NIKE, INC., 10-Q filed on 1/3/2025
Quarterly Report
v3.24.4
COVER PAGE - shares
 6 Months Ended
Nov. 30, 2024
Dec. 27, 2024
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Nov. 30, 2024  
Document Transition Report false  
Entity File Number 1-10635  
Entity Registrant Name NIKE, Inc.  
Entity Incorporation, State or Country Code OR  
Entity Tax Identification Number 93-0584541  
Entity Address, Address Line One One Bowerman Drive  
Entity Address, City or Town Beaverton  
Entity Address, State or Province OR  
Entity Address, Postal Zip Code 97005-6453  
City Area Code 503  
Local Phone Number 671-6453  
Title of 12(b) Security Class B Common Stock  
Trading Symbol NKE  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Entity Central Index Key 0000320187  
Current Fiscal Year End Date --05-31  
Class A Common Stock    
Document Information [Line Items]    
Entity Common Stock Shares Outstanding   297,887,752
Class B Common Stock    
Document Information [Line Items]    
Entity Common Stock Shares Outstanding   1,181,239,135
v3.24.4
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Nov. 30, 2024
Nov. 30, 2023
Nov. 30, 2024
Nov. 30, 2023
Income Statement [Abstract]        
Revenues $ 12,354 $ 13,388 $ 23,943 $ 26,327
Cost of sales 6,965 7,417 13,297 14,636
Gross profit 5,389 5,971 10,646 11,691
Demand creation expense 1,122 1,114 2,348 2,183
Operating overhead expense 2,883 3,032 5,705 6,079
Total selling and administrative expense 4,005 4,146 8,053 8,262
Interest expense (income), net (24) (22) (67) (56)
Other (income) expense, net (8) (75) (63) (85)
Income before income taxes 1,416 1,922 2,723 3,570
Income tax expense 253 344 509 542
NET INCOME $ 1,163 $ 1,578 $ 2,214 $ 3,028
Earnings per common share:        
Basic (in dollars per share) $ 0.78 $ 1.04 $ 1.48 $ 1.99
Diluted (in dollars per share) $ 0.78 $ 1.03 $ 1.48 $ 1.97
Weighted average common shares outstanding:        
Basic (in shares) 1,486.8 1,520.8 1,492.3 1,524.6
Diluted (in shares) 1,490.0 1,532.1 1,495.9 1,537.7
v3.24.4
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Nov. 30, 2024
Nov. 30, 2023
Nov. 30, 2024
Nov. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net income $ 1,163 $ 1,578 $ 2,214 $ 3,028
Other comprehensive income (loss), net of tax:        
Change in net foreign currency translation adjustment (224) 39 (86) 75
Change in net gains (losses) on cash flow hedges 450 (55) 223 (189)
Change in net gains (losses) on other 3 1 12 4
Total other comprehensive income (loss), net of tax 229 (15) 149 (110)
TOTAL COMPREHENSIVE INCOME $ 1,392 $ 1,563 $ 2,363 $ 2,918
v3.24.4
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Nov. 30, 2024
May 31, 2024
Current assets:    
Cash and equivalents $ 7,979 $ 9,860
Short-term investments 1,782 1,722
Accounts receivable, net 5,302 4,427
Inventories 7,981 7,519
Prepaid expenses and other current assets 1,936 1,854
Total current assets 24,980 25,382
Property, plant and equipment, net 4,857 5,000
Operating lease right-of-use assets, net 2,736 2,718
Identifiable intangible assets, net 259 259
Goodwill 240 240
Deferred income taxes and other assets 4,887 4,511
TOTAL ASSETS 37,959 38,110
Current liabilities:    
Current portion of long-term debt 1,000 1,000
Notes payable 49 6
Accounts payable 3,255 2,851
Current portion of operating lease liabilities 481 477
Accrued liabilities 5,694 5,725
Income taxes payable 767 534
Total current liabilities 11,246 10,593
Long-term debt 7,973 7,903
Operating lease liabilities 2,562 2,566
Deferred income taxes and other liabilities 2,141 2,618
Commitments and contingencies (Note 11)
Redeemable preferred stock 0 0
Shareholders' equity:    
Capital in excess of stated value 13,778 13,409
Accumulated other comprehensive income (loss) 202 53
Retained earnings 54 965
Total shareholders' equity 14,037 14,430
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 37,959 38,110
Class A Convertible Common Stock    
Shareholders' equity:    
Common stock at stated value 0 0
Class B Common Stock    
Shareholders' equity:    
Common stock at stated value $ 3 $ 3
v3.24.4
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares
shares in Millions
Nov. 30, 2024
May 31, 2024
Class A Convertible Common Stock    
Shareholders' equity:    
Common stock, outstanding (in shares) 298 298
Class B Common Stock    
Shareholders' equity:    
Common stock, outstanding (in shares) 1,184 1,205
v3.24.4
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Nov. 30, 2024
Nov. 30, 2023
Cash provided (used) by operations:    
Net income $ 2,214 $ 3,028
Adjustments to reconcile net income to net cash provided (used) by operations:    
Depreciation 378 382
Deferred income taxes (188) (144)
Stock-based compensation 375 402
Amortization, impairment and other (9) (12)
Net foreign currency adjustments 54 (43)
Changes in certain working capital components and other assets and liabilities:    
(Increase) decrease in accounts receivable (943) (649)
(Increase) decrease in inventories (547) 493
(Increase) decrease in prepaid expenses, operating lease right-of-use assets and other current and non-current assets 140 (394)
Increase (decrease) in accounts payable, accrued liabilities, operating lease liabilities and other current and non-current liabilities (31) (312)
Cash provided (used) by operations 1,443 2,751
Cash provided (used) by investing activities:    
Purchases of short-term investments (2,084) (2,206)
Maturities of short-term investments 197 1,477
Sales of short-term investments 1,886 2,072
Additions to property, plant and equipment (249) (458)
Other investing activities 10 (10)
Cash provided (used) by investing activities (240) 875
Cash provided (used) by financing activities:    
Increase (decrease) in notes payable, net 43 0
Proceeds from exercise of stock options and other stock issuances 345 327
Repurchase of common stock (2,280) (2,331)
Dividends — common and preferred (1,115) (1,047)
Other financing activities (63) (100)
Cash provided (used) by financing activities (3,070) (3,151)
Effect of exchange rate changes on cash and equivalents (14) 3
Net increase (decrease) in cash and equivalents (1,881) 478
Cash and equivalents, beginning of period 9,860 7,441
CASH AND EQUIVALENTS, END OF PERIOD 7,979 7,919
Supplemental disclosure of cash flow information:    
Non-cash additions to property, plant and equipment 85 165
Dividends declared and not paid $ 597 $ 565
v3.24.4
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 Common Stock
Class A Common Stock
COMMON STOCK
Class B Common Stock
Class B Common Stock
COMMON STOCK
Beginning Balance (in shares) at May. 31, 2023           305   1,227
Beginning Balance at May. 31, 2023 $ 14,004 $ 12,412 $ 231 $ 1,358       $ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Stock options exercised (in shares)               4
Stock options exercised 212 212            
Conversion to Class B Common Stock (in shares)           (7)   7
Repurchase of Class B Common Stock (in shares)               (22)
Repurchase of Class B Common Stock (2,341) (184)   (2,157)        
Dividends on common stock and preferred stock (1,084)     (1,084)        
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 35 29   6        
Stock-based compensation 402 402            
Net income 3,028     3,028        
Other comprehensive income (loss) (110)   (110)          
Ending Balance (in shares) at Nov. 30, 2023           298   1,219
Ending Balance at Nov. 30, 2023 14,146 12,871 121 1,151       $ 3
Beginning Balance (in shares) at Aug. 31, 2023           298   1,226
Beginning Balance at Aug. 31, 2023 13,971 12,590 136 1,242       $ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Stock options exercised (in shares)               2
Stock options exercised 106 106            
Repurchase of Class B Common Stock (in shares)               (12)
Repurchase of Class B Common Stock (1,209) (99)   (1,110)        
Dividends on common stock and preferred stock (565)     (565)        
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 74 68   6        
Stock-based compensation 206 206            
Net income 1,578     1,578        
Other comprehensive income (loss) (15)   (15)          
Ending Balance (in shares) at Nov. 30, 2023           298   1,219
Ending Balance at Nov. 30, 2023 14,146 12,871 121 1,151       $ 3
Beginning Balance (in shares) at May. 31, 2024         298 298 1,205 1,205
Beginning Balance at May. 31, 2024 14,430 13,409 53 965       $ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Stock options exercised (in shares)               4
Stock options exercised 219 219            
Repurchase of Class B Common Stock (in shares)               (28)
Repurchase of Class B Common Stock (2,254) (251)   (2,003)        
Dividends on common stock and preferred stock (1,151)     (1,151)        
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 55 26   29        
Stock-based compensation 375 375            
Net income 2,214     2,214        
Other comprehensive income (loss) 149   149          
Ending Balance (in shares) at Nov. 30, 2024         298 298 1,184 1,184
Ending Balance at Nov. 30, 2024 14,037 13,778 202 54       $ 3
Beginning Balance (in shares) at Aug. 31, 2024           298   1,193
Beginning Balance at Aug. 31, 2024 13,944 13,557 (27) 411       $ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Stock options exercised (in shares)               1
Stock options exercised 95 95            
Repurchase of Class B Common Stock (in shares)               (13)
Repurchase of Class B Common Stock (1,061) (119)   (942)        
Dividends on common stock and preferred stock (597)     (597)        
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 72 53   19        
Stock-based compensation 192 192            
Net income 1,163     1,163        
Other comprehensive income (loss) 229   229          
Ending Balance (in shares) at Nov. 30, 2024         298 298 1,184 1,184
Ending Balance at Nov. 30, 2024 $ 14,037 $ 13,778 $ 202 $ 54       $ 3
v3.24.4
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
Nov. 30, 2024
Nov. 30, 2023
Nov. 30, 2024
Nov. 30, 2023
Statement of Stockholders' Equity [Abstract]        
Dividends declared per common share (in dollars per share) $ 0.400 $ 0.370 $ 0.770 $ 0.710
Dividends declared per preferred share (in dollars per share)     $ 0.10 $ 0.10
v3.24.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 6 Months Ended
Nov. 30, 2024
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 recurring 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, 2024, 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 for the fiscal year ended May 31, 2024 (the "Annual Report"). The results of operations for the three and six months ended November 30, 2024, are not necessarily indicative of results to be expected for the entire fiscal year.
RECENTLY ISSUED ACCOUNTING STANDARDS AND DISCLOSURE RULES
In November 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The amendments will require public entities to disclose significant segment expenses regularly provided to the chief operating decision maker and included within segment profit and loss. The amendments are effective for the Company's annual periods beginning June 1, 2024, and interim periods beginning June 1, 2025, with early adoption permitted, and will be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company's annual periods beginning June 1, 2025, with early adoption permitted, and may be applied either prospectively or retrospectively. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.
In March 2024, the U.S. Securities and Exchange Commission (the "SEC") adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. This rule would require registrants to disclose certain climate-related information in registration statements and annual reports. In April 2024, the SEC voluntarily stayed the final rule as a result of pending legal challenges. The disclosure requirements would apply to the Company's fiscal year beginning June 1, 2025, pending resolution of the stay. The Company is currently evaluating the final rule to determine its impact on the Company's disclosures.
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure about the types of costs and expenses included in certain expense captions presented on the income statement. The new disclosure requirements are effective for the Company's annual periods beginning June 1, 2027, and interim periods beginning June 1, 2028, with early adoption permitted, and may be applied either prospectively or retrospectively. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.
v3.24.4
ACCRUED LIABILITIES
 6 Months Ended
Nov. 30, 2024
Accrued Liabilities, Current [Abstract]  
ACCRUED LIABILITIES
NOTE 2 — ACCRUED LIABILITIES
Accrued liabilities included the following:
NOVEMBER 30,MAY 31,
(Dollars in millions)20242024
Sales-related reserves$1,560 $1,282 
Compensation and benefits, excluding taxes1,119 1,291 
Dividends payable599 563 
Endorsement compensation
375 578 
Other2,041 2,011
TOTAL ACCRUED LIABILITIES$5,694 $5,725 
v3.24.4
FAIR VALUE MEASUREMENTS
 6 Months Ended
Nov. 30, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
NOTE 3 — 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.
The following tables present information about the Company's financial assets measured at fair value on a recurring basis as of November 30, 2024 and May 31, 2024, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
NOVEMBER 30, 2024
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$1,372 $1,372 $— 
Level 1:
U.S. Treasury securities1,167 18 1,149 
Level 2:
Commercial paper and bonds632 32 600 
Money market funds5,975 5,975 — 
Time deposits606 582 24 
U.S. Agency securities9 — 9 
Total Level 27,222 6,589 633 
TOTAL$9,761 $7,979 $1,782 
MAY 31, 2024
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$1,222 $1,222 $— 
Level 1:
U.S. Treasury securities1,175 155 1,020 
Level 2:
Commercial paper and bonds591 17 574 
Money market funds8,119 8,119 — 
Time deposits440 347 93 
U.S. Agency securities35 — 35 
Total Level 29,185 8,483 702 
TOTAL$11,582 $9,860 $1,722 
As of November 30, 2024, the Company held $847 million of available-for-sale debt securities with maturity dates within one year and $935 million with maturity dates greater than one year and less than five years in Short-term investments on the Unaudited Condensed Consolidated Balance Sheets. The fair value of the Company's available-for-sale debt securities approximates their amortized cost.
Included in Interest expense (income), net was interest income related to the Company's investment portfolio of $97 million and $92 million for the three months ended November 30, 2024 and 2023, respectively, and $217 million and $191 million for the six months ended November 30, 2024 and 2023, respectively.
The following tables present information about the Company's derivative assets and liabilities measured at fair value on a recurring basis and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
NOVEMBER 30, 2024
DERIVATIVE ASSETSDERIVATIVE LIABILITIES
(Dollars in millions)
ASSETS AT FAIR VALUEOTHER CURRENT ASSETSOTHER LONG-TERM ASSETSLIABILITIES AT FAIR VALUEACCRUED LIABILITIESOTHER LONG-TERM LIABILITIES
Level 2:
Foreign exchange forwards and options(1)
$557 $434 $123 $106 $99 $7 
Interest rate swaps(1)
36 — 36 — — — 
TOTAL$593 $434 $159 $106 $99 $7 
(1)If the derivative instruments had been netted on the Unaudited Condensed Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $106 million as of November 30, 2024. As of that date, the Company received $311 million of cash collateral and $38 million of securities from various counterparties on the derivative asset balance. No collateral was posted on the derivative liability balance as of November 30, 2024.
MAY 31, 2024
DERIVATIVE ASSETSDERIVATIVE LIABILITIES
(Dollars in millions)
ASSETS AT FAIR VALUEOTHER CURRENT ASSETSOTHER LONG-TERM ASSETSLIABILITIES AT FAIR VALUEACCRUED LIABILITIESOTHER LONG-TERM LIABILITIES
Level 2:
Foreign exchange forwards and options(1)
$343 $299 $44 $120 $115 $5 
Interest rate swaps(1)
— — — 31 — 31 
TOTAL$343 $299 $44 $151 $115 $36 
(1)If the derivative instruments had been netted on the Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $142 million as of May 31, 2024. As of that date, the Company received $112 million of cash collateral from various counterparties on the derivative asset balance and posted $10 million cash collateral on the derivative liability balance.
For additional information related to the Company's derivative financial instruments and credit risk, refer to Note 7 — Risk Management and Derivatives.
The carrying amounts of other current financial assets and other current financial liabilities approximate fair value.
FINANCIAL ASSETS AND LIABILITIES NOT RECORDED AT FAIR VALUE
The Company's Long-term debt is recorded at adjusted cost, net of unamortized premiums, discounts, debt issuance costs and interest rate swap fair value adjustments. 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 was approximately $7,856 million at November 30, 2024 and $7,631 million at May 31, 2024.
v3.24.4
INCOME TAXES
 6 Months Ended
Nov. 30, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES
NOTE 4 — INCOME TAXES
The effective tax rate was 18.7% and 15.2% for the six months ended November 30, 2024 and 2023, respectively. The increase in the Company's effective tax rate was primarily due to one-time benefits recognized in the first six months of fiscal 2024 including the impact of temporary relief provided by the Internal Revenue Service ("IRS") relating to U.S. foreign tax credit regulations. On July 21, 2023, the IRS issued Notice 2023-55 which specifically delayed the application of certain U.S. foreign tax credit regulations that had previously limited the Company's ability to claim credits on certain foreign taxes for the fiscal year ended May 31, 2023. As a result of this guidance, the Company recognized a one-time tax benefit related to fiscal 2023 tax positions in the first three months of fiscal 2024. Other prior year one-time benefits included a reduction in accrued withholding taxes on undistributed foreign earnings recognized in the second quarter of fiscal 2024.
The Organization for Economic Co-operation and Development (OECD) and the G20 Inclusive Framework on Base Erosion and Profit Shifting (the "Inclusive Framework") have put forth Pillar Two proposals that ensure a minimal level of taxation. Several countries in which the Company operates, including several European Union member states, have adopted domestic legislation to implement the Inclusive Framework's global corporate minimum tax rate of fifteen percent. This legislation became effective for the Company beginning June 1, 2024. Based on the Company's current analysis of Pillar Two provisions, these tax law changes did not have a material impact on the Company's financial statements for the first six months of fiscal 2025 and are not expected to for fiscal 2025.
As of November 30, 2024, total gross unrecognized tax benefits, excluding related interest and penalties, were $995 million, $724 million of which would affect the Company's effective tax rate if recognized in future periods. The majority of the total gross unrecognized tax benefits are long-term in nature and included within Deferred income taxes and other liabilities on the Unaudited Condensed Consolidated Balance Sheets. As of May 31, 2024, total gross unrecognized tax benefits, excluding related interest and penalties, were $990 million. As of November 30, 2024 and May 31, 2024, accrued interest and penalties related to uncertain tax positions were $347 million and $332 million, respectively, (excluding federal benefit) and included within Deferred income taxes and other liabilities on the Unaudited Condensed Consolidated Balance Sheets.
The Company is subject to taxation in the U.S., as well as various state and foreign jurisdictions. The Company is currently under audit by the U.S. IRS for fiscal years 2017 through 2019. The Company has closed all U.S. federal income tax matters through fiscal 2016, with the exception of certain transfer pricing adjustments.
Tax years after 2011 remain open in certain major foreign jurisdictions. 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 $224 million within the next 12 months primarily as a result of the expected resolution with the IRS of certain U.S. federal tax matters for fiscal years 2017 through 2019 related to transfer pricing adjustments, research and development credits and other items.
In January 2019, the European Commission opened a formal investigation to examine whether the Netherlands has breached State Aid rules when granting certain tax rulings 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 prior periods, and the Company's income taxes related to prior periods in the Netherlands could increase.
v3.24.4
STOCK-BASED COMPENSATION
 6 Months Ended
Nov. 30, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
STOCK-BASED COMPENSATION
NOTE 5 — STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION
The NIKE, Inc. Stock Incentive Plan (the "Stock Incentive Plan") provides for the issuance of up to 798 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 and stock awards, including restricted stock and restricted stock units. Restricted stock units include both time-vesting restricted stock units as well as performance-based restricted stock units ("PSUs"). 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").
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 NOVEMBER 30,SIX MONTHS ENDED NOVEMBER 30,
(Dollars in millions)
2024202320242023
Stock options(1)
$82 $88 $153 $164 
ESPPs23 17 36 38 
Restricted stock and restricted stock units(2)
87 101 186 200 
TOTAL STOCK-BASED COMPENSATION EXPENSE$192 $206 $375 $402 
(1)Expense for stock options includes the expense associated with stock appreciation rights.
(2)Expense for restricted stock units includes an immaterial amount of expense for PSUs.
STOCK OPTIONS
As of November 30, 2024, the Company had $560 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 2.7 years.
RESTRICTED STOCK AND RESTRICTED STOCK UNITS
As of November 30, 2024, the Company had $815 million of unrecognized compensation costs from restricted stock and restricted stock units, net of estimated forfeitures, to be recognized in Cost of sales or Operating overhead expense, as applicable, over a weighted average remaining period of 2.7 years.
v3.24.4
EARNINGS PER SHARE
 6 Months Ended
Nov. 30, 2024
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
NOTE 6 — EARNINGS PER SHARE
The following is a reconciliation from basic earnings per common share to diluted earnings per common share. The computations of diluted earnings per common share exclude restricted stock, restricted stock units and options, including shares under ESPPs, to purchase an estimated additional 81.4 million and 46.2 million shares of common stock outstanding for the three months ended November 30, 2024 and 2023, respectively, and 77.9 million and 43.5 million shares of common stock outstanding for the six months ended November 30, 2024 and 2023, respectively, because the awards were assumed to be anti-dilutive.
 THREE MONTHS ENDED NOVEMBER 30,SIX MONTHS ENDED NOVEMBER 30,
(In millions, except per share data)
2024202320242023
Net income available to common stockholders$1,163 $1,578 $2,214 $3,028 
Determination of shares:
Weighted average common shares outstanding1,486.8 1,520.8 1,492.3 1,524.6 
Assumed conversion of dilutive stock options and awards3.2 11.3 3.6 13.1 
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING1,490.0 1,532.1 1,495.9 1,537.7 
Earnings per common share:
Basic$0.78 $1.04 $1.48 $1.99 
Diluted$0.78 $1.03 $1.48 $1.97 
v3.24.4
RISK MANAGEMENT AND DERIVATIVES
 6 Months Ended
Nov. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
RISK MANAGEMENT AND DERIVATIVES
NOTE 7 — 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. As of and for the three and six months ended November 30, 2024, there have been no material changes to the Company's hedging program or strategy from what was disclosed within the Annual Report.
The majority of derivatives outstanding as of November 30, 2024, are designated as foreign currency cash flow hedges, primarily for Euro/U.S. Dollar, Chinese Yuan/U.S. Dollar, British Pound/Euro 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 tables present the fair values of derivative instruments included within the Unaudited Condensed Consolidated Balance Sheets:
 DERIVATIVE ASSETS
BALANCE SHEET LOCATIONNOVEMBER 30,MAY 31,
(Dollars in millions)
20242024
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets$429 $269 
Foreign exchange forwards and optionsDeferred income taxes and other assets123 44 
Interest rate swaps
Deferred income taxes and other assets
36 — 
Total derivatives formally designated as hedging instruments588 313 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets5 30 
Total derivatives not designated as hedging instruments5 30 
TOTAL DERIVATIVE ASSETS$593 $343 
DERIVATIVE LIABILITIES
BALANCE SHEET LOCATIONNOVEMBER 30,MAY 31,
(Dollars in millions)
20242024
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities$77 $110 
Foreign exchange forwards and optionsDeferred income taxes and other liabilities7 5 
Interest rate swaps
Deferred income taxes and other liabilities
— 31 
Total derivatives formally designated as hedging instruments84 146 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities22 5 
Total derivatives not designated as hedging instruments22 5 
TOTAL DERIVATIVE LIABILITIES$106 $151 
The following tables present the amounts affecting the Unaudited Condensed Consolidated Statements of Income:

(Dollars 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 NOVEMBER 30,LOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME		THREE MONTHS ENDED NOVEMBER 30,
2024202320242023
Derivatives designated as cash flow hedges:
Foreign exchange forwards and options$(29)$(5)Revenues$(24)$2 
Foreign exchange forwards and options396 21 Cost of sales50 65 
Foreign exchange forwards and options— 2 Demand creation expense— — 
Foreign exchange forwards and options157 39 Other (income) expense, net15 51 
Interest rate swaps(2)
— — Interest expense (income), net(2)(2)
TOTAL DESIGNATED CASH FLOW HEDGES $524 $57 $39 $116 
(1)For the three months ended November 30, 2024 and 2023, 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.


(Dollars 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)
SIX MONTHS ENDED NOVEMBER 30,LOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME		SIX MONTHS ENDED NOVEMBER 30,
2024202320242023
Derivatives designated as cash flow hedges:
Foreign exchange forwards and options$(73)$(23)Revenues$(45)$3 
Foreign exchange forwards and options298 19 Cost of sales120 151 
Foreign exchange forwards and options— 2 Demand creation expense— — 
Foreign exchange forwards and options128 29 Other (income) expense, net45 86 
Interest rate swaps(2)
— — Interest expense (income), net(4)(4)
TOTAL DESIGNATED CASH FLOW HEDGES $353 $27 $116 $236 
(1)For the six months ended November 30, 2024 and 2023, 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		LOCATION OF GAIN (LOSS)
RECOGNIZED IN INCOME
ON DERIVATIVES
THREE MONTHS ENDED NOVEMBER 30,SIX MONTHS ENDED NOVEMBER 30,
(Dollars in millions)
2024202320242023
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options$6 $17 $6 $(10)Other (income) expense, net
CASH FLOW HEDGES
The total notional amount of outstanding foreign currency derivatives designated as cash flow hedges was approximately $16.2 billion as of November 30, 2024 and May 31, 2024. Approximately $357 million of deferred net gains (net of tax) on both outstanding and matured derivatives in Accumulated other comprehensive income (loss) as of November 30, 2024, are expected to be reclassified to Net income during the next 12 months concurrent with the underlying hedged transactions also being recorded in Net income. Actual amounts ultimately reclassified to Net income are dependent on the exchange rates in effect when derivative contracts currently outstanding mature. As of November 30, 2024, the maximum term over which the Company hedges exposures to the variability of cash flows for its forecasted transactions was 29 months.
FAIR VALUE HEDGES
The total notional amount of outstanding interest rate swap contracts designated as fair value hedges was $2.4 billion and $1.8 billion as of November 30, 2024 and May 31, 2024, respectively.
UNDESIGNATED DERIVATIVE INSTRUMENTS
The total notional amount of outstanding undesignated derivative instruments was $3.3 billion and $4.4 billion as of November 30, 2024 and May 31, 2024, respectively.
CREDIT RISK
As of November 30, 2024, the Company was in compliance with all credit risk-related contingent features and considers the impact of the risk of counterparty default to be immaterial. For additional information related to the Company's derivative financial instruments and collateral, refer to Note 3 — Fair Value Measurements.
v3.24.4
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 6 Months Ended
Nov. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
NOTE 8 — ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The changes in Accumulated other comprehensive income (loss), net of tax, were as follows:
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at August 31, 2024$(118)$20 $115 $(44)$(27)
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
(223)492 — 3 272 
Reclassifications to net income of previously deferred (gains) losses(2)(3)
(1)(42)— — (43)
Total other comprehensive income (loss)(224)450 — 3 229 
Balance at November 30, 2024$(342)$470 $115 $(41)$202 
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of immaterial tax impact.
(3)Reclassifications to net income of previously deferred (gains) losses are recorded within Other (income) expense, net for foreign currency translation adjustment, net investment hedges, and other.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at August 31, 2023$(217)$297 $115 $(59)$136 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
37 48 — 11 96 
Reclassifications to net income of previously deferred (gains) losses(2)(3)
2 (103)— (10)(111)
Total other comprehensive income (loss)39 (55)— 1 (15)
Balance at November 30, 2023$(178)$242 $115 $(58)$121 
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of immaterial tax impact.
(3)Reclassifications to net income of previously deferred (gains) losses are recorded within Other (income) expense, net for foreign currency translation adjustment, net investment hedges, and other.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at May 31, 2024$(256)$247 $115 $(53)$53 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
(86)341 — 10 265 
Reclassifications to net income of previously deferred (gains) losses(2)(3)
— (118)— 2 (116)
Total other comprehensive income (loss)(86)223 — 12 149 
Balance at November 30, 2024$(342)$470 $115 $(41)$202 
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of immaterial tax impact.
(3)Reclassifications to net income of previously deferred (gains) losses are recorded within Other (income) expense, net for foreign currency translation adjustment, net investment hedges, and other.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at May 31, 2023$(253)$431 $115 $(62)$231 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
73 25 — 11 109 
Reclassifications to net income of previously deferred (gains) losses(2)(3)
2 (214)— (7)(219)
Total other comprehensive income (loss)75 (189)— 4 (110)
Balance at November 30, 2023$(178)$242 $115 $(58)$121 
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of immaterial tax impact.
(3)Reclassifications to net income of previously deferred (gains) losses are recorded within Other (income) expense, net for foreign currency translation adjustment, net investment hedges, and other.

For additional information related to the Company's cash flow hedges refer to Note 7 — Risk Management and Derivatives.
v3.24.4
REVENUES
 6 Months Ended
Nov. 30, 2024
Revenue from Contract with Customer [Abstract]  
REVENUES
NOTE 9 — REVENUES
DISAGGREGATION OF REVENUES
The following tables present the Company's Revenues disaggregated by reportable operating segment, major product line and distribution channel:
THREE MONTHS ENDED NOVEMBER 30, 2024
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$3,236 $1,982 $1,203 $1,234 $— $7,655 $364 $— $8,019 
Apparel1,693 1,136 472 437 — 3,738 26 — 3,764 
Equipment250 185 36 73 — 544 6 — 550 
Other— — — — 13 13 33 (25)21 
TOTAL REVENUES$5,179 $3,303 $1,711 $1,744 $13 $11,950 $429 $(25)$12,354 
Revenues by:
Sales to Wholesale Customers$2,866 $2,120 $904 $1,030 $— $6,920 $212 $— $7,132 
Sales through Direct to Consumer2,313 1,183 807 714 — 5,017 184 — 5,201 
Other— — — — 13 13 33 (25)21 
TOTAL REVENUES$5,179 $3,303 $1,711 $1,744 $13 $11,950 $429 $(25)$12,354 

THREE MONTHS ENDED NOVEMBER 30, 2023
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$3,757 $2,186 $1,361 $1,303 $— $8,607 $442 $— $9,049 
Apparel1,668 1,200 469 437 — 3,774 30 — 3,804 
Equipment200 181 33 65 — 479 7 — 486 
Other— — — — 12 12 40 (3)49 
TOTAL REVENUES$5,625 $3,567 $1,863 $1,805 $12 $12,872 $519 $(3)$13,388 
Revenues by:
Sales to Wholesale Customers$2,902 $2,138 $1,027 $1,051 $— $7,118 $257 $— $7,375 
Sales through Direct to Consumer2,723 1,429 836 754 — 5,742 222 — 5,964 
Other— — — — 12 12 40 (3)49 
TOTAL REVENUES$5,625 $3,567 $1,863 $1,805 $12 $12,872 $519 $(3)$13,388 
SIX MONTHS ENDED NOVEMBER 30, 2024
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$6,448 $3,934 $2,449 $2,286 $— $15,117 $800 $— $15,917 
Apparel3,024 2,129 832 785 — 6,770 43 — 6,813 
Equipment533 383 96 135 — 1,147 18 — 1,165 
Other— — — — 27 27 69 (48)48 
TOTAL REVENUES$10,005 $6,446 $3,377 $3,206 $27 $23,061 $930 $(48)$23,943 
Revenues by:
Sales to Wholesale Customers$5,341 $4,194 $1,875 $1,920 $— $13,330 $488 $— $13,818 
Sales through Direct to Consumer4,664 2,252 1,502 1,286 — 9,704 373 — 10,077 
Other— — — — 27 27 69 (48)48 
TOTAL REVENUES$10,005 $6,446 $3,377 $3,206 $27 $23,061 $930 $(48)$23,943 
SIX MONTHS ENDED NOVEMBER 30, 2023
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$7,490 $4,446 $2,648 $2,444 $— $17,028 $964 $— $17,992 
Apparel3,147 2,337 870 808 — 7,162 50 — 7,212 
Equipment411 394 80 125 — 1,010 18 — 1,028 
Other— — — — 25 25 75 (5)95 
TOTAL REVENUES$11,048 $7,177 $3,598 $3,377 $25 $25,225 $1,107 $(5)$26,327 
Revenues by:
Sales to Wholesale Customers$5,674 $4,517 $1,922 $1,988 $— $14,101 $586 $— $14,687 
Sales through Direct to Consumer5,374 2,660 1,676 1,389 — 11,099 446 — 11,545 
Other— — — — 25 25 75 (5)95 
TOTAL REVENUES$11,048 $7,177 $3,598 $3,377 $25 $25,225 $1,107 $(5)$26,327 
Global Brand Divisions revenues included NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment. Converse Other revenues were primarily attributable to licensing businesses. Corporate revenues primarily consisted 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.
As of November 30, 2024 and May 31, 2024, 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.
v3.24.4
OPERATING SEGMENTS
 6 Months Ended
Nov. 30, 2024
Segment Reporting [Abstract]  
OPERATING SEGMENTS
NOTE 10 — 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 ("EMEA"); Greater China; and Asia Pacific & Latin America ("APLA"), and include results for the NIKE and Jordan 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 athletic lifestyle 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 revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment. Global Brand Divisions costs represent demand creation and operating overhead expense that include product creation and design expenses centrally managed for the NIKE Brand, as well as costs associated with NIKE Direct global digital operations and enterprise technology.
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 ("EBIT"), which represents Net income before Interest expense (income), net, and Income taxes 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 NOVEMBER 30,SIX MONTHS ENDED NOVEMBER 30,
(Dollars in millions)
2024202320242023
REVENUES
North America$5,179 $5,625 $10,005 $11,048 
Europe, Middle East & Africa3,303 3,567 6,446 7,177 
Greater China1,711 1,863 3,377 3,598 
Asia Pacific & Latin America1,744 1,805 3,206 3,377 
Global Brand Divisions13 12 27 25 
Total NIKE Brand11,950 12,872 23,061 25,225 
Converse429 519 930 1,107 
Corporate(25)(3)(48)(5)
TOTAL NIKE, INC. REVENUES$12,354 $13,388 $23,943 $26,327 
EARNINGS BEFORE INTEREST AND TAXES
North America$1,371 $1,526 $2,587 $2,960 
Europe, Middle East & Africa831 927 1,623 1,857 
Greater China375 514 877 1,039 
Asia Pacific & Latin America460 521 862 935 
Global Brand Divisions(1,133)(1,168)(2,360)(2,373)
Converse53 115 174 282 
Corporate(565)(535)(1,107)(1,186)
Interest expense (income), net(24)(22)(67)(56)
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES$1,416 $1,922 $2,723 $3,570 
NOVEMBER 30,MAY 31,
(Dollars in millions)
20242024
ACCOUNTS RECEIVABLE, NET
North America$2,421 $1,723 
Europe, Middle East & Africa1,421 1,239 
Greater China266 327 
Asia Pacific & Latin America871 792 
Global Brand Divisions104 103 
Total NIKE Brand5,083 4,184 
Converse201 201 
Corporate18 42 
TOTAL ACCOUNTS RECEIVABLE, NET$5,302 $4,427 
INVENTORIES
North America$3,414 $3,134 
Europe, Middle East & Africa1,921 2,028 
Greater China1,255 1,070 
Asia Pacific & Latin America907 810 
Global Brand Divisions166 166 
Total NIKE Brand7,663 7,208 
Converse306 296 
Corporate12 15 
TOTAL INVENTORIES(1)
$7,981 $7,519 
(1)Inventories as of November 30, 2024 and May 31, 2024, were substantially all finished goods.
NOVEMBER 30,MAY 31,
(Dollars in millions)
20242024
PROPERTY, PLANT AND EQUIPMENT, NET
North America$694 $744 
Europe, Middle East & Africa1,089 1,089 
Greater China238 258 
Asia Pacific & Latin America
300 282 
Global Brand Divisions807 842 
Total NIKE Brand3,128 3,215 
Converse20 27 
Corporate1,709 1,758 
TOTAL PROPERTY, PLANT AND EQUIPMENT, NET$4,857 $5,000 
v3.24.4
COMMITMENTS AND CONTINGENCIES
 6 Months Ended
Nov. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES
NOTE 11 — COMMITMENTS AND CONTINGENCIES
In the ordinary course of business, the Company is subject to various legal proceedings, claims and government investigations relating to its business, products and actions of its employees and representatives, including contractual and employment relationships, product liability, antitrust, customs, tax, intellectual property and other matters. The outcome of these legal matters is inherently uncertain, and the Company cannot predict the eventual outcome of currently pending matters, the timing of their ultimate resolution or the eventual losses, fines, penalties or consequences relating to those matters. When a loss related to a legal proceeding or claim is probable and reasonably estimable, the Company accrues its best estimate for the ultimate resolution of the matter. If one or more legal matters were to be resolved against the Company in a reporting period for amounts above management's expectations, the Company's financial position, operating results and cash flows for that reporting period could be materially adversely affected. In the opinion of management, based on its current knowledge and after consultation with counsel, the Company does not believe any currently pending legal matters will have a material adverse impact on the Company's results of operations, financial position or cash flows, except as described below.
BELGIAN CUSTOMS CLAIM
The Company has received claims for certain years from Belgian Customs and other government authorities for alleged underpaid duties related to products imported beginning in fiscal 2018. The Company disputes these claims and has engaged in the appellate process. The Company has issued bank guarantees in order to appeal the claims. At this time, the Company is unable to estimate the range of loss and cannot predict the final outcome as it could take several years to reach a resolution on this matter. If this matter is ultimately resolved against the Company, the amounts owed, including fines, penalties and other consequences relating to the matter, could have a material adverse effect on the Company's results of operations, financial position and cash flows.
v3.24.4
RESTRUCTURING
 6 Months Ended
Nov. 30, 2024
Restructuring and Related Activities [Abstract]  
RESTRUCTURING
NOTE 12 — RESTRUCTURING
During the third quarter of fiscal 2024, the Company announced a multi-year enterprise initiative designed to accelerate its future growth. As part of this initiative, management streamlined the organization which resulted in a net reduction in the Company's global workforce. During the three and six months ended November 30, 2024, the Company recognized an immaterial amount of pre-tax restructuring charges and made cash payments related to employee severance of $22 million and $239 million, respectively. As of November 30, 2024, cash payments related to the restructuring initiative are substantially complete. As of May 31, 2024, $267 million of related pre-tax restructuring charges were reflected within Accrued liabilities on the Unaudited Condensed Consolidated Balance Sheets.
v3.24.4
SUPPLIER FINANCE PROGRAMS
 6 Months Ended
Nov. 30, 2024
Payables and Accruals [Abstract]  
SUPPLIER FINANCE PROGRAMS
NOTE 13 — SUPPLIER FINANCE PROGRAMS
Certain financial institutions offer voluntary supplier finance programs facilitated through a third-party platform that provide participating suppliers the option to finance valid payment obligations from the Company. The Company is not a party to agreements negotiated between participating suppliers and third-party financial institutions. The Company's obligations to its suppliers, including amounts due and payment terms, are not affected by a supplier's decision to participate in these programs and the Company does not provide guarantees to third parties in connection with these programs. As of November 30, 2024 and May 31, 2024, the Company had $1,009 million and $840 million, respectively, of outstanding supplier obligations confirmed as valid under these programs. These amounts are included within Accounts payable on the Unaudited Condensed Consolidated Balance Sheets.
v3.24.4
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Nov. 30, 2024
Nov. 30, 2023
Nov. 30, 2024
Nov. 30, 2023
Pay vs Performance Disclosure        
Net income $ 1,163 $ 1,578 $ 2,214 $ 3,028
v3.24.4
Insider Trading Arrangements
 3 Months Ended
Nov. 30, 2024
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Monique Matheson [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On October, 26, 2024, Monique Matheson, Executive Vice President, Chief Human Resources Officer, adopted a Rule 10b5-1 trading arrangement for the sale of up to 40,000 shares of our Class B Common Stock, subject to certain conditions. The arrangement's expiration date is October 15, 2025.
Name Monique Matheson
Title Executive Vice President, Chief Human Resources Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date October, 26, 2024
Arrangement Duration 354 days
Aggregate Available 40,000
Mark Parker [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On November 7, 2024, Mark Parker, Executive Chairman, adopted a Rule 10b5-1 trading arrangement for the sale of up to 650,044 shares of our Class B Common Stock, subject to certain conditions. The arrangement's expiration date is November 14, 2025.
Name Mark Parker
Title Executive Chairman
Rule 10b5-1 Arrangement Adopted true
Adoption Date November 7, 2024
Arrangement Duration 372 days
Aggregate Available 650,044
v3.24.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 6 Months Ended
Nov. 30, 2024
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 recurring 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, 2024, 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 for the fiscal year ended May 31, 2024 (the "Annual Report"). The results of operations for the three and six months ended November 30, 2024, are not necessarily indicative of results to be expected for the entire fiscal year.
RECENTLY ISSUED ACCOUNTING STANDARDS AND DISCLOSURE RULES
In November 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The amendments will require public entities to disclose significant segment expenses regularly provided to the chief operating decision maker and included within segment profit and loss. The amendments are effective for the Company's annual periods beginning June 1, 2024, and interim periods beginning June 1, 2025, with early adoption permitted, and will be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company's annual periods beginning June 1, 2025, with early adoption permitted, and may be applied either prospectively or retrospectively. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.
In March 2024, the U.S. Securities and Exchange Commission (the "SEC") adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. This rule would require registrants to disclose certain climate-related information in registration statements and annual reports. In April 2024, the SEC voluntarily stayed the final rule as a result of pending legal challenges. The disclosure requirements would apply to the Company's fiscal year beginning June 1, 2025, pending resolution of the stay. The Company is currently evaluating the final rule to determine its impact on the Company's disclosures.
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure about the types of costs and expenses included in certain expense captions presented on the income statement. The new disclosure requirements are effective for the Company's annual periods beginning June 1, 2027, and interim periods beginning June 1, 2028, with early adoption permitted, and may be applied either prospectively or retrospectively. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.
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.
v3.24.4
ACCRUED LIABILITIES (Tables)
 6 Months Ended
Nov. 30, 2024
Accrued Liabilities, Current [Abstract]  
Schedule of Accrued Liabilities
Accrued liabilities included the following:
NOVEMBER 30,MAY 31,
(Dollars in millions)20242024
Sales-related reserves$1,560 $1,282 
Compensation and benefits, excluding taxes1,119 1,291 
Dividends payable599 563 
Endorsement compensation
375 578 
Other2,041 2,011
TOTAL ACCRUED LIABILITIES$5,694 $5,725 
v3.24.4
FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Nov. 30, 2024
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 November 30, 2024 and May 31, 2024, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
NOVEMBER 30, 2024
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$1,372 $1,372 $— 
Level 1:
U.S. Treasury securities1,167 18 1,149 
Level 2:
Commercial paper and bonds632 32 600 
Money market funds5,975 5,975 — 
Time deposits606 582 24 
U.S. Agency securities9 — 9 
Total Level 27,222 6,589 633 
TOTAL$9,761 $7,979 $1,782 
MAY 31, 2024
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$1,222 $1,222 $— 
Level 1:
U.S. Treasury securities1,175 155 1,020 
Level 2:
Commercial paper and bonds591 17 574 
Money market funds8,119 8,119 — 
Time deposits440 347 93 
U.S. Agency securities35 — 35 
Total Level 29,185 8,483 702 
TOTAL$11,582 $9,860 $1,722 
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 and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
NOVEMBER 30, 2024
DERIVATIVE ASSETSDERIVATIVE LIABILITIES
(Dollars in millions)
ASSETS AT FAIR VALUEOTHER CURRENT ASSETSOTHER LONG-TERM ASSETSLIABILITIES AT FAIR VALUEACCRUED LIABILITIESOTHER LONG-TERM LIABILITIES
Level 2:
Foreign exchange forwards and options(1)
$557 $434 $123 $106 $99 $7 
Interest rate swaps(1)
36 — 36 — — — 
TOTAL$593 $434 $159 $106 $99 $7 
(1)If the derivative instruments had been netted on the Unaudited Condensed Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $106 million as of November 30, 2024. As of that date, the Company received $311 million of cash collateral and $38 million of securities from various counterparties on the derivative asset balance. No collateral was posted on the derivative liability balance as of November 30, 2024.
MAY 31, 2024
DERIVATIVE ASSETSDERIVATIVE LIABILITIES
(Dollars in millions)
ASSETS AT FAIR VALUEOTHER CURRENT ASSETSOTHER LONG-TERM ASSETSLIABILITIES AT FAIR VALUEACCRUED LIABILITIESOTHER LONG-TERM LIABILITIES
Level 2:
Foreign exchange forwards and options(1)
$343 $299 $44 $120 $115 $5 
Interest rate swaps(1)
— — — 31 — 31 
TOTAL$343 $299 $44 $151 $115 $36 
(1)If the derivative instruments had been netted on the Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $142 million as of May 31, 2024. As of that date, the Company received $112 million of cash collateral from various counterparties on the derivative asset balance and posted $10 million cash collateral on the derivative liability balance.
The following tables present the fair values of derivative instruments included within the Unaudited Condensed Consolidated Balance Sheets:
 DERIVATIVE ASSETS
BALANCE SHEET LOCATIONNOVEMBER 30,MAY 31,
(Dollars in millions)
20242024
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets$429 $269 
Foreign exchange forwards and optionsDeferred income taxes and other assets123 44 
Interest rate swaps
Deferred income taxes and other assets
36 — 
Total derivatives formally designated as hedging instruments588 313 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets5 30 
Total derivatives not designated as hedging instruments5 30 
TOTAL DERIVATIVE ASSETS$593 $343 
DERIVATIVE LIABILITIES
BALANCE SHEET LOCATIONNOVEMBER 30,MAY 31,
(Dollars in millions)
20242024
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities$77 $110 
Foreign exchange forwards and optionsDeferred income taxes and other liabilities7 5 
Interest rate swaps
Deferred income taxes and other liabilities
— 31 
Total derivatives formally designated as hedging instruments84 146 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities22 5 
Total derivatives not designated as hedging instruments22 5 
TOTAL DERIVATIVE LIABILITIES$106 $151 
v3.24.4
STOCK-BASED COMPENSATION (Tables)
 6 Months Ended
Nov. 30, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Schedule of Share-based Compensation Arrangements by Share-based Payment Award
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 NOVEMBER 30,SIX MONTHS ENDED NOVEMBER 30,
(Dollars in millions)
2024202320242023
Stock options(1)
$82 $88 $153 $164 
ESPPs23 17 36 38 
Restricted stock and restricted stock units(2)
87 101 186 200 
TOTAL STOCK-BASED COMPENSATION EXPENSE$192 $206 $375 $402 
(1)Expense for stock options includes the expense associated with stock appreciation rights.
(2)Expense for restricted stock units includes an immaterial amount of expense for PSUs.
v3.24.4
EARNINGS PER SHARE (Tables)
 6 Months Ended
Nov. 30, 2024
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 per common share. The computations of diluted earnings per common share exclude restricted stock, restricted stock units and options, including shares under ESPPs, to purchase an estimated additional 81.4 million and 46.2 million shares of common stock outstanding for the three months ended November 30, 2024 and 2023, respectively, and 77.9 million and 43.5 million shares of common stock outstanding for the six months ended November 30, 2024 and 2023, respectively, because the awards were assumed to be anti-dilutive.
 THREE MONTHS ENDED NOVEMBER 30,SIX MONTHS ENDED NOVEMBER 30,
(In millions, except per share data)
2024202320242023
Net income available to common stockholders$1,163 $1,578 $2,214 $3,028 
Determination of shares:
Weighted average common shares outstanding1,486.8 1,520.8 1,492.3 1,524.6 
Assumed conversion of dilutive stock options and awards3.2 11.3 3.6 13.1 
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING1,490.0 1,532.1 1,495.9 1,537.7 
Earnings per common share:
Basic$0.78 $1.04 $1.48 $1.99 
Diluted$0.78 $1.03 $1.48 $1.97 
v3.24.4
RISK MANAGEMENT AND DERIVATIVES (Tables)
 6 Months Ended
Nov. 30, 2024
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 and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
NOVEMBER 30, 2024
DERIVATIVE ASSETSDERIVATIVE LIABILITIES
(Dollars in millions)
ASSETS AT FAIR VALUEOTHER CURRENT ASSETSOTHER LONG-TERM ASSETSLIABILITIES AT FAIR VALUEACCRUED LIABILITIESOTHER LONG-TERM LIABILITIES
Level 2:
Foreign exchange forwards and options(1)
$557 $434 $123 $106 $99 $7 
Interest rate swaps(1)
36 — 36 — — — 
TOTAL$593 $434 $159 $106 $99 $7 
(1)If the derivative instruments had been netted on the Unaudited Condensed Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $106 million as of November 30, 2024. As of that date, the Company received $311 million of cash collateral and $38 million of securities from various counterparties on the derivative asset balance. No collateral was posted on the derivative liability balance as of November 30, 2024.
MAY 31, 2024
DERIVATIVE ASSETSDERIVATIVE LIABILITIES
(Dollars in millions)
ASSETS AT FAIR VALUEOTHER CURRENT ASSETSOTHER LONG-TERM ASSETSLIABILITIES AT FAIR VALUEACCRUED LIABILITIESOTHER LONG-TERM LIABILITIES
Level 2:
Foreign exchange forwards and options(1)
$343 $299 $44 $120 $115 $5 
Interest rate swaps(1)
— — — 31 — 31 
TOTAL$343 $299 $44 $151 $115 $36 
(1)If the derivative instruments had been netted on the Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $142 million as of May 31, 2024. As of that date, the Company received $112 million of cash collateral from various counterparties on the derivative asset balance and posted $10 million cash collateral on the derivative liability balance.
The following tables present the fair values of derivative instruments included within the Unaudited Condensed Consolidated Balance Sheets:
 DERIVATIVE ASSETS
BALANCE SHEET LOCATIONNOVEMBER 30,MAY 31,
(Dollars in millions)
20242024
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets$429 $269 
Foreign exchange forwards and optionsDeferred income taxes and other assets123 44 
Interest rate swaps
Deferred income taxes and other assets
36 — 
Total derivatives formally designated as hedging instruments588 313 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets5 30 
Total derivatives not designated as hedging instruments5 30 
TOTAL DERIVATIVE ASSETS$593 $343 
DERIVATIVE LIABILITIES
BALANCE SHEET LOCATIONNOVEMBER 30,MAY 31,
(Dollars in millions)
20242024
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities$77 $110 
Foreign exchange forwards and optionsDeferred income taxes and other liabilities7 5 
Interest rate swaps
Deferred income taxes and other liabilities
— 31 
Total derivatives formally designated as hedging instruments84 146 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities22 5 
Total derivatives not designated as hedging instruments22 5 
TOTAL DERIVATIVE LIABILITIES$106 $151 
Schedule of Derivative Instruments, Gain (Loss) In Statement of Income
The following tables present the amounts affecting the Unaudited Condensed Consolidated Statements of Income:

(Dollars 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 NOVEMBER 30,LOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME		THREE MONTHS ENDED NOVEMBER 30,
2024202320242023
Derivatives designated as cash flow hedges:
Foreign exchange forwards and options$(29)$(5)Revenues$(24)$2 
Foreign exchange forwards and options396 21 Cost of sales50 65 
Foreign exchange forwards and options— 2 Demand creation expense— — 
Foreign exchange forwards and options157 39 Other (income) expense, net15 51 
Interest rate swaps(2)
— — Interest expense (income), net(2)(2)
TOTAL DESIGNATED CASH FLOW HEDGES $524 $57 $39 $116 
(1)For the three months ended November 30, 2024 and 2023, 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.


(Dollars 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)
SIX MONTHS ENDED NOVEMBER 30,LOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME		SIX MONTHS ENDED NOVEMBER 30,
2024202320242023
Derivatives designated as cash flow hedges:
Foreign exchange forwards and options$(73)$(23)Revenues$(45)$3 
Foreign exchange forwards and options298 19 Cost of sales120 151 
Foreign exchange forwards and options— 2 Demand creation expense— — 
Foreign exchange forwards and options128 29 Other (income) expense, net45 86 
Interest rate swaps(2)
— — Interest expense (income), net(4)(4)
TOTAL DESIGNATED CASH FLOW HEDGES $353 $27 $116 $236 
(1)For the six months ended November 30, 2024 and 2023, 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		LOCATION OF GAIN (LOSS)
RECOGNIZED IN INCOME
ON DERIVATIVES
THREE MONTHS ENDED NOVEMBER 30,SIX MONTHS ENDED NOVEMBER 30,
(Dollars in millions)
2024202320242023
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options$6 $17 $6 $(10)Other (income) expense, net
v3.24.4
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)
 6 Months Ended
Nov. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
The changes in Accumulated other comprehensive income (loss), net of tax, were as follows:
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at August 31, 2024$(118)$20 $115 $(44)$(27)
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
(223)492 — 3 272 
Reclassifications to net income of previously deferred (gains) losses(2)(3)
(1)(42)— — (43)
Total other comprehensive income (loss)(224)450 — 3 229 
Balance at November 30, 2024$(342)$470 $115 $(41)$202 
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of immaterial tax impact.
(3)Reclassifications to net income of previously deferred (gains) losses are recorded within Other (income) expense, net for foreign currency translation adjustment, net investment hedges, and other.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at August 31, 2023$(217)$297 $115 $(59)$136 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
37 48 — 11 96 
Reclassifications to net income of previously deferred (gains) losses(2)(3)
2 (103)— (10)(111)
Total other comprehensive income (loss)39 (55)— 1 (15)
Balance at November 30, 2023$(178)$242 $115 $(58)$121 
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of immaterial tax impact.
(3)Reclassifications to net income of previously deferred (gains) losses are recorded within Other (income) expense, net for foreign currency translation adjustment, net investment hedges, and other.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at May 31, 2024$(256)$247 $115 $(53)$53 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
(86)341 — 10 265 
Reclassifications to net income of previously deferred (gains) losses(2)(3)
— (118)— 2 (116)
Total other comprehensive income (loss)(86)223 — 12 149 
Balance at November 30, 2024$(342)$470 $115 $(41)$202 
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of immaterial tax impact.
(3)Reclassifications to net income of previously deferred (gains) losses are recorded within Other (income) expense, net for foreign currency translation adjustment, net investment hedges, and other.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at May 31, 2023$(253)$431 $115 $(62)$231 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
73 25 — 11 109 
Reclassifications to net income of previously deferred (gains) losses(2)(3)
2 (214)— (7)(219)
Total other comprehensive income (loss)75 (189)— 4 (110)
Balance at November 30, 2023$(178)$242 $115 $(58)$121 
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of immaterial tax impact.
(3)Reclassifications to net income of previously deferred (gains) losses are recorded within Other (income) expense, net for foreign currency translation adjustment, net investment hedges, and other.
v3.24.4
REVENUES (Tables)
 6 Months Ended
Nov. 30, 2024
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 distribution channel:
THREE MONTHS ENDED NOVEMBER 30, 2024
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$3,236 $1,982 $1,203 $1,234 $— $7,655 $364 $— $8,019 
Apparel1,693 1,136 472 437 — 3,738 26 — 3,764 
Equipment250 185 36 73 — 544 6 — 550 
Other— — — — 13 13 33 (25)21 
TOTAL REVENUES$5,179 $3,303 $1,711 $1,744 $13 $11,950 $429 $(25)$12,354 
Revenues by:
Sales to Wholesale Customers$2,866 $2,120 $904 $1,030 $— $6,920 $212 $— $7,132 
Sales through Direct to Consumer2,313 1,183 807 714 — 5,017 184 — 5,201 
Other— — — — 13 13 33 (25)21 
TOTAL REVENUES$5,179 $3,303 $1,711 $1,744 $13 $11,950 $429 $(25)$12,354 

THREE MONTHS ENDED NOVEMBER 30, 2023
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$3,757 $2,186 $1,361 $1,303 $— $8,607 $442 $— $9,049 
Apparel1,668 1,200 469 437 — 3,774 30 — 3,804 
Equipment200 181 33 65 — 479 7 — 486 
Other— — — — 12 12 40 (3)49 
TOTAL REVENUES$5,625 $3,567 $1,863 $1,805 $12 $12,872 $519 $(3)$13,388 
Revenues by:
Sales to Wholesale Customers$2,902 $2,138 $1,027 $1,051 $— $7,118 $257 $— $7,375 
Sales through Direct to Consumer2,723 1,429 836 754 — 5,742 222 — 5,964 
Other— — — — 12 12 40 (3)49 
TOTAL REVENUES$5,625 $3,567 $1,863 $1,805 $12 $12,872 $519 $(3)$13,388 
SIX MONTHS ENDED NOVEMBER 30, 2024
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$6,448 $3,934 $2,449 $2,286 $— $15,117 $800 $— $15,917 
Apparel3,024 2,129 832 785 — 6,770 43 — 6,813 
Equipment533 383 96 135 — 1,147 18 — 1,165 
Other— — — — 27 27 69 (48)48 
TOTAL REVENUES$10,005 $6,446 $3,377 $3,206 $27 $23,061 $930 $(48)$23,943 
Revenues by:
Sales to Wholesale Customers$5,341 $4,194 $1,875 $1,920 $— $13,330 $488 $— $13,818 
Sales through Direct to Consumer4,664 2,252 1,502 1,286 — 9,704 373 — 10,077 
Other— — — — 27 27 69 (48)48 
TOTAL REVENUES$10,005 $6,446 $3,377 $3,206 $27 $23,061 $930 $(48)$23,943 
SIX MONTHS ENDED NOVEMBER 30, 2023
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$7,490 $4,446 $2,648 $2,444 $— $17,028 $964 $— $17,992 
Apparel3,147 2,337 870 808 — 7,162 50 — 7,212 
Equipment411 394 80 125 — 1,010 18 — 1,028 
Other— — — — 25 25 75 (5)95 
TOTAL REVENUES$11,048 $7,177 $3,598 $3,377 $25 $25,225 $1,107 $(5)$26,327 
Revenues by:
Sales to Wholesale Customers$5,674 $4,517 $1,922 $1,988 $— $14,101 $586 $— $14,687 
Sales through Direct to Consumer5,374 2,660 1,676 1,389 — 11,099 446 — 11,545 
Other— — — — 25 25 75 (5)95 
TOTAL REVENUES$11,048 $7,177 $3,598 $3,377 $25 $25,225 $1,107 $(5)$26,327 
v3.24.4
OPERATING SEGMENTS (Tables)
 6 Months Ended
Nov. 30, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
 THREE MONTHS ENDED NOVEMBER 30,SIX MONTHS ENDED NOVEMBER 30,
(Dollars in millions)
2024202320242023
REVENUES
North America$5,179 $5,625 $10,005 $11,048 
Europe, Middle East & Africa3,303 3,567 6,446 7,177 
Greater China1,711 1,863 3,377 3,598 
Asia Pacific & Latin America1,744 1,805 3,206 3,377 
Global Brand Divisions13 12 27 25 
Total NIKE Brand11,950 12,872 23,061 25,225 
Converse429 519 930 1,107 
Corporate(25)(3)(48)(5)
TOTAL NIKE, INC. REVENUES$12,354 $13,388 $23,943 $26,327 
EARNINGS BEFORE INTEREST AND TAXES
North America$1,371 $1,526 $2,587 $2,960 
Europe, Middle East & Africa831 927 1,623 1,857 
Greater China375 514 877 1,039 
Asia Pacific & Latin America460 521 862 935 
Global Brand Divisions(1,133)(1,168)(2,360)(2,373)
Converse53 115 174 282 
Corporate(565)(535)(1,107)(1,186)
Interest expense (income), net(24)(22)(67)(56)
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES$1,416 $1,922 $2,723 $3,570 
Reconciliation of Assets from Segment to Consolidated
NOVEMBER 30,MAY 31,
(Dollars in millions)
20242024
ACCOUNTS RECEIVABLE, NET
North America$2,421 $1,723 
Europe, Middle East & Africa1,421 1,239 
Greater China266 327 
Asia Pacific & Latin America871 792 
Global Brand Divisions104 103 
Total NIKE Brand5,083 4,184 
Converse201 201 
Corporate18 42 
TOTAL ACCOUNTS RECEIVABLE, NET$5,302 $4,427 
INVENTORIES
North America$3,414 $3,134 
Europe, Middle East & Africa1,921 2,028 
Greater China1,255 1,070 
Asia Pacific & Latin America907 810 
Global Brand Divisions166 166 
Total NIKE Brand7,663 7,208 
Converse306 296 
Corporate12 15 
TOTAL INVENTORIES(1)
$7,981 $7,519 
(1)Inventories as of November 30, 2024 and May 31, 2024, were substantially all finished goods.
NOVEMBER 30,MAY 31,
(Dollars in millions)
20242024
PROPERTY, PLANT AND EQUIPMENT, NET
North America$694 $744 
Europe, Middle East & Africa1,089 1,089 
Greater China238 258 
Asia Pacific & Latin America
300 282 
Global Brand Divisions807 842 
Total NIKE Brand3,128 3,215 
Converse20 27 
Corporate1,709 1,758 
TOTAL PROPERTY, PLANT AND EQUIPMENT, NET$4,857 $5,000 
v3.24.4
ACCRUED LIABILITIES (Details) - USD ($)
$ in Millions
Nov. 30, 2024
May 31, 2024
Accrued Liabilities, Current [Abstract]    
Sales-related reserves $ 1,560 $ 1,282
Compensation and benefits, excluding taxes 1,119 1,291
Dividends payable 599 563
Endorsement compensation 375 578
Other 2,041 2,011
TOTAL ACCRUED LIABILITIES $ 5,694 $ 5,725
v3.24.4
FAIR VALUE MEASUREMENTS - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Millions
Nov. 30, 2024
May 31, 2024
Assets, Fair Value Disclosure [Abstract]    
SHORT-TERM INVESTMENTS $ 1,782 $ 1,722
Fair Value, Measurements, Recurring    
Assets, Fair Value Disclosure [Abstract]    
Cash 1,372 1,222
ASSETS AT FAIR VALUE 9,761 11,582
CASH AND EQUIVALENTS 7,979 9,860
SHORT-TERM INVESTMENTS 1,782 1,722
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | U.S. Treasury securities    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 1,167 1,175
CASH AND EQUIVALENTS 18 155
SHORT-TERM INVESTMENTS 1,149 1,020
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 7,222 9,185
CASH AND EQUIVALENTS 6,589 8,483
SHORT-TERM INVESTMENTS 633 702
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Commercial paper and bonds    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 632 591
CASH AND EQUIVALENTS 32 17
SHORT-TERM INVESTMENTS 600 574
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Money market funds    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 5,975 8,119
CASH AND EQUIVALENTS 5,975 8,119
SHORT-TERM INVESTMENTS 0 0
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Time deposits    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 606 440
CASH AND EQUIVALENTS 582 347
SHORT-TERM INVESTMENTS 24 93
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | U.S. Agency securities    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 9 35
CASH AND EQUIVALENTS 0 0
SHORT-TERM INVESTMENTS $ 9 $ 35
v3.24.4
FAIR VALUE MEASUREMENTS - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Nov. 30, 2024
Nov. 30, 2023
Nov. 30, 2024
Nov. 30, 2023
May 31, 2024
Fair Value Disclosures [Abstract]          
Available-for-sale securities with maturity dates within one year from purchase date $ 847   $ 847    
Available-for-sale securities with maturity dates over one year and less than five years from purchase date 935   935    
Interest income related to cash and equivalents and short-term investments 97 $ 92 217 $ 191  
Fair value of long term debt $ 7,856   $ 7,856   $ 7,631
v3.24.4
FAIR VALUE MEASUREMENTS - Derivative Assets and Liabilities at Fair Value (Details) - Fair Value, Measurements, Recurring - USD ($)
$ in Millions
Nov. 30, 2024
May 31, 2024
DERIVATIVE ASSETS    
ASSETS AT FAIR VALUE $ 593 $ 343
OTHER CURRENT ASSETS 434 299
OTHER LONG-TERM ASSETS 159 44
DERIVATIVE LIABILITIES    
LIABILITIES AT FAIR VALUE 106 151
ACCRUED LIABILITIES 99 115
OTHER LONG-TERM LIABILITIES 7 36
Reduction in derivative liabilities if netted 106 142
Reduction in derivative assets if netted 106 142
Cash collateral from counterparties related to derivative instruments   112
Fair value of derivative liability collateral 0 10
Cash    
DERIVATIVE LIABILITIES    
Cash collateral from counterparties related to derivative instruments 311  
Debt Securities    
DERIVATIVE LIABILITIES    
Cash collateral from counterparties related to derivative instruments 38  
Foreign exchange forwards and options | Fair Value, Inputs, Level 2    
DERIVATIVE ASSETS    
ASSETS AT FAIR VALUE 557 343
OTHER CURRENT ASSETS 434 299
OTHER LONG-TERM ASSETS 123 44
DERIVATIVE LIABILITIES    
LIABILITIES AT FAIR VALUE 106 120
ACCRUED LIABILITIES 99 115
OTHER LONG-TERM LIABILITIES 7 5
Interest rate swaps | Fair Value, Inputs, Level 2    
DERIVATIVE ASSETS    
ASSETS AT FAIR VALUE 36 0
OTHER CURRENT ASSETS 0 0
OTHER LONG-TERM ASSETS 36 0
DERIVATIVE LIABILITIES    
LIABILITIES AT FAIR VALUE 0 31
ACCRUED LIABILITIES 0 0
OTHER LONG-TERM LIABILITIES $ 0 $ 31
v3.24.4
INCOME TAXES (Details) - USD ($)
$ in Millions
 6 Months Ended
Nov. 30, 2024
Nov. 30, 2023
May 31, 2024
Income Tax Disclosure [Abstract]      
Effective income tax rate 18.70% 15.20%  
Total gross unrecognized tax benefits, excluding related interest and penalties $ 995   $ 990
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 724    
Accrued interest and penalties related to uncertain tax positions (excluding federal benefit) 347   $ 332
Estimated decrease in total gross unrecognized tax benefits as a result of resolutions of global tax examinations and expiration of applicable statutes of limitations $ 224    
v3.24.4
STOCK-BASED COMPENSATION - Stock-Based Compensation (Details)
Nov. 30, 2024
shares
Stock Incentive Plan | Class B Common Stock  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Shares available for grant (in shares) 798,000,000
v3.24.4
STOCK-BASED COMPENSATION - Total Stock-Based Compensation Expense (Details) - Class B Common Stock - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Nov. 30, 2024
Nov. 30, 2023
Nov. 30, 2024
Nov. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock-based compensation expense $ 192 $ 206 $ 375 $ 402
Stock options        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock-based compensation expense 82 88 153 164
ESPPs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock-based compensation expense 23 17 36 38
Restricted stock and restricted stock units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock-based compensation expense $ 87 $ 101 $ 186 $ 200
v3.24.4
STOCK-BASED COMPENSATION - Stock Options (Details) - Stock options - Stock Incentive Plan
$ in Millions
 6 Months Ended
Nov. 30, 2024
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized compensation costs from stock options $ 560
Unrecognized compensation costs from stock options, net of estimated forfeitures, to be recognized as operating overhead expense over a weighted average period 2 years 8 months 12 days
v3.24.4
STOCK-BASED COMPENSATION - Restricted Stock and Restricted Stock Units (Details) - Restricted stock and restricted stock units
$ in Millions
 6 Months Ended
Nov. 30, 2024
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized compensation costs from restricted stock, net of estimated forfeitures $ 815
Unrecognized compensation costs from stock options, net of estimated forfeitures, to be recognized as operating overhead expense over a weighted average period 2 years 8 months 12 days
v3.24.4
EARNINGS PER SHARE - Additional Information (Details) - shares
shares in Millions
 3 Months Ended 6 Months Ended
Nov. 30, 2024
Nov. 30, 2023
Nov. 30, 2024
Nov. 30, 2023
Stock options        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Anti-dilutive options not included in the computation of diluted earnings per share (in shares) 81.4 46.2 77.9 43.5
v3.24.4
EARNINGS PER SHARE - Reconciliation from Basic Earnings Per Share to Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Nov. 30, 2024
Nov. 30, 2023
Nov. 30, 2024
Nov. 30, 2023
Earnings Per Share [Abstract]        
Net income available to common stockholders $ 1,163 $ 1,578 $ 2,214 $ 3,028
Determination of shares:        
Weighted average common shares outstanding (in shares) 1,486.8 1,520.8 1,492.3 1,524.6
Assumed conversion of dilutive stock options and awards (in shares) 3.2 11.3 3.6 13.1
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (in shares) 1,490.0 1,532.1 1,495.9 1,537.7
Earnings per common share:        
Basic (in dollars per share) $ 0.78 $ 1.04 $ 1.48 $ 1.99
Diluted (in dollars per share) $ 0.78 $ 1.03 $ 1.48 $ 1.97
v3.24.4
RISK MANAGEMENT AND DERIVATIVES - FV of Derivative Instruments Included within Consolidated Balance Sheet (Details) - USD ($)
$ in Millions
Nov. 30, 2024
May 31, 2024
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS $ 593 $ 343
DERIVATIVE LIABILITIES 106 151
Derivatives formally designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 588 313
DERIVATIVE LIABILITIES 84 146
Derivatives not designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 5 30
DERIVATIVE LIABILITIES 22 5
Prepaid expenses and other current assets | Foreign exchange forwards and options | Derivatives formally designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 429 269
Prepaid expenses and other current assets | Foreign exchange forwards and options | Derivatives not designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 5 30
Deferred income taxes and other assets | Foreign exchange forwards and options | Derivatives formally designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 123 44
Deferred income taxes and other assets | Interest rate swaps | Derivatives formally designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 36 0
Accrued liabilities | Foreign exchange forwards and options | Derivatives formally designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
DERIVATIVE LIABILITIES 77 110
Accrued liabilities | Foreign exchange forwards and options | Derivatives not designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
DERIVATIVE LIABILITIES 22 5
Deferred income taxes and other liabilities | Foreign exchange forwards and options | Derivatives formally designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
DERIVATIVE LIABILITIES 7 5
Deferred income taxes and other liabilities | Interest rate swaps | Derivatives formally designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
DERIVATIVE LIABILITIES $ 0 $ 31
v3.24.4
RISK MANAGEMENT AND DERIVATIVES - Amounts Affecting Consolidated Statements of Income (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Nov. 30, 2024
Nov. 30, 2023
Nov. 30, 2024
Nov. 30, 2023
Derivatives designated as cash flow hedges        
Derivative Instruments, Gain (Loss) [Line Items]        
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER 
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES $ 524 $ 57 $ 353 $ 27
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME $ 39 $ 116 $ 116 $ 236
Foreign exchange forwards and options        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Nonoperating Income (Expense) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense)
Foreign exchange forwards and options | Derivatives not designated as hedging instruments        
Derivative Instruments, Gain (Loss) [Line Items]        
AMOUNT OF GAIN (LOSS) RECOGNIZED 
IN INCOME ON DERIVATIVES $ 6 $ 17 $ 6 $ (10)
Foreign exchange forwards and options | Derivatives designated as cash flow hedges | Revenues        
Derivative Instruments, Gain (Loss) [Line Items]        
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER 
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES (29) (5) (73) (23)
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME (24) 2 (45) 3
Foreign exchange forwards and options | Derivatives designated as cash flow hedges | Cost of sales        
Derivative Instruments, Gain (Loss) [Line Items]        
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER 
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES 396 21 298 19
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME 50 65 120 151
Foreign exchange forwards and options | Derivatives designated as cash flow hedges | Demand creation expense        
Derivative Instruments, Gain (Loss) [Line Items]        
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER 
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES 0 2 0 2
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME 0 0 0 0
Foreign exchange forwards and options | Derivatives designated as cash flow hedges | Other (income) expense, net        
Derivative Instruments, Gain (Loss) [Line Items]        
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER 
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES 157 39 128 29
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME 15 51 45 86
Interest rate swaps | Derivatives designated as cash flow hedges | 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 (LOSS) INTO INCOME $ (2) $ (2) $ (4) $ (4)
v3.24.4
RISK MANAGEMENT AND DERIVATIVES - Additional Information (Details) - USD ($)
$ in Millions
 6 Months Ended
Nov. 30, 2024
May 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Deferred net gains (net of tax) expected to be reclassified to Net Income during the next 12 months $ 357  
Maximum term over which the company hedges exposures to the variability of cash flows for its forecasted transactions 29 months  
Derivatives not designated as hedging instruments    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total notional amount of outstanding derivatives $ 3,300 $ 4,400
Derivatives designated as cash flow hedges | Derivatives formally designated as hedging instruments    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total notional amount of outstanding derivatives 16,200 16,200
Fair Value Hedging | Derivatives formally designated as hedging instruments    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total notional amount of outstanding derivatives $ 2,400 $ 1,800
v3.24.4
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Nov. 30, 2024
Nov. 30, 2023
Nov. 30, 2024
Nov. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance $ 13,944 $ 13,971 $ 14,430 $ 14,004
Other comprehensive income (loss):        
Other comprehensive gains (losses) before reclassifications 272 96 265 109
Reclassifications to net income of previously deferred (gains) losses (43) (111) (116) (219)
Total other comprehensive income (loss), net of tax 229 (15) 149 (110)
Ending Balance 14,037 14,146 14,037 14,146
TOTAL        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance (27) 136 53 231
Other comprehensive income (loss):        
Total other comprehensive income (loss), net of tax 229 (15) 149 (110)
Ending Balance 202 121 202 121
FOREIGN CURRENCY TRANSLATION ADJUSTMENT        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance (118) (217) (256) (253)
Other comprehensive income (loss):        
Other comprehensive gains (losses) before reclassifications (223) 37 (86) 73
Reclassifications to net income of previously deferred (gains) losses (1) 2 0 2
Total other comprehensive income (loss), net of tax (224) 39 (86) 75
Ending Balance (342) (178) (342) (178)
CASH FLOW HEDGES        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance 20 297 247 431
Other comprehensive income (loss):        
Other comprehensive gains (losses) before reclassifications 492 48 341 25
Reclassifications to net income of previously deferred (gains) losses (42) (103) (118) (214)
Total other comprehensive income (loss), net of tax 450 (55) 223 (189)
Ending Balance 470 242 470 242
NET INVESTMENT HEDGES        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance 115 115 115 115
Other comprehensive income (loss):        
Other comprehensive gains (losses) before reclassifications 0 0 0 0
Reclassifications to net income of previously deferred (gains) losses 0 0 0 0
Total other comprehensive income (loss), net of tax 0 0 0 0
Ending Balance 115 115 115 115
OTHER        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance (44) (59) (53) (62)
Other comprehensive income (loss):        
Other comprehensive gains (losses) before reclassifications 3 11 10 11
Reclassifications to net income of previously deferred (gains) losses 0 (10) 2 (7)
Total other comprehensive income (loss), net of tax 3 1 12 4
Ending Balance $ (41) $ (58) $ (41) $ (58)
v3.24.4
REVENUES (Details) - USD ($)
 3 Months Ended 6 Months Ended
Nov. 30, 2024
Nov. 30, 2023
Nov. 30, 2024
Nov. 30, 2023
May 31, 2024
Disaggregation of Revenue [Line Items]          
Revenues $ 12,354,000,000 $ 13,388,000,000 $ 23,943,000,000 $ 26,327,000,000  
Contract asset 0   0   $ 0
Sales to Wholesale Customers          
Disaggregation of Revenue [Line Items]          
Revenues 7,132,000,000 7,375,000,000 13,818,000,000 14,687,000,000  
Sales through Direct to Consumer          
Disaggregation of Revenue [Line Items]          
Revenues 5,201,000,000 5,964,000,000 10,077,000,000 11,545,000,000  
Other          
Disaggregation of Revenue [Line Items]          
Revenues 21,000,000 49,000,000 48,000,000 95,000,000  
Footwear          
Disaggregation of Revenue [Line Items]          
Revenues 8,019,000,000 9,049,000,000 15,917,000,000 17,992,000,000  
Apparel          
Disaggregation of Revenue [Line Items]          
Revenues 3,764,000,000 3,804,000,000 6,813,000,000 7,212,000,000  
Equipment          
Disaggregation of Revenue [Line Items]          
Revenues 550,000,000 486,000,000 1,165,000,000 1,028,000,000  
Other          
Disaggregation of Revenue [Line Items]          
Revenues 21,000,000 49,000,000 48,000,000 95,000,000  
Operating Segments | NIKE Brand          
Disaggregation of Revenue [Line Items]          
Revenues 11,950,000,000 12,872,000,000 23,061,000,000 25,225,000,000  
Operating Segments | NIKE Brand | Sales to Wholesale Customers          
Disaggregation of Revenue [Line Items]          
Revenues 6,920,000,000 7,118,000,000 13,330,000,000 14,101,000,000  
Operating Segments | NIKE Brand | Sales through Direct to Consumer          
Disaggregation of Revenue [Line Items]          
Revenues 5,017,000,000 5,742,000,000 9,704,000,000 11,099,000,000  
Operating Segments | NIKE Brand | Other          
Disaggregation of Revenue [Line Items]          
Revenues 13,000,000 12,000,000 27,000,000 25,000,000  
Operating Segments | NIKE Brand | NORTH AMERICA          
Disaggregation of Revenue [Line Items]          
Revenues 5,179,000,000 5,625,000,000 10,005,000,000 11,048,000,000  
Operating Segments | NIKE Brand | NORTH AMERICA | Sales to Wholesale Customers          
Disaggregation of Revenue [Line Items]          
Revenues 2,866,000,000 2,902,000,000 5,341,000,000 5,674,000,000  
Operating Segments | NIKE Brand | NORTH AMERICA | Sales through Direct to Consumer          
Disaggregation of Revenue [Line Items]          
Revenues 2,313,000,000 2,723,000,000 4,664,000,000 5,374,000,000  
Operating Segments | NIKE Brand | NORTH AMERICA | Other          
Disaggregation of Revenue [Line Items]          
Revenues 0 0 0 0  
Operating Segments | NIKE Brand | EUROPE, MIDDLE EAST & AFRICA          
Disaggregation of Revenue [Line Items]          
Revenues 3,303,000,000 3,567,000,000 6,446,000,000 7,177,000,000  
Operating Segments | NIKE Brand | EUROPE, MIDDLE EAST & AFRICA | Sales to Wholesale Customers          
Disaggregation of Revenue [Line Items]          
Revenues 2,120,000,000 2,138,000,000 4,194,000,000 4,517,000,000  
Operating Segments | NIKE Brand | EUROPE, MIDDLE EAST & AFRICA | Sales through Direct to Consumer          
Disaggregation of Revenue [Line Items]          
Revenues 1,183,000,000 1,429,000,000 2,252,000,000 2,660,000,000  
Operating Segments | NIKE Brand | EUROPE, MIDDLE EAST & AFRICA | Other          
Disaggregation of Revenue [Line Items]          
Revenues 0 0 0 0  
Operating Segments | NIKE Brand | GREATER CHINA          
Disaggregation of Revenue [Line Items]          
Revenues 1,711,000,000 1,863,000,000 3,377,000,000 3,598,000,000  
Operating Segments | NIKE Brand | GREATER CHINA | Sales to Wholesale Customers          
Disaggregation of Revenue [Line Items]          
Revenues 904,000,000 1,027,000,000 1,875,000,000 1,922,000,000  
Operating Segments | NIKE Brand | GREATER CHINA | Sales through Direct to Consumer          
Disaggregation of Revenue [Line Items]          
Revenues 807,000,000 836,000,000 1,502,000,000 1,676,000,000  
Operating Segments | NIKE Brand | GREATER CHINA | Other          
Disaggregation of Revenue [Line Items]          
Revenues 0 0 0 0  
Operating Segments | NIKE Brand | ASIA PACIFIC & LATIN AMERICA          
Disaggregation of Revenue [Line Items]          
Revenues 1,744,000,000 1,805,000,000 3,206,000,000 3,377,000,000  
Operating Segments | NIKE Brand | ASIA PACIFIC & LATIN AMERICA | Sales to Wholesale Customers          
Disaggregation of Revenue [Line Items]          
Revenues 1,030,000,000 1,051,000,000 1,920,000,000 1,988,000,000  
Operating Segments | NIKE Brand | ASIA PACIFIC & LATIN AMERICA | Sales through Direct to Consumer          
Disaggregation of Revenue [Line Items]          
Revenues 714,000,000 754,000,000 1,286,000,000 1,389,000,000  
Operating Segments | NIKE Brand | ASIA PACIFIC & LATIN AMERICA | Other          
Disaggregation of Revenue [Line Items]          
Revenues 0 0 0 0  
Operating Segments | CONVERSE          
Disaggregation of Revenue [Line Items]          
Revenues 429,000,000 519,000,000 930,000,000 1,107,000,000  
Operating Segments | CONVERSE | Sales to Wholesale Customers          
Disaggregation of Revenue [Line Items]          
Revenues 212,000,000 257,000,000 488,000,000 586,000,000  
Operating Segments | CONVERSE | Sales through Direct to Consumer          
Disaggregation of Revenue [Line Items]          
Revenues 184,000,000 222,000,000 373,000,000 446,000,000  
Operating Segments | CONVERSE | Other          
Disaggregation of Revenue [Line Items]          
Revenues 33,000,000 40,000,000 69,000,000 75,000,000  
Operating Segments | Footwear | NIKE Brand          
Disaggregation of Revenue [Line Items]          
Revenues 7,655,000,000 8,607,000,000 15,117,000,000 17,028,000,000  
Operating Segments | Footwear | NIKE Brand | NORTH AMERICA          
Disaggregation of Revenue [Line Items]          
Revenues 3,236,000,000 3,757,000,000 6,448,000,000 7,490,000,000  
Operating Segments | Footwear | NIKE Brand | EUROPE, MIDDLE EAST & AFRICA          
Disaggregation of Revenue [Line Items]          
Revenues 1,982,000,000 2,186,000,000 3,934,000,000 4,446,000,000  
Operating Segments | Footwear | NIKE Brand | GREATER CHINA          
Disaggregation of Revenue [Line Items]          
Revenues 1,203,000,000 1,361,000,000 2,449,000,000 2,648,000,000  
Operating Segments | Footwear | NIKE Brand | ASIA PACIFIC & LATIN AMERICA          
Disaggregation of Revenue [Line Items]          
Revenues 1,234,000,000 1,303,000,000 2,286,000,000 2,444,000,000  
Operating Segments | Footwear | CONVERSE          
Disaggregation of Revenue [Line Items]          
Revenues 364,000,000 442,000,000 800,000,000 964,000,000  
Operating Segments | Apparel | NIKE Brand          
Disaggregation of Revenue [Line Items]          
Revenues 3,738,000,000 3,774,000,000 6,770,000,000 7,162,000,000  
Operating Segments | Apparel | NIKE Brand | NORTH AMERICA          
Disaggregation of Revenue [Line Items]          
Revenues 1,693,000,000 1,668,000,000 3,024,000,000 3,147,000,000  
Operating Segments | Apparel | NIKE Brand | EUROPE, MIDDLE EAST & AFRICA          
Disaggregation of Revenue [Line Items]          
Revenues 1,136,000,000 1,200,000,000 2,129,000,000 2,337,000,000  
Operating Segments | Apparel | NIKE Brand | GREATER CHINA          
Disaggregation of Revenue [Line Items]          
Revenues 472,000,000 469,000,000 832,000,000 870,000,000  
Operating Segments | Apparel | NIKE Brand | ASIA PACIFIC & LATIN AMERICA          
Disaggregation of Revenue [Line Items]          
Revenues 437,000,000 437,000,000 785,000,000 808,000,000  
Operating Segments | Apparel | CONVERSE          
Disaggregation of Revenue [Line Items]          
Revenues 26,000,000 30,000,000 43,000,000 50,000,000  
Operating Segments | Equipment | NIKE Brand          
Disaggregation of Revenue [Line Items]          
Revenues 544,000,000 479,000,000 1,147,000,000 1,010,000,000  
Operating Segments | Equipment | NIKE Brand | NORTH AMERICA          
Disaggregation of Revenue [Line Items]          
Revenues 250,000,000 200,000,000 533,000,000 411,000,000  
Operating Segments | Equipment | NIKE Brand | EUROPE, MIDDLE EAST & AFRICA          
Disaggregation of Revenue [Line Items]          
Revenues 185,000,000 181,000,000 383,000,000 394,000,000  
Operating Segments | Equipment | NIKE Brand | GREATER CHINA          
Disaggregation of Revenue [Line Items]          
Revenues 36,000,000 33,000,000 96,000,000 80,000,000  
Operating Segments | Equipment | NIKE Brand | ASIA PACIFIC & LATIN AMERICA          
Disaggregation of Revenue [Line Items]          
Revenues 73,000,000 65,000,000 135,000,000 125,000,000  
Operating Segments | Equipment | CONVERSE          
Disaggregation of Revenue [Line Items]          
Revenues 6,000,000 7,000,000 18,000,000 18,000,000  
Operating Segments | Other | NIKE Brand          
Disaggregation of Revenue [Line Items]          
Revenues 13,000,000 12,000,000 27,000,000 25,000,000  
Operating Segments | Other | NIKE Brand | NORTH AMERICA          
Disaggregation of Revenue [Line Items]          
Revenues 0 0 0 0  
Operating Segments | Other | NIKE Brand | EUROPE, MIDDLE EAST & AFRICA          
Disaggregation of Revenue [Line Items]          
Revenues 0 0 0 0  
Operating Segments | Other | NIKE Brand | GREATER CHINA          
Disaggregation of Revenue [Line Items]          
Revenues 0 0 0 0  
Operating Segments | Other | NIKE Brand | ASIA PACIFIC & LATIN AMERICA          
Disaggregation of Revenue [Line Items]          
Revenues 0 0 0 0  
Operating Segments | Other | CONVERSE          
Disaggregation of Revenue [Line Items]          
Revenues 33,000,000 40,000,000 69,000,000 75,000,000  
Global Brand Divisions          
Disaggregation of Revenue [Line Items]          
Revenues 13,000,000 12,000,000 27,000,000 25,000,000  
Global Brand Divisions | Other          
Disaggregation of Revenue [Line Items]          
Revenues 13,000,000 12,000,000 27,000,000 25,000,000  
Global Brand Divisions | Other          
Disaggregation of Revenue [Line Items]          
Revenues 13,000,000 12,000,000 27,000,000 25,000,000  
Corporate          
Disaggregation of Revenue [Line Items]          
Revenues (25,000,000) (3,000,000) (48,000,000) (5,000,000)  
Corporate | Other          
Disaggregation of Revenue [Line Items]          
Revenues (25,000,000) (3,000,000) (48,000,000) (5,000,000)  
Corporate | Other          
Disaggregation of Revenue [Line Items]          
Revenues $ (25,000,000) $ (3,000,000) $ (48,000,000) $ (5,000,000)  
v3.24.4
OPERATING SEGMENTS - Information by Operating Segments (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Nov. 30, 2024
Nov. 30, 2023
Nov. 30, 2024
Nov. 30, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues $ 12,354 $ 13,388 $ 23,943 $ 26,327
Interest expense (income), net (24) (22) (67) (56)
Income before income taxes 1,416 1,922 2,723 3,570
Operating Segments | NIKE Brand        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 11,950 12,872 23,061 25,225
Operating Segments | NIKE Brand | NORTH AMERICA        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 5,179 5,625 10,005 11,048
EARNINGS BEFORE INTEREST AND TAXES 1,371 1,526 2,587 2,960
Operating Segments | NIKE Brand | EUROPE, MIDDLE EAST & AFRICA        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 3,303 3,567 6,446 7,177
EARNINGS BEFORE INTEREST AND TAXES 831 927 1,623 1,857
Operating Segments | NIKE Brand | GREATER CHINA        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 1,711 1,863 3,377 3,598
EARNINGS BEFORE INTEREST AND TAXES 375 514 877 1,039
Operating Segments | NIKE Brand | ASIA PACIFIC & LATIN AMERICA        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 1,744 1,805 3,206 3,377
EARNINGS BEFORE INTEREST AND TAXES 460 521 862 935
Operating Segments | CONVERSE        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 429 519 930 1,107
EARNINGS BEFORE INTEREST AND TAXES 53 115 174 282
Global Brand Divisions        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 13 12 27 25
EARNINGS BEFORE INTEREST AND TAXES (1,133) (1,168) (2,360) (2,373)
Corporate        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues (25) (3) (48) (5)
EARNINGS BEFORE INTEREST AND TAXES $ (565) $ (535) $ (1,107) $ (1,186)
v3.24.4
OPERATING SEGMENTS - Accounts Receivable Net Inventories and Property Plant and Equipment Net by Operating Segments (Details) - USD ($)
$ in Millions
Nov. 30, 2024
May 31, 2024
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net $ 5,302 $ 4,427
Inventories 7,981 7,519
Property, plant and equipment, net 4,857 5,000
Operating Segments | NIKE Brand    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 5,083 4,184
Inventories 7,663 7,208
Property, plant and equipment, net 3,128 3,215
Operating Segments | NIKE Brand | NORTH AMERICA    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 2,421 1,723
Inventories 3,414 3,134
Property, plant and equipment, net 694 744
Operating Segments | NIKE Brand | EUROPE, MIDDLE EAST & AFRICA    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 1,421 1,239
Inventories 1,921 2,028
Property, plant and equipment, net 1,089 1,089
Operating Segments | NIKE Brand | GREATER CHINA    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 266 327
Inventories 1,255 1,070
Property, plant and equipment, net 238 258
Operating Segments | NIKE Brand | ASIA PACIFIC & LATIN AMERICA    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 871 792
Inventories 907 810
Property, plant and equipment, net 300 282
Operating Segments | CONVERSE    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 201 201
Inventories 306 296
Property, plant and equipment, net 20 27
Global Brand Divisions    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 104 103
Inventories 166 166
Property, plant and equipment, net 807 842
Corporate    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 18 42
Inventories 12 15
Property, plant and equipment, net $ 1,709 $ 1,758
v3.24.4
RESTRUCTURING (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Nov. 30, 2024
Nov. 30, 2024
May 31, 2024
Restructuring and Related Activities [Abstract]      
Payments for restructuring $ 22 $ 239  
Pre-tax restructuring charges     $ 267
v3.24.4
SUPPLIER FINANCE PROGRAMS (Details) - USD ($)
$ in Millions
Nov. 30, 2024
May 31, 2024
Payables and Accruals [Abstract]    
Outstanding supplier obligations, current $ 1,009 $ 840