NIKE, INC., 10-Q filed on 4/6/2023
Quarterly Report
v3.23.1
Cover Page - shares
 9 Months Ended
Feb. 28, 2023
Mar. 30, 2023
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Feb. 28, 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 2023  
Document Fiscal Period Focus Q3  
Entity Central Index Key 0000320187  
Current Fiscal Year End Date --05-31  
Class A Convertible Common Stock    
Document Information [Line Items]    
Entity Common Stock Shares Outstanding   304,897,252
Class B Common Stock    
Document Information [Line Items]    
Entity Common Stock Shares Outstanding   1,232,091,564
v3.23.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2023
Feb. 28, 2022
Feb. 28, 2023
Feb. 28, 2022
Income Statement [Abstract]        
Revenues $ 12,390 $ 10,871 $ 38,392 $ 34,476
Cost of sales 7,019 5,804 21,695 18,500
Gross profit 5,371 5,067 16,697 15,976
Demand creation expense 923 854 2,968 2,789
Operating overhead expense 3,036 2,584 9,035 7,980
Total selling and administrative expense 3,959 3,438 12,003 10,769
Interest expense (income), net (7) 53 22 165
Other (income) expense, net (58) (94) (283) (235)
Income before income taxes 1,477 1,670 4,955 5,277
Income tax expense 237 274 916 670
NET INCOME $ 1,240 $ 1,396 $ 4,039 $ 4,607
Earnings per common share:        
Basic (in dollars per share) $ 0.80 $ 0.88 $ 2.59 $ 2.91
Diluted (in dollars per share) $ 0.79 $ 0.87 $ 2.57 $ 2.85
Weighted average common shares outstanding:        
Basic (in shares) 1,543.8 1,579.0 1,556.7 1,581.1
Diluted (in shares) 1,564.8 1,610.7 1,574.4 1,615.8
v3.23.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2023
Feb. 28, 2022
Feb. 28, 2023
Feb. 28, 2022
Statement of Comprehensive Income [Abstract]        
Net income $ 1,240 $ 1,396 $ 4,039 $ 4,607
Other comprehensive income (loss), net of tax:        
Change in net foreign currency translation adjustment 153 (6) 281 (289)
Change in net gains (losses) on cash flow hedges (433) (29) (279) 775
Change in net gains (losses) on other 23 (11) (18) (7)
Total other comprehensive income (loss), net of tax (257) (46) (16) 479
TOTAL COMPREHENSIVE INCOME $ 983 $ 1,350 $ 4,023 $ 5,086
v3.23.1
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Feb. 28, 2023
May 31, 2022
Current assets:    
Cash and equivalents $ 6,955 $ 8,574
Short-term investments 3,847 4,423
Accounts receivable, net 4,513 4,667
Inventories 8,905 8,420
Prepaid expenses and other current assets 1,815 2,129
Total current assets 26,035 28,213
Property, plant and equipment, net 4,939 4,791
Operating lease right-of-use assets, net 2,834 2,926
Identifiable intangible assets, net 277 286
Goodwill 281 284
Deferred income taxes and other assets 3,928 3,821
TOTAL ASSETS 38,294 40,321
Current liabilities:    
Current portion of long-term debt 500 500
Notes payable 14 10
Accounts payable 2,675 3,358
Current portion of operating lease liabilities 435 420
Accrued liabilities 5,594 6,220
Income taxes payable 330 222
Total current liabilities 9,548 10,730
Long-term debt 8,925 8,920
Operating lease liabilities 2,692 2,777
Deferred income taxes and other liabilities 2,598 2,613
Commitments and contingencies
Redeemable preferred stock 0 0
Shareholders' equity:    
Capital in excess of stated value 12,074 11,484
Accumulated other comprehensive income (loss) 302 318
Retained earnings 2,152 3,476
Total shareholders' equity 14,531 15,281
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 38,294 40,321
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
v3.23.1
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares
shares in Millions
Feb. 28, 2023
May 31, 2022
Class A Convertible Common Stock    
Common stock, shares outstanding (in shares) 305 305
Class B Common Stock    
Common stock, shares outstanding (in shares) 1,235 1,266
v3.23.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Feb. 28, 2023
Feb. 28, 2022
Cash provided (used) by operations:    
Net income $ 4,039 $ 4,607
Adjustments to reconcile net income to net cash provided (used) by operations:    
Depreciation 516 538
Deferred income taxes (216) (234)
Stock-based compensation 556 467
Amortization, impairment and other 107 6
Net foreign currency adjustments (197) 3
Changes in certain working capital components and other assets and liabilities:    
(Increase) decrease in accounts receivable 109 466
(Increase) decrease in inventories (527) (872)
(Increase) decrease in prepaid expenses, operating lease right-of-use assets and other current and non-current assets (273) (639)
Increase (decrease) in accounts payable, accrued liabilities, operating lease liabilities and other current and non-current liabilities (526) (305)
Cash provided (used) by operations 3,588 4,037
Cash provided (used) by investing activities:    
Purchases of short-term investments (4,844) (9,229)
Maturities of short-term investments 2,470 5,152
Sales of short-term investments 3,149 2,921
Additions to property, plant and equipment (700) (516)
Other investing activities 62 (39)
Cash provided (used) by investing activities 137 (1,711)
Cash provided (used) by financing activities:    
Increase (decrease) in notes payable 4 4
Proceeds from exercise of stock options and other stock issuances 413 959
Repurchase of common stock (4,101) (2,923)
Dividends — common and preferred (1,488) (1,356)
Other financing activities (94) (140)
Cash provided (used) by financing activities (5,266) (3,456)
Effect of exchange rate changes on cash and equivalents (78) (55)
Net increase (decrease) in cash and equivalents (1,619) (1,185)
Cash and equivalents, beginning of period 8,574 9,889
CASH AND EQUIVALENTS, END OF PERIOD 6,955 8,704
Supplemental disclosure of cash flow information:    
Non-cash additions to property, plant and equipment 145 126
Dividends declared and not paid $ 527 $ 488
v3.23.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
shares in Millions, $ in Millions
Total
CAPITAL IN EXCESS OF STATED VALUE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
RETAINED EARNINGS
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, 2021           305   1,273
Beginning balance at May. 31, 2021 $ 12,767 $ 9,965 $ (380) $ 3,179   $ 0   $ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Stock options exercised (in shares)               14
Stock options exercised 837 837            
Repurchase of Class B Common Stock (in shares)               (19)
Repurchase of Class B Common Stock (2,932) (126)   (2,806)        
Dividends on common stock (1,406)     (1,406)        
Issuance of shares to employees, net of shares withheld for employee taxes (in shares)               3
Issuance of shares to employees, net of shares withheld for employee taxes (10) 43   (53)        
Stock-based compensation 467 467            
Net income 4,607     4,607        
Other comprehensive income (loss) 479   479          
Ending Balance (in shares) at Feb. 28, 2022           305   1,271
Ending balance at Feb. 28, 2022 14,809 11,186 99 3,521   $ 0   $ 3
Beginning Balance (in shares) at Nov. 30, 2021           305   1,278
Beginning balance at Nov. 30, 2021 14,924 10,990 145 3,786   $ 0   $ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Stock options exercised (in shares)               1
Stock options exercised 112 112            
Repurchase of Class B Common Stock (in shares)               (8)
Repurchase of Class B Common Stock (1,222) (57)   (1,165)        
Dividends on common stock (488)     (488)        
Issuance of shares to employees, net of shares withheld for employee taxes (28) (20)   (8)        
Stock-based compensation 161 161            
Net income 1,396     1,396        
Other comprehensive income (loss) (46)   (46)          
Ending Balance (in shares) at Feb. 28, 2022           305   1,271
Ending balance at Feb. 28, 2022 14,809 11,186 99 3,521   $ 0   $ 3
Beginning Balance (in shares) at May. 31, 2022         305 305 1,266 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)               6
Stock options exercised 302 302            
Repurchase of Class B Common Stock (in shares)               (39)
Repurchase of Class B Common Stock (4,117) (288)   (3,829)        
Dividends on common stock (1,535)     (1,535)        
Issuance of shares to employees, net of shares withheld for employee taxes (in shares)               2
Issuance of shares to employees, net of shares withheld for employee taxes 21 20   1        
Stock-based compensation 556 556            
Net income 4,039     4,039        
Other comprehensive income (loss) (16)   (16)          
Ending Balance (in shares) at Feb. 28, 2023         305 305 1,235 1,235
Ending balance at Feb. 28, 2023 14,531 12,074 302 2,152   $ 0   $ 3
Beginning Balance (in shares) at Nov. 30, 2022           305   1,245
Beginning balance at Nov. 30, 2022 15,272 11,851 559 2,859   $ 0   $ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Stock options exercised (in shares)               3
Stock options exercised 153 153            
Repurchase of Class B Common Stock (in shares)               (13)
Repurchase of Class B Common Stock (1,519) (99)   (1,420)        
Dividends on common stock (527)     (527)        
Issuance of shares to employees, net of shares withheld for employee taxes (23) (23)   0        
Stock-based compensation 192 192            
Net income 1,240     1,240        
Other comprehensive income (loss) (257)   (257)          
Ending Balance (in shares) at Feb. 28, 2023         305 305 1,235 1,235
Ending balance at Feb. 28, 2023 $ 14,531 $ 12,074 $ 302 $ 2,152   $ 0   $ 3
v3.23.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares
 3 Months Ended 9 Months Ended
Feb. 28, 2023
Feb. 28, 2022
Feb. 28, 2023
Feb. 28, 2022
Statement of Stockholders' Equity [Abstract]        
Dividends declared per common share (in dollars per share) $ 0.340 $ 0.305 $ 0.985 $ 0.885
Dividends declared per preferred share (in dollars per share)     $ 0.10 $ 0.10
v3.23.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 9 Months Ended
Feb. 28, 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, 2022, 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, 2022. The results of operations for the three and nine months ended February 28, 2023, are not necessarily indicative of results to be expected for the entire fiscal year.
The uncertain state of the global economy or worsening macroeconomic conditions could affect the Company’s business, including, among other things, potential impacts of inflation and rising interest rates on consumer behavior, higher inventory levels in various markets, higher inventory obsolescence reserves, higher promotional activity, reduced demand for product, reduced orders from wholesale customers for products and order cancellations. There could also be new or prolonged COVID-19 related restrictions or disruptions. Any of these factors, among others, could have material adverse impacts on the Company’s revenue growth as well as overall profitability in future periods.
RECENTLY ISSUED ACCOUNTING STANDARDS
In September 2022, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) ASU 2022-04, Liabilities – Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations, which enhances transparency surrounding the use of supplier finance programs. 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 years, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. The Company is currently evaluating the ASU to determine its impact on the Company’s disclosures.
v3.23.1
INVENTORIES
 9 Months Ended
Feb. 28, 2023
Inventory Disclosure [Abstract]  
INVENTORIES
NOTE 2 — INVENTORIES
Inventory balances of $8,905 million and $8,420 million at February 28, 2023 and May 31, 2022, respectively, were substantially all finished goods.
v3.23.1
ACCRUED LIABILITIES
 9 Months Ended
Feb. 28, 2023
Accrued Liabilities, Current [Abstract]  
ACCRUED LIABILITIES
NOTE 3 — ACCRUED LIABILITIES
Accrued liabilities included the following:
FEBRUARY 28,MAY 31,
(Dollars in millions)20232022
Compensation and benefits, excluding taxes$1,445 $1,297 
Sales-related reserves1,0671,015 
Dividends payable531485 
Endorsement compensation498496 
Allowance for expected loss on sale(1)
—397 
Other2,0532,530
TOTAL ACCRUED LIABILITIES$5,594 $6,220 
(1) Refer to Note 14 — Acquisitions and Divestitures for additional information.
v3.23.1
FAIR VALUE MEASUREMENTS
 9 Months Ended
Feb. 28, 2023
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
NOTE 4 — FAIR VALUE MEASUREMENTS
The Company measures certain financial assets and liabilities at fair value on a recurring basis, including derivatives, equity securities and available-for-sale debt securities. For additional information about the Company's fair value policies, refer to Note 1 — Summary of Significant Accounting Policies of the Annual Report on Form 10-K for the fiscal year ended May 31, 2022.
The following tables present information about the Company's financial assets measured at fair value on a recurring basis as of February 28, 2023 and May 31, 2022, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
FEBRUARY 28, 2023
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$1,105 $1,105 $— 
Level 1:
U.S. Treasury securities3,185 1 3,184 
Level 2:
Commercial paper and bonds583 8 575 
Money market funds5,114 5,114 — 
Time deposits781 727 54 
U.S. Agency securities34 — 34 
Total Level 26,512 5,849 663 
TOTAL$10,802 $6,955 $3,847 
MAY 31, 2022
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$839 $839 $— 
Level 1:
U.S. Treasury securities3,801 8 3,793 
Level 2:
Commercial paper and bonds660 37 623 
Money market funds6,458 6,458 — 
Time deposits1,237 1,232 5 
U.S. Agency securities2 — 2 
Total Level 28,357 7,727 630 
TOTAL$12,997 $8,574 $4,423 
As of February 28, 2023, the Company held $3,089 million of available-for-sale debt securities with maturity dates within one year and $758 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 $83 million and $22 million for the three months ended February 28, 2023 and 2022, respectively, and $196 million and $57 million for the nine months ended February 28, 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:
FEBRUARY 28, 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)
$651 $551 $100 $176 $112 $64 
Embedded derivatives5 5 — 2 2 — 
TOTAL$656 $556 $100 $178 $114 $64 
(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 $175 million as of February 28, 2023. As of that date, the Company received $100 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 February 28, 2023.
MAY 31, 2022
DERIVATIVE ASSETSDERIVATIVE LIABILITIES
(Dollars in millions)
ASSETS AT FAIR VALUEOTHER CURRENT ASSETSOTHER LONG-TERM ASSETSLIABILITIES AT FAIR VALUEACCRUED LIABILITIESOTHER LONG-TERM LIABILITIES
Level 2:
Foreign exchange forwards and options(1)
$875 $669 $206 $76 $65 $11 
Embedded derivatives5 5 — 1 1 — 
TOTAL$880 $674 $206 $77 $66 $11 
(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 $76 million as of May 31, 2022. As of that date, the Company received $486 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, 2022
For additional information related to the Company's derivative financial instruments and credit risk, refer to Note 9 — Risk Management and Derivatives.
The carrying amounts of other current financial assets and other current financial liabilities approximate fair value.
FINANCIAL ASSETS AND LIABILITIES NOT RECORDED AT FAIR VALUE
The Company's Long-term debt is recorded at adjusted cost, net of unamortized premiums, discounts and debt issuance costs. The fair value of long-term debt is estimated based upon quoted prices for similar instruments or quoted prices for identical instruments in inactive markets (Level 2). The fair value of the Company's Long-term debt, including the current portion, was approximately $8,241 million at February 28, 2023 and $8,933 million at May 31, 2022.
For fair value information regarding Notes payable, refer to Note 5 — Short-term Borrowings and Credit Lines.
v3.23.1
SHORT-TERM BORROWINGS AND CREDIT LINES
 9 Months Ended
Feb. 28, 2023
Debt Disclosure [Abstract]  
SHORT-TERM BORROWINGS AND CREDIT LINES
NOTE 5 — SHORT-TERM BORROWINGS AND CREDIT LINES
The carrying amounts reflected on the Unaudited Condensed Consolidated Balance Sheets for Notes payable approximate fair value.
As of February 28, 2023 and May 31, 2022, the Company had no borrowings outstanding under its $3 billion commercial paper program.
On March 10, 2023, subsequent to the end of the third quarter of fiscal 2023, the Company entered into a 364-day committed credit facility agreement with a syndicate of banks, which provides for up to $1 billion of borrowings, with an option to increase borrowings up to $1.5 billion in total with lender approval. The facility matures on March 8, 2024, with an option to extend the maturity date an additional 364 days. This facility replaces the prior $1 billion 364-day credit facility agreement entered into on March 11, 2022, which matured on March 10, 2023. Based on the Company's current long-term senior unsecured debt ratings of AA- and A1 from Standard and Poor's Corporation and Moody's Investor Services, respectively, the interest rate charged on any outstanding borrowings would be the prevailing Term Secured Overnight Financing Rate (Term SOFR) for the applicable interest period plus 0.60%. The facility fee is 0.02% of the total undrawn commitment. As of April 6, 2023, no amounts were outstanding under this committed credit facility.
There have been no other changes to the credit lines reported in the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2022.
v3.23.1
INCOME TAXES
 9 Months Ended
Feb. 28, 2023
Income Tax Disclosure [Abstract]  
INCOME TAXES
NOTE 6 — INCOME TAXES
The effective tax rate was 18.5% and 12.7% for the nine months ended February 28, 2023 and 2022, respectively. The increase in the Company's effective tax rate was primarily due to a less favorable impact from stock-based compensation and a shift in the Company's earnings mix.
As of February 28, 2023, total gross unrecognized tax benefits, excluding related interest and penalties, were $941 million, $657 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, 2022, total gross unrecognized tax benefits, excluding related interest and penalties, were $848 million. As of February 28, 2023 and May 31, 2022, accrued interest and penalties related to uncertain tax positions were $282 million and $248 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 $30 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.
v3.23.1
STOCK-BASED COMPENSATION
 9 Months Ended
Feb. 28, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
STOCK-BASED COMPENSATION
NOTE 7 — STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION
The NIKE, Inc. Stock Incentive Plan (the “Stock Incentive Plan”) provides for the issuance of up to 798 million previously unissued shares of Class B Common Stock in connection with equity awards granted under the Stock Incentive Plan. The Stock Incentive Plan authorizes the grant of non-statutory stock options, incentive stock options, stock appreciation rights 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). Refer to Note 11 — Common Stock and Stock-Based Compensation of the Annual Report on Form 10-K for the fiscal year ended May 31, 2022 for additional information.
The following table summarizes the Company's total stock-based compensation expense recognized in Cost of sales or Operating overhead expense, as applicable: 
 THREE MONTHS ENDED FEBRUARY 28,NINE MONTHS ENDED FEBRUARY 28,
(Dollars in millions)
2023202220232022
Stock options(1)
$78 $75 $232 $221 
ESPPs20 15 53 44 
Restricted stock and restricted stock units(1)(2)
94 71 271 202 
TOTAL STOCK-BASED COMPENSATION EXPENSE$192 $161 $556 $467 
(1)Expense for stock options includes the expense associated with stock appreciation rights. Accelerated stock option expense is primarily recorded for employees meeting certain retirement eligibility requirements.
(2)Restricted stock units include RSUs and PSUs.
The income tax benefit related to stock-based compensation expense was $22 million and $34 million for the three months ended February 28, 2023 and 2022, respectively, and $44 million and $307 million for the nine months ended February 28, 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 nine months ended February 28, 2023 and 2022, computed as of the grant date using the Black-Scholes pricing model, was $31.31 and $37.53, respectively. The weighted average assumptions used to estimate these fair values were as follows:
 NINE MONTHS ENDED FEBRUARY 28,
20232022
Dividend yield0.9 %0.8 %
Expected volatility27.1 %24.9 %
Weighted average expected life (in years)5.85.8
Risk-free interest rate3.3 %0.9 %
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 February 28, 2023, the Company had $502 million of unrecognized compensation costs from stock options, net of estimated forfeitures, to be recognized in Cost of sales or Operating overhead expense, as applicable, over a weighted average remaining period of 2.6 years.
RESTRICTED STOCK AND RESTRICTED STOCK UNITS
The weighted average fair value per share of restricted stock and RSUs granted for the nine months ended February 28, 2023 and 2022, computed as of the grant date, was $110.27 and $158.94, respectively.
The weighted average fair value per share of PSUs granted for the nine months ended February 28, 2023 and 2022, computed as of the grant date, was $134.71 and $250.52, respectively.
As of February 28, 2023, the Company had $727 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 2.5 years.
v3.23.1
EARNINGS PER SHARE
 9 Months Ended
Feb. 28, 2023
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
NOTE 8 — EARNINGS PER SHARE
The following is a reconciliation from basic earnings per common share to diluted earnings per common share. The computations of diluted earnings per common share exclude restricted stock, restricted stock units and options, including shares under ESPPs, to purchase an estimated additional 29.5 million and 9.3 million shares of common stock outstanding for the three months ended February 28, 2023 and 2022, respectively, and 31.8 million and 9.4 million shares of common stock outstanding for the nine months ended February 28, 2023 and 2022, respectively, because the awards were assumed to be anti-dilutive.
 THREE MONTHS ENDED FEBRUARY 28,NINE MONTHS ENDED FEBRUARY 28,
(In millions, except per share data)
2023202220232022
Net income available to common stockholders$1,240 $1,396 $4,039 $4,607 
Determination of shares:
Weighted average common shares outstanding1,543.8 1,579.0 1,556.7 1,581.1 
Assumed conversion of dilutive stock options and awards21.0 31.7 17.7 34.7 
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING1,564.8 1,610.7 1,574.4 1,615.8 
Earnings per common share:
Basic$0.80 $0.88 $2.59 $2.91 
Diluted$0.79 $0.87 $2.57 $2.85 
v3.23.1
RISK MANAGEMENT AND DERIVATIVES
 9 Months Ended
Feb. 28, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
RISK MANAGEMENT AND DERIVATIVES
NOTE 9 — RISK MANAGEMENT AND DERIVATIVES
The Company is exposed to global market risks, including the effect of changes in foreign currency exchange rates and interest rates, and uses derivatives to manage financial exposures that occur in the normal course of business. As of and for the nine months ended February 28, 2023, there have been no material changes to the Company's hedging program or strategy from what was disclosed within the Annual Report on Form 10-K. For additional information about the Company's derivatives and hedging policies, refer to Note 1 — Summary of Significant Accounting Policies and Note 14 — Risk Management and Derivatives of the Annual Report on Form 10-K for the fiscal year ended May 31, 2022.
The majority of derivatives outstanding as of February 28, 2023, are designated as foreign currency cash flow hedges, primarily for Euro/U.S. Dollar, Chinese Yuan/U.S. Dollar, British Pound/Euro and Japanese Yen/U.S. Dollar currency pairs. All derivatives are recognized on the Unaudited Condensed Consolidated Balance Sheets at fair value and classified based on the instrument's maturity date.
The following tables present the fair values of derivative instruments included within the Unaudited Condensed Consolidated Balance Sheets:    
 DERIVATIVE ASSETS
BALANCE SHEET LOCATIONFEBRUARY 28,MAY 31,
(Dollars in millions)
20232022
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets$530 $639 
Foreign exchange forwards and optionsDeferred income taxes and other assets100 206 
Total derivatives formally designated as hedging instruments630 845 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets21 30 
Embedded derivativesPrepaid expenses and other current assets5 5 
Total derivatives not designated as hedging instruments26 35 
TOTAL DERIVATIVE ASSETS$656 $880 
DERIVATIVE LIABILITIES
BALANCE SHEET LOCATIONFEBRUARY 28,MAY 31,
(Dollars in millions)
20232022
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities$93 $37 
Foreign exchange forwards and optionsDeferred income taxes and other liabilities64 11 
Total derivatives formally designated as hedging instruments157 48 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities19 28 
Embedded derivativesAccrued liabilities2 1 
Total derivatives not designated as hedging instruments21 29 
TOTAL DERIVATIVE LIABILITIES$178 $77 
The following tables present the amounts in the Unaudited Condensed Consolidated Statements of Income in which the effects of cash flow hedges are recorded and the effects of cash flow hedge activity on these line items:
THREE MONTHS ENDED FEBRUARY 28,
20232022
(Dollars in millions)
TOTALAMOUNT OF GAIN (LOSS)
ON CASH FLOW
HEDGE ACTIVITY		TOTALAMOUNT OF GAIN (LOSS)
ON CASH FLOW
HEDGE ACTIVITY
Revenues$12,390 $14 $10,871 $(22)
Cost of sales7,019 182 5,804 17 
Demand creation expense923 (1)854 — 
Other (income) expense, net(58)90 (94)45 
Interest expense (income), net(7)(2)53 (2)
NINE MONTHS ENDED FEBRUARY 28,
20232022
(Dollars in millions)
TOTALAMOUNT OF GAIN (LOSS)
ON CASH FLOW
HEDGE ACTIVITY		TOTALAMOUNT OF GAIN (LOSS)
ON CASH FLOW
HEDGE ACTIVITY
Revenues$38,392 $9 $34,476 $(63)
Cost of sales21,695 464 18,500 (79)
Demand creation expense2,968 (4)2,789 1 
Other (income) expense, net(283)297 (235)56 
Interest expense (income), net22 (6)165 (5)
The following tables present the amounts affecting the Unaudited Condensed Consolidated Statements of Income:

(Dollars in millions)
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES(1)
AMOUNT OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE
INCOME (LOSS) INTO INCOME(1)
THREE MONTHS ENDED FEBRUARY 28,LOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME		THREE MONTHS ENDED FEBRUARY 28,
2023202220232022
Derivatives designated as cash flow hedges:
Foreign exchange forwards and options$30 $(37)Revenues$14 $(22)
Foreign exchange forwards and options(141)4 Cost of sales182 17 
Foreign exchange forwards and options1 — Demand creation expense(1)— 
Foreign exchange forwards and options(65)31 Other (income) expense, net90 45 
Interest rate swaps(2)
— — Interest expense (income), net(2)(2)
TOTAL DESIGNATED CASH FLOW HEDGES $(175)$(2)$283 $38 
(1)For the three months ended February 28, 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.

(Dollars in millions)
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES(1)
AMOUNT OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE
INCOME (LOSS) INTO INCOME(1)
NINE MONTHS ENDED FEBRUARY 28,LOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME		NINE MONTHS ENDED FEBRUARY 28,
2023202220232022
Derivatives designated as cash flow hedges:
Foreign exchange forwards and options$52 $(74)Revenues$9 $(63)
Foreign exchange forwards and options245 522 Cost of sales464 (79)
Foreign exchange forwards and options(2)(3)Demand creation expense(4)1 
Foreign exchange forwards and options181 304 Other (income) expense, net297 56 
Interest rate swaps(2)
— — Interest expense (income), net(6)(5)
TOTAL DESIGNATED CASH FLOW HEDGES $476 $749 $760 $(90)
(1)For the nine months ended February 28, 2023 and 2022, the amounts recorded in Other (income) expense, net as a result of the discontinuance of cash flow hedges because the forecasted transactions were no longer probable of occurring were immaterial.
(2)Gains and losses associated with terminated interest rate swaps, which were previously designated as cash flow hedges and recorded in Accumulated other comprehensive income (loss), will be released through Interest expense (income), net over the term of the issued debt.
AMOUNT OF GAIN (LOSS) RECOGNIZED
IN INCOME ON DERIVATIVES		LOCATION OF GAIN (LOSS)
RECOGNIZED IN INCOME
ON DERIVATIVES
THREE MONTHS ENDED FEBRUARY 28,NINE MONTHS ENDED FEBRUARY 28,
(Dollars in millions)
2023202220232022
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options$(12)$(20)$32 $12 Other (income) expense, net
Embedded derivatives(14)— 20 (9)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 $19.5 billion as of February 28, 2023. Approximately $495 million of deferred net gains (net of tax) on both outstanding and matured derivatives in Accumulated other comprehensive income (loss) as of February 28, 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 February 28, 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 and/or embedded derivative contracts. These undesignated instruments are recorded at fair value as a derivative asset or liability on the Unaudited Condensed Consolidated Balance Sheets with their corresponding change in fair value recognized in Other (income) expense, net, together with the remeasurement gain or loss from the hedged balance sheet position and/or embedded derivative contract. The total notional amount of outstanding undesignated derivative instruments was $4.7 billion as of February 28, 2023.
EMBEDDED DERIVATIVES
Embedded derivative contracts are treated as foreign currency forward contracts that are bifurcated from the related contract and recorded at fair value as a derivative asset or liability on the Unaudited Condensed Consolidated Balance Sheets with their corresponding change in fair value recognized in Other (income) expense, net, through the date the foreign currency fluctuations cease to exist.
As of February 28, 2023, the total notional amount of embedded derivatives outstanding was approximately $460 million.
CREDIT RISK
The Company's bilateral credit-related contingent features generally require the owing entity, either the Company or the derivative counterparty, to post collateral for the portion of the fair value in excess of $50 million should the fair value of outstanding derivatives per counterparty be greater than $50 million. Additionally, a certain level of decline in credit rating of either the Company or the counterparty could trigger collateral requirements. As of February 28, 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 $475 million. Accordingly, the Company was not required to post cash collateral as a result of these contingent features. Further, $100 million of collateral was received on the Company's derivative asset balance as of February 28, 2023. The Company considers the impact of the risk of counterparty default to be immaterial.
For additional information related to the Company's derivative financial instruments and collateral, refer to Note 4 — Fair Value Measurements.
v3.23.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 9 Months Ended
Feb. 28, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
NOTE 10 — ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The changes in Accumulated other comprehensive income (loss), net of tax, were as follows:
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at November 30, 2022$(392)$933 $115 $(97)$559 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
150 (179)— — (29)
Reclassifications to net income of previously deferred (gains) losses(3)
3 (254)— 23 (228)
Total other comprehensive income (loss)153 (433)— 23 (257)
Balance at February 28, 2023$(239)$500 $115 $(74)$302 
(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, $(4) million, $0 million, $1 million and $(3) million, respectively.
(3)Net of tax (benefit) expense of $0 million, $29 million, $0 million, $(9) million and $20 million, respectively.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at November 30, 2021$(281)$369 $115 $(58)$145 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
(6)4 — (7)(9)
Reclassifications to net income of previously deferred (gains) losses(3)
— (33)— (4)(37)
Total other comprehensive income (loss)(6)(29)— (11)(46)
Balance at February 28, 2022$(287)$340 $115 $(69)$99 
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of tax benefit (expense) of $0 million, $6 million, $0 million, $2 million and $8 million, respectively.
(3)Net of tax (benefit) expense of $0 million, $5 million, $0 million, $1 million and $6 million, respectively.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at May 31, 2022$(520)$779 $115 $(56)$318 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
(77)399 — (27)295 
Reclassifications to net income of previously deferred (gains) losses(3)
358 (678)— 9 (311)
Total other comprehensive income (loss)281 (279)— (18)(16)
Balance at February 28, 2023$(239)$500 $115 $(74)$302 
(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, $(77) million, $0 million, $8 million and $(69) million, respectively.
(3)Net of tax (benefit) expense of $(16) million, $82 million, $0 million, $(3) million and $63 million, respectively.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at May 31, 2021$2 $(435)$115 $(62)$(380)
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
(289)689 — 7 407 
Reclassifications to net income of previously deferred (gains) losses(3)
— 86 — (14)72 
Total other comprehensive income (loss)(289)775 — (7)479 
Balance at February 28, 2022$(287)$340 $115 $(69)$99 
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of tax benefit (expense) of $0 million, $(60) million, $0 million, $(2) million and $(62) million, respectively.
(3)Net of tax (benefit) expense of $0 million, $(4) million, $0 million, $5 million and $1 million, respectively.
The following table summarizes the reclassifications from Accumulated other comprehensive income (loss) to the Unaudited Condensed Consolidated Statements of Income:
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOMELOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME
THREE MONTHS ENDED FEBRUARY 28,NINE MONTHS ENDED FEBRUARY 28,
(Dollars in millions)
2023202220232022
Gains (losses) on foreign currency translation adjustment$(3)$— $(374)$— Other (income) expense, net
Total before tax(3)— (374)— 
Tax (expense) benefit— — 16 — 
Gain (loss) net of tax(3)— (358)— 
Gains (losses) on cash flow hedges:
Foreign exchange forwards and options$14 $(22)$9 $(63)Revenues
Foreign exchange forwards and options182 17 464 (79)Cost of sales
Foreign exchange forwards and options(1)— (4)1 Demand creation expense
Foreign exchange forwards and options90 45 297 56 Other (income) expense, net
Interest rate swaps(2)(2)(6)(5)Interest expense (income), net
Total before tax283 38 760 (90)
Tax (expense) benefit(29)(5)(82)4 
Gain (loss) net of tax254 33 678 (86)
Gains (losses) on other(32)5 (12)19 Other (income) expense, net
Total before tax(32)5 (12)19 
Tax (expense) benefit9 (1)3 (5)
Gain (loss) net of tax(23)4 (9)14 
Total net gain (loss) reclassified for the period$228 $37 $311 $(72)
v3.23.1
REVENUES
 9 Months Ended
Feb. 28, 2023
Revenue from Contract with Customer [Abstract]  
REVENUES
NOTE 11 — REVENUES
DISAGGREGATION OF REVENUES
The following tables present the Company's Revenues disaggregated by reportable operating segment, major product line and distribution channel:
THREE MONTHS ENDED FEBRUARY 28, 2023
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$3,322 $2,011 $1,496 $1,141 $— $7,970 $540 $— $8,510 
Apparel1,419 1,094 461 407 — 3,381 29 — 3,410 
Equipment172 141 37 53 — 403 6 — 409 
Other— — — — 12 12 37 12 61 
TOTAL REVENUES$4,913 $3,246 $1,994 $1,601 $12 $11,766 $612 $12 $12,390 
Revenues by:
Sales to Wholesale Customers$2,323 $2,061 $1,126 $913 $— $6,423 $323 $— $6,746 
Sales through Direct to Consumer2,590 1,185 868 688 — 5,331 252 — 5,583 
Other— — — — 12 12 37 12 61 
TOTAL REVENUES$4,913 $3,246 $1,994 $1,601 $12 $11,766 $612 $12 $12,390 

THREE MONTHS ENDED FEBRUARY 28, 2022
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$2,532 $1,569 $1,554 $1,005 $— $6,660 $503 $— $7,163 
Apparel1,207 1,083 548 394 — 3,232 29 — 3,261 
Equipment143 127 58 62 — 390 7 — 397 
Other— — — — 41 41 28 (19)50 
TOTAL REVENUES$3,882 $2,779 $2,160 $1,461 $41 $10,323 $567 $(19)$10,871 
Revenues by:
Sales to Wholesale Customers$1,769 $1,858 $1,241 $860 $— $5,728 $303 $— $6,031 
Sales through Direct to Consumer2,113 921 919 601 — 4,554 236 — 4,790 
Other— — — — 41 41 28 (19)50 
TOTAL REVENUES$3,882 $2,779 $2,160 $1,461 $41 $10,323 $567 $(19)$10,871 
NINE MONTHS ENDED FEBRUARY 28, 2023
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$11,090 $6,086 $4,099 $3,313 $— $24,588 $1,633 $— $26,221 
Apparel4,598 3,528 1,228 1,255 — 10,609 70 — 10,679 
Equipment565 454 111 167 — 1,297 21 — 1,318 
Other— — — — 44 44 117 13 174 
TOTAL REVENUES$16,253 $10,068 $5,438 $4,735 $44 $36,538 $1,841 $13 $38,392 
Revenues by:
Sales to Wholesale Customers$8,533 $6,506 $2,862 $2,792 $— $20,693 $971 $— $21,664 
Sales through Direct to Consumer7,720 3,562 2,576 1,943 — 15,801 753 — 16,554 
Other— — — — 44 44 117 13 174 
TOTAL REVENUES$16,253 $10,068 $5,438 $4,735 $44 $36,538 $1,841 $13 $38,392 

NINE MONTHS ENDED FEBRUARY 28, 2022
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$8,648 $5,358 $4,238 $2,914 $— $21,158 $1,555 $— $22,713 
Apparel4,117 3,444 1,588 1,181 — 10,330 87 — 10,417 
Equipment473 426 160 178 — 1,237 21 — 1,258 
Other— — — — 54 54 90 (56)88 
TOTAL REVENUES$13,238 $9,228 $5,986 $4,273 $54 $32,779 $1,753 $(56)$34,476 
Revenues by:
Sales to Wholesale Customers$6,774 $6,194 $3,251 $2,571 $— $18,790 $975 $— $19,765 
Sales through Direct to Consumer6,464 3,034 2,735 1,702 — 13,935 688 — 14,623 
Other— — — — 54 54 90 (56)88 
TOTAL REVENUES$13,238 $9,228 $5,986 $4,273 $54 $32,779 $1,753 $(56)$34,476 
For the three and nine months ended February 28, 2023 and 2022, Global Brand Divisions revenues included NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment. Converse Other revenues were primarily attributable to licensing businesses. Corporate revenues primarily consisted of foreign currency hedge gains and losses related to revenues generated by entities within the NIKE Brand geographic operating segments and Converse, but managed through the Company's central foreign exchange risk management program.
As of February 28, 2023 and May 31, 2022, 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.
v3.23.1
OPERATING SEGMENTS
 9 Months Ended
Feb. 28, 2023
Segment Reporting [Abstract]  
OPERATING SEGMENTS
NOTE 12 — OPERATING SEGMENTS
The Company's operating segments are evidence of the structure of the Company's internal organization. The NIKE Brand segments are defined by geographic regions for operations participating in NIKE Brand sales activity.
Each NIKE Brand geographic segment operates predominantly in one industry: the design, development, marketing and selling of athletic footwear, apparel and equipment. The Company's reportable operating segments for the NIKE Brand are: North America; Europe, Middle East & Africa (EMEA); Greater China; and Asia Pacific & Latin America (APLA), and include results for the NIKE and Jordan brands.
The Company's NIKE Direct operations are managed within each NIKE Brand geographic operating segment. Converse is also a reportable segment for the Company and operates in one industry: the design, marketing, licensing and selling of athletic lifestyle sneakers, apparel and accessories.
Global Brand Divisions is included within the NIKE Brand for presentation purposes to align with the way management views the Company. Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment. Global Brand Divisions costs represent demand creation and operating overhead expense that include product creation and design expenses centrally managed for the NIKE Brand, as well as, costs associated with NIKE Direct global digital operations and enterprise technology.
Corporate consists primarily of unallocated general and administrative expenses, including expenses associated with centrally managed departments; depreciation and amortization related to the Company's headquarters; unallocated insurance, benefit and compensation programs, including stock-based compensation; and certain foreign currency gains and losses, including certain hedge gains and losses.
The primary financial measure used by the Company to evaluate performance of individual operating segments is earnings before interest and taxes (EBIT), which represents Net income before Interest expense (income), net and Income tax expense in the Unaudited Condensed Consolidated Statements of Income.
As part of the Company's centrally managed foreign exchange risk management program, standard foreign currency rates are assigned twice per year to each NIKE Brand entity in the Company's geographic operating segments and to Converse. These rates are set approximately nine and twelve months in advance of the future selling seasons to which they relate (specifically, for each currency, one standard rate applies to the fall and holiday selling seasons and one standard rate applies to the spring and summer selling seasons) based on average market spot rates in the calendar month preceding the date they are established. Inventories and Cost of sales for geographic operating segments and Converse reflect the use of these standard rates to record non-functional currency product purchases in the entity's functional currency. Differences between assigned standard foreign currency rates and actual market rates are included in Corporate, together with foreign currency hedge gains and losses generated from the Company's centrally managed foreign exchange risk management program and other conversion gains and losses.
Accounts receivable, net, Inventories and Property, plant and equipment, net for operating segments are regularly reviewed by management and are therefore provided below.
 THREE MONTHS ENDED FEBRUARY 28,NINE MONTHS ENDED FEBRUARY 28,
(Dollars in millions)
2023202220232022
REVENUES
North America$4,913 $3,882 $16,253 $13,238 
Europe, Middle East & Africa3,246 2,779 10,068 9,228 
Greater China1,994 2,160 5,438 5,986 
Asia Pacific & Latin America1,601 1,461 4,735 4,273 
Global Brand Divisions12 41 44 54 
Total NIKE Brand11,766 10,323 36,538 32,779 
Converse612 567 1,841 1,753 
Corporate12 (19)13 (56)
TOTAL NIKE, INC. REVENUES$12,390 $10,871 $38,392 $34,476 
EARNINGS BEFORE INTEREST AND TAXES
North America$1,190 $967 $4,064 $3,636 
Europe, Middle East & Africa785 713 2,750 2,394 
Greater China702 784 1,754 2,054 
Asia Pacific & Latin America485 478 1,470 1,347 
Global Brand Divisions(1,160)(975)(3,573)(3,033)
Converse164 168 526 504 
Corporate(696)(412)(2,014)(1,460)
Interest expense (income), net(7)53 22 165 
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES$1,477 $1,670 $4,955 $5,277 
FEBRUARY 28,MAY 31,
(Dollars in millions)
20232022
ACCOUNTS RECEIVABLE, NET
North America$1,718 $1,850 
Europe, Middle East & Africa1,392 1,351 
Greater China294 406 
Asia Pacific & Latin America(1)
707 664 
Global Brand Divisions81 113 
Total NIKE Brand4,192 4,384 
Converse263 230 
Corporate58 53 
TOTAL ACCOUNTS RECEIVABLE, NET$4,513 $4,667 
INVENTORIES
North America$4,054 $4,098 
Europe, Middle East & Africa2,066 1,887 
Greater China1,060 1,044 
Asia Pacific & Latin America(1)
957 686 
Global Brand Divisions219 197 
Total NIKE Brand8,356 7,912 
Converse343 279 
Corporate206 229 
TOTAL INVENTORIES$8,905 $8,420 
FEBRUARY 28,MAY 31,
(Dollars in millions)
20232022
PROPERTY, PLANT AND EQUIPMENT, NET
North America$733 $639 
Europe, Middle East & Africa966 920 
Greater China293 303 
Asia Pacific & Latin America(1)
272 274 
Global Brand Divisions802 789 
Total NIKE Brand3,066 2,925 
Converse39 49 
Corporate1,834 1,817 
TOTAL PROPERTY, PLANT AND EQUIPMENT, NET$4,939 $4,791 
(1)Excludes assets held-for-sale as of May 31, 2022. See Note 14 — Acquisitions and Divestitures for additional information.
v3.23.1
CONTINGENCIES
 9 Months Ended
Feb. 28, 2023
Commitments and Contingencies Disclosure [Abstract]  
CONTINGENCIES
NOTE 13 — 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 the Belgian Customs 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. 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.
v3.23.1
ACQUISITIONS AND DIVESTITURES
 9 Months Ended
Feb. 28, 2023
Business Combination and Asset Acquisition [Abstract]  
ACQUISITIONS AND DIVESTITURES
NOTE 14 — ACQUISITIONS AND DIVESTITURES
During the fourth quarter of fiscal 2022, the Company entered into separate definitive agreements to sell its entities in Argentina and Uruguay, as well as its entity in Chile, to third-party distributors.
The sale of the Company’s entity in Chile to a third-party distributor was completed during the first quarter of fiscal 2023. The impacts from the transaction were not material to the Company’s Unaudited Condensed Consolidated Financial Statements.
The sale of the Company's entities in Argentina and Uruguay to a third-party distributor was completed during the second quarter of fiscal 2023 and the net loss on the sale of these entities totaled approximately $550 million. This loss included $389 million, recognized primarily in fiscal 2020, largely due to the anticipated release of the cumulative foreign currency translation losses. The remaining loss recognized in fiscal 2023 was due to the devaluation of local currency and cash equivalents included in the transferred assets. Upon completion of the sale, the foreign currency translation losses recorded in Accumulated other comprehensive income (loss) were reclassified to Net income within Other (income) expense, net, on the Unaudited Condensed Consolidated Statements of Comprehensive Income along with the allowance for previously recognized losses recorded in Accrued liabilities. The net loss was classified within Corporate.
The net cash proceeds received are reflected within Other investing activities on the Unaudited Condensed Consolidated Statements of Cash Flows.
The related assets and liabilities of these entities within the Company’s APLA operating segment were classified as held-for-sale on the Consolidated Balance Sheets within Prepaid expenses and other current assets and Accrued liabilities, respectively, until the transactions closed. As of May 31, 2022, held-for-sale assets were $182 million and held-for-sale liabilities were $58 million.
v3.23.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 9 Months Ended
Feb. 28, 2023
Accounting Policies [Abstract]  
BASIS OF PRESENTATION
BASIS OF PRESENTATION
The Unaudited Condensed Consolidated Financial Statements include the accounts of NIKE, Inc. and its subsidiaries (the “Company” or “NIKE”) and reflect all normal recurring adjustments which are, in the opinion of management, necessary for a fair statement of the results of operations for the interim period. The year-end Condensed Consolidated Balance Sheet data as of May 31, 2022, 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, 2022. The results of operations for the three and nine months ended February 28, 2023, are not necessarily indicative of results to be expected for the entire fiscal year.
The uncertain state of the global economy or worsening macroeconomic conditions could affect the Company’s business, including, among other things, potential impacts of inflation and rising interest rates on consumer behavior, higher inventory levels in various markets, higher inventory obsolescence reserves, higher promotional activity, reduced demand for product, reduced orders from wholesale customers for products and order cancellations. There could also be new or prolonged COVID-19 related restrictions or disruptions. Any of these factors, among others, could have material adverse impacts on the Company’s revenue growth as well as overall profitability in future periods.
RECENTLY ISSUED ACCOUNTING STANDARDS
RECENTLY ISSUED ACCOUNTING STANDARDS
In September 2022, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) ASU 2022-04, Liabilities – Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations, which enhances transparency surrounding the use of supplier finance programs. 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 years, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. The Company is currently evaluating the ASU to determine its impact on the Company’s disclosures.
FAIR VALUE MEASUREMENTS The Company measures certain financial assets and liabilities at fair value on a recurring basis, including derivatives, equity securities and available-for-sale debt securities.
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 and/or embedded derivative contracts. These undesignated instruments are recorded at fair value as a derivative asset or liability on the Unaudited Condensed Consolidated Balance Sheets with their corresponding change in fair value recognized in Other (income) expense, net, together with the remeasurement gain or loss from the hedged balance sheet position and/or embedded derivative contract.
EMBEDDED DERIVATIVES EMBEDDED DERIVATIVESEmbedded derivative contracts are treated as foreign currency forward contracts that are bifurcated from the related contract and recorded at fair value as a derivative asset or liability on the Unaudited Condensed Consolidated Balance Sheets with their corresponding change in fair value recognized in Other (income) expense, net, through the date the foreign currency fluctuations cease to exist.
v3.23.1
ACCRUED LIABILITIES (Tables)
 9 Months Ended
Feb. 28, 2023
Accrued Liabilities, Current [Abstract]  
Schedule of Accrued Liabilities
Accrued liabilities included the following:
FEBRUARY 28,MAY 31,
(Dollars in millions)20232022
Compensation and benefits, excluding taxes$1,445 $1,297 
Sales-related reserves1,0671,015 
Dividends payable531485 
Endorsement compensation498496 
Allowance for expected loss on sale(1)
—397 
Other2,0532,530
TOTAL ACCRUED LIABILITIES$5,594 $6,220 
(1) Refer to Note 14 — Acquisitions and Divestitures for additional information.
v3.23.1
FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended
Feb. 28, 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 February 28, 2023 and May 31, 2022, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
FEBRUARY 28, 2023
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$1,105 $1,105 $— 
Level 1:
U.S. Treasury securities3,185 1 3,184 
Level 2:
Commercial paper and bonds583 8 575 
Money market funds5,114 5,114 — 
Time deposits781 727 54 
U.S. Agency securities34 — 34 
Total Level 26,512 5,849 663 
TOTAL$10,802 $6,955 $3,847 
MAY 31, 2022
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$839 $839 $— 
Level 1:
U.S. Treasury securities3,801 8 3,793 
Level 2:
Commercial paper and bonds660 37 623 
Money market funds6,458 6,458 — 
Time deposits1,237 1,232 5 
U.S. Agency securities2 — 2 
Total Level 28,357 7,727 630 
TOTAL$12,997 $8,574 $4,423 
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following tables present information about the Company's derivative assets and liabilities measured at fair value on a recurring basis and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
FEBRUARY 28, 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)
$651 $551 $100 $176 $112 $64 
Embedded derivatives5 5 — 2 2 — 
TOTAL$656 $556 $100 $178 $114 $64 
(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 $175 million as of February 28, 2023. As of that date, the Company received $100 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 February 28, 2023.
MAY 31, 2022
DERIVATIVE ASSETSDERIVATIVE LIABILITIES
(Dollars in millions)
ASSETS AT FAIR VALUEOTHER CURRENT ASSETSOTHER LONG-TERM ASSETSLIABILITIES AT FAIR VALUEACCRUED LIABILITIESOTHER LONG-TERM LIABILITIES
Level 2:
Foreign exchange forwards and options(1)
$875 $669 $206 $76 $65 $11 
Embedded derivatives5 5 — 1 1 — 
TOTAL$880 $674 $206 $77 $66 $11 
(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 $76 million as of May 31, 2022. As of that date, the Company received $486 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, 2022
The following tables present the fair values of derivative instruments included within the Unaudited Condensed Consolidated Balance Sheets:    
 DERIVATIVE ASSETS
BALANCE SHEET LOCATIONFEBRUARY 28,MAY 31,
(Dollars in millions)
20232022
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets$530 $639 
Foreign exchange forwards and optionsDeferred income taxes and other assets100 206 
Total derivatives formally designated as hedging instruments630 845 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets21 30 
Embedded derivativesPrepaid expenses and other current assets5 5 
Total derivatives not designated as hedging instruments26 35 
TOTAL DERIVATIVE ASSETS$656 $880 
DERIVATIVE LIABILITIES
BALANCE SHEET LOCATIONFEBRUARY 28,MAY 31,
(Dollars in millions)
20232022
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities$93 $37 
Foreign exchange forwards and optionsDeferred income taxes and other liabilities64 11 
Total derivatives formally designated as hedging instruments157 48 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities19 28 
Embedded derivativesAccrued liabilities2 1 
Total derivatives not designated as hedging instruments21 29 
TOTAL DERIVATIVE LIABILITIES$178 $77 
v3.23.1
STOCK-BASED COMPENSATION (Tables)
 9 Months Ended
Feb. 28, 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 FEBRUARY 28,NINE MONTHS ENDED FEBRUARY 28,
(Dollars in millions)
2023202220232022
Stock options(1)
$78 $75 $232 $221 
ESPPs20 15 53 44 
Restricted stock and restricted stock units(1)(2)
94 71 271 202 
TOTAL STOCK-BASED COMPENSATION EXPENSE$192 $161 $556 $467 
(1)Expense for stock options includes the expense associated with stock appreciation rights. Accelerated stock option expense is primarily recorded for employees meeting certain retirement eligibility requirements.
(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:
 NINE MONTHS ENDED FEBRUARY 28,
20232022
Dividend yield0.9 %0.8 %
Expected volatility27.1 %24.9 %
Weighted average expected life (in years)5.85.8
Risk-free interest rate3.3 %0.9 %
v3.23.1
EARNINGS PER SHARE (Tables)
 9 Months Ended
Feb. 28, 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 29.5 million and 9.3 million shares of common stock outstanding for the three months ended February 28, 2023 and 2022, respectively, and 31.8 million and 9.4 million shares of common stock outstanding for the nine months ended February 28, 2023 and 2022, respectively, because the awards were assumed to be anti-dilutive.
 THREE MONTHS ENDED FEBRUARY 28,NINE MONTHS ENDED FEBRUARY 28,
(In millions, except per share data)
2023202220232022
Net income available to common stockholders$1,240 $1,396 $4,039 $4,607 
Determination of shares:
Weighted average common shares outstanding1,543.8 1,579.0 1,556.7 1,581.1 
Assumed conversion of dilutive stock options and awards21.0 31.7 17.7 34.7 
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING1,564.8 1,610.7 1,574.4 1,615.8 
Earnings per common share:
Basic$0.80 $0.88 $2.59 $2.91 
Diluted$0.79 $0.87 $2.57 $2.85 
v3.23.1
RISK MANAGEMENT AND DERIVATIVES (Tables)
 9 Months Ended
Feb. 28, 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:
FEBRUARY 28, 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)
$651 $551 $100 $176 $112 $64 
Embedded derivatives5 5 — 2 2 — 
TOTAL$656 $556 $100 $178 $114 $64 
(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 $175 million as of February 28, 2023. As of that date, the Company received $100 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 February 28, 2023.
MAY 31, 2022
DERIVATIVE ASSETSDERIVATIVE LIABILITIES
(Dollars in millions)
ASSETS AT FAIR VALUEOTHER CURRENT ASSETSOTHER LONG-TERM ASSETSLIABILITIES AT FAIR VALUEACCRUED LIABILITIESOTHER LONG-TERM LIABILITIES
Level 2:
Foreign exchange forwards and options(1)
$875 $669 $206 $76 $65 $11 
Embedded derivatives5 5 — 1 1 — 
TOTAL$880 $674 $206 $77 $66 $11 
(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 $76 million as of May 31, 2022. As of that date, the Company received $486 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, 2022
The following tables present the fair values of derivative instruments included within the Unaudited Condensed Consolidated Balance Sheets:    
 DERIVATIVE ASSETS
BALANCE SHEET LOCATIONFEBRUARY 28,MAY 31,
(Dollars in millions)
20232022
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets$530 $639 
Foreign exchange forwards and optionsDeferred income taxes and other assets100 206 
Total derivatives formally designated as hedging instruments630 845 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets21 30 
Embedded derivativesPrepaid expenses and other current assets5 5 
Total derivatives not designated as hedging instruments26 35 
TOTAL DERIVATIVE ASSETS$656 $880 
DERIVATIVE LIABILITIES
BALANCE SHEET LOCATIONFEBRUARY 28,MAY 31,
(Dollars in millions)
20232022
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities$93 $37 
Foreign exchange forwards and optionsDeferred income taxes and other liabilities64 11 
Total derivatives formally designated as hedging instruments157 48 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities19 28 
Embedded derivativesAccrued liabilities2 1 
Total derivatives not designated as hedging instruments21 29 
TOTAL DERIVATIVE LIABILITIES$178 $77 
Schedule of Derivative Instruments, Gain (Loss) In Statement of Income
The following tables present the amounts in the Unaudited Condensed Consolidated Statements of Income in which the effects of cash flow hedges are recorded and the effects of cash flow hedge activity on these line items:
THREE MONTHS ENDED FEBRUARY 28,
20232022
(Dollars in millions)
TOTALAMOUNT OF GAIN (LOSS)
ON CASH FLOW
HEDGE ACTIVITY		TOTALAMOUNT OF GAIN (LOSS)
ON CASH FLOW
HEDGE ACTIVITY
Revenues$12,390 $14 $10,871 $(22)
Cost of sales7,019 182 5,804 17 
Demand creation expense923 (1)854 — 
Other (income) expense, net(58)90 (94)45 
Interest expense (income), net(7)(2)53 (2)
NINE MONTHS ENDED FEBRUARY 28,
20232022
(Dollars in millions)
TOTALAMOUNT OF GAIN (LOSS)
ON CASH FLOW
HEDGE ACTIVITY		TOTALAMOUNT OF GAIN (LOSS)
ON CASH FLOW
HEDGE ACTIVITY
Revenues$38,392 $9 $34,476 $(63)
Cost of sales21,695 464 18,500 (79)
Demand creation expense2,968 (4)2,789 1 
Other (income) expense, net(283)297 (235)56 
Interest expense (income), net22 (6)165 (5)
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The following tables present the amounts affecting the Unaudited Condensed Consolidated Statements of Income:

(Dollars in millions)
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES(1)
AMOUNT OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE
INCOME (LOSS) INTO INCOME(1)
THREE MONTHS ENDED FEBRUARY 28,LOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME		THREE MONTHS ENDED FEBRUARY 28,
2023202220232022
Derivatives designated as cash flow hedges:
Foreign exchange forwards and options$30 $(37)Revenues$14 $(22)
Foreign exchange forwards and options(141)4 Cost of sales182 17 
Foreign exchange forwards and options1 — Demand creation expense(1)— 
Foreign exchange forwards and options(65)31 Other (income) expense, net90 45 
Interest rate swaps(2)
— — Interest expense (income), net(2)(2)
TOTAL DESIGNATED CASH FLOW HEDGES $(175)$(2)$283 $38 
(1)For the three months ended February 28, 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.

(Dollars in millions)
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES(1)
AMOUNT OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE
INCOME (LOSS) INTO INCOME(1)
NINE MONTHS ENDED FEBRUARY 28,LOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME		NINE MONTHS ENDED FEBRUARY 28,
2023202220232022
Derivatives designated as cash flow hedges:
Foreign exchange forwards and options$52 $(74)Revenues$9 $(63)
Foreign exchange forwards and options245 522 Cost of sales464 (79)
Foreign exchange forwards and options(2)(3)Demand creation expense(4)1 
Foreign exchange forwards and options181 304 Other (income) expense, net297 56 
Interest rate swaps(2)
— — Interest expense (income), net(6)(5)
TOTAL DESIGNATED CASH FLOW HEDGES $476 $749 $760 $(90)
(1)For the nine months ended February 28, 2023 and 2022, the amounts recorded in Other (income) expense, net as a result of the discontinuance of cash flow hedges because the forecasted transactions were no longer probable of occurring were immaterial.
(2)Gains and losses associated with terminated interest rate swaps, which were previously designated as cash flow hedges and recorded in Accumulated other comprehensive income (loss), will be released through Interest expense (income), net over the term of the issued debt.
AMOUNT OF GAIN (LOSS) RECOGNIZED
IN INCOME ON DERIVATIVES		LOCATION OF GAIN (LOSS)
RECOGNIZED IN INCOME
ON DERIVATIVES
THREE MONTHS ENDED FEBRUARY 28,NINE MONTHS ENDED FEBRUARY 28,
(Dollars in millions)
2023202220232022
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options$(12)$(20)$32 $12 Other (income) expense, net
Embedded derivatives(14)— 20 (9)Other (income) expense, net
v3.23.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)
 9 Months Ended
Feb. 28, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Accumulated Other Comprehensive Income
The changes in Accumulated other comprehensive income (loss), net of tax, were as follows:
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at November 30, 2022$(392)$933 $115 $(97)$559 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
150 (179)— — (29)
Reclassifications to net income of previously deferred (gains) losses(3)
3 (254)— 23 (228)
Total other comprehensive income (loss)153 (433)— 23 (257)
Balance at February 28, 2023$(239)$500 $115 $(74)$302 
(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, $(4) million, $0 million, $1 million and $(3) million, respectively.
(3)Net of tax (benefit) expense of $0 million, $29 million, $0 million, $(9) million and $20 million, respectively.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at November 30, 2021$(281)$369 $115 $(58)$145 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
(6)4 — (7)(9)
Reclassifications to net income of previously deferred (gains) losses(3)
— (33)— (4)(37)
Total other comprehensive income (loss)(6)(29)— (11)(46)
Balance at February 28, 2022$(287)$340 $115 $(69)$99 
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of tax benefit (expense) of $0 million, $6 million, $0 million, $2 million and $8 million, respectively.
(3)Net of tax (benefit) expense of $0 million, $5 million, $0 million, $1 million and $6 million, respectively.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at May 31, 2022$(520)$779 $115 $(56)$318 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
(77)399 — (27)295 
Reclassifications to net income of previously deferred (gains) losses(3)
358 (678)— 9 (311)
Total other comprehensive income (loss)281 (279)— (18)(16)
Balance at February 28, 2023$(239)$500 $115 $(74)$302 
(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, $(77) million, $0 million, $8 million and $(69) million, respectively.
(3)Net of tax (benefit) expense of $(16) million, $82 million, $0 million, $(3) million and $63 million, respectively.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at May 31, 2021$2 $(435)$115 $(62)$(380)
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
(289)689 — 7 407 
Reclassifications to net income of previously deferred (gains) losses(3)
— 86 — (14)72 
Total other comprehensive income (loss)(289)775 — (7)479 
Balance at February 28, 2022$(287)$340 $115 $(69)$99 
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of tax benefit (expense) of $0 million, $(60) million, $0 million, $(2) million and $(62) million, respectively.
(3)Net of tax (benefit) expense of $0 million, $(4) million, $0 million, $5 million and $1 million, respectively.
Reclassification Out of Accumulated Other Comprehensive Income
The following table summarizes the reclassifications from Accumulated other comprehensive income (loss) to the Unaudited Condensed Consolidated Statements of Income:
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOMELOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME
THREE MONTHS ENDED FEBRUARY 28,NINE MONTHS ENDED FEBRUARY 28,
(Dollars in millions)
2023202220232022
Gains (losses) on foreign currency translation adjustment$(3)$— $(374)$— Other (income) expense, net
Total before tax(3)— (374)— 
Tax (expense) benefit— — 16 — 
Gain (loss) net of tax(3)— (358)— 
Gains (losses) on cash flow hedges:
Foreign exchange forwards and options$14 $(22)$9 $(63)Revenues
Foreign exchange forwards and options182 17 464 (79)Cost of sales
Foreign exchange forwards and options(1)— (4)1 Demand creation expense
Foreign exchange forwards and options90 45 297 56 Other (income) expense, net
Interest rate swaps(2)(2)(6)(5)Interest expense (income), net
Total before tax283 38 760 (90)
Tax (expense) benefit(29)(5)(82)4 
Gain (loss) net of tax254 33 678 (86)
Gains (losses) on other(32)5 (12)19 Other (income) expense, net
Total before tax(32)5 (12)19 
Tax (expense) benefit9 (1)3 (5)
Gain (loss) net of tax(23)4 (9)14 
Total net gain (loss) reclassified for the period$228 $37 $311 $(72)
v3.23.1
REVENUES (Tables)
 9 Months Ended
Feb. 28, 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 FEBRUARY 28, 2023
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$3,322 $2,011 $1,496 $1,141 $— $7,970 $540 $— $8,510 
Apparel1,419 1,094 461 407 — 3,381 29 — 3,410 
Equipment172 141 37 53 — 403 6 — 409 
Other— — — — 12 12 37 12 61 
TOTAL REVENUES$4,913 $3,246 $1,994 $1,601 $12 $11,766 $612 $12 $12,390 
Revenues by:
Sales to Wholesale Customers$2,323 $2,061 $1,126 $913 $— $6,423 $323 $— $6,746 
Sales through Direct to Consumer2,590 1,185 868 688 — 5,331 252 — 5,583 
Other— — — — 12 12 37 12 61 
TOTAL REVENUES$4,913 $3,246 $1,994 $1,601 $12 $11,766 $612 $12 $12,390 

THREE MONTHS ENDED FEBRUARY 28, 2022
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$2,532 $1,569 $1,554 $1,005 $— $6,660 $503 $— $7,163 
Apparel1,207 1,083 548 394 — 3,232 29 — 3,261 
Equipment143 127 58 62 — 390 7 — 397 
Other— — — — 41 41 28 (19)50 
TOTAL REVENUES$3,882 $2,779 $2,160 $1,461 $41 $10,323 $567 $(19)$10,871 
Revenues by:
Sales to Wholesale Customers$1,769 $1,858 $1,241 $860 $— $5,728 $303 $— $6,031 
Sales through Direct to Consumer2,113 921 919 601 — 4,554 236 — 4,790 
Other— — — — 41 41 28 (19)50 
TOTAL REVENUES$3,882 $2,779 $2,160 $1,461 $41 $10,323 $567 $(19)$10,871 
NINE MONTHS ENDED FEBRUARY 28, 2023
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$11,090 $6,086 $4,099 $3,313 $— $24,588 $1,633 $— $26,221 
Apparel4,598 3,528 1,228 1,255 — 10,609 70 — 10,679 
Equipment565 454 111 167 — 1,297 21 — 1,318 
Other— — — — 44 44 117 13 174 
TOTAL REVENUES$16,253 $10,068 $5,438 $4,735 $44 $36,538 $1,841 $13 $38,392 
Revenues by:
Sales to Wholesale Customers$8,533 $6,506 $2,862 $2,792 $— $20,693 $971 $— $21,664 
Sales through Direct to Consumer7,720 3,562 2,576 1,943 — 15,801 753 — 16,554 
Other— — — — 44 44 117 13 174 
TOTAL REVENUES$16,253 $10,068 $5,438 $4,735 $44 $36,538 $1,841 $13 $38,392 

NINE MONTHS ENDED FEBRUARY 28, 2022
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$8,648 $5,358 $4,238 $2,914 $— $21,158 $1,555 $— $22,713 
Apparel4,117 3,444 1,588 1,181 — 10,330 87 — 10,417 
Equipment473 426 160 178 — 1,237 21 — 1,258 
Other— — — — 54 54 90 (56)88 
TOTAL REVENUES$13,238 $9,228 $5,986 $4,273 $54 $32,779 $1,753 $(56)$34,476 
Revenues by:
Sales to Wholesale Customers$6,774 $6,194 $3,251 $2,571 $— $18,790 $975 $— $19,765 
Sales through Direct to Consumer6,464 3,034 2,735 1,702 — 13,935 688 — 14,623 
Other— — — — 54 54 90 (56)88 
TOTAL REVENUES$13,238 $9,228 $5,986 $4,273 $54 $32,779 $1,753 $(56)$34,476 
v3.23.1
OPERATING SEGMENTS (Tables)
 9 Months Ended
Feb. 28, 2023
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment Accounts receivable, net, Inventories and Property, plant and equipment, net for operating segments are regularly reviewed by management and are therefore provided below.
 THREE MONTHS ENDED FEBRUARY 28,NINE MONTHS ENDED FEBRUARY 28,
(Dollars in millions)
2023202220232022
REVENUES
North America$4,913 $3,882 $16,253 $13,238 
Europe, Middle East & Africa3,246 2,779 10,068 9,228 
Greater China1,994 2,160 5,438 5,986 
Asia Pacific & Latin America1,601 1,461 4,735 4,273 
Global Brand Divisions12 41 44 54 
Total NIKE Brand11,766 10,323 36,538 32,779 
Converse612 567 1,841 1,753 
Corporate12 (19)13 (56)
TOTAL NIKE, INC. REVENUES$12,390 $10,871 $38,392 $34,476 
EARNINGS BEFORE INTEREST AND TAXES
North America$1,190 $967 $4,064 $3,636 
Europe, Middle East & Africa785 713 2,750 2,394 
Greater China702 784 1,754 2,054 
Asia Pacific & Latin America485 478 1,470 1,347 
Global Brand Divisions(1,160)(975)(3,573)(3,033)
Converse164 168 526 504 
Corporate(696)(412)(2,014)(1,460)
Interest expense (income), net(7)53 22 165 
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES$1,477 $1,670 $4,955 $5,277 
Reconciliation of Assets from Segment to Consolidated
FEBRUARY 28,MAY 31,
(Dollars in millions)
20232022
ACCOUNTS RECEIVABLE, NET
North America$1,718 $1,850 
Europe, Middle East & Africa1,392 1,351 
Greater China294 406 
Asia Pacific & Latin America(1)
707 664 
Global Brand Divisions81 113 
Total NIKE Brand4,192 4,384 
Converse263 230 
Corporate58 53 
TOTAL ACCOUNTS RECEIVABLE, NET$4,513 $4,667 
INVENTORIES
North America$4,054 $4,098 
Europe, Middle East & Africa2,066 1,887 
Greater China1,060 1,044 
Asia Pacific & Latin America(1)
957 686 
Global Brand Divisions219 197 
Total NIKE Brand8,356 7,912 
Converse343 279 
Corporate206 229 
TOTAL INVENTORIES$8,905 $8,420 
FEBRUARY 28,MAY 31,
(Dollars in millions)
20232022
PROPERTY, PLANT AND EQUIPMENT, NET
North America$733 $639 
Europe, Middle East & Africa966 920 
Greater China293 303 
Asia Pacific & Latin America(1)
272 274 
Global Brand Divisions802 789 
Total NIKE Brand3,066 2,925 
Converse39 49 
Corporate1,834 1,817 
TOTAL PROPERTY, PLANT AND EQUIPMENT, NET$4,939 $4,791 
(1)Excludes assets held-for-sale as of May 31, 2022. See Note 14 — Acquisitions and Divestitures for additional information.
v3.23.1
INVENTORIES (Detail) - USD ($)
$ in Millions
Feb. 28, 2023
May 31, 2022
Inventory Disclosure [Abstract]    
Inventories $ 8,905 $ 8,420
v3.23.1
ACCRUED LIABILITIES (Detail) - USD ($)
$ in Millions
Feb. 28, 2023
May 31, 2022
Accrued Liabilities, Current [Abstract]    
Compensation and benefits, excluding taxes $ 1,445 $ 1,297
Sales-related reserves 1,067 1,015
Dividends payable 531 485
Endorsement compensation 498 496
Allowance for expected loss on sale 0 397
Other 2,053 2,530
Accrued liabilities $ 5,594 $ 6,220
v3.23.1
FAIR VALUE MEASUREMENTS - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($)
$ in Millions
Feb. 28, 2023
May 31, 2022
Assets, Fair Value Disclosure [Abstract]    
SHORT-TERM INVESTMENTS $ 3,847 $ 4,423
Fair Value, Measurements, Recurring    
Assets, Fair Value Disclosure [Abstract]    
Cash 1,105 839
ASSETS AT FAIR VALUE 10,802 12,997
CASH AND EQUIVALENTS 6,955 8,574
SHORT-TERM INVESTMENTS 3,847 4,423
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | U.S. Treasury securities    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 3,185 3,801
CASH AND EQUIVALENTS 1 8
SHORT-TERM INVESTMENTS 3,184 3,793
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 6,512 8,357
CASH AND EQUIVALENTS 5,849 7,727
SHORT-TERM INVESTMENTS 663 630
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Commercial paper and bonds    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 583 660
CASH AND EQUIVALENTS 8 37
SHORT-TERM INVESTMENTS 575 623
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Money market funds    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 5,114 6,458
CASH AND EQUIVALENTS 5,114 6,458
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 781 1,237
CASH AND EQUIVALENTS 727 1,232
SHORT-TERM INVESTMENTS 54 5
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | U.S. Agency securities    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 34 2
CASH AND EQUIVALENTS 0 0
SHORT-TERM INVESTMENTS $ 34 $ 2
v3.23.1
FAIR VALUE MEASUREMENTS - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2023
Feb. 28, 2022
Feb. 28, 2023
Feb. 28, 2022
May 31, 2022
Fair Value Disclosures [Abstract]          
Available-for-sale securities with maturity dates within one year from purchase date $ 3,089   $ 3,089    
Available-for-sale securities with maturity dates over one year and less than five years from purchase date 758   758    
Interest income related to cash and equivalents and short-term investments 83 $ 22 196 $ 57  
Fair value of long term debt $ 8,241   $ 8,241   $ 8,933
v3.23.1
FAIR VALUE MEASUREMENTS - Derivative Assets and Liabilities at Fair Value (Detail) - USD ($)
$ in Millions
Feb. 28, 2023
May 31, 2022
Fair Value, Measurements, Recurring | Foreign exchange forwards and options    
Derivatives, Fair Value [Line Items]    
Reduction in derivative liabilities if netted $ 175 $ 76
Reduction in derivative assets if netted 175 76
Cash and Cash Equivalents    
Derivatives, Fair Value [Line Items]    
Sales-related reserves 100  
Cash and Cash Equivalents | Foreign exchange forwards and options    
Derivatives, Fair Value [Line Items]    
Sales-related reserves 100 486
Fair value of derivative liability collateral 0 0
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring    
Derivatives, Fair Value [Line Items]    
ASSETS AT FAIR VALUE 656 880
OTHER CURRENT ASSETS 556 674
OTHER LONG-TERM ASSETS 100 206
LIABILITIES AT FAIR VALUE 178 77
ACCRUED LIABILITIES 114 66
OTHER LONG-TERM LIABILITIES 64 11
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Foreign exchange forwards and options    
Derivatives, Fair Value [Line Items]    
ASSETS AT FAIR VALUE 651 875
OTHER CURRENT ASSETS 551 669
OTHER LONG-TERM ASSETS 100 206
LIABILITIES AT FAIR VALUE 176 76
ACCRUED LIABILITIES 112 65
OTHER LONG-TERM LIABILITIES 64 11
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Embedded derivatives    
Derivatives, Fair Value [Line Items]    
ASSETS AT FAIR VALUE 5 5
OTHER CURRENT ASSETS 5 5
OTHER LONG-TERM ASSETS 0 0
LIABILITIES AT FAIR VALUE 2 1
ACCRUED LIABILITIES 2 1
OTHER LONG-TERM LIABILITIES $ 0 $ 0
v3.23.1
SHORT-TERM BORROWINGS AND CREDIT LINES (Detail) - USD ($)
Mar. 10, 2023
Mar. 11, 2022
Apr. 06, 2023
Feb. 28, 2023
May 31, 2022
Short-term Debt [Line Items]          
Borrowings outstanding       $ 14,000,000 $ 10,000,000
Commercial paper          
Short-term Debt [Line Items]          
Borrowings outstanding       0 $ 0
Borrowing capacity       $ 3,000,000,000  
Line of Credit | Revolving Credit Facility          
Short-term Debt [Line Items]          
Borrowing capacity   $ 1,000,000,000      
Debt instrument, term   364 days      
Line of Credit | Revolving Credit Facility | Subsequent Event          
Short-term Debt [Line Items]          
Line of credit facility, amount outstanding     $ 0    
Borrowing capacity $ 1,000,000,000        
Debt instrument, term 364 days        
Extension term 364 days        
Revolving credit facility, fee 0.02%        
Line of Credit | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Subsequent Event          
Short-term Debt [Line Items]          
Basis spread on variable rate, above LIBOR 0.60%        
Line of Credit | Revolving Credit Facility, Option To Increase Upon Lender Approval | Subsequent Event          
Short-term Debt [Line Items]          
Borrowing capacity $ 1,500,000,000        
v3.23.1
INCOME TAXES (Detail) - USD ($)
$ in Millions
 9 Months Ended
Feb. 28, 2023
Feb. 28, 2022
May 31, 2022
Income Tax Disclosure [Abstract]      
Federal income tax rate 18.50% 12.70%  
Total gross unrecognized tax benefits, excluding related interest and penalties $ 941   $ 848
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 657    
Accrued interest and penalties related to uncertain tax positions (excluding federal benefit) 282   $ 248
Estimated decrease in total gross unrecognized tax benefits as a result of resolutions of global tax examinations and expiration of applicable statutes of limitations $ 30    
v3.23.1
STOCK-BASED COMPENSATION - Total Stock-Based Compensation Expense (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2023
Feb. 28, 2022
Feb. 28, 2023
Feb. 28, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Tax benefit related to stock-based compensation expense $ 22 $ 34 $ 44 $ 307
Class B Common Stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock-based compensation expense $ 192 161 $ 556 467
Stock Incentive Plan | Class B Common Stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Shares available for grant (in shares) 798,000,000   798,000,000  
Stock options | Class B Common Stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock-based compensation expense $ 78 75 $ 232 221
ESPPs | Class B Common Stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock-based compensation expense 20 15 53 44
Restricted stock and restricted stock units | Class B Common Stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock-based compensation expense $ 94 $ 71 $ 271 $ 202
v3.23.1
STOCK-BASED COMPENSATION - Weighted Average Assumptions Used to Estimate Fair Values (Detail) - USD ($)
$ / shares in Units, $ in Millions
 9 Months Ended
Feb. 28, 2023
Feb. 28, 2022
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) $ 31.31 $ 37.53
Dividend yield 0.90% 0.80%
Expected volatility 27.10% 24.90%
Weighted average expected life 5 years 9 months 18 days 5 years 9 months 18 days
Risk-free interest rate 3.30% 0.90%
Stock Incentive Plan | Stock options    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unrecognized compensation costs from stock options $ 502  
Unrecognized compensation costs from stock options, net of estimated forfeitures, to be recognized as operating overhead expense over a weighted average period 2 years 7 months 6 days  
Class B Common Stock | Stock Incentive Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Minimum term of market traded options for estimates of expected volatility 1 year  
v3.23.1
STOCK-BASED COMPENSATION - Restricted Stock and Restricted Stock Units (Details) - USD ($)
$ / shares in Units, $ in Millions
 9 Months Ended
Feb. 28, 2023
Feb. 28, 2022
Restricted Stock And Time-Vesting Restricted Stock Units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Weighted average grant date fair value (in dollars per share) $ 110.27 $ 158.94
Performance Based Restricted Stock (PSUs)    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Weighted average grant date fair value (in dollars per share) $ 134.71 $ 250.52
Restricted stock and restricted stock units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unrecognized compensation costs from restricted stock, net of estimated forfeitures $ 727  
Unrecognized compensation costs from stock options, net of estimated forfeitures, to be recognized as operating overhead expense over a weighted average period 2 years 6 months  
v3.23.1
EARNINGS PER SHARE - Additional Information (Detail) - shares
shares in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2023
Feb. 28, 2022
Feb. 28, 2023
Feb. 28, 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) 29.5 9.3 31.8 9.4
v3.23.1
EARNINGS PER SHARE - Reconciliation from Basic Earnings Per Share to Diluted Earnings Per Share (Detail) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2023
Feb. 28, 2022
Feb. 28, 2023
Feb. 28, 2022
Earnings Per Share [Abstract]        
Net income available to common stockholders $ 1,240 $ 1,396 $ 4,039 $ 4,607
Determination of shares:        
Weighted average common shares outstanding (in shares) 1,543.8 1,579.0 1,556.7 1,581.1
Assumed conversion of dilutive stock options and awards (in shares) 21.0 31.7 17.7 34.7
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (in shares) 1,564.8 1,610.7 1,574.4 1,615.8
Earnings per common share:        
Basic (in dollars per share) $ 0.80 $ 0.88 $ 2.59 $ 2.91
Diluted (in dollars per share) $ 0.79 $ 0.87 $ 2.57 $ 2.85
v3.23.1
RISK MANAGEMENT AND DERIVATIVES - Additional Information (Detail)
 9 Months Ended
Feb. 28, 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 $ 495,000,000
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 475,000,000
Cash and Cash Equivalents  
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Sales-related reserves 100,000,000
Not designated as derivative instrument  
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Total notional amount of outstanding derivatives 4,700,000,000
Embedded derivatives  
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Total notional amount of outstanding derivatives $ 460,000,000
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 $ 19,500,000,000
v3.23.1
RISK MANAGEMENT AND DERIVATIVES - FV of Derivative Instruments Included within Consolidated Balance Sheet (Detail) - USD ($)
$ in Millions
Feb. 28, 2023
May 31, 2022
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS $ 656 $ 880
DERIVATIVE LIABILITIES 178 77
Derivatives formally designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 630 845
DERIVATIVE LIABILITIES 157 48
Derivatives formally designated as hedging instruments | Foreign exchange forwards and options | Prepaid expenses and other current assets    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 530 639
Derivatives formally designated as hedging instruments | Foreign exchange forwards and options | Deferred income taxes and other assets    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 100 206
Derivatives formally designated as hedging instruments | Foreign exchange forwards and options | Accrued liabilities    
Derivatives, Fair Value [Line Items]    
DERIVATIVE LIABILITIES 93 37
Derivatives formally designated as hedging instruments | Foreign exchange forwards and options | Deferred income taxes and other liabilities    
Derivatives, Fair Value [Line Items]    
DERIVATIVE LIABILITIES 64 11
Derivatives not designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 26 35
DERIVATIVE LIABILITIES 21 29
Derivatives not designated as hedging instruments | Foreign exchange forwards and options | Prepaid expenses and other current assets    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 21 30
Derivatives not designated as hedging instruments | Foreign exchange forwards and options | Accrued liabilities    
Derivatives, Fair Value [Line Items]    
DERIVATIVE LIABILITIES 19 28
Derivatives not designated as hedging instruments | Embedded derivatives | Prepaid expenses and other current assets    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 5 5
Derivatives not designated as hedging instruments | Embedded derivatives | Accrued liabilities    
Derivatives, Fair Value [Line Items]    
DERIVATIVE LIABILITIES $ 2 $ 1
v3.23.1
RISK MANAGEMENT AND DERIVATIVES - Effects Of Cash Flow Hedges in Statement of Income (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2023
Feb. 28, 2022
Feb. 28, 2023
Feb. 28, 2022
Derivative Instruments, Gain (Loss) [Line Items]        
Revenues $ 12,390 $ 10,871 $ 38,392 $ 34,476
Cost of sales 7,019 5,804 21,695 18,500
Demand creation expense 923 854 2,968 2,789
Other (income) expense, net (58) (94) (283) (235)
Interest expense (income), net (7) 53 22 165
Cash Flow Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
AMOUNT OF GAIN (LOSS) ON CASH FLOW HEDGE ACTIVITY 283 38 760 (90)
Foreign exchange forwards and options | Revenues | Cash Flow Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
AMOUNT OF GAIN (LOSS) ON CASH FLOW HEDGE ACTIVITY 14 (22) 9 (63)
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 182 17 464 (79)
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 (1) 0 (4) 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 90 45 297 56
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) $ (6) $ (5)
v3.23.1
RISK MANAGEMENT AND DERIVATIVES - Amounts Affecting Consolidated Statements of Income (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2023
Feb. 28, 2022
Feb. 28, 2023
Feb. 28, 2022
Foreign exchange forwards and options        
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 Other (income) expense, net Other (income) expense, net
Foreign exchange forwards and options | Derivatives not designated as hedging instruments        
Derivative Instruments, Gain (Loss) [Line Items]        
AMOUNT OF GAIN (LOSS) RECOGNIZED 
IN INCOME ON DERIVATIVES $ (12) $ (20) $ 32 $ 12
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 Other (income) expense, net Other (income) expense, net
Embedded derivatives | Derivatives not designated as hedging instruments        
Derivative Instruments, Gain (Loss) [Line Items]        
AMOUNT OF GAIN (LOSS) RECOGNIZED 
IN INCOME ON DERIVATIVES $ (14) $ 0 $ 20 $ (9)
Derivatives designated as cash flow hedges        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives (175) (2) 476 749
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income 283 38 760 (90)
Derivatives designated as cash flow hedges | Foreign exchange forwards and options | Revenues        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives 30 (37) 52 (74)
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income 14 (22) 9 (63)
Derivatives designated as cash flow hedges | Foreign exchange forwards and options | Cost of sales        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives (141) 4 245 522
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income 182 17 464 (79)
Derivatives designated as cash flow hedges | Foreign exchange forwards and options | Demand creation expense        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives 1 0 (2) (3)
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income (1) 0 (4) 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 on Derivatives (65) 31 181 304
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income 90 45 297 56
Derivatives designated as cash flow hedges | Interest rate swaps | Interest expense (income), net        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives 0 0 0 0
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income $ (2) $ (2) $ (6) $ (5)
v3.23.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Changes in AOCI (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2023
Feb. 28, 2022
Feb. 28, 2023
Feb. 28, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance $ 15,272 $ 14,924 $ 15,281 $ 12,767
Other comprehensive income (loss):        
Other comprehensive gains (losses) before reclassifications (29) (9) 295 407
Reclassifications to net income of previously deferred (gains) losses (228) (37) (311) 72
Total other comprehensive income (loss), net of tax (257) (46) (16) 479
Ending balance 14,531 14,809 14,531 14,809
Other comprehensive income, before reclassification, tax benefit (expense) (3) 8 (69) (62)
Reclassification from AOCI, current period, tax expense (benefit) 20 6 63 1
TOTAL        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance 559 145 318 (380)
Other comprehensive income (loss):        
Ending balance 302 99 302 99
Gains (losses) on foreign currency translation adjustment        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance (392) (281) (520) 2
Other comprehensive income (loss):        
Other comprehensive gains (losses) before reclassifications 150 (6) (77) (289)
Reclassifications to net income of previously deferred (gains) losses 3 0 358 0
Total other comprehensive income (loss), net of tax 153 (6) 281 (289)
Ending balance (239) (287) (239) (287)
Other comprehensive income, before reclassification, tax benefit (expense) 0 0 0 0
Reclassification from AOCI, current period, tax expense (benefit) 0 0 (16) 0
CASH FLOW HEDGES        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance 933 369 779 (435)
Other comprehensive income (loss):        
Other comprehensive gains (losses) before reclassifications (179) 4 399 689
Reclassifications to net income of previously deferred (gains) losses (254) (33) (678) 86
Total other comprehensive income (loss), net of tax (433) (29) (279) 775
Ending balance 500 340 500 340
Other comprehensive income, before reclassification, tax benefit (expense) (4) 6 (77) (60)
Reclassification from AOCI, current period, tax expense (benefit) 29 5 82 (4)
NET INVESTMENT HEDGES        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance 115 115 115 115
Other comprehensive income (loss):        
Other comprehensive gains (losses) before reclassifications 0 0 0 0
Reclassifications to net income of previously deferred (gains) losses 0 0 0 0
Total other comprehensive income (loss), net of tax 0 0 0 0
Ending balance 115 115 115 115
Other comprehensive income, before reclassification, tax benefit (expense) 0 0 0 0
Reclassification from AOCI, current period, tax expense (benefit) 0 0 0 0
OTHER        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance (97) (58) (56) (62)
Other comprehensive income (loss):        
Other comprehensive gains (losses) before reclassifications 0 (7) (27) 7
Reclassifications to net income of previously deferred (gains) losses 23 (4) 9 (14)
Total other comprehensive income (loss), net of tax 23 (11) (18) (7)
Ending balance (74) (69) (74) (69)
Other comprehensive income, before reclassification, tax benefit (expense) 1 2 8 (2)
Reclassification from AOCI, current period, tax expense (benefit) $ (9) $ 1 $ (3) $ 5
v3.23.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Reclassification out of AOCI (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2023
Feb. 28, 2022
Feb. 28, 2023
Feb. 28, 2022
Reclassification out of Accumulated Other Comprehensive Income [Line Items]        
Other (income) expense, net $ 58 $ 94 $ 283 $ 235
Revenues 12,390 10,871 38,392 34,476
Cost of sales (7,019) (5,804) (21,695) (18,500)
Demand creation expense (923) (854) (2,968) (2,789)
Interest expense (income), net 7 (53) (22) (165)
Income before income taxes 1,477 1,670 4,955 5,277
Tax (expense) benefit (237) (274) (916) (670)
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 228 37 311 (72)
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 (3) 0 (374) 0
Income before income taxes (3) 0 (374) 0
Tax (expense) benefit 0 0 16 0
Total net gain (loss) reclassified for the period (3) 0 (358) 0
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 90 45 297 56
Revenues 14 (22) 9 (63)
Cost of sales 182 17 464 (79)
Demand creation expense (1) 0 (4) 1
Interest expense (income), net (2) (2) (6) (5)
Income before income taxes 283 38 760 (90)
Tax (expense) benefit (29) (5) (82) 4
Total net gain (loss) reclassified for the period 254 33 678 (86)
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 (32) 5 (12) 19
Income before income taxes (32) 5 (12) 19
Tax (expense) benefit 9 (1) 3 (5)
Total net gain (loss) reclassified for the period $ (23) $ 4 $ (9) $ 14
v3.23.1
REVENUES (Details) - USD ($)
 3 Months Ended 9 Months Ended
Feb. 28, 2023
Feb. 28, 2022
Feb. 28, 2023
Feb. 28, 2022
May 31, 2022
Disaggregation of Revenue [Line Items]          
Revenues $ 12,390,000,000 $ 10,871,000,000 $ 38,392,000,000 $ 34,476,000,000  
Contract asset 0   0   $ 0
Sales to Wholesale Customers          
Disaggregation of Revenue [Line Items]          
Revenues 6,746,000,000 6,031,000,000 21,664,000,000 19,765,000,000  
Sales through Direct to Consumer          
Disaggregation of Revenue [Line Items]          
Revenues 5,583,000,000 4,790,000,000 16,554,000,000 14,623,000,000  
Other          
Disaggregation of Revenue [Line Items]          
Revenues 61,000,000 50,000,000 174,000,000 88,000,000  
Footwear          
Disaggregation of Revenue [Line Items]          
Revenues 8,510,000,000 7,163,000,000 26,221,000,000 22,713,000,000  
Apparel          
Disaggregation of Revenue [Line Items]          
Revenues 3,410,000,000 3,261,000,000 10,679,000,000 10,417,000,000  
Equipment          
Disaggregation of Revenue [Line Items]          
Revenues 409,000,000 397,000,000 1,318,000,000 1,258,000,000  
Other          
Disaggregation of Revenue [Line Items]          
Revenues 61,000,000 50,000,000 174,000,000 88,000,000  
Operating Segments | NIKE Brand          
Disaggregation of Revenue [Line Items]          
Revenues 11,766,000,000 10,323,000,000 36,538,000,000 32,779,000,000  
Operating Segments | NIKE Brand | Sales to Wholesale Customers          
Disaggregation of Revenue [Line Items]          
Revenues 6,423,000,000 5,728,000,000 20,693,000,000 18,790,000,000  
Operating Segments | NIKE Brand | Sales through Direct to Consumer          
Disaggregation of Revenue [Line Items]          
Revenues 5,331,000,000 4,554,000,000 15,801,000,000 13,935,000,000  
Operating Segments | NIKE Brand | Other          
Disaggregation of Revenue [Line Items]          
Revenues 12,000,000 41,000,000 44,000,000 54,000,000  
Operating Segments | NIKE Brand | Footwear          
Disaggregation of Revenue [Line Items]          
Revenues 7,970,000,000 6,660,000,000 24,588,000,000 21,158,000,000  
Operating Segments | NIKE Brand | Apparel          
Disaggregation of Revenue [Line Items]          
Revenues 3,381,000,000 3,232,000,000 10,609,000,000 10,330,000,000  
Operating Segments | NIKE Brand | Equipment          
Disaggregation of Revenue [Line Items]          
Revenues 403,000,000 390,000,000 1,297,000,000 1,237,000,000  
Operating Segments | NIKE Brand | Other          
Disaggregation of Revenue [Line Items]          
Revenues 12,000,000 41,000,000 44,000,000 54,000,000  
Operating Segments | CONVERSE          
Disaggregation of Revenue [Line Items]          
Revenues 612,000,000 567,000,000 1,841,000,000 1,753,000,000  
Operating Segments | CONVERSE | Sales to Wholesale Customers          
Disaggregation of Revenue [Line Items]          
Revenues 323,000,000 303,000,000 971,000,000 975,000,000  
Operating Segments | CONVERSE | Sales through Direct to Consumer          
Disaggregation of Revenue [Line Items]          
Revenues 252,000,000 236,000,000 753,000,000 688,000,000  
Operating Segments | CONVERSE | Other          
Disaggregation of Revenue [Line Items]          
Revenues 37,000,000 28,000,000 117,000,000 90,000,000  
Operating Segments | CONVERSE | Footwear          
Disaggregation of Revenue [Line Items]          
Revenues 540,000,000 503,000,000 1,633,000,000 1,555,000,000  
Operating Segments | CONVERSE | Apparel          
Disaggregation of Revenue [Line Items]          
Revenues 29,000,000 29,000,000 70,000,000 87,000,000  
Operating Segments | CONVERSE | Equipment          
Disaggregation of Revenue [Line Items]          
Revenues 6,000,000 7,000,000 21,000,000 21,000,000  
Operating Segments | CONVERSE | Other          
Disaggregation of Revenue [Line Items]          
Revenues 37,000,000 28,000,000 117,000,000 90,000,000  
Global Brand Divisions          
Disaggregation of Revenue [Line Items]          
Revenues 12,000,000 41,000,000 44,000,000 54,000,000  
Global Brand Divisions | Other          
Disaggregation of Revenue [Line Items]          
Revenues 12,000,000 41,000,000 44,000,000 54,000,000  
Global Brand Divisions | Other          
Disaggregation of Revenue [Line Items]          
Revenues 12,000,000 41,000,000 44,000,000 54,000,000  
Corporate          
Disaggregation of Revenue [Line Items]          
Revenues 12,000,000 (19,000,000) 13,000,000 (56,000,000)  
Corporate | Other          
Disaggregation of Revenue [Line Items]          
Revenues 12,000,000 (19,000,000) 13,000,000 (56,000,000)  
Corporate | Other          
Disaggregation of Revenue [Line Items]          
Revenues 12,000,000 (19,000,000) 13,000,000 (56,000,000)  
NORTH AMERICA | Operating Segments | NIKE Brand          
Disaggregation of Revenue [Line Items]          
Revenues 4,913,000,000 3,882,000,000 16,253,000,000 13,238,000,000  
NORTH AMERICA | Operating Segments | NIKE Brand | Sales to Wholesale Customers          
Disaggregation of Revenue [Line Items]          
Revenues 2,323,000,000 1,769,000,000 8,533,000,000 6,774,000,000  
NORTH AMERICA | Operating Segments | NIKE Brand | Sales through Direct to Consumer          
Disaggregation of Revenue [Line Items]          
Revenues 2,590,000,000 2,113,000,000 7,720,000,000 6,464,000,000  
NORTH AMERICA | Operating Segments | NIKE Brand | Other          
Disaggregation of Revenue [Line Items]          
Revenues 0 0 0 0  
NORTH AMERICA | Operating Segments | NIKE Brand | Footwear          
Disaggregation of Revenue [Line Items]          
Revenues 3,322,000,000 2,532,000,000 11,090,000,000 8,648,000,000  
NORTH AMERICA | Operating Segments | NIKE Brand | Apparel          
Disaggregation of Revenue [Line Items]          
Revenues 1,419,000,000 1,207,000,000 4,598,000,000 4,117,000,000  
NORTH AMERICA | Operating Segments | NIKE Brand | Equipment          
Disaggregation of Revenue [Line Items]          
Revenues 172,000,000 143,000,000 565,000,000 473,000,000  
NORTH AMERICA | Operating Segments | NIKE Brand | Other          
Disaggregation of Revenue [Line Items]          
Revenues 0 0 0 0  
EUROPE, MIDDLE EAST & AFRICA | Operating Segments | NIKE Brand          
Disaggregation of Revenue [Line Items]          
Revenues 3,246,000,000 2,779,000,000 10,068,000,000 9,228,000,000  
EUROPE, MIDDLE EAST & AFRICA | Operating Segments | NIKE Brand | Sales to Wholesale Customers          
Disaggregation of Revenue [Line Items]          
Revenues 2,061,000,000 1,858,000,000 6,506,000,000 6,194,000,000  
EUROPE, MIDDLE EAST & AFRICA | Operating Segments | NIKE Brand | Sales through Direct to Consumer          
Disaggregation of Revenue [Line Items]          
Revenues 1,185,000,000 921,000,000 3,562,000,000 3,034,000,000  
EUROPE, MIDDLE EAST & AFRICA | Operating Segments | NIKE Brand | Other          
Disaggregation of Revenue [Line Items]          
Revenues 0 0 0 0  
EUROPE, MIDDLE EAST & AFRICA | Operating Segments | NIKE Brand | Footwear          
Disaggregation of Revenue [Line Items]          
Revenues 2,011,000,000 1,569,000,000 6,086,000,000 5,358,000,000  
EUROPE, MIDDLE EAST & AFRICA | Operating Segments | NIKE Brand | Apparel          
Disaggregation of Revenue [Line Items]          
Revenues 1,094,000,000 1,083,000,000 3,528,000,000 3,444,000,000  
EUROPE, MIDDLE EAST & AFRICA | Operating Segments | NIKE Brand | Equipment          
Disaggregation of Revenue [Line Items]          
Revenues 141,000,000 127,000,000 454,000,000 426,000,000  
EUROPE, MIDDLE EAST & AFRICA | Operating Segments | NIKE Brand | Other          
Disaggregation of Revenue [Line Items]          
Revenues 0 0 0 0  
GREATER CHINA | Operating Segments | NIKE Brand          
Disaggregation of Revenue [Line Items]          
Revenues 1,994,000,000 2,160,000,000 5,438,000,000 5,986,000,000  
GREATER CHINA | Operating Segments | NIKE Brand | Sales to Wholesale Customers          
Disaggregation of Revenue [Line Items]          
Revenues 1,126,000,000 1,241,000,000 2,862,000,000 3,251,000,000  
GREATER CHINA | Operating Segments | NIKE Brand | Sales through Direct to Consumer          
Disaggregation of Revenue [Line Items]          
Revenues 868,000,000 919,000,000 2,576,000,000 2,735,000,000  
GREATER CHINA | Operating Segments | NIKE Brand | Other          
Disaggregation of Revenue [Line Items]          
Revenues 0 0 0 0  
GREATER CHINA | Operating Segments | NIKE Brand | Footwear          
Disaggregation of Revenue [Line Items]          
Revenues 1,496,000,000 1,554,000,000 4,099,000,000 4,238,000,000  
GREATER CHINA | Operating Segments | NIKE Brand | Apparel          
Disaggregation of Revenue [Line Items]          
Revenues 461,000,000 548,000,000 1,228,000,000 1,588,000,000  
GREATER CHINA | Operating Segments | NIKE Brand | Equipment          
Disaggregation of Revenue [Line Items]          
Revenues 37,000,000 58,000,000 111,000,000 160,000,000  
GREATER CHINA | Operating Segments | NIKE Brand | Other          
Disaggregation of Revenue [Line Items]          
Revenues 0 0 0 0  
ASIA PACIFIC & LATIN AMERICA | Operating Segments | NIKE Brand          
Disaggregation of Revenue [Line Items]          
Revenues 1,601,000,000 1,461,000,000 4,735,000,000 4,273,000,000  
ASIA PACIFIC & LATIN AMERICA | Operating Segments | NIKE Brand | Sales to Wholesale Customers          
Disaggregation of Revenue [Line Items]          
Revenues 913,000,000 860,000,000 2,792,000,000 2,571,000,000  
ASIA PACIFIC & LATIN AMERICA | Operating Segments | NIKE Brand | Sales through Direct to Consumer          
Disaggregation of Revenue [Line Items]          
Revenues 688,000,000 601,000,000 1,943,000,000 1,702,000,000  
ASIA PACIFIC & LATIN AMERICA | Operating Segments | NIKE Brand | Other          
Disaggregation of Revenue [Line Items]          
Revenues 0 0 0 0  
ASIA PACIFIC & LATIN AMERICA | Operating Segments | NIKE Brand | Footwear          
Disaggregation of Revenue [Line Items]          
Revenues 1,141,000,000 1,005,000,000 3,313,000,000 2,914,000,000  
ASIA PACIFIC & LATIN AMERICA | Operating Segments | NIKE Brand | Apparel          
Disaggregation of Revenue [Line Items]          
Revenues 407,000,000 394,000,000 1,255,000,000 1,181,000,000  
ASIA PACIFIC & LATIN AMERICA | Operating Segments | NIKE Brand | Equipment          
Disaggregation of Revenue [Line Items]          
Revenues 53,000,000 62,000,000 167,000,000 178,000,000  
ASIA PACIFIC & LATIN AMERICA | Operating Segments | NIKE Brand | Other          
Disaggregation of Revenue [Line Items]          
Revenues $ 0 $ 0 $ 0 $ 0  
v3.23.1
OPERATING SEGMENTS - Information by Operating Segments (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2023
Feb. 28, 2022
Feb. 28, 2023
Feb. 28, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues $ 12,390 $ 10,871 $ 38,392 $ 34,476
Interest expense (income), net (7) 53 22 165
Income before income taxes 1,477 1,670 4,955 5,277
Global Brand Divisions        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 12 41 44 54
EARNINGS BEFORE INTEREST AND TAXES (1,160) (975) (3,573) (3,033)
Corporate        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 12 (19) 13 (56)
EARNINGS BEFORE INTEREST AND TAXES (696) (412) (2,014) (1,460)
NIKE Brand | Operating Segments        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 11,766 10,323 36,538 32,779
CONVERSE | Operating Segments        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 612 567 1,841 1,753
EARNINGS BEFORE INTEREST AND TAXES 164 168 526 504
NORTH AMERICA | NIKE Brand | Operating Segments        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 4,913 3,882 16,253 13,238
EARNINGS BEFORE INTEREST AND TAXES 1,190 967 4,064 3,636
EUROPE, MIDDLE EAST & AFRICA | NIKE Brand | Operating Segments        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 3,246 2,779 10,068 9,228
EARNINGS BEFORE INTEREST AND TAXES 785 713 2,750 2,394
GREATER CHINA | NIKE Brand | Operating Segments        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 1,994 2,160 5,438 5,986
EARNINGS BEFORE INTEREST AND TAXES 702 784 1,754 2,054
ASIA PACIFIC & LATIN AMERICA | NIKE Brand | Operating Segments        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 1,601 1,461 4,735 4,273
EARNINGS BEFORE INTEREST AND TAXES $ 485 $ 478 $ 1,470 $ 1,347
v3.23.1
OPERATING SEGMENTS - Accounts Receivable Net Inventories and Property Plant and Equipment Net by Operating Segments (Detail) - USD ($)
$ in Millions
Feb. 28, 2023
May 31, 2022
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net $ 4,513 $ 4,667
Inventories 8,905 8,420
Property, plant and equipment, net 4,939 4,791
Global Brand Divisions    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 81 113
Inventories 219 197
Property, plant and equipment, net 802 789
Corporate    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 58 53
Inventories 206 229
Property, plant and equipment, net 1,834 1,817
NIKE Brand | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 4,192 4,384
Inventories 8,356 7,912
Property, plant and equipment, net 3,066 2,925
CONVERSE | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 263 230
Inventories 343 279
Property, plant and equipment, net 39 49
NORTH AMERICA | NIKE Brand | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 1,718 1,850
Inventories 4,054 4,098
Property, plant and equipment, net 733 639
EUROPE, MIDDLE EAST & AFRICA | NIKE Brand | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 1,392 1,351
Inventories 2,066 1,887
Property, plant and equipment, net 966 920
GREATER CHINA | NIKE Brand | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 294 406
Inventories 1,060 1,044
Property, plant and equipment, net 293 303
ASIA PACIFIC & LATIN AMERICA | NIKE Brand | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 707 664
Inventories 957 686
Property, plant and equipment, net $ 272 $ 274
v3.23.1
ACQUISITIONS AND DIVESTITURES (Details) - Discontinued Operations, Held-for-sale - NIKE Brand Businesses - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Nov. 30, 2022
May 31, 2020
May 31, 2022
Argentina And Uruguay      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Non-recurring impairment charge $ 550 $ 389  
Argentina, Uruguay And Chile | Grupo Axo      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Assets, held-for-sale     $ 182
Liabilities, held-for-sale     $ 58