NIKE, INC., 10-Q filed on 10/6/2022
Quarterly Report
v3.22.2.2
Cover Page - shares
 3 Months Ended
Aug. 31, 2022
Sep. 29, 2022
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Aug. 31, 2022  
Document Transition Report false  
Entity File Number 1-10635  
Entity Registrant Name NIKE, Inc.  
Entity Incorporation, State or Country Code OR  
Entity Tax Identification Number 93-0584541  
Entity Address, Address Line One One Bowerman Drive  
Entity Address, City or Town Beaverton  
Entity Address, State or Province OR  
Entity Address, Postal Zip Code 97005-6453  
City Area Code 503  
Local Phone Number 671-6453  
Title of 12(b) Security Class B Common Stock  
Trading Symbol NKE  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0000320187  
Current Fiscal Year End Date --05-31  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Class A Convertible Common Stock    
Document Information [Line Items]    
Entity Common Stock Shares Outstanding (In Shares)   304,903,252
Class B Common Stock    
Document Information [Line Items]    
Entity Common Stock Shares Outstanding (In Shares)   1,259,687,689
v3.22.2.2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Aug. 31, 2022
Aug. 31, 2021
Income Statement [Abstract]    
Revenues $ 12,687 $ 12,248
Cost of sales 7,072 6,552
Gross profit 5,615 5,696
Demand creation expense 943 918
Operating overhead expense 2,977 2,654
Total selling and administrative expense 3,920 3,572
Interest expense (income), net 13 57
Other (income) expense, net (146) (39)
Income before income taxes 1,828 2,106
Income tax expense 360 232
NET INCOME $ 1,468 $ 1,874
Earnings per common share:    
Basic (in dollars per share) $ 0.94 $ 1.18
Diluted (in dollars per share) $ 0.93 $ 1.16
Weighted average common shares outstanding:    
Basic (in shares) 1,567.1 1,581.9
Diluted (in shares) 1,585.8 1,619.6
v3.22.2.2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended
Aug. 31, 2022
Aug. 31, 2021
Statement of Comprehensive Income [Abstract]    
Net income $ 1,468 $ 1,874
Other comprehensive income (loss), net of tax:    
Change in net foreign currency translation adjustment (226) (128)
Change in net gains (losses) on cash flow hedges 555 438
Change in net gains (losses) on other (11) 3
Total other comprehensive income (loss), net of tax 318 313
TOTAL COMPREHENSIVE INCOME $ 1,786 $ 2,187
v3.22.2.2
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Aug. 31, 2022
May 31, 2022
Current assets:    
Cash and equivalents $ 7,226 $ 8,574
Short-term investments 4,650 4,423
Accounts receivable, net 4,960 4,667
Inventories 9,662 8,420
Prepaid expenses and other current assets 2,379 2,129
Total current assets 28,877 28,213
Property, plant and equipment, net 4,778 4,791
Operating lease right-of-use assets, net 2,880 2,926
Identifiable intangible assets, net 283 286
Goodwill 282 284
Deferred income taxes and other assets 3,988 3,821
TOTAL ASSETS 41,088 40,321
Current liabilities:    
Current portion of long-term debt 500 500
Notes payable 9 10
Accounts payable 3,371 3,358
Current portion of operating lease liabilities 424 420
Accrued liabilities 6,277 6,220
Income taxes payable 338 222
Total current liabilities 10,919 10,730
Long-term debt 8,922 8,920
Operating lease liabilities 2,736 2,777
Deferred income taxes and other liabilities 2,689 2,613
Commitments and contingencies
Redeemable preferred stock 0 0
Shareholders' equity:    
Capital in excess of stated value 11,648 11,484
Accumulated other comprehensive income (loss) 636 318
Retained earnings 3,535 3,476
Total shareholders' equity 15,822 15,281
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 41,088 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
v3.22.2.2
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares
shares in Millions
Aug. 31, 2022
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) 1,259 1,266
v3.22.2.2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Aug. 31, 2022
Aug. 31, 2021
Cash provided (used) by operations:    
Net income $ 1,468 $ 1,874
Adjustments to reconcile net income to net cash provided (used) by operations:    
Depreciation 169 177
Deferred income taxes (43) (145)
Stock-based compensation 170 136
Amortization, impairment and other (9) (9)
Net foreign currency adjustments 16 43
Changes in certain working capital components and other assets and liabilities:    
(Increase) decrease in accounts receivable (415) 36
(Increase) decrease in inventories (1,363) 101
(Increase) decrease in prepaid expenses, operating lease right-of-use assets and other current and non-current assets (128) (242)
Increase (decrease) in accounts payable, accrued liabilities, operating lease liabilities and other current and non-current liabilities 492 (860)
Cash provided (used) by operations 357 1,111
Cash provided (used) by investing activities:    
Purchases of short-term investments (2,469) (2,550)
Maturities of short-term investments 1,432 2,096
Sales of short-term investments 948 1,037
Additions to property, plant and equipment (264) (184)
Other investing activities 139 102
Cash provided (used) by investing activities (214) 501
Cash provided (used) by financing activities:    
Increase (decrease) in notes payable (1) 13
Proceeds from exercise of stock options and other stock issuances 82 473
Repurchase of common stock (983) (752)
Dividends — common and preferred (480) (435)
Other financing activities (22) (42)
Cash provided (used) by financing activities (1,404) (743)
Effect of exchange rate changes on cash and equivalents (87) (38)
Net increase (decrease) in cash and equivalents (1,348) 831
Cash and equivalents, beginning of period 8,574 9,889
CASH AND EQUIVALENTS, END OF PERIOD 7,226 10,720
Supplemental disclosure of cash flow information:    
Non-cash additions to property, plant and equipment 124 103
Dividends declared and not paid $ 482 $ 436
v3.22.2.2
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)               10
Stock options exercised 469 469            
Repurchase of Class B common stock (in shares)               (5)
Repurchase of Class B common stock (742) (29)   (713)        
Dividends on common stock (435)     (435)        
Issuance of shares to employees, net of shares withheld for employee taxes (39) (20)   (19)        
Stock-based compensation 136 136            
Net income 1,874     1,874        
Other comprehensive income (loss) 313   313          
Ending Balance (in shares) at Aug. 31, 2021           305   1,278
Ending balance at Aug. 31, 2021 14,343 10,521 (67) 3,886   $ 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)               2
Stock options exercised 80 80            
Repurchase of Class B common stock (in shares)               (9)
Repurchase of Class B common stock (991) (66)   (925)        
Dividends on common stock (482)     (482)        
Issuance of shares to employees, net of shares withheld for employee taxes (22) (20)   (2)        
Stock-based compensation 170 170            
Net income 1,468     1,468        
Other comprehensive income (loss) 318   318          
Ending Balance (in shares) at Aug. 31, 2022         305 305 1,259 1,259
Ending balance at Aug. 31, 2022 $ 15,822 $ 11,648 $ 636 $ 3,535   $ 0   $ 3
v3.22.2.2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares
 3 Months Ended
Aug. 31, 2022
Aug. 31, 2021
Statement of Stockholders' Equity [Abstract]    
Dividends declared per common share (in dollars per share) $ 0.305 $ 0.275
Dividends declared per preferred share (in dollars per share) $ 0.10 $ 0.10
v3.22.2.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 3 Months Ended
Aug. 31, 2022
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION
The Unaudited Condensed Consolidated Financial Statements include the accounts of NIKE, Inc. and its subsidiaries (the “Company” or “NIKE”) and reflect all normal recurring adjustments which are, in the opinion of management, necessary for a fair statement of the results of operations for the interim period. The year-end Condensed Consolidated Balance Sheet data as of May 31, 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 months ended August 31, 2022, 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, higher inventory levels in various markets, higher inventory obsolescence reserves, higher promotional activity, reduced demand for product, reduced orders from wholesale customers for product and order cancellations. There could also be new 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.
v3.22.2.2
INVENTORIES
 3 Months Ended
Aug. 31, 2022
Inventory Disclosure [Abstract]  
INVENTORIES
NOTE 2 — INVENTORIES
Inventory balances of $9,662 million and $8,420 million at August 31, 2022 and May 31, 2022, respectively, were substantially all finished goods.
v3.22.2.2
ACCRUED LIABILITIES
 3 Months Ended
Aug. 31, 2022
Accrued Liabilities, Current [Abstract]  
ACCRUED LIABILITIES
NOTE 3 — ACCRUED LIABILITIES
Accrued liabilities included the following:
AUGUST 31,MAY 31,
(Dollars in millions)20222022
Compensation and benefits, excluding taxes$980 $1,297 
Collateral received from counterparties to hedging instruments962486 
Sales-related reserves9501,015 
Import and logistics costs626489 
Allowance for expected loss on sale(1)
389397 
Other2,3702,536
TOTAL ACCRUED LIABILITIES$6,277 $6,220 
(1)Refer to Note 13 — Acquisitions and Divestitures for additional information.
v3.22.2.2
FAIR VALUE MEASUREMENTS
 3 Months Ended
Aug. 31, 2022
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
NOTE 4 — FAIR VALUE MEASUREMENTS
The Company measures certain financial assets and liabilities at fair value on a recurring basis, including derivatives, equity securities and available-for-sale debt securities. For additional information about the Company's fair value policies, refer to Note 1 — Summary of Significant Accounting Policies of the Annual Report on Form 10-K for the fiscal year ended May 31, 2022.
The following tables present information about the Company's financial assets measured at fair value on a recurring basis and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
AUGUST 31, 2022
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$746 $746 $— 
Level 1:
U.S. Treasury securities3,855 7 3,848 
Level 2:
Commercial paper and bonds720 31 689 
Money market funds5,579 5,579 — 
Time deposits968 863 105 
U.S. Agency securities8 — 8 
Total Level 27,275 6,473 802 
TOTAL$11,876 $7,226 $4,650 
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 August 31, 2022, the Company held $3,165 million of available-for-sale debt securities with maturity dates within one year and $1,485 million with maturity dates over one year and less than five years in Short-term investments on the Unaudited Condensed Consolidated Balance Sheets. The fair value of the Company's available-for-sale debt securities approximates their amortized cost.
Included in Interest expense (income), net was interest income related to the Company's investment portfolio of $65 million and $17 million for the three months ended August 31, 2022 and 2021, respectively.
The following tables present information about the Company's derivative assets and liabilities measured at fair value on a recurring basis and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
AUGUST 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)
$1,426 $1,049 $377 $43 $39 $4 
Embedded derivatives3 3 — — — — 
TOTAL$1,429 $1,052 $377 $43 $39 $4 
(1)If the foreign exchange derivative instruments had been netted on the Unaudited Condensed Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $43 million as of August 31, 2022. As of that date, the Company received $962 million of cash collateral from counterparties related to foreign exchange derivative instruments. No amount of collateral was posted on the derivative liability balance as of August 31, 2022.
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 8 — 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 $8,600 million at August 31, 2022 and $8,933 million at May 31, 2022.
The carrying amounts reflected on the Unaudited Condensed Consolidated Balance Sheets for Notes payable approximate fair value.
v3.22.2.2
INCOME TAXES
 3 Months Ended
Aug. 31, 2022
Income Tax Disclosure [Abstract]  
INCOME TAXES
NOTE 5 — INCOME TAXES
The effective tax rate was 19.7% and 11.0% for the three months ended August 31, 2022 and 2021, respectively. The increase in the Company's effective tax rate was primarily due to a less favorable impact from stock-based compensation.
As of August 31, 2022, total gross unrecognized tax benefits, excluding related interest and penalties, were $861 million, $638 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 August 31, 2022 and May 31, 2022, accrued interest and penalties related to uncertain tax positions were $262 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.
v3.22.2.2
STOCK-BASED COMPENSATION
 3 Months Ended
Aug. 31, 2022
Share-based Payment Arrangement, Noncash Expense [Abstract]  
STOCK-BASED COMPENSATION
NOTE 6 — 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 further information.
The following table summarizes the Company's total stock-based compensation expense recognized in Cost of sales or Operating overhead expense, as applicable: 
 THREE MONTHS ENDED AUGUST 31,
(Dollars in millions)
20222021
Stock options(1)
$75 $65 
ESPPs15 15 
Restricted stock and restricted stock units(1)(2)
80 56 
TOTAL STOCK-BASED COMPENSATION EXPENSE$170 $136 
(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 $20 million and $186 million for the three months ended August 31, 2022 and 2021, respectively, and reported within Income tax expense.
STOCK OPTIONS
The weighted average fair value per share of the options granted during the three months ended August 31, 2022 and 2021, computed as of the grant date using the Black-Scholes pricing model, was $32.13 and $38.64, respectively. The weighted average assumptions used to estimate these fair values were as follows:
 THREE MONTHS ENDED AUGUST 31,
20222021
Dividend yield0.8 %0.7 %
Expected volatility27.0 %25.2 %
Weighted average expected life (in years)5.85.9
Risk-free interest rate2.7 %0.8 %
Expected volatilities are based on an analysis of the historical volatility of the Company's common stock, the implied volatility in market-traded options on the Company's common stock with a term greater than one year, as well as other factors. The weighted average expected life of options is based on an analysis of historical and expected future exercise patterns. The interest rate is based on the U.S. Treasury (constant maturity) risk-free rate in effect at the date of grant for periods corresponding with the expected term of the options.
As of August 31, 2022, the Company had $370 million of unrecognized compensation costs from stock options, net of estimated forfeitures, to be recognized in Cost of sales or Operating overhead expense, as applicable, over a weighted average remaining period of 2.4 years.
RESTRICTED STOCK AND RESTRICTED STOCK UNITS
The weighted average fair value per share of restricted stock and RSUs granted for the three months ended August 31, 2022 and 2021, computed as of the grant date, was $112.83 and $161.46, respectively.
The weighted average fair value per share of PSUs granted for the three months ended August 31, 2022 and 2021, computed as of the grant date, was $137.77 and $247.06, respectively. The impact of granting PSUs for the three months ended August 31, 2022 and 2021, was not material to the Company's Unaudited Condensed Consolidated Financial Statements.
As of August 31, 2022, the Company had $659 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 2.4 years.
v3.22.2.2
EARNINGS PER SHARE
 3 Months Ended
Aug. 31, 2022
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
NOTE 7 — EARNINGS PER SHARE
The following is a reconciliation from basic earnings per common share to diluted earnings per common share. The computations of diluted earnings per common share excluded restricted stock, restricted stock units and options, including shares under ESPPs, to purchase an estimated additional 23.8 million and 1.1 million shares of common stock outstanding for the three months ended August 31, 2022 and 2021, respectively, because the awards were assumed to be anti-dilutive.
 THREE MONTHS ENDED AUGUST 31,
(In millions, except per share data)
20222021
Net income available to common stockholders$1,468 $1,874 
Determination of shares:
Weighted average common shares outstanding1,567.1 1,581.9 
Assumed conversion of dilutive stock options and awards18.7 37.7 
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING1,585.8 1,619.6 
Earnings per common share:
Basic$0.94 $1.18 
Diluted$0.93 $1.16 
v3.22.2.2
RISK MANAGEMENT AND DERIVATIVES
 3 Months Ended
Aug. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
RISK MANAGEMENT AND DERIVATIVES
NOTE 8 — RISK MANAGEMENT AND DERIVATIVES
The Company is exposed to global market risks, including the effect of changes in foreign currency exchange rates and interest rates, and uses derivatives to manage financial exposures that occur in the normal course of business. As of and for the three months ended August 31, 2022, there have been no material changes to the Company's hedging program or strategy from what was disclosed within the Annual Report on Form 10-K. For additional information about the Company's derivatives and hedging policies refer to Note 1 — Summary of Significant Accounting Policies and Note 14 — Risk Management and Derivatives of the Annual Report on Form 10-K for the fiscal year ended May 31, 2022.
The majority of derivatives outstanding as of August 31, 2022, are designated as foreign currency cash flow hedges, primarily for Euro/U.S. Dollar, British Pound/Euro, Japanese Yen/U.S. Dollar and Chinese Yuan/U.S. Dollar currency pairs. All derivatives are recognized on the Unaudited Condensed Consolidated Balance Sheets at fair value and classified based on the instrument's maturity date.
The following tables present the fair values of derivative instruments included within the Unaudited Condensed Consolidated Balance Sheets:    
 DERIVATIVE ASSETS
BALANCE SHEET LOCATIONAUGUST 31,MAY 31,
(Dollars in millions)
20222022
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets$990 $639 
Foreign exchange forwards and optionsDeferred income taxes and other assets377 206 
Total derivatives formally designated as hedging instruments1,367 845 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets59 30 
Embedded derivativesPrepaid expenses and other current assets3 5 
Total derivatives not designated as hedging instruments62 35 
TOTAL DERIVATIVE ASSETS$1,429 $880 
DERIVATIVE LIABILITIES
BALANCE SHEET LOCATIONAUGUST 31,MAY 31,
(Dollars in millions)
20222022
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities$16 $37 
Foreign exchange forwards and optionsDeferred income taxes and other liabilities4 11 
Total derivatives formally designated as hedging instruments20 48 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities23 28 
Embedded derivativesAccrued liabilities— 1 
Total derivatives not designated as hedging instruments23 29 
TOTAL DERIVATIVE LIABILITIES$43 $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 AUGUST 31,
20222021
(Dollars in millions)
TOTALAMOUNT OF GAIN (LOSS)
ON CASH FLOW
HEDGE ACTIVITY		TOTALAMOUNT OF GAIN (LOSS)
ON CASH FLOW
HEDGE ACTIVITY
Revenues$12,687 $(9)$12,248 $(21)
Cost of sales7,072 109 6,552 (66)
Demand creation expense943 (1)918 1 
Other (income) expense, net(146)82 (39)(9)
Interest expense (income), net13 (2)57 (2)
The following tables present the amounts affecting the Unaudited Condensed Consolidated Statements of Income:

(Dollars in millions)
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES(1)
AMOUNT OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE
INCOME (LOSS) INTO INCOME(1)
THREE MONTHS ENDED AUGUST 31,LOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME		THREE MONTHS ENDED AUGUST 31,
2022202120222021
Derivatives designated as cash flow hedges:
Foreign exchange forwards and options$25 $(6)Revenues$(9)$(21)
Foreign exchange forwards and options487 265 Cost of sales109 (66)
Foreign exchange forwards and options(5)(1)Demand creation expense(1)1 
Foreign exchange forwards and options293 130 Other (income) expense, net82 (9)
Interest rate swaps(2)
— — Interest expense (income), net(2)(2)
TOTAL DESIGNATED CASH FLOW HEDGES $800 $388 $179 $(97)
(1)For the three months ended August 31, 2022 and 2021, the amounts recorded in Other (income) expense, net as a result of the discontinuance of cash flow hedges because the forecasted transactions were no longer probable of occurring were immaterial.
(2)Gains and losses associated with terminated interest rate swaps, which were previously designated as cash flow hedges and recorded in Accumulated other comprehensive income (loss), will be released through Interest expense (income), net over the term of the issued debt.
AMOUNT OF GAIN (LOSS) RECOGNIZED
IN INCOME ON DERIVATIVES		LOCATION OF GAIN (LOSS)
RECOGNIZED IN INCOME
ON DERIVATIVES
THREE MONTHS ENDED AUGUST 31,
(Dollars in millions)
20222021
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options$50 $23 Other (income) expense, net
Embedded derivatives11 (5)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 $15.9 billion as of August 31, 2022. Approximately $971 million of deferred net gains (net of tax) on both outstanding and matured derivatives in Accumulated other comprehensive income (loss) as of August 31, 2022, are expected to be reclassified to Net income during the next 12 months concurrent with the underlying hedged transactions also being recorded in Net income. Actual amounts ultimately reclassified to Net income are dependent on the exchange rates in effect when derivative contracts currently outstanding mature. As of August 31, 2022, the maximum term over which the Company hedges exposures to the variability of cash flows for its forecasted transactions was 33 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 billion as of August 31, 2022.
EMBEDDED DERIVATIVES
Embedded derivative contracts are treated as foreign currency forward contracts that are bifurcated from the related contract and recorded at fair value as a derivative asset or liability on the Unaudited Condensed Consolidated Balance Sheets with their corresponding change in fair value recognized in Other (income) expense, net, through the date the foreign currency fluctuations cease to exist.
As of August 31, 2022, the total notional amount of embedded derivatives outstanding was approximately $434 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 August 31, 2022, the Company was in compliance with all credit risk-related contingent features, and derivative instruments with such features were in a net asset position of approximately $1.4 billion. Accordingly, the Company was not required to post cash collateral as a result of these contingent features. Further, $962 million of collateral was received on the Company's derivative asset balance as of August 31, 2022. The Company considers the impact of the risk of counterparty default to be immaterial.
For additional information related to the Company's derivative financial instruments and collateral, refer to Note 4 — Fair Value Measurements.
v3.22.2.2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 3 Months Ended
Aug. 31, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
NOTE 9 — ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The changes in Accumulated other comprehensive income (loss), net of tax, were as follows:
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at May 31, 2022$(520)$779 $115 $(56)$318 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
(272)716 — (3)441 
Reclassifications to net income of previously deferred (gains) losses(3)
46 (161)— (8)(123)
Total other comprehensive income (loss)(226)555 — (11)318 
Balance at August 31, 2022$(746)$1,334 $115 $(67)$636 
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of tax benefit (expense) of $0 million, $(84) million, $0 million, $1 million and $(83) million, respectively.
(3)Net of tax (benefit) expense of $0 million, $18 million, $0 million, $3 million and $21 million, respectively.
(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)
(128)349 — 8 229 
Reclassifications to net income of previously deferred (gains) losses(3)
— 89 — (5)84 
Total other comprehensive income (loss)(128)438 — 3 313 
Balance at August 31, 2021$(126)$3 $115 $(59)$(67)
(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, $(39) million, $0 million, $(2) million and $(41) million, respectively.
(3)Net of tax (benefit) expense of $0 million, $(8) million, $0 million, $1 million and $(7) million, respectively.

The following table summarizes the reclassifications from Accumulated other comprehensive income (loss) to the Unaudited Condensed Consolidated Statements of Income:
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOMELOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME
THREE MONTHS ENDED AUGUST 31,
(Dollars in millions)
20222021
Gains (losses) on foreign currency translation adjustment$(46)$— Other (income) expense, net
Total before tax(46)— 
Tax (expense) benefit— — 
Gain (loss) net of tax(46)— 
Gains (losses) on cash flow hedges:
Foreign exchange forwards and options$(9)$(21)Revenues
Foreign exchange forwards and options109 (66)Cost of sales
Foreign exchange forwards and options(1)1 Demand creation expense
Foreign exchange forwards and options82 (9)Other (income) expense, net
Interest rate swaps(2)(2)Interest expense (income), net
Total before tax179 (97)
Tax (expense) benefit(18)8 
Gain (loss) net of tax161 (89)
Gains (losses) on other11 6 Other (income) expense, net
Total before tax11 6 
Tax (expense) benefit(3)(1)
Gain (loss) net of tax8 5 
Total net gain (loss) reclassified for the period$123 $(84)
v3.22.2.2
REVENUES
 3 Months Ended
Aug. 31, 2022
Revenue from Contract with Customer [Abstract]  
REVENUES
NOTE 10 — REVENUES
DISAGGREGATION OF REVENUES
The following tables present the Company's Revenues disaggregated by reportable operating segment, major product line and distribution channel:
THREE MONTHS ENDED AUGUST 31, 2022
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$3,805 $2,012 $1,233 $1,064 $— $8,114 $577 $— $8,691 
Apparel1,494 1,153 374 413 — 3,434 20 — 3,454 
Equipment211 168 49 58 — 486 8 — 494 
Other— — — — 14 14 38 (4)48 
TOTAL REVENUES$5,510 $3,333 $1,656 $1,535 $14 $12,048 $643 $(4)$12,687 
Revenues by:
Sales to Wholesale Customers$3,027 $2,203 $839 $914 $— $6,983 $344 $— $7,327 
Sales through Direct to Consumer2,483 1,130 817 621 — 5,051 261 — 5,312 
Other— — — — 14 14 38 (4)48 
TOTAL REVENUES$5,510 $3,333 $1,656 $1,535 $14 $12,048 $643 $(4)$12,687 

THREE MONTHS ENDED AUGUST 31, 2021
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$3,264 $1,983 $1,449 $1,022 $— $7,718 $567 $— $8,285 
Apparel1,430 1,159 476 385 — 3,450 24 — 3,474 
Equipment185 165 57 58 — 465 9 — 474 
Other— — — — 7 7 29 (21)15 
TOTAL REVENUES$4,879 $3,307 $1,982 $1,465 $7 $11,640 $629 $(21)$12,248 
Revenues by:
Sales to Wholesale Customers$2,678 $2,224 $1,114 $927 $— $6,943 $369 $— $7,312 
Sales through Direct to Consumer2,201 1,083 868 538 — 4,690 231 — 4,921 
Other— — — — 7 7 29 (21)15 
TOTAL REVENUES$4,879 $3,307 $1,982 $1,465 $7 $11,640 $629 $(21)$12,248 
For the three months ended August 31, 2022 and 2021, Global Brand Divisions revenues included NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment. Converse Other revenues were primarily attributable to licensing businesses. Corporate revenues primarily consisted of foreign currency hedge gains and losses related to revenues generated by entities within the NIKE Brand geographic operating segments and Converse, but managed through the Company's central foreign exchange risk management program.
As of August 31, 2022 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.
v3.22.2.2
OPERATING SEGMENTS
 3 Months Ended
Aug. 31, 2022
Segment Reporting [Abstract]  
OPERATING SEGMENTS
NOTE 11 — OPERATING SEGMENTS
The Company's operating segments are evidence of the structure of the Company's internal organization. The NIKE Brand segments are defined by geographic regions for operations participating in NIKE Brand sales activity.
Each NIKE Brand geographic segment operates predominantly in one industry: the design, development, marketing and selling of athletic footwear, apparel and equipment. The Company's reportable operating segments for the NIKE Brand are: North America; Europe, Middle East & Africa (EMEA); Greater China; and Asia Pacific & Latin America (APLA), and include results for the NIKE and Jordan brands.
The Company's NIKE Direct operations are managed within each NIKE Brand geographic operating segment. Converse is also a reportable segment for the Company and operates in one industry: the design, marketing, licensing and selling of athletic lifestyle sneakers, apparel and accessories.
Global Brand Divisions is included within the NIKE Brand for presentation purposes to align with the way management views the Company. Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment. Global Brand Divisions costs represent demand creation and operating overhead expense that include product creation and design expenses centrally managed for the NIKE Brand, as well as costs associated with NIKE Direct global digital operations and enterprise technology.
Corporate consists primarily of unallocated general and administrative expenses, including expenses associated with centrally managed departments; depreciation and amortization related to the Company's headquarters; unallocated insurance, benefit and compensation programs, including stock-based compensation; and certain foreign currency gains and losses, including certain hedge gains and losses.
The primary financial measure used by the Company to evaluate performance of individual operating segments is earnings before interest and taxes (EBIT), which represents Net income before Interest expense (income), net and Income tax expense in the Unaudited Condensed Consolidated Statements of Income.
As part of the Company's centrally managed foreign exchange risk management program, standard foreign currency rates are assigned twice per year to each NIKE Brand entity in the Company's geographic operating segments and to Converse. These rates are set approximately nine and twelve months in advance of the future selling seasons to which they relate (specifically, for each currency, one standard rate applies to the fall and holiday selling seasons and one standard rate applies to the spring and summer selling seasons) based on average market spot rates in the calendar month preceding the date they are established. Inventories and Cost of sales for geographic operating segments and Converse reflect the use of these standard rates to record non-functional currency product purchases in the entity's functional currency. Differences between assigned standard foreign currency rates and actual market rates are included in Corporate, together with foreign currency hedge gains and losses generated from the Company's centrally managed foreign exchange risk management program and other conversion gains and losses.
Accounts receivable, net, Inventories and Property, plant and equipment, net for operating segments are regularly reviewed by management and are therefore provided below.
 THREE MONTHS ENDED AUGUST 31,
(Dollars in millions)
20222021
REVENUES
North America$5,510 $4,879 
Europe, Middle East & Africa3,333 3,307 
Greater China1,656 1,982 
Asia Pacific & Latin America1,535 1,465 
Global Brand Divisions14 7 
Total NIKE Brand12,048 11,640 
Converse643 629 
Corporate(4)(21)
TOTAL NIKE, INC. REVENUES$12,687 $12,248 
EARNINGS BEFORE INTEREST AND TAXES
North America$1,377 $1,434 
Europe, Middle East & Africa975 875 
Greater China541 701 
Asia Pacific & Latin America500 481 
Global Brand Divisions(1,187)(987)
Converse209 204 
Corporate(574)(545)
Interest expense (income), net13 57 
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES$1,828 $2,106 
AUGUST 31,MAY 31,
(Dollars in millions)
20222022
ACCOUNTS RECEIVABLE, NET
North America$2,050 $1,850 
Europe, Middle East & Africa1,614 1,351 
Greater China205 406 
Asia Pacific & Latin America(1)
623 664 
Global Brand Divisions86 113 
Total NIKE Brand4,578 4,384 
Converse255 230 
Corporate127 53 
TOTAL ACCOUNTS RECEIVABLE, NET$4,960 $4,667 
INVENTORIES
North America$4,699 $4,098 
Europe, Middle East & Africa2,139 1,887 
Greater China1,115 1,044 
Asia Pacific & Latin America(1)
837 686 
Global Brand Divisions197 197 
Total NIKE Brand8,987 7,912 
Converse319 279 
Corporate356 229 
TOTAL INVENTORIES$9,662 $8,420 
AUGUST 31,MAY 31,
(Dollars in millions)
20222022
PROPERTY, PLANT AND EQUIPMENT, NET
North America$683 $639 
Europe, Middle East & Africa873 920 
Greater China290 303 
Asia Pacific & Latin America(1)
255 274 
Global Brand Divisions794 789 
Total NIKE Brand2,895 2,925 
Converse45 49 
Corporate1,838 1,817 
TOTAL PROPERTY, PLANT AND EQUIPMENT, NET$4,778 $4,791 
(1)Excludes assets held-for-sale as of August 31, 2022 and May 31, 2022. See Note 13 — Acquisitions and Divestitures for additional information.
v3.22.2.2
CONTINGENCIES
 3 Months Ended
Aug. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
CONTINGENCIES
NOTE 12 — 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, 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.
v3.22.2.2
ACQUISITIONS AND DIVESTITURES
 3 Months Ended
Aug. 31, 2022
Business Combination and Asset Acquisition [Abstract]  
ACQUISITIONS AND DIVESTITURES
NOTE 13 — 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 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.
CHILE
During the first quarter of fiscal 2023, the sale of the Company’s entity in Chile to a third-party distributor was completed. The impacts from the transaction were not material to the Company’s Unaudited Condensed Consolidated Financial Statements.
ARGENTINA AND URUGUAY
As of August 31, 2022, held-for-sale assets were $99 million, primarily consisting of $38 million of Inventories and $23 million of Accounts receivable, net; held-for-sale liabilities were $33 million. Additionally, the Company has recognized cumulative expected net losses of $389 million within Other (income) expense, net, classified within Corporate, and a corresponding allowance within Accrued liabilities on the Unaudited Condensed Consolidated Balance Sheets. A majority of these losses were recognized in fiscal 2020 upon meeting the held-for-sale criteria and are largely due to the anticipated release of the cumulative net foreign currency translation losses.
As of May 31, 2022, held-for-sale assets were $100 million, primarily consisting of $37 million of Inventories and $31 million of Accounts receivable, net; held-for-sale liabilities were $37 million.
Subsequent to the end of the first quarter of fiscal 2023, the sale of the Company’s entities in Argentina and Uruguay to a third-party distributor was completed. The net loss on the sale of these entities totaled approximately $550 million, $389 million of which was recognized by the Company in prior periods. Upon completion of the sale, the remaining loss, primarily due to the devaluation of the local currency and cash equivalents included in the transfer of assets, will be recognized in the second quarter of fiscal 2023 within Other (income) expense, net, classified within Corporate.
v3.22.2.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 3 Months Ended
Aug. 31, 2022
Accounting Policies [Abstract]  
BASIS OF PRESENTATION
BASIS OF PRESENTATION
The Unaudited Condensed Consolidated Financial Statements include the accounts of NIKE, Inc. and its subsidiaries (the “Company” or “NIKE”) and reflect all normal recurring adjustments which are, in the opinion of management, necessary for a fair statement of the results of operations for the interim period. The year-end Condensed Consolidated Balance Sheet data as of May 31, 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 months ended August 31, 2022, 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, higher inventory levels in various markets, higher inventory obsolescence reserves, higher promotional activity, reduced demand for product, reduced orders from wholesale customers for product and order cancellations. There could also be new 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.
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.
v3.22.2.2
ACCRUED LIABILITIES (Tables)
 3 Months Ended
Aug. 31, 2022
Accrued Liabilities, Current [Abstract]  
Schedule of Accrued Liabilities
Accrued liabilities included the following:
AUGUST 31,MAY 31,
(Dollars in millions)20222022
Compensation and benefits, excluding taxes$980 $1,297 
Collateral received from counterparties to hedging instruments962486 
Sales-related reserves9501,015 
Import and logistics costs626489 
Allowance for expected loss on sale(1)
389397 
Other2,3702,536
TOTAL ACCRUED LIABILITIES$6,277 $6,220 
(1)Refer to Note 13 — Acquisitions and Divestitures for additional information.
v3.22.2.2
FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Aug. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables present information about the Company's financial assets measured at fair value on a recurring basis and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
AUGUST 31, 2022
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$746 $746 $— 
Level 1:
U.S. Treasury securities3,855 7 3,848 
Level 2:
Commercial paper and bonds720 31 689 
Money market funds5,579 5,579 — 
Time deposits968 863 105 
U.S. Agency securities8 — 8 
Total Level 27,275 6,473 802 
TOTAL$11,876 $7,226 $4,650 
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:
AUGUST 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)
$1,426 $1,049 $377 $43 $39 $4 
Embedded derivatives3 3 — — — — 
TOTAL$1,429 $1,052 $377 $43 $39 $4 
(1)If the foreign exchange derivative instruments had been netted on the Unaudited Condensed Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $43 million as of August 31, 2022. As of that date, the Company received $962 million of cash collateral from counterparties related to foreign exchange derivative instruments. No amount of collateral was posted on the derivative liability balance as of August 31, 2022.
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 LOCATIONAUGUST 31,MAY 31,
(Dollars in millions)
20222022
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets$990 $639 
Foreign exchange forwards and optionsDeferred income taxes and other assets377 206 
Total derivatives formally designated as hedging instruments1,367 845 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets59 30 
Embedded derivativesPrepaid expenses and other current assets3 5 
Total derivatives not designated as hedging instruments62 35 
TOTAL DERIVATIVE ASSETS$1,429 $880 
DERIVATIVE LIABILITIES
BALANCE SHEET LOCATIONAUGUST 31,MAY 31,
(Dollars in millions)
20222022
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities$16 $37 
Foreign exchange forwards and optionsDeferred income taxes and other liabilities4 11 
Total derivatives formally designated as hedging instruments20 48 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities23 28 
Embedded derivativesAccrued liabilities— 1 
Total derivatives not designated as hedging instruments23 29 
TOTAL DERIVATIVE LIABILITIES$43 $77 
v3.22.2.2
STOCK-BASED COMPENSATION (Tables)
 3 Months Ended
Aug. 31, 2022
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award
The following table summarizes the Company's total stock-based compensation expense recognized in Cost of sales or Operating overhead expense, as applicable: 
 THREE MONTHS ENDED AUGUST 31,
(Dollars in millions)
20222021
Stock options(1)
$75 $65 
ESPPs15 15 
Restricted stock and restricted stock units(1)(2)
80 56 
TOTAL STOCK-BASED COMPENSATION EXPENSE$170 $136 
(1)Expense for stock options includes the expense associated with stock appreciation rights. Accelerated stock option expense is primarily recorded for employees meeting certain retirement eligibility requirements.
(2)Restricted stock units include RSUs and PSUs.
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions The weighted average assumptions used to estimate these fair values were as follows:
 THREE MONTHS ENDED AUGUST 31,
20222021
Dividend yield0.8 %0.7 %
Expected volatility27.0 %25.2 %
Weighted average expected life (in years)5.85.9
Risk-free interest rate2.7 %0.8 %
v3.22.2.2
EARNINGS PER SHARE (Tables)
 3 Months Ended
Aug. 31, 2022
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following is a reconciliation from basic earnings per common share to diluted earnings per common share. The computations of diluted earnings per common share excluded restricted stock, restricted stock units and options, including shares under ESPPs, to purchase an estimated additional 23.8 million and 1.1 million shares of common stock outstanding for the three months ended August 31, 2022 and 2021, respectively, because the awards were assumed to be anti-dilutive.
 THREE MONTHS ENDED AUGUST 31,
(In millions, except per share data)
20222021
Net income available to common stockholders$1,468 $1,874 
Determination of shares:
Weighted average common shares outstanding1,567.1 1,581.9 
Assumed conversion of dilutive stock options and awards18.7 37.7 
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING1,585.8 1,619.6 
Earnings per common share:
Basic$0.94 $1.18 
Diluted$0.93 $1.16 
v3.22.2.2
RISK MANAGEMENT AND DERIVATIVES (Tables)
 3 Months Ended
Aug. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following tables present information about the Company's derivative assets and liabilities measured at fair value on a recurring basis and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
AUGUST 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)
$1,426 $1,049 $377 $43 $39 $4 
Embedded derivatives3 3 — — — — 
TOTAL$1,429 $1,052 $377 $43 $39 $4 
(1)If the foreign exchange derivative instruments had been netted on the Unaudited Condensed Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $43 million as of August 31, 2022. As of that date, the Company received $962 million of cash collateral from counterparties related to foreign exchange derivative instruments. No amount of collateral was posted on the derivative liability balance as of August 31, 2022.
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 LOCATIONAUGUST 31,MAY 31,
(Dollars in millions)
20222022
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets$990 $639 
Foreign exchange forwards and optionsDeferred income taxes and other assets377 206 
Total derivatives formally designated as hedging instruments1,367 845 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets59 30 
Embedded derivativesPrepaid expenses and other current assets3 5 
Total derivatives not designated as hedging instruments62 35 
TOTAL DERIVATIVE ASSETS$1,429 $880 
DERIVATIVE LIABILITIES
BALANCE SHEET LOCATIONAUGUST 31,MAY 31,
(Dollars in millions)
20222022
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities$16 $37 
Foreign exchange forwards and optionsDeferred income taxes and other liabilities4 11 
Total derivatives formally designated as hedging instruments20 48 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities23 28 
Embedded derivativesAccrued liabilities— 1 
Total derivatives not designated as hedging instruments23 29 
TOTAL DERIVATIVE LIABILITIES$43 $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 AUGUST 31,
20222021
(Dollars in millions)
TOTALAMOUNT OF GAIN (LOSS)
ON CASH FLOW
HEDGE ACTIVITY		TOTALAMOUNT OF GAIN (LOSS)
ON CASH FLOW
HEDGE ACTIVITY
Revenues$12,687 $(9)$12,248 $(21)
Cost of sales7,072 109 6,552 (66)
Demand creation expense943 (1)918 1 
Other (income) expense, net(146)82 (39)(9)
Interest expense (income), net13 (2)57 (2)
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 AUGUST 31,LOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME		THREE MONTHS ENDED AUGUST 31,
2022202120222021
Derivatives designated as cash flow hedges:
Foreign exchange forwards and options$25 $(6)Revenues$(9)$(21)
Foreign exchange forwards and options487 265 Cost of sales109 (66)
Foreign exchange forwards and options(5)(1)Demand creation expense(1)1 
Foreign exchange forwards and options293 130 Other (income) expense, net82 (9)
Interest rate swaps(2)
— — Interest expense (income), net(2)(2)
TOTAL DESIGNATED CASH FLOW HEDGES $800 $388 $179 $(97)
(1)For the three months ended August 31, 2022 and 2021, the amounts recorded in Other (income) expense, net as a result of the discontinuance of cash flow hedges because the forecasted transactions were no longer probable of occurring were immaterial.
(2)Gains and losses associated with terminated interest rate swaps, which were previously designated as cash flow hedges and recorded in Accumulated other comprehensive income (loss), will be released through Interest expense (income), net over the term of the issued debt.
AMOUNT OF GAIN (LOSS) RECOGNIZED
IN INCOME ON DERIVATIVES		LOCATION OF GAIN (LOSS)
RECOGNIZED IN INCOME
ON DERIVATIVES
THREE MONTHS ENDED AUGUST 31,
(Dollars in millions)
20222021
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options$50 $23 Other (income) expense, net
Embedded derivatives11 (5)Other (income) expense, net
v3.22.2.2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)
 3 Months Ended
Aug. 31, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Accumulated Other Comprehensive Income
The changes in Accumulated other comprehensive income (loss), net of tax, were as follows:
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at May 31, 2022$(520)$779 $115 $(56)$318 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
(272)716 — (3)441 
Reclassifications to net income of previously deferred (gains) losses(3)
46 (161)— (8)(123)
Total other comprehensive income (loss)(226)555 — (11)318 
Balance at August 31, 2022$(746)$1,334 $115 $(67)$636 
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of tax benefit (expense) of $0 million, $(84) million, $0 million, $1 million and $(83) million, respectively.
(3)Net of tax (benefit) expense of $0 million, $18 million, $0 million, $3 million and $21 million, respectively.
(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)
(128)349 — 8 229 
Reclassifications to net income of previously deferred (gains) losses(3)
— 89 — (5)84 
Total other comprehensive income (loss)(128)438 — 3 313 
Balance at August 31, 2021$(126)$3 $115 $(59)$(67)
(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, $(39) million, $0 million, $(2) million and $(41) million, respectively.
(3)Net of tax (benefit) expense of $0 million, $(8) million, $0 million, $1 million and $(7) million, respectively.
Reclassification Out of Accumulated Other Comprehensive Income
The following table summarizes the reclassifications from Accumulated other comprehensive income (loss) to the Unaudited Condensed Consolidated Statements of Income:
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOMELOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME
THREE MONTHS ENDED AUGUST 31,
(Dollars in millions)
20222021
Gains (losses) on foreign currency translation adjustment$(46)$— Other (income) expense, net
Total before tax(46)— 
Tax (expense) benefit— — 
Gain (loss) net of tax(46)— 
Gains (losses) on cash flow hedges:
Foreign exchange forwards and options$(9)$(21)Revenues
Foreign exchange forwards and options109 (66)Cost of sales
Foreign exchange forwards and options(1)1 Demand creation expense
Foreign exchange forwards and options82 (9)Other (income) expense, net
Interest rate swaps(2)(2)Interest expense (income), net
Total before tax179 (97)
Tax (expense) benefit(18)8 
Gain (loss) net of tax161 (89)
Gains (losses) on other11 6 Other (income) expense, net
Total before tax11 6 
Tax (expense) benefit(3)(1)
Gain (loss) net of tax8 5 
Total net gain (loss) reclassified for the period$123 $(84)
v3.22.2.2
REVENUES (Tables)
 3 Months Ended
Aug. 31, 2022
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following tables present the Company's Revenues disaggregated by reportable operating segment, major product line and distribution channel:
THREE MONTHS ENDED AUGUST 31, 2022
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$3,805 $2,012 $1,233 $1,064 $— $8,114 $577 $— $8,691 
Apparel1,494 1,153 374 413 — 3,434 20 — 3,454 
Equipment211 168 49 58 — 486 8 — 494 
Other— — — — 14 14 38 (4)48 
TOTAL REVENUES$5,510 $3,333 $1,656 $1,535 $14 $12,048 $643 $(4)$12,687 
Revenues by:
Sales to Wholesale Customers$3,027 $2,203 $839 $914 $— $6,983 $344 $— $7,327 
Sales through Direct to Consumer2,483 1,130 817 621 — 5,051 261 — 5,312 
Other— — — — 14 14 38 (4)48 
TOTAL REVENUES$5,510 $3,333 $1,656 $1,535 $14 $12,048 $643 $(4)$12,687 

THREE MONTHS ENDED AUGUST 31, 2021
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$3,264 $1,983 $1,449 $1,022 $— $7,718 $567 $— $8,285 
Apparel1,430 1,159 476 385 — 3,450 24 — 3,474 
Equipment185 165 57 58 — 465 9 — 474 
Other— — — — 7 7 29 (21)15 
TOTAL REVENUES$4,879 $3,307 $1,982 $1,465 $7 $11,640 $629 $(21)$12,248 
Revenues by:
Sales to Wholesale Customers$2,678 $2,224 $1,114 $927 $— $6,943 $369 $— $7,312 
Sales through Direct to Consumer2,201 1,083 868 538 — 4,690 231 — 4,921 
Other— — — — 7 7 29 (21)15 
TOTAL REVENUES$4,879 $3,307 $1,982 $1,465 $7 $11,640 $629 $(21)$12,248 
v3.22.2.2
OPERATING SEGMENTS (Tables)
 3 Months Ended
Aug. 31, 2022
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment Accounts receivable, net, Inventories and Property, plant and equipment, net for operating segments are regularly reviewed by management and are therefore provided below.
 THREE MONTHS ENDED AUGUST 31,
(Dollars in millions)
20222021
REVENUES
North America$5,510 $4,879 
Europe, Middle East & Africa3,333 3,307 
Greater China1,656 1,982 
Asia Pacific & Latin America1,535 1,465 
Global Brand Divisions14 7 
Total NIKE Brand12,048 11,640 
Converse643 629 
Corporate(4)(21)
TOTAL NIKE, INC. REVENUES$12,687 $12,248 
EARNINGS BEFORE INTEREST AND TAXES
North America$1,377 $1,434 
Europe, Middle East & Africa975 875 
Greater China541 701 
Asia Pacific & Latin America500 481 
Global Brand Divisions(1,187)(987)
Converse209 204 
Corporate(574)(545)
Interest expense (income), net13 57 
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES$1,828 $2,106 
Reconciliation of Assets from Segment to Consolidated
AUGUST 31,MAY 31,
(Dollars in millions)
20222022
ACCOUNTS RECEIVABLE, NET
North America$2,050 $1,850 
Europe, Middle East & Africa1,614 1,351 
Greater China205 406 
Asia Pacific & Latin America(1)
623 664 
Global Brand Divisions86 113 
Total NIKE Brand4,578 4,384 
Converse255 230 
Corporate127 53 
TOTAL ACCOUNTS RECEIVABLE, NET$4,960 $4,667 
INVENTORIES
North America$4,699 $4,098 
Europe, Middle East & Africa2,139 1,887 
Greater China1,115 1,044 
Asia Pacific & Latin America(1)
837 686 
Global Brand Divisions197 197 
Total NIKE Brand8,987 7,912 
Converse319 279 
Corporate356 229 
TOTAL INVENTORIES$9,662 $8,420 
AUGUST 31,MAY 31,
(Dollars in millions)
20222022
PROPERTY, PLANT AND EQUIPMENT, NET
North America$683 $639 
Europe, Middle East & Africa873 920 
Greater China290 303 
Asia Pacific & Latin America(1)
255 274 
Global Brand Divisions794 789 
Total NIKE Brand2,895 2,925 
Converse45 49 
Corporate1,838 1,817 
TOTAL PROPERTY, PLANT AND EQUIPMENT, NET$4,778 $4,791 
(1)Excludes assets held-for-sale as of August 31, 2022 and May 31, 2022. See Note 13 — Acquisitions and Divestitures for additional information.
v3.22.2.2
INVENTORIES (Detail) - USD ($)
$ in Millions
Aug. 31, 2022
May 31, 2022
Inventory Disclosure [Abstract]    
Inventories $ 9,662 $ 8,420
v3.22.2.2
ACCRUED LIABILITIES (Detail) - USD ($)
$ in Millions
Aug. 31, 2022
May 31, 2022
Accrued Liabilities, Current [Abstract]    
Compensation and benefits, excluding taxes $ 980 $ 1,297
Collateral received from counterparties to hedging instruments 962 486
Sales-related reserves 950 1,015
Import and logistics costs 626 489
Allowance for expected loss on sale 389 397
Other 2,370 2,536
Accrued liabilities $ 6,277 $ 6,220
v3.22.2.2
FAIR VALUE MEASUREMENTS - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($)
$ in Millions
Aug. 31, 2022
May 31, 2022
Assets, Fair Value Disclosure [Abstract]    
SHORT-TERM INVESTMENTS $ 4,650 $ 4,423
Fair Value, Measurements, Recurring    
Assets, Fair Value Disclosure [Abstract]    
Cash 746 839
ASSETS AT FAIR VALUE 11,876 12,997
CASH AND EQUIVALENTS 7,226 8,574
SHORT-TERM INVESTMENTS 4,650 4,423
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | U.S. Treasury securities    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 3,855 3,801
CASH AND EQUIVALENTS 7 8
SHORT-TERM INVESTMENTS 3,848 3,793
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 7,275 8,357
CASH AND EQUIVALENTS 6,473 7,727
SHORT-TERM INVESTMENTS 802 630
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Commercial paper and bonds    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 720 660
CASH AND EQUIVALENTS 31 37
SHORT-TERM INVESTMENTS 689 623
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Money market funds    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 5,579 6,458
CASH AND EQUIVALENTS 5,579 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 968 1,237
CASH AND EQUIVALENTS 863 1,232
SHORT-TERM INVESTMENTS 105 5
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | U.S. Agency securities    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 8 2
CASH AND EQUIVALENTS 0 0
SHORT-TERM INVESTMENTS $ 8 $ 2
v3.22.2.2
FAIR VALUE MEASUREMENTS - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended
Aug. 31, 2022
Aug. 31, 2021
May 31, 2022
Fair Value Disclosures [Abstract]      
Available-for-sale securities with maturity dates within one year from purchase date $ 3,165    
Available-for-sale securities with maturity dates over one year and less than five years from purchase date 1,485    
Interest income related to cash and equivalents and short-term investments 65 $ 17  
Fair value of long term debt $ 8,600   $ 8,933
v3.22.2.2
FAIR VALUE MEASUREMENTS - Derivative Assets and Liabilities at Fair Value (Detail) - USD ($)
$ in Millions
Aug. 31, 2022
May 31, 2022
Derivatives, Fair Value [Line Items]    
Collateral received from counterparties to hedging instruments $ 962 $ 486
Fair Value, Measurements, Recurring | Foreign exchange forwards and options    
Derivatives, Fair Value [Line Items]    
Reduction in derivative liabilities if netted 43 76
Reduction in derivative assets if netted 43 76
Cash and Cash Equivalents    
Derivatives, Fair Value [Line Items]    
Collateral received from counterparties to hedging instruments 962  
Cash and Cash Equivalents | Foreign exchange forwards and options    
Derivatives, Fair Value [Line Items]    
Collateral received from counterparties to hedging instruments 962 486
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 1,429 880
OTHER CURRENT ASSETS 1,052 674
OTHER LONG-TERM ASSETS 377 206
LIABILITIES AT FAIR VALUE 43 77
ACCRUED LIABILITIES 39 66
OTHER LONG-TERM LIABILITIES 4 11
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Foreign exchange forwards and options    
Derivatives, Fair Value [Line Items]    
ASSETS AT FAIR VALUE 1,426 875
OTHER CURRENT ASSETS 1,049 669
OTHER LONG-TERM ASSETS 377 206
LIABILITIES AT FAIR VALUE 43 76
ACCRUED LIABILITIES 39 65
OTHER LONG-TERM LIABILITIES 4 11
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Embedded derivatives    
Derivatives, Fair Value [Line Items]    
ASSETS AT FAIR VALUE 3 5
OTHER CURRENT ASSETS 3 5
OTHER LONG-TERM ASSETS 0 0
LIABILITIES AT FAIR VALUE 0 1
ACCRUED LIABILITIES 0 1
OTHER LONG-TERM LIABILITIES $ 0 $ 0
v3.22.2.2
INCOME TAXES (Detail) - USD ($)
$ in Millions
 3 Months Ended
Aug. 31, 2022
Aug. 31, 2021
May 31, 2022
Income Tax Disclosure [Abstract]      
Federal income tax rate 19.70% 11.00%  
Total gross unrecognized tax benefits, excluding related interest and penalties $ 861   $ 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 638    
Accrued interest and penalties related to uncertain tax positions (excluding federal benefit) 262   $ 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    
v3.22.2.2
STOCK-BASED COMPENSATION - Total Stock-Based Compensation Expense (Detail) - USD ($)
$ in Millions
 3 Months Ended
Aug. 31, 2022
Aug. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Tax benefit related to stock-based compensation expense $ 20 $ 186
Class B Common Stock    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation expense $ 170 136
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  
Stock options | Class B Common Stock    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation expense $ 75 65
ESPPs | Class B Common Stock    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation expense 15 15
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 $ 80 $ 56
v3.22.2.2
STOCK-BASED COMPENSATION - Weighted Average Assumptions Used to Estimate Fair Values (Detail) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Aug. 31, 2022
Aug. 31, 2021
Stock options    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Weighted average fair value per share of the options granted (in dollars per share) $ 32.13 $ 38.64
Dividend yield 0.80% 0.70%
Expected volatility 27.00% 25.20%
Weighted average expected life 5 years 9 months 18 days 5 years 10 months 24 days
Risk-free interest rate 2.70% 0.80%
Stock Incentive Plan | Stock options    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unrecognized compensation costs from stock options $ 370  
Unrecognized compensation costs from stock options, net of estimated forfeitures, to be recognized as operating overhead expense over a weighted average period 2 years 4 months 24 days  
Class B Common Stock | Stock Incentive Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Minimum term of market traded options for estimates of expected volatility 1 year  
v3.22.2.2
STOCK-BASED COMPENSATION - Restricted Stock and Restricted Stock Units (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Aug. 31, 2022
Aug. 31, 2021
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) $ 112.83 $ 161.46
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) $ 137.77 $ 247.06
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 $ 659  
Unrecognized compensation costs from stock options, net of estimated forfeitures, to be recognized as operating overhead expense over a weighted average period 2 years 4 months 24 days  
v3.22.2.2
EARNINGS PER SHARE - Additional Information (Detail) - shares
shares in Millions
 3 Months Ended
Aug. 31, 2022
Aug. 31, 2021
Stock options    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Anti-dilutive options not included in the computation of diluted earnings per share (in shares) 23.8 1.1
v3.22.2.2
EARNINGS PER SHARE - Reconciliation from Basic Earnings Per Share to Diluted Earnings Per Share (Detail) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Aug. 31, 2022
Aug. 31, 2021
Earnings Per Share [Abstract]    
Net income available to common stockholders $ 1,468 $ 1,874
Determination of shares:    
Weighted average common shares outstanding (in shares) 1,567.1 1,581.9
Assumed conversion of dilutive stock options and awards (in shares) 18.7 37.7
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (in shares) 1,585.8 1,619.6
Earnings per common share:    
Basic (in dollars per share) $ 0.94 $ 1.18
Diluted (in dollars per share) $ 0.93 $ 1.16
v3.22.2.2
RISK MANAGEMENT AND DERIVATIVES - Additional Information (Detail) - USD ($)
 3 Months Ended
Aug. 31, 2022
May 31, 2022
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 $ 971,000,000  
Maximum term over which the company hedges exposures to the variability of cash flows for its forecasted transactions 33 months  
Credit risk related contingent features collateral threshold $ 50,000,000  
Derivative instruments in net asset position 1,400,000,000  
Collateral received from counterparties to hedging instruments 962,000,000 $ 486,000,000
Cash and Cash Equivalents    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Collateral received from counterparties to hedging instruments 962,000,000  
Not designated as derivative instrument    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total notional amount of outstanding derivatives 4,000,000,000  
Embedded derivatives    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total notional amount of outstanding derivatives $ 434,000,000  
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 $ 15,900,000,000  
v3.22.2.2
RISK MANAGEMENT AND DERIVATIVES - FV of Derivative Instruments Included within Consolidated Balance Sheet (Detail) - USD ($)
$ in Millions
Aug. 31, 2022
May 31, 2022
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS $ 1,429 $ 880
DERIVATIVE LIABILITIES 43 77
Derivatives formally designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 1,367 845
DERIVATIVE LIABILITIES 20 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 990 639
Derivatives formally designated as hedging instruments | Foreign exchange forwards and options | Deferred income taxes and other assets    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 377 206
Derivatives formally designated as hedging instruments | Foreign exchange forwards and options | Accrued liabilities    
Derivatives, Fair Value [Line Items]    
DERIVATIVE LIABILITIES 16 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 4 11
Derivatives not designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 62 35
DERIVATIVE LIABILITIES 23 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 59 30
Derivatives not designated as hedging instruments | Foreign exchange forwards and options | Accrued liabilities    
Derivatives, Fair Value [Line Items]    
DERIVATIVE LIABILITIES 23 28
Derivatives not designated as hedging instruments | Embedded derivatives | Prepaid expenses and other current assets    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 3 5
Derivatives not designated as hedging instruments | Embedded derivatives | Accrued liabilities    
Derivatives, Fair Value [Line Items]    
DERIVATIVE LIABILITIES $ 0 $ 1
v3.22.2.2
RISK MANAGEMENT AND DERIVATIVES - Effects Of Cash Flow Hedges in Statement of Income (Details) - USD ($)
$ in Millions
 3 Months Ended
Aug. 31, 2022
Aug. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]    
Revenues $ 12,687 $ 12,248
Cost of sales 7,072 6,552
Demand creation expense 943 918
Other (income) expense, net (146) (39)
Interest expense (income), net 13 57
Cash Flow Hedging    
Derivative Instruments, Gain (Loss) [Line Items]    
AMOUNT OF GAIN (LOSS) ON CASH FLOW HEDGE ACTIVITY 179 (97)
Foreign exchange forwards and options | Revenues | Cash Flow Hedging    
Derivative Instruments, Gain (Loss) [Line Items]    
AMOUNT OF GAIN (LOSS) ON CASH FLOW HEDGE ACTIVITY (9) (21)
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 109 (66)
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) 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 82 (9)
Interest rate swaps | Interest expense (income), net | Cash Flow Hedging    
Derivative Instruments, Gain (Loss) [Line Items]    
AMOUNT OF GAIN (LOSS) ON CASH FLOW HEDGE ACTIVITY $ (2) $ (2)
v3.22.2.2
RISK MANAGEMENT AND DERIVATIVES - Amounts Affecting Consolidated Statements of Income (Detail) - USD ($)
$ in Millions
 3 Months Ended
Aug. 31, 2022
Aug. 31, 2021
Foreign exchange forwards and options | Other (income) expense, net | Derivatives not designated as hedging instruments    
Derivative Instruments, Gain (Loss) [Line Items]    
AMOUNT OF GAIN (LOSS) RECOGNIZED 
IN INCOME ON DERIVATIVES $ 50 $ 23
Embedded derivatives | Other (income) expense, net | Derivatives not designated as hedging instruments    
Derivative Instruments, Gain (Loss) [Line Items]    
AMOUNT OF GAIN (LOSS) RECOGNIZED 
IN INCOME ON DERIVATIVES 11 (5)
Derivatives designated as cash flow hedges    
Derivative Instruments, Gain (Loss) [Line Items]    
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives 800 388
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income 179 (97)
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 25 (6)
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income (9) (21)
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 487 265
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income 109 (66)
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 (5) (1)
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income (1) 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 293 130
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income 82 (9)
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
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income $ (2) $ (2)
v3.22.2.2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Changes in AOCI (Detail) - USD ($)
$ in Millions
 3 Months Ended
Aug. 31, 2022
Aug. 31, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance $ 15,281 $ 12,767
Other Comprehensive Income (Loss), Net of Tax [Abstract]    
Other comprehensive gains (losses) before reclassifications 441 229
Reclassifications to net income of previously deferred (gains) losses (123) 84
Total other comprehensive income (loss), net of tax 318 313
Ending balance 15,822 14,343
Other comprehensive income, before reclassification, tax benefit (expense) (83) (41)
Reclassification from AOCI, current period, tax expense (benefit) 21 (7)
TOTAL    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance 318 (380)
Other Comprehensive Income (Loss), Net of Tax [Abstract]    
Ending balance 636 (67)
Gains (losses) on foreign currency translation adjustment    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance (520) 2
Other Comprehensive Income (Loss), Net of Tax [Abstract]    
Other comprehensive gains (losses) before reclassifications (272) (128)
Reclassifications to net income of previously deferred (gains) losses 46 0
Total other comprehensive income (loss), net of tax (226) (128)
Ending balance (746) (126)
Other comprehensive income, before reclassification, tax benefit (expense) 0 0
Reclassification from AOCI, current period, tax expense (benefit) 0 0
CASH FLOW HEDGES    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance 779 (435)
Other Comprehensive Income (Loss), Net of Tax [Abstract]    
Other comprehensive gains (losses) before reclassifications 716 349
Reclassifications to net income of previously deferred (gains) losses (161) 89
Total other comprehensive income (loss), net of tax 555 438
Ending balance 1,334 3
Other comprehensive income, before reclassification, tax benefit (expense) (84) (39)
Reclassification from AOCI, current period, tax expense (benefit) 18 (8)
NET INVESTMENT HEDGES    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance 115 115
Other Comprehensive Income (Loss), Net of Tax [Abstract]    
Other comprehensive gains (losses) before reclassifications 0 0
Reclassifications to net income of previously deferred (gains) losses 0 0
Total other comprehensive income (loss), net of tax 0 0
Ending balance 115 115
Other comprehensive income, before reclassification, tax benefit (expense) 0 0
Reclassification from AOCI, current period, tax expense (benefit) 0 0
OTHER    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance (56) (62)
Other Comprehensive Income (Loss), Net of Tax [Abstract]    
Other comprehensive gains (losses) before reclassifications (3) 8
Reclassifications to net income of previously deferred (gains) losses (8) (5)
Total other comprehensive income (loss), net of tax (11) 3
Ending balance (67) (59)
Other comprehensive income, before reclassification, tax benefit (expense) 1 (2)
Reclassification from AOCI, current period, tax expense (benefit) $ 3 $ 1
v3.22.2.2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Reclassification out of AOCI (Details) - USD ($)
$ in Millions
 3 Months Ended
Aug. 31, 2022
Aug. 31, 2021
Reclassification out of Accumulated Other Comprehensive Income [Line Items]    
Revenues $ 12,687 $ 12,248
Cost of sales (7,072) (6,552)
Demand creation expense (943) (918)
Interest expense (income), net (13) (57)
Other (income) expense, net 146 39
Income before income taxes 1,828 2,106
Tax (expense) benefit (360) (232)
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 123 (84)
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 (46) 0
Income before income taxes (46) 0
Tax (expense) benefit 0 0
Total net gain (loss) reclassified for the period (46) 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]    
Income before income taxes 179 (97)
Tax (expense) benefit (18) 8
Total net gain (loss) reclassified for the period 161 (89)
Gain (losses) on cash flow hedges | Foreign exchange forwards and options | AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME    
Reclassification out of Accumulated Other Comprehensive Income [Line Items]    
Revenues (9) (21)
Cost of sales 109 (66)
Demand creation expense (1) 1
Other (income) expense, net 82 (9)
Gain (losses) on cash flow hedges | Interest rate swaps | AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME    
Reclassification out of Accumulated Other Comprehensive Income [Line Items]    
Interest expense (income), net (2) (2)
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 11 6
Income before income taxes 11 6
Tax (expense) benefit (3) (1)
Total net gain (loss) reclassified for the period $ 8 $ 5
v3.22.2.2
REVENUES (Details) - USD ($)
$ in Millions
 3 Months Ended
Aug. 31, 2022
Aug. 31, 2021
Disaggregation of Revenue [Line Items]    
Revenues $ 12,687 $ 12,248
Sales to Wholesale Customers    
Disaggregation of Revenue [Line Items]    
Revenues 7,327 7,312
Sales through Direct to Consumer    
Disaggregation of Revenue [Line Items]    
Revenues 5,312 4,921
Other    
Disaggregation of Revenue [Line Items]    
Revenues 48 15
Footwear    
Disaggregation of Revenue [Line Items]    
Revenues 8,691 8,285
Apparel    
Disaggregation of Revenue [Line Items]    
Revenues 3,454 3,474
Equipment    
Disaggregation of Revenue [Line Items]    
Revenues 494 474
Other    
Disaggregation of Revenue [Line Items]    
Revenues 48 15
Operating Segments | NIKE Brand    
Disaggregation of Revenue [Line Items]    
Revenues 12,048 11,640
Operating Segments | NIKE Brand | Sales to Wholesale Customers    
Disaggregation of Revenue [Line Items]    
Revenues 6,983 6,943
Operating Segments | NIKE Brand | Sales through Direct to Consumer    
Disaggregation of Revenue [Line Items]    
Revenues 5,051 4,690
Operating Segments | NIKE Brand | Other    
Disaggregation of Revenue [Line Items]    
Revenues 14 7
Operating Segments | NIKE Brand | Footwear    
Disaggregation of Revenue [Line Items]    
Revenues 8,114 7,718
Operating Segments | NIKE Brand | Apparel    
Disaggregation of Revenue [Line Items]    
Revenues 3,434 3,450
Operating Segments | NIKE Brand | Equipment    
Disaggregation of Revenue [Line Items]    
Revenues 486 465
Operating Segments | NIKE Brand | Other    
Disaggregation of Revenue [Line Items]    
Revenues 14 7
Operating Segments | CONVERSE    
Disaggregation of Revenue [Line Items]    
Revenues 643 629
Operating Segments | CONVERSE | Sales to Wholesale Customers    
Disaggregation of Revenue [Line Items]    
Revenues 344 369
Operating Segments | CONVERSE | Sales through Direct to Consumer    
Disaggregation of Revenue [Line Items]    
Revenues 261 231
Operating Segments | CONVERSE | Other    
Disaggregation of Revenue [Line Items]    
Revenues 38 29
Operating Segments | CONVERSE | Footwear    
Disaggregation of Revenue [Line Items]    
Revenues 577 567
Operating Segments | CONVERSE | Apparel    
Disaggregation of Revenue [Line Items]    
Revenues 20 24
Operating Segments | CONVERSE | Equipment    
Disaggregation of Revenue [Line Items]    
Revenues 8 9
Operating Segments | CONVERSE | Other    
Disaggregation of Revenue [Line Items]    
Revenues 38 29
Global Brand Divisions    
Disaggregation of Revenue [Line Items]    
Revenues 14 7
Global Brand Divisions | Sales to Wholesale Customers    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
Global Brand Divisions | Sales through Direct to Consumer    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
Global Brand Divisions | Other    
Disaggregation of Revenue [Line Items]    
Revenues 14 7
Global Brand Divisions | Footwear    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
Global Brand Divisions | Apparel    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
Global Brand Divisions | Equipment    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
Global Brand Divisions | Other    
Disaggregation of Revenue [Line Items]    
Revenues 14 7
Corporate    
Disaggregation of Revenue [Line Items]    
Revenues (4) (21)
Corporate | Sales to Wholesale Customers    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
Corporate | Sales through Direct to Consumer    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
Corporate | Other    
Disaggregation of Revenue [Line Items]    
Revenues (4) (21)
Corporate | Footwear    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
Corporate | Apparel    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
Corporate | Equipment    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
Corporate | Other    
Disaggregation of Revenue [Line Items]    
Revenues (4) (21)
NORTH AMERICA | Operating Segments | NIKE Brand    
Disaggregation of Revenue [Line Items]    
Revenues 5,510 4,879
NORTH AMERICA | Operating Segments | NIKE Brand | Sales to Wholesale Customers    
Disaggregation of Revenue [Line Items]    
Revenues 3,027 2,678
NORTH AMERICA | Operating Segments | NIKE Brand | Sales through Direct to Consumer    
Disaggregation of Revenue [Line Items]    
Revenues 2,483 2,201
NORTH AMERICA | Operating Segments | NIKE Brand | Other    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
NORTH AMERICA | Operating Segments | NIKE Brand | Footwear    
Disaggregation of Revenue [Line Items]    
Revenues 3,805 3,264
NORTH AMERICA | Operating Segments | NIKE Brand | Apparel    
Disaggregation of Revenue [Line Items]    
Revenues 1,494 1,430
NORTH AMERICA | Operating Segments | NIKE Brand | Equipment    
Disaggregation of Revenue [Line Items]    
Revenues 211 185
NORTH AMERICA | Operating Segments | NIKE Brand | Other    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
EUROPE, MIDDLE EAST & AFRICA | Operating Segments | NIKE Brand    
Disaggregation of Revenue [Line Items]    
Revenues 3,333 3,307
EUROPE, MIDDLE EAST & AFRICA | Operating Segments | NIKE Brand | Sales to Wholesale Customers    
Disaggregation of Revenue [Line Items]    
Revenues 2,203 2,224
EUROPE, MIDDLE EAST & AFRICA | Operating Segments | NIKE Brand | Sales through Direct to Consumer    
Disaggregation of Revenue [Line Items]    
Revenues 1,130 1,083
EUROPE, MIDDLE EAST & AFRICA | Operating Segments | NIKE Brand | Other    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
EUROPE, MIDDLE EAST & AFRICA | Operating Segments | NIKE Brand | Footwear    
Disaggregation of Revenue [Line Items]    
Revenues 2,012 1,983
EUROPE, MIDDLE EAST & AFRICA | Operating Segments | NIKE Brand | Apparel    
Disaggregation of Revenue [Line Items]    
Revenues 1,153 1,159
EUROPE, MIDDLE EAST & AFRICA | Operating Segments | NIKE Brand | Equipment    
Disaggregation of Revenue [Line Items]    
Revenues 168 165
EUROPE, MIDDLE EAST & AFRICA | Operating Segments | NIKE Brand | Other    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
GREATER CHINA | Operating Segments | NIKE Brand    
Disaggregation of Revenue [Line Items]    
Revenues 1,656 1,982
GREATER CHINA | Operating Segments | NIKE Brand | Sales to Wholesale Customers    
Disaggregation of Revenue [Line Items]    
Revenues 839 1,114
GREATER CHINA | Operating Segments | NIKE Brand | Sales through Direct to Consumer    
Disaggregation of Revenue [Line Items]    
Revenues 817 868
GREATER CHINA | Operating Segments | NIKE Brand | Other    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
GREATER CHINA | Operating Segments | NIKE Brand | Footwear    
Disaggregation of Revenue [Line Items]    
Revenues 1,233 1,449
GREATER CHINA | Operating Segments | NIKE Brand | Apparel    
Disaggregation of Revenue [Line Items]    
Revenues 374 476
GREATER CHINA | Operating Segments | NIKE Brand | Equipment    
Disaggregation of Revenue [Line Items]    
Revenues 49 57
GREATER CHINA | Operating Segments | NIKE Brand | Other    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
ASIA PACIFIC & LATIN AMERICA | Operating Segments | NIKE Brand    
Disaggregation of Revenue [Line Items]    
Revenues 1,535 1,465
ASIA PACIFIC & LATIN AMERICA | Operating Segments | NIKE Brand | Sales to Wholesale Customers    
Disaggregation of Revenue [Line Items]    
Revenues 914 927
ASIA PACIFIC & LATIN AMERICA | Operating Segments | NIKE Brand | Sales through Direct to Consumer    
Disaggregation of Revenue [Line Items]    
Revenues 621 538
ASIA PACIFIC & LATIN AMERICA | Operating Segments | NIKE Brand | Other    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
ASIA PACIFIC & LATIN AMERICA | Operating Segments | NIKE Brand | Footwear    
Disaggregation of Revenue [Line Items]    
Revenues 1,064 1,022
ASIA PACIFIC & LATIN AMERICA | Operating Segments | NIKE Brand | Apparel    
Disaggregation of Revenue [Line Items]    
Revenues 413 385
ASIA PACIFIC & LATIN AMERICA | Operating Segments | NIKE Brand | Equipment    
Disaggregation of Revenue [Line Items]    
Revenues 58 58
ASIA PACIFIC & LATIN AMERICA | Operating Segments | NIKE Brand | Other    
Disaggregation of Revenue [Line Items]    
Revenues $ 0 $ 0
v3.22.2.2
OPERATING SEGMENTS - Information by Operating Segments (Detail) - USD ($)
$ in Millions
 3 Months Ended
Aug. 31, 2022
Aug. 31, 2021
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenues $ 12,687 $ 12,248
Interest expense (income), net 13 57
Income before income taxes 1,828 2,106
Global Brand Divisions    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenues 14 7
EARNINGS BEFORE INTEREST AND TAXES (1,187) (987)
Corporate    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenues (4) (21)
EARNINGS BEFORE INTEREST AND TAXES (574) (545)
NIKE Brand | Operating Segments    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenues 12,048 11,640
CONVERSE | Operating Segments    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenues 643 629
EARNINGS BEFORE INTEREST AND TAXES 209 204
NORTH AMERICA | NIKE Brand | Operating Segments    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenues 5,510 4,879
EARNINGS BEFORE INTEREST AND TAXES 1,377 1,434
EUROPE, MIDDLE EAST & AFRICA | NIKE Brand | Operating Segments    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenues 3,333 3,307
EARNINGS BEFORE INTEREST AND TAXES 975 875
GREATER CHINA | NIKE Brand | Operating Segments    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenues 1,656 1,982
EARNINGS BEFORE INTEREST AND TAXES 541 701
ASIA PACIFIC & LATIN AMERICA | NIKE Brand | Operating Segments    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenues 1,535 1,465
EARNINGS BEFORE INTEREST AND TAXES $ 500 $ 481
v3.22.2.2
OPERATING SEGMENTS - Accounts Receivable Net Inventories and Property Plant and Equipment Net by Operating Segments (Detail) - USD ($)
$ in Millions
Aug. 31, 2022
May 31, 2022
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net $ 4,960 $ 4,667
Inventories 9,662 8,420
Property, plant and equipment, net 4,778 4,791
Global Brand Divisions    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 86 113
Inventories 197 197
Property, plant and equipment, net 794 789
Corporate    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 127 53
Inventories 356 229
Property, plant and equipment, net 1,838 1,817
NIKE Brand | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 4,578 4,384
Inventories 8,987 7,912
Property, plant and equipment, net 2,895 2,925
CONVERSE | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 255 230
Inventories 319 279
Property, plant and equipment, net 45 49
NORTH AMERICA | NIKE Brand | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 2,050 1,850
Inventories 4,699 4,098
Property, plant and equipment, net 683 639
EUROPE, MIDDLE EAST & AFRICA | NIKE Brand | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 1,614 1,351
Inventories 2,139 1,887
Property, plant and equipment, net 873 920
GREATER CHINA | NIKE Brand | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 205 406
Inventories 1,115 1,044
Property, plant and equipment, net 290 303
ASIA PACIFIC & LATIN AMERICA | NIKE Brand | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 623 664
Inventories 837 686
Property, plant and equipment, net $ 255 $ 274
v3.22.2.2
ACQUISITIONS AND DIVESTITURES (Details) - USD ($)
$ in Millions
 12 Months Ended 40 Months Ended
May 31, 2020
Oct. 06, 2022
Aug. 31, 2022
May 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Allowance for expected loss on sale     $ 389 $ 397
Discontinued Operations, Held-for-sale | Argentina And Uruguay | NIKE Brand Businesses        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Assets, held-for-sale     99 100
Inventories, held-for-sale     38 37
Accounts receivable, held-for-sale     23 31
Liabilities, held-for-sale     33 $ 37
Non-recurring impairment charge $ 389      
Allowance for expected loss on sale     $ 389  
Discontinued Operations, Held-for-sale | Argentina And Uruguay | NIKE Brand Businesses | Subsequent Event        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Non-recurring impairment charge   $ 550