NIKE, INC., 10-Q filed on 4/5/2022
Quarterly Report
v3.22.1
Cover Page - shares
 9 Months Ended
Feb. 28, 2022
Mar. 28, 2022
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Feb. 28, 2022  
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 Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0000320187  
Current Fiscal Year End Date --05-31  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q3  
Amendment Flag false  
Entity Interactive Data Current Yes  
Class A Convertible Common Stock    
Document Information [Line Items]    
Entity Common Stock Shares Outstanding (In Shares)   305,007,252
Class B Common Stock    
Document Information [Line Items]    
Entity Common Stock Shares Outstanding (In Shares)   1,268,760,217
v3.22.1
Unaudited Condensed Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2022
Feb. 28, 2021
Feb. 28, 2022
Feb. 28, 2021
Income Statement [Abstract]        
Revenues $ 10,871 $ 10,357 $ 34,476 $ 32,194
Cost of sales 5,804 5,638 18,500 17,887
Gross profit 5,067 4,719 15,976 14,307
Demand creation expense 854 711 2,789 2,117
Operating overhead expense 2,584 2,330 7,980 7,166
Total selling and administrative expense 3,438 3,041 10,769 9,283
Interest expense (income), net 53 64 165 199
Other (income) expense, net (94) (22) (235) 18
Income before income taxes 1,670 1,636 5,277 4,807
Income tax expense 274 187 670 589
NET INCOME $ 1,396 $ 1,449 $ 4,607 $ 4,218
Earnings per common share:        
Basic (in dollars per share) $ 0.88 $ 0.92 $ 2.91 $ 2.68
Diluted (in dollars per share) $ 0.87 $ 0.90 $ 2.85 $ 2.62
Weighted average common shares outstanding:        
Basic (in shares) 1,579.0 1,578.0 1,581.1 1,570.9
Diluted (in shares) 1,610.7 1,616.9 1,615.8 1,607.3
v3.22.1
Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2022
Feb. 28, 2021
Feb. 28, 2022
Feb. 28, 2021
Statement of Comprehensive Income [Abstract]        
Net income $ 1,396 $ 1,449 $ 4,607 $ 4,218
Other comprehensive income (loss), net of tax:        
Change in net foreign currency translation adjustment (6) 98 (289) 494
Change in net gains (losses) on cash flow hedges (29) (117) 775 (878)
Change in net gains (losses) on other (11) 2 (7) (6)
Total other comprehensive income (loss), net of tax (46) (17) 479 (390)
TOTAL COMPREHENSIVE INCOME $ 1,350 $ 1,432 $ 5,086 $ 3,828
v3.22.1
Unaudited Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Feb. 28, 2022
May 31, 2021
Current assets:    
Cash and equivalents $ 8,704 $ 9,889
Short-term investments 4,763 3,587
Accounts receivable, net 3,827 4,463
Inventories 7,700 6,854
Prepaid expenses and other current assets 1,968 1,498
Total current assets 26,962 26,291
Property, plant and equipment, net 4,806 4,904
Operating lease right-of-use assets, net 2,959 3,113
Identifiable intangible assets, net 291 269
Goodwill 284 242
Deferred income taxes and other assets 3,275 2,921
TOTAL ASSETS 38,577 37,740
Current liabilities:    
Current portion of long-term debt 0 0
Notes payable 0 2
Accounts payable 2,770 2,836
Current portion of operating lease liabilities 455 467
Accrued liabilities 5,391 6,063
Income taxes payable 202 306
Total current liabilities 8,818 9,674
Long-term debt 9,418 9,413
Operating lease liabilities 2,784 2,931
Deferred income taxes and other liabilities 2,748 2,955
Redeemable preferred stock 0 0
Shareholders' equity:    
Capital in excess of stated value 11,186 9,965
Accumulated other comprehensive income (loss) 99 (380)
Retained earnings (deficit) 3,521 3,179
Total shareholders' equity 14,809 12,767
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 38,577 37,740
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
v3.22.1
Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - shares
shares in Millions
Feb. 28, 2022
May 31, 2021
Class A Convertible Common Stock    
Common Stock, shares outstanding (in shares) 305 305
Class B Common Stock    
Common Stock, shares outstanding (in shares) 1,271 1,273
v3.22.1
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Feb. 28, 2022
Feb. 28, 2021
Cash provided (used) by operations:    
Net income $ 4,607 $ 4,218
Adjustments to reconcile net income to net cash provided (used) by operations:    
Depreciation 538 543
Deferred income taxes (234) (291)
Stock-based compensation 467 467
Amortization, impairment and other 6 33
Net foreign currency adjustments 3 (130)
Changes in certain working capital components and other assets and liabilities:    
(Increase) decrease in accounts receivable 466 (837)
(Increase) decrease in inventories (872) 674
(Increase) decrease in prepaid expenses, operating lease right-of-use assets and other current and non-current assets (639) (406)
Increase (decrease) in accounts payable, accrued liabilities, operating lease liabilities and other current and non-current liabilities (305) 374
Cash provided (used) by operations 4,037 4,645
Cash provided (used) by investing activities:    
Purchases of short-term investments (9,229) (7,441)
Maturities of short-term investments 5,152 2,203
Sales of short-term investments 2,921 1,588
Additions to property, plant and equipment (516) (521)
Other investing activities (39) 184
Cash provided (used) by investing activities (1,711) (3,987)
Cash provided (used) by financing activities:    
Increase (decrease) in notes payable 4 (51)
Repayment of borrowings 0 (196)
Proceeds from exercise of stock options and other stock issuances 959 969
Repurchase of common stock (2,923) 0
Dividends — common and preferred (1,356) (1,203)
Other financing activities (140) (131)
Cash provided (used) by financing activities (3,456) (612)
Effect of exchange rate changes on cash and equivalents (55) 122
Net increase (decrease) in cash and equivalents (1,185) 168
Cash and equivalents, beginning of period 9,889 8,348
CASH AND EQUIVALENTS, END OF PERIOD 8,704 8,516
Supplemental disclosure of cash flow information:    
Non-cash additions to property, plant and equipment 126 116
Dividends declared and not paid $ 488 $ 437
v3.22.1
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 (DEFICIT)
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, 2020           315   1,243
Beginning balance at May. 31, 2020 $ 8,055 $ 8,299 $ (56) $ (191)       $ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Stock options exercised (in shares)               19
Stock options exercised 844 844            
Conversion to Class B Common Stock (in shares)           (10)   10
Dividends on common stock and preferred stock (1,256)     (1,256)        
Issuance of shares to employees, net of shares withheld for employee taxes (in shares)               2
Issuance of shares to employees, net of shares withheld for employee taxes (7) 35   (42)        
Stock-based compensation 467 467            
Net income 4,218     4,218        
Other comprehensive income (loss) (390)   (390)          
Ending Balance (in shares) at Feb. 28, 2021           305   1,274
Ending balance at Feb. 28, 2021 11,931 9,645 (446) 2,729       $ 3
Beginning Balance (in shares) at Nov. 30, 2020           305   1,270
Beginning balance at Nov. 30, 2020 10,640 9,336 (429) 1,730       $ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Stock options exercised (in shares)               4
Stock options exercised 187 187            
Dividends on common stock and preferred stock (436)     (436)        
Issuance of shares to employees, net of shares withheld for employee taxes (34) (20)   (14)        
Stock-based compensation 142 142            
Net income 1,449     1,449        
Other comprehensive income (loss) (17)   (17)          
Ending Balance (in shares) at Feb. 28, 2021           305   1,274
Ending balance at Feb. 28, 2021 11,931 9,645 (446) 2,729       $ 3
Beginning Balance (in shares) at May. 31, 2021         305 305 1,273 1,273
Beginning balance at May. 31, 2021 12,767 9,965 (380) 3,179       $ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Stock options exercised (in shares)               14
Stock options exercised 837 837            
Repurchase of Class B Common Stock (in shares)               (19)
Repurchase of Class B common stock (2,932) (126)   (2,806)        
Dividends on common stock and preferred stock (1,406)     (1,406)        
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 (10) 43   (53)        
Stock-based compensation 467 467            
Net income 4,607     4,607        
Other comprehensive income (loss) 479   479          
Ending Balance (in shares) at Feb. 28, 2022         305 305 1,271 1,271
Ending balance at Feb. 28, 2022 14,809 11,186 99 3,521       $ 3
Beginning Balance (in shares) at Nov. 30, 2021           305   1,278
Beginning balance at Nov. 30, 2021 14,924 10,990 145 3,786       $ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Stock options exercised (in shares)               1
Stock options exercised 112 112            
Repurchase of Class B Common Stock (in shares)               (8)
Repurchase of Class B common stock (1,222) (57)   (1,165)        
Dividends on common stock and preferred stock (488)     (488)        
Issuance of shares to employees, net of shares withheld for employee taxes (28) (20)   (8)        
Stock-based compensation 161 161            
Net income 1,396     1,396        
Other comprehensive income (loss) (46)   (46)          
Ending Balance (in shares) at Feb. 28, 2022         305 305 1,271 1,271
Ending balance at Feb. 28, 2022 $ 14,809 $ 11,186 $ 99 $ 3,521       $ 3
v3.22.1
Unaudited Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares
 3 Months Ended 9 Months Ended
Feb. 28, 2022
Feb. 28, 2021
Feb. 28, 2022
Feb. 28, 2021
Statement of Stockholders' Equity [Abstract]        
Dividends declared per common share (in dollars per share) $ 0.305 $ 0.275 $ 0.885 $ 0.795
Dividends declared per preferred share (in dollars per share)     $ 0.10 $ 0.10
v3.22.1
Summary of Significant Accounting Policies
 9 Months Ended
Feb. 28, 2022
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, 2021, 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, 2021. The results of operations for the three and nine months ended February 28, 2022, are not necessarily indicative of results to be expected for the entire fiscal year.
The extent to which the COVID-19 pandemic impacts the Company's financial statements depends on a number of factors, including the magnitude and duration of the pandemic. There have been and may continue to be developments outside of the Company's control, including new COVID-19 variants, that require the Company to make adjustments to its operating plan, such as store operating hours and the timeline to return to normal production volumes in factories impacted by COVID-19. Such developments and other potential impacts of COVID-19, such as new or prolonged factory closures, higher inventory levels or inventory shortages in various markets, other adverse impacts on the global supply chain, revised payment terms with certain of its wholesale customers, higher sales-related reserves, factory cancellation costs and a volatile effective tax rate driven by changes in the mix of earnings across its jurisdictions, among other factors, could have material adverse impacts on the Company's revenue growth as well as its overall profitability in future periods. As a result of these circumstances, COVID-19 related disruptions are making it more challenging to compare the Company's performance, including its revenue growth and overall profitability, across quarters and fiscal years, and the Company expects that the operating environment could remain volatile as COVID-19 variants may continue to cause disruption to operations.
v3.22.1
Inventories
 9 Months Ended
Feb. 28, 2022
Inventory Disclosure [Abstract]  
Inventories
NOTE 2 — INVENTORIES
Inventory balances of $7,700 million and $6,854 million at February 28, 2022 and May 31, 2021, respectively, were substantially all finished goods.
v3.22.1
Accrued Liabilities
 9 Months Ended
Feb. 28, 2022
Accrued Liabilities, Current [Abstract]  
Accrued Liabilities
NOTE 3 — ACCRUED LIABILITIES
Accrued liabilities included the following:
FEBRUARY 28,MAY 31,
(Dollars in millions)20222021
Compensation and benefits, excluding taxes$1,176 $1,472 
Sales-related reserves898 1,077 
Dividends payable486 436 
Allowance for expected loss on sale(1)
344 358 
Other2,487 2,720 
TOTAL ACCRUED LIABILITIES$5,391 $6,063 
(1)Refer to Note 13 — Acquisitions and Divestitures for additional information.
v3.22.1
Fair Value Measurements
 9 Months Ended
Feb. 28, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements
NOTE 4 — FAIR VALUE MEASUREMENTS
The Company measures certain financial assets and liabilities at fair value on a recurring basis, including derivatives, equity securities and available-for-sale debt securities. For additional information about the Company's fair value policies, refer to Note 1 — Summary of Significant Accounting Policies of the Annual Report on Form 10-K for the fiscal year ended May 31, 2021.
The following tables present information about the Company's financial assets measured at fair value on a recurring basis as of February 28, 2022 and May 31, 2021, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
FEBRUARY 28, 2022
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$730 $730 $— 
Level 1:
U.S. Treasury securities4,231 117 4,114 
Level 2:
Commercial paper and bonds686 42 644 
Money market funds6,662 6,662 — 
Time deposits1,158 1,153 5 
Total Level 28,506 7,857 649 
TOTAL$13,467 $8,704 $4,763 
MAY 31, 2021
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$840 $840 $— 
Level 1:
U.S. Treasury securities2,892 — 2,892 
Level 2:
Commercial paper and bonds748 57 691 
Money market funds7,701 7,701 — 
Time deposits1,293 1,291 2 
U.S. Agency securities2 — 2 
Total Level 29,744 9,049 695 
TOTAL$13,476 $9,889 $3,587 
As of February 28, 2022, the Company held $4,077 million of available-for-sale debt securities with maturity dates within one year and $686 million with maturity dates over 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 $22 million and $8 million for the three months ended February 28, 2022 and 2021, respectively, and $57 million and $21 million for the nine months ended February 28, 2022 and 2021, 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:
FEBRUARY 28, 2022
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)
$482 $414 $68 $107 $103 $4 
Embedded derivatives2 2 — 1 1 — 
TOTAL$484 $416 $68 $108 $104 $4 
(1)If the foreign exchange derivative instruments had been netted on the Unaudited Condensed Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $107 million as of February 28, 2022. As of that date, the Company received $62 million of cash collateral from various counterparties related to foreign exchange derivative instruments. No amount of collateral was posted on the derivative liability balance as of February 28, 2022.
MAY 31, 2021
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)
$92 $76 $16 $456 $415 $41 
Embedded derivatives— — — 1 1 — 
TOTAL$92 $76 $16 $457 $416 $41 
(1)If the foreign exchange derivative instruments had been netted on the Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $93 million as of May 31, 2021. As of that date, the Company had posted $39 million of cash collateral to various counterparties related to foreign exchange derivative instruments. No amount of collateral was received on the Company's derivative asset balance as of May 31, 2021.
For additional information related to the Company's derivative financial instruments and credit risk, refer to Note 9 — 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 and debt issuance costs. The fair value of long-term debt is estimated based upon quoted prices for similar instruments or quoted prices for identical instruments in inactive markets (Level 2). The fair value of the Company's Long-term debt, including the current portion, was approximately $9,719 million at February 28, 2022 and $10,275 million at May 31, 2021.
For fair value information regarding Notes payable, refer to Note 5 — Short-Term Borrowings and Credit Lines.
v3.22.1
Short-Term Borrowings and Credit Lines
 9 Months Ended
Feb. 28, 2022
Debt Disclosure [Abstract]  
Short-Term Borrowings and Credit Lines
NOTE 5 — SHORT-TERM BORROWINGS AND CREDIT LINES
The carrying amounts reflected on the Unaudited Condensed Consolidated Balance Sheets for Notes payable approximate fair value.
As of February 28, 2022 and May 31, 2021, the Company had no borrowings outstanding under its $3 billion commercial paper program.
On March 11, 2022, subsequent to the end of the third quarter of fiscal 2022, the Company entered into a 364-day committed credit facility agreement with a syndicate of banks, which provides for up to $1 billion of borrowings, with an option to increase borrowings up to $1.5 billion in total with lender approval. The facility matures on March 10, 2023, with an option to extend the maturity date an additional 364 days. This facility replaces the prior $1 billion 364-day credit facility agreement entered into on March 15, 2021, which would have matured on March 14, 2022. Based on the Company's current long-term senior unsecured debt ratings of AA- and A1 from Standard and Poor's Corporation and Moody's Investor Services, respectively, the interest rate charged on any outstanding borrowings would be the prevailing Term Secured Overnight Financing Rate (Term SOFR) for the applicable interest period plus 0.60%. The facility fee is 0.02% of the total undrawn commitment. As of April 5, 2022, no amounts were outstanding under this committed credit facility.
On March 11, 2022, the Company also entered into a five-year committed credit facility agreement with a syndicate of banks which provides for up to $2 billion of borrowings, with the option to increase borrowings up to $3 billion in total with lender approval. The facility matures on March 11, 2027, with options to extend the maturity date up to an additional two years. This facility replaces the prior $2 billion five-year credit facility agreement entered into on August 16, 2019, which would have matured on August 16, 2024. Based on the Company's current long-term senior unsecured debt ratings of AA- and A1 from Standard and Poor's Corporation and Moody's Investor Services, respectively, the interest rate charged on any outstanding borrowings would be the prevailing Term SOFR for the applicable interest period plus 0.60%. The facility fee is 0.04% of the total undrawn commitment. As of April 5, 2022, no amounts were outstanding under this committed credit facility.
There have been no other changes to the credit lines reported in the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2021.
v3.22.1
Income Taxes
 9 Months Ended
Feb. 28, 2022
Income Tax Disclosure [Abstract]  
Income Taxes
NOTE 6 — INCOME TAXES
The effective tax rate was 12.7% and 12.3% for the nine months ended February 28, 2022 and 2021, respectively. The increase in the Company's effective tax rate was primarily due to the impact of recently finalized U.S. tax regulations published by the U.S. Treasury and Internal Revenue Service ("IRS") on January 4, 2022. These regulations overhaul various components of the foreign tax credit regime including the determination of creditable foreign taxes and limit the amount of foreign taxes that are creditable against U.S. income taxes. While these regulations are generally effective on March 7, 2022, some retroactive provisions limit the Company's ability to claim credits on certain foreign taxes as of the third quarter of fiscal 2022. The increase in the Company's effective tax rate was partially offset by changes in discrete items compared to the first nine months of fiscal 2021, including the recognition of a reserve in the first quarter of fiscal 2021 related to Altera Corp. v. Commissioner.
As of February 28, 2022, total gross unrecognized tax benefits, excluding related interest and penalties, were $871 million, $648 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, 2021, total gross unrecognized tax benefits, excluding related interest and penalties, were $896 million. The liability for payment of interest and penalties increased by $27 million during the nine months ended February 28, 2022. As of February 28, 2022 and May 31, 2021, accrued interest and penalties related to uncertain tax positions were $230 million and $203 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 $80 million within the next 12 months. 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.
v3.22.1
Stock-Based Compensation
 9 Months Ended
Feb. 28, 2022
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Stock-Based Compensation
NOTE 7 — 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, restricted stock, restricted stock units and performance-based awards. 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). Refer to Note 11 — Common Stock and Stock-Based Compensation of the Annual Report on Form 10-K for the fiscal year ended May 31, 2021 for further information.
The following table summarizes the Company's total stock-based compensation expense recognized in Cost of sales or Operating overhead expense, as applicable: 
 THREE MONTHS ENDED FEBRUARY 28,NINE MONTHS ENDED FEBRUARY 28,
(Dollars in millions)
2022202120222021
Stock options(1)
$75 $73 $221 $250 
ESPPs15 15 44 50 
Restricted stock and restricted stock units(1)(2)
71 54 202 167 
TOTAL STOCK-BASED COMPENSATION EXPENSE$161 $142 $467 $467 
(1)Expense for stock options includes the expense associated with stock appreciation rights. Accelerated stock option expense is primarily recorded for employees meeting certain retirement eligibility requirements. An immaterial amount of accelerated stock option and restricted stock expense was also recorded for certain employees impacted by the Company's organizational realignment; for more information see Note 14 — Restructuring.
(2)Includes expense for performance-based restricted stock units granted during the nine months ended February 28, 2022.
The income tax benefit related to stock-based compensation expense was $34 million and $67 million for the three months ended February 28, 2022 and 2021, respectively, and $307 million and $256 million for the nine months ended February 28, 2022 and 2021, respectively.
STOCK OPTIONS
The weighted average fair value per share of the options granted during the nine months ended February 28, 2022 and 2021, computed as of the grant date using the Black-Scholes pricing model, was $37.53 and $26.75, respectively. The weighted average assumptions used to estimate these fair values were as follows:
 NINE MONTHS ENDED FEBRUARY 28,
20222021
Dividend yield0.8 %0.9 %
Expected volatility24.9 %27.3 %
Weighted average expected life (in years)5.86.0
Risk-free interest rate0.9 %0.4 %
Expected volatilities are based on an analysis of the historical volatility of the Company's common stock, the implied volatility in market-traded options on the Company's common stock with a term greater than one year, as well as other factors. The weighted average expected life of options is based on an analysis of historical and expected future exercise patterns. The interest rate is based on the U.S. Treasury (constant maturity) risk-free rate in effect at the date of grant for periods corresponding with the expected term of the options.
As of February 28, 2022, the Company had $484 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 2.6 years.
RESTRICTED STOCK AND RESTRICTED STOCK UNITS
The weighted average fair value per share of restricted stock and restricted stock units granted for the nine months ended February 28, 2022 and 2021, computed as of the grant date, was $158.94 and $112.44, respectively.
During the nine months ended February 28, 2022, under the Stock Incentive Plan, the Company granted performance-based restricted stock units (PSUs), which were historically in the form of cash-based long-term incentive awards under the Company's Long-Term Incentive Plan. The Company estimates the fair value of these PSUs as of the grant date using a Monte Carlo simulation. The weighted average fair value per share of PSUs granted for the nine months ended February 28, 2022, computed as of the grant date, was $250.52. The impact of granting PSUs during the nine months ended February 28, 2022, was not material to the Company's Unaudited Condensed Consolidated Financial Statements.
As of February 28, 2022, the Company had $629 million of unrecognized compensation costs from restricted stock, restricted stock units and PSUs, net of estimated forfeitures, to be recognized in Cost of sales or Operating overhead expense, as applicable, over a weighted average remaining period of 2.6 years.
v3.22.1
Earnings Per Share
 9 Months Ended
Feb. 28, 2022
Earnings Per Share [Abstract]  
Earnings Per Share
NOTE 8 — EARNINGS PER SHARE
The following is a reconciliation from basic earnings per common share to diluted earnings per common share. The computations of diluted earnings per common share excluded restricted stock, restricted stock units and options, including shares under ESPPs, to purchase an additional 9.3 million shares of common stock outstanding for the three months ended February 28, 2022, because the awards were anti-dilutive. The amount of anti-dilutive awards for the three months ended February 28, 2021, was insignificant. For the nine months ended February 28, 2022 and 2021, the computations of diluted earnings per common share excluded 9.4 million and 11.6 million shares of common stock outstanding, respectively, because the awards were anti-dilutive.
 THREE MONTHS ENDED FEBRUARY 28,NINE MONTHS ENDED FEBRUARY 28,
(In millions, except per share data)
2022202120222021
Net income available to common stockholders$1,396 $1,449 $4,607 $4,218 
Determination of shares:
Weighted average common shares outstanding1,579.0 1,578.0 1,581.1 1,570.9 
Assumed conversion of dilutive stock options and awards31.7 38.9 34.7 36.4 
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING1,610.7 1,616.9 1,615.8 1,607.3 
Earnings per common share:
Basic$0.88 $0.92 $2.91 $2.68 
Diluted$0.87 $0.90 $2.85 $2.62 
v3.22.1
Risk Management and Derivatives
 9 Months Ended
Feb. 28, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Risk Management and Derivatives
NOTE 9 — RISK MANAGEMENT AND DERIVATIVES
The Company is exposed to global market risks, including the effect of changes in foreign currency exchange rates and interest rates, and uses derivatives to manage financial exposures that occur in the normal course of business. As of and for the nine months ended February 28, 2022, there have been no material changes to the Company's hedging program or strategy from what was disclosed within the Annual Report on Form 10-K. For additional information about the Company's derivatives and hedging policies refer to Note 1 — Summary of Significant Accounting Policies and Note 14 — Risk Management and Derivatives of the Annual Report on Form 10-K for the fiscal year ended May 31, 2021.
The majority of derivatives outstanding as of February 28, 2022, are designated as foreign currency cash flow hedges, primarily for Euro/U.S. Dollar, British Pound/Euro, Chinese Yuan/U.S. Dollar and Japanese Yen/U.S. Dollar currency pairs. All derivatives are recognized on the Unaudited Condensed Consolidated Balance Sheets at fair value and classified based on the instrument's maturity date.
The following tables present the fair values of derivative instruments included within the Unaudited Condensed Consolidated Balance Sheets:    
 DERIVATIVE ASSETS
BALANCE SHEET LOCATIONFEBRUARY 28,MAY 31,
(Dollars in millions)
20222021
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets$393 $42 
Foreign exchange forwards and optionsDeferred income taxes and other assets68 16 
Total derivatives formally designated as hedging instruments461 58 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets21 34 
Embedded derivativesPrepaid expenses and other current assets2 — 
Total derivatives not designated as hedging instruments23 34 
TOTAL DERIVATIVE ASSETS$484 $92 
DERIVATIVE LIABILITIES
BALANCE SHEET LOCATIONFEBRUARY 28,MAY 31,
(Dollars in millions)
20222021
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities$83 $385 
Foreign exchange forwards and optionsDeferred income taxes and other liabilities4 41 
Total derivatives formally designated as hedging instruments87 426 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities20 30 
Embedded derivativesAccrued liabilities1 1 
Total derivatives not designated as hedging instruments21 31 
TOTAL DERIVATIVE LIABILITIES$108 $457 
The following tables present the amounts in the Unaudited Condensed Consolidated Statements of Income in which the effects of cash flow hedges are recorded and the effects of cash flow hedge activity on these line items:
THREE MONTHS ENDED FEBRUARY 28,
20222021
(Dollars in millions)
TOTALAMOUNT OF GAIN (LOSS)
ON CASH FLOW
HEDGE ACTIVITY		TOTALAMOUNT OF GAIN (LOSS)
ON CASH FLOW
HEDGE ACTIVITY
Revenues$10,871 $(22)$10,357 $16 
Cost of sales5,804 17 5,638 (35)
Demand creation expense854 — 711 1 
Other (income) expense, net(94)45 (22)(26)
Interest expense (income), net53 (2)64 (2)
NINE MONTHS ENDED FEBRUARY 28,
20222021
(Dollars in millions)
TOTALAMOUNT OF GAIN (LOSS)
ON CASH FLOW
HEDGE ACTIVITY		TOTALAMOUNT OF GAIN (LOSS)
ON CASH FLOW
HEDGE ACTIVITY
Revenues$34,476 $(63)$32,194 $56 
Cost of sales18,500 (79)17,887 110 
Demand creation expense2,789 1 2,117 2 
Other (income) expense, net(235)56 18 (31)
Interest expense (income), net165 (5)199 (5)
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 FEBRUARY 28,LOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME		THREE MONTHS ENDED FEBRUARY 28,
2022202120222021
Derivatives designated as
cash flow hedges:
Foreign exchange forwards
and options
$(37)$(38)Revenues$(22)$16 
Foreign exchange forwards
and options
4 (99)Cost of sales17 (35)
Foreign exchange forwards
and options
— 1 Demand creation expense— 1 
Foreign exchange forwards
and options
31 (24)Other (income) expense, net45 (26)
Interest rate swaps(2)
— — Interest expense (income), net(2)(2)
TOTAL DESIGNATED CASH FLOW HEDGES $(2)$(160)$38 $(46)
(1)For the three months ended February 28, 2022 and 2021, 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)
NINE MONTHS ENDED FEBRUARY 28,LOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME		NINE MONTHS ENDED FEBRUARY 28,
2022202120222021
Derivatives designated as
cash flow hedges:
Foreign exchange forwards
and options
$(74)$(32)Revenues$(63)$56 
Foreign exchange forwards
and options
522 (539)Cost of sales(79)110 
Foreign exchange forwards
and options
(3)4 Demand creation expense1 2 
Foreign exchange forwards
and options
304 (183)Other (income) expense, net56 (31)
Interest rate swaps(2)
— — Interest expense (income), net(5)(5)
TOTAL DESIGNATED CASH FLOW HEDGES $749 $(750)$(90)$132 
(1)For the nine months ended February 28, 2022 and 2021, the amounts recorded in Other (income) expense, net as a result of the discontinuance of cash flow hedges because the forecasted transactions were no longer probable of occurring were immaterial.
(2)Gains and losses associated with terminated interest rate swaps, which were previously designated as cash flow hedges and recorded in Accumulated other comprehensive income (loss), will be released through Interest expense (income), net over the term of the issued debt.
AMOUNT OF GAIN (LOSS) RECOGNIZED
IN INCOME ON DERIVATIVES		LOCATION OF GAIN (LOSS)
RECOGNIZED IN INCOME
ON DERIVATIVES
THREE MONTHS ENDED FEBRUARY 28,NINE MONTHS ENDED FEBRUARY 28,
(Dollars in millions)
2022202120222021
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options$(20)$(11)$12 $(98)Other (income) expense, net
Embedded derivatives— (4)(9)(17)Other (income) expense, net
CASH FLOW HEDGES
All changes in fair value of derivatives designated as cash flow hedge instruments are recorded in Accumulated other comprehensive income (loss) until Net income is affected by the variability of cash flows of the hedged transaction. Effective hedge results are classified in the Unaudited Condensed Consolidated Statements of Income in the same manner as the underlying exposure. When it is no longer probable the forecasted hedged transaction will occur in the initially identified time period, hedge accounting is discontinued and the Company accounts for the associated derivative as an undesignated instrument as discussed below. Additionally, the gains and losses associated with derivatives no longer designated as cash flow hedge instruments in Accumulated other comprehensive income (loss) are recognized immediately in Other (income) expense, net, if it is probable the forecasted hedged transaction will not occur by the end of the initially identified time period or within an additional two-month period thereafter. In rare circumstances, the additional period of time may exceed two months due to extenuating circumstances related to the nature of the forecasted transaction that are outside the control or influence of the Company.
The total notional amount of outstanding foreign currency derivatives designated as cash flow hedges was approximately $17.2 billion as of February 28, 2022. Approximately $305 million of deferred net gains (net of tax) on both outstanding and matured derivatives in Accumulated other comprehensive income (loss) as of February 28, 2022, 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 February 28, 2022, the maximum term over which the Company hedges exposures to the variability of cash flows for its forecasted transactions was 27 months.
UNDESIGNATED DERIVATIVE INSTRUMENTS
The Company may elect to enter into foreign exchange forwards to mitigate the change in fair value of specific assets and liabilities on the Unaudited Condensed Consolidated Balance Sheets and/or embedded derivative contracts. These undesignated instruments are recorded at fair value as a derivative asset or liability on the Unaudited Condensed Consolidated Balance Sheets with their corresponding change in fair value recognized in Other (income) expense, net, together with the remeasurement gain or loss from the hedged balance sheet position and/or embedded derivative contract. The total notional amount of outstanding undesignated derivative instruments was $3.2 billion as of February 28, 2022.
EMBEDDED DERIVATIVES
Embedded derivative contracts are treated as foreign currency forward contracts that are bifurcated from the related contract and recorded at fair value as a derivative asset or liability on the Unaudited Condensed Consolidated Balance Sheets with their corresponding change in fair value recognized in Other (income) expense, net, through the date the foreign currency fluctuations cease to exist.
As of February 28, 2022, the total notional amount of embedded derivatives outstanding was approximately $589 million.
CREDIT RISK
The Company's bilateral credit-related contingent features generally require the owing entity, either the Company or the derivative counterparty, to post collateral for the portion of the fair value in excess of $50 million should the fair value of outstanding derivatives per counterparty be greater than $50 million. Additionally, a certain level of decline in credit rating of either the Company or the counterparty could trigger collateral requirements. As of February 28, 2022, the Company was in compliance with all credit risk-related contingent features, and derivative instruments with such features were in a net asset position of approximately $375 million. Accordingly, the Company was not required to post cash collateral as a result of these contingent features. Further, $62 million of collateral was received on the Company's derivative asset balance as of February 28, 2022. The Company considers the impact of the risk of counterparty default to be immaterial.
For additional information related to the Company's derivative financial instruments and collateral, refer to Note 4 — Fair Value Measurements.
v3.22.1
Accumulated Other Comprehensive Income (Loss)
 9 Months Ended
Feb. 28, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income (Loss)
NOTE 10 — ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The changes in Accumulated other comprehensive income (loss), net of tax, were as follows:
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at November 30, 2021$(281)$369 $115 $(58)$145 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
(6)4 — (7)(9)
Reclassifications to net income of previously deferred (gains) losses(3)
— (33)— (4)(37)
Total other comprehensive income (loss)(6)(29)— (11)(46)
Balance at February 28, 2022$(287)$340 $115 $(69)$99 
(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 tax benefit (expense) of $0 million, $6 million, $0 million, $2 million and $8 million, respectively.
(3)Net of tax (benefit) expense of $0 million, $5 million, $0 million, $1 million and $6 million, respectively.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at November 30, 2020$(98)$(371)$115 $(75)$(429)
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
99 (163)— (6)(70)
Reclassifications to net income of previously deferred (gains) losses(3)
(1)46 — 8 53 
Total other comprehensive income (loss)98 (117)— 2 (17)
Balance at February 28, 2021$— $(488)$115 $(73)$(446)
(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 tax benefit (expense) of $0 million, $(3) million, $0 million, $1 million and $(2) million, respectively.
(3)Net of tax (benefit) expense of $0 million, $0 million, $0 million, $0 million and $0 million, respectively.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at May 31, 2021$2 $(435)$115 $(62)$(380)
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
(289)689 — 7 407 
Reclassifications to net income of previously deferred (gains) losses(3)
— 86 — (14)72 
Total other comprehensive income (loss)(289)775 — (7)479 
Balance at February 28, 2022$(287)$340 $115 $(69)$99 
(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 tax benefit (expense) of $0 million, $(60) million, $0 million, $(2) million and $(62) million, respectively.
(3)Net of tax (benefit) expense of $0 million, $(4) million, $0 million, $5 million and $1 million, respectively.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at May 31, 2020$(494)$390 $115 $(67)$(56)
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
496 (753)— (21)(278)
Reclassifications to net income of previously deferred (gains) losses(3)
(2)(125)— 15 (112)
Total other comprehensive income (loss)494 (878)— (6)(390)
Balance at February 28, 2021$— $(488)$115 $(73)$(446)
(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 tax benefit (expense) of $0 million, $(3) million, $0 million, $2 million and $(1) million, respectively.
(3)Net of tax (benefit) expense of $0 million, $7 million, $0 million, $0 million and $7 million, respectively.
The following table summarizes the reclassifications from Accumulated other comprehensive income (loss) to the Unaudited Condensed Consolidated Statements of Income:
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOMELOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME
THREE MONTHS ENDED FEBRUARY 28,NINE MONTHS ENDED FEBRUARY 28,
(Dollars in millions)
2022202120222021
Gains (losses) on foreign currency translation adjustment$— $1 $— $2 Other expense (income), net
Total before tax— 1 — 2 
Tax (expense) benefit— — — — 
Gain (loss) net of tax— 1 — 2 
Gains (losses) on cash flow hedges:
Foreign exchange forwards and options$(22)$16 $(63)$56 Revenues
Foreign exchange forwards and options17 (35)(79)110 Cost of sales
Foreign exchange forwards and options— 1 1 2 Demand creation expense
Foreign exchange forwards and options45 (26)56 (31)Other (income) expense, net
Interest rate swaps(2)(2)(5)(5)Interest expense (income), net
Total before tax38 (46)(90)132 
Tax (expense) benefit(5)— 4 (7)
Gain (loss) net of tax33 (46)(86)125 
Gains (losses) on other5 (8)19 (15)Other (income) expense, net
Total before tax5 (8)19 (15)
Tax (expense) benefit(1)— (5)— 
Gain (loss) net of tax4 (8)14 (15)
Total net gain (loss) reclassified for the period$37 $(53)$(72)$112 
v3.22.1
Revenues
 9 Months Ended
Feb. 28, 2022
Revenue from Contract with Customer [Abstract]  
Revenues
NOTE 11 — 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 FEBRUARY 28, 2022
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$2,532 $1,569 $1,554 $1,005 $— $6,660 $503 $— $7,163 
Apparel1,207 1,083 548 394 — 3,232 29 — 3,261 
Equipment143 127 58 62 — 390 7 — 397 
Other— — — — 41 41 28 (19)50 
TOTAL REVENUES$3,882 $2,779 $2,160 $1,461 $41 $10,323 $567 $(19)$10,871 
Revenues by:
Sales to Wholesale Customers$1,769 $1,858 $1,241 $860 $— $5,728 $303 $— $6,031 
Sales through Direct to Consumer2,113 921 919 601 — 4,554 236 — 4,790 
Other— — — — 41 41 28 (19)50 
TOTAL REVENUES$3,882 $2,779 $2,160 $1,461 $41 $10,323 $567 $(19)$10,871 

THREE MONTHS ENDED FEBRUARY 28, 2021
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$2,382 $1,606 $1,614 $903 $— $6,505 $513 $— $7,018 
Apparel1,087 898 616 365 — 2,966 28 — 2,994 
Equipment95 105 49 47 — 296 6 — 302 
Other— — — — 6 6 23 14 43 
TOTAL REVENUES$3,564 $2,609 $2,279 $1,315 $6 $9,773 $570 $14 $10,357 
Revenues by:
Sales to Wholesale Customers$1,894 $1,805 $1,269 $846 $— $5,814 $366 $— $6,180 
Sales through Direct to Consumer1,670 804 1,010 469 — 3,953 181 — 4,134 
Other— — — — 6 6 23 14 43 
TOTAL REVENUES$3,564 $2,609 $2,279 $1,315 $6 $9,773 $570 $14 $10,357 
NINE MONTHS ENDED FEBRUARY 28, 2022
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$8,648 $5,358 $4,238 $2,914 $— $21,158 $1,555 $— $22,713 
Apparel4,117 3,444 1,588 1,181 — 10,330 87 — 10,417 
Equipment473 426 160 178 — 1,237 21 — 1,258 
Other— — — — 54 54 90 (56)88 
TOTAL REVENUES$13,238 $9,228 $5,986 $4,273 $54 $32,779 $1,753 $(56)$34,476 
Revenues by:
Sales to Wholesale Customers$6,774 $6,194 $3,251 $2,571 $— $18,790 $975 $— $19,765 
Sales through Direct to Consumer6,464 3,034 2,735 1,702 — 13,935 688 — 14,623 
Other— — — — 54 54 90 (56)88 
TOTAL REVENUES$13,238 $9,228 $5,986 $4,273 $54 $32,779 $1,753 $(56)$34,476 

NINE MONTHS ENDED FEBRUARY 28, 2021
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$7,851 $5,139 $4,432 $2,652 $— $20,074 $1,442 $— $21,516 
Apparel3,580 2,973 1,775 1,098 — 9,426 82 — 9,508 
Equipment364 365 150 135 — 1,014 22 — 1,036 
Other— — — — 18 18 63 53 134 
TOTAL REVENUES$11,795 $8,477 $6,357 $3,885 $18 $30,532 $1,609 $53 $32,194 
Revenues by:
Sales to Wholesale Customers$6,967 $5,763 $3,392 $2,479 $— $18,601 $998 $— $19,599 
Sales through Direct to Consumer4,828 2,714 2,965 1,406 — 11,913 548 — 12,461 
Other— — — — 18 18 63 53 134 
TOTAL REVENUES$11,795 $8,477 $6,357 $3,885 $18 $30,532 $1,609 $53 $32,194 
For the three and nine months ended February 28, 2022 and 2021, 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 February 28, 2022 and May 31, 2021, 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.
v3.22.1
Operating Segments
 9 Months Ended
Feb. 28, 2022
Segment Reporting [Abstract]  
Operating Segments
NOTE 12 — OPERATING SEGMENTS
The Company's operating segments are evidence of the structure of the Company's internal organization. The NIKE Brand segments are defined by geographic regions for operations participating in NIKE Brand sales activity.
Each NIKE Brand geographic segment operates predominantly in one industry: the design, development, marketing and selling of athletic footwear, apparel and equipment. The Company's reportable operating segments for the NIKE Brand are: North America; Europe, Middle East & Africa (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 tax expense in the Unaudited Condensed Consolidated Statements of Income.
As part of the Company's centrally managed foreign exchange risk management program, standard foreign currency rates are assigned twice per year to each NIKE Brand entity in the Company's geographic operating segments and to Converse. These rates are set approximately nine and twelve months in advance of the future selling seasons to which they relate (specifically, for each currency, one standard rate applies to the fall and holiday selling seasons and one standard rate applies to the spring and summer selling seasons) based on average market spot rates in the calendar month preceding the date they are established. Inventories and Cost of sales for geographic operating segments and Converse reflect the use of these standard rates to record non-functional currency product purchases in the entity's functional currency. Differences between assigned standard foreign currency rates and actual market rates are included in Corporate, together with foreign currency hedge gains and losses generated from the Company's centrally managed foreign exchange risk management program and other conversion gains and losses.
Accounts receivable, net, Inventories and Property, plant and equipment, net for operating segments are regularly reviewed by management and are therefore provided below.
 THREE MONTHS ENDED FEBRUARY 28,NINE MONTHS ENDED FEBRUARY 28,
(Dollars in millions)
2022202120222021
REVENUES
North America$3,882 $3,564 $13,238 $11,795 
Europe, Middle East & Africa2,779 2,609 9,228 8,477 
Greater China2,160 2,279 5,986 6,357 
Asia Pacific & Latin America1,461 1,315 4,273 3,885 
Global Brand Divisions41 6 54 18 
Total NIKE Brand10,323 9,773 32,779 30,532 
Converse567 570 1,753 1,609 
Corporate(19)14 (56)53 
TOTAL NIKE, INC. REVENUES$10,871 $10,357 $34,476 $32,194 
EARNINGS BEFORE INTEREST AND TAXES
North America$967 $970 $3,636 $3,295 
Europe, Middle East & Africa713 533 2,394 1,885 
Greater China784 973 2,054 2,552 
Asia Pacific & Latin America478 408 1,347 1,112 
Global Brand Divisions(975)(852)(3,033)(2,546)
Converse168 150 504 405 
Corporate(412)(482)(1,460)(1,697)
Interest expense (income), net53 64 165 199 
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES$1,670 $1,636 $5,277 $4,807 
FEBRUARY 28,MAY 31,
(Dollars in millions)
20222021
ACCOUNTS RECEIVABLE, NET
North America$1,268 $1,777 
Europe, Middle East & Africa1,189 1,349 
Greater China359 288 
Asia Pacific & Latin America(1)
599 643 
Global Brand Divisions106 128 
Total NIKE Brand3,521 4,185 
Converse256 225 
Corporate50 53 
TOTAL ACCOUNTS RECEIVABLE, NET$3,827 $4,463 
INVENTORIES
North America$3,541 $2,851 
Europe, Middle East & Africa1,737 1,821 
Greater China1,105 1,247 
Asia Pacific & Latin America(1)
721 667 
Global Brand Divisions208 153 
Total NIKE Brand7,312 6,739 
Converse264 290 
Corporate124 (175)
TOTAL INVENTORIES$7,700 $6,854 
FEBRUARY 28,MAY 31,
(Dollars in millions)
20222021
PROPERTY, PLANT AND EQUIPMENT, NET
North America$617 $617 
Europe, Middle East & Africa929 982 
Greater China319 288 
Asia Pacific & Latin America(1)
284 304 
Global Brand Divisions793 780 
Total NIKE Brand2,942 2,971 
Converse52 63 
Corporate1,812 1,870 
TOTAL PROPERTY, PLANT AND EQUIPMENT, NET$4,806 $4,904 
(1)Excludes assets held-for-sale as of February 28, 2022 and May 31, 2021. See Note 13 — Acquisitions and Divestitures for additional information.
v3.22.1
Acquisitions and Divestitures
 9 Months Ended
Feb. 28, 2022
Business Combinations [Abstract]  
Acquisitions and Divestitures
NOTE 13 — ACQUISITIONS AND DIVESTITURES
As previously disclosed in the Annual Report on Form 10-K for the fiscal year ended May 31, 2021, the Company remains committed to selling its legal entities in Argentina, Chile and Uruguay and granting distribution rights to third-party distributors. As such, the assets and liabilities of the entities have remained classified as held-for-sale on the Unaudited Condensed Consolidated Balance Sheets.
As of February 28, 2022, held-for-sale assets were $201 million, primarily consisting of $75 million of Accounts receivable, net and $60 million of Inventories; held-for-sale liabilities were $51 million, primarily consisting of $27 million of Accrued liabilities and $19 million of Accounts payable.
As of May 31, 2021, held-for-sale assets were $175 million, primarily consisting of $76 million of Inventories and $59 million of Accounts receivable, net; held-for-sale liabilities were $72 million, primarily consisting of $25 million of Accounts payable and $22 million of Accrued liabilities.
As of February 28, 2022, the Company has recognized a total expected net loss related to the Argentina, Chile and Uruguay transaction of $344 million within Other (income) expense, net, classified within Corporate, and a corresponding allowance within Accrued liabilities on the Unaudited Condensed Consolidated Balance Sheets. The initial expected loss of $405 million recognized in fiscal 2020 and the subsequent adjustments for changes in fair value are largely due to the anticipated release of the cumulative foreign currency translation losses. These losses will be reclassified from Accumulated other comprehensive income (loss) to Net income upon sale of the legal entities.
v3.22.1
Restructuring
 9 Months Ended
Feb. 28, 2022
Restructuring and Related Activities [Abstract]  
Restructuring
NOTE 14 — RESTRUCTURING
In fiscal 2021, the Company announced a new digitally empowered phase of its Consumer Direct Offense strategy: Consumer Direct Acceleration. During fiscal 2021, the Company substantially completed a series of leadership and operating model changes to streamline and speed up the strategic execution of the Consumer Direct Acceleration. For the three and nine months ended February 28, 2022, the Company recognized an immaterial amount of related employee termination costs and, to a lesser extent, stock-based compensation expense.
During the three months ended February 28, 2021, the Company recognized employee termination costs of $23 million and $6 million within Operating overhead expense and Cost of sales, respectively, and made cash payments of $99 million. For the nine months ended February 28, 2021, the Company recognized employee termination costs of $168 million and $36 million within Operating overhead expense and Cost of sales, respectively, and made cash payments of $170 million.
Additionally, the related stock-based compensation expense recorded within Operating overhead expense and Cost of sales was immaterial for the three months ended February 28, 2021, and was $40 million and $4 million, respectively, for the nine months ended February 28, 2021.
For all periods presented these costs were classified within Corporate.
v3.22.1
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Feb. 28, 2022
Accounting Policies [Abstract]  
Basis of Presentation
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, 2021, 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, 2021. The results of operations for the three and nine months ended February 28, 2022, are not necessarily indicative of results to be expected for the entire fiscal year.
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.
Hedging Derivatives CASH FLOW HEDGESAll changes in fair value of derivatives designated as cash flow hedge instruments are recorded in Accumulated other comprehensive income (loss) until Net income is affected by the variability of cash flows of the hedged transaction. Effective hedge results are classified in the Unaudited Condensed Consolidated Statements of Income in the same manner as the underlying exposure. When it is no longer probable the forecasted hedged transaction will occur in the initially identified time period, hedge accounting is discontinued and the Company accounts for the associated derivative as an undesignated instrument as discussed below. Additionally, the gains and losses associated with derivatives no longer designated as cash flow hedge instruments in Accumulated other comprehensive income (loss) are recognized immediately in Other (income) expense, net, if it is probable the forecasted hedged transaction will not occur by the end of the initially identified time period or within an additional two-month period thereafter. In rare circumstances, the additional period of time may exceed two months due to extenuating circumstances related to the nature of the forecasted transaction that are outside the control or influence of the Company.
Undesignated Derivative Instruments UNDESIGNATED DERIVATIVE INSTRUMENTSThe Company may elect to enter into foreign exchange forwards to mitigate the change in fair value of specific assets and liabilities on the Unaudited Condensed Consolidated Balance Sheets and/or embedded derivative contracts. These undesignated instruments are recorded at fair value as a derivative asset or liability on the Unaudited Condensed Consolidated Balance Sheets with their corresponding change in fair value recognized in Other (income) expense, net, together with the remeasurement gain or loss from the hedged balance sheet position and/or embedded derivative contract.
Embedded Derivatives EMBEDDED DERIVATIVESEmbedded derivative contracts are treated as foreign currency forward contracts that are bifurcated from the related contract and recorded at fair value as a derivative asset or liability on the Unaudited Condensed Consolidated Balance Sheets with their corresponding change in fair value recognized in Other (income) expense, net, through the date the foreign currency fluctuations cease to exist.
v3.22.1
Accrued Liabilities (Tables)
 9 Months Ended
Feb. 28, 2022
Accrued Liabilities, Current [Abstract]  
Schedule of Accrued Liabilities
Accrued liabilities included the following:
FEBRUARY 28,MAY 31,
(Dollars in millions)20222021
Compensation and benefits, excluding taxes$1,176 $1,472 
Sales-related reserves898 1,077 
Dividends payable486 436 
Allowance for expected loss on sale(1)
344 358 
Other2,487 2,720 
TOTAL ACCRUED LIABILITIES$5,391 $6,063 
(1)Refer to Note 13 — Acquisitions and Divestitures for additional information.
v3.22.1
Fair Value Measurements (Tables)
 9 Months Ended
Feb. 28, 2022
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables present information about the Company's financial assets measured at fair value on a recurring basis as of February 28, 2022 and May 31, 2021, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
FEBRUARY 28, 2022
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$730 $730 $— 
Level 1:
U.S. Treasury securities4,231 117 4,114 
Level 2:
Commercial paper and bonds686 42 644 
Money market funds6,662 6,662 — 
Time deposits1,158 1,153 5 
Total Level 28,506 7,857 649 
TOTAL$13,467 $8,704 $4,763 
MAY 31, 2021
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$840 $840 $— 
Level 1:
U.S. Treasury securities2,892 — 2,892 
Level 2:
Commercial paper and bonds748 57 691 
Money market funds7,701 7,701 — 
Time deposits1,293 1,291 2 
U.S. Agency securities2 — 2 
Total Level 29,744 9,049 695 
TOTAL$13,476 $9,889 $3,587 
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:
FEBRUARY 28, 2022
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)
$482 $414 $68 $107 $103 $4 
Embedded derivatives2 2 — 1 1 — 
TOTAL$484 $416 $68 $108 $104 $4 
(1)If the foreign exchange derivative instruments had been netted on the Unaudited Condensed Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $107 million as of February 28, 2022. As of that date, the Company received $62 million of cash collateral from various counterparties related to foreign exchange derivative instruments. No amount of collateral was posted on the derivative liability balance as of February 28, 2022.
MAY 31, 2021
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)
$92 $76 $16 $456 $415 $41 
Embedded derivatives— — — 1 1 — 
TOTAL$92 $76 $16 $457 $416 $41 
(1)If the foreign exchange derivative instruments had been netted on the Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $93 million as of May 31, 2021. As of that date, the Company had posted $39 million of cash collateral to various counterparties related to foreign exchange derivative instruments. No amount of collateral was received on the Company's derivative asset balance as of May 31, 2021.
The following tables present the fair values of derivative instruments included within the Unaudited Condensed Consolidated Balance Sheets:    
 DERIVATIVE ASSETS
BALANCE SHEET LOCATIONFEBRUARY 28,MAY 31,
(Dollars in millions)
20222021
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets$393 $42 
Foreign exchange forwards and optionsDeferred income taxes and other assets68 16 
Total derivatives formally designated as hedging instruments461 58 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets21 34 
Embedded derivativesPrepaid expenses and other current assets2 — 
Total derivatives not designated as hedging instruments23 34 
TOTAL DERIVATIVE ASSETS$484 $92 
DERIVATIVE LIABILITIES
BALANCE SHEET LOCATIONFEBRUARY 28,MAY 31,
(Dollars in millions)
20222021
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities$83 $385 
Foreign exchange forwards and optionsDeferred income taxes and other liabilities4 41 
Total derivatives formally designated as hedging instruments87 426 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities20 30 
Embedded derivativesAccrued liabilities1 1 
Total derivatives not designated as hedging instruments21 31 
TOTAL DERIVATIVE LIABILITIES$108 $457 
v3.22.1
Stock-Based Compensation (Tables)
 9 Months Ended
Feb. 28, 2022
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Disclosure 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 FEBRUARY 28,NINE MONTHS ENDED FEBRUARY 28,
(Dollars in millions)
2022202120222021
Stock options(1)
$75 $73 $221 $250 
ESPPs15 15 44 50 
Restricted stock and restricted stock units(1)(2)
71 54 202 167 
TOTAL STOCK-BASED COMPENSATION EXPENSE$161 $142 $467 $467 
(1)Expense for stock options includes the expense associated with stock appreciation rights. Accelerated stock option expense is primarily recorded for employees meeting certain retirement eligibility requirements. An immaterial amount of accelerated stock option and restricted stock expense was also recorded for certain employees impacted by the Company's organizational realignment; for more information see Note 14 — Restructuring.
(2)Includes expense for performance-based restricted stock units granted during the nine months ended February 28, 2022.
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions The weighted average assumptions used to estimate these fair values were as follows:
 NINE MONTHS ENDED FEBRUARY 28,
20222021
Dividend yield0.8 %0.9 %
Expected volatility24.9 %27.3 %
Weighted average expected life (in years)5.86.0
Risk-free interest rate0.9 %0.4 %
v3.22.1
Earnings Per Share (Tables)
 9 Months Ended
Feb. 28, 2022
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 excluded restricted stock, restricted stock units and options, including shares under ESPPs, to purchase an additional 9.3 million shares of common stock outstanding for the three months ended February 28, 2022, because the awards were anti-dilutive. The amount of anti-dilutive awards for the three months ended February 28, 2021, was insignificant. For the nine months ended February 28, 2022 and 2021, the computations of diluted earnings per common share excluded 9.4 million and 11.6 million shares of common stock outstanding, respectively, because the awards were anti-dilutive.
 THREE MONTHS ENDED FEBRUARY 28,NINE MONTHS ENDED FEBRUARY 28,
(In millions, except per share data)
2022202120222021
Net income available to common stockholders$1,396 $1,449 $4,607 $4,218 
Determination of shares:
Weighted average common shares outstanding1,579.0 1,578.0 1,581.1 1,570.9 
Assumed conversion of dilutive stock options and awards31.7 38.9 34.7 36.4 
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING1,610.7 1,616.9 1,615.8 1,607.3 
Earnings per common share:
Basic$0.88 $0.92 $2.91 $2.68 
Diluted$0.87 $0.90 $2.85 $2.62 
v3.22.1
Risk Management and Derivatives (Tables)
 9 Months Ended
Feb. 28, 2022
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:
FEBRUARY 28, 2022
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)
$482 $414 $68 $107 $103 $4 
Embedded derivatives2 2 — 1 1 — 
TOTAL$484 $416 $68 $108 $104 $4 
(1)If the foreign exchange derivative instruments had been netted on the Unaudited Condensed Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $107 million as of February 28, 2022. As of that date, the Company received $62 million of cash collateral from various counterparties related to foreign exchange derivative instruments. No amount of collateral was posted on the derivative liability balance as of February 28, 2022.
MAY 31, 2021
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)
$92 $76 $16 $456 $415 $41 
Embedded derivatives— — — 1 1 — 
TOTAL$92 $76 $16 $457 $416 $41 
(1)If the foreign exchange derivative instruments had been netted on the Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $93 million as of May 31, 2021. As of that date, the Company had posted $39 million of cash collateral to various counterparties related to foreign exchange derivative instruments. No amount of collateral was received on the Company's derivative asset balance as of May 31, 2021.
The following tables present the fair values of derivative instruments included within the Unaudited Condensed Consolidated Balance Sheets:    
 DERIVATIVE ASSETS
BALANCE SHEET LOCATIONFEBRUARY 28,MAY 31,
(Dollars in millions)
20222021
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets$393 $42 
Foreign exchange forwards and optionsDeferred income taxes and other assets68 16 
Total derivatives formally designated as hedging instruments461 58 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets21 34 
Embedded derivativesPrepaid expenses and other current assets2 — 
Total derivatives not designated as hedging instruments23 34 
TOTAL DERIVATIVE ASSETS$484 $92 
DERIVATIVE LIABILITIES
BALANCE SHEET LOCATIONFEBRUARY 28,MAY 31,
(Dollars in millions)
20222021
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities$83 $385 
Foreign exchange forwards and optionsDeferred income taxes and other liabilities4 41 
Total derivatives formally designated as hedging instruments87 426 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities20 30 
Embedded derivativesAccrued liabilities1 1 
Total derivatives not designated as hedging instruments21 31 
TOTAL DERIVATIVE LIABILITIES$108 $457 
Schedule of Derivative Instruments, Gain (Loss) In Statement of Income
The following tables present the amounts in the Unaudited Condensed Consolidated Statements of Income in which the effects of cash flow hedges are recorded and the effects of cash flow hedge activity on these line items:
THREE MONTHS ENDED FEBRUARY 28,
20222021
(Dollars in millions)
TOTALAMOUNT OF GAIN (LOSS)
ON CASH FLOW
HEDGE ACTIVITY		TOTALAMOUNT OF GAIN (LOSS)
ON CASH FLOW
HEDGE ACTIVITY
Revenues$10,871 $(22)$10,357 $16 
Cost of sales5,804 17 5,638 (35)
Demand creation expense854 — 711 1 
Other (income) expense, net(94)45 (22)(26)
Interest expense (income), net53 (2)64 (2)
NINE MONTHS ENDED FEBRUARY 28,
20222021
(Dollars in millions)
TOTALAMOUNT OF GAIN (LOSS)
ON CASH FLOW
HEDGE ACTIVITY		TOTALAMOUNT OF GAIN (LOSS)
ON CASH FLOW
HEDGE ACTIVITY
Revenues$34,476 $(63)$32,194 $56 
Cost of sales18,500 (79)17,887 110 
Demand creation expense2,789 1 2,117 2 
Other (income) expense, net(235)56 18 (31)
Interest expense (income), net165 (5)199 (5)
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The following tables present the amounts affecting the Unaudited Condensed Consolidated Statements of Income:

(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 FEBRUARY 28,LOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME		THREE MONTHS ENDED FEBRUARY 28,
2022202120222021
Derivatives designated as
cash flow hedges:
Foreign exchange forwards
and options
$(37)$(38)Revenues$(22)$16 
Foreign exchange forwards
and options
4 (99)Cost of sales17 (35)
Foreign exchange forwards
and options
— 1 Demand creation expense— 1 
Foreign exchange forwards
and options
31 (24)Other (income) expense, net45 (26)
Interest rate swaps(2)
— — Interest expense (income), net(2)(2)
TOTAL DESIGNATED CASH FLOW HEDGES $(2)$(160)$38 $(46)
(1)For the three months ended February 28, 2022 and 2021, 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)
NINE MONTHS ENDED FEBRUARY 28,LOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME		NINE MONTHS ENDED FEBRUARY 28,
2022202120222021
Derivatives designated as
cash flow hedges:
Foreign exchange forwards
and options
$(74)$(32)Revenues$(63)$56 
Foreign exchange forwards
and options
522 (539)Cost of sales(79)110 
Foreign exchange forwards
and options
(3)4 Demand creation expense1 2 
Foreign exchange forwards
and options
304 (183)Other (income) expense, net56 (31)
Interest rate swaps(2)
— — Interest expense (income), net(5)(5)
TOTAL DESIGNATED CASH FLOW HEDGES $749 $(750)$(90)$132 
(1)For the nine months ended February 28, 2022 and 2021, the amounts recorded in Other (income) expense, net as a result of the discontinuance of cash flow hedges because the forecasted transactions were no longer probable of occurring were immaterial.
(2)Gains and losses associated with terminated interest rate swaps, which were previously designated as cash flow hedges and recorded in Accumulated other comprehensive income (loss), will be released through Interest expense (income), net over the term of the issued debt.
AMOUNT OF GAIN (LOSS) RECOGNIZED
IN INCOME ON DERIVATIVES		LOCATION OF GAIN (LOSS)
RECOGNIZED IN INCOME
ON DERIVATIVES
THREE MONTHS ENDED FEBRUARY 28,NINE MONTHS ENDED FEBRUARY 28,
(Dollars in millions)
2022202120222021
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options$(20)$(11)$12 $(98)Other (income) expense, net
Embedded derivatives— (4)(9)(17)Other (income) expense, net
v3.22.1
Accumulated Other Comprehensive Income (Loss) (Tables)
 9 Months Ended
Feb. 28, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Accumulated Other Comprehensive Income
The changes in Accumulated other comprehensive income (loss), net of tax, were as follows:
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at November 30, 2021$(281)$369 $115 $(58)$145 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
(6)4 — (7)(9)
Reclassifications to net income of previously deferred (gains) losses(3)
— (33)— (4)(37)
Total other comprehensive income (loss)(6)(29)— (11)(46)
Balance at February 28, 2022$(287)$340 $115 $(69)$99 
(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 tax benefit (expense) of $0 million, $6 million, $0 million, $2 million and $8 million, respectively.
(3)Net of tax (benefit) expense of $0 million, $5 million, $0 million, $1 million and $6 million, respectively.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at November 30, 2020$(98)$(371)$115 $(75)$(429)
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
99 (163)— (6)(70)
Reclassifications to net income of previously deferred (gains) losses(3)
(1)46 — 8 53 
Total other comprehensive income (loss)98 (117)— 2 (17)
Balance at February 28, 2021$— $(488)$115 $(73)$(446)
(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 tax benefit (expense) of $0 million, $(3) million, $0 million, $1 million and $(2) million, respectively.
(3)Net of tax (benefit) expense of $0 million, $0 million, $0 million, $0 million and $0 million, respectively.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at May 31, 2021$2 $(435)$115 $(62)$(380)
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
(289)689 — 7 407 
Reclassifications to net income of previously deferred (gains) losses(3)
— 86 — (14)72 
Total other comprehensive income (loss)(289)775 — (7)479 
Balance at February 28, 2022$(287)$340 $115 $(69)$99 
(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 tax benefit (expense) of $0 million, $(60) million, $0 million, $(2) million and $(62) million, respectively.
(3)Net of tax (benefit) expense of $0 million, $(4) million, $0 million, $5 million and $1 million, respectively.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at May 31, 2020$(494)$390 $115 $(67)$(56)
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
496 (753)— (21)(278)
Reclassifications to net income of previously deferred (gains) losses(3)
(2)(125)— 15 (112)
Total other comprehensive income (loss)494 (878)— (6)(390)
Balance at February 28, 2021$— $(488)$115 $(73)$(446)
(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 tax benefit (expense) of $0 million, $(3) million, $0 million, $2 million and $(1) million, respectively.
(3)Net of tax (benefit) expense of $0 million, $7 million, $0 million, $0 million and $7 million, respectively.
Reclassification out of Accumulated Other Comprehensive Income
The following table summarizes the reclassifications from Accumulated other comprehensive income (loss) to the Unaudited Condensed Consolidated Statements of Income:
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOMELOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME
THREE MONTHS ENDED FEBRUARY 28,NINE MONTHS ENDED FEBRUARY 28,
(Dollars in millions)
2022202120222021
Gains (losses) on foreign currency translation adjustment$— $1 $— $2 Other expense (income), net
Total before tax— 1 — 2 
Tax (expense) benefit— — — — 
Gain (loss) net of tax— 1 — 2 
Gains (losses) on cash flow hedges:
Foreign exchange forwards and options$(22)$16 $(63)$56 Revenues
Foreign exchange forwards and options17 (35)(79)110 Cost of sales
Foreign exchange forwards and options— 1 1 2 Demand creation expense
Foreign exchange forwards and options45 (26)56 (31)Other (income) expense, net
Interest rate swaps(2)(2)(5)(5)Interest expense (income), net
Total before tax38 (46)(90)132 
Tax (expense) benefit(5)— 4 (7)
Gain (loss) net of tax33 (46)(86)125 
Gains (losses) on other5 (8)19 (15)Other (income) expense, net
Total before tax5 (8)19 (15)
Tax (expense) benefit(1)— (5)— 
Gain (loss) net of tax4 (8)14 (15)
Total net gain (loss) reclassified for the period$37 $(53)$(72)$112 
v3.22.1
Revenues (Tables)
 9 Months Ended
Feb. 28, 2022
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 FEBRUARY 28, 2022
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$2,532 $1,569 $1,554 $1,005 $— $6,660 $503 $— $7,163 
Apparel1,207 1,083 548 394 — 3,232 29 — 3,261 
Equipment143 127 58 62 — 390 7 — 397 
Other— — — — 41 41 28 (19)50 
TOTAL REVENUES$3,882 $2,779 $2,160 $1,461 $41 $10,323 $567 $(19)$10,871 
Revenues by:
Sales to Wholesale Customers$1,769 $1,858 $1,241 $860 $— $5,728 $303 $— $6,031 
Sales through Direct to Consumer2,113 921 919 601 — 4,554 236 — 4,790 
Other— — — — 41 41 28 (19)50 
TOTAL REVENUES$3,882 $2,779 $2,160 $1,461 $41 $10,323 $567 $(19)$10,871 

THREE MONTHS ENDED FEBRUARY 28, 2021
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$2,382 $1,606 $1,614 $903 $— $6,505 $513 $— $7,018 
Apparel1,087 898 616 365 — 2,966 28 — 2,994 
Equipment95 105 49 47 — 296 6 — 302 
Other— — — — 6 6 23 14 43 
TOTAL REVENUES$3,564 $2,609 $2,279 $1,315 $6 $9,773 $570 $14 $10,357 
Revenues by:
Sales to Wholesale Customers$1,894 $1,805 $1,269 $846 $— $5,814 $366 $— $6,180 
Sales through Direct to Consumer1,670 804 1,010 469 — 3,953 181 — 4,134 
Other— — — — 6 6 23 14 43 
TOTAL REVENUES$3,564 $2,609 $2,279 $1,315 $6 $9,773 $570 $14 $10,357 
NINE MONTHS ENDED FEBRUARY 28, 2022
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$8,648 $5,358 $4,238 $2,914 $— $21,158 $1,555 $— $22,713 
Apparel4,117 3,444 1,588 1,181 — 10,330 87 — 10,417 
Equipment473 426 160 178 — 1,237 21 — 1,258 
Other— — — — 54 54 90 (56)88 
TOTAL REVENUES$13,238 $9,228 $5,986 $4,273 $54 $32,779 $1,753 $(56)$34,476 
Revenues by:
Sales to Wholesale Customers$6,774 $6,194 $3,251 $2,571 $— $18,790 $975 $— $19,765 
Sales through Direct to Consumer6,464 3,034 2,735 1,702 — 13,935 688 — 14,623 
Other— — — — 54 54 90 (56)88 
TOTAL REVENUES$13,238 $9,228 $5,986 $4,273 $54 $32,779 $1,753 $(56)$34,476 

NINE MONTHS ENDED FEBRUARY 28, 2021
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$7,851 $5,139 $4,432 $2,652 $— $20,074 $1,442 $— $21,516 
Apparel3,580 2,973 1,775 1,098 — 9,426 82 — 9,508 
Equipment364 365 150 135 — 1,014 22 — 1,036 
Other— — — — 18 18 63 53 134 
TOTAL REVENUES$11,795 $8,477 $6,357 $3,885 $18 $30,532 $1,609 $53 $32,194 
Revenues by:
Sales to Wholesale Customers$6,967 $5,763 $3,392 $2,479 $— $18,601 $998 $— $19,599 
Sales through Direct to Consumer4,828 2,714 2,965 1,406 — 11,913 548 — 12,461 
Other— — — — 18 18 63 53 134 
TOTAL REVENUES$11,795 $8,477 $6,357 $3,885 $18 $30,532 $1,609 $53 $32,194 
v3.22.1
Operating Segments (Tables)
 9 Months Ended
Feb. 28, 2022
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment Accounts receivable, net, Inventories and Property, plant and equipment, net for operating segments are regularly reviewed by management and are therefore provided below.
 THREE MONTHS ENDED FEBRUARY 28,NINE MONTHS ENDED FEBRUARY 28,
(Dollars in millions)
2022202120222021
REVENUES
North America$3,882 $3,564 $13,238 $11,795 
Europe, Middle East & Africa2,779 2,609 9,228 8,477 
Greater China2,160 2,279 5,986 6,357 
Asia Pacific & Latin America1,461 1,315 4,273 3,885 
Global Brand Divisions41 6 54 18 
Total NIKE Brand10,323 9,773 32,779 30,532 
Converse567 570 1,753 1,609 
Corporate(19)14 (56)53 
TOTAL NIKE, INC. REVENUES$10,871 $10,357 $34,476 $32,194 
EARNINGS BEFORE INTEREST AND TAXES
North America$967 $970 $3,636 $3,295 
Europe, Middle East & Africa713 533 2,394 1,885 
Greater China784 973 2,054 2,552 
Asia Pacific & Latin America478 408 1,347 1,112 
Global Brand Divisions(975)(852)(3,033)(2,546)
Converse168 150 504 405 
Corporate(412)(482)(1,460)(1,697)
Interest expense (income), net53 64 165 199 
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES$1,670 $1,636 $5,277 $4,807 
Reconciliation of Assets from Segment to Consolidated
FEBRUARY 28,MAY 31,
(Dollars in millions)
20222021
ACCOUNTS RECEIVABLE, NET
North America$1,268 $1,777 
Europe, Middle East & Africa1,189 1,349 
Greater China359 288 
Asia Pacific & Latin America(1)
599 643 
Global Brand Divisions106 128 
Total NIKE Brand3,521 4,185 
Converse256 225 
Corporate50 53 
TOTAL ACCOUNTS RECEIVABLE, NET$3,827 $4,463 
INVENTORIES
North America$3,541 $2,851 
Europe, Middle East & Africa1,737 1,821 
Greater China1,105 1,247 
Asia Pacific & Latin America(1)
721 667 
Global Brand Divisions208 153 
Total NIKE Brand7,312 6,739 
Converse264 290 
Corporate124 (175)
TOTAL INVENTORIES$7,700 $6,854 
FEBRUARY 28,MAY 31,
(Dollars in millions)
20222021
PROPERTY, PLANT AND EQUIPMENT, NET
North America$617 $617 
Europe, Middle East & Africa929 982 
Greater China319 288 
Asia Pacific & Latin America(1)
284 304 
Global Brand Divisions793 780 
Total NIKE Brand2,942 2,971 
Converse52 63 
Corporate1,812 1,870 
TOTAL PROPERTY, PLANT AND EQUIPMENT, NET$4,806 $4,904 
(1)Excludes assets held-for-sale as of February 28, 2022 and May 31, 2021. See Note 13 — Acquisitions and Divestitures for additional information.
v3.22.1
Inventories (Detail) - USD ($)
$ in Millions
Feb. 28, 2022
May 31, 2021
Inventory Disclosure [Abstract]    
Inventory, Finished Goods, Net of Reserves $ 7,700 $ 6,854
v3.22.1
Accrued Liabilities (Detail) - USD ($)
$ in Millions
Feb. 28, 2022
May 31, 2021
Accrued Liabilities, Current [Abstract]    
Compensation and benefits, excluding taxes $ 1,176 $ 1,472
Sales-related reserves 898 1,077
Dividends payable 486 436
Allowance for expected loss on sale 344 358
Other 2,487 2,720
Accrued liabilities $ 5,391 $ 6,063
v3.22.1
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($)
$ in Millions
Feb. 28, 2022
May 31, 2021
Assets, Fair Value Disclosure [Abstract]    
Cash $ 730 $ 840
ASSETS AT FAIR VALUE 13,467 13,476
CASH AND EQUIVALENTS 8,704 9,889
SHORT-TERM INVESTMENTS 4,763 3,587
Fair Value, Inputs, Level 1 | U.S. Treasury securities    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 4,231 2,892
CASH AND EQUIVALENTS 117 0
SHORT-TERM INVESTMENTS 4,114 2,892
Fair Value, Inputs, Level 2    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 8,506 9,744
CASH AND EQUIVALENTS 7,857 9,049
SHORT-TERM INVESTMENTS 649 695
Fair Value, Inputs, Level 2 | Commercial paper and bonds    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 686 748
CASH AND EQUIVALENTS 42 57
SHORT-TERM INVESTMENTS 644 691
Fair Value, Inputs, Level 2 | Money market funds    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 6,662 7,701
CASH AND EQUIVALENTS 6,662 7,701
SHORT-TERM INVESTMENTS 0 0
Fair Value, Inputs, Level 2 | Time deposits    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 1,158 1,293
CASH AND EQUIVALENTS 1,153 1,291
SHORT-TERM INVESTMENTS $ 5 2
Fair Value, Inputs, Level 2 | U.S. Agency securities    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE   2
CASH AND EQUIVALENTS   0
SHORT-TERM INVESTMENTS   $ 2
v3.22.1
Fair Value Measurements - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2022
Feb. 28, 2021
Feb. 28, 2022
Feb. 28, 2021
May 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Fair value of long term debt $ 9,719   $ 9,719   $ 10,275
Short-term Investments          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Available-for-sale securities with maturity dates within one year from purchase date 4,077   4,077    
Available-for-sale securities with maturity dates over one year and less than five years from purchase date 686   686    
Interest expense (income), net          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Interest income related to cash and equivalents and short-term investments $ 22 $ 8 $ 57 $ 21  
v3.22.1
Fair Value Measurements - Derivative Assets and Liabilities at Fair Value (Detail) - USD ($)
Feb. 28, 2022
May 31, 2021
Fair Value, Measurements, Recurring | Foreign exchange forwards and options    
Derivatives, Fair Value [Line Items]    
Reduction in derivative liabilities if netted $ 107,000,000 $ 93,000,000
Reduction in derivative assets if netted 107,000,000 93,000,000
Cash and Cash Equivalents    
Derivatives, Fair Value [Line Items]    
Derivative asset, fair value of collateral 62,000,000  
Cash and Cash Equivalents | Foreign exchange forwards and options    
Derivatives, Fair Value [Line Items]    
Derivative asset, fair value of collateral 62,000,000 0
Fair value of derivative liability collateral 0 39,000,000
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring    
Derivatives, Fair Value [Line Items]    
ASSETS AT FAIR VALUE 484,000,000 92,000,000
OTHER CURRENT ASSETS 416,000,000 76,000,000
OTHER LONG-TERM ASSETS 68,000,000 16,000,000
LIABILITIES AT FAIR VALUE 108,000,000 457,000,000
ACCRUED LIABILITIES 104,000,000 416,000,000
OTHER LONG-TERM LIABILITIES 4,000,000 41,000,000
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Foreign exchange forwards and options    
Derivatives, Fair Value [Line Items]    
ASSETS AT FAIR VALUE 482,000,000 92,000,000
OTHER CURRENT ASSETS 414,000,000 76,000,000
OTHER LONG-TERM ASSETS 68,000,000 16,000,000
LIABILITIES AT FAIR VALUE 107,000,000 456,000,000
ACCRUED LIABILITIES 103,000,000 415,000,000
OTHER LONG-TERM LIABILITIES 4,000,000 41,000,000
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Embedded derivatives    
Derivatives, Fair Value [Line Items]    
ASSETS AT FAIR VALUE 2,000,000 0
OTHER CURRENT ASSETS 2,000,000 0
OTHER LONG-TERM ASSETS 0 0
LIABILITIES AT FAIR VALUE 1,000,000 1,000,000
ACCRUED LIABILITIES 1,000,000 1,000,000
OTHER LONG-TERM LIABILITIES $ 0 $ 0
v3.22.1
Short-Term Borrowings and Credit Lines (Detail) - USD ($)
Mar. 11, 2022
Mar. 15, 2021
Apr. 05, 2022
Feb. 28, 2022
May 31, 2021
Short-term Debt [Line Items]          
Borrowings outstanding       $ 0 $ 2,000,000
Committed Credit Facility, Maturing March 10, 2023 | Revolving Credit Facility | Subsequent Event          
Short-term Debt [Line Items]          
Borrowings outstanding     $ 0    
Commercial paper          
Short-term Debt [Line Items]          
Borrowings outstanding       0 $ 0
Borrowing capacity       $ 3,000,000,000  
Line of Credit | Committed Credit Facility, Maturing March 10, 2023 | Revolving Credit Facility          
Short-term Debt [Line Items]          
Borrowing capacity   $ 1,000,000,000      
Debt instrument, term   364 days      
Line of Credit | Committed Credit Facility, Maturing March 10, 2023 | Revolving Credit Facility | Subsequent Event          
Short-term Debt [Line Items]          
Borrowing capacity $ 1,000,000,000        
Debt instrument, term 364 days        
Extension term 364 days        
Revolving credit facility, fee 0.02%        
Line of Credit | Committed Credit Facility, Maturing March 10, 2023 | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Subsequent Event          
Short-term Debt [Line Items]          
Basis spread on variable rate, above LIBOR 0.60%        
Line of Credit | Committed Credit Facility, Maturing March 10, 2023 | Revolving Credit Facility, Option To Increase Upon Lender Approval | Subsequent Event          
Short-term Debt [Line Items]          
Borrowing capacity $ 1,500,000,000        
Line of Credit | Committed Credit Facility, Maturing March 11, 2027 | Revolving Credit Facility          
Short-term Debt [Line Items]          
Borrowing capacity   $ 2,000,000,000      
Debt instrument, term   5 years      
Line of Credit | Committed Credit Facility, Maturing March 11, 2027 | Revolving Credit Facility | Subsequent Event          
Short-term Debt [Line Items]          
Borrowing capacity $ 2,000,000,000        
Debt instrument, term 5 years        
Extension term 2 years        
Revolving credit facility, fee 0.04%        
Line of credit facility, amount outstanding     $ 0    
Line of Credit | Committed Credit Facility, Maturing March 11, 2027 | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Subsequent Event          
Short-term Debt [Line Items]          
Basis spread on variable rate, above LIBOR 0.60%        
Line of Credit | Committed Credit Facility, Maturing March 11, 2027 | Revolving Credit Facility, Option To Increase Upon Lender Approval | Subsequent Event          
Short-term Debt [Line Items]          
Borrowing capacity $ 3,000,000,000        
v3.22.1
Income Taxes (Detail) - USD ($)
$ in Millions
 9 Months Ended
Feb. 28, 2022
Feb. 28, 2021
May 31, 2021
Income Tax Disclosure [Abstract]      
Federal income tax rate 12.70% 12.30%  
Total gross unrecognized tax benefits, excluding related interest and penalties $ 871   $ 896
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 648    
Increase in liability for payment of interest and penalties 27    
Accrued interest and penalties related to uncertain tax positions (excluding federal benefit) 230   $ 203
Estimated decrease in total gross unrecognized tax benefits as a result of resolutions of global tax examinations and expiration of applicable statutes of limitations $ 80    
v3.22.1
Stock-Based Compensation - Total Stock-Based Compensation Expense (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2022
Feb. 28, 2021
Feb. 28, 2022
Feb. 28, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Tax benefit related to stock-based compensation expense $ 34 $ 67 $ 307 $ 256
Class B Common Stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock-based compensation expense $ 161 142 $ 467 467
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   798,000,000  
Stock options | Class B Common Stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock-based compensation expense $ 75 73 $ 221 250
ESPPs | Class B Common Stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock-based compensation expense 15 15 44 50
Restricted stock and restricted stock units | Class B Common Stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock-based compensation expense $ 71 $ 54 $ 202 $ 167
v3.22.1
Stock-Based Compensation - Weighted Average Assumptions Used to Estimate Fair Values (Detail) - USD ($)
$ / shares in Units, $ in Millions
 9 Months Ended
Feb. 28, 2022
Feb. 28, 2021
Stock options    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Weighted average fair value per share of the options granted (in dollars per share) $ 37.53 $ 26.75
Dividend yield 0.80% 0.90%
Expected volatility 24.90% 27.30%
Weighted average expected life 5 years 9 months 18 days 6 years
Risk-free interest rate 0.90% 0.40%
Stock Incentive Plan | Stock options    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unrecognized compensation costs from stock options $ 484  
Unrecognized compensation costs from stock options, net of estimated forfeitures, to be recognized as operating overhead expense over a weighted average period (in years) 2 years 7 months 6 days  
Class B Common Stock | Stock Incentive Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Minimum term of market traded options for estimates of expected volatility 1 year  
v3.22.1
Stock-Based Compensation - Restricted Stock and Restricted Stock Units (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2022
Feb. 28, 2022
Feb. 28, 2021
Restricted stock and restricted stock units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted average grant date fair value (in dollars per share)   $ 158.94 $ 112.44
Unrecognized compensation costs from stock options, net of estimated forfeitures, to be recognized as operating overhead expense over a weighted average period (in years)   2 years 7 months 6 days  
Performance Based Restricted Stock (PSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted average grant date fair value (in dollars per share) $ 250.52    
Restricted Stock, Restricted Stock Units and Performance Based Restricted Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unrecognized compensation costs from restricted stock, net of estimated forfeitures $ 629 $ 629  
v3.22.1
Earnings Per Share - Additional Information (Detail) - shares
shares in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2022
Feb. 28, 2022
Feb. 28, 2021
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) 9.3 9.4 11.6
v3.22.1
Earnings Per Share - Reconciliation from Basic Earnings Per Share to Diluted Earnings Per Share (Detail) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2022
Feb. 28, 2021
Feb. 28, 2022
Feb. 28, 2021
Earnings Per Share [Abstract]        
Net income available to common stockholders $ 1,396 $ 1,449 $ 4,607 $ 4,218
Determination of shares:        
Weighted average common shares outstanding (in shares) 1,579.0 1,578.0 1,581.1 1,570.9
Assumed conversion of dilutive stock options and awards (in shares) 31.7 38.9 34.7 36.4
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (in shares) 1,610.7 1,616.9 1,615.8 1,607.3
Earnings per common share:        
Basic (in dollars per share) $ 0.88 $ 0.92 $ 2.91 $ 2.68
Diluted (in dollars per share) $ 0.87 $ 0.90 $ 2.85 $ 2.62
v3.22.1
Risk Management and Derivatives - Additional Information (Detail)
 9 Months Ended
Feb. 28, 2022
USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Credit risk related contingent features collateral threshold $ 50,000,000
Derivative instruments in net asset position 375,000,000
Deferred net gains (net of tax) on both outstanding and matured derivatives accumulated in other comprehensive income are expected to be reclassified to net income during the next twelve months as a result of underlying hedged transactions also being recorded in net income 305,000,000
Cash and Cash Equivalents  
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Derivative asset, fair value of collateral 62,000,000
Not designated as derivative instrument  
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Total notional amount of outstanding derivatives 3,200,000,000
Embedded derivatives  
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Total notional amount of outstanding derivatives $ 589,000,000
Derivatives designated as cash flow hedges  
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Additional period for forecasted transaction expected to occur 2 months
Total notional amount of outstanding derivatives $ 17,200,000,000
v3.22.1
Risk Management and Derivatives - FV of Derivative Instruments Included within Consolidated Balance Sheet (Detail) - USD ($)
$ in Millions
Feb. 28, 2022
May 31, 2021
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS $ 484 $ 92
DERIVATIVE LIABILITIES 108 457
Derivatives formally designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 461 58
DERIVATIVE LIABILITIES 87 426
Derivatives formally designated as hedging instruments | Foreign exchange forwards and options | Prepaid expenses and other current assets    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 393 42
Derivatives formally designated as hedging instruments | Foreign exchange forwards and options | Deferred income taxes and other assets    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 68 16
Derivatives formally designated as hedging instruments | Foreign exchange forwards and options | Accrued liabilities    
Derivatives, Fair Value [Line Items]    
DERIVATIVE LIABILITIES 83 385
Derivatives formally designated as hedging instruments | Foreign exchange forwards and options | Deferred income taxes and other liabilities    
Derivatives, Fair Value [Line Items]    
DERIVATIVE LIABILITIES 4 41
Derivatives not designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 23 34
DERIVATIVE LIABILITIES 21 31
Derivatives not designated as hedging instruments | Foreign exchange forwards and options | Prepaid expenses and other current assets    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 21 34
Derivatives not designated as hedging instruments | Foreign exchange forwards and options | Accrued liabilities    
Derivatives, Fair Value [Line Items]    
DERIVATIVE LIABILITIES 20 30
Derivatives not designated as hedging instruments | Embedded derivatives | Prepaid expenses and other current assets    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 2 0
Derivatives not designated as hedging instruments | Embedded derivatives | Accrued liabilities    
Derivatives, Fair Value [Line Items]    
DERIVATIVE LIABILITIES $ 1 $ 1
v3.22.1
Risk Management and Derivatives - Effects Of Cash Flow Hedges in Statement of Income (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2022
Feb. 28, 2021
Feb. 28, 2022
Feb. 28, 2021
Derivative Instruments, Gain (Loss) [Line Items]        
Revenues $ 10,871 $ 10,357 $ 34,476 $ 32,194
Cost of sales 5,804 5,638 18,500 17,887
Demand creation expense 854 711 2,789 2,117
Other (income) expense, net (94) (22) (235) 18
Interest expense (income), net 53 64 165 199
Cash Flow Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
AMOUNT OF GAIN (LOSS) ON CASH FLOW HEDGE ACTIVITY 38 (46) (90) 132
Foreign exchange forwards and options | Revenues | Cash Flow Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
AMOUNT OF GAIN (LOSS) ON CASH FLOW HEDGE ACTIVITY (22) 16 (63) 56
Foreign exchange forwards and options | Cost of sales | Cash Flow Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
AMOUNT OF GAIN (LOSS) ON CASH FLOW HEDGE ACTIVITY 17 (35) (79) 110
Foreign exchange forwards and options | Demand creation expense | Cash Flow Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
AMOUNT OF GAIN (LOSS) ON CASH FLOW HEDGE ACTIVITY 0 1 1 2
Foreign exchange forwards and options | Other (income) expense, net | Cash Flow Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
AMOUNT OF GAIN (LOSS) ON CASH FLOW HEDGE ACTIVITY 45 (26) 56 (31)
Interest rate swaps | Interest expense (income), net | Cash Flow Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
AMOUNT OF GAIN (LOSS) ON CASH FLOW HEDGE ACTIVITY $ (2) $ (2) $ (5) $ (5)
v3.22.1
Risk Management and Derivatives - Amounts Affecting Consolidated Statements of Income (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2022
Feb. 28, 2021
Feb. 28, 2022
Feb. 28, 2021
Foreign exchange forwards and options | Other (income) expense, net | Derivatives not designated as hedging instruments        
Derivative Instruments, Gain (Loss) [Line Items]        
AMOUNT OF GAIN (LOSS) RECOGNIZED 
IN INCOME ON DERIVATIVES $ (20) $ (11) $ 12 $ (98)
Embedded derivatives | Other (income) expense, net | Derivatives not designated as hedging instruments        
Derivative Instruments, Gain (Loss) [Line Items]        
AMOUNT OF GAIN (LOSS) RECOGNIZED 
IN INCOME ON DERIVATIVES 0 (4) (9) (17)
Derivatives designated as cash flow hedges        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives (2) (160) 749 (750)
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income 38 (46) (90) 132
Derivatives designated as cash flow hedges | Foreign exchange forwards and options | Revenues        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives (37) (38) (74) (32)
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income (22) 16 (63) 56
Derivatives designated as cash flow hedges | Foreign exchange forwards and options | Cost of sales        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives 4 (99) 522 (539)
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income 17 (35) (79) 110
Derivatives designated as cash flow hedges | Foreign exchange forwards and options | Demand creation expense        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives 0 1 (3) 4
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income 0 1 1 2
Derivatives designated as cash flow hedges | Foreign exchange forwards and options | Other (income) expense, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives 31 (24) 304 (183)
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income 45 (26) 56 (31)
Derivatives designated as cash flow hedges | Interest rate swaps | Interest expense (income), net        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives 0 0 0 0
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income $ (2) $ (2) $ (5) $ (5)
v3.22.1
Accumulated Other Comprehensive Income (Loss) - Changes in AOCI (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2022
Feb. 28, 2021
Feb. 28, 2022
Feb. 28, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance $ 14,924 $ 10,640 $ 12,767 $ 8,055
Other comprehensive income (loss):        
Other comprehensive gains (losses) before reclassifications, net of tax (9) (70) 407 (278)
Reclassifications to net income of previously deferred (gains) losses, net of tax (37) 53 72 (112)
Total other comprehensive income (loss), net of tax (46) (17) 479 (390)
Ending balance 14,809 11,931 14,809 11,931
Other comprehensive income, before reclassification, tax benefit (expense) 8 (2) (62) (1)
Reclassification from AOCI, current period, tax expense (benefit) 6 0 1 7
Gains (losses) on foreign currency translation adjustment        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance (281) (98) 2 (494)
Other comprehensive income (loss):        
Other comprehensive gains (losses) before reclassifications, net of tax (6) 99 (289) 496
Reclassifications to net income of previously deferred (gains) losses, net of tax 0 (1) 0 (2)
Total other comprehensive income (loss), net of tax (6) 98 (289) 494
Ending balance (287) 0 (287) 0
Other comprehensive income, before reclassification, tax benefit (expense) 0 0 0 0
Reclassification from AOCI, current period, tax expense (benefit) 0 0 0 0
CASH FLOW HEDGES        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance 369 (371) (435) 390
Other comprehensive income (loss):        
Other comprehensive gains (losses) before reclassifications, net of tax 4 (163) 689 (753)
Reclassifications to net income of previously deferred (gains) losses, net of tax (33) 46 86 (125)
Total other comprehensive income (loss), net of tax (29) (117) 775 (878)
Ending balance 340 (488) 340 (488)
Other comprehensive income, before reclassification, tax benefit (expense) 6 (3) (60) (3)
Reclassification from AOCI, current period, tax expense (benefit) 5 0 (4) 7
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, net of tax 0 0 0 0
Reclassifications to net income of previously deferred (gains) losses, net of tax 0 0 0 0
Total other comprehensive income (loss), net of tax 0 0 0 0
Ending balance 115 115 115 115
Other comprehensive income, before reclassification, tax benefit (expense) 0 0 0 0
Reclassification from AOCI, current period, tax expense (benefit) 0 0 0 0
OTHER        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance (58) (75) (62) (67)
Other comprehensive income (loss):        
Other comprehensive gains (losses) before reclassifications, net of tax (7) (6) 7 (21)
Reclassifications to net income of previously deferred (gains) losses, net of tax (4) 8 (14) 15
Total other comprehensive income (loss), net of tax (11) 2 (7) (6)
Ending balance (69) (73) (69) (73)
Other comprehensive income, before reclassification, tax benefit (expense) 2 1 (2) 2
Reclassification from AOCI, current period, tax expense (benefit) 1 0 5 0
TOTAL        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance 145 (429) (380) (56)
Other comprehensive income (loss):        
Ending balance $ 99 $ (446) $ 99 $ (446)
v3.22.1
Accumulated Other Comprehensive Income (Loss) - Reclassification out of AOCI (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2022
Feb. 28, 2021
Feb. 28, 2022
Feb. 28, 2021
Reclassification out of Accumulated Other Comprehensive Income [Line Items]        
Revenues $ 10,871 $ 10,357 $ 34,476 $ 32,194
Cost of sales (5,804) (5,638) (18,500) (17,887)
Demand creation expense (854) (711) (2,789) (2,117)
Interest expense (income), net (53) (64) (165) (199)
Other (income) expense, net 94 22 235 (18)
Income before income taxes 1,670 1,636 5,277 4,807
Tax (expense) benefit (274) (187) (670) (589)
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME        
Reclassification out of Accumulated Other Comprehensive Income [Line Items]        
Total net gain (loss) reclassified for the period 37 (53) (72) 112
Gains (losses) on foreign currency translation adjustment | AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME        
Reclassification out of Accumulated Other Comprehensive Income [Line Items]        
Other (income) expense, net 0 1 0 2
Income before income taxes 0 1 0 2
Tax (expense) benefit 0 0 0 0
Total net gain (loss) reclassified for the period 0 1 0 2
Gain (losses) on cash flow hedges | AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME        
Reclassification out of Accumulated Other Comprehensive Income [Line Items]        
Income before income taxes 38 (46) (90) 132
Tax (expense) benefit (5) 0 4 (7)
Total net gain (loss) reclassified for the period 33 (46) (86) 125
Gain (losses) on cash flow hedges | Foreign exchange forwards and options | AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME        
Reclassification out of Accumulated Other Comprehensive Income [Line Items]        
Revenues (22) 16 (63) 56
Cost of sales 17 (35) (79) 110
Demand creation expense 0 1 1 2
Other (income) expense, net 45 (26) 56 (31)
Gain (losses) on cash flow hedges | Interest rate swaps | AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME        
Reclassification out of Accumulated Other Comprehensive Income [Line Items]        
Interest expense (income), net (2) (2) (5) (5)
OTHER | AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME        
Reclassification out of Accumulated Other Comprehensive Income [Line Items]        
Other (income) expense, net 5 (8) 19 (15)
Income before income taxes 5 (8) 19 (15)
Tax (expense) benefit (1) 0 (5) 0
Total net gain (loss) reclassified for the period $ 4 $ (8) $ 14 $ (15)
v3.22.1
Revenues (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2022
Feb. 28, 2021
Feb. 28, 2022
Feb. 28, 2021
Disaggregation of Revenue [Line Items]        
Revenues $ 10,871 $ 10,357 $ 34,476 $ 32,194
Sales to Wholesale Customers        
Disaggregation of Revenue [Line Items]        
Revenues 6,031 6,180 19,765 19,599
Sales through Direct to Consumer        
Disaggregation of Revenue [Line Items]        
Revenues 4,790 4,134 14,623 12,461
Other        
Disaggregation of Revenue [Line Items]        
Revenues 50 43 88 134
Footwear        
Disaggregation of Revenue [Line Items]        
Revenues 7,163 7,018 22,713 21,516
Apparel        
Disaggregation of Revenue [Line Items]        
Revenues 3,261 2,994 10,417 9,508
Equipment        
Disaggregation of Revenue [Line Items]        
Revenues 397 302 1,258 1,036
Other        
Disaggregation of Revenue [Line Items]        
Revenues 50 43 88 134
Operating Segments | NIKE Brand        
Disaggregation of Revenue [Line Items]        
Revenues 10,323 9,773 32,779 30,532
Operating Segments | NIKE Brand | Sales to Wholesale Customers        
Disaggregation of Revenue [Line Items]        
Revenues 5,728 5,814 18,790 18,601
Operating Segments | NIKE Brand | Sales through Direct to Consumer        
Disaggregation of Revenue [Line Items]        
Revenues 4,554 3,953 13,935 11,913
Operating Segments | NIKE Brand | Other        
Disaggregation of Revenue [Line Items]        
Revenues 41 6 54 18
Operating Segments | NIKE Brand | Footwear        
Disaggregation of Revenue [Line Items]        
Revenues 6,660 6,505 21,158 20,074
Operating Segments | NIKE Brand | Apparel        
Disaggregation of Revenue [Line Items]        
Revenues 3,232 2,966 10,330 9,426
Operating Segments | NIKE Brand | Equipment        
Disaggregation of Revenue [Line Items]        
Revenues 390 296 1,237 1,014
Operating Segments | NIKE Brand | Other        
Disaggregation of Revenue [Line Items]        
Revenues 41 6 54 18
Operating Segments | Converse        
Disaggregation of Revenue [Line Items]        
Revenues 567 570 1,753 1,609
Operating Segments | Converse | Sales to Wholesale Customers        
Disaggregation of Revenue [Line Items]        
Revenues 303 366 975 998
Operating Segments | Converse | Sales through Direct to Consumer        
Disaggregation of Revenue [Line Items]        
Revenues 236 181 688 548
Operating Segments | Converse | Other        
Disaggregation of Revenue [Line Items]        
Revenues 28 23 90 63
Operating Segments | Converse | Footwear        
Disaggregation of Revenue [Line Items]        
Revenues 503 513 1,555 1,442
Operating Segments | Converse | Apparel        
Disaggregation of Revenue [Line Items]        
Revenues 29 28 87 82
Operating Segments | Converse | Equipment        
Disaggregation of Revenue [Line Items]        
Revenues 7 6 21 22
Operating Segments | Converse | Other        
Disaggregation of Revenue [Line Items]        
Revenues 28 23 90 63
Global Brand Divisions        
Disaggregation of Revenue [Line Items]        
Revenues 41 6 54 18
Global Brand Divisions | Sales to Wholesale Customers        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
Global Brand Divisions | Sales through Direct to Consumer        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
Global Brand Divisions | Other        
Disaggregation of Revenue [Line Items]        
Revenues 41 6 54 18
Global Brand Divisions | Footwear        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
Global Brand Divisions | Apparel        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
Global Brand Divisions | Equipment        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
Global Brand Divisions | Other        
Disaggregation of Revenue [Line Items]        
Revenues 41 6 54 18
Corporate        
Disaggregation of Revenue [Line Items]        
Revenues (19) 14 (56) 53
Corporate | Sales to Wholesale Customers        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
Corporate | Sales through Direct to Consumer        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
Corporate | Other        
Disaggregation of Revenue [Line Items]        
Revenues (19) 14 (56) 53
Corporate | Footwear        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
Corporate | Apparel        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
Corporate | Equipment        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
Corporate | Other        
Disaggregation of Revenue [Line Items]        
Revenues (19) 14 (56) 53
NORTH AMERICA | Operating Segments | NIKE Brand        
Disaggregation of Revenue [Line Items]        
Revenues 3,882 3,564 13,238 11,795
NORTH AMERICA | Operating Segments | NIKE Brand | Sales to Wholesale Customers        
Disaggregation of Revenue [Line Items]        
Revenues 1,769 1,894 6,774 6,967
NORTH AMERICA | Operating Segments | NIKE Brand | Sales through Direct to Consumer        
Disaggregation of Revenue [Line Items]        
Revenues 2,113 1,670 6,464 4,828
NORTH AMERICA | Operating Segments | NIKE Brand | Other        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
NORTH AMERICA | Operating Segments | NIKE Brand | Footwear        
Disaggregation of Revenue [Line Items]        
Revenues 2,532 2,382 8,648 7,851
NORTH AMERICA | Operating Segments | NIKE Brand | Apparel        
Disaggregation of Revenue [Line Items]        
Revenues 1,207 1,087 4,117 3,580
NORTH AMERICA | Operating Segments | NIKE Brand | Equipment        
Disaggregation of Revenue [Line Items]        
Revenues 143 95 473 364
NORTH AMERICA | Operating Segments | NIKE Brand | Other        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
EUROPE, MIDDLE EAST & AFRICA | Operating Segments | NIKE Brand        
Disaggregation of Revenue [Line Items]        
Revenues 2,779 2,609 9,228 8,477
EUROPE, MIDDLE EAST & AFRICA | Operating Segments | NIKE Brand | Sales to Wholesale Customers        
Disaggregation of Revenue [Line Items]        
Revenues 1,858 1,805 6,194 5,763
EUROPE, MIDDLE EAST & AFRICA | Operating Segments | NIKE Brand | Sales through Direct to Consumer        
Disaggregation of Revenue [Line Items]        
Revenues 921 804 3,034 2,714
EUROPE, MIDDLE EAST & AFRICA | Operating Segments | NIKE Brand | Other        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
EUROPE, MIDDLE EAST & AFRICA | Operating Segments | NIKE Brand | Footwear        
Disaggregation of Revenue [Line Items]        
Revenues 1,569 1,606 5,358 5,139
EUROPE, MIDDLE EAST & AFRICA | Operating Segments | NIKE Brand | Apparel        
Disaggregation of Revenue [Line Items]        
Revenues 1,083 898 3,444 2,973
EUROPE, MIDDLE EAST & AFRICA | Operating Segments | NIKE Brand | Equipment        
Disaggregation of Revenue [Line Items]        
Revenues 127 105 426 365
EUROPE, MIDDLE EAST & AFRICA | Operating Segments | NIKE Brand | Other        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
GREATER CHINA | Operating Segments | NIKE Brand        
Disaggregation of Revenue [Line Items]        
Revenues 2,160 2,279 5,986 6,357
GREATER CHINA | Operating Segments | NIKE Brand | Sales to Wholesale Customers        
Disaggregation of Revenue [Line Items]        
Revenues 1,241 1,269 3,251 3,392
GREATER CHINA | Operating Segments | NIKE Brand | Sales through Direct to Consumer        
Disaggregation of Revenue [Line Items]        
Revenues 919 1,010 2,735 2,965
GREATER CHINA | Operating Segments | NIKE Brand | Other        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
GREATER CHINA | Operating Segments | NIKE Brand | Footwear        
Disaggregation of Revenue [Line Items]        
Revenues 1,554 1,614 4,238 4,432
GREATER CHINA | Operating Segments | NIKE Brand | Apparel        
Disaggregation of Revenue [Line Items]        
Revenues 548 616 1,588 1,775
GREATER CHINA | Operating Segments | NIKE Brand | Equipment        
Disaggregation of Revenue [Line Items]        
Revenues 58 49 160 150
GREATER CHINA | Operating Segments | NIKE Brand | Other        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
ASIA PACIFIC & LATIN AMERICA | Operating Segments | NIKE Brand        
Disaggregation of Revenue [Line Items]        
Revenues 1,461 1,315 4,273 3,885
ASIA PACIFIC & LATIN AMERICA | Operating Segments | NIKE Brand | Sales to Wholesale Customers        
Disaggregation of Revenue [Line Items]        
Revenues 860 846 2,571 2,479
ASIA PACIFIC & LATIN AMERICA | Operating Segments | NIKE Brand | Sales through Direct to Consumer        
Disaggregation of Revenue [Line Items]        
Revenues 601 469 1,702 1,406
ASIA PACIFIC & LATIN AMERICA | Operating Segments | NIKE Brand | Other        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
ASIA PACIFIC & LATIN AMERICA | Operating Segments | NIKE Brand | Footwear        
Disaggregation of Revenue [Line Items]        
Revenues 1,005 903 2,914 2,652
ASIA PACIFIC & LATIN AMERICA | Operating Segments | NIKE Brand | Apparel        
Disaggregation of Revenue [Line Items]        
Revenues 394 365 1,181 1,098
ASIA PACIFIC & LATIN AMERICA | Operating Segments | NIKE Brand | Equipment        
Disaggregation of Revenue [Line Items]        
Revenues 62 47 178 135
ASIA PACIFIC & LATIN AMERICA | Operating Segments | NIKE Brand | Other        
Disaggregation of Revenue [Line Items]        
Revenues $ 0 $ 0 $ 0 $ 0
v3.22.1
Operating Segments - Information by Operating Segments (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2022
Feb. 28, 2021
Feb. 28, 2022
Feb. 28, 2021
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues $ 10,871 $ 10,357 $ 34,476 $ 32,194
Interest expense (income), net 53 64 165 199
Income before income taxes 1,670 1,636 5,277 4,807
Global Brand Divisions        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 41 6 54 18
Corporate        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues (19) 14 (56) 53
EARNINGS BEFORE INTEREST AND TAXES (412) (482) (1,460) (1,697)
NIKE Brand | Operating Segments        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 10,323 9,773 32,779 30,532
Converse | Operating Segments        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 567 570 1,753 1,609
NIKE Brand | Global Brand Divisions        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 41 6 54 18
EARNINGS BEFORE INTEREST AND TAXES (975) (852) (3,033) (2,546)
NIKE Brand | NIKE Brand | Operating Segments        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 10,323 9,773 32,779 30,532
Converse | Converse | Operating Segments        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 567 570 1,753 1,609
EARNINGS BEFORE INTEREST AND TAXES 168 150 504 405
NORTH AMERICA | NIKE Brand | Operating Segments        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 3,882 3,564 13,238 11,795
NORTH AMERICA | NIKE Brand | NIKE Brand | Operating Segments        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 3,882 3,564 13,238 11,795
EARNINGS BEFORE INTEREST AND TAXES 967 970 3,636 3,295
EUROPE, MIDDLE EAST & AFRICA | NIKE Brand | Operating Segments        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 2,779 2,609 9,228 8,477
EUROPE, MIDDLE EAST & AFRICA | NIKE Brand | NIKE Brand | Operating Segments        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 2,779 2,609 9,228 8,477
EARNINGS BEFORE INTEREST AND TAXES 713 533 2,394 1,885
GREATER CHINA | NIKE Brand | Operating Segments        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 2,160 2,279 5,986 6,357
GREATER CHINA | NIKE Brand | NIKE Brand | Operating Segments        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 2,160 2,279 5,986 6,357
EARNINGS BEFORE INTEREST AND TAXES 784 973 2,054 2,552
ASIA PACIFIC & LATIN AMERICA | NIKE Brand | Operating Segments        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 1,461 1,315 4,273 3,885
ASIA PACIFIC & LATIN AMERICA | NIKE Brand | NIKE Brand | Operating Segments        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 1,461 1,315 4,273 3,885
EARNINGS BEFORE INTEREST AND TAXES $ 478 $ 408 $ 1,347 $ 1,112
v3.22.1
Operating Segments - Accounts Receivable Net Inventories and Property Plant and Equipment Net by Operating Segments (Detail) - USD ($)
$ in Millions
Feb. 28, 2022
May 31, 2021
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net $ 3,827 $ 4,463
Inventories 7,700 6,854
Property, plant and equipment, net 4,806 4,904
Corporate    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 50 53
Inventories 124 (175)
Property, plant and equipment, net 1,812 1,870
NIKE Brand | Global Brand Divisions    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 106 128
Inventories 208 153
Property, plant and equipment, net 793 780
NIKE Brand | NIKE Brand | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 3,521 4,185
Inventories 7,312 6,739
Property, plant and equipment, net 2,942 2,971
Converse | Converse | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 256 225
Inventories 264 290
Property, plant and equipment, net 52 63
NORTH AMERICA | NIKE Brand | NIKE Brand | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 1,268 1,777
Inventories 3,541 2,851
Property, plant and equipment, net 617 617
EUROPE, MIDDLE EAST & AFRICA | NIKE Brand | NIKE Brand | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 1,189 1,349
Inventories 1,737 1,821
Property, plant and equipment, net 929 982
GREATER CHINA | NIKE Brand | NIKE Brand | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 359 288
Inventories 1,105 1,247
Property, plant and equipment, net 319 288
ASIA PACIFIC & LATIN AMERICA | NIKE Brand | NIKE Brand | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 599 643
Inventories 721 667
Property, plant and equipment, net $ 284 $ 304
v3.22.1
Acquisitions And Divestitures (Details) - USD ($)
$ in Millions
 9 Months Ended
Feb. 28, 2022
May 31, 2021
May 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Allowance for expected loss on sale $ 344 $ 358  
Discontinued Operations, Held-for-sale | Grupo Axo | Argentina, Chile And Uruguay | NIKE Brand Businesses      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Assets, held-for-sale 201 175  
Accounts receivable, held-for-sale 75 59  
Inventories, held-for-sale 60 76  
Liabilities, held-for-sale 51 72  
Accrued liabilities, held-for-sale 27 22  
Accounts payable, held-for-sale 19 $ 25  
Other Income (Expense) | Discontinued Operations, Held-for-sale | Grupo Axo | Argentina, Chile And Uruguay | NIKE Brand Businesses      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Non-recurring impairment charge $ 344    
Allowance for expected loss on sale     $ 405
v3.22.1
Restructuring and Related Activities (Details) - One-time Termination Benefits - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2021
Feb. 28, 2021
Restructuring Cost and Reserve [Line Items]    
Payments for restructuring $ 99 $ 170
Operating Overhead Expense    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges 23 168
Stock-based compensation expense   40
Cost of sales    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges $ 6 36
Stock-based compensation expense   $ 4