NIKE, INC., 10-Q filed on 4/4/2024
Quarterly Report
v3.24.1
Cover Page - shares
 9 Months Ended
Feb. 29, 2024
Mar. 29, 2024
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Feb. 29, 2024  
Document Transition Report false  
Entity File Number 1-10635  
Entity Registrant Name NIKE, Inc.  
Entity Incorporation, State or Country Code OR  
Entity Tax Identification Number 93-0584541  
Entity Address, Address Line One One Bowerman Drive  
Entity Address, City or Town Beaverton  
Entity Address, State or Province OR  
Entity Address, Postal Zip Code 97005-6453  
City Area Code 503  
Local Phone Number 671-6453  
Title of 12(b) Security Class B Common Stock  
Trading Symbol NKE  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Entity Central Index Key 0000320187  
Current Fiscal Year End Date --05-31  
Class A Common Stock    
Document Information [Line Items]    
Entity Common Stock Shares Outstanding   297,897,252
Class B Common Stock    
Document Information [Line Items]    
Entity Common Stock Shares Outstanding   1,211,461,555
v3.24.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 29, 2024
Feb. 28, 2023
Income Statement [Abstract]        
Revenues $ 12,429 $ 12,390 $ 38,756 $ 38,392
Cost of sales 6,867 7,019 21,503 21,695
Gross profit 5,562 5,371 17,253 16,697
Demand creation expense 1,011 923 3,194 2,968
Operating overhead expense 3,215 3,036 9,294 9,035
Total selling and administrative expense 4,226 3,959 12,488 12,003
Interest expense (income), net (52) (7) (108) 22
Other (income) expense, net (16) (58) (101) (283)
Income before income taxes 1,404 1,477 4,974 4,955
Income tax expense 232 237 774 916
NET INCOME $ 1,172 $ 1,240 $ 4,200 $ 4,039
Earnings per common share:        
Basic (in dollars per share) $ 0.77 $ 0.80 $ 2.76 $ 2.59
Diluted (in dollars per share) $ 0.77 $ 0.79 $ 2.74 $ 2.57
Weighted average common shares outstanding:        
Basic (in shares) 1,513.2 1,543.8 1,520.8 1,556.7
Diluted (in shares) 1,526.5 1,564.8 1,534.0 1,574.4
v3.24.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 29, 2024
Feb. 28, 2023
Statement of Comprehensive Income [Abstract]        
Net income $ 1,172 $ 1,240 $ 4,200 $ 4,039
Other comprehensive income (loss), net of tax:        
Change in net foreign currency translation adjustment (57) 153 18 281
Change in net gains (losses) on cash flow hedges 50 (433) (139) (279)
Change in net gains (losses) on other 11 23 15 (18)
Total other comprehensive income (loss), net of tax 4 (257) (106) (16)
TOTAL COMPREHENSIVE INCOME $ 1,176 $ 983 $ 4,094 $ 4,023
v3.24.1
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Feb. 29, 2024
May 31, 2023
Current assets:    
Cash and equivalents $ 8,960 $ 7,441
Short-term investments 1,613 3,234
Accounts receivable, net 4,526 4,131
Inventories 7,726 8,454
Prepaid expenses and other current assets 1,928 1,942
Total current assets 24,753 25,202
Property, plant and equipment, net 5,082 5,081
Operating lease right-of-use assets, net 2,856 2,923
Identifiable intangible assets, net 259 274
Goodwill 240 281
Deferred income taxes and other assets 4,166 3,770
TOTAL ASSETS 37,356 37,531
Current liabilities:    
Current portion of long-term debt 0 0
Notes payable 6 6
Accounts payable 2,340 2,862
Current portion of operating lease liabilities 474 425
Accrued liabilities 5,818 5,723
Income taxes payable 391 240
Total current liabilities 9,029 9,256
Long-term debt 8,930 8,927
Operating lease liabilities 2,691 2,786
Deferred income taxes and other liabilities 2,480 2,558
Commitments and contingencies (Note 12)
Redeemable preferred stock 0 0
Shareholders' equity:    
Capital in excess of stated value 13,128 12,412
Accumulated other comprehensive income (loss) 125 231
Retained earnings 970 1,358
Total shareholders' equity 14,226 14,004
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 37,356 37,531
Class A Convertible Common Stock    
Shareholders' equity:    
Common stock at stated value 0 0
Class B Common Stock    
Shareholders' equity:    
Common stock at stated value $ 3 $ 3
v3.24.1
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares
shares in Millions
Feb. 29, 2024
May 31, 2023
Class A Convertible Common Stock    
Common stock, shares outstanding (in shares) 298 305
Class B Common Stock    
Common stock, shares outstanding (in shares) 1,213 1,227
v3.24.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Cash provided (used) by operations:    
Net income $ 4,200 $ 4,039
Adjustments to reconcile net income to net cash provided (used) by operations:    
Depreciation 589 516
Deferred income taxes (281) (216)
Stock-based compensation 618 556
Amortization, impairment and other 51 107
Net foreign currency adjustments (81) (197)
Changes in certain working capital components and other assets and liabilities:    
(Increase) decrease in accounts receivable (429) 109
(Increase) decrease in inventories 698 (527)
(Increase) decrease in prepaid expenses, operating lease right-of-use assets and other current and non-current assets (342) (273)
Increase (decrease) in accounts payable, accrued liabilities, operating lease liabilities and other current and non-current liabilities (213) (526)
Cash provided (used) by operations 4,810 3,588
Cash provided (used) by investing activities:    
Purchases of short-term investments (3,337) (4,844)
Maturities of short-term investments 2,036 2,470
Sales of short-term investments 3,093 3,149
Additions to property, plant and equipment (599) (700)
Other investing activities (9) 62
Cash provided (used) by investing activities 1,184 137
Cash provided (used) by financing activities:    
Increase (decrease) in notes payable, net 0 4
Proceeds from exercise of stock options and other stock issuances 477 413
Repurchase of common stock (3,214) (4,101)
Dividends — common and preferred (1,609) (1,488)
Other financing activities (122) (94)
Cash provided (used) by financing activities (4,468) (5,266)
Effect of exchange rate changes on cash and equivalents (7) (78)
Net increase (decrease) in cash and equivalents 1,519 (1,619)
Cash and equivalents, beginning of period 7,441 8,574
CASH AND EQUIVALENTS, END OF PERIOD 8,960 6,955
Supplemental disclosure of cash flow information:    
Non-cash additions to property, plant and equipment 177 145
Dividends declared and not paid $ 561 $ 527
v3.24.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
shares in Millions, $ in Millions
Total
CAPITAL IN EXCESS OF STATED VALUE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
RETAINED EARNINGS
Class A Common Stock
Class A Common Stock
COMMON STOCK
Class B Common Stock
Class B Common Stock
COMMON STOCK
Beginning Balance (in shares) at May. 31, 2022           305   1,266
Beginning balance at May. 31, 2022 $ 15,281 $ 11,484 $ 318 $ 3,476       $ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Stock options exercised (in shares)               6
Stock options exercised 302 302            
Repurchase of Class B Common Stock (in shares)               (39)
Repurchase of Class B Common Stock (4,117) (288)   (3,829)        
Dividends on common stock (1,535)     (1,535)        
Issuance of shares to employees, net of shares withheld for employee taxes (in shares)               2
Issuance of shares to employees, net of shares withheld for employee taxes 21 20   1        
Stock-based compensation 556 556            
Net income 4,039     4,039        
Other comprehensive income (loss) (16)   (16)          
Ending Balance (in shares) at Feb. 28, 2023           305   1,235
Ending balance at Feb. 28, 2023 14,531 12,074 302 2,152       $ 3
Beginning Balance (in shares) at Nov. 30, 2022           305   1,245
Beginning balance at Nov. 30, 2022 15,272 11,851 559 2,859       $ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Stock options exercised (in shares)               3
Stock options exercised 153 153            
Repurchase of Class B Common Stock (in shares)               (13)
Repurchase of Class B Common Stock (1,519) (99)   (1,420)        
Dividends on common stock (527)     (527)        
Issuance of shares to employees, net of shares withheld for employee taxes (23) (23)            
Stock-based compensation 192 192            
Net income 1,240     1,240        
Other comprehensive income (loss) (257)   (257)          
Ending Balance (in shares) at Feb. 28, 2023           305   1,235
Ending balance at Feb. 28, 2023 14,531 12,074 302 2,152       $ 3
Beginning Balance (in shares) at May. 31, 2023         305 305 1,227 1,227
Beginning balance at May. 31, 2023 14,004 12,412 231 1,358       $ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Stock options exercised (in shares)               6
Stock options exercised 347 347            
Conversion to Class B Common Stock (in shares)           (7)   7
Repurchase of Class B Common Stock (in shares)               (30)
Repurchase of Class B Common Stock (3,207) (251)   (2,956)        
Dividends on common stock (1,645)     (1,645)        
Issuance of shares to employees, net of shares withheld for employee taxes (in shares)               3
Issuance of shares to employees, net of shares withheld for employee taxes 15 2   13        
Stock-based compensation 618 618            
Net income 4,200     4,200        
Other comprehensive income (loss) (106)   (106)          
Ending Balance (in shares) at Feb. 29, 2024         298 298 1,213 1,213
Ending balance at Feb. 29, 2024 14,226 13,128 125 970       $ 3
Beginning Balance (in shares) at Nov. 30, 2023           298   1,219
Beginning balance at Nov. 30, 2023 14,146 12,871 121 1,151       $ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Stock options exercised (in shares)               2
Stock options exercised 135 135            
Repurchase of Class B Common Stock (in shares)               (8)
Repurchase of Class B Common Stock (866) (67)   (799)        
Dividends on common stock (561)     (561)        
Issuance of shares to employees, net of shares withheld for employee taxes (20) (27)   7        
Stock-based compensation 216 216            
Net income 1,172     1,172        
Other comprehensive income (loss) 4   4          
Ending Balance (in shares) at Feb. 29, 2024         298 298 1,213 1,213
Ending balance at Feb. 29, 2024 $ 14,226 $ 13,128 $ 125 $ 970       $ 3
v3.24.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares
 3 Months Ended 9 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 29, 2024
Feb. 28, 2023
Statement of Stockholders' Equity [Abstract]        
Dividends declared per common share (in dollars per share) $ 0.370 $ 0.340 $ 1.080 $ 0.985
Dividends declared per preferred share (in dollars per share)     $ 0.10 $ 0.10
v3.24.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 9 Months Ended
Feb. 29, 2024
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION
The Unaudited Condensed Consolidated Financial Statements include the accounts of NIKE, Inc. and its subsidiaries (the "Company" or "NIKE") and reflect all normal recurring adjustments which are, in the opinion of management, necessary for a fair statement of the results of operations for the interim period. The year-end Condensed Consolidated Balance Sheet data as of May 31, 2023, was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America ("U.S. GAAP"). The interim financial information and notes thereto should be read in conjunction with the Company's latest Annual Report on Form 10-K for the fiscal year ended May 31, 2023 (the "Annual Report"). The results of operations for the three and nine months ended February 29, 2024, are not necessarily indicative of results to be expected for the entire fiscal year.
RECENTLY ISSUED ACCOUNTING STANDARDS AND DISCLOSURE RULES
In November 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The amendments will require public entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker and included within segment profit and loss. The amendments are effective for the Company's annual periods beginning June 1, 2024, and interim periods beginning June 1, 2025, with early adoption permitted, and will be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company's annual periods beginning June 1, 2025, with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.
In March 2024, the U.S. Securities and Exchange Commission ("SEC") adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. This rule will require registrants to disclose certain climate-related information in registration statements and annual reports. The disclosure requirements will apply to the Company's fiscal year beginning June 1, 2025. The Company is currently evaluating the final rule to determine its impact on the Company's disclosures.
RECENTLY ADOPTED ACCOUNTING STANDARDS
In September 2022, the FASB issued ASU 2022-04, Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. The new guidance requires qualitative and quantitative disclosure sufficient to enable users of the financial statements to understand the nature, activity during the period, changes from period to period and potential magnitude of such programs. The Company adopted the required guidance in the first quarter of fiscal 2024.
Certain financial institutions offer voluntary supplier finance programs facilitated through a third-party platform that provide participating suppliers the option to finance valid payment obligations from the Company. The Company is not a party to agreements negotiated between participating suppliers and third-party financial institutions. The Company's obligations to its suppliers, including amounts due and payment terms, are not affected by a supplier's decision to participate in these programs and the Company does not provide guarantees to third parties in connection with these programs. As of February 29, 2024 and May 31, 2023, the Company had $704 million and $834 million, respectively, of outstanding supplier obligations confirmed as valid under these programs. These amounts are included within Accounts payable on the Unaudited Condensed Consolidated Balance Sheets.
v3.24.1
ACCRUED LIABILITIES
 9 Months Ended
Feb. 29, 2024
Accrued Liabilities, Current [Abstract]  
ACCRUED LIABILITIES
NOTE 2 — ACCRUED LIABILITIES
Accrued liabilities included the following:
FEBRUARY 29,MAY 31,
(Dollars in millions)20242023
Compensation and benefits, excluding taxes
$1,254 $1,737 
Sales-related reserves1,227 994 
Dividends payable566 529 
Endorsement compensation
493 552 
Other2,278 1,911
TOTAL ACCRUED LIABILITIES$5,818 $5,723 
v3.24.1
FAIR VALUE MEASUREMENTS
 9 Months Ended
Feb. 29, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
NOTE 3 — FAIR VALUE MEASUREMENTS
The Company measures certain financial assets and liabilities at fair value on a recurring basis, including derivatives, equity securities and available-for-sale debt securities. For additional information about the Company's fair value policies, refer to Note 1 — Summary of Significant Accounting Policies within the Annual Report.
The following tables present information about the Company's financial assets measured at fair value on a recurring basis as of February 29, 2024 and May 31, 2023, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
FEBRUARY 29, 2024
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$1,118 $1,118 $— 
Level 1:
U.S. Treasury securities1,002 1 1,001 
Level 2:
Commercial paper and bonds580 18 562 
Money market funds7,272 7,272 — 
Time deposits560 551 9 
U.S. Agency securities41 — 41 
Total Level 28,453 7,841 612 
TOTAL$10,573 $8,960 $1,613 
MAY 31, 2023
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$1,767 $1,767 $— 
Level 1:
U.S. Treasury securities2,655 — 2,655 
Level 2:
Commercial paper and bonds543 15 528 
Money market funds5,157 5,157 — 
Time deposits507 502 5 
U.S. Agency securities46 — 46 
Total Level 26,253 5,674 579 
TOTAL$10,675 $7,441 $3,234 
As of February 29, 2024, the Company held $867 million of available-for-sale debt securities with maturity dates within one year and $746 million with maturity dates greater than one year and less than five years in Short-term investments on the Unaudited Condensed Consolidated Balance Sheets. The fair value of the Company's available-for-sale debt securities approximates their amortized cost.
Included in Interest expense (income), net was interest income related to the Company's investment portfolio of $113 million and $83 million for the three months ended February 29, 2024 and February 28, 2023, respectively, and $304 million and $196 million for the nine months ended February 29, 2024 and February 28, 2023, respectively.
The following tables present information about the Company's derivative assets and liabilities measured at fair value on a recurring basis and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
FEBRUARY 29, 2024
DERIVATIVE ASSETSDERIVATIVE LIABILITIES
(Dollars in millions)
ASSETS AT FAIR VALUEOTHER CURRENT ASSETSOTHER LONG-TERM ASSETSLIABILITIES AT FAIR VALUEACCRUED LIABILITIESOTHER LONG-TERM LIABILITIES
Level 2:
Foreign exchange forwards and options(1)
$390 $324 $66 $149 $132 $17 
Interest rate swap contracts(1)
2 — 2 4 — 4 
TOTAL
$392 $324 $68 $153 $132 $21 
(1)If the derivative instruments had been netted on the Unaudited Condensed Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $149 million as of February 29, 2024. As of that date, the Company received $48 million of cash collateral from counterparties related to derivative instruments. No amount of collateral was posted on the derivative liability balance as of February 29, 2024.
MAY 31, 2023
DERIVATIVE ASSETSDERIVATIVE LIABILITIES
(Dollars in millions)
ASSETS AT FAIR VALUEOTHER CURRENT ASSETSOTHER LONG-TERM ASSETSLIABILITIES AT FAIR VALUEACCRUED LIABILITIESOTHER LONG-TERM LIABILITIES
Level 2:
Foreign exchange forwards and options(1)
$557 $493 $64 $180 $128 $52 
(1)If the derivative instruments had been netted on the Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $178 million as of May 31, 2023. As of that date, the Company received $36 million of cash collateral from counterparties related to derivative instruments. No amount of collateral was posted on the derivative liability balance as of May 31, 2023.
For additional information related to the Company's derivative financial instruments and credit risk, refer to Note 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, debt issuance costs and interest rate swap fair value adjustments. The fair value of long-term debt is estimated based upon quoted prices for similar instruments or quoted prices for identical instruments in inactive markets (Level 2). The fair value of the Company's Long-term debt was approximately $7,764 million at February 29, 2024 and $7,889 million at May 31, 2023.
v3.24.1
SHORT-TERM BORROWINGS AND CREDIT LINES
 9 Months Ended
Feb. 29, 2024
Debt Disclosure [Abstract]  
SHORT-TERM BORROWINGS AND CREDIT LINES
NOTE 4 — SHORT-TERM BORROWINGS AND CREDIT LINES
The carrying amounts reflected on the Unaudited Condensed Consolidated Balance Sheets for Notes payable approximate fair value.
As of February 29, 2024 and May 31, 2023, the Company had no borrowings outstanding under its $3 billion commercial paper program.
On March 8, 2024, subsequent to the end of the third quarter of fiscal 2024, the Company entered into a 364-day committed credit facility agreement with a syndicate of banks, which provides for up to $1 billion of borrowings, with an option to increase borrowings up to $1.5 billion in total with lender approval. The facility matures on March 7, 2025, with an option to extend the maturity date an additional 364 days. This facility replaces the prior $1 billion 364-day credit facility agreement entered into on March 10, 2023, which matured on March 8, 2024. Based on the Company's current long-term senior unsecured debt ratings of AA- and A1 from Standard and Poor's Corporation and Moody's Investor Services, respectively, the interest rate charged on any outstanding borrowings would be the prevailing Term Secured Overnight Financing Rate (Term SOFR) for the applicable interest period plus 0.60%. The facility fee is 0.02% of the total undrawn commitment. As of April 4, 2024, no amounts were outstanding under this committed credit facility.
There have been no other changes to the credit lines reported in the Annual Report for the fiscal year ended May 31, 2023.
v3.24.1
INCOME TAXES
 9 Months Ended
Feb. 29, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES
NOTE 5 — INCOME TAXES
The effective tax rate was 15.6% and 18.5% for the nine months ended February 29, 2024 and February 28, 2023, respectively. The decrease in the Company's effective tax rate was primarily due to one-time benefits including the impact of temporary relief provided by the Internal Revenue Service ("IRS") relating to U.S. foreign tax credit regulations. On July 21, 2023, the IRS issued Notice 2023-55 which specifically delayed the application of certain U.S. foreign tax credit regulations that had previously limited the Company's ability to claim credits on certain foreign taxes for the fiscal year ended May 31, 2023. As a result of this new guidance, the Company recognized a one-time tax benefit related to prior year tax positions in the first three months of fiscal 2024. Other one-time benefits included a reduction in accrued withholding taxes on undistributed foreign earnings recognized in the second quarter of fiscal 2024.
On August 16, 2022, the U.S. government enacted the Inflation Reduction Act of 2022 that included, among other provisions, changes to the U.S. corporate income tax system, including a fifteen percent minimum tax based on "adjusted financial statement income," which was effective for the Company beginning June 1, 2023. Based on the Company's current analysis of the provisions, these tax law changes are not expected to have a material impact on the Company's financial statements for fiscal 2024.
As of February 29, 2024, total gross unrecognized tax benefits, excluding related interest and penalties, were $988 million, $701 million of which would affect the Company's effective tax rate if recognized in future periods. The majority of the total gross unrecognized tax benefits are long-term in nature and included within Deferred income taxes and other liabilities on the Unaudited Condensed Consolidated Balance Sheets. As of May 31, 2023, total gross unrecognized tax benefits, excluding related interest and penalties, were $936 million. As of February 29, 2024 and May 31, 2023, accrued interest and penalties related to uncertain tax positions were $314 million and $268 million, respectively, (excluding federal benefit) and included within Deferred income taxes and other liabilities on the Unaudited Condensed Consolidated Balance Sheets.
The Company is subject to taxation in the U.S., as well as various state and foreign jurisdictions. The Company is currently under audit by the U.S. IRS for fiscal years 2017 through 2019. The Company has closed all U.S. federal income tax matters through fiscal 2016, with the exception of certain transfer pricing adjustments.
Tax years after 2011 remain open in certain major foreign jurisdictions. Although the timing of resolution of audits is not certain, the Company evaluates all domestic and foreign audit issues in the aggregate, along with the expiration of applicable statutes of limitations, and estimates that it is reasonably possible the total gross unrecognized tax benefits could decrease by up to $20 million within the next 12 months. In January 2019, the European Commission opened a formal investigation to examine whether the Netherlands has breached State Aid rules when granting certain tax rulings to the Company. The Company believes the investigation is without merit. If this matter is adversely resolved, the Netherlands may be required to assess additional amounts with respect to prior periods, and the Company's income taxes related to prior periods in the Netherlands could increase.
v3.24.1
STOCK-BASED COMPENSATION
 9 Months Ended
Feb. 29, 2024
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"). For additional information, refer to Note 9 — Common Stock and Stock-Based Compensation within the Annual Report.
The following table summarizes the Company's total stock-based compensation expense recognized in Cost of sales or Operating overhead expense, as applicable: 
 THREE MONTHS ENDEDNINE MONTHS ENDED
(Dollars in millions)
FEBRUARY 29, 2024FEBRUARY 28, 2023FEBRUARY 29, 2024FEBRUARY 28, 2023
Stock options(1)
$89 $78 $253 $232 
ESPPs17 20 55 53 
Restricted stock and restricted stock units(2)
110 94 310 271 
TOTAL STOCK-BASED COMPENSATION EXPENSE$216 $192 $618 $556 
(1)Expense for stock options includes the expense associated with stock appreciation rights.
(2)Restricted stock units include RSUs and PSUs.
The income tax benefit related to stock-based compensation expense was $12 million and $22 million for the three months ended February 29, 2024 and February 28, 2023, respectively, and $30 million and $44 million for the nine months ended February 29, 2024 and February 28, 2023, respectively, and reported within Income tax expense.
STOCK OPTIONS
As of February 29, 2024, the Company had $478 million of unrecognized compensation costs from stock options, net of estimated forfeitures, to be recognized in Cost of sales or Operating overhead expense, as applicable, over a weighted average remaining period of 2.6 years.
RESTRICTED STOCK AND RESTRICTED STOCK UNITS
As of February 29, 2024, the Company had $699 million of unrecognized compensation costs from restricted stock and restricted stock units, net of estimated forfeitures, to be recognized in Cost of sales or Operating overhead expense, as applicable, over a weighted average remaining period of 2.5 years.
v3.24.1
EARNINGS PER SHARE
 9 Months Ended
Feb. 29, 2024
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 exclude restricted stock, restricted stock units and options, including shares under ESPPs, to purchase an estimated additional 40.9 million and 29.5 million shares of common stock outstanding for the three months ended February 29, 2024 and February 28, 2023, respectively, and 42.6 million and 31.8 million shares of common stock outstanding for the nine months ended February 29, 2024 and February 28, 2023, respectively, because the awards were assumed to be anti-dilutive.
 THREE MONTHS ENDEDNINE MONTHS ENDED
(In millions, except per share data)
FEBRUARY 29, 2024FEBRUARY 28, 2023FEBRUARY 29, 2024FEBRUARY 28, 2023
Net income available to common stockholders$1,172 $1,240 $4,200 $4,039 
Determination of shares:
Weighted average common shares outstanding1,513.2 1,543.8 1,520.8 1,556.7 
Assumed conversion of dilutive stock options and awards13.3 21.0 13.2 17.7 
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING1,526.5 1,564.8 1,534.0 1,574.4 
Earnings per common share:
Basic$0.77 $0.80 $2.76 $2.59 
Diluted$0.77 $0.79 $2.74 $2.57 
v3.24.1
RISK MANAGEMENT AND DERIVATIVES
 9 Months Ended
Feb. 29, 2024
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 nine months ended February 29, 2024, there have been no material changes to the Company's hedging program or strategy from what was disclosed within the Annual Report. For additional information about the Company's derivatives and hedging policies, refer to Note 1 — Summary of Significant Accounting Policies and Note 12 — Risk Management and Derivatives within the Annual Report.
The majority of derivatives outstanding as of February 29, 2024, are designated as foreign currency cash flow hedges, primarily for Euro/U.S. Dollar, British Pound/Euro, Chinese Yuan/U.S. Dollar and Japanese Yen/U.S. Dollar currency pairs. All derivatives are recognized on the Unaudited Condensed Consolidated Balance Sheets at fair value and classified based on the instrument's maturity date.
The following tables present the fair values of derivative instruments included within the Unaudited Condensed Consolidated Balance Sheets:
 DERIVATIVE ASSETS
BALANCE SHEET LOCATIONFEBRUARY 29,MAY 31,
(Dollars in millions)
20242023
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets$312 $480 
Foreign exchange forwards and optionsDeferred income taxes and other assets66 64 
Interest rate swap contracts
Deferred income taxes and other assets
2 — 
Total derivatives formally designated as hedging instruments380 544 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets12 13 
Total derivatives not designated as hedging instruments12 13 
TOTAL DERIVATIVE ASSETS$392 $557 
DERIVATIVE LIABILITIES
BALANCE SHEET LOCATIONFEBRUARY 29,MAY 31,
(Dollars in millions)
20242023
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities$121 $93 
Foreign exchange forwards and optionsDeferred income taxes and other liabilities17 52 
Interest rate swap contracts
Deferred income taxes and other liabilities
4 — 
Total derivatives formally designated as hedging instruments142 145 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities11 35 
Total derivatives not designated as hedging instruments11 35 
TOTAL DERIVATIVE LIABILITIES$153 $180 
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 ENDEDLOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME		THREE MONTHS ENDED
FEBRUARY 29, 2024FEBRUARY 28, 2023FEBRUARY 29, 2024FEBRUARY 28, 2023
Derivatives designated as cash flow hedges:
Foreign exchange forwards and options$(32)$30 Revenues$(10)$14 
Foreign exchange forwards and options135 (141)Cost of sales70 182 
Foreign exchange forwards and options— 1 Demand creation expense1 (1)
Foreign exchange forwards and options49 (65)Other (income) expense, net52 90 
Interest rate swaps(2)
— — Interest expense (income), net(2)(2)
TOTAL DESIGNATED CASH FLOW HEDGES $152 $(175)$111 $283 
(1)For the three months ended February 29, 2024 and February 28, 2023, the amounts recorded in Other (income) expense, net as a result of the discontinuance of cash flow hedges because the forecasted transactions were no longer probable of occurring were immaterial.
(2)Gains and losses associated with terminated interest rate swaps, which were previously designated as cash flow hedges and recorded in Accumulated other comprehensive income (loss), will be released through Interest expense (income), net over the term of the issued debt.

(Dollars in millions)
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES(1)
AMOUNT OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE
INCOME (LOSS) INTO INCOME(1)
NINE MONTHS ENDEDLOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME		NINE MONTHS ENDED
FEBRUARY 29, 2024FEBRUARY 28, 2023FEBRUARY 29, 2024FEBRUARY 28, 2023
Derivatives designated as cash flow hedges:
Foreign exchange forwards and options$(55)$52 Revenues$(7)$9 
Foreign exchange forwards and options154 245 Cost of sales221 464 
Foreign exchange forwards and options2 (2)Demand creation expense1 (4)
Foreign exchange forwards and options78 181 Other (income) expense, net138 297 
Interest rate swaps(2)
— — Interest expense (income), net(6)(6)
TOTAL DESIGNATED CASH FLOW HEDGES $179 $476 $347 $760 
(1)For the nine months ended February 29, 2024 and February 28, 2023, the amounts recorded in Other (income) expense, net as a result of the discontinuance of cash flow hedges because the forecasted transactions were no longer probable of occurring were immaterial.
(2)Gains and losses associated with terminated interest rate swaps, which were previously designated as cash flow hedges and recorded in Accumulated other comprehensive income (loss), will be released through Interest expense (income), net over the term of the issued debt.
AMOUNT OF GAIN (LOSS) RECOGNIZED
IN INCOME ON DERIVATIVES		LOCATION OF GAIN (LOSS)
RECOGNIZED IN INCOME
ON DERIVATIVES
THREE MONTHS ENDEDNINE MONTHS ENDED
(Dollars in millions)
FEBRUARY 29, 2024FEBRUARY 28, 2023FEBRUARY 29, 2024FEBRUARY 28, 2023
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options and embedded derivatives$9 $(26)$(1)$52 Other (income) expense, net
CASH FLOW HEDGES
The total notional amount of outstanding foreign currency derivatives designated as cash flow hedges was approximately $17.6 billion as of February 29, 2024. Approximately $250 million of deferred net gains (net of tax) on both outstanding and matured derivatives in Accumulated other comprehensive income (loss) as of February 29, 2024, are expected to be reclassified to Net income during the next 12 months concurrent with the underlying hedged transactions also being recorded in Net income. Actual amounts ultimately reclassified to Net income are dependent on the exchange rates in effect when derivative contracts currently outstanding mature. As of February 29, 2024, the maximum term over which the Company hedges exposures to the variability of cash flows for its forecasted transactions was 27 months.
FAIR VALUE HEDGES
The total notional amount of outstanding interest rate swap contracts designated as fair value hedges was $901 million as of February 29, 2024.
UNDESIGNATED DERIVATIVE INSTRUMENTS
The total notional amount of outstanding undesignated derivative instruments was $3.9 billion as of February 29, 2024.
CREDIT RISK
As of February 29, 2024, 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 $239 million. Accordingly, the Company was not required to post cash collateral as a result of these contingent features. Further, $48 million of collateral was received on the Company's derivative asset balance as of February 29, 2024. The Company considers the impact of the risk of counterparty default to be immaterial.
For additional information related to the Company's derivative financial instruments and collateral, refer to Note 3 — Fair Value Measurements
v3.24.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 9 Months Ended
Feb. 29, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
NOTE 9 — ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The changes in Accumulated other comprehensive income (loss), net of tax, were as follows:
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at November 30, 2023$(178)$242 $115 $(58)$121 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
(57)150 — 4 97 
Reclassifications to net income of previously deferred (gains) losses(2)
— (100)— 7 (93)
Total other comprehensive income (loss)(57)50 — 11 4 
Balance at February 29, 2024$(235)$292 $115 $(47)$125 
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of immaterial tax impact.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at November 30, 2022$(392)$933 $115 $(97)$559 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
150 (179)— — (29)
Reclassifications to net income of previously deferred (gains) losses(2)
3 (254)— 23 (228)
Total other comprehensive income (loss)153 (433)— 23 (257)
Balance at February 28, 2023$(239)$500 $115 $(74)$302 
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of immaterial tax impact.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at May 31, 2023$(253)$431 $115 $(62)$231 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
16 175 — 15 206 
Reclassifications to net income of previously deferred (gains) losses(2)
2 (314)— — (312)
Total other comprehensive income (loss)18 (139)— 15 (106)
Balance at February 29, 2024$(235)$292 $115 $(47)$125 
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of immaterial tax impact.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at May 31, 2022$(520)$779 $115 $(56)$318 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
(77)399 — (27)295 
Reclassifications to net income of previously deferred (gains) losses(2)
358 (678)— 9 (311)
Total other comprehensive income (loss)281 (279)— (18)(16)
Balance at February 28, 2023$(239)$500 $115 $(74)$302 
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of immaterial tax impact.

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 ENDEDNINE MONTHS ENDED
(Dollars in millions)
FEBRUARY 29, 2024FEBRUARY 28, 2023FEBRUARY 29, 2024FEBRUARY 28, 2023
Gains (losses) on foreign currency translation adjustment$— $(3)$(2)$(374)Other (income) expense, net
Total before tax— (3)(2)(374)
Tax (expense) benefit— — — 16 
Gain (loss) net of tax— (3)(2)(358)
Gains (losses) on cash flow hedges:
Foreign exchange forwards and options(10)14 (7)9 Revenues
Foreign exchange forwards and options70 182 221 464 Cost of sales
Foreign exchange forwards and options1 (1)1 (4)Demand creation expense
Foreign exchange forwards and options52 90 138 297 Other (income) expense, net
Interest rate swaps(2)(2)(6)(6)Interest expense (income), net
Total before tax111 283 347 760 
Tax (expense) benefit(11)(29)(33)(82)
Gain (loss) net of tax100 254 314 678 
Gains (losses) on other(9)(32)1 (12)Other (income) expense, net
Total before tax(9)(32)1 (12)
Tax (expense) benefit2 9 (1)3 
Gain (loss) net of tax(7)(23)— (9)
Total net gain (loss) reclassified for the period$93 $228 $312 $311 
v3.24.1
REVENUES
 9 Months Ended
Feb. 29, 2024
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 FEBRUARY 29, 2024
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$3,460 $1,960 $1,547 $1,195 $— $8,162 $426 $— $8,588 
Apparel1,408 994 498 390 — 3,290 25 — 3,315 
Equipment202 184 39 62 — 487 9 — 496 
Other— — — — 9 9 35 (14)30 
TOTAL REVENUES$5,070 $3,138 $2,084 $1,647 $9 $11,948 $495 $(14)$12,429 
Revenues by:
Sales to Wholesale Customers$2,440 $1,966 $1,243 $939 $— $6,588 $257 $— $6,845 
Sales through Direct to Consumer2,630 1,172 841 708 — 5,351 203 — 5,554 
Other— — — — 9 9 35 (14)30 
TOTAL REVENUES$5,070 $3,138 $2,084 $1,647 $9 $11,948 $495 $(14)$12,429 

THREE MONTHS ENDED FEBRUARY 28, 2023
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$3,322 $2,011 $1,496 $1,141 $— $7,970 $540 $— $8,510 
Apparel1,419 1,094 461 407 — 3,381 29 — 3,410 
Equipment172 141 37 53 — 403 6 — 409 
Other— — — — 12 12 37 12 61 
TOTAL REVENUES$4,913 $3,246 $1,994 $1,601 $12 $11,766 $612 $12 $12,390 
Revenues by:
Sales to Wholesale Customers$2,323 $2,061 $1,126 $913 $— $6,423 $323 $— $6,746 
Sales through Direct to Consumer2,590 1,185 868 688 — 5,331 252 — 5,583 
Other— — — — 12 12 37 12 61 
TOTAL REVENUES$4,913 $3,246 $1,994 $1,601 $12 $11,766 $612 $12 $12,390 
NINE MONTHS ENDED FEBRUARY 29, 2024
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$10,950 $6,406 $4,195 $3,639 $— $25,190 $1,390 $— $26,580 
Apparel4,555 3,331 1,368 1,198 — 10,452 75 — 10,527 
Equipment613 578 119 187 — 1,497 27 — 1,524 
Other— — — — 34 34 110 (19)125 
TOTAL REVENUES$16,118 $10,315 $5,682 $5,024 $34 $37,173 $1,602 $(19)$38,756 
Revenues by:
Sales to Wholesale Customers$8,114 $6,483 $3,165 $2,927 $— $20,689 $843 $— $21,532 
Sales through Direct to Consumer8,004 3,832 2,517 2,097 — 16,450 649 — 17,099 
Other— — — — 34 34 110 (19)125 
TOTAL REVENUES$16,118 $10,315 $5,682 $5,024 $34 $37,173 $1,602 $(19)$38,756 

NINE MONTHS ENDED FEBRUARY 28, 2023
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$11,090 $6,086 $4,099 $3,313 $— $24,588 $1,633 $— $26,221 
Apparel4,598 3,528 1,228 1,255 — 10,609 70 — 10,679 
Equipment565 454 111 167 — 1,297 21 — 1,318 
Other— — — — 44 44 117 13 174 
TOTAL REVENUES$16,253 $10,068 $5,438 $4,735 $44 $36,538 $1,841 $13 $38,392 
Revenues by:
Sales to Wholesale Customers$8,533 $6,506 $2,862 $2,792 $— $20,693 $971 $— $21,664 
Sales through Direct to Consumer7,720 3,562 2,576 1,943 — 15,801 753 — 16,554 
Other— — — — 44 44 117 13 174 
TOTAL REVENUES$16,253 $10,068 $5,438 $4,735 $44 $36,538 $1,841 $13 $38,392 
For the three and nine months ended February 29, 2024 and three and nine months ended February 28, 2023, Global Brand Divisions revenues included NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment. Converse Other revenues were primarily attributable to licensing businesses. Corporate revenues primarily consisted of foreign currency hedge gains and losses related to revenues generated by entities within the NIKE Brand geographic operating segments and Converse, but managed through the Company's central foreign exchange risk management program.
As of February 29, 2024 and May 31, 2023, the Company did not have any contract assets and had an immaterial amount of contract liabilities recorded in Accrued liabilities on the Unaudited Condensed Consolidated Balance Sheets.
v3.24.1
OPERATING SEGMENTS
 9 Months Ended
Feb. 29, 2024
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. For the three and nine months ended February 29, 2024, Corporate also includes pre-tax restructuring charges recognized as a result of the Company taking steps to streamline the organization. These pre-tax charges primarily reflect employee severance costs and accelerated stock-based compensation expense. For more information, refer to Note 14 — Restructuring.
The primary financial measure used by the Company to evaluate performance of individual operating segments is earnings before interest and taxes ("EBIT"), which represents Net income before Interest expense (income), net, and Income taxes in the Unaudited Condensed Consolidated Statements of Income.
As part of the Company's centrally managed foreign exchange risk management program, standard foreign currency rates are assigned twice per year to each NIKE Brand entity in the Company's geographic operating segments and to Converse. These rates are set approximately nine and twelve months in advance of the future selling seasons to which they relate (specifically, for each currency, one standard rate applies to the fall and holiday selling seasons, and one standard rate applies to the spring and summer selling seasons) based on average market spot rates in the calendar month preceding the date they are established. Inventories and Cost of sales for geographic operating segments and Converse reflect the use of these standard rates to record non-functional currency product purchases in the entity's functional currency. Differences between assigned standard foreign currency rates and actual market rates are included in Corporate, together with foreign currency hedge gains and losses generated from the Company's centrally managed foreign exchange risk management program and other conversion gains and losses.
Accounts receivable, net, Inventories and Property, plant and equipment, net for operating segments are regularly reviewed by management and are therefore provided below.
 THREE MONTHS ENDEDNINE MONTHS ENDED
(Dollars in millions)
FEBRUARY 29, 2024FEBRUARY 28, 2023FEBRUARY 29, 2024FEBRUARY 28, 2023
REVENUES
North America$5,070 $4,913 $16,118 $16,253 
Europe, Middle East & Africa3,138 3,246 10,315 10,068 
Greater China2,084 1,994 5,682 5,438 
Asia Pacific & Latin America1,647 1,601 5,024 4,735 
Global Brand Divisions9 12 34 44 
Total NIKE Brand11,948 11,766 37,173 36,538 
Converse495 612 1,602 1,841 
Corporate(14)12 (19)13 
TOTAL NIKE, INC. REVENUES$12,429 $12,390 $38,756 $38,392 
EARNINGS BEFORE INTEREST AND TAXES
North America$1,400 $1,190 $4,360 $4,064 
Europe, Middle East & Africa734 785 2,591 2,750 
Greater China722 702 1,761 1,754 
Asia Pacific & Latin America471 485 1,406 1,470 
Global Brand Divisions(1,199)(1,160)(3,572)(3,573)
Converse98 164 380 526 
Corporate(874)(696)(2,060)(2,014)
Interest expense (income), net(52)(7)(108)22 
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES$1,404 $1,477 $4,974 $4,955 
FEBRUARY 29,MAY 31,
(Dollars in millions)
20242023
ACCOUNTS RECEIVABLE, NET
North America$1,872 $1,653 
Europe, Middle East & Africa1,336 1,197 
Greater China197 162 
Asia Pacific & Latin America750 700 
Global Brand Divisions96 96 
Total NIKE Brand4,251 3,808 
Converse219 235 
Corporate56 88 
TOTAL ACCOUNTS RECEIVABLE, NET$4,526 $4,131 
INVENTORIES
North America$3,201 $3,806 
Europe, Middle East & Africa2,046 2,167 
Greater China1,121 973 
Asia Pacific & Latin America889 894 
Global Brand Divisions180 232 
Total NIKE Brand7,437 8,072 
Converse289 305 
Corporate— 77 
TOTAL INVENTORIES(1)
$7,726 $8,454 
(1)Inventories as of February 29, 2024 and May 31, 2023, were substantially all finished goods.
FEBRUARY 29,MAY 31,
(Dollars in millions)
20242023
PROPERTY, PLANT AND EQUIPMENT, NET
North America$760 $794 
Europe, Middle East & Africa1,068 1,009 
Greater China264 292 
Asia Pacific & Latin America
292 279 
Global Brand Divisions886 840 
Total NIKE Brand3,270 3,214 
Converse30 38 
Corporate1,782 1,829 
TOTAL PROPERTY, PLANT AND EQUIPMENT, NET$5,082 $5,081 
v3.24.1
CONTINGENCIES
 9 Months Ended
Feb. 29, 2024
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, tax, intellectual property and other matters. The outcome of these legal matters is inherently uncertain, and the Company cannot predict the eventual outcome of currently pending matters, the timing of their ultimate resolution or the eventual losses, fines, penalties or consequences relating to those matters. When a loss related to a legal proceeding or claim is probable and reasonably estimable, the Company accrues its best estimate for the ultimate resolution of the matter. If one or more legal matters were to be resolved against the Company in a reporting period for amounts above management's expectations, the Company's financial position, operating results and cash flows for that reporting period could be materially adversely affected. In the opinion of management, based on its current knowledge and after consultation with counsel, the Company does not believe any currently pending legal matters will have a material adverse impact on the Company's results of operations, financial position or cash flows, except as described below.
BELGIAN CUSTOMS CLAIM
The Company has received claims for certain years from Belgian Customs and other government authorities for alleged underpaid duties related to products imported beginning in fiscal 2018. The Company disputes these claims and has engaged in the appellate process. The Company has issued bank guarantees in order to appeal the claims. At this time, the Company is unable to estimate the range of loss and cannot predict the final outcome as it could take several years to reach a resolution on this matter. If this matter is ultimately resolved against the Company, the amounts owed, including fines, penalties and other consequences relating to the matter, could have a material adverse effect on the Company's results of operations, financial position and cash flows.
v3.24.1
ACQUISITIONS AND DIVESTITURES
 9 Months Ended
Feb. 29, 2024
Business Combination and Asset Acquisition [Abstract]  
ACQUISITIONS AND DIVESTITURES
NOTE 13 — ACQUISITIONS AND DIVESTITURES
During the second quarter of fiscal 2023, the sale of the Company's entities in Argentina and Uruguay to a third-party distributor was completed and the net loss on the sale of these entities totaled approximately $550 million. This loss included $389 million, recognized primarily in fiscal 2020, largely due to the anticipated release of the cumulative foreign currency translation losses. The remaining loss recognized in fiscal 2023 was due to the devaluation of local currency and cash equivalents included in the transferred assets. Upon completion of the sale, the foreign currency translation losses recorded in Accumulated other comprehensive income (loss) were reclassified to Net income within Other (income) expense, net, on the Unaudited Condensed Consolidated Statements of Comprehensive Income along with the allowance for previously recognized losses recorded in Accrued liabilities. The net loss was classified within Corporate.
The net cash proceeds received are reflected within Other investing activities on the Unaudited Condensed Consolidated Statements of Cash Flows.
v3.24.1
RESTRUCTURING
 9 Months Ended
Feb. 29, 2024
Restructuring and Related Activities [Abstract]  
RESTRUCTURING
NOTE 14 — RESTRUCTURING
During the third quarter of fiscal 2024, the Company announced a multi-year enterprise initiative designed to accelerate its future growth. As part of this initiative, management is taking steps to streamline the organization which will include a net reduction in the Company's global workforce. As of February 29, 2024, the Company expects to recognize pre-tax restructuring charges of approximately $450 million, primarily associated with employee severance costs and accelerated stock-based compensation expense, the majority of which are expected to be recognized by the end of fiscal 2024. The related cash payments are expected to take place through the first half of fiscal 2025. The expected pre-tax charges are estimates and are subject to a number of assumptions and actual results may vary from the estimates provided.
During the third quarter of fiscal 2024, the Company recognized pre-tax restructuring charges of $403 million. These charges were classified within Corporate as follows:
 THREE MONTHS ENDED FEBRUARY 29, 2024
(Dollars in millions)
OPERATING OVERHEAD EXPENSE
COST OF SALESTOTAL
Employee severance and related costs(1)
$319 $60 $379 
Stock-based compensation expense(2)
21 3 24 
Total pre-tax restructuring charges
$340 $63 $403 
(1)Employee severance costs are recognized when a future related expense is considered probable and reasonably estimable.
(2)Non-cash restructuring related stock-based compensation expense is accelerated over the requisite service period, which for certain impacted employees could extend through the first half of fiscal 2025.

As of February 29, 2024, a majority of the $379 million of employee severance and related costs are reflected within Accrued liabilities on the Unaudited Condensed Consolidated Balance Sheets, classified within Other in Note 2 — Accrued Liabilities, and an immaterial amount is reflected within Accounts payable. As of February 29, 2024, the Company has not made any cash payments related to this activity.
v3.24.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 29, 2024
Feb. 28, 2023
Pay vs Performance Disclosure        
Net income $ 1,172 $ 1,240 $ 4,200 $ 4,039
v3.24.1
Insider Trading Arrangements
 3 Months Ended 9 Months Ended
Feb. 29, 2024
shares
Feb. 29, 2024
shares
Trading Arrangements, by Individual    
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Heidi O’Neill [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
On December 28, 2023, Heidi O'Neill, President, Consumer, Product & Brand, adopted a Rule 10b5-1 trading arrangement for the sale of up to 138,530 shares of our Class B Common Stock, subject to certain conditions. The arrangement's expiration date is December 26, 2025.
Name Heidi O'Neill  
Title President, Consumer, Product & Brand  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date December 28, 2023  
Arrangement Duration 729 days  
Aggregate Available 138,530 138,530
Johanna Nielsen [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
On February 7, 2024, Johanna Nielsen, Vice President, Corporate Controller, adopted a Rule 10b5-1 trading arrangement for the sale of up to 468 shares of our Class B Common Stock, subject to certain conditions. The arrangement's expiration date is May 12, 2025.
Name Johanna Nielsen  
Title Vice President, Corporate Controller  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date February 7, 2024  
Arrangement Duration 460 days  
Aggregate Available 468 468
Matthew Friend [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
On February 14, 2024, Matthew Friend, Executive Vice President and Chief Financial Officer, adopted a Rule 10b5-1 trading arrangement for the sale of up to 49,389 shares of our Class B Common Stock, subject to certain conditions. The arrangement's expiration date is May 15, 2025.
Name Matthew Friend  
Title Executive Vice President and Chief Financial Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date February 14, 2024  
Arrangement Duration 456 days  
Aggregate Available 49,389 49,389
v3.24.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 9 Months Ended
Feb. 29, 2024
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, 2023, was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America ("U.S. GAAP"). The interim financial information and notes thereto should be read in conjunction with the Company's latest Annual Report on Form 10-K for the fiscal year ended May 31, 2023 (the "Annual Report"). The results of operations for the three and nine months ended February 29, 2024, are not necessarily indicative of results to be expected for the entire fiscal year.
RECENTLY ISSUED ACCOUNTING STANDARDS AND DISCLOSURE RULES AND RECENTLY ADOPTED ACCOUNTING STANDARDS
RECENTLY ISSUED ACCOUNTING STANDARDS AND DISCLOSURE RULES
In November 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The amendments will require public entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker and included within segment profit and loss. The amendments are effective for the Company's annual periods beginning June 1, 2024, and interim periods beginning June 1, 2025, with early adoption permitted, and will be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company's annual periods beginning June 1, 2025, with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.
In March 2024, the U.S. Securities and Exchange Commission ("SEC") adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. This rule will require registrants to disclose certain climate-related information in registration statements and annual reports. The disclosure requirements will apply to the Company's fiscal year beginning June 1, 2025. The Company is currently evaluating the final rule to determine its impact on the Company's disclosures.
RECENTLY ADOPTED ACCOUNTING STANDARDS
In September 2022, the FASB issued ASU 2022-04, Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. The new guidance requires qualitative and quantitative disclosure sufficient to enable users of the financial statements to understand the nature, activity during the period, changes from period to period and potential magnitude of such programs. The Company adopted the required guidance in the first quarter of fiscal 2024.
Certain financial institutions offer voluntary supplier finance programs facilitated through a third-party platform that provide participating suppliers the option to finance valid payment obligations from the Company. The Company is not a party to agreements negotiated between participating suppliers and third-party financial institutions. The Company's obligations to its suppliers, including amounts due and payment terms, are not affected by a supplier's decision to participate in these programs and the Company does not provide guarantees to third parties in connection with these programs.
FAIR VALUE MEASUREMENTS The Company measures certain financial assets and liabilities at fair value on a recurring basis, including derivatives, equity securities and available-for-sale debt securities.
v3.24.1
ACCRUED LIABILITIES (Tables)
 9 Months Ended
Feb. 29, 2024
Accrued Liabilities, Current [Abstract]  
Schedule of Accrued Liabilities
Accrued liabilities included the following:
FEBRUARY 29,MAY 31,
(Dollars in millions)20242023
Compensation and benefits, excluding taxes
$1,254 $1,737 
Sales-related reserves1,227 994 
Dividends payable566 529 
Endorsement compensation
493 552 
Other2,278 1,911
TOTAL ACCRUED LIABILITIES$5,818 $5,723 
v3.24.1
FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended
Feb. 29, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables present information about the Company's financial assets measured at fair value on a recurring basis as of February 29, 2024 and May 31, 2023, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
FEBRUARY 29, 2024
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$1,118 $1,118 $— 
Level 1:
U.S. Treasury securities1,002 1 1,001 
Level 2:
Commercial paper and bonds580 18 562 
Money market funds7,272 7,272 — 
Time deposits560 551 9 
U.S. Agency securities41 — 41 
Total Level 28,453 7,841 612 
TOTAL$10,573 $8,960 $1,613 
MAY 31, 2023
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$1,767 $1,767 $— 
Level 1:
U.S. Treasury securities2,655 — 2,655 
Level 2:
Commercial paper and bonds543 15 528 
Money market funds5,157 5,157 — 
Time deposits507 502 5 
U.S. Agency securities46 — 46 
Total Level 26,253 5,674 579 
TOTAL$10,675 $7,441 $3,234 
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following tables present information about the Company's derivative assets and liabilities measured at fair value on a recurring basis and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
FEBRUARY 29, 2024
DERIVATIVE ASSETSDERIVATIVE LIABILITIES
(Dollars in millions)
ASSETS AT FAIR VALUEOTHER CURRENT ASSETSOTHER LONG-TERM ASSETSLIABILITIES AT FAIR VALUEACCRUED LIABILITIESOTHER LONG-TERM LIABILITIES
Level 2:
Foreign exchange forwards and options(1)
$390 $324 $66 $149 $132 $17 
Interest rate swap contracts(1)
2 — 2 4 — 4 
TOTAL
$392 $324 $68 $153 $132 $21 
(1)If the derivative instruments had been netted on the Unaudited Condensed Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $149 million as of February 29, 2024. As of that date, the Company received $48 million of cash collateral from counterparties related to derivative instruments. No amount of collateral was posted on the derivative liability balance as of February 29, 2024.
MAY 31, 2023
DERIVATIVE ASSETSDERIVATIVE LIABILITIES
(Dollars in millions)
ASSETS AT FAIR VALUEOTHER CURRENT ASSETSOTHER LONG-TERM ASSETSLIABILITIES AT FAIR VALUEACCRUED LIABILITIESOTHER LONG-TERM LIABILITIES
Level 2:
Foreign exchange forwards and options(1)
$557 $493 $64 $180 $128 $52 
(1)If the derivative instruments had been netted on the Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $178 million as of May 31, 2023. As of that date, the Company received $36 million of cash collateral from counterparties related to derivative instruments. No amount of collateral was posted on the derivative liability balance as of May 31, 2023.
The following tables present the fair values of derivative instruments included within the Unaudited Condensed Consolidated Balance Sheets:
 DERIVATIVE ASSETS
BALANCE SHEET LOCATIONFEBRUARY 29,MAY 31,
(Dollars in millions)
20242023
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets$312 $480 
Foreign exchange forwards and optionsDeferred income taxes and other assets66 64 
Interest rate swap contracts
Deferred income taxes and other assets
2 — 
Total derivatives formally designated as hedging instruments380 544 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets12 13 
Total derivatives not designated as hedging instruments12 13 
TOTAL DERIVATIVE ASSETS$392 $557 
DERIVATIVE LIABILITIES
BALANCE SHEET LOCATIONFEBRUARY 29,MAY 31,
(Dollars in millions)
20242023
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities$121 $93 
Foreign exchange forwards and optionsDeferred income taxes and other liabilities17 52 
Interest rate swap contracts
Deferred income taxes and other liabilities
4 — 
Total derivatives formally designated as hedging instruments142 145 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities11 35 
Total derivatives not designated as hedging instruments11 35 
TOTAL DERIVATIVE LIABILITIES$153 $180 
v3.24.1
STOCK-BASED COMPENSATION (Tables)
 9 Months Ended
Feb. 29, 2024
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 ENDEDNINE MONTHS ENDED
(Dollars in millions)
FEBRUARY 29, 2024FEBRUARY 28, 2023FEBRUARY 29, 2024FEBRUARY 28, 2023
Stock options(1)
$89 $78 $253 $232 
ESPPs17 20 55 53 
Restricted stock and restricted stock units(2)
110 94 310 271 
TOTAL STOCK-BASED COMPENSATION EXPENSE$216 $192 $618 $556 
(1)Expense for stock options includes the expense associated with stock appreciation rights.
(2)Restricted stock units include RSUs and PSUs.
v3.24.1
EARNINGS PER SHARE (Tables)
 9 Months Ended
Feb. 29, 2024
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following is a reconciliation from basic earnings per common share to diluted earnings per common share. The computations of diluted earnings per common share exclude restricted stock, restricted stock units and options, including shares under ESPPs, to purchase an estimated additional 40.9 million and 29.5 million shares of common stock outstanding for the three months ended February 29, 2024 and February 28, 2023, respectively, and 42.6 million and 31.8 million shares of common stock outstanding for the nine months ended February 29, 2024 and February 28, 2023, respectively, because the awards were assumed to be anti-dilutive.
 THREE MONTHS ENDEDNINE MONTHS ENDED
(In millions, except per share data)
FEBRUARY 29, 2024FEBRUARY 28, 2023FEBRUARY 29, 2024FEBRUARY 28, 2023
Net income available to common stockholders$1,172 $1,240 $4,200 $4,039 
Determination of shares:
Weighted average common shares outstanding1,513.2 1,543.8 1,520.8 1,556.7 
Assumed conversion of dilutive stock options and awards13.3 21.0 13.2 17.7 
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING1,526.5 1,564.8 1,534.0 1,574.4 
Earnings per common share:
Basic$0.77 $0.80 $2.76 $2.59 
Diluted$0.77 $0.79 $2.74 $2.57 
v3.24.1
RISK MANAGEMENT AND DERIVATIVES (Tables)
 9 Months Ended
Feb. 29, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following tables present information about the Company's derivative assets and liabilities measured at fair value on a recurring basis and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
FEBRUARY 29, 2024
DERIVATIVE ASSETSDERIVATIVE LIABILITIES
(Dollars in millions)
ASSETS AT FAIR VALUEOTHER CURRENT ASSETSOTHER LONG-TERM ASSETSLIABILITIES AT FAIR VALUEACCRUED LIABILITIESOTHER LONG-TERM LIABILITIES
Level 2:
Foreign exchange forwards and options(1)
$390 $324 $66 $149 $132 $17 
Interest rate swap contracts(1)
2 — 2 4 — 4 
TOTAL
$392 $324 $68 $153 $132 $21 
(1)If the derivative instruments had been netted on the Unaudited Condensed Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $149 million as of February 29, 2024. As of that date, the Company received $48 million of cash collateral from counterparties related to derivative instruments. No amount of collateral was posted on the derivative liability balance as of February 29, 2024.
MAY 31, 2023
DERIVATIVE ASSETSDERIVATIVE LIABILITIES
(Dollars in millions)
ASSETS AT FAIR VALUEOTHER CURRENT ASSETSOTHER LONG-TERM ASSETSLIABILITIES AT FAIR VALUEACCRUED LIABILITIESOTHER LONG-TERM LIABILITIES
Level 2:
Foreign exchange forwards and options(1)
$557 $493 $64 $180 $128 $52 
(1)If the derivative instruments had been netted on the Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $178 million as of May 31, 2023. As of that date, the Company received $36 million of cash collateral from counterparties related to derivative instruments. No amount of collateral was posted on the derivative liability balance as of May 31, 2023.
The following tables present the fair values of derivative instruments included within the Unaudited Condensed Consolidated Balance Sheets:
 DERIVATIVE ASSETS
BALANCE SHEET LOCATIONFEBRUARY 29,MAY 31,
(Dollars in millions)
20242023
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets$312 $480 
Foreign exchange forwards and optionsDeferred income taxes and other assets66 64 
Interest rate swap contracts
Deferred income taxes and other assets
2 — 
Total derivatives formally designated as hedging instruments380 544 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets12 13 
Total derivatives not designated as hedging instruments12 13 
TOTAL DERIVATIVE ASSETS$392 $557 
DERIVATIVE LIABILITIES
BALANCE SHEET LOCATIONFEBRUARY 29,MAY 31,
(Dollars in millions)
20242023
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities$121 $93 
Foreign exchange forwards and optionsDeferred income taxes and other liabilities17 52 
Interest rate swap contracts
Deferred income taxes and other liabilities
4 — 
Total derivatives formally designated as hedging instruments142 145 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities11 35 
Total derivatives not designated as hedging instruments11 35 
TOTAL DERIVATIVE LIABILITIES$153 $180 
Schedule of Derivative Instruments, Gain (Loss) In Statement of Income
The following tables present the amounts affecting the Unaudited Condensed Consolidated Statements of Income:

(Dollars in millions)
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES(1)
AMOUNT OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE
INCOME (LOSS) INTO INCOME(1)
THREE MONTHS ENDEDLOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME		THREE MONTHS ENDED
FEBRUARY 29, 2024FEBRUARY 28, 2023FEBRUARY 29, 2024FEBRUARY 28, 2023
Derivatives designated as cash flow hedges:
Foreign exchange forwards and options$(32)$30 Revenues$(10)$14 
Foreign exchange forwards and options135 (141)Cost of sales70 182 
Foreign exchange forwards and options— 1 Demand creation expense1 (1)
Foreign exchange forwards and options49 (65)Other (income) expense, net52 90 
Interest rate swaps(2)
— — Interest expense (income), net(2)(2)
TOTAL DESIGNATED CASH FLOW HEDGES $152 $(175)$111 $283 
(1)For the three months ended February 29, 2024 and February 28, 2023, the amounts recorded in Other (income) expense, net as a result of the discontinuance of cash flow hedges because the forecasted transactions were no longer probable of occurring were immaterial.
(2)Gains and losses associated with terminated interest rate swaps, which were previously designated as cash flow hedges and recorded in Accumulated other comprehensive income (loss), will be released through Interest expense (income), net over the term of the issued debt.

(Dollars in millions)
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES(1)
AMOUNT OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE
INCOME (LOSS) INTO INCOME(1)
NINE MONTHS ENDEDLOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME		NINE MONTHS ENDED
FEBRUARY 29, 2024FEBRUARY 28, 2023FEBRUARY 29, 2024FEBRUARY 28, 2023
Derivatives designated as cash flow hedges:
Foreign exchange forwards and options$(55)$52 Revenues$(7)$9 
Foreign exchange forwards and options154 245 Cost of sales221 464 
Foreign exchange forwards and options2 (2)Demand creation expense1 (4)
Foreign exchange forwards and options78 181 Other (income) expense, net138 297 
Interest rate swaps(2)
— — Interest expense (income), net(6)(6)
TOTAL DESIGNATED CASH FLOW HEDGES $179 $476 $347 $760 
(1)For the nine months ended February 29, 2024 and February 28, 2023, the amounts recorded in Other (income) expense, net as a result of the discontinuance of cash flow hedges because the forecasted transactions were no longer probable of occurring were immaterial.
(2)Gains and losses associated with terminated interest rate swaps, which were previously designated as cash flow hedges and recorded in Accumulated other comprehensive income (loss), will be released through Interest expense (income), net over the term of the issued debt.
AMOUNT OF GAIN (LOSS) RECOGNIZED
IN INCOME ON DERIVATIVES		LOCATION OF GAIN (LOSS)
RECOGNIZED IN INCOME
ON DERIVATIVES
THREE MONTHS ENDEDNINE MONTHS ENDED
(Dollars in millions)
FEBRUARY 29, 2024FEBRUARY 28, 2023FEBRUARY 29, 2024FEBRUARY 28, 2023
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options and embedded derivatives$9 $(26)$(1)$52 Other (income) expense, net
v3.24.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)
 9 Months Ended
Feb. 29, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
The changes in Accumulated other comprehensive income (loss), net of tax, were as follows:
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at November 30, 2023$(178)$242 $115 $(58)$121 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
(57)150 — 4 97 
Reclassifications to net income of previously deferred (gains) losses(2)
— (100)— 7 (93)
Total other comprehensive income (loss)(57)50 — 11 4 
Balance at February 29, 2024$(235)$292 $115 $(47)$125 
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of immaterial tax impact.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at November 30, 2022$(392)$933 $115 $(97)$559 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
150 (179)— — (29)
Reclassifications to net income of previously deferred (gains) losses(2)
3 (254)— 23 (228)
Total other comprehensive income (loss)153 (433)— 23 (257)
Balance at February 28, 2023$(239)$500 $115 $(74)$302 
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of immaterial tax impact.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at May 31, 2023$(253)$431 $115 $(62)$231 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
16 175 — 15 206 
Reclassifications to net income of previously deferred (gains) losses(2)
2 (314)— — (312)
Total other comprehensive income (loss)18 (139)— 15 (106)
Balance at February 29, 2024$(235)$292 $115 $(47)$125 
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of immaterial tax impact.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at May 31, 2022$(520)$779 $115 $(56)$318 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
(77)399 — (27)295 
Reclassifications to net income of previously deferred (gains) losses(2)
358 (678)— 9 (311)
Total other comprehensive income (loss)281 (279)— (18)(16)
Balance at February 28, 2023$(239)$500 $115 $(74)$302 
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of immaterial tax impact.
Reclassification Out of Accumulated Other Comprehensive Income (Loss)
The following table summarizes the reclassifications from Accumulated other comprehensive income (loss) to the Unaudited Condensed Consolidated Statements of Income:
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOMELOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME
THREE MONTHS ENDEDNINE MONTHS ENDED
(Dollars in millions)
FEBRUARY 29, 2024FEBRUARY 28, 2023FEBRUARY 29, 2024FEBRUARY 28, 2023
Gains (losses) on foreign currency translation adjustment$— $(3)$(2)$(374)Other (income) expense, net
Total before tax— (3)(2)(374)
Tax (expense) benefit— — — 16 
Gain (loss) net of tax— (3)(2)(358)
Gains (losses) on cash flow hedges:
Foreign exchange forwards and options(10)14 (7)9 Revenues
Foreign exchange forwards and options70 182 221 464 Cost of sales
Foreign exchange forwards and options1 (1)1 (4)Demand creation expense
Foreign exchange forwards and options52 90 138 297 Other (income) expense, net
Interest rate swaps(2)(2)(6)(6)Interest expense (income), net
Total before tax111 283 347 760 
Tax (expense) benefit(11)(29)(33)(82)
Gain (loss) net of tax100 254 314 678 
Gains (losses) on other(9)(32)1 (12)Other (income) expense, net
Total before tax(9)(32)1 (12)
Tax (expense) benefit2 9 (1)3 
Gain (loss) net of tax(7)(23)— (9)
Total net gain (loss) reclassified for the period$93 $228 $312 $311 
v3.24.1
REVENUES (Tables)
 9 Months Ended
Feb. 29, 2024
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following tables present the Company's Revenues disaggregated by reportable operating segment, major product line and distribution channel:
THREE MONTHS ENDED FEBRUARY 29, 2024
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$3,460 $1,960 $1,547 $1,195 $— $8,162 $426 $— $8,588 
Apparel1,408 994 498 390 — 3,290 25 — 3,315 
Equipment202 184 39 62 — 487 9 — 496 
Other— — — — 9 9 35 (14)30 
TOTAL REVENUES$5,070 $3,138 $2,084 $1,647 $9 $11,948 $495 $(14)$12,429 
Revenues by:
Sales to Wholesale Customers$2,440 $1,966 $1,243 $939 $— $6,588 $257 $— $6,845 
Sales through Direct to Consumer2,630 1,172 841 708 — 5,351 203 — 5,554 
Other— — — — 9 9 35 (14)30 
TOTAL REVENUES$5,070 $3,138 $2,084 $1,647 $9 $11,948 $495 $(14)$12,429 

THREE MONTHS ENDED FEBRUARY 28, 2023
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$3,322 $2,011 $1,496 $1,141 $— $7,970 $540 $— $8,510 
Apparel1,419 1,094 461 407 — 3,381 29 — 3,410 
Equipment172 141 37 53 — 403 6 — 409 
Other— — — — 12 12 37 12 61 
TOTAL REVENUES$4,913 $3,246 $1,994 $1,601 $12 $11,766 $612 $12 $12,390 
Revenues by:
Sales to Wholesale Customers$2,323 $2,061 $1,126 $913 $— $6,423 $323 $— $6,746 
Sales through Direct to Consumer2,590 1,185 868 688 — 5,331 252 — 5,583 
Other— — — — 12 12 37 12 61 
TOTAL REVENUES$4,913 $3,246 $1,994 $1,601 $12 $11,766 $612 $12 $12,390 
NINE MONTHS ENDED FEBRUARY 29, 2024
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$10,950 $6,406 $4,195 $3,639 $— $25,190 $1,390 $— $26,580 
Apparel4,555 3,331 1,368 1,198 — 10,452 75 — 10,527 
Equipment613 578 119 187 — 1,497 27 — 1,524 
Other— — — — 34 34 110 (19)125 
TOTAL REVENUES$16,118 $10,315 $5,682 $5,024 $34 $37,173 $1,602 $(19)$38,756 
Revenues by:
Sales to Wholesale Customers$8,114 $6,483 $3,165 $2,927 $— $20,689 $843 $— $21,532 
Sales through Direct to Consumer8,004 3,832 2,517 2,097 — 16,450 649 — 17,099 
Other— — — — 34 34 110 (19)125 
TOTAL REVENUES$16,118 $10,315 $5,682 $5,024 $34 $37,173 $1,602 $(19)$38,756 

NINE MONTHS ENDED FEBRUARY 28, 2023
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$11,090 $6,086 $4,099 $3,313 $— $24,588 $1,633 $— $26,221 
Apparel4,598 3,528 1,228 1,255 — 10,609 70 — 10,679 
Equipment565 454 111 167 — 1,297 21 — 1,318 
Other— — — — 44 44 117 13 174 
TOTAL REVENUES$16,253 $10,068 $5,438 $4,735 $44 $36,538 $1,841 $13 $38,392 
Revenues by:
Sales to Wholesale Customers$8,533 $6,506 $2,862 $2,792 $— $20,693 $971 $— $21,664 
Sales through Direct to Consumer7,720 3,562 2,576 1,943 — 15,801 753 — 16,554 
Other— — — — 44 44 117 13 174 
TOTAL REVENUES$16,253 $10,068 $5,438 $4,735 $44 $36,538 $1,841 $13 $38,392 
v3.24.1
OPERATING SEGMENTS (Tables)
 9 Months Ended
Feb. 29, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
 THREE MONTHS ENDEDNINE MONTHS ENDED
(Dollars in millions)
FEBRUARY 29, 2024FEBRUARY 28, 2023FEBRUARY 29, 2024FEBRUARY 28, 2023
REVENUES
North America$5,070 $4,913 $16,118 $16,253 
Europe, Middle East & Africa3,138 3,246 10,315 10,068 
Greater China2,084 1,994 5,682 5,438 
Asia Pacific & Latin America1,647 1,601 5,024 4,735 
Global Brand Divisions9 12 34 44 
Total NIKE Brand11,948 11,766 37,173 36,538 
Converse495 612 1,602 1,841 
Corporate(14)12 (19)13 
TOTAL NIKE, INC. REVENUES$12,429 $12,390 $38,756 $38,392 
EARNINGS BEFORE INTEREST AND TAXES
North America$1,400 $1,190 $4,360 $4,064 
Europe, Middle East & Africa734 785 2,591 2,750 
Greater China722 702 1,761 1,754 
Asia Pacific & Latin America471 485 1,406 1,470 
Global Brand Divisions(1,199)(1,160)(3,572)(3,573)
Converse98 164 380 526 
Corporate(874)(696)(2,060)(2,014)
Interest expense (income), net(52)(7)(108)22 
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES$1,404 $1,477 $4,974 $4,955 
Reconciliation of Assets from Segment to Consolidated
FEBRUARY 29,MAY 31,
(Dollars in millions)
20242023
ACCOUNTS RECEIVABLE, NET
North America$1,872 $1,653 
Europe, Middle East & Africa1,336 1,197 
Greater China197 162 
Asia Pacific & Latin America750 700 
Global Brand Divisions96 96 
Total NIKE Brand4,251 3,808 
Converse219 235 
Corporate56 88 
TOTAL ACCOUNTS RECEIVABLE, NET$4,526 $4,131 
INVENTORIES
North America$3,201 $3,806 
Europe, Middle East & Africa2,046 2,167 
Greater China1,121 973 
Asia Pacific & Latin America889 894 
Global Brand Divisions180 232 
Total NIKE Brand7,437 8,072 
Converse289 305 
Corporate— 77 
TOTAL INVENTORIES(1)
$7,726 $8,454 
(1)Inventories as of February 29, 2024 and May 31, 2023, were substantially all finished goods.
FEBRUARY 29,MAY 31,
(Dollars in millions)
20242023
PROPERTY, PLANT AND EQUIPMENT, NET
North America$760 $794 
Europe, Middle East & Africa1,068 1,009 
Greater China264 292 
Asia Pacific & Latin America
292 279 
Global Brand Divisions886 840 
Total NIKE Brand3,270 3,214 
Converse30 38 
Corporate1,782 1,829 
TOTAL PROPERTY, PLANT AND EQUIPMENT, NET$5,082 $5,081 
v3.24.1
RESTRUCTURING (Tables)
 9 Months Ended
Feb. 29, 2024
Restructuring and Related Activities [Abstract]  
Schedules of Restructuring and Related Costs These charges were classified within Corporate as follows:
 THREE MONTHS ENDED FEBRUARY 29, 2024
(Dollars in millions)
OPERATING OVERHEAD EXPENSE
COST OF SALESTOTAL
Employee severance and related costs(1)
$319 $60 $379 
Stock-based compensation expense(2)
21 3 24 
Total pre-tax restructuring charges
$340 $63 $403 
(1)Employee severance costs are recognized when a future related expense is considered probable and reasonably estimable.
(2)Non-cash restructuring related stock-based compensation expense is accelerated over the requisite service period, which for certain impacted employees could extend through the first half of fiscal 2025.
v3.24.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)
$ in Millions
Feb. 29, 2024
May 31, 2023
Accounting Policies [Abstract]    
Outstanding supplier obligations, current $ 704 $ 834
v3.24.1
ACCRUED LIABILITIES (Detail) - USD ($)
$ in Millions
Feb. 29, 2024
May 31, 2023
Accrued Liabilities, Current [Abstract]    
Compensation and benefits, excluding taxes $ 1,254 $ 1,737
Sales-related reserves 1,227 994
Dividends payable 566 529
Endorsement compensation 493 552
Other 2,278 1,911
TOTAL ACCRUED LIABILITIES $ 5,818 $ 5,723
v3.24.1
FAIR VALUE MEASUREMENTS - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($)
$ in Millions
Feb. 29, 2024
May 31, 2023
Assets, Fair Value Disclosure [Abstract]    
SHORT-TERM INVESTMENTS $ 1,613 $ 3,234
Fair Value, Measurements, Recurring    
Assets, Fair Value Disclosure [Abstract]    
Cash 1,118 1,767
ASSETS AT FAIR VALUE 10,573 10,675
CASH AND EQUIVALENTS 8,960 7,441
SHORT-TERM INVESTMENTS 1,613 3,234
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | U.S. Treasury securities    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 1,002 2,655
CASH AND EQUIVALENTS 1 0
SHORT-TERM INVESTMENTS 1,001 2,655
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 8,453 6,253
CASH AND EQUIVALENTS 7,841 5,674
SHORT-TERM INVESTMENTS 612 579
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Commercial paper and bonds    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 580 543
CASH AND EQUIVALENTS 18 15
SHORT-TERM INVESTMENTS 562 528
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Money market funds    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 7,272 5,157
CASH AND EQUIVALENTS 7,272 5,157
SHORT-TERM INVESTMENTS 0 0
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Time deposits    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 560 507
CASH AND EQUIVALENTS 551 502
SHORT-TERM INVESTMENTS 9 5
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | U.S. Agency securities    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 41 46
CASH AND EQUIVALENTS 0 0
SHORT-TERM INVESTMENTS $ 41 $ 46
v3.24.1
FAIR VALUE MEASUREMENTS - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 29, 2024
Feb. 28, 2023
May 31, 2023
Fair Value Disclosures [Abstract]          
Available-for-sale securities with maturity dates within one year from purchase date $ 867   $ 867    
Available-for-sale securities with maturity dates over one year and less than five years from purchase date 746   746    
Interest income related to cash and equivalents and short-term investments 113 $ 83 304 $ 196  
Fair value of long term debt $ 7,764   $ 7,764   $ 7,889
v3.24.1
FAIR VALUE MEASUREMENTS - Derivative Assets and Liabilities at Fair Value (Detail) - USD ($)
Feb. 29, 2024
May 31, 2023
Cash and Cash Equivalents    
Derivatives, Fair Value [Line Items]    
Cash collateral from counterparties related to derivative instruments $ 48,000,000  
Foreign exchange forwards and options | Cash and Cash Equivalents    
Derivatives, Fair Value [Line Items]    
Cash collateral from counterparties related to derivative instruments 48,000,000 $ 36,000,000
Fair value of derivative liability collateral 0 0
Fair Value, Measurements, Recurring    
Derivatives, Fair Value [Line Items]    
ASSETS AT FAIR VALUE 392,000,000  
OTHER CURRENT ASSETS 324,000,000  
OTHER LONG-TERM ASSETS 68,000,000  
LIABILITIES AT FAIR VALUE 153,000,000  
ACCRUED LIABILITIES 132,000,000  
OTHER LONG-TERM LIABILITIES 21,000,000  
Fair Value, Measurements, Recurring | Foreign exchange forwards and options    
Derivatives, Fair Value [Line Items]    
Reduction in derivative liabilities if netted 149,000,000 178,000,000
Reduction in derivative assets if netted 149,000,000 178,000,000
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Foreign exchange forwards and options    
Derivatives, Fair Value [Line Items]    
ASSETS AT FAIR VALUE 390,000,000 557,000,000
OTHER CURRENT ASSETS 324,000,000 493,000,000
OTHER LONG-TERM ASSETS 66,000,000 64,000,000
LIABILITIES AT FAIR VALUE 149,000,000 180,000,000
ACCRUED LIABILITIES 132,000,000 128,000,000
OTHER LONG-TERM LIABILITIES 17,000,000 $ 52,000,000
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Interest rate swap contracts    
Derivatives, Fair Value [Line Items]    
ASSETS AT FAIR VALUE 2,000,000  
OTHER CURRENT ASSETS 0  
OTHER LONG-TERM ASSETS 2,000,000  
LIABILITIES AT FAIR VALUE 4,000,000  
ACCRUED LIABILITIES 0  
OTHER LONG-TERM LIABILITIES $ 4,000,000  
v3.24.1
SHORT-TERM BORROWINGS AND CREDIT LINES (Detail) - USD ($)
Mar. 08, 2024
Mar. 10, 2023
Apr. 04, 2024
Feb. 29, 2024
May 31, 2023
Short-term Debt [Line Items]          
Borrowings outstanding       $ 6,000,000 $ 6,000,000
Commercial Paper          
Short-term Debt [Line Items]          
Borrowings outstanding       0 0
Borrowing capacity       $ 3,000,000,000 $ 3,000,000,000
Line of Credit | Revolving Credit Facility | Committed Credit Facility, Maturing March 7, 2025 | Subsequent Event          
Short-term Debt [Line Items]          
Borrowings outstanding     $ 0    
Borrowing capacity $ 1,000,000,000        
Debt instrument, term 364 days        
Extension term 364 days        
Revolving credit facility, fee 0.02%        
Line of Credit | Revolving Credit Facility | Committed Credit Facility, Maturing March 7, 2025 | Subsequent Event | Secured Overnight Financing Rate (SOFR)          
Short-term Debt [Line Items]          
Basis spread on variable rate, above LIBOR 0.60%        
Line of Credit | Revolving Credit Facility | Committed Credit Facility, Maturing March 8, 2024          
Short-term Debt [Line Items]          
Borrowing capacity   $ 1,000,000,000      
Debt instrument, term   364 days      
Line of Credit | Revolving Credit Facility, Option To Increase Upon Lender Approval | Committed Credit Facility, Maturing March 7, 2025 | Subsequent Event          
Short-term Debt [Line Items]          
Borrowing capacity $ 1,500,000,000        
v3.24.1
INCOME TAXES (Detail) - USD ($)
$ in Millions
 9 Months Ended
Feb. 29, 2024
Feb. 28, 2023
May 31, 2023
Income Tax Disclosure [Abstract]      
Effective income tax rate 15.60% 18.50%  
Total gross unrecognized tax benefits, excluding related interest and penalties $ 988   $ 936
Total gross unrecognized tax benefits, excluding related interest and penalties, amount which would affect the Company's effective tax rate if recognized in future periods 701    
Accrued interest and penalties related to uncertain tax positions (excluding federal benefit) 314   $ 268
Estimated decrease in total gross unrecognized tax benefits as a result of resolutions of global tax examinations and expiration of applicable statutes of limitations $ 20    
v3.24.1
STOCK-BASED COMPENSATION - Total Stock-Based Compensation Expense (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 29, 2024
Feb. 28, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Tax benefit related to stock-based compensation expense $ 12 $ 22 $ 30 $ 44
Class B Common Stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock-based compensation expense 216 192 618 556
Class B Common Stock | Stock Options        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock-based compensation expense 89 78 253 232
Class B Common Stock | ESPPs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock-based compensation expense 17 20 55 53
Class B Common Stock | Restricted stock and restricted stock units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock-based compensation expense $ 110 $ 94 $ 310 $ 271
Stock Incentive Plan | Class B Common Stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Shares available for grant (in shares) 798,000,000   798,000,000  
v3.24.1
STOCK-BASED COMPENSATION - Stock Options (Details) - Stock Options - Stock Incentive Plan
$ in Millions
 9 Months Ended
Feb. 29, 2024
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized compensation costs from stock options $ 478
Unrecognized compensation costs from stock options, net of estimated forfeitures, to be recognized as operating overhead expense over a weighted average period 2 years 7 months 6 days
v3.24.1
STOCK-BASED COMPENSATION - Restricted Stock and Restricted Stock Units (Details) - Restricted stock and restricted stock units
$ in Millions
 9 Months Ended
Feb. 29, 2024
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized compensation costs from restricted stock, net of estimated forfeitures $ 699
Unrecognized compensation costs from stock options, net of estimated forfeitures, to be recognized as operating overhead expense over a weighted average period 2 years 6 months
v3.24.1
EARNINGS PER SHARE - Additional Information (Detail) - shares
shares in Millions
 3 Months Ended 9 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 29, 2024
Feb. 28, 2023
Stock Options        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Anti-dilutive options not included in the computation of diluted earnings per share (in shares) 40.9 29.5 42.6 31.8
v3.24.1
EARNINGS PER SHARE - Reconciliation from Basic Earnings Per Share to Diluted Earnings Per Share (Detail) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 29, 2024
Feb. 28, 2023
Earnings Per Share [Abstract]        
Net income available to common stockholders $ 1,172 $ 1,240 $ 4,200 $ 4,039
Determination of shares:        
Weighted average common shares outstanding (in shares) 1,513.2 1,543.8 1,520.8 1,556.7
Assumed conversion of dilutive stock options and awards (in shares) 13.3 21.0 13.2 17.7
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (in shares) 1,526.5 1,564.8 1,534.0 1,574.4
Earnings per common share:        
Basic (in dollars per share) $ 0.77 $ 0.80 $ 2.76 $ 2.59
Diluted (in dollars per share) $ 0.77 $ 0.79 $ 2.74 $ 2.57
v3.24.1
RISK MANAGEMENT AND DERIVATIVES - FV of Derivative Instruments Included within Consolidated Balance Sheet (Detail) - USD ($)
$ in Millions
Feb. 29, 2024
May 31, 2023
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS $ 392 $ 557
DERIVATIVE LIABILITIES 153 180
Derivatives formally designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 380 544
DERIVATIVE LIABILITIES 142 145
Derivatives formally designated as hedging instruments | Foreign exchange forwards and options | Prepaid expenses and other current assets    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 312 480
Derivatives formally designated as hedging instruments | Foreign exchange forwards and options | Deferred income taxes and other assets    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 66 64
Derivatives formally designated as hedging instruments | Foreign exchange forwards and options | Accrued liabilities    
Derivatives, Fair Value [Line Items]    
DERIVATIVE LIABILITIES 121 93
Derivatives formally designated as hedging instruments | Foreign exchange forwards and options | Deferred income taxes and other liabilities    
Derivatives, Fair Value [Line Items]    
DERIVATIVE LIABILITIES 17 52
Derivatives formally designated as hedging instruments | Interest rate swap contracts | Deferred income taxes and other assets    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 2 0
Derivatives formally designated as hedging instruments | Interest rate swap contracts | Deferred income taxes and other liabilities    
Derivatives, Fair Value [Line Items]    
DERIVATIVE LIABILITIES 4 0
Derivatives not designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 12 13
DERIVATIVE LIABILITIES 11 35
Derivatives not designated as hedging instruments | Foreign exchange forwards and options | Prepaid expenses and other current assets    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 12 13
Derivatives not designated as hedging instruments | Foreign exchange forwards and options | Accrued liabilities    
Derivatives, Fair Value [Line Items]    
DERIVATIVE LIABILITIES $ 11 $ 35
v3.24.1
RISK MANAGEMENT AND DERIVATIVES - Amounts Affecting Consolidated Statements of Income (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 29, 2024
Feb. 28, 2023
Foreign exchange forwards and options and embedded derivatives        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other (income) expense, net Other (income) expense, net Other (income) expense, net Other (income) expense, net
Foreign exchange forwards and options and embedded derivatives | Derivatives not designated as hedging instruments        
Derivative Instruments, Gain (Loss) [Line Items]        
AMOUNT OF GAIN (LOSS) RECOGNIZED 
IN INCOME ON DERIVATIVES $ 9 $ (26) $ (1) $ 52
Derivatives designated as cash flow hedges        
Derivative Instruments, Gain (Loss) [Line Items]        
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER 
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES 152 (175) 179 476
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME 111 283 347 760
Derivatives designated as cash flow hedges | Foreign exchange forwards and options | Revenues        
Derivative Instruments, Gain (Loss) [Line Items]        
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER 
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES (32) 30 (55) 52
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME (10) 14 (7) 9
Derivatives designated as cash flow hedges | Foreign exchange forwards and options | Cost of sales        
Derivative Instruments, Gain (Loss) [Line Items]        
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER 
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES 135 (141) 154 245
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME 70 182 221 464
Derivatives designated as cash flow hedges | Foreign exchange forwards and options | Demand creation expense        
Derivative Instruments, Gain (Loss) [Line Items]        
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER 
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES 0 1 2 (2)
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME 1 (1) 1 (4)
Derivatives designated as cash flow hedges | Foreign exchange forwards and options | Other (income) expense, net        
Derivative Instruments, Gain (Loss) [Line Items]        
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER 
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES 49 (65) 78 181
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME 52 90 138 297
Derivatives designated as cash flow hedges | Interest rate swaps | Interest expense (income), net        
Derivative Instruments, Gain (Loss) [Line Items]        
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER 
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES 0 0 0 0
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME $ (2) $ (2) $ (6) $ (6)
v3.24.1
RISK MANAGEMENT AND DERIVATIVES - Additional Information (Detail)
$ in Millions
 9 Months Ended
Feb. 29, 2024
USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Deferred net gains (net of tax) expected to be reclassified to Net Income during the next 12 months $ 250
Maximum term over which the company hedges exposures to the variability of cash flows for its forecasted transactions 27 months
Derivative instruments in net asset position $ 239
Cash and Cash Equivalents  
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Sales-related reserves 48
Derivatives designated as cash flow hedges  
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Total notional amount of outstanding derivatives 17,600
Derivatives designated as cash flow hedges | Derivatives not designated as hedging instruments  
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Total notional amount of outstanding derivatives 3,900
Fair Value Hedging  
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Total notional amount of outstanding derivatives $ 901
v3.24.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Changes in AOCI (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 29, 2024
Feb. 28, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance $ 14,146 $ 15,272 $ 14,004 $ 15,281
Other comprehensive income (loss):        
Other comprehensive gains (losses) before reclassifications 97 (29) 206 295
Reclassifications to net income of previously deferred (gains) losses (93) (228) (312) (311)
Total other comprehensive income (loss), net of tax 4 (257) (106) (16)
Ending balance 14,226 14,531 14,226 14,531
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance 121 559 231 318
Other comprehensive income (loss):        
Total other comprehensive income (loss), net of tax 4 (257) (106) (16)
Ending balance 125 302 125 302
FOREIGN CURRENCY TRANSLATION ADJUSTMENT        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance (178) (392) (253) (520)
Other comprehensive income (loss):        
Other comprehensive gains (losses) before reclassifications (57) 150 16 (77)
Reclassifications to net income of previously deferred (gains) losses 0 3 2 358
Total other comprehensive income (loss), net of tax (57) 153 18 281
Ending balance (235) (239) (235) (239)
CASH FLOW HEDGES        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance 242 933 431 779
Other comprehensive income (loss):        
Other comprehensive gains (losses) before reclassifications 150 (179) 175 399
Reclassifications to net income of previously deferred (gains) losses (100) (254) (314) (678)
Total other comprehensive income (loss), net of tax 50 (433) (139) (279)
Ending balance 292 500 292 500
NET INVESTMENT HEDGES        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance 115 115 115 115
Other comprehensive income (loss):        
Other comprehensive gains (losses) before reclassifications 0 0 0 0
Reclassifications to net income of previously deferred (gains) losses 0 0 0 0
Total other comprehensive income (loss), net of tax 0 0 0 0
Ending balance 115 115 115 115
OTHER        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance (58) (97) (62) (56)
Other comprehensive income (loss):        
Other comprehensive gains (losses) before reclassifications 4 0 15 (27)
Reclassifications to net income of previously deferred (gains) losses 7 23 0 9
Total other comprehensive income (loss), net of tax 11 23 15 (18)
Ending balance $ (47) $ (74) $ (47) $ (74)
v3.24.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Reclassification out of AOCI (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 29, 2024
Feb. 28, 2023
Reclassification out of Accumulated Other Comprehensive Income [Line Items]        
Other (income) expense, net $ 16 $ 58 $ 101 $ 283
Revenues 12,429 12,390 38,756 38,392
Cost of sales (6,867) (7,019) (21,503) (21,695)
Demand creation expense (1,011) (923) (3,194) (2,968)
Interest expense (income), net 52 7 108 (22)
Income before income taxes 1,404 1,477 4,974 4,955
Tax (expense) benefit (232) (237) (774) (916)
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 93 228 312 311
Gains (losses) on foreign currency translation adjustment | AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME        
Reclassification out of Accumulated Other Comprehensive Income [Line Items]        
Other (income) expense, net 0 (3) (2) (374)
Income before income taxes 0 (3) (2) (374)
Tax (expense) benefit 0 0 0 16
Total net gain (loss) reclassified for the period 0 (3) (2) (358)
Gain (losses) on cash flow hedges | AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME        
Reclassification out of Accumulated Other Comprehensive Income [Line Items]        
Other (income) expense, net 52 90 138 297
Revenues (10) 14 (7) 9
Cost of sales 70 182 221 464
Demand creation expense 1 (1) 1 (4)
Interest expense (income), net (2) (2) (6) (6)
Income before income taxes 111 283 347 760
Tax (expense) benefit (11) (29) (33) (82)
Total net gain (loss) reclassified for the period 100 254 314 678
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 (9) (32) 1 (12)
Income before income taxes (9) (32) 1 (12)
Tax (expense) benefit 2 9 (1) 3
Total net gain (loss) reclassified for the period $ (7) $ (23) $ 0 $ (9)
v3.24.1
REVENUES (Details) - USD ($)
 3 Months Ended 9 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 29, 2024
Feb. 28, 2023
May 31, 2023
Disaggregation of Revenue [Line Items]          
Revenues $ 12,429,000,000 $ 12,390,000,000 $ 38,756,000,000 $ 38,392,000,000  
Contract asset 0   0   $ 0
Sales to Wholesale Customers          
Disaggregation of Revenue [Line Items]          
Revenues 6,845,000,000 6,746,000,000 21,532,000,000 21,664,000,000  
Sales through Direct to Consumer          
Disaggregation of Revenue [Line Items]          
Revenues 5,554,000,000 5,583,000,000 17,099,000,000 16,554,000,000  
Other          
Disaggregation of Revenue [Line Items]          
Revenues 30,000,000 61,000,000 125,000,000 174,000,000  
Footwear          
Disaggregation of Revenue [Line Items]          
Revenues 8,588,000,000 8,510,000,000 26,580,000,000 26,221,000,000  
Apparel          
Disaggregation of Revenue [Line Items]          
Revenues 3,315,000,000 3,410,000,000 10,527,000,000 10,679,000,000  
Equipment          
Disaggregation of Revenue [Line Items]          
Revenues 496,000,000 409,000,000 1,524,000,000 1,318,000,000  
Other          
Disaggregation of Revenue [Line Items]          
Revenues 30,000,000 61,000,000 125,000,000 174,000,000  
Global Brand Divisions          
Disaggregation of Revenue [Line Items]          
Revenues 9,000,000 12,000,000 34,000,000 44,000,000  
Global Brand Divisions | Other          
Disaggregation of Revenue [Line Items]          
Revenues 9,000,000 12,000,000 34,000,000 44,000,000  
Global Brand Divisions | Other          
Disaggregation of Revenue [Line Items]          
Revenues 9,000,000 12,000,000 34,000,000 44,000,000  
Corporate          
Disaggregation of Revenue [Line Items]          
Revenues (14,000,000) 12,000,000 (19,000,000) 13,000,000  
Corporate | Other          
Disaggregation of Revenue [Line Items]          
Revenues (14,000,000) 12,000,000 (19,000,000) 13,000,000  
Corporate | Other          
Disaggregation of Revenue [Line Items]          
Revenues (14,000,000) 12,000,000 (19,000,000) 13,000,000  
NIKE Brand | Operating Segments          
Disaggregation of Revenue [Line Items]          
Revenues 11,948,000,000 11,766,000,000 37,173,000,000 36,538,000,000  
NIKE Brand | Operating Segments | Sales to Wholesale Customers          
Disaggregation of Revenue [Line Items]          
Revenues 6,588,000,000 6,423,000,000 20,689,000,000 20,693,000,000  
NIKE Brand | Operating Segments | Sales through Direct to Consumer          
Disaggregation of Revenue [Line Items]          
Revenues 5,351,000,000 5,331,000,000 16,450,000,000 15,801,000,000  
NIKE Brand | Operating Segments | Other          
Disaggregation of Revenue [Line Items]          
Revenues 9,000,000 12,000,000 34,000,000 44,000,000  
NIKE Brand | Operating Segments | Footwear          
Disaggregation of Revenue [Line Items]          
Revenues 8,162,000,000 7,970,000,000 25,190,000,000 24,588,000,000  
NIKE Brand | Operating Segments | Apparel          
Disaggregation of Revenue [Line Items]          
Revenues 3,290,000,000 3,381,000,000 10,452,000,000 10,609,000,000  
NIKE Brand | Operating Segments | Equipment          
Disaggregation of Revenue [Line Items]          
Revenues 487,000,000 403,000,000 1,497,000,000 1,297,000,000  
NIKE Brand | Operating Segments | Other          
Disaggregation of Revenue [Line Items]          
Revenues 9,000,000 12,000,000 34,000,000 44,000,000  
NIKE Brand | NORTH AMERICA | Operating Segments          
Disaggregation of Revenue [Line Items]          
Revenues 5,070,000,000 4,913,000,000 16,118,000,000 16,253,000,000  
NIKE Brand | NORTH AMERICA | Operating Segments | Sales to Wholesale Customers          
Disaggregation of Revenue [Line Items]          
Revenues 2,440,000,000 2,323,000,000 8,114,000,000 8,533,000,000  
NIKE Brand | NORTH AMERICA | Operating Segments | Sales through Direct to Consumer          
Disaggregation of Revenue [Line Items]          
Revenues 2,630,000,000 2,590,000,000 8,004,000,000 7,720,000,000  
NIKE Brand | NORTH AMERICA | Operating Segments | Other          
Disaggregation of Revenue [Line Items]          
Revenues 0 0 0 0  
NIKE Brand | NORTH AMERICA | Operating Segments | Footwear          
Disaggregation of Revenue [Line Items]          
Revenues 3,460,000,000 3,322,000,000 10,950,000,000 11,090,000,000  
NIKE Brand | NORTH AMERICA | Operating Segments | Apparel          
Disaggregation of Revenue [Line Items]          
Revenues 1,408,000,000 1,419,000,000 4,555,000,000 4,598,000,000  
NIKE Brand | NORTH AMERICA | Operating Segments | Equipment          
Disaggregation of Revenue [Line Items]          
Revenues 202,000,000 172,000,000 613,000,000 565,000,000  
NIKE Brand | NORTH AMERICA | Operating Segments | Other          
Disaggregation of Revenue [Line Items]          
Revenues 0 0 0 0  
NIKE Brand | EUROPE, MIDDLE EAST & AFRICA | Operating Segments          
Disaggregation of Revenue [Line Items]          
Revenues 3,138,000,000 3,246,000,000 10,315,000,000 10,068,000,000  
NIKE Brand | EUROPE, MIDDLE EAST & AFRICA | Operating Segments | Sales to Wholesale Customers          
Disaggregation of Revenue [Line Items]          
Revenues 1,966,000,000 2,061,000,000 6,483,000,000 6,506,000,000  
NIKE Brand | EUROPE, MIDDLE EAST & AFRICA | Operating Segments | Sales through Direct to Consumer          
Disaggregation of Revenue [Line Items]          
Revenues 1,172,000,000 1,185,000,000 3,832,000,000 3,562,000,000  
NIKE Brand | EUROPE, MIDDLE EAST & AFRICA | Operating Segments | Other          
Disaggregation of Revenue [Line Items]          
Revenues 0 0 0 0  
NIKE Brand | EUROPE, MIDDLE EAST & AFRICA | Operating Segments | Footwear          
Disaggregation of Revenue [Line Items]          
Revenues 1,960,000,000 2,011,000,000 6,406,000,000 6,086,000,000  
NIKE Brand | EUROPE, MIDDLE EAST & AFRICA | Operating Segments | Apparel          
Disaggregation of Revenue [Line Items]          
Revenues 994,000,000 1,094,000,000 3,331,000,000 3,528,000,000  
NIKE Brand | EUROPE, MIDDLE EAST & AFRICA | Operating Segments | Equipment          
Disaggregation of Revenue [Line Items]          
Revenues 184,000,000 141,000,000 578,000,000 454,000,000  
NIKE Brand | EUROPE, MIDDLE EAST & AFRICA | Operating Segments | Other          
Disaggregation of Revenue [Line Items]          
Revenues 0 0 0 0  
NIKE Brand | GREATER CHINA | Operating Segments          
Disaggregation of Revenue [Line Items]          
Revenues 2,084,000,000 1,994,000,000 5,682,000,000 5,438,000,000  
NIKE Brand | GREATER CHINA | Operating Segments | Sales to Wholesale Customers          
Disaggregation of Revenue [Line Items]          
Revenues 1,243,000,000 1,126,000,000 3,165,000,000 2,862,000,000  
NIKE Brand | GREATER CHINA | Operating Segments | Sales through Direct to Consumer          
Disaggregation of Revenue [Line Items]          
Revenues 841,000,000 868,000,000 2,517,000,000 2,576,000,000  
NIKE Brand | GREATER CHINA | Operating Segments | Other          
Disaggregation of Revenue [Line Items]          
Revenues 0 0 0 0  
NIKE Brand | GREATER CHINA | Operating Segments | Footwear          
Disaggregation of Revenue [Line Items]          
Revenues 1,547,000,000 1,496,000,000 4,195,000,000 4,099,000,000  
NIKE Brand | GREATER CHINA | Operating Segments | Apparel          
Disaggregation of Revenue [Line Items]          
Revenues 498,000,000 461,000,000 1,368,000,000 1,228,000,000  
NIKE Brand | GREATER CHINA | Operating Segments | Equipment          
Disaggregation of Revenue [Line Items]          
Revenues 39,000,000 37,000,000 119,000,000 111,000,000  
NIKE Brand | GREATER CHINA | Operating Segments | Other          
Disaggregation of Revenue [Line Items]          
Revenues 0 0 0 0  
NIKE Brand | ASIA PACIFIC & LATIN AMERICA | Operating Segments          
Disaggregation of Revenue [Line Items]          
Revenues 1,647,000,000 1,601,000,000 5,024,000,000 4,735,000,000  
NIKE Brand | ASIA PACIFIC & LATIN AMERICA | Operating Segments | Sales to Wholesale Customers          
Disaggregation of Revenue [Line Items]          
Revenues 939,000,000 913,000,000 2,927,000,000 2,792,000,000  
NIKE Brand | ASIA PACIFIC & LATIN AMERICA | Operating Segments | Sales through Direct to Consumer          
Disaggregation of Revenue [Line Items]          
Revenues 708,000,000 688,000,000 2,097,000,000 1,943,000,000  
NIKE Brand | ASIA PACIFIC & LATIN AMERICA | Operating Segments | Other          
Disaggregation of Revenue [Line Items]          
Revenues 0 0 0 0  
NIKE Brand | ASIA PACIFIC & LATIN AMERICA | Operating Segments | Footwear          
Disaggregation of Revenue [Line Items]          
Revenues 1,195,000,000 1,141,000,000 3,639,000,000 3,313,000,000  
NIKE Brand | ASIA PACIFIC & LATIN AMERICA | Operating Segments | Apparel          
Disaggregation of Revenue [Line Items]          
Revenues 390,000,000 407,000,000 1,198,000,000 1,255,000,000  
NIKE Brand | ASIA PACIFIC & LATIN AMERICA | Operating Segments | Equipment          
Disaggregation of Revenue [Line Items]          
Revenues 62,000,000 53,000,000 187,000,000 167,000,000  
NIKE Brand | ASIA PACIFIC & LATIN AMERICA | Operating Segments | Other          
Disaggregation of Revenue [Line Items]          
Revenues 0 0 0 0  
CONVERSE | Operating Segments          
Disaggregation of Revenue [Line Items]          
Revenues 495,000,000 612,000,000 1,602,000,000 1,841,000,000  
CONVERSE | Operating Segments | Sales to Wholesale Customers          
Disaggregation of Revenue [Line Items]          
Revenues 257,000,000 323,000,000 843,000,000 971,000,000  
CONVERSE | Operating Segments | Sales through Direct to Consumer          
Disaggregation of Revenue [Line Items]          
Revenues 203,000,000 252,000,000 649,000,000 753,000,000  
CONVERSE | Operating Segments | Other          
Disaggregation of Revenue [Line Items]          
Revenues 35,000,000 37,000,000 110,000,000 117,000,000  
CONVERSE | Operating Segments | Footwear          
Disaggregation of Revenue [Line Items]          
Revenues 426,000,000 540,000,000 1,390,000,000 1,633,000,000  
CONVERSE | Operating Segments | Apparel          
Disaggregation of Revenue [Line Items]          
Revenues 25,000,000 29,000,000 75,000,000 70,000,000  
CONVERSE | Operating Segments | Equipment          
Disaggregation of Revenue [Line Items]          
Revenues 9,000,000 6,000,000 27,000,000 21,000,000  
CONVERSE | Operating Segments | Other          
Disaggregation of Revenue [Line Items]          
Revenues $ 35,000,000 $ 37,000,000 $ 110,000,000 $ 117,000,000  
v3.24.1
OPERATING SEGMENTS - Information by Operating Segments (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 29, 2024
Feb. 28, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues $ 12,429 $ 12,390 $ 38,756 $ 38,392
Interest expense (income), net (52) (7) (108) 22
Income before income taxes 1,404 1,477 4,974 4,955
Global Brand Divisions        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 9 12 34 44
EARNINGS BEFORE INTEREST AND TAXES (1,199) (1,160) (3,572) (3,573)
Corporate        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues (14) 12 (19) 13
EARNINGS BEFORE INTEREST AND TAXES (874) (696) (2,060) (2,014)
NIKE Brand | Operating Segments        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 11,948 11,766 37,173 36,538
NIKE Brand | NORTH AMERICA | Operating Segments        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 5,070 4,913 16,118 16,253
EARNINGS BEFORE INTEREST AND TAXES 1,400 1,190 4,360 4,064
NIKE Brand | EUROPE, MIDDLE EAST & AFRICA | Operating Segments        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 3,138 3,246 10,315 10,068
EARNINGS BEFORE INTEREST AND TAXES 734 785 2,591 2,750
NIKE Brand | GREATER CHINA | Operating Segments        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 2,084 1,994 5,682 5,438
EARNINGS BEFORE INTEREST AND TAXES 722 702 1,761 1,754
NIKE Brand | ASIA PACIFIC & LATIN AMERICA | Operating Segments        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 1,647 1,601 5,024 4,735
EARNINGS BEFORE INTEREST AND TAXES 471 485 1,406 1,470
CONVERSE | Operating Segments        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 495 612 1,602 1,841
EARNINGS BEFORE INTEREST AND TAXES $ 98 $ 164 $ 380 $ 526
v3.24.1
OPERATING SEGMENTS - Accounts Receivable Net Inventories and Property Plant and Equipment Net by Operating Segments (Detail) - USD ($)
$ in Millions
Feb. 29, 2024
May 31, 2023
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net $ 4,526 $ 4,131
Inventories 7,726 8,454
Property, plant and equipment, net 5,082 5,081
Global Brand Divisions    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 96 96
Inventories 180 232
Property, plant and equipment, net 886 840
Corporate    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 56 88
Inventories 0 77
Property, plant and equipment, net 1,782 1,829
NIKE Brand | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 4,251 3,808
Inventories 7,437 8,072
Property, plant and equipment, net 3,270 3,214
NIKE Brand | NORTH AMERICA | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 1,872 1,653
Inventories 3,201 3,806
Property, plant and equipment, net 760 794
NIKE Brand | EUROPE, MIDDLE EAST & AFRICA | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 1,336 1,197
Inventories 2,046 2,167
Property, plant and equipment, net 1,068 1,009
NIKE Brand | GREATER CHINA | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 197 162
Inventories 1,121 973
Property, plant and equipment, net 264 292
NIKE Brand | ASIA PACIFIC & LATIN AMERICA | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 750 700
Inventories 889 894
Property, plant and equipment, net 292 279
CONVERSE | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 219 235
Inventories 289 305
Property, plant and equipment, net $ 30 $ 38
v3.24.1
ACQUISITIONS AND DIVESTITURES (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Nov. 30, 2022
May 31, 2020
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]    
Non-recurring impairment charge $ 550 $ 389
v3.24.1
RESTRUCTURING - Additional Information (Details)
 3 Months Ended
Feb. 29, 2024
USD ($)
Restructuring and Related Activities [Abstract]  
Restructuring, expected cost $ 450,000,000
Pre-tax restructuring costs 403,000,000
Payments for restructuring $ 0
v3.24.1
RESTRUCTURING - Restructuring charges (Detail)
$ in Millions
 3 Months Ended
Feb. 29, 2024
USD ($)
Restructuring Cost and Reserve [Line Items]  
Total pre-tax restructuring charges $ 403
Employee severance and related costs  
Restructuring Cost and Reserve [Line Items]  
Total pre-tax restructuring charges 379
Stock-based compensation expense  
Restructuring Cost and Reserve [Line Items]  
Total pre-tax restructuring charges 24
OPERATING OVERHEAD EXPENSE  
Restructuring Cost and Reserve [Line Items]  
Total pre-tax restructuring charges 340
OPERATING OVERHEAD EXPENSE | Employee severance and related costs  
Restructuring Cost and Reserve [Line Items]  
Total pre-tax restructuring charges 319
OPERATING OVERHEAD EXPENSE | Stock-based compensation expense  
Restructuring Cost and Reserve [Line Items]  
Total pre-tax restructuring charges 21
COST OF SALES  
Restructuring Cost and Reserve [Line Items]  
Total pre-tax restructuring charges 63
COST OF SALES | Employee severance and related costs  
Restructuring Cost and Reserve [Line Items]  
Total pre-tax restructuring charges 60
COST OF SALES | Stock-based compensation expense  
Restructuring Cost and Reserve [Line Items]  
Total pre-tax restructuring charges $ 3