NIKE, INC., 10-Q filed on 10/6/2023
Quarterly Report
v3.23.3
Cover Page - shares
 3 Months Ended
Aug. 31, 2023
Sep. 30, 2023
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Aug. 31, 2023  
Document Transition Report false  
Entity File Number 1-10635  
Entity Registrant Name NIKE, Inc.  
Entity Incorporation, State or Country Code OR  
Entity Tax Identification Number 93-0584541  
Entity Address, Address Line One One Bowerman Drive  
Entity Address, City or Town Beaverton  
Entity Address, State or Province OR  
Entity Address, Postal Zip Code 97005-6453  
City Area Code 503  
Local Phone Number 671-6453  
Title of 12(b) Security Class B Common Stock  
Trading Symbol NKE  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0000320187  
Current Fiscal Year End Date --05-31  
Class A Common Stock    
Document Information [Line Items]    
Entity Common Stock Shares Outstanding   297,897,252
Class B Common Stock    
Document Information [Line Items]    
Entity Common Stock Shares Outstanding   1,224,012,873
v3.23.3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Income Statement [Abstract]    
Revenues $ 12,939 $ 12,687
Cost of sales 7,219 7,072
Gross profit 5,720 5,615
Demand creation expense 1,069 943
Operating overhead expense 3,047 2,977
Total selling and administrative expense 4,116 3,920
Interest expense (income), net (34) 13
Other (income) expense, net (10) (146)
Income before income taxes 1,648 1,828
Income tax expense 198 360
NET INCOME $ 1,450 $ 1,468
Earnings per common share:    
Basic (in dollars per share) $ 0.95 $ 0.94
Diluted (in dollars per share) $ 0.94 $ 0.93
Weighted average common shares outstanding:    
Basic (in shares) 1,528.4 1,567.1
Diluted (in shares) 1,543.3 1,585.8
v3.23.3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Statement of Comprehensive Income [Abstract]    
Net income $ 1,450 $ 1,468
Other comprehensive income (loss), net of tax:    
Change in net foreign currency translation adjustment 36 (226)
Change in net gains (losses) on cash flow hedges (134) 555
Change in net gains (losses) on other 3 (11)
Total other comprehensive income (loss), net of tax (95) 318
TOTAL COMPREHENSIVE INCOME $ 1,355 $ 1,786
v3.23.3
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Aug. 31, 2023
May 31, 2023
Current assets:    
Cash and equivalents $ 6,178 $ 7,441
Short-term investments 2,612 3,234
Accounts receivable, net 4,749 4,131
Inventories 8,698 8,454
Prepaid expenses and other current assets 2,013 1,942
Total current assets 24,250 25,202
Property, plant and equipment, net 5,109 5,081
Operating lease right-of-use assets, net 2,939 2,923
Identifiable intangible assets, net 272 274
Goodwill 281 281
Deferred income taxes and other assets 3,935 3,770
TOTAL ASSETS 36,786 37,531
Current liabilities:    
Current portion of long-term debt 0 0
Notes payable 6 6
Accounts payable 2,738 2,862
Current portion of operating lease liabilities 435 425
Accrued liabilities 4,987 5,723
Income taxes payable 295 240
Total current liabilities 8,461 9,256
Long-term debt 8,929 8,927
Operating lease liabilities 2,807 2,786
Deferred income taxes and other liabilities 2,618 2,558
Commitments and contingencies (Note 11)
Redeemable preferred stock 0 0
Shareholders' equity:    
Capital in excess of stated value 12,590 12,412
Accumulated other comprehensive income (loss) 136 231
Retained earnings 1,242 1,358
Total shareholders' equity 13,971 14,004
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 36,786 37,531
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
v3.23.3
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares
shares in Millions
Aug. 31, 2023
May 31, 2023
Class A Convertible Common Stock    
Common stock, shares outstanding (in shares) 298 305
Class B Common Stock    
Common stock, shares outstanding (in shares) 1,226 1,227
v3.23.3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Cash provided (used) by operations:    
Net income $ 1,450 $ 1,468
Adjustments to reconcile net income to net cash provided (used) by operations:    
Depreciation 191 169
Deferred income taxes (68) (43)
Stock-based compensation 196 170
Amortization, impairment and other (5) (9)
Net foreign currency adjustments (7) 16
Changes in certain working capital components and other assets and liabilities:    
(Increase) decrease in accounts receivable (621) (415)
(Increase) decrease in inventories (263) (1,363)
(Increase) decrease in prepaid expenses, operating lease right-of-use assets and other current and non-current assets (225) (128)
Increase (decrease) in accounts payable, accrued liabilities, operating lease liabilities and other current and non-current liabilities (714) 492
Cash provided (used) by operations (66) 357
Cash provided (used) by investing activities:    
Purchases of short-term investments (1,144) (2,469)
Maturities of short-term investments 778 1,432
Sales of short-term investments 1,038 948
Additions to property, plant and equipment (253) (264)
Other investing activities (1) 139
Cash provided (used) by investing activities 418 (214)
Cash provided (used) by financing activities:    
Increase (decrease) in notes payable, net 0 (1)
Proceeds from exercise of stock options and other stock issuances 99 82
Repurchase of common stock (1,133) (983)
Dividends — common and preferred (524) (480)
Other financing activities (41) (22)
Cash provided (used) by financing activities (1,599) (1,404)
Effect of exchange rate changes on cash and equivalents (16) (87)
Net increase (decrease) in cash and equivalents (1,263) (1,348)
Cash and equivalents, beginning of period 7,441 8,574
CASH AND EQUIVALENTS, END OF PERIOD 6,178 7,226
Supplemental disclosure of cash flow information:    
Non-cash additions to property, plant and equipment 148 124
Dividends declared and not paid $ 519 $ 482
v3.23.3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
shares in Millions, $ in Millions
Total
CAPITAL IN EXCESS OF STATED VALUE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
RETAINED EARNINGS
Class A Common Stock
Class A Common Stock
COMMON STOCK
Class B Common Stock
Class B Common Stock
COMMON STOCK
Beginning Balance (in shares) at May. 31, 2022           305   1,266
Beginning balance at May. 31, 2022 $ 15,281 $ 11,484 $ 318 $ 3,476   $ 0   $ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Stock options exercised (in shares)               2
Stock options exercised 80 80            
Repurchase of Class B Common Stock (in shares)               (9)
Repurchase of Class B Common Stock (991) (66)   (925)        
Dividends on common stock (482)     (482)        
Issuance of shares to employees, net of shares withheld for employee taxes (22) (20)   (2)        
Stock-based compensation 170 170            
Net income 1,468     1,468        
Other comprehensive income (loss) 318   318          
Ending Balance (in shares) at Aug. 31, 2022           305   1,259
Ending balance at Aug. 31, 2022 15,822 11,648 636 3,535   $ 0   $ 3
Beginning Balance (in shares) at May. 31, 2023         305 305 1,227 1,227
Beginning balance at May. 31, 2023 14,004 12,412 231 1,358   $ 0   $ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Stock options exercised (in shares)               2
Stock options exercised 106 106            
Conversion to Class B Common Stock (in shares)           (7)   7
Repurchase of Class B Common Stock (in shares)               (10)
Repurchase of Class B Common Stock (1,132) (85)   (1,047)        
Dividends on common stock (519)     (519)        
Issuance of shares to employees, net of shares withheld for employee taxes (39) (39)            
Stock-based compensation 196 196            
Net income 1,450     1,450        
Other comprehensive income (loss) (95)   (95)          
Ending Balance (in shares) at Aug. 31, 2023         298 298 1,226 1,226
Ending balance at Aug. 31, 2023 $ 13,971 $ 12,590 $ 136 $ 1,242   $ 0   $ 3
v3.23.3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares
 3 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Statement of Stockholders' Equity [Abstract]    
Dividends declared per common share (in dollars per share) $ 0.340 $ 0.305
Dividends declared per preferred share (in dollars per share) $ 0.10 $ 0.10
v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 3 Months Ended
Aug. 31, 2023
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, 2023, 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, 2023 (the "Annual Report"). The results of operations for the three months ended August 31, 2023, are not necessarily indicative of results to be expected for the entire fiscal year.
RECENTLY ADOPTED ACCOUNTING STANDARDS
In September 2022, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update 2022-04, Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. The new guidance requires qualitative and quantitative disclosure sufficient to enable users of the financial statements to understand the nature, activity during the period, changes from period to period and potential magnitude of such programs. The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal periods, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. The Company adopted the required guidance in the first quarter of fiscal 2024.
Certain financial institutions offer voluntary supplier finance programs facilitated through a third-party platform that provide participating suppliers the option to finance valid payment obligations from the Company. The Company is not a party to agreements negotiated between participating suppliers and third-party financial institutions. The Company's obligations to its suppliers, including amounts due and payment terms, are not affected by a supplier's decision to participate in these programs and the Company does not provide guarantees to third parties in connection with these programs. As of August 31, 2023 and May 31, 2023, the Company had $953 million and $834 million, respectively, of outstanding supplier obligations confirmed as valid under these programs. These amounts are included within Accounts payable on the Unaudited Condensed Consolidated Balance Sheets.
v3.23.3
ACCRUED LIABILITIES
 3 Months Ended
Aug. 31, 2023
Accrued Liabilities, Current [Abstract]  
ACCRUED LIABILITIES
NOTE 2 — ACCRUED LIABILITIES
Accrued liabilities included the following:
AUGUST 31,MAY 31,
(Dollars in millions)20232023
Compensation and benefits, excluding taxes$1,133 $1,737 
Sales-related reserves1,003 994 
Dividends payable
526 529 
Import and logistics
439 370 
Endorsement compensation
303 552 
Other1,583 1,541
TOTAL ACCRUED LIABILITIES$4,987 $5,723 
v3.23.3
FAIR VALUE MEASUREMENTS
 3 Months Ended
Aug. 31, 2023
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
NOTE 3 — FAIR VALUE MEASUREMENTS
The Company measures certain financial assets and liabilities at fair value on a recurring basis, including derivatives, equity securities and available-for-sale debt securities. For additional information about the Company's fair value policies, refer to Note 1 — Summary of Significant Accounting Policies within the Annual Report.
The following tables present information about the Company's financial assets measured at fair value on a recurring basis as of August 31, 2023 and May 31, 2023, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
AUGUST 31, 2023
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$1,432 $1,432 $— 
Level 1:
U.S. Treasury securities2,022 4 2,018 
Level 2:
Commercial paper and bonds549 13 536 
Money market funds4,154 4,154 — 
Time deposits581 575 6 
U.S. Agency securities52 — 52 
Total Level 25,336 4,742 594 
TOTAL$8,790 $6,178 $2,612 
MAY 31, 2023
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$1,767 $1,767 $— 
Level 1:
U.S. Treasury securities2,655 — 2,655 
Level 2:
Commercial paper and bonds543 15 528 
Money market funds5,157 5,157 — 
Time deposits507 502 5 
U.S. Agency securities46 — 46 
Total Level 26,253 5,674 579 
TOTAL$10,675 $7,441 $3,234 
As of August 31, 2023, the Company held $1,945 million of available-for-sale debt securities with maturity dates within one year and $667 million with maturity dates greater than one year and less than five years in Short-term investments on the Unaudited Condensed Consolidated Balance Sheets. The fair value of the Company's available-for-sale debt securities approximates their amortized cost.
Included in Interest expense (income), net was interest income related to the Company's investment portfolio of $99 million and $65 million for the three months ended August 31, 2023 and 2022, 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:
AUGUST 31, 2023
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)
$491 $420 $71 $235 $177 $58 
(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 $233 million as of August 31, 2023. As of that date, the Company received $7 million of cash collateral from counterparties related to foreign exchange derivative instruments. No amount of collateral was posted on the derivative liability balance as of August 31, 2023.
MAY 31, 2023
DERIVATIVE ASSETSDERIVATIVE LIABILITIES
(Dollars in millions)
ASSETS AT FAIR VALUEOTHER CURRENT ASSETSOTHER LONG-TERM ASSETSLIABILITIES AT FAIR VALUEACCRUED LIABILITIESOTHER LONG-TERM LIABILITIES
Level 2:
Foreign exchange forwards and options(1)
$557 $493 $64 $180 $128 $52 
(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 $178 million as of May 31, 2023. As of that date, the Company received $36 million of cash collateral from counterparties related to foreign exchange derivative instruments. No amount of collateral was posted on the derivative liability balance as of May 31, 2023.
For additional information related to the Company's derivative financial instruments and credit risk, refer to Note 7 — Risk Management and Derivatives.
The carrying amounts of other current financial assets and other current financial liabilities approximate fair value.
FINANCIAL ASSETS AND LIABILITIES NOT RECORDED AT FAIR VALUE
The Company's Long-term debt is recorded at adjusted cost, net of unamortized premiums, discounts 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 $7,768 million at August 31, 2023 and $7,889 million at May 31, 2023.
The carrying amounts reflected on the Unaudited Condensed Consolidated Balance Sheets for Notes payable approximate fair value.
v3.23.3
INCOME TAXES
 3 Months Ended
Aug. 31, 2023
Income Tax Disclosure [Abstract]  
INCOME TAXES
NOTE 4 — INCOME TAXES
The effective tax rate was 12.0% and 19.7% for the three months ended August 31, 2023 and 2022, respectively. The decrease in the Company's effective tax rate was primarily due to the impact of temporary relief provided by the Internal Revenue Service ("IRS") relating to U.S. foreign tax credit regulations. On July 21, 2023, the IRS issued Notice 2023-55 which specifically delayed the application of certain U.S. foreign tax credit regulations that had previously limited the Company's ability to claim credits on certain foreign taxes for the fiscal year ended May 31, 2023. As a result of this new guidance, the Company recognized a one-time tax benefit related to prior year tax positions in the first three months of fiscal 2024.
On August 16, 2022, the U.S. government enacted the Inflation Reduction Act of 2022 that included, among other provisions, changes to the U.S. corporate income tax system, including a fifteen percent minimum tax based on "adjusted financial statement income," which was effective for the Company beginning June 1, 2023. Based on the Company's current analysis of the provisions, these tax law changes are not expected to have a material impact on the Company's financial statements for fiscal 2024.
As of August 31, 2023, total gross unrecognized tax benefits, excluding related interest and penalties, were $931 million, $644 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, 2023, total gross unrecognized tax benefits, excluding related interest and penalties, were $936 million. As of August 31, 2023 and May 31, 2023, accrued interest and penalties related
to uncertain tax positions were $274 million and $268 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 $20 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.
v3.23.3
STOCK-BASED COMPENSATION
 3 Months Ended
Aug. 31, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
STOCK-BASED COMPENSATION
NOTE 5 — STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION
The NIKE, Inc. Stock Incentive Plan (the "Stock Incentive Plan") provides for the issuance of up to 798 million previously unissued shares of Class B Common Stock in connection with equity awards granted under the Stock Incentive Plan. The Stock Incentive Plan authorizes the grant of non-statutory stock options, incentive stock options, stock appreciation rights and stock awards, including restricted stock and restricted stock units. Restricted stock units include both time-vesting restricted stock units ("RSUs") as well as performance-based restricted stock units ("PSUs"). In addition to the Stock Incentive Plan, the Company gives employees the right to purchase shares at a discount from the market price under employee stock purchase plans ("ESPPs"). For additional information, refer to Note 9 — Common Stock and Stock-Based Compensation within the Annual Report.
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 AUGUST 31,
(Dollars in millions)
20232022
Stock options(1)
$76 $75 
ESPPs21 15 
Restricted stock and restricted stock units(1)(2)
99 80 
TOTAL STOCK-BASED COMPENSATION EXPENSE$196 $170 
(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.
(2)Restricted stock units include RSUs and PSUs.
The income tax benefit related to stock-based compensation expense was $17 million and $20 million for the three months ended August 31, 2023 and 2022, respectively, and reported within Income tax expense.
STOCK OPTIONS
The weighted average fair value per share of stock options granted during the three months ended August 31, 2023 and 2022, computed as of the grant date using the Black-Scholes pricing model, was $34.79 and $32.13, respectively. The weighted average assumptions used to estimate these fair values were as follows:
 THREE MONTHS ENDED AUGUST 31,
20232022
Dividend yield1.1 %0.8 %
Expected volatility29.2 %27.0 %
Weighted average expected life (in years)5.85.8
Risk-free interest rate4.2 %2.7 %
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 stock 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 stock options.
As of August 31, 2023, the Company had $387 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 2.4 years.
RESTRICTED STOCK AND RESTRICTED STOCK UNITS
The weighted average fair value per share of restricted stock and restricted stock units granted for the three months ended August 31, 2023 and 2022, computed as of the grant date, was $106.85 and $127.16, respectively.
As of August 31, 2023, the Company had $676 million of unrecognized compensation costs from restricted stock and restricted stock units, net of estimated forfeitures, to be recognized in Cost of sales or Operating overhead expense, as applicable, over a weighted average remaining period of 2.3 years.
v3.23.3
EARNINGS PER SHARE
 3 Months Ended
Aug. 31, 2023
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
NOTE 6 — EARNINGS PER SHARE
The following is a reconciliation from basic earnings per common share to diluted earnings per common share. The computations of diluted earnings per common share exclude restricted stock, restricted stock units and options, including shares under ESPPs, to purchase an estimated additional 33.7 million and 23.8 million shares of common stock outstanding for the three months ended August 31, 2023 and 2022, respectively, because the awards were assumed to be anti-dilutive.
 THREE MONTHS ENDED AUGUST 31,
(In millions, except per share data)
20232022
Net income available to common stockholders$1,450 $1,468 
Determination of shares:
Weighted average common shares outstanding1,528.4 1,567.1 
Assumed conversion of dilutive stock options and awards14.9 18.7 
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING1,543.3 1,585.8 
Earnings per common share:
Basic$0.95 $0.94 
Diluted$0.94 $0.93 
v3.23.3
RISK MANAGEMENT AND DERIVATIVES
 3 Months Ended
Aug. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
RISK MANAGEMENT AND DERIVATIVES
NOTE 7 — RISK MANAGEMENT AND DERIVATIVES
The Company is exposed to global market risks, including the effect of changes in foreign currency exchange rates and interest rates, and uses derivatives to manage financial exposures that occur in the normal course of business. As of and for the three months ended August 31, 2023, there have been no material changes to the Company's hedging program or strategy from what was disclosed within the Annual Report. For additional information about the Company's derivatives and hedging policies, refer to Note 1 — Summary of Significant Accounting Policies and Note 12 — Risk Management and Derivatives within the Annual Report.
The majority of derivatives outstanding as of August 31, 2023, 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 LOCATIONAUGUST 31,MAY 31,
(Dollars in millions)
20232023
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets$406 $480 
Foreign exchange forwards and optionsDeferred income taxes and other assets71 64 
Total derivatives formally designated as hedging instruments477 544 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets14 13 
Total derivatives not designated as hedging instruments
14 13 
TOTAL DERIVATIVE ASSETS$491 $557 
DERIVATIVE LIABILITIES
BALANCE SHEET LOCATIONAUGUST 31,MAY 31,
(Dollars in millions)
20232023
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities$142 $93 
Foreign exchange forwards and optionsDeferred income taxes and other liabilities58 52 
Total derivatives formally designated as hedging instruments200 145 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities35 35 
Total derivatives not designated as hedging instruments
35 35 
TOTAL DERIVATIVE LIABILITIES$235 $180 

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 AUGUST 31,
20232022
(Dollars in millions)
TOTALAMOUNT OF GAIN (LOSS)
ON CASH FLOW
HEDGE ACTIVITY		TOTALAMOUNT OF GAIN (LOSS)
ON CASH FLOW
HEDGE ACTIVITY
Revenues$12,939 $1 $12,687 $(9)
Cost of sales7,219 86 7,072 109 
Demand creation expense1,069 — 943 (1)
Other (income) expense, net(10)35 (146)82 
Interest expense (income), net(34)(2)13 (2)
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 AUGUST 31,LOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME		THREE MONTHS ENDED AUGUST 31,
2023202220232022
Derivatives designated as cash flow hedges:
Foreign exchange forwards and options$(18)$25 Revenues$1 $(9)
Foreign exchange forwards and options(2)487 Cost of sales86 109 
Foreign exchange forwards and options— (5)Demand creation expense— (1)
Foreign exchange forwards and options(10)293 Other (income) expense, net35 82 
Interest rate swaps(2)
— — Interest expense (income), net(2)(2)
TOTAL DESIGNATED CASH FLOW HEDGES $(30)$800 $120 $179 
(1)For the three months ended August 31, 2023 and 2022, 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 AUGUST 31,
(Dollars in millions)
20232022
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options and embedded derivatives
$(27)$61 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 $18.3 billion as of August 31, 2023. Approximately $313 million of deferred net gains (net of tax) on both outstanding and matured derivatives in Accumulated other comprehensive income (loss) as of August 31, 2023, 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 August 31, 2023, 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. 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. The total notional amount of outstanding undesignated derivative instruments was $3.7 billion as of August 31, 2023.
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 August 31, 2023, 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 $256 million. Accordingly, the Company was not required to post cash collateral as a result of these contingent features. Further, $7 million of collateral was received on the Company's derivative asset balance as of August 31, 2023. The Company considers the impact of the risk of counterparty default to be immaterial.
For additional information related to the Company's derivative financial instruments and collateral, refer to Note 3 — Fair Value Measurements
v3.23.3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 3 Months Ended
Aug. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
NOTE 8 — ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The changes in Accumulated other comprehensive income (loss), net of tax, were as follows:
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at May 31, 2023$(253)$431 $115 $(62)$231 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
36 (23)— — 13 
Reclassifications to net income of previously deferred (gains) losses(3)
— (111)— 3 (108)
Total other comprehensive income (loss)36 (134)— 3 (95)
Balance at August 31, 2023$(217)$297 $115 $(59)$136 
(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, $7 million, $0 million, $0 million and $7 million, respectively.
(3)Net of tax (benefit) expense of $0 million, $9 million, $0 million, $(1) million and $8 million, respectively.

(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at May 31, 2022$(520)$779 $115 $(56)$318 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
(272)716 — (3)441 
Reclassifications to net income of previously deferred (gains) losses(3)
46 (161)— (8)(123)
Total other comprehensive income (loss)(226)555 — (11)318 
Balance at August 31, 2022$(746)$1,334 $115 $(67)$636 
(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, $(84) million, $0 million, $1 million and $(83) million, respectively.
(3)Net of tax (benefit) expense of $0 million, $18 million, $0 million, $3 million and $21 million, respectively.
The following table summarizes the reclassifications from Accumulated other comprehensive income (loss) to the Unaudited Condensed Consolidated Statements of Income:
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOMELOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME
THREE MONTHS ENDED AUGUST 31,
(Dollars in millions)
20232022
Gains (losses) on foreign currency translation adjustment$— $(46)Other (income) expense, net
Total before tax— (46)
Tax (expense) benefit— — 
Gain (loss) net of tax— (46)
Gains (losses) on cash flow hedges:
Foreign exchange forwards and options1 (9)Revenues
Foreign exchange forwards and options86 109 Cost of sales
Foreign exchange forwards and options— (1)Demand creation expense
Foreign exchange forwards and options35 82 Other (income) expense, net
Interest rate swaps(2)(2)Interest expense (income), net
Total before tax120 179 
Tax (expense) benefit(9)(18)
Gain (loss) net of tax111 161 
Gains (losses) on other(4)11 Other (income) expense, net
Total before tax(4)11 
Tax (expense) benefit1 (3)
Gain (loss) net of tax(3)8 
Total net gain (loss) reclassified for the period$108 $123 
v3.23.3
REVENUES
 3 Months Ended
Aug. 31, 2023
Revenue from Contract with Customer [Abstract]  
REVENUES
NOTE 9 — REVENUES
DISAGGREGATION OF REVENUES
The following tables present the Company's Revenues disaggregated by reportable operating segment, major product line and distribution channel:
THREE MONTHS ENDED AUGUST 31, 2023
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$3,733 $2,260 $1,287 $1,141 $— $8,421 $522 $— $8,943 
Apparel1,479 1,137 401 371 — 3,388 20 — 3,408 
Equipment211 213 47 60 — 531 11 — 542 
Other— — — — 13 13 35 (2)46 
TOTAL REVENUES$5,423 $3,610 $1,735 $1,572 $13 $12,353 $588 $(2)$12,939 
Revenues by:
Sales to Wholesale Customers$2,772 $2,379 $895 $937 $— $6,983 $329 $— $7,312 
Sales through Direct to Consumer2,651 1,231 840 635 — 5,357 224 — 5,581 
Other— — — — 13 13 35 (2)46 
TOTAL REVENUES$5,423 $3,610 $1,735 $1,572 $13 $12,353 $588 $(2)$12,939 

THREE MONTHS ENDED AUGUST 31, 2022
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$3,805 $2,012 $1,233 $1,064 $— $8,114 $577 $— $8,691 
Apparel1,494 1,153 374 413 — 3,434 20 — 3,454 
Equipment211 168 49 58 — 486 8 — 494 
Other— — — — 14 14 38 (4)48 
TOTAL REVENUES$5,510 $3,333 $1,656 $1,535 $14 $12,048 $643 $(4)$12,687 
Revenues by:
Sales to Wholesale Customers$3,027 $2,203 $839 $914 $— $6,983 $344 $— $7,327 
Sales through Direct to Consumer2,483 1,130 817 621 — 5,051 261 — 5,312 
Other— — — — 14 14 38 (4)48 
TOTAL REVENUES$5,510 $3,333 $1,656 $1,535 $14 $12,048 $643 $(4)$12,687 
For the three months ended August 31, 2023 and 2022, Global Brand Divisions revenues include 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 August 31, 2023 and May 31, 2023, 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.
v3.23.3
OPERATING SEGMENTS
 3 Months Ended
Aug. 31, 2023
Segment Reporting [Abstract]  
OPERATING SEGMENTS
NOTE 10 — OPERATING SEGMENTS
The Company's operating segments are evidence of the structure of the Company's internal organization. The NIKE Brand segments are defined by geographic regions for operations participating in NIKE Brand sales activity.
Each NIKE Brand geographic segment operates predominantly in one industry: the design, development, marketing and selling of athletic footwear, apparel and equipment. The Company's reportable operating segments for the NIKE Brand are: North America; Europe, Middle East & Africa ("EMEA"); Greater China; and Asia Pacific & Latin America ("APLA"), and include results for the NIKE and Jordan brands.
The Company's NIKE Direct operations are managed within each NIKE Brand geographic operating segment. Converse is also a reportable segment for the Company and operates in one industry: the design, marketing, licensing and selling of athletic lifestyle sneakers, apparel and accessories.
Global Brand Divisions is included within the NIKE Brand for presentation purposes to align with the way management views the Company. Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment. Global Brand Divisions costs represent demand creation and operating overhead expense that include product creation and design expenses centrally managed for the NIKE Brand, as well as costs associated with NIKE Direct global digital operations and enterprise technology.
Corporate consists primarily of unallocated general and administrative expenses, including expenses associated with centrally managed departments; depreciation and amortization related to the Company's headquarters; unallocated insurance, benefit and compensation programs, including stock-based compensation; and certain foreign currency gains and losses, including certain hedge gains and losses.
The primary financial measure used by the Company to evaluate performance of individual operating segments is earnings before interest and taxes ("EBIT"), which represents Net income before Interest expense (income), net, and Income 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 AUGUST 31,
(Dollars in millions)
20232022
REVENUES
North America$5,423 $5,510 
Europe, Middle East & Africa3,610 3,333 
Greater China1,735 1,656 
Asia Pacific & Latin America1,572 1,535 
Global Brand Divisions13 14 
Total NIKE Brand12,353 12,048 
Converse588 643 
Corporate(2)(4)
TOTAL NIKE, INC. REVENUES$12,939 $12,687 
EARNINGS BEFORE INTEREST AND TAXES
North America$1,434 $1,377 
Europe, Middle East & Africa930 975 
Greater China525 541 
Asia Pacific & Latin America414 500 
Global Brand Divisions(1,205)(1,187)
Converse167 209 
Corporate(651)(574)
Interest expense (income), net(34)13 
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES$1,648 $1,828 
AUGUST 31,MAY 31,
(Dollars in millions)
20232023
ACCOUNTS RECEIVABLE, NET
North America$1,932 $1,653 
Europe, Middle East & Africa1,562 1,197 
Greater China161 162 
Asia Pacific & Latin America
687 700 
Global Brand Divisions84 96 
Total NIKE Brand4,426 3,808 
Converse240 235 
Corporate83 88 
TOTAL ACCOUNTS RECEIVABLE, NET$4,749 $4,131 
INVENTORIES
North America$3,761 $3,806 
Europe, Middle East & Africa2,220 2,167 
Greater China1,182 973 
Asia Pacific & Latin America
1,072 894 
Global Brand Divisions222 232 
Total NIKE Brand8,457 8,072 
Converse300 305 
Corporate(59)77 
TOTAL INVENTORIES(1)
$8,698 $8,454 
(1)Inventories as of August 31, 2023 and May 31, 2023, were substantially all finished goods.
AUGUST 31,MAY 31,
(Dollars in millions)
20232023
PROPERTY, PLANT AND EQUIPMENT, NET
North America$792 $794 
Europe, Middle East & Africa1,043 1,009 
Greater China276 292 
Asia Pacific & Latin America
275 279 
Global Brand Divisions889 840 
Total NIKE Brand3,275 3,214 
Converse36 38 
Corporate1,798 1,829 
TOTAL PROPERTY, PLANT AND EQUIPMENT, NET$5,109 $5,081 
v3.23.3
CONTINGENCIES
 3 Months Ended
Aug. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
CONTINGENCIES
NOTE 11 — CONTINGENCIES
In the ordinary course of business, the Company is subject to various legal proceedings, claims and government investigations relating to its business, products and actions of its employees and representatives, including contractual and employment relationships, product liability, antitrust, customs, tax, intellectual property and other matters. The outcome of these legal matters is inherently uncertain, and the Company cannot predict the eventual outcome of currently pending matters, the timing of their ultimate resolution or the eventual losses, fines, penalties or consequences relating to those matters. When a loss related to a legal proceeding or claim is probable and reasonably estimable, the Company accrues its best estimate for the ultimate resolution of the matter. If one or more legal matters were to be resolved against the Company in a reporting period for amounts above management's expectations, the Company's financial position, operating results and cash flows for that reporting period could be materially adversely affected. In the opinion of management, based on its current knowledge and after consultation with counsel, the Company does not believe any currently pending legal matters will have a material adverse impact on the Company's results of operations, financial position or cash flows, except as described below.
BELGIAN CUSTOMS CLAIM
The Company has received claims for certain years from Belgian Customs and other government authorities for alleged underpaid duties related to products imported beginning in fiscal 2018. The Company disputes these claims and has engaged in the appellate process. The Company has issued bank guarantees in order to appeal the claims. At this time, the Company is unable to estimate the range of loss and cannot predict the final outcome as it could take several years to reach a resolution on this matter. If this matter is ultimately resolved against the Company, the amounts owed, including fines, penalties and other consequences relating to the matter, could have a material adverse effect on the Company's results of operations, financial position and cash flows.
v3.23.3
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Pay vs Performance Disclosure    
Net income $ 1,450 $ 1,468
v3.23.3
Insider Trading Arrangements
 3 Months Ended
Aug. 31, 2023
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Robert Swan [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement On July 3, 2023, Robert Swan, a member of our Board of Directors, adopted a Rule 10b5-1 trading arrangement for the purchase of shares of our Class B Common Stock, subject to certain conditions, at an aggregate purchase price of up to $1,500,000.The arrangement's expiration date is July 3, 2024.
Name Robert Swan
Title member of our Board of Directors
Rule 10b5-1 Arrangement Adopted true
Adoption Date July 3, 2023
Arrangement Duration 366 days
Monique Matheson [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement On August 1, 2023, Monique Matheson, Executive Vice President, Chief Human Resources Officer, adopted a Rule 10b5-1 trading arrangement for the sale of up to 30,000 shares of our Class B Common Stock, subject to certain conditions. The arrangement's expiration date is August 1, 2024.
Name Monique Matheson
Title Executive Vice President, Chief Human Resources Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date August 1, 2023
Arrangement Duration 366 days
Aggregate Available 30,000
v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 3 Months Ended
Aug. 31, 2023
Accounting Policies [Abstract]  
BASIS OF PRESENTATION BASIS OF PRESENTATIONThe 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, 2023, 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, 2023 (the "Annual Report"). The results of operations for the three months ended August 31, 2023, are not necessarily indicative of results to be expected for the entire fiscal year.
RECENTLY ADOPTED ACCOUNTING STANDARDS
RECENTLY ADOPTED ACCOUNTING STANDARDS
In September 2022, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update 2022-04, Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. The new guidance requires qualitative and quantitative disclosure sufficient to enable users of the financial statements to understand the nature, activity during the period, changes from period to period and potential magnitude of such programs. The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal periods, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. The Company adopted the required guidance in the first quarter of fiscal 2024.
Certain financial institutions offer voluntary supplier finance programs facilitated through a third-party platform that provide participating suppliers the option to finance valid payment obligations from the Company. The Company is not a party to agreements negotiated between participating suppliers and third-party financial institutions. The Company's obligations to its suppliers, including amounts due and payment terms, are not affected by a supplier's decision to participate in these programs and the Company does not provide guarantees to third parties in connection with these programs.
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.
CASH FLOW HEDGES 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. 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.
v3.23.3
ACCRUED LIABILITIES (Tables)
 3 Months Ended
Aug. 31, 2023
Accrued Liabilities, Current [Abstract]  
Schedule of Accrued Liabilities
Accrued liabilities included the following:
AUGUST 31,MAY 31,
(Dollars in millions)20232023
Compensation and benefits, excluding taxes$1,133 $1,737 
Sales-related reserves1,003 994 
Dividends payable
526 529 
Import and logistics
439 370 
Endorsement compensation
303 552 
Other1,583 1,541
TOTAL ACCRUED LIABILITIES$4,987 $5,723 
v3.23.3
FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Aug. 31, 2023
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 August 31, 2023 and May 31, 2023, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
AUGUST 31, 2023
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$1,432 $1,432 $— 
Level 1:
U.S. Treasury securities2,022 4 2,018 
Level 2:
Commercial paper and bonds549 13 536 
Money market funds4,154 4,154 — 
Time deposits581 575 6 
U.S. Agency securities52 — 52 
Total Level 25,336 4,742 594 
TOTAL$8,790 $6,178 $2,612 
MAY 31, 2023
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$1,767 $1,767 $— 
Level 1:
U.S. Treasury securities2,655 — 2,655 
Level 2:
Commercial paper and bonds543 15 528 
Money market funds5,157 5,157 — 
Time deposits507 502 5 
U.S. Agency securities46 — 46 
Total Level 26,253 5,674 579 
TOTAL$10,675 $7,441 $3,234 
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:
AUGUST 31, 2023
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)
$491 $420 $71 $235 $177 $58 
(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 $233 million as of August 31, 2023. As of that date, the Company received $7 million of cash collateral from counterparties related to foreign exchange derivative instruments. No amount of collateral was posted on the derivative liability balance as of August 31, 2023.
MAY 31, 2023
DERIVATIVE ASSETSDERIVATIVE LIABILITIES
(Dollars in millions)
ASSETS AT FAIR VALUEOTHER CURRENT ASSETSOTHER LONG-TERM ASSETSLIABILITIES AT FAIR VALUEACCRUED LIABILITIESOTHER LONG-TERM LIABILITIES
Level 2:
Foreign exchange forwards and options(1)
$557 $493 $64 $180 $128 $52 
(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 $178 million as of May 31, 2023. As of that date, the Company received $36 million of cash collateral from counterparties related to foreign exchange derivative instruments. No amount of collateral was posted on the derivative liability balance as of May 31, 2023.
The following tables present the fair values of derivative instruments included within the Unaudited Condensed Consolidated Balance Sheets:    
 DERIVATIVE ASSETS
BALANCE SHEET LOCATIONAUGUST 31,MAY 31,
(Dollars in millions)
20232023
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets$406 $480 
Foreign exchange forwards and optionsDeferred income taxes and other assets71 64 
Total derivatives formally designated as hedging instruments477 544 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets14 13 
Total derivatives not designated as hedging instruments
14 13 
TOTAL DERIVATIVE ASSETS$491 $557 
DERIVATIVE LIABILITIES
BALANCE SHEET LOCATIONAUGUST 31,MAY 31,
(Dollars in millions)
20232023
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities$142 $93 
Foreign exchange forwards and optionsDeferred income taxes and other liabilities58 52 
Total derivatives formally designated as hedging instruments200 145 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities35 35 
Total derivatives not designated as hedging instruments
35 35 
TOTAL DERIVATIVE LIABILITIES$235 $180 
v3.23.3
STOCK-BASED COMPENSATION (Tables)
 3 Months Ended
Aug. 31, 2023
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 AUGUST 31,
(Dollars in millions)
20232022
Stock options(1)
$76 $75 
ESPPs21 15 
Restricted stock and restricted stock units(1)(2)
99 80 
TOTAL STOCK-BASED COMPENSATION EXPENSE$196 $170 
(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.
(2)Restricted stock units include RSUs and PSUs.
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions The weighted average assumptions used to estimate these fair values were as follows:
 THREE MONTHS ENDED AUGUST 31,
20232022
Dividend yield1.1 %0.8 %
Expected volatility29.2 %27.0 %
Weighted average expected life (in years)5.85.8
Risk-free interest rate4.2 %2.7 %
v3.23.3
EARNINGS PER SHARE (Tables)
 3 Months Ended
Aug. 31, 2023
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following is a reconciliation from basic earnings per common share to diluted earnings per common share. The computations of diluted earnings per common share exclude restricted stock, restricted stock units and options, including shares under ESPPs, to purchase an estimated additional 33.7 million and 23.8 million shares of common stock outstanding for the three months ended August 31, 2023 and 2022, respectively, because the awards were assumed to be anti-dilutive.
 THREE MONTHS ENDED AUGUST 31,
(In millions, except per share data)
20232022
Net income available to common stockholders$1,450 $1,468 
Determination of shares:
Weighted average common shares outstanding1,528.4 1,567.1 
Assumed conversion of dilutive stock options and awards14.9 18.7 
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING1,543.3 1,585.8 
Earnings per common share:
Basic$0.95 $0.94 
Diluted$0.94 $0.93 
v3.23.3
RISK MANAGEMENT AND DERIVATIVES (Tables)
 3 Months Ended
Aug. 31, 2023
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:
AUGUST 31, 2023
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)
$491 $420 $71 $235 $177 $58 
(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 $233 million as of August 31, 2023. As of that date, the Company received $7 million of cash collateral from counterparties related to foreign exchange derivative instruments. No amount of collateral was posted on the derivative liability balance as of August 31, 2023.
MAY 31, 2023
DERIVATIVE ASSETSDERIVATIVE LIABILITIES
(Dollars in millions)
ASSETS AT FAIR VALUEOTHER CURRENT ASSETSOTHER LONG-TERM ASSETSLIABILITIES AT FAIR VALUEACCRUED LIABILITIESOTHER LONG-TERM LIABILITIES
Level 2:
Foreign exchange forwards and options(1)
$557 $493 $64 $180 $128 $52 
(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 $178 million as of May 31, 2023. As of that date, the Company received $36 million of cash collateral from counterparties related to foreign exchange derivative instruments. No amount of collateral was posted on the derivative liability balance as of May 31, 2023.
The following tables present the fair values of derivative instruments included within the Unaudited Condensed Consolidated Balance Sheets:    
 DERIVATIVE ASSETS
BALANCE SHEET LOCATIONAUGUST 31,MAY 31,
(Dollars in millions)
20232023
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets$406 $480 
Foreign exchange forwards and optionsDeferred income taxes and other assets71 64 
Total derivatives formally designated as hedging instruments477 544 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets14 13 
Total derivatives not designated as hedging instruments
14 13 
TOTAL DERIVATIVE ASSETS$491 $557 
DERIVATIVE LIABILITIES
BALANCE SHEET LOCATIONAUGUST 31,MAY 31,
(Dollars in millions)
20232023
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities$142 $93 
Foreign exchange forwards and optionsDeferred income taxes and other liabilities58 52 
Total derivatives formally designated as hedging instruments200 145 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities35 35 
Total derivatives not designated as hedging instruments
35 35 
TOTAL DERIVATIVE LIABILITIES$235 $180 
Schedule of Derivative Instruments, Gain (Loss) and Activity of Cash Flow Hedges 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 AUGUST 31,
20232022
(Dollars in millions)
TOTALAMOUNT OF GAIN (LOSS)
ON CASH FLOW
HEDGE ACTIVITY		TOTALAMOUNT OF GAIN (LOSS)
ON CASH FLOW
HEDGE ACTIVITY
Revenues$12,939 $1 $12,687 $(9)
Cost of sales7,219 86 7,072 109 
Demand creation expense1,069 — 943 (1)
Other (income) expense, net(10)35 (146)82 
Interest expense (income), net(34)(2)13 (2)
Schedule of Derivative Instruments, Gain (Loss) In Statement of Income
The following tables present the amounts affecting the Unaudited Condensed Consolidated Statements of Income:

(Dollars in millions)
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES(1)
AMOUNT OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE
INCOME (LOSS) INTO INCOME(1)
THREE MONTHS ENDED AUGUST 31,LOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME		THREE MONTHS ENDED AUGUST 31,
2023202220232022
Derivatives designated as cash flow hedges:
Foreign exchange forwards and options$(18)$25 Revenues$1 $(9)
Foreign exchange forwards and options(2)487 Cost of sales86 109 
Foreign exchange forwards and options— (5)Demand creation expense— (1)
Foreign exchange forwards and options(10)293 Other (income) expense, net35 82 
Interest rate swaps(2)
— — Interest expense (income), net(2)(2)
TOTAL DESIGNATED CASH FLOW HEDGES $(30)$800 $120 $179 
(1)For the three months ended August 31, 2023 and 2022, 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 AUGUST 31,
(Dollars in millions)
20232022
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options and embedded derivatives
$(27)$61 Other (income) expense, net
v3.23.3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)
 3 Months Ended
Aug. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Accumulated Other Comprehensive Income
The changes in Accumulated other comprehensive income (loss), net of tax, were as follows:
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at May 31, 2023$(253)$431 $115 $(62)$231 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
36 (23)— — 13 
Reclassifications to net income of previously deferred (gains) losses(3)
— (111)— 3 (108)
Total other comprehensive income (loss)36 (134)— 3 (95)
Balance at August 31, 2023$(217)$297 $115 $(59)$136 
(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, $7 million, $0 million, $0 million and $7 million, respectively.
(3)Net of tax (benefit) expense of $0 million, $9 million, $0 million, $(1) million and $8 million, respectively.

(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at May 31, 2022$(520)$779 $115 $(56)$318 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
(272)716 — (3)441 
Reclassifications to net income of previously deferred (gains) losses(3)
46 (161)— (8)(123)
Total other comprehensive income (loss)(226)555 — (11)318 
Balance at August 31, 2022$(746)$1,334 $115 $(67)$636 
(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, $(84) million, $0 million, $1 million and $(83) million, respectively.
(3)Net of tax (benefit) expense of $0 million, $18 million, $0 million, $3 million and $21 million, respectively.
Reclassification Out of Accumulated Other Comprehensive Income
The following table summarizes the reclassifications from Accumulated other comprehensive income (loss) to the Unaudited Condensed Consolidated Statements of Income:
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOMELOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME
THREE MONTHS ENDED AUGUST 31,
(Dollars in millions)
20232022
Gains (losses) on foreign currency translation adjustment$— $(46)Other (income) expense, net
Total before tax— (46)
Tax (expense) benefit— — 
Gain (loss) net of tax— (46)
Gains (losses) on cash flow hedges:
Foreign exchange forwards and options1 (9)Revenues
Foreign exchange forwards and options86 109 Cost of sales
Foreign exchange forwards and options— (1)Demand creation expense
Foreign exchange forwards and options35 82 Other (income) expense, net
Interest rate swaps(2)(2)Interest expense (income), net
Total before tax120 179 
Tax (expense) benefit(9)(18)
Gain (loss) net of tax111 161 
Gains (losses) on other(4)11 Other (income) expense, net
Total before tax(4)11 
Tax (expense) benefit1 (3)
Gain (loss) net of tax(3)8 
Total net gain (loss) reclassified for the period$108 $123 
v3.23.3
REVENUES (Tables)
 3 Months Ended
Aug. 31, 2023
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 AUGUST 31, 2023
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$3,733 $2,260 $1,287 $1,141 $— $8,421 $522 $— $8,943 
Apparel1,479 1,137 401 371 — 3,388 20 — 3,408 
Equipment211 213 47 60 — 531 11 — 542 
Other— — — — 13 13 35 (2)46 
TOTAL REVENUES$5,423 $3,610 $1,735 $1,572 $13 $12,353 $588 $(2)$12,939 
Revenues by:
Sales to Wholesale Customers$2,772 $2,379 $895 $937 $— $6,983 $329 $— $7,312 
Sales through Direct to Consumer2,651 1,231 840 635 — 5,357 224 — 5,581 
Other— — — — 13 13 35 (2)46 
TOTAL REVENUES$5,423 $3,610 $1,735 $1,572 $13 $12,353 $588 $(2)$12,939 

THREE MONTHS ENDED AUGUST 31, 2022
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$3,805 $2,012 $1,233 $1,064 $— $8,114 $577 $— $8,691 
Apparel1,494 1,153 374 413 — 3,434 20 — 3,454 
Equipment211 168 49 58 — 486 8 — 494 
Other— — — — 14 14 38 (4)48 
TOTAL REVENUES$5,510 $3,333 $1,656 $1,535 $14 $12,048 $643 $(4)$12,687 
Revenues by:
Sales to Wholesale Customers$3,027 $2,203 $839 $914 $— $6,983 $344 $— $7,327 
Sales through Direct to Consumer2,483 1,130 817 621 — 5,051 261 — 5,312 
Other— — — — 14 14 38 (4)48 
TOTAL REVENUES$5,510 $3,333 $1,656 $1,535 $14 $12,048 $643 $(4)$12,687 
v3.23.3
OPERATING SEGMENTS (Tables)
 3 Months Ended
Aug. 31, 2023
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
 THREE MONTHS ENDED AUGUST 31,
(Dollars in millions)
20232022
REVENUES
North America$5,423 $5,510 
Europe, Middle East & Africa3,610 3,333 
Greater China1,735 1,656 
Asia Pacific & Latin America1,572 1,535 
Global Brand Divisions13 14 
Total NIKE Brand12,353 12,048 
Converse588 643 
Corporate(2)(4)
TOTAL NIKE, INC. REVENUES$12,939 $12,687 
EARNINGS BEFORE INTEREST AND TAXES
North America$1,434 $1,377 
Europe, Middle East & Africa930 975 
Greater China525 541 
Asia Pacific & Latin America414 500 
Global Brand Divisions(1,205)(1,187)
Converse167 209 
Corporate(651)(574)
Interest expense (income), net(34)13 
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES$1,648 $1,828 
Reconciliation of Assets from Segment to Consolidated
AUGUST 31,MAY 31,
(Dollars in millions)
20232023
ACCOUNTS RECEIVABLE, NET
North America$1,932 $1,653 
Europe, Middle East & Africa1,562 1,197 
Greater China161 162 
Asia Pacific & Latin America
687 700 
Global Brand Divisions84 96 
Total NIKE Brand4,426 3,808 
Converse240 235 
Corporate83 88 
TOTAL ACCOUNTS RECEIVABLE, NET$4,749 $4,131 
INVENTORIES
North America$3,761 $3,806 
Europe, Middle East & Africa2,220 2,167 
Greater China1,182 973 
Asia Pacific & Latin America
1,072 894 
Global Brand Divisions222 232 
Total NIKE Brand8,457 8,072 
Converse300 305 
Corporate(59)77 
TOTAL INVENTORIES(1)
$8,698 $8,454 
(1)Inventories as of August 31, 2023 and May 31, 2023, were substantially all finished goods.
AUGUST 31,MAY 31,
(Dollars in millions)
20232023
PROPERTY, PLANT AND EQUIPMENT, NET
North America$792 $794 
Europe, Middle East & Africa1,043 1,009 
Greater China276 292 
Asia Pacific & Latin America
275 279 
Global Brand Divisions889 840 
Total NIKE Brand3,275 3,214 
Converse36 38 
Corporate1,798 1,829 
TOTAL PROPERTY, PLANT AND EQUIPMENT, NET$5,109 $5,081 
v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)
$ in Millions
Aug. 31, 2023
May 31, 2023
Accounting Policies [Abstract]    
Outstanding supplier obligations, current $ 953 $ 834
v3.23.3
ACCRUED LIABILITIES (Detail) - USD ($)
$ in Millions
Aug. 31, 2023
May 31, 2023
Accrued Liabilities, Current [Abstract]    
Compensation and benefits, excluding taxes $ 1,133 $ 1,737
Sales-related reserves 1,003 994
Dividends payable 526 529
Import and logistics 439 370
Endorsement compensation 303 552
Other 1,583 1,541
Accrued liabilities $ 4,987 $ 5,723
v3.23.3
FAIR VALUE MEASUREMENTS - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($)
$ in Millions
Aug. 31, 2023
May 31, 2023
Assets, Fair Value Disclosure [Abstract]    
SHORT-TERM INVESTMENTS $ 2,612 $ 3,234
Fair Value, Measurements, Recurring    
Assets, Fair Value Disclosure [Abstract]    
Cash 1,432 1,767
ASSETS AT FAIR VALUE 8,790 10,675
CASH AND EQUIVALENTS 6,178 7,441
SHORT-TERM INVESTMENTS 2,612 3,234
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | U.S. Treasury securities    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 2,022 2,655
CASH AND EQUIVALENTS 4 0
SHORT-TERM INVESTMENTS 2,018 2,655
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 5,336 6,253
CASH AND EQUIVALENTS 4,742 5,674
SHORT-TERM INVESTMENTS 594 579
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Commercial paper and bonds    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 549 543
CASH AND EQUIVALENTS 13 15
SHORT-TERM INVESTMENTS 536 528
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Money market funds    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 4,154 5,157
CASH AND EQUIVALENTS 4,154 5,157
SHORT-TERM INVESTMENTS 0 0
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Time deposits    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 581 507
CASH AND EQUIVALENTS 575 502
SHORT-TERM INVESTMENTS 6 5
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | U.S. Agency securities    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 52 46
CASH AND EQUIVALENTS 0 0
SHORT-TERM INVESTMENTS $ 52 $ 46
v3.23.3
FAIR VALUE MEASUREMENTS - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended
Aug. 31, 2023
Aug. 31, 2022
May 31, 2023
Fair Value Disclosures [Abstract]      
Available-for-sale securities with maturity dates within one year from purchase date $ 1,945    
Available-for-sale securities with maturity dates over one year and less than five years from purchase date 667    
Interest income related to cash and equivalents and short-term investments 99 $ 65  
Fair value of long term debt $ 7,768   $ 7,889
v3.23.3
FAIR VALUE MEASUREMENTS - Derivative Assets and Liabilities at Fair Value (Detail) - USD ($)
$ in Millions
Aug. 31, 2023
May 31, 2023
Cash and Cash Equivalents    
Derivatives, Fair Value [Line Items]    
Sales-related reserves $ 7  
Foreign exchange forwards and options | Cash and Cash Equivalents    
Derivatives, Fair Value [Line Items]    
Sales-related reserves 7 $ 36
Fair value of derivative liability collateral 0 0
Fair Value, Measurements, Recurring | Foreign exchange forwards and options    
Derivatives, Fair Value [Line Items]    
Reduction in derivative liabilities if netted 233 178
Reduction in derivative assets if netted 233 178
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Foreign exchange forwards and options    
Derivatives, Fair Value [Line Items]    
ASSETS AT FAIR VALUE 491 557
OTHER CURRENT ASSETS 420 493
OTHER LONG-TERM ASSETS 71 64
LIABILITIES AT FAIR VALUE 235 180
ACCRUED LIABILITIES 177 128
OTHER LONG-TERM LIABILITIES $ 58 $ 52
v3.23.3
INCOME TAXES (Detail) - USD ($)
$ in Millions
 3 Months Ended
Aug. 31, 2023
Aug. 31, 2022
May 31, 2023
Income Tax Disclosure [Abstract]      
Effective income tax rate 12.00% 19.70%  
Total gross unrecognized tax benefits, excluding related interest and penalties $ 931   $ 936
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 644    
Accrued interest and penalties related to uncertain tax positions (excluding federal benefit) 274   $ 268
Estimated decrease in total gross unrecognized tax benefits as a result of resolutions of global tax examinations and expiration of applicable statutes of limitations $ 20    
v3.23.3
STOCK-BASED COMPENSATION - Total Stock-Based Compensation Expense (Detail) - USD ($)
$ in Millions
 3 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Tax benefit related to stock-based compensation expense $ 17 $ 20
Class B Common Stock    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation expense 196 170
Class B Common Stock | Stock options    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation expense 76 75
Class B Common Stock | ESPPs    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation expense 21 15
Class B Common Stock | Restricted stock and restricted stock units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation expense $ 99 $ 80
Stock Incentive Plan | Class B Common Stock    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares available for grant (in shares) 798,000,000  
v3.23.3
STOCK-BASED COMPENSATION - Weighted Average Assumptions Used to Estimate Fair Values (Detail) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Aug. 31, 2023
Aug. 31, 2022
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  
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) $ 34.79 $ 32.13
Dividend yield 1.10% 0.80%
Expected volatility 29.20% 27.00%
Weighted average expected life (in years) 5 years 9 months 18 days 5 years 9 months 18 days
Risk-free interest rate 4.20% 2.70%
Stock options | Stock Incentive Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unrecognized compensation costs from stock options $ 387  
Unrecognized compensation costs from stock options, net of estimated forfeitures, to be recognized as operating overhead expense over a weighted average period 2 years 4 months 24 days  
v3.23.3
STOCK-BASED COMPENSATION - Restricted Stock and Restricted Stock Units (Details) - Restricted stock and restricted stock units - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Weighted average grant date fair value (in dollars per share) $ 106,850,000 $ 127,160,000
Unrecognized compensation costs from restricted stock, net of estimated forfeitures $ 676  
Unrecognized compensation costs from stock options, net of estimated forfeitures, to be recognized as operating overhead expense over a weighted average period 2 years 3 months 18 days  
v3.23.3
EARNINGS PER SHARE - Additional Information (Detail) - shares
shares in Millions
 3 Months Ended
Aug. 31, 2023
Aug. 31, 2022
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) 33.7 23.8
v3.23.3
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
Aug. 31, 2023
Aug. 31, 2022
Earnings Per Share [Abstract]    
Net income available to common stockholders $ 1,450 $ 1,468
Determination of shares:    
Weighted average common shares outstanding (in shares) 1,528.4 1,567.1
Assumed conversion of dilutive stock options and awards (in shares) 14.9 18.7
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (in shares) 1,543.3 1,585.8
Earnings per common share:    
Basic (in dollars per share) $ 0.95 $ 0.94
Diluted (in dollars per share) $ 0.94 $ 0.93
v3.23.3
RISK MANAGEMENT AND DERIVATIVES - FV of Derivative Instruments Included within Consolidated Balance Sheet (Detail) - USD ($)
$ in Millions
Aug. 31, 2023
May 31, 2023
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS $ 491 $ 557
DERIVATIVE LIABILITIES 235 180
Derivatives formally designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 477 544
DERIVATIVE LIABILITIES 200 145
Derivatives formally designated as hedging instruments | Foreign exchange forwards and options | Prepaid expenses and other current assets    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 406 480
Derivatives formally designated as hedging instruments | Foreign exchange forwards and options | Deferred income taxes and other assets    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 71 64
Derivatives formally designated as hedging instruments | Foreign exchange forwards and options | Accrued liabilities    
Derivatives, Fair Value [Line Items]    
DERIVATIVE LIABILITIES 142 93
Derivatives formally designated as hedging instruments | Foreign exchange forwards and options | Deferred income taxes and other liabilities    
Derivatives, Fair Value [Line Items]    
DERIVATIVE LIABILITIES 58 52
Derivatives not designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 14 13
DERIVATIVE LIABILITIES 35 35
Derivatives not designated as hedging instruments | Foreign exchange forwards and options | Prepaid expenses and other current assets    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 14 13
Derivatives not designated as hedging instruments | Foreign exchange forwards and options | Accrued liabilities    
Derivatives, Fair Value [Line Items]    
DERIVATIVE LIABILITIES $ 35 $ 35
v3.23.3
RISK MANAGEMENT AND DERIVATIVES - Effects Of Cash Flow Hedges in Statement of Income (Details) - USD ($)
$ in Millions
 3 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]    
Revenues $ 12,939 $ 12,687
Cost of sales 7,219 7,072
Demand creation expense 1,069 943
Other (income) expense, net (10) (146)
Interest expense (income), net (34) 13
Cash Flow Hedging    
Derivative Instruments, Gain (Loss) [Line Items]    
AMOUNT OF GAIN (LOSS) ON CASH FLOW HEDGE ACTIVITY 120 179
Foreign exchange forwards and options | Revenues | Cash Flow Hedging    
Derivative Instruments, Gain (Loss) [Line Items]    
AMOUNT OF GAIN (LOSS) ON CASH FLOW HEDGE ACTIVITY 1 (9)
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 86 109
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)
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 35 82
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)
v3.23.3
RISK MANAGEMENT AND DERIVATIVES - Amounts Affecting Consolidated Statements of Income (Detail) - USD ($)
$ in Millions
 3 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Foreign exchange forwards and options and embedded derivatives    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other (income) expense, net Other (income) expense, net
Foreign exchange forwards and options and embedded derivatives | Derivatives not designated as hedging instruments    
Derivative Instruments, Gain (Loss) [Line Items]    
AMOUNT OF GAIN (LOSS) RECOGNIZED 
IN INCOME ON DERIVATIVES $ (27) $ 61
Derivatives designated as cash flow hedges    
Derivative Instruments, Gain (Loss) [Line Items]    
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER 
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES (30) 800
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME 120 179
Derivatives designated as cash flow hedges | Foreign exchange forwards and options | Revenues    
Derivative Instruments, Gain (Loss) [Line Items]    
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER 
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES (18) 25
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME 1 (9)
Derivatives designated as cash flow hedges | Foreign exchange forwards and options | Cost of sales    
Derivative Instruments, Gain (Loss) [Line Items]    
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER 
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES (2) 487
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME 86 109
Derivatives designated as cash flow hedges | Foreign exchange forwards and options | Demand creation expense    
Derivative Instruments, Gain (Loss) [Line Items]    
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER 
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES 0 (5)
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME 0 (1)
Derivatives designated as cash flow hedges | Foreign exchange forwards and options | Other (income) expense, net    
Derivative Instruments, Gain (Loss) [Line Items]    
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER 
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES (10) 293
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME 35 82
Derivatives designated as cash flow hedges | Interest rate swaps | Interest expense (income), net    
Derivative Instruments, Gain (Loss) [Line Items]    
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER 
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES 0 0
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME $ (2) $ (2)
v3.23.3
RISK MANAGEMENT AND DERIVATIVES - Additional Information (Detail)
 3 Months Ended
Aug. 31, 2023
USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Deferred net gains (net of tax) on both outstanding and matured derivatives accumulated in other comprehensive income are expected to be reclassified to net income during the next twelve months as a result of underlying hedged transactions also being recorded in net income $ 313,000,000
Maximum term over which the company hedges exposures to the variability of cash flows for its forecasted transactions 27 months
Credit risk related contingent features collateral threshold $ 50,000,000
Derivative instruments in net asset position 256,000,000
Cash and Cash Equivalents  
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Sales-related reserves 7,000,000
Not designated as derivative instrument  
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Total notional amount of outstanding derivatives $ 3,700,000,000
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 $ 18,300,000,000
v3.23.3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Changes in AOCI (Detail) - USD ($)
$ in Millions
 3 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance $ 14,004 $ 15,281
Other comprehensive income (loss):    
Other comprehensive gains (losses) before reclassifications 13 441
Reclassifications to net income of previously deferred (gains) losses (108) (123)
Total other comprehensive income (loss), net of tax (95) 318
Ending balance 13,971 15,822
Other comprehensive income, before reclassification, tax benefit (expense) 7 (83)
Reclassification from AOCI, current period, tax expense (benefit) 8 21
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance 231 318
Other comprehensive income (loss):    
Total other comprehensive income (loss), net of tax (95) 318
Ending balance 136 636
FOREIGN CURRENCY TRANSLATION ADJUSTMENT    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance (253) (520)
Other comprehensive income (loss):    
Other comprehensive gains (losses) before reclassifications 36 (272)
Reclassifications to net income of previously deferred (gains) losses 0 46
Total other comprehensive income (loss), net of tax 36 (226)
Ending balance (217) (746)
Other comprehensive income, before reclassification, tax benefit (expense) 0 0
Reclassification from AOCI, current period, tax expense (benefit) 0 0
CASH FLOW HEDGES    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance 431 779
Other comprehensive income (loss):    
Other comprehensive gains (losses) before reclassifications (23) 716
Reclassifications to net income of previously deferred (gains) losses (111) (161)
Total other comprehensive income (loss), net of tax (134) 555
Ending balance 297 1,334
Other comprehensive income, before reclassification, tax benefit (expense) 7 (84)
Reclassification from AOCI, current period, tax expense (benefit) 9 18
NET INVESTMENT HEDGES    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance 115 115
Other comprehensive income (loss):    
Other comprehensive gains (losses) before reclassifications 0 0
Reclassifications to net income of previously deferred (gains) losses 0 0
Total other comprehensive income (loss), net of tax 0 0
Ending balance 115 115
Other comprehensive income, before reclassification, tax benefit (expense) 0 0
Reclassification from AOCI, current period, tax expense (benefit) 0 0
OTHER    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance (62) (56)
Other comprehensive income (loss):    
Other comprehensive gains (losses) before reclassifications 0 (3)
Reclassifications to net income of previously deferred (gains) losses 3 (8)
Total other comprehensive income (loss), net of tax 3 (11)
Ending balance (59) (67)
Other comprehensive income, before reclassification, tax benefit (expense) 0 1
Reclassification from AOCI, current period, tax expense (benefit) $ (1) $ 3
v3.23.3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Reclassification out of AOCI (Details) - USD ($)
$ in Millions
 3 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Reclassification out of Accumulated Other Comprehensive Income [Line Items]    
Other (income) expense, net $ 10 $ 146
Revenues 12,939 12,687
Cost of sales (7,219) (7,072)
Demand creation expense (1,069) (943)
Interest expense (income), net 34 (13)
Income before income taxes 1,648 1,828
Tax (expense) benefit (198) (360)
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 108 123
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 (46)
Income before income taxes 0 (46)
Tax (expense) benefit 0 0
Total net gain (loss) reclassified for the period 0 (46)
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]    
Other (income) expense, net 35 82
Revenues 1 (9)
Cost of sales 86 109
Demand creation expense 0 (1)
Interest expense (income), net (2) (2)
Income before income taxes 120 179
Tax (expense) benefit (9) (18)
Total net gain (loss) reclassified for the period 111 161
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 (4) 11
Income before income taxes (4) 11
Tax (expense) benefit 1 (3)
Total net gain (loss) reclassified for the period $ (3) $ 8
v3.23.3
REVENUES (Details) - USD ($)
 3 Months Ended
Aug. 31, 2023
Aug. 31, 2022
May 31, 2023
Disaggregation of Revenue [Line Items]      
Revenues $ 12,939,000,000 $ 12,687,000,000  
Contract asset 0   $ 0
Sales to Wholesale Customers      
Disaggregation of Revenue [Line Items]      
Revenues 7,312,000,000 7,327,000,000  
Sales through Direct to Consumer      
Disaggregation of Revenue [Line Items]      
Revenues 5,581,000,000 5,312,000,000  
Other      
Disaggregation of Revenue [Line Items]      
Revenues 46,000,000 48,000,000  
Footwear      
Disaggregation of Revenue [Line Items]      
Revenues 8,943,000,000 8,691,000,000  
Apparel      
Disaggregation of Revenue [Line Items]      
Revenues 3,408,000,000 3,454,000,000  
Equipment      
Disaggregation of Revenue [Line Items]      
Revenues 542,000,000 494,000,000  
Other      
Disaggregation of Revenue [Line Items]      
Revenues 46,000,000 48,000,000  
Global Brand Divisions      
Disaggregation of Revenue [Line Items]      
Revenues 13,000,000 14,000,000  
Global Brand Divisions | Other      
Disaggregation of Revenue [Line Items]      
Revenues 13,000,000 14,000,000  
Global Brand Divisions | Other      
Disaggregation of Revenue [Line Items]      
Revenues 13,000,000 14,000,000  
Corporate      
Disaggregation of Revenue [Line Items]      
Revenues (2,000,000) (4,000,000)  
Corporate | Other      
Disaggregation of Revenue [Line Items]      
Revenues (2,000,000) (4,000,000)  
Corporate | Other      
Disaggregation of Revenue [Line Items]      
Revenues (2,000,000) (4,000,000)  
NIKE Brand | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenues 12,353,000,000 12,048,000,000  
NIKE Brand | Operating Segments | Sales to Wholesale Customers      
Disaggregation of Revenue [Line Items]      
Revenues 6,983,000,000 6,983,000,000  
NIKE Brand | Operating Segments | Sales through Direct to Consumer      
Disaggregation of Revenue [Line Items]      
Revenues 5,357,000,000 5,051,000,000  
NIKE Brand | Operating Segments | Other      
Disaggregation of Revenue [Line Items]      
Revenues 13,000,000 14,000,000  
NIKE Brand | Operating Segments | Footwear      
Disaggregation of Revenue [Line Items]      
Revenues 8,421,000,000 8,114,000,000  
NIKE Brand | Operating Segments | Apparel      
Disaggregation of Revenue [Line Items]      
Revenues 3,388,000,000 3,434,000,000  
NIKE Brand | Operating Segments | Equipment      
Disaggregation of Revenue [Line Items]      
Revenues 531,000,000 486,000,000  
NIKE Brand | Operating Segments | Other      
Disaggregation of Revenue [Line Items]      
Revenues 13,000,000 14,000,000  
NIKE Brand | NORTH AMERICA | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenues 5,423,000,000 5,510,000,000  
NIKE Brand | NORTH AMERICA | Operating Segments | Sales to Wholesale Customers      
Disaggregation of Revenue [Line Items]      
Revenues 2,772,000,000 3,027,000,000  
NIKE Brand | NORTH AMERICA | Operating Segments | Sales through Direct to Consumer      
Disaggregation of Revenue [Line Items]      
Revenues 2,651,000,000 2,483,000,000  
NIKE Brand | NORTH AMERICA | Operating Segments | Other      
Disaggregation of Revenue [Line Items]      
Revenues 0 0  
NIKE Brand | NORTH AMERICA | Operating Segments | Footwear      
Disaggregation of Revenue [Line Items]      
Revenues 3,733,000,000 3,805,000,000  
NIKE Brand | NORTH AMERICA | Operating Segments | Apparel      
Disaggregation of Revenue [Line Items]      
Revenues 1,479,000,000 1,494,000,000  
NIKE Brand | NORTH AMERICA | Operating Segments | Equipment      
Disaggregation of Revenue [Line Items]      
Revenues 211,000,000 211,000,000  
NIKE Brand | NORTH AMERICA | Operating Segments | Other      
Disaggregation of Revenue [Line Items]      
Revenues 0 0  
NIKE Brand | EUROPE, MIDDLE EAST & AFRICA | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenues 3,610,000,000 3,333,000,000  
NIKE Brand | EUROPE, MIDDLE EAST & AFRICA | Operating Segments | Sales to Wholesale Customers      
Disaggregation of Revenue [Line Items]      
Revenues 2,379,000,000 2,203,000,000  
NIKE Brand | EUROPE, MIDDLE EAST & AFRICA | Operating Segments | Sales through Direct to Consumer      
Disaggregation of Revenue [Line Items]      
Revenues 1,231,000,000 1,130,000,000  
NIKE Brand | EUROPE, MIDDLE EAST & AFRICA | Operating Segments | Other      
Disaggregation of Revenue [Line Items]      
Revenues 0 0  
NIKE Brand | EUROPE, MIDDLE EAST & AFRICA | Operating Segments | Footwear      
Disaggregation of Revenue [Line Items]      
Revenues 2,260,000,000 2,012,000,000  
NIKE Brand | EUROPE, MIDDLE EAST & AFRICA | Operating Segments | Apparel      
Disaggregation of Revenue [Line Items]      
Revenues 1,137,000,000 1,153,000,000  
NIKE Brand | EUROPE, MIDDLE EAST & AFRICA | Operating Segments | Equipment      
Disaggregation of Revenue [Line Items]      
Revenues 213,000,000 168,000,000  
NIKE Brand | EUROPE, MIDDLE EAST & AFRICA | Operating Segments | Other      
Disaggregation of Revenue [Line Items]      
Revenues 0 0  
NIKE Brand | GREATER CHINA | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenues 1,735,000,000 1,656,000,000  
NIKE Brand | GREATER CHINA | Operating Segments | Sales to Wholesale Customers      
Disaggregation of Revenue [Line Items]      
Revenues 895,000,000 839,000,000  
NIKE Brand | GREATER CHINA | Operating Segments | Sales through Direct to Consumer      
Disaggregation of Revenue [Line Items]      
Revenues 840,000,000 817,000,000  
NIKE Brand | GREATER CHINA | Operating Segments | Other      
Disaggregation of Revenue [Line Items]      
Revenues 0 0  
NIKE Brand | GREATER CHINA | Operating Segments | Footwear      
Disaggregation of Revenue [Line Items]      
Revenues 1,287,000,000 1,233,000,000  
NIKE Brand | GREATER CHINA | Operating Segments | Apparel      
Disaggregation of Revenue [Line Items]      
Revenues 401,000,000 374,000,000  
NIKE Brand | GREATER CHINA | Operating Segments | Equipment      
Disaggregation of Revenue [Line Items]      
Revenues 47,000,000 49,000,000  
NIKE Brand | GREATER CHINA | Operating Segments | Other      
Disaggregation of Revenue [Line Items]      
Revenues 0 0  
NIKE Brand | ASIA PACIFIC & LATIN AMERICA | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenues 1,572,000,000 1,535,000,000  
NIKE Brand | ASIA PACIFIC & LATIN AMERICA | Operating Segments | Sales to Wholesale Customers      
Disaggregation of Revenue [Line Items]      
Revenues 937,000,000 914,000,000  
NIKE Brand | ASIA PACIFIC & LATIN AMERICA | Operating Segments | Sales through Direct to Consumer      
Disaggregation of Revenue [Line Items]      
Revenues 635,000,000 621,000,000  
NIKE Brand | ASIA PACIFIC & LATIN AMERICA | Operating Segments | Other      
Disaggregation of Revenue [Line Items]      
Revenues 0 0  
NIKE Brand | ASIA PACIFIC & LATIN AMERICA | Operating Segments | Footwear      
Disaggregation of Revenue [Line Items]      
Revenues 1,141,000,000 1,064,000,000  
NIKE Brand | ASIA PACIFIC & LATIN AMERICA | Operating Segments | Apparel      
Disaggregation of Revenue [Line Items]      
Revenues 371,000,000 413,000,000  
NIKE Brand | ASIA PACIFIC & LATIN AMERICA | Operating Segments | Equipment      
Disaggregation of Revenue [Line Items]      
Revenues 60,000,000 58,000,000  
NIKE Brand | ASIA PACIFIC & LATIN AMERICA | Operating Segments | Other      
Disaggregation of Revenue [Line Items]      
Revenues 0 0  
CONVERSE | Operating Segments      
Disaggregation of Revenue [Line Items]      
Revenues 588,000,000 643,000,000  
CONVERSE | Operating Segments | Sales to Wholesale Customers      
Disaggregation of Revenue [Line Items]      
Revenues 329,000,000 344,000,000  
CONVERSE | Operating Segments | Sales through Direct to Consumer      
Disaggregation of Revenue [Line Items]      
Revenues 224,000,000 261,000,000  
CONVERSE | Operating Segments | Other      
Disaggregation of Revenue [Line Items]      
Revenues 35,000,000 38,000,000  
CONVERSE | Operating Segments | Footwear      
Disaggregation of Revenue [Line Items]      
Revenues 522,000,000 577,000,000  
CONVERSE | Operating Segments | Apparel      
Disaggregation of Revenue [Line Items]      
Revenues 20,000,000 20,000,000  
CONVERSE | Operating Segments | Equipment      
Disaggregation of Revenue [Line Items]      
Revenues 11,000,000 8,000,000  
CONVERSE | Operating Segments | Other      
Disaggregation of Revenue [Line Items]      
Revenues $ 35,000,000 $ 38,000,000  
v3.23.3
OPERATING SEGMENTS - Information by Operating Segments (Detail) - USD ($)
$ in Millions
 3 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenues $ 12,939 $ 12,687
Interest expense (income), net (34) 13
Income before income taxes 1,648 1,828
Global Brand Divisions    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenues 13 14
EARNINGS BEFORE INTEREST AND TAXES (1,205) (1,187)
Corporate    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenues (2) (4)
EARNINGS BEFORE INTEREST AND TAXES (651) (574)
NIKE Brand | Operating Segments    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenues 12,353 12,048
CONVERSE | Operating Segments    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenues 588 643
EARNINGS BEFORE INTEREST AND TAXES 167 209
NORTH AMERICA | NIKE Brand | Operating Segments    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenues 5,423 5,510
EARNINGS BEFORE INTEREST AND TAXES 1,434 1,377
EUROPE, MIDDLE EAST & AFRICA | NIKE Brand | Operating Segments    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenues 3,610 3,333
EARNINGS BEFORE INTEREST AND TAXES 930 975
GREATER CHINA | NIKE Brand | Operating Segments    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenues 1,735 1,656
EARNINGS BEFORE INTEREST AND TAXES 525 541
ASIA PACIFIC & LATIN AMERICA | NIKE Brand | Operating Segments    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenues 1,572 1,535
EARNINGS BEFORE INTEREST AND TAXES $ 414 $ 500
v3.23.3
OPERATING SEGMENTS - Accounts Receivable Net Inventories and Property Plant and Equipment Net by Operating Segments (Detail) - USD ($)
$ in Millions
Aug. 31, 2023
May 31, 2023
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net $ 4,749 $ 4,131
Inventories 8,698 8,454
Property, plant and equipment, net 5,109 5,081
Global Brand Divisions    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 84 96
Inventories 222 232
Property, plant and equipment, net 889 840
Corporate    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 83 88
Inventories (59) 77
Property, plant and equipment, net 1,798 1,829
NIKE Brand | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 4,426 3,808
Inventories 8,457 8,072
Property, plant and equipment, net 3,275 3,214
CONVERSE | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 240 235
Inventories 300 305
Property, plant and equipment, net 36 38
NORTH AMERICA | NIKE Brand | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 1,932 1,653
Inventories 3,761 3,806
Property, plant and equipment, net 792 794
EUROPE, MIDDLE EAST & AFRICA | NIKE Brand | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 1,562 1,197
Inventories 2,220 2,167
Property, plant and equipment, net 1,043 1,009
GREATER CHINA | NIKE Brand | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 161 162
Inventories 1,182 973
Property, plant and equipment, net 276 292
ASIA PACIFIC & LATIN AMERICA | NIKE Brand | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 687 700
Inventories 1,072 894
Property, plant and equipment, net $ 275 $ 279