion basis	Each share of Class A Common Stock is convertible into one share of Class B Common Stock.
Common stock, Class A conversion ratio to Class B (in shares)	1
Class B Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, no par value (in dollars per share) \| $ / shares	$ 0
Common stock, shares authorized (in shares) \| shares	2,400,000,000
Shares available for grant (in shares) \| shares	718,000,000
Stock options \| Class B Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options vesting period	4 years
Stock options expiration from the date of grant	10 years
Unrecognized compensation costs from stock options, net of estimated forfeitures \| $	$ 414
Unrecognized compensation costs from stock options, net of estimated forfeitures, to be recognized as operating overhead expense over a weighted average period	2 years 3 months 18 days
Weighted average fair value per share of the options granted (in dollars per share) \| $ / shares	$ 22.79	$ 9.82
Minimum term of market traded options for estimates of expected volatility	1 year
ESPPs \| Class B Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee stock purchase plans, payroll deductions	10.00%
Employee stock purchase plan offering period	6 months
Purchase price of common stock, percent	85.00%
Restricted stock \| Class B Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options vesting period	4 years

Common Stock and Stock-Based Compensation - Total Stock-Based Compensation Expense (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense			$ 226	$ 158
Class B Common Stock
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 93	$ 55	226	158
Class B Common Stock \| Stock options
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	62	38	145	110
Accelerated stock option expense	13	6	28	14
Class B Common Stock \| ESPPs
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	10	7	28	24
Class B Common Stock \| Restricted stock
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 21	$ 10	$ 53	$ 24

Common Stock and Stock-Based Compensation - Weighted Average Assumptions Used to Estimate Fair Values (Detail) - Stock options - Class B Common Stock	9 Months Ended
	Feb. 28, 2019	Feb. 28, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	1.00%	1.20%
Expected volatility	26.60%	16.40%
Weighted average expected life	6 years	6 years
Risk-free interest rate	2.80%	2.00%

Earnings Per Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended	9 Months Ended
	Feb. 28, 2019	Feb. 28, 2019	Feb. 28, 2018
Earnings Per Share [Abstract]
Anti-dilutive options not included in the computation of diluted earnings per share	18.7	19.1	42.9

Earnings Per Share - Reconciliation from Basic to Diluted Earnings Per Share (Detail) - $ / shares shares in Millions	3 Months Ended		9 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018
Determination of shares:
Weighted average common shares outstanding	1,572.8	1,623.5	1,582.8	1,629.9
Assumed conversion of dilutive stock options and awards	36.8	0.0	38.7	35.8
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING	1,609.6	1,623.5	1,621.5	1,665.7
Earnings (loss) per common share:
Basic (in dollars per share)	$ 0.70	$ (0.57)	$ 1.92	$ 0.49
Diluted (in dollars per share)	$ 0.68	$ (0.57)	$ 1.87	$ 0.48

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

Risk Management and Derivatives - Additional Information (Detail) - USD ($)	9 Months Ended
	Feb. 28, 2019	May 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Deferred net gains (net of tax) on both outstanding and matured derivatives accumulated in other comprehensive income are expected to be reclassified to net income during the next twelve months as a result of underlying hedged transactions also being recorded in net income	$ 287,000,000
Maximum term over which the Company is hedging exposures to the variability of cash flows for its forecasted and recorded transactions (in months)	15 months
Aggregate fair value of derivative instruments in net liability position	$ 1,000,000
Collateral received on derivative assets	137,000,000	$ 23,000,000
Minimum
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Minimum fair value of outstanding derivative above which the credit related contingent features require the derivative party to post collateral	$ 50,000,000
Derivatives designated as cash flow hedges
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Additional period for forecasted transaction expected to occur	2 months
Percentage of anticipated exposures hedged (percent)	100.00%
Total notional amount of outstanding derivatives	$ 9,700,000,000
Derivatives designated as cash flow hedges \| Minimum
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Typical time period that anticipated exposures are hedged against (in months)	12 months
Derivatives designated as cash flow hedges \| Maximum
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Typical time period that anticipated exposures are hedged against (in months)	24 months
Embedded derivatives
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Total notional amount of outstanding derivatives	$ 419,000,000
Interest rate swaps \| Derivatives designated as fair value hedges
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Total notional amount of outstanding derivatives	0
Foreign exchange forwards and options \| Cash and Cash Equivalents
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Collateral received on derivative assets	137,000,000	$ 23,000,000
Foreign exchange forwards and options \| Derivatives designated as net investment hedges
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Derivative assets (liabilities), at fair value, net	0
Undesignated derivative instruments
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Total notional amount of outstanding derivatives	$ 6,000,000,000

Risk Management and Derivatives - FV of Derivative Instruments Included within Consolidated Balance Sheet (Detail) - USD ($) $ in Millions	Feb. 28, 2019	May 31, 2018
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 488	$ 400
Derivative Liabilities	89	190
Derivatives formally designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative Assets	410	270
Derivative Liabilities	58	156
Derivatives formally designated as hedging instruments \| Foreign exchange forwards and options \| Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Derivative Assets	343	118
Derivatives formally designated as hedging instruments \| Foreign exchange forwards and options \| Deferred income taxes and other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	67	152
Derivatives formally designated as hedging instruments \| Foreign exchange forwards and options \| Accrued liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	58	156
Derivatives formally designated as hedging instruments \| Foreign exchange forwards and options \| Deferred income taxes and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	0	0
Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative Assets	78	130
Derivative Liabilities	31	34
Derivatives not designated as hedging instruments \| Foreign exchange forwards and options \| Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Derivative Assets	71	119
Derivatives not designated as hedging instruments \| Foreign exchange forwards and options \| Deferred income taxes and other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	0	0
Derivatives not designated as hedging instruments \| Foreign exchange forwards and options \| Accrued liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	25	26
Derivatives not designated as hedging instruments \| Foreign exchange forwards and options \| Deferred income taxes and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	0	0
Derivatives not designated as hedging instruments \| Embedded derivatives \| Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Derivative Assets	1	3
Derivatives not designated as hedging instruments \| Embedded derivatives \| Deferred income taxes and other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	6	8
Derivatives not designated as hedging instruments \| Embedded derivatives \| Accrued liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	4	2
Derivatives not designated as hedging instruments \| Embedded derivatives \| Deferred income taxes and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ 2	$ 6

Risk Management and Derivatives - Effects Of Cash Flow Hedges in Statement of Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Revenues	$ 9,611	$ 8,984	$ 28,933	$ 26,608
Cost of sales	5,272	5,046	16,092	15,030
Demand creation expense	865	862	2,739	2,594
Other (income) expense, net	(55)	(1)	(50)	35
Interest expense (income), net	12	13	37	42
Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) on cash flow hedge activity	51	(48)	13	(31)
Foreign exchange forwards and options \| Revenues \| Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) on cash flow hedge activity	1	9	9	24
Foreign exchange forwards and options \| Cost of sales \| Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) on cash flow hedge activity	34	(41)	0	(17)
Foreign exchange forwards and options \| Other (income) expense, net \| Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) on cash flow hedge activity	18	(15)	9	(33)
Interest rate swaps \| Interest expense (income), net \| Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) on cash flow hedge activity	$ (2)	$ (1)	$ (5)	$ (5)

Risk Management and Derivatives - Amounts Affecting Consolidated Statements of Income (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018
Derivatives not designated as hedging instruments \| Foreign exchange forwards and options \| Other (income) expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivatives	$ (59)	$ (101)	$ 129	$ (270)
Derivatives not designated as hedging instruments \| Embedded derivatives \| Other (income) expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivatives	(2)	1	2	(3)
Derivatives designated as cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives	(42)	(158)	356	(524)
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income	51	(48)	13	(31)
Derivatives designated as cash flow hedges \| Foreign exchange forwards and options \| Revenues
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives	(50)	7	(31)	26
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income	1	9	9	24
Derivatives designated as cash flow hedges \| Foreign exchange forwards and options \| Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives	(1)	(118)	273	(382)
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income	34	(41)	0	(17)
Derivatives designated as cash flow hedges \| Foreign exchange forwards and options \| Demand creation expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives	2	0	2	1
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income	0	0	0	0
Derivatives designated as cash flow hedges \| Foreign exchange forwards and options \| Other (income) expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives	7	(47)	112	(169)
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income	18	(15)	9	(33)
Derivatives designated as cash flow hedges \| Interest rate swaps \| Interest expense (income), net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives	0	0	0	0
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income	$ (2)	$ (1)	$ (5)	$ (5)

Accumulated Other Comprehensive Income - Changes in AOCI (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018
AOCI Including Portion Attributable to Noncontrolling, Net of Tax [Roll Forward]
Beginning balance	$ 8,729	$ 11,758	$ 9,812	$ 12,407
Other comprehensive income (loss):
Other comprehensive (losses) gains before reclassifications, net of tax	33	(120)	305	(493)
Reclassifications to net income of previously deferred losses (gains), net of tax	(45)	66	(16)	65
Total other comprehensive income (loss), net of tax	(12)	(54)	289	(428)
Total other comprehensive income (loss)		17		17
Ending balance	8,961	9,782	8,961	9,782
Other comprehensive income, before reclassification, tax benefit (expense)	(1)	2	(5)	(22)
Reclassification from AOCI, Current Period, Tax	3	2	5	(1)
Foreign Currency Translation Adjustment
AOCI Including Portion Attributable to Noncontrolling, Net of Tax [Roll Forward]
Beginning balance	(303)	(177)	(173)	(191)
Other comprehensive income (loss):
Other comprehensive (losses) gains before reclassifications, net of tax	79	51	(51)	65
Reclassifications to net income of previously deferred losses (gains), net of tax	0	0	0	0
Total other comprehensive income (loss), net of tax	79	51	(51)	65
Total other comprehensive income (loss)		24		24
Ending balance	(224)	(102)	(224)	(102)
Other comprehensive income, before reclassification, tax benefit (expense)	0	0	0	(23)
Reclassification from AOCI, Current Period, Tax	0	0	0	0
Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling, Net of Tax [Roll Forward]
Beginning balance	451	(439)	17	(52)
Other comprehensive income (loss):
Other comprehensive (losses) gains before reclassifications, net of tax	(43)	(156)	351	(523)
Reclassifications to net income of previously deferred losses (gains), net of tax	(48)	49	(8)	29
Total other comprehensive income (loss), net of tax	(91)	(107)	343	(494)
Total other comprehensive income (loss)		(7)		(7)
Ending balance	360	(553)	360	(553)
Other comprehensive income, before reclassification, tax benefit (expense)	(1)	2	(5)	1
Reclassification from AOCI, Current Period, Tax	3	1	5	(2)
Net Investment Hedges
AOCI Including Portion Attributable to Noncontrolling, Net of Tax [Roll Forward]
Beginning balance	115	115	115	115
Other comprehensive income (loss):
Other comprehensive (losses) gains before reclassifications, net of tax	0	0	0	0
Reclassifications to net income of previously deferred losses (gains), net of tax	0	0	0	0
Total other comprehensive income (loss), net of tax	0	0	0	0
Total other comprehensive income (loss)		0		0
Ending balance	115	115	115	115
Other comprehensive income, before reclassification, tax benefit (expense)	0	0	0	0
Reclassification from AOCI, Current Period, Tax	0	0	0	0
Other
AOCI Including Portion Attributable to Noncontrolling, Net of Tax [Roll Forward]
Beginning balance	(54)	(86)	(51)	(85)
Other comprehensive income (loss):
Other comprehensive (losses) gains before reclassifications, net of tax	(3)	(15)	5	(35)
Reclassifications to net income of previously deferred losses (gains), net of tax	3	17	(8)	36
Total other comprehensive income (loss), net of tax	0	2	(3)	1
Total other comprehensive income (loss)		0		0
Ending balance	(54)	(84)	(54)	(84)
Other comprehensive income, before reclassification, tax benefit (expense)	0	0	0	0
Reclassification from AOCI, Current Period, Tax	0	1	0	1
Total
AOCI Including Portion Attributable to Noncontrolling, Net of Tax [Roll Forward]
Beginning balance	209	(587)	(92)	(213)
Other comprehensive income (loss):
Ending balance	$ 197	$ (624)	$ 197	$ (624)

Accumulated Other Comprehensive Income - Reclassification out of AOCI (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Revenues	$ 9,611	$ 8,984	$ 28,933	$ 26,608
Cost of sales	5,272	5,046	16,092	15,030
Other (income) expense, net	55	1	50	(35)
Interest expense (income), net	(12)	(13)	(37)	(42)
Income before income taxes	1,291	1,159	3,558	3,110
Tax (expense) benefit	(190)	(2,080)	(518)	(2,314)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
NET INCOME	45	(66)	16	(65)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income \| Gain (losses) on cash flow hedges
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes	51	(48)	13	(31)
Tax (expense) benefit	(3)	(1)	(5)	2
NET INCOME	48	(49)	8	(29)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income \| Gain (losses) on cash flow hedges \| Foreign exchange forwards and options
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Revenues	1	9	9	24
Cost of sales	(34)	41	0	17
Other (income) expense, net	18	(15)	9	(33)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income \| Gain (losses) on cash flow hedges \| Interest rate swaps
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Interest expense (income), net	(2)	(1)	(5)	(5)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income \| Other
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Other (income) expense, net	(3)	(16)	8	(35)
Income before income taxes	(3)	(16)	8	(35)
Tax (expense) benefit	0	(1)	0	(1)
NET INCOME	$ (3)	$ (17)	$ 8	$ (36)

Revenues (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Revenues (Details) - USD ($) $ in Millions	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018	May 31, 2018
Disaggregation of Revenue [Line Items]
Revenues	$ 9,611	$ 8,984	$ 28,933	$ 26,608
Allowance for sales discounts returns and miscellaneous claims	1,244		1,244		$ 20
Sales to Wholesale Customers
Disaggregation of Revenue [Line Items]
Revenues	6,482		19,760
Sales through Direct to Consumer
Disaggregation of Revenue [Line Items]
Revenues	3,095		9,051
Other
Disaggregation of Revenue [Line Items]
Revenues	34		122
Footwear
Disaggregation of Revenue [Line Items]
Revenues	6,527		18,945
Apparel
Disaggregation of Revenue [Line Items]
Revenues	2,734		8,798
Equipment
Disaggregation of Revenue [Line Items]
Revenues	316		1,068
Other
Disaggregation of Revenue [Line Items]
Revenues	34		122
Operating Segments \| NIKE Brand
Disaggregation of Revenue [Line Items]
Revenues	9,148	8,495	27,511	25,216
Operating Segments \| NIKE Brand \| Sales to Wholesale Customers
Disaggregation of Revenue [Line Items]
Revenues	6,174		18,830
Operating Segments \| NIKE Brand \| Sales through Direct to Consumer
Disaggregation of Revenue [Line Items]
Revenues	2,966		8,648
Operating Segments \| NIKE Brand \| Other
Disaggregation of Revenue [Line Items]
Revenues	8		33
Operating Segments \| NIKE Brand \| Footwear
Disaggregation of Revenue [Line Items]
Revenues	6,122		17,723
Operating Segments \| NIKE Brand \| Apparel
Disaggregation of Revenue [Line Items]
Revenues	2,707		8,705
Operating Segments \| NIKE Brand \| Equipment
Disaggregation of Revenue [Line Items]
Revenues	311		1,050
Operating Segments \| NIKE Brand \| Other
Disaggregation of Revenue [Line Items]
Revenues	8		33
Operating Segments \| Converse
Disaggregation of Revenue [Line Items]
Revenues	463	483	1,415	1,374
Operating Segments \| Converse \| Sales to Wholesale Customers
Disaggregation of Revenue [Line Items]
Revenues	308		930
Operating Segments \| Converse \| Sales through Direct to Consumer
Disaggregation of Revenue [Line Items]
Revenues	129		403
Operating Segments \| Converse \| Other
Disaggregation of Revenue [Line Items]
Revenues	26		82
Operating Segments \| Converse \| Footwear
Disaggregation of Revenue [Line Items]
Revenues	405		1,222
Operating Segments \| Converse \| Apparel
Disaggregation of Revenue [Line Items]
Revenues	27		93
Operating Segments \| Converse \| Equipment
Disaggregation of Revenue [Line Items]
Revenues	5		18
Operating Segments \| Converse \| Other
Disaggregation of Revenue [Line Items]
Revenues	26		82
Global Brand Divisions
Disaggregation of Revenue [Line Items]
Revenues	8	21	33	64
Global Brand Divisions \| Sales to Wholesale Customers
Disaggregation of Revenue [Line Items]
Revenues	0		0
Global Brand Divisions \| Sales through Direct to Consumer
Disaggregation of Revenue [Line Items]
Revenues	0		0
Global Brand Divisions \| Other
Disaggregation of Revenue [Line Items]
Revenues	8		33
Global Brand Divisions \| Footwear
Disaggregation of Revenue [Line Items]
Revenues	0		0
Global Brand Divisions \| Apparel
Disaggregation of Revenue [Line Items]
Revenues	0		0
Global Brand Divisions \| Equipment
Disaggregation of Revenue [Line Items]
Revenues	0		0
Global Brand Divisions \| Other
Disaggregation of Revenue [Line Items]
Revenues	8		33
Corporate
Disaggregation of Revenue [Line Items]
Revenues	0	6	7	18
Corporate \| Sales to Wholesale Customers
Disaggregation of Revenue [Line Items]
Revenues	0		0
Corporate \| Sales through Direct to Consumer
Disaggregation of Revenue [Line Items]
Revenues	0		0
Corporate \| Other
Disaggregation of Revenue [Line Items]
Revenues	0		7
Corporate \| Footwear
Disaggregation of Revenue [Line Items]
Revenues	0		0
Corporate \| Apparel
Disaggregation of Revenue [Line Items]
Revenues	0		0
Corporate \| Equipment
Disaggregation of Revenue [Line Items]
Revenues	0		0
Corporate \| Other
Disaggregation of Revenue [Line Items]
Revenues	0		7
North America \| Operating Segments \| NIKE Brand
Disaggregation of Revenue [Line Items]
Revenues	3,810	3,571	11,737	10,980
North America \| Operating Segments \| NIKE Brand \| Sales to Wholesale Customers
Disaggregation of Revenue [Line Items]
Revenues	2,547		8,031
North America \| Operating Segments \| NIKE Brand \| Sales through Direct to Consumer
Disaggregation of Revenue [Line Items]
Revenues	1,263		3,706
North America \| Operating Segments \| NIKE Brand \| Other
Disaggregation of Revenue [Line Items]
Revenues	0		0
North America \| Operating Segments \| NIKE Brand \| Footwear
Disaggregation of Revenue [Line Items]
Revenues	2,509		7,309
North America \| Operating Segments \| NIKE Brand \| Apparel
Disaggregation of Revenue [Line Items]
Revenues	1,173		3,985
North America \| Operating Segments \| NIKE Brand \| Equipment
Disaggregation of Revenue [Line Items]
Revenues	128		443
North America \| Operating Segments \| NIKE Brand \| Other
Disaggregation of Revenue [Line Items]
Revenues	0		0
Europe, Middle East & Africa \| Operating Segments \| NIKE Brand
Disaggregation of Revenue [Line Items]
Revenues	2,435	2,299	7,355	6,776
Europe, Middle East & Africa \| Operating Segments \| NIKE Brand \| Sales to Wholesale Customers
Disaggregation of Revenue [Line Items]
Revenues	1,785		5,318
Europe, Middle East & Africa \| Operating Segments \| NIKE Brand \| Sales through Direct to Consumer
Disaggregation of Revenue [Line Items]
Revenues	650		2,037
Europe, Middle East & Africa \| Operating Segments \| NIKE Brand \| Other
Disaggregation of Revenue [Line Items]
Revenues	0		0
Europe, Middle East & Africa \| Operating Segments \| NIKE Brand \| Footwear
Disaggregation of Revenue [Line Items]
Revenues	1,589		4,650
Europe, Middle East & Africa \| Operating Segments \| NIKE Brand \| Apparel
Disaggregation of Revenue [Line Items]
Revenues	750		2,374
Europe, Middle East & Africa \| Operating Segments \| NIKE Brand \| Equipment
Disaggregation of Revenue [Line Items]
Revenues	96		331
Europe, Middle East & Africa \| Operating Segments \| NIKE Brand \| Other
Disaggregation of Revenue [Line Items]
Revenues	0		0
Greater China \| Operating Segments \| NIKE Brand
Disaggregation of Revenue [Line Items]
Revenues	1,588	1,336	4,511	3,666
Greater China \| Operating Segments \| NIKE Brand \| Sales to Wholesale Customers
Disaggregation of Revenue [Line Items]
Revenues	936		2,704
Greater China \| Operating Segments \| NIKE Brand \| Sales through Direct to Consumer
Disaggregation of Revenue [Line Items]
Revenues	652		1,807
Greater China \| Operating Segments \| NIKE Brand \| Other
Disaggregation of Revenue [Line Items]
Revenues	0		0
Greater China \| Operating Segments \| NIKE Brand \| Footwear
Disaggregation of Revenue [Line Items]
Revenues	1,115		3,095
Greater China \| Operating Segments \| NIKE Brand \| Apparel
Disaggregation of Revenue [Line Items]
Revenues	444		1,314
Greater China \| Operating Segments \| NIKE Brand \| Equipment
Disaggregation of Revenue [Line Items]
Revenues	29		102
Greater China \| Operating Segments \| NIKE Brand \| Other
Disaggregation of Revenue [Line Items]
Revenues	0		0
Asia Pacific & Latin America \| Operating Segments \| NIKE Brand
Disaggregation of Revenue [Line Items]
Revenues	1,307	$ 1,268	3,875	$ 3,730
Asia Pacific & Latin America \| Operating Segments \| NIKE Brand \| Sales to Wholesale Customers
Disaggregation of Revenue [Line Items]
Revenues	906		2,777
Asia Pacific & Latin America \| Operating Segments \| NIKE Brand \| Sales through Direct to Consumer
Disaggregation of Revenue [Line Items]
Revenues	401		1,098
Asia Pacific & Latin America \| Operating Segments \| NIKE Brand \| Other
Disaggregation of Revenue [Line Items]
Revenues	0		0
Asia Pacific & Latin America \| Operating Segments \| NIKE Brand \| Footwear
Disaggregation of Revenue [Line Items]
Revenues	909		2,669
Asia Pacific & Latin America \| Operating Segments \| NIKE Brand \| Apparel
Disaggregation of Revenue [Line Items]
Revenues	340		1,032
Asia Pacific & Latin America \| Operating Segments \| NIKE Brand \| Equipment
Disaggregation of Revenue [Line Items]
Revenues	58		174
Asia Pacific & Latin America \| Operating Segments \| NIKE Brand \| Other
Disaggregation of Revenue [Line Items]
Revenues	0		0
Accrued liabilities
Disaggregation of Revenue [Line Items]
Allowance for sales discounts returns and miscellaneous claims	1,244		1,244
Prepaid expenses and other current assets
Disaggregation of Revenue [Line Items]
Reserve for sales returns	$ 426		$ 426
Accounts receivable
Disaggregation of Revenue [Line Items]
Reserve for sales returns, net of estimated cost of inventory for product returns					$ 675

Operating Segments - Information by Operating Segments (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018
Segment Reporting, Revenue Reconciling Item [Line Items]
REVENUES	$ 9,611	$ 8,984	$ 28,933	$ 26,608
EARNINGS BEFORE INTEREST AND TAXES	1,303	1,172	3,595	3,152
Interest expense (income), net	12	13	37	42
Income before income taxes	1,291	1,159	3,558	3,110
Global Brand Divisions
Segment Reporting, Revenue Reconciling Item [Line Items]
REVENUES	8	21	33	64
EARNINGS BEFORE INTEREST AND TAXES	(788)	(649)	(2,432)	(1,926)
Corporate
Segment Reporting, Revenue Reconciling Item [Line Items]
REVENUES	0	6	7	18
EARNINGS BEFORE INTEREST AND TAXES	(420)	(299)	(1,245)	(1,075)
Converse \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
REVENUES	463	483	1,415	1,374
EARNINGS BEFORE INTEREST AND TAXES	79	69	221	206
NIKE Brand \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
REVENUES	9,148	8,495	27,511	25,216
EARNINGS BEFORE INTEREST AND TAXES	1,644	1,402	4,619	4,021
North America \| NIKE Brand \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
REVENUES	3,810	3,571	11,737	10,980
EARNINGS BEFORE INTEREST AND TAXES	916	840	2,877	2,625
Europe, Middle East & Africa \| NIKE Brand \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
REVENUES	2,435	2,299	7,355	6,776
EARNINGS BEFORE INTEREST AND TAXES	538	417	1,489	1,205
Greater China \| NIKE Brand \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
REVENUES	1,588	1,336	4,511	3,666
EARNINGS BEFORE INTEREST AND TAXES	639	496	1,702	1,268
Asia Pacific & Latin America \| NIKE Brand \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
REVENUES	1,307	1,268	3,875	3,730
EARNINGS BEFORE INTEREST AND TAXES	$ 339	$ 298	$ 983	$ 849

Operating Segments - Accounts Receivable Net Inventories and Property, Plant and Equipment Net (Detail) - USD ($) $ in Millions	Feb. 28, 2019	May 31, 2018
Segment Reporting, Asset Reconciling Item [Line Items]
Accounts receivable, net	$ 4,549	$ 3,498
Inventories	5,415	5,261
Property, plant and equipment, net	4,688	4,454
Global Brand Divisions
Segment Reporting, Asset Reconciling Item [Line Items]
Accounts receivable, net	111	102
Inventories	96	91
Property, plant and equipment, net	631	597
Corporate
Segment Reporting, Asset Reconciling Item [Line Items]
Accounts receivable, net	34	22
Inventories	98	(68)
Property, plant and equipment, net	1,628	1,450
NIKE Brand \| Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Accounts receivable, net	4,234	3,236
Inventories	5,058	5,061
Property, plant and equipment, net	2,955	2,889
Converse \| Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Accounts receivable, net	281	240
Inventories	259	268
Property, plant and equipment, net	105	115
North America \| NIKE Brand \| Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Accounts receivable, net	1,810	1,443
Inventories	2,260	2,270
Property, plant and equipment, net	838	848
Asia Pacific & Latin America \| NIKE Brand \| Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Accounts receivable, net	783	720
Inventories	708	687
Property, plant and equipment, net	321	339
Greater China \| NIKE Brand \| Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Accounts receivable, net	289	101
Inventories	723	580
Property, plant and equipment, net	244	256
Europe, Middle East & Africa \| NIKE Brand \| Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Accounts receivable, net	1,241	870
Inventories	1,271	1,433
Property, plant and equipment, net	$ 921	$ 849

Commitments and Contingencies (Detail) $ in Millions	Feb. 28, 2019 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Letters of credit outstanding	$ 172

Label	Element	Value
Accounting Standards Update 2018-02 [Member] \| AOCI Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 17,000,000
Accounting Standards Update 2018-02 [Member] \| Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (17,000,000)