NIKE, INC., 10-Q filed on 4/2/2021
Quarterly Report
v3.21.1
Cover Page - shares
 9 Months Ended
Feb. 28, 2021
Mar. 26, 2021
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Feb. 28, 2021  
Document Transition Report false  
Entity File Number 1-10635  
Entity Registrant Name NIKE, Inc.  
Entity Incorporation, State or Country Code OR  
Entity Tax Identification Number 93-0584541  
Entity Address, Address Line One One Bowerman Drive  
Entity Address, City or Town Beaverton  
Entity Address, State or Province OR  
Entity Address, Postal Zip Code 97005-6453  
City Area Code 503  
Local Phone Number 671-6453  
Title of 12(b) Security Class B Common Stock  
Trading Symbol NKE  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0000320187  
Current Fiscal Year End Date --05-31  
Document Fiscal Year Focus 2021  
Document Fiscal Period Focus Q3  
Amendment Flag false  
Class A Convertible Common Stock    
Document Information [Line Items]    
Entity Common Stock Shares Outstanding (In Shares)   305,011,252
Class B Common Stock    
Document Information [Line Items]    
Entity Common Stock Shares Outstanding (In Shares)   1,274,955,822
v3.21.1
Unaudited Condensed Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2021
Feb. 29, 2020
Feb. 28, 2021
Feb. 29, 2020
Income Statement [Abstract]        
Revenues $ 10,357 $ 10,104 $ 32,194 $ 31,090
Cost of sales 5,638 5,631 17,887 17,202
Gross profit 4,719 4,473 14,307 13,888
Demand creation expense 711 870 2,117 2,769
Operating overhead expense 2,330 2,413 7,166 7,166
Total selling and administrative expense 3,041 3,283 9,283 9,935
Interest expense (income), net 64 12 199 39
Other (income) expense, net (22) 297 18 223
Income before income taxes 1,636 881 4,807 3,691
Income tax expense 187 34 589 362
NET INCOME $ 1,449 $ 847 $ 4,218 $ 3,329
Earnings per common share:        
Basic (in dollars per share) $ 0.92 $ 0.54 $ 2.68 $ 2.13
Diluted (in dollars per share) $ 0.90 $ 0.53 $ 2.62 $ 2.09
Weighted average common shares outstanding:        
Basic (in shares) 1,578.0 1,556.3 1,570.9 1,559.8
Diluted (in shares) 1,616.9 1,591.6 1,607.3 1,594.6
v3.21.1
Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2021
Feb. 29, 2020
Feb. 28, 2021
Feb. 29, 2020
Statement of Comprehensive Income [Abstract]        
Net income $ 1,449 $ 847 $ 4,218 $ 3,329
Other comprehensive income (loss), net of tax:        
Change in net foreign currency translation adjustment 98 (42) 494 (103)
Change in net gains (losses) on cash flow hedges (117) (68) (878) (187)
Change in net gains (losses) on other 2 1 (6) 2
Total other comprehensive income (loss), net of tax (17) (109) (390) (288)
TOTAL COMPREHENSIVE INCOME $ 1,432 $ 738 $ 3,828 $ 3,041
v3.21.1
Unaudited Condensed Consolidated Balance Sheets - USD ($)
shares in Millions, $ in Millions
Feb. 28, 2021
May 31, 2020
Current assets:    
Cash and equivalents $ 8,516 $ 8,348
Short-term investments 4,012 439
Accounts receivable, net 3,669 2,749
Inventories 6,693 7,367
Prepaid expenses and other current assets 1,810 1,653
Total current assets 24,700 20,556
Property, plant and equipment, net 4,958 4,866
Operating lease right-of-use assets, net 3,149 3,097
Identifiable intangible assets, net 271 274
Goodwill 242 223
Deferred income taxes and other assets 2,865 2,326
TOTAL ASSETS 36,185 31,342
Current liabilities:    
Current portion of long-term debt 0 3
Notes payable 4 248
Accounts payable 2,257 2,248
Current portion of operating lease liabilities 470 445
Accrued liabilities 5,907 5,184
Income taxes payable 256 156
Total current liabilities 8,894 8,284
Long-term debt 9,412 9,406
Operating lease liabilities 2,964 2,913
Deferred income taxes and other liabilities 2,984 2,684
Redeemable preferred stock 0 0
Shareholders' equity:    
Capital in excess of stated value 9,645 8,299
Accumulated other comprehensive income (loss) (446) (56)
Retained earnings (deficit) 2,729 (191)
Total shareholders' equity 11,931 8,055
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 36,185 31,342
Class A Convertible Common Stock    
Shareholders' equity:    
Common stock at stated value $ 0 $ 0
Common Stock, shares outstanding (in shares) 305 315
Class B Common Stock    
Shareholders' equity:    
Common stock at stated value $ 3 $ 3
Common Stock, shares outstanding (in shares) 1,274 1,243
v3.21.1
Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - shares
shares in Millions
Feb. 28, 2021
May 31, 2020
Class A Convertible Common Stock    
Common Stock, shares outstanding (in shares) 305 315
Class B Common Stock    
Common Stock, shares outstanding (in shares) 1,274 1,243
v3.21.1
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Feb. 28, 2021
Feb. 29, 2020
Cash provided (used) by operations:    
Net income $ 4,218 $ 3,329
Adjustments to reconcile net income to net cash provided (used) by operations:    
Depreciation 543 513
Deferred income taxes (291) (372)
Stock-based compensation 467 303
Amortization, impairment and other 33 383
Net foreign currency adjustments (130) (49)
Changes in certain working capital components and other assets and liabilities:    
(Increase) decrease in accounts receivable (837) (475)
(Increase) decrease in inventories 674 (455)
(Increase) decrease in prepaid expenses, operating lease right-of-use assets and other current and non-current assets (406) (494)
Increase (decrease) in accounts payable, accrued liabilities, operating lease liabilities and other current and non-current liabilities 374 (197)
Cash provided (used) by operations 4,645 2,486
Cash provided (used) by investing activities:    
Purchases of short-term investments (7,441) (1,775)
Maturities of short-term investments 2,203 20
Sales of short-term investments 1,588 1,764
Additions to property, plant and equipment (521) (797)
Other investing activities 184 30
Cash provided (used) by investing activities (3,987) (758)
Cash provided (used) by financing activities:    
Increase (decrease) in notes payable (51) 0
Repayment of borrowings (196) (5)
Proceeds from exercise of stock options and other stock issuances 969 678
Repurchase of common stock 0 (2,865)
Dividends — common and preferred (1,203) (1,071)
Other financing activities (131) (47)
Cash provided (used) by financing activities (612) (3,310)
Effect of exchange rate changes on cash and equivalents 122 (21)
Net increase (decrease) in cash and equivalents 168 (1,603)
Cash and equivalents, beginning of period 8,348 4,466
CASH AND EQUIVALENTS, END OF PERIOD 8,516 2,863
Supplemental disclosure of cash flow information:    
Non-cash additions to property, plant and equipment 116 115
Dividends declared and not paid $ 437 $ 384
v3.21.1
Unaudited Condensed Consolidated Statements of Shareholders' Equity - USD ($)
shares in Millions, $ in Millions
Total
CAPITAL IN EXCESS OF STATED VALUE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
RETAINED EARNINGS (DEFICIT)
Class A Common Stock
Class A Common Stock
COMMON STOCK
Class B Common Stock
Class B Common Stock
COMMON STOCK
Beginning Balance (in shares) at May. 31, 2019           315   1,253
Beginning balance at May. 31, 2019 $ 9,040 $ 7,163 $ 231 $ 1,643   $ 0   $ 3
Beginning balance (Adoption of ASC Topic 842) at May. 31, 2019 (1)     (1)        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Stock options exercised (in shares)               17
Stock options exercised 580 580            
Repurchase of Class B Common Stock (in shares)               (32)
Repurchase of Class B Common Stock (2,874) (150)   (2,724)        
Dividends on common stock and preferred stock (1,110)     (1,110)        
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 66 75   (9)        
Stock-based compensation 303 303            
Net income 3,329     3,329        
Other comprehensive income (loss) (288)   (288)          
Ending Balance (in shares) at Feb. 29, 2020           315   1,240
Ending balance at Feb. 29, 2020 $ 9,045 7,971 (57) 1,128   $ 0   $ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Accounting Standards Update [Extensible List] us-gaap:AccountingStandardsUpdate201602Member              
Beginning Balance (in shares) at Nov. 30, 2019           315   1,244
Beginning balance at Nov. 30, 2019 $ 9,351 7,719 52 1,577   $ 0   $ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Stock options exercised (in shares)               6
Stock options exercised 199 199            
Repurchase of Class B Common Stock (in shares)               (10)
Repurchase of Class B Common Stock (957) (48)   (909)        
Dividends on common stock and preferred stock (383)     (383)        
Issuance of shares to employees, net of shares withheld for employee taxes (16) (12)   (4)        
Stock-based compensation 113 113            
Net income 847     847        
Other comprehensive income (loss) (109)   (109)          
Ending Balance (in shares) at Feb. 29, 2020           315   1,240
Ending balance at Feb. 29, 2020 9,045 7,971 (57) 1,128   $ 0   $ 3
Beginning Balance (in shares) at May. 31, 2020         315 315 1,243 1,243
Beginning balance at May. 31, 2020 8,055 8,299 (56) (191)   $ 0   $ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Stock options exercised (in shares)               19
Stock options exercised 844 844            
Conversion to Class B Common Stock (in shares)           (10)   10
Conversion to Class B Common Stock 0              
Dividends on common stock and preferred stock (1,256)     (1,256)        
Issuance of shares to employees, net of shares withheld for employee taxes (in shares)               2
Issuance of shares to employees, net of shares withheld for employee taxes (7) 35   (42)        
Stock-based compensation 467 467            
Net income 4,218     4,218        
Other comprehensive income (loss) (390)   (390)          
Ending Balance (in shares) at Feb. 28, 2021         305 305 1,274 1,274
Ending balance at Feb. 28, 2021 11,931 9,645 (446) 2,729   $ 0   $ 3
Beginning Balance (in shares) at Nov. 30, 2020           305   1,270
Beginning balance at Nov. 30, 2020 10,640 9,336 (429) 1,730   $ 0   $ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Stock options exercised (in shares)               4
Stock options exercised 187 187            
Dividends on common stock and preferred stock (436)     (436)        
Issuance of shares to employees, net of shares withheld for employee taxes (34) (20)   (14)        
Stock-based compensation 142 142            
Net income 1,449     1,449        
Other comprehensive income (loss) (17)   (17)          
Ending Balance (in shares) at Feb. 28, 2021         305 305 1,274 1,274
Ending balance at Feb. 28, 2021 $ 11,931 $ 9,645 $ (446) $ 2,729   $ 0   $ 3
v3.21.1
Unaudited Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares
 3 Months Ended 9 Months Ended
Feb. 28, 2021
Feb. 29, 2020
Feb. 28, 2021
Feb. 29, 2020
Statement of Stockholders' Equity [Abstract]        
Dividends declared per common share (in dollars per share) $ 0.275 $ 0.245 $ 0.795 $ 0.710
Dividends declared per preferred share (in dollars per share)     $ 0.10 $ 0.10
v3.21.1
Summary of Significant Accounting Policies
 9 Months Ended
Feb. 28, 2021
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, 2020 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. The results of operations for the three and nine months ended February 28, 2021 are not necessarily indicative of results to be expected for the entire fiscal year.
The extent to which the evolving COVID-19 pandemic impacts the Company's financial statements will depend on a number of factors, including the magnitude and duration of the pandemic. There remains risk that COVID-19 could have material adverse impacts on future revenue growth as well as overall profitability and may lead to higher than normal inventory levels in various markets, adverse impacts to the global supply chain, revised payment terms with certain wholesale customers, higher sales-related reserves and a volatile effective tax rate driven by changes in the mix of earnings across the Company's jurisdictions.
v3.21.1
Inventories
 9 Months Ended
Feb. 28, 2021
Inventory Disclosure [Abstract]  
Inventories
NOTE 2 — INVENTORIES
Inventory balances of $6,693 million and $7,367 million at February 28, 2021 and May 31, 2020, respectively, were substantially all finished goods.
v3.21.1
Accrued Liabilities
 9 Months Ended
Feb. 28, 2021
Accrued Liabilities, Current [Abstract]  
Accrued Liabilities
NOTE 3 — ACCRUED LIABILITIES
Accrued liabilities included the following:
FEBRUARY 28,MAY 31,
(Dollars in millions)20212020
Compensation and benefits, excluding taxes$1,219 $1,248 
Sales-related reserves1,146 1,178 
Fair value of derivatives463 190 
Allowance for expected loss on sale(1)
373 405 
Other2,706 2,163 
TOTAL ACCRUED LIABILITIES$5,907 $5,184 
(1)Refer to Note 13 — Acquisitions and Divestitures for additional information.
v3.21.1
Fair Value Measurements
 9 Months Ended
Feb. 28, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurements
NOTE 4 — FAIR VALUE MEASUREMENTS
The Company measures certain financial assets and liabilities at fair value on a recurring basis, including derivatives, equity securities and available-for-sale debt securities. For additional information about the Company's fair value policies refer to Note 1 — Summary of Significant Accounting Policies of the Annual Report on Form 10-K for the fiscal year ended May 31, 2020.
The following tables present information about the Company's financial assets measured at fair value on a recurring basis as of February 28, 2021 and May 31, 2020, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
FEBRUARY 28, 2021
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$586 $586 $— 
Level 1:
U.S. Treasury securities3,406 5 3,401 
Level 2:
Commercial paper and bonds704 100 604 
Money market funds6,586 6,586 — 
Time deposits1,240 1,239 1 
U.S. Agency securities6 — 6 
Total Level 28,536 7,925 611 
TOTAL$12,528 $8,516 $4,012 
MAY 31, 2020
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$596 $596 $— 
Level 1:
U.S. Treasury securities1,204 800 404 
Level 2:
Commercial paper and bonds32 — 32 
Money market funds5,973 5,973 — 
Time deposits981 979 2 
U.S. Agency securities1 — 1 
Total Level 26,987 6,952 35 
TOTAL$8,787 $8,348 $439 
As of February 28, 2021, the Company held $3,443 million of available-for-sale debt securities with maturity dates within one year and $569 million with maturity dates over one year and less than five years in Short-term investments on the Unaudited Condensed Consolidated Balance Sheets. The fair value of the Company's available-for-sale debt securities approximates their amortized cost.
Included in Interest expense (income), net was interest income related to the Company's investment portfolio of $8 million and $16 million for the three months ended February 28, 2021 and February 29, 2020, respectively, and $21 million and $51 million for the nine months ended February 28, 2021 and February 29, 2020, respectively.
The following tables present information about the Company's derivative assets and liabilities measured at fair value on a recurring basis and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
FEBRUARY 28, 2021
DERIVATIVE ASSETSDERIVATIVE LIABILITIES
(Dollars in millions)
ASSETS AT FAIR VALUEOTHER CURRENT ASSETSOTHER LONG-TERM ASSETSLIABILITIES AT FAIR VALUEACCRUED LIABILITIESOTHER LONG-TERM LIABILITIES
Level 2:
Foreign exchange forwards and options(1)
$80 $62 $18 $544 $462 $82 
Embedded derivatives— — — 1 1 — 
TOTAL$80 $62 $18 $545 $463 $82 
(1)If the foreign exchange derivative instruments had been netted on the Unaudited Condensed Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $80 million as of February 28, 2021. As of that date, the Company had posted $183 million of cash collateral to various counterparties related to foreign exchange derivative instruments. No amount of collateral was received on the Company's derivative asset balance as of February 28, 2021.
MAY 31, 2020
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)
$94 $91 $3 $205 $188 $17 
Embedded derivatives1 1 — 2 2 — 
TOTAL$95 $92 $3 $207 $190 $17 
(1)If the foreign exchange derivative instruments had been netted on the Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $76 million as of May 31, 2020. As of that date, no amount of cash collateral had been received or posted on the derivative asset and liability balances related to these foreign exchange derivative instruments.
For additional information related to the Company's derivative financial instruments and credit risk, refer to Note 9 — Risk Management and Derivatives.
The carrying amounts of other current financial assets and other current financial liabilities approximate fair value.
FINANCIAL ASSETS AND LIABILITIES NOT RECORDED AT FAIR VALUE
Long-term debt is recorded at adjusted cost, net of unamortized premiums, discounts and debt issuance costs. The fair value of Long-term debt is estimated based upon quoted prices for similar instruments or quoted prices for identical instruments in inactive markets (Level 2). The fair value of the Company’s Long-term debt, including the current portion, was approximately $10,320 million at February 28, 2021 and $10,645 million at May 31, 2020.
For fair value information regarding Notes payable, refer to Note 5 — Short-Term Borrowings and Credit Lines.
v3.21.1
Short-Term Borrowings and Credit Lines
 9 Months Ended
Feb. 28, 2021
Debt Disclosure [Abstract]  
Short-Term Borrowings and Credit Lines
NOTE 5 — SHORT-TERM BORROWINGS AND CREDIT LINES
The carrying amounts reflected on the Unaudited Condensed Consolidated Balance Sheets for Notes payable approximate fair value.
As of February 28, 2021, the Company had no borrowings outstanding under its $4 billion commercial paper program. As of May 31, 2020, the Company had $248 million of borrowings outstanding at a weighted average interest rate of 1.65% under its $4 billion commercial paper program. Commercial paper repayments with original maturities greater than three months are included in Repayment of borrowings on the Unaudited Condensed Consolidated Statements of Cash Flows.
On March 15, 2021, subsequent to the end of the third quarter of fiscal 2021, the Company entered into a committed credit facility agreement with a syndicate of banks which provides for up to $1 billion of borrowings, with the option to increase borrowings up to $1.5 billion in total upon lender approval. The facility matures on March 14, 2022, with a 364-day extension option up to 30 days prior to the existing termination date, provided that in no event shall it extend beyond March 13, 2023. This facility replaces the prior $2 billion credit facility agreement entered into on April 6, 2020, which would have matured on April 5, 2021. 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 London Interbank Offered Rate (LIBOR) plus 0.50%. The facility fee is 0.03% of the total undrawn commitment. Additionally, the Company decreased its $4 billion commercial paper program to $3 billion in connection with the new credit facility agreement. As of April 2, 2021, no amounts were outstanding under this committed credit facility and there were no borrowings under the commercial paper program.
There have been no other changes to the credit lines reported in the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2020.
v3.21.1
Income Taxes
 9 Months Ended
Feb. 28, 2021
Income Tax Disclosure [Abstract]  
Income Taxes
NOTE 6 — INCOME TAXES
The effective tax rate was 12.3% and 9.8% for the nine months ended February 28, 2021 and February 29, 2020, respectively. The increase in the Company's effective tax rate was due to a shift in the proportion of earnings taxed in the U.S., in part due to the impact of the COVID-19 pandemic and less favorable impacts from discrete items, such as a modification of the treatment of certain research and development expenditures recognized in the prior year. Additionally, the increase was due to the recognition of a reserve in the first quarter of fiscal 2021 related to Altera Corp. v. Commissioner, where the taxpayer was denied a hearing before the U.S. Supreme Court on June 22, 2020, thereby ratifying the Ninth Circuit Court's decision and requiring the inclusion of stock-based compensation in intercompany cost-sharing arrangements.
As of February 28, 2021, total gross unrecognized tax benefits, excluding related interest and penalties, were $877 million, $622 million of which would affect the Company's effective tax rate if recognized in future periods. During the nine months ended February 28, 2021, the Company recognized $74 million of gross unrecognized tax benefits related to Altera Corp. v. Commissioner discussed above, of which $69 million impacted the effective tax rate. 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, 2020, total gross unrecognized tax benefits, excluding related interest and penalties, were $771 million. The liability for payment of interest and penalties increased by $41 million during the nine months ended February 28, 2021. As of February 28, 2021 and May 31, 2020, accrued interest and penalties related to uncertain tax positions were $199 million and $158 million, respectively (excluding federal benefit).
The Company is subject to taxation in the United States, as well as various state and foreign jurisdictions. The Company is currently under audit by the U.S. Internal Revenue Service ("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 2010 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 $50 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 current and prior periods, and the Company's Netherlands income taxes in the future could increase.
v3.21.1
Stock-Based Compensation
 9 Months Ended
Feb. 28, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Stock-Based Compensation
NOTE 7 — STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION
The NIKE, Inc. Stock Incentive Plan (the “Stock Incentive Plan”) provides for the issuance of up to 798 million previously unissued shares of Class B Common Stock in connection with equity awards granted under the Stock Incentive Plan. The Stock Incentive Plan authorizes the grant of non-statutory stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units and performance-based awards. In addition to the Stock Incentive Plan, the Company gives employees the right to purchase shares at a discount from the market price under employee stock purchase plans (ESPPs). Refer to Note 11 — Common Stock and Stock-Based Compensation of the Annual Report on Form 10-K for the fiscal year ended May 31, 2020 for further information.
The following table summarizes the Company's total stock-based compensation expense recognized in Cost of sales or Operating overhead expense, as applicable: 
 THREE MONTHS ENDED NINE MONTHS ENDED
(Dollars in millions)
FEBRUARY 28, 2021FEBRUARY 29, 2020FEBRUARY 28, 2021FEBRUARY 29, 2020
Stock options(1)
$73 $64 $250 $170 
ESPPs15 11 50 35 
Restricted stock(1)
54 38 167 98 
TOTAL STOCK-BASED COMPENSATION EXPENSE$142 $113 $467 $303 
(1)Expense for stock options includes the expense associated with stock appreciation rights. Accelerated stock option and restricted stock expense is primarily recorded for employees meeting certain retirement eligibility requirements and certain employees impacted by the Company's organizational realignment. For more information see Note 14 — Restructuring.
The income tax benefit related to stock-based compensation expense was $67 million for both the three months ended February 28, 2021 and February 29, 2020 and $256 million and $181 million for the nine months ended February 28, 2021 and February 29, 2020, respectively.
STOCK OPTIONS
The weighted average fair value per share of the options granted during the nine months ended February 28, 2021 and February 29, 2020, computed as of the grant date using the Black-Scholes pricing model, was $26.75 and $18.71, respectively. The weighted average assumptions used to estimate these fair values were as follows:
 NINE MONTHS ENDED
FEBRUARY 28, 2021FEBRUARY 29, 2020
Dividend yield0.9 %1.0 %
Expected volatility27.3 %23.0 %
Weighted average expected life (in years)6.06.0
Risk-free interest rate0.4 %1.5 %
Expected volatilities are based on the historical volatility of the Company's common stock, the implied volatility in market traded options on the Company's common stock with a term greater than one year, as well as other factors. The weighted average expected life of options is based on an analysis of historical and expected future exercise patterns. The interest rate is based on the U.S. Treasury (constant maturity) risk-free rate in effect at the date of grant for periods corresponding with the expected term of the options.
As of February 28, 2021, the Company had $492 million of unrecognized compensation costs from stock options, net of estimated forfeitures, to be recognized in Cost of sales or Operating overhead expense, as applicable, over a weighted average remaining period of 2.6 years.
RESTRICTED STOCK AND RESTRICTED STOCK UNITS
The weighted average fair value per share of restricted stock and restricted stock units granted for the nine months ended February 28, 2021 and February 29, 2020, computed as of the grant date, was $112.44 and $88.28, respectively. As of February 28, 2021, the Company had $485 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 2.7 years.
v3.21.1
Earnings Per Share
 9 Months Ended
Feb. 28, 2021
Earnings Per Share [Abstract]  
Earnings Per Share
NOTE 8 — EARNINGS PER SHARE
The following is a reconciliation from basic earnings per common share to diluted earnings per common share. The computations of diluted earnings per common share excluded restricted stock and options, including shares under ESPPs, to purchase an additional 15.8 million shares of common stock outstanding for the three months ended February 29, 2020 because the awards were anti-dilutive. The amount of anti-dilutive awards for the three months ended February 28, 2021 was insignificant. For the nine months ended February 28, 2021 and February 29, 2020 the computations of diluted earnings per common share excluded 11.6 million and 31.1 million shares of common stock outstanding because the awards were anti-dilutive.
 THREE MONTHS ENDED NINE MONTHS ENDED
(In millions, except per share data)
FEBRUARY 28, 2021FEBRUARY 29, 2020FEBRUARY 28, 2021FEBRUARY 29, 2020
Net income available to common stockholders$1,449 $847 $4,218 $3,329 
Determination of shares:
Weighted average common shares outstanding1,578.0 1,556.3 1,570.9 1,559.8 
Assumed conversion of dilutive stock options and awards38.9 35.3 36.4 34.8 
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING1,616.9 1,591.6 1,607.3 1,594.6 
Earnings per common share:
Basic$0.92 $0.54 $2.68 $2.13 
Diluted$0.90 $0.53 $2.62 $2.09 
v3.21.1
Risk Management and Derivatives
 9 Months Ended
Feb. 28, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Risk Management and Derivatives
NOTE 9 — RISK MANAGEMENT AND DERIVATIVES
The Company is exposed to global market risks, including the effect of changes in foreign currency exchange rates and interest rates, and uses derivatives to manage financial exposures that occur in the normal course of business. As of and for the nine months ended February 28, 2021, there have been no material changes to the Company's hedging program or strategy from what was disclosed within the Annual Report on Form 10-K. For additional information about the Company's derivatives and hedging policies refer to Note 1 — Summary of Significant Accounting Policies and Note 14 — Risk Management and Derivatives of the Annual Report on Form 10-K for the fiscal year ended May 31, 2020.
The majority of derivatives outstanding as of February 28, 2021 are designated as foreign currency cash flow hedges, primarily for Euro/U.S. Dollar, British Pound/Euro, Chinese Yuan/U.S. Dollar, and Japanese Yen/U.S. Dollar currency pairs. All derivatives are recognized on the Unaudited Condensed Consolidated Balance Sheets at fair value and classified based on the instrument's maturity date.
The following tables present the fair values of derivative instruments included within the Unaudited Condensed Consolidated Balance Sheets:
 DERIVATIVE ASSETS
BALANCE SHEET LOCATIONFEBRUARY 28,MAY 31,
(Dollars in millions)
20212020
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets$26 $43 
Foreign exchange forwards and optionsDeferred income taxes and other assets18 1 
Total derivatives formally designated as hedging instruments44 44 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets36 48 
Embedded derivativesPrepaid expenses and other current assets— 1 
Foreign exchange forwards and optionsDeferred income taxes and other assets— 2 
Total derivatives not designated as hedging instruments36 51 
TOTAL DERIVATIVE ASSETS$80 $95 
DERIVATIVE LIABILITIES
BALANCE SHEET LOCATIONFEBRUARY 28,MAY 31,
(Dollars in millions)
20212020
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities$458 $173 
Foreign exchange forwards and optionsDeferred income taxes and other liabilities82 17 
Total derivatives formally designated as hedging instruments540 190 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities4 15 
Embedded derivativesAccrued liabilities1 2 
Total derivatives not designated as hedging instruments5 17 
TOTAL DERIVATIVE LIABILITIES$545 $207 
The following tables present the amounts in the Unaudited Condensed Consolidated Statements of Income in which the effects of cash flow hedges are recorded and the effects of cash flow hedge activity on these line items:
THREE MONTHS ENDED
FEBRUARY 28, 2021FEBRUARY 29, 2020
(Dollars in millions)
TOTALAMOUNT OF GAIN (LOSS)
ON CASH FLOW
HEDGE ACTIVITY		TOTALAMOUNT OF GAIN (LOSS)
ON CASH FLOW
HEDGE ACTIVITY
Revenues$10,357 $16 $10,104 $(21)
Cost of sales5,638 (35)5,631 110 
Demand creation expense711 1 870 — 
Other (income) expense, net(22)(26)297 44 
Interest expense (income), net64 (2)12 (2)
NINE MONTHS ENDED
FEBRUARY 28, 2021FEBRUARY 29, 2020
(Dollars in millions)
TOTALAMOUNT OF GAIN (LOSS)
ON CASH FLOW
HEDGE ACTIVITY		TOTALAMOUNT OF GAIN (LOSS)
ON CASH FLOW
HEDGE ACTIVITY
Revenues$32,194 $56 $31,090 $(12)
Cost of sales17,887 110 17,202 287 
Demand creation expense2,117 2 2,769 (3)
Other (income) expense, net18 (31)223 121 
Interest expense (income), net199 (5)39 (5)
The following tables present the amounts affecting the Unaudited Condensed Consolidated Statements of Income:

(Dollars in millions)
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES(1)
AMOUNT OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE
INCOME (LOSS) INTO INCOME(1)
THREE MONTHS ENDED LOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME		THREE MONTHS ENDED
FEBRUARY 28, 2021FEBRUARY 29, 2020FEBRUARY 28, 2021FEBRUARY 29, 2020
Derivatives designated as
cash flow hedges:
Foreign exchange forwards
and options
$(38)$17 Revenues$16 $(21)
Foreign exchange forwards
and options
(99)39 Cost of sales(35)110 
Foreign exchange forwards
and options
1 1 Demand creation expense1 — 
Foreign exchange forwards
and options
(24)7 Other (income) expense, net(26)44 
Interest rate swaps(2)
— — Interest expense (income), net(2)(2)
Total designated cash
flow hedges		$(160)$64 $(46)$131 
(1)For the three months ended February 28, 2021 and February 29, 2020, the amounts recorded in Other (income) expense, net as a result of the discontinuance of cash flow hedges because the forecasted transactions were no longer probable of occurring were immaterial.
(2)Gains and losses associated with terminated interest rate swaps, which were previously designated as cash flow hedges and recorded in Accumulated other comprehensive income (loss), will be released through Interest expense (income), net over the term of the issued debt.

(Dollars in millions)
AMOUNT OF GAIN (LOSS)
RECOGNIZED IN OTHER
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES(1)
AMOUNT OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE
INCOME (LOSS) INTO INCOME(1)
NINE MONTHS ENDED LOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME		NINE MONTHS ENDED
FEBRUARY 28, 2021FEBRUARY 29, 2020FEBRUARY 28, 2021FEBRUARY 29, 2020
Derivatives designated as
cash flow hedges:
Foreign exchange forwards
and options
$(32)$(45)Revenues$56 $(12)
Foreign exchange forwards
and options
(539)185 Cost of sales110 287 
Foreign exchange forwards
and options
4 1 Demand creation expense2 (3)
Foreign exchange forwards
and options
(183)67 Other (income) expense, net(31)121 
Interest rate swaps(2)
— — Interest expense (income), net(5)(5)
Total designated cash
flow hedges		$(750)$208 $132 $388 
(1)For the nine months ended February 28, 2021 and February 29, 2020, the amounts recorded in Other (income) expense, net as a result of the discontinuance of cash flow hedges because the forecasted transactions were no longer probable of occurring were immaterial.
(2)Gains and losses associated with terminated interest rate swaps, which were previously designated as cash flow hedges and recorded in Accumulated other comprehensive income (loss), will be released through Interest expense (income), net over the term of the issued debt.
AMOUNT OF GAIN (LOSS) RECOGNIZED
IN INCOME ON DERIVATIVES
LOCATION OF GAIN (LOSS)
RECOGNIZED IN INCOME
ON DERIVATIVES
THREE MONTHS ENDED NINE MONTHS ENDED
(Dollars in millions)
FEBRUARY 28, 2021FEBRUARY 29, 2020FEBRUARY 28, 2021FEBRUARY 29, 2020
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options$(11)$12 $(98)$(9)Other (income) expense, net
Embedded derivatives(4)(2)(17)(7)Other (income) expense, net
CASH FLOW HEDGES
All changes in fair value of derivatives designated as cash flow hedges are recorded in Accumulated other comprehensive income (loss) until Net income is affected by the variability of cash flows of the hedged transaction. Effective hedge results are classified in the Unaudited Condensed Consolidated Statements of Income in the same manner as the underlying exposure. Derivative instruments designated as cash flow hedges must be discontinued when it is no longer probable the forecasted hedged transaction will occur in the initially identified time period. The gains and losses associated with discontinued derivative instruments in Accumulated other comprehensive income (loss) will be recognized immediately in Other (income) expense, net, if it is probable the forecasted hedged transaction will not occur by the end of the initially identified time period or within an additional two-month period thereafter. In rare circumstances, the additional period of time may exceed two months due to extenuating circumstances related to the nature of the forecasted transaction that are outside the control or influence of the Company. In all situations in which hedge accounting is discontinued and the derivative remains outstanding, the Company accounts for the derivative as an undesignated instrument as discussed below.
The total notional amount of outstanding foreign currency derivatives designated as cash flow hedges was approximately $16.5 billion as of February 28, 2021. Approximately $375 million of deferred net losses (net of tax) on both outstanding and matured derivatives in Accumulated other comprehensive income (loss) as of February 28, 2021, are expected to be reclassified to Net income during the next 12 months concurrent with the underlying hedged transactions also being recorded in Net income. Actual amounts ultimately reclassified to Net income are dependent on the exchange rates in effect when derivative contracts currently outstanding mature. As of February 28, 2021, the maximum term over which the Company hedges exposures to the variability of cash flows for its forecasted transactions was 24 months.
UNDESIGNATED DERIVATIVE INSTRUMENTS
The Company may elect to enter into foreign exchange forwards to mitigate the change in fair value of specific assets and liabilities on the Unaudited Condensed Consolidated Balance Sheets and/or the embedded derivative contracts. These undesignated instruments are recorded at fair value as a derivative asset or liability on the Unaudited Condensed Consolidated Balance Sheets with their corresponding change in fair value recognized in Other (income) expense, net, together with the re-measurement gain or loss from the hedged balance sheet position and/or embedded derivative contract. The total notional amount of outstanding undesignated derivative instruments was $4.5 billion as of February 28, 2021.
EMBEDDED DERIVATIVES
Embedded derivative contracts are treated as foreign currency forward contracts that are bifurcated from the related contract and recorded at fair value as a derivative asset or liability on the Unaudited Condensed Consolidated Balance Sheets with their corresponding change in fair value recognized in Other (income) expense, net, through the date the foreign currency fluctuations cease to exist.
As of February 28, 2021, the total notional amount of embedded derivatives outstanding was approximately $429 million.
CREDIT RISK
The Company's bilateral credit-related contingent features generally require the owing entity, either the Company or the derivative counterparty, to post collateral for the portion of the fair value in excess of $50 million should the fair value of outstanding derivatives per counterparty be greater than $50 million. Additionally, a certain level of decline in credit rating of either the Company or the counterparty could also trigger collateral requirements. As of February 28, 2021, the Company was in compliance with all credit risk-related contingent features, and derivative instruments with such features were in a net liability position of approximately $464 million. Accordingly, the Company was required to post $183 million of cash collateral as a result of these contingent features. Further, no amount of collateral was received on the Company's derivative asset balance as of February 28, 2021. The Company considers the impact of the risk of counterparty default to be immaterial.
For additional information related to the Company's derivative financial instruments and collateral, refer to Note 4 — Fair Value Measurements.
v3.21.1
Accumulated Other Comprehensive Income (Loss)
 9 Months Ended
Feb. 28, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income (Loss)
NOTE 10 — ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The changes in Accumulated other comprehensive income (loss), net of tax, were as follows:
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at November 30, 2020$(98)$(371)$115 $(75)$(429)
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
99 (163)— (6)(70)
Reclassifications to net income of previously deferred (gains) losses(3)
(1)46 — 8 53 
Total other comprehensive income (loss)98 (117)— 2 (17)
Balance at February 28, 2021$— $(488)$115 $(73)$(446)
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of tax benefit (expense) of $0 million, $(3) million, $0 million, $1 million, and $(2) million, respectively.
(3)Net of tax (benefit) expense of $0 million, $0 million, $0 million, $0 million and $0 million, respectively.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at November 30, 2019$(407)$401 $115 $(57)$52 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
(43)63 — 1 21 
Reclassifications to net income of previously deferred (gains) losses(3)
1 (131)— — (130)
Total other comprehensive income (loss)(42)(68)— 1 (109)
Balance at February 29, 2020$(449)$333 $115 $(56)$(57)
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of tax benefit (expense) of $0 million, $(1) million, $0 million, $0 million and $(1) million, respectively.
(3)Net of tax (benefit) expense of $0 million, $0 million, $0 million, $0 million and $0 million, respectively.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at May 31, 2020$(494)$390 $115 $(67)$(56)
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
496 (753)— (21)(278)
Reclassifications to net income of previously deferred (gains) losses(3)
(2)(125)— 15 (112)
Total other comprehensive income (loss)494 (878)— (6)(390)
Balance at February 28, 2021$— $(488)$115 $(73)$(446)
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of tax benefit (expense) of $0 million, $(3) million, $0 million, $2 million and $(1) million, respectively.
(3)Net of tax (benefit) expense of $0 million, $7 million, $0 million, $0 million and $7 million, respectively.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at May 31, 2019$(346)$520 $115 $(58)$231 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
(104)200 — 2 98 
Reclassifications to net income of previously deferred (gains) losses(3)
1 (387)— — (386)
Total other comprehensive income (loss)(103)(187)— 2 (288)
Balance at February 29, 2020$(449)$333 $115 $(56)$(57)
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of tax benefit (expense) of $0 million, $(1) million, $0 million, $0 million and (1) million respectively.
(3)Net of tax (benefit) expense of $0 million, $0 million, $0 million, $0 million and 0 million respectively.
The following table summarizes the reclassifications from Accumulated other comprehensive income (loss) to the Unaudited Condensed Consolidated Statements of Income:
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOMELOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME
THREE MONTHS ENDED NINE MONTHS ENDED
(Dollars in millions)
FEBRUARY 28, 2021FEBRUARY 29, 2020FEBRUARY 28, 2021FEBRUARY 29, 2020
Gains (losses) on foreign currency translation adjustment$1 $(1)$2 $(1)Other expense (income), net
Total before tax1 (1)2 (1)
Tax (expense) benefit— — — — 
Gain (loss) net of tax1 (1)2 (1)
Gains (losses) on cash flow hedges:
Foreign exchange forwards and options$16 $(21)$56 $(12)Revenues
Foreign exchange forwards and options(35)110 110 287 Cost of sales
Foreign exchange forwards and options1 — 2 (3)Demand creation expense
Foreign exchange forwards and options(26)44 (31)121 Other (income) expense, net
Interest rate swaps(2)(2)(5)(5)Interest expense (income), net
Total before tax(46)131 132 388 
Tax (expense)— — (7)(1)
Gain (loss) net of tax(46)131 125 387 
Gains (losses) on other(8)— (15)— Other (income) expense, net
Total before tax(8)— (15)— 
Tax (expense)— — — — 
Gain (loss) net of tax(8)— (15)— 
Total net gain (loss) reclassified for the period$(53)$130 $112 $386 
v3.21.1
Revenues
 9 Months Ended
Feb. 28, 2021
Revenue from Contract with Customer [Abstract]  
Revenues
NOTE 11 — REVENUES
DISAGGREGATION OF REVENUES
The following tables present the Company's revenues disaggregated by reportable operating segment, major product line and by distribution channel:
THREE MONTHS ENDED FEBRUARY 28, 2021
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINA
ASIA PACIFIC & LATIN AMERICA(1)
GLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$2,382 $1,606 $1,614 $903 $— $6,505 $513 $— $7,018 
Apparel1,087 898 616 365 — 2,966 28 — 2,994 
Equipment95 105 49 47 — 296 6 — 302 
Other— — — — 6 6 23 14 43 
TOTAL REVENUES$3,564 $2,609 $2,279 $1,315 $6 $9,773 $570 $14 $10,357 
Revenues by:
Sales to Wholesale Customers$1,894 $1,805 $1,269 $846 $— $5,814 $366 $— $6,180 
Sales through Direct to Consumer1,670 804 1,010 469 — 3,953 181 — 4,134 
Other— — — — 6 6 23 14 43 
TOTAL REVENUES$3,564 $2,609 $2,279 $1,315 $6 $9,773 $570 $14 $10,357 
(1)    Refer to Note 13 — Acquisitions and Divestitures for additional information on the transition of the Company's NIKE Brand business in Brazil to a third-party distributor.
THREE MONTHS ENDED FEBRUARY 29, 2020
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$2,628 $1,711 $1,075 $963 $— $6,377 $455 $— $6,832 
Apparel1,228 889 400 388 — 2,905 20 — 2,925 
Equipment123 109 31 63 — 326 5 — 331 
Other— — — — 8 8 26 (18)16 
TOTAL REVENUES$3,979 $2,709 $1,506 $1,414 $8 $9,616 $506 $(18)$10,104 
Revenues by:
Sales to Wholesale Customers$2,521 $1,956 $881 $953 $— $6,311 $330 $— $6,641 
Sales through Direct to Consumer1,458 753 625 461 — 3,297 150 — 3,447 
Other— — — — 8 8 26 (18)16 
TOTAL REVENUES$3,979 $2,709 $1,506 $1,414 $8 $9,616 $506 $(18)$10,104 
NINE MONTHS ENDED FEBRUARY 28, 2021
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINA
ASIA PACIFIC & LATIN AMERICA(1)
GLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$7,851 $5,139 $4,432 $2,652 $— $20,074 $1,442 $— $21,516 
Apparel3,580 2,973 1,775 1,098 — 9,426 82 — 9,508 
Equipment364 365 150 135 — 1,014 22 — 1,036 
Other— — — — 18 18 63 53 134 
TOTAL REVENUES$11,795 $8,477 $6,357 $3,885 $18 $30,532 $1,609 $53 $32,194 
Revenues by:
Sales to Wholesale Customers$6,967 $5,763 $3,392 $2,479 $— $18,601 $998 $— $19,599 
Sales through Direct to Consumer4,828 2,714 2,965 1,406 — 11,913 548 — 12,461 
Other— — — — 18 18 63 53 134 
TOTAL REVENUES$11,795 $8,477 $6,357 $3,885 $18 $30,532 $1,609 $53 $32,194 
(1)    Refer to Note 13 — Acquisitions and Divestitures for additional information on the transition of the Company's NIKE Brand business in Brazil to a third-party distributor.
NINE MONTHS ENDED FEBRUARY 29, 2020
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$7,723 $5,005 $3,486 $2,890 $— $19,104 $1,367 $— $20,471 
Apparel4,076 2,655 1,428 1,154 — 9,313 76 — 9,389 
Equipment455 359 118 183 — 1,115 20 — 1,135 
Other— — — — 24 24 78 (7)95 
TOTAL REVENUES$12,254 $8,019 $5,032 $4,227 $24 $29,556 $1,541 $(7)$31,090 
Revenues by:
Sales to Wholesale Customers$8,119 $5,792 $2,895 $2,925 $— $19,731 $983 $— $20,714 
Sales through Direct to Consumer4,135 2,227 2,137 1,302 — 9,801 480 — 10,281 
Other— — — — 24 24 78 (7)95 
TOTAL REVENUES$12,254 $8,019 $5,032 $4,227 $24 $29,556 $1,541 $(7)$31,090 

For the three and nine months ended February 28, 2021 and February 29, 2020, Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment. Converse Other revenues were primarily attributable to licensing businesses. Corporate Other revenues primarily consisted of foreign currency hedge gains and losses related to revenues generated by entities within the NIKE Brand geographic operating segments and Converse, but managed through the Company's central foreign exchange risk management program.
As of February 28, 2021 and May 31, 2020, 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.
v3.21.1
Operating Segments
 9 Months Ended
Feb. 28, 2021
Segment Reporting [Abstract]  
Operating Segments
NOTE 12 — OPERATING SEGMENTS
The Company's operating segments are evidence of the structure of the Company's internal organization. The NIKE Brand segments are defined by geographic regions for operations participating in NIKE Brand sales activity.
Each NIKE Brand geographic segment operates predominantly in one industry: the design, development, marketing and selling of athletic footwear, apparel and equipment. The Company's reportable operating segments for the NIKE Brand are: North America; Europe, Middle East & Africa (EMEA); Greater China; and Asia Pacific & Latin America (APLA), and include results for the NIKE and Jordan brands.
The Company's NIKE Direct operations are managed within each NIKE Brand geographic operating segment. Converse is also a reportable segment for the Company, and operates in one industry: the design, marketing, licensing and selling of athletic lifestyle sneakers, apparel and accessories.
Global Brand Divisions is included within the NIKE Brand for presentation purposes to align with the way management views the Company. Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment. Global Brand Divisions costs represent demand creation and operating overhead expense that include product creation and design expenses centrally managed for the NIKE Brand, as well as costs associated with NIKE Direct global digital operations and enterprise technology.
Corporate consists primarily of unallocated general and administrative expenses, including expenses associated with centrally managed departments; depreciation and amortization related to the Company's headquarters; unallocated insurance, benefit and compensation programs, including stock-based compensation; and certain foreign currency gains and losses, including certain hedge gains and losses.
The primary financial measure used by the Company to evaluate performance of individual operating segments is earnings before interest and taxes (EBIT), which represents Net income before Interest expense (income), net and Income tax expense in the Unaudited Condensed Consolidated Statements of Income.
As part of the Company's centrally managed foreign exchange risk management program, standard foreign currency rates are assigned twice per year to each NIKE Brand entity in the Company's geographic operating segments and to Converse. These rates are set approximately nine and twelve months in advance of the future selling seasons to which they relate (specifically, for each currency, one standard rate applies to the fall and holiday selling seasons and one standard rate applies to the spring and summer selling seasons) based on average market spot rates in the calendar month preceding the date they are established. Inventories and Cost of sales for geographic operating segments and Converse reflect the use of these standard rates to record non-functional currency product purchases in the entity's functional currency. Differences between assigned standard foreign currency rates and actual market rates are included in Corporate, together with foreign currency hedge gains and losses generated from the Company's centrally managed foreign exchange risk management program and other conversion gains and losses.
Accounts receivable, net, Inventories and Property, plant and equipment, net for operating segments are regularly reviewed by management and are therefore provided below.
 THREE MONTHS ENDED NINE MONTHS ENDED
(Dollars in millions)
FEBRUARY 28, 2021FEBRUARY 29, 2020FEBRUARY 28, 2021FEBRUARY 29, 2020
REVENUES
North America$3,564 $3,979 $11,795 $12,254 
Europe, Middle East & Africa2,609 2,709 8,477 8,019 
Greater China2,279 1,506 6,357 5,032 
Asia Pacific & Latin America1,315 1,414 3,885 4,227 
Global Brand Divisions6 8 18 24 
Total NIKE Brand9,773 9,616 30,532 29,556 
Converse570 506 1,609 1,541 
Corporate14 (18)53 (7)
TOTAL NIKE, INC. REVENUES$10,357 $10,104 $32,194 $31,090 
EARNINGS BEFORE INTEREST AND TAXES
North America$970 $937 $3,295 $2,912 
Europe, Middle East & Africa533 575 1,885 1,694 
Greater China973 556 2,552 1,919 
Asia Pacific & Latin America408 387 1,112 1,105 
Global Brand Divisions(852)(895)(2,546)(2,624)
Converse150 96 405 324 
Corporate(482)(763)(1,697)(1,600)
Interest expense (income), net64 12 199 39 
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES$1,636 $881 $4,807 $3,691 
FEBRUARY 28,MAY 31,
(Dollars in millions)
20212020
ACCOUNTS RECEIVABLE, NET
North America$1,019 $1,020 
Europe, Middle East & Africa1,300 712 
Greater China337 321 
Asia Pacific & Latin America(1)
591 425 
Global Brand Divisions101 65 
Total NIKE Brand3,348 2,543 
Converse256 149 
Corporate65 57 
TOTAL ACCOUNTS RECEIVABLE, NET$3,669 $2,749 
INVENTORIES
North America$2,904 $3,077 
Europe, Middle East & Africa1,772 2,070 
Greater China1,136 882 
Asia Pacific & Latin America(1)
636 770 
Global Brand Divisions134 137 
Total NIKE Brand6,582 6,936 
Converse313 341 
Corporate(202)90 
TOTAL INVENTORIES$6,693 $7,367 
FEBRUARY 28,MAY 31,
(Dollars in millions)
20212020
PROPERTY, PLANT AND EQUIPMENT, NET
North America$621 $645 
Europe, Middle East & Africa947 885 
Greater China258 214 
Asia Pacific & Latin America(1)
312 296 
Global Brand Divisions884 830 
Total NIKE Brand3,022 2,870 
Converse68 80 
Corporate1,868 1,916 
TOTAL PROPERTY, PLANT AND EQUIPMENT, NET$4,958 $4,866 
(1)Excludes assets held-for-sale as of February 28, 2021 and May 31, 2020. See Note 13 — Acquisitions and Divestitures for additional information.
v3.21.1
Acquisitions and Divestitures
 9 Months Ended
Feb. 28, 2021
Business Combinations [Abstract]  
Acquisitions and Divestitures
NOTE 13 — ACQUISITIONS AND DIVESTITURES
During the third quarter of fiscal 2020, as a result of the Company's decision to transition its wholesale and direct to consumer operating model in certain countries within its APLA operating segment, the Company signed definitive agreements to sell its NIKE Brand businesses in Brazil, Argentina, Chile and Uruguay to third-party distributors. Specifically, NIKE entered into agreements to sell its operations in Argentina, Chile and Uruguay to Grupo Axo and to sell substantially all of its operations in Brazil to Grupo SBF S.A., through its wholly owned subsidiary. The Company has maintained a small operation in Brazil focused on certain sports marketing assets, local manufacturing and Converse.
As a result of this decision, beginning in the third quarter of fiscal 2020, the related assets and liabilities of these entities were classified as held-for-sale within Prepaid expenses and other current assets and Accrued liabilities, respectively, on the Unaudited Condensed Consolidated Balance Sheets.
BRAZIL
During the third quarter of fiscal 2021, the transaction with Grupo SBF S.A. closed and the Company recognized a loss of $53 million, of which $47 million was recognized during the second quarter of fiscal 2021 within Other (income) expense, net, classified within Corporate, on the Unaudited Condensed Consolidated Statements of Income. Cash proceeds received were reflected within Other investing activities on the Unaudited Condensed Consolidated Statements of Cash Flows.
As of May 31, 2020, held-for-sale assets and liabilities consisted of the following:
•Held-for-sale assets of $272 million, primarily consisting of $142 million of Inventories and $101 million of Accounts receivable, net; and
•Held-for-sale liabilities of $91 million, primarily consisting of $51 million of Accrued liabilities.
ARGENTINA, CHILE AND URUGUAY
During the third quarter of fiscal 2021, the Company and Grupo Axo mutually agreed to terminate the sale and purchase agreement for the transition of NIKE’s businesses in Argentina, Chile and Uruguay to a distributor partnership. However, as the Company remains committed to selling its legal entities in all three countries and granting distribution rights to third-party distributors, the assets and liabilities of the entities have remained classified as held-for-sale on the Unaudited Condensed Consolidated Balance Sheets.
As of February 28, 2021, held-for-sale assets and liabilities consisted of the following:
•Held-for-sale assets of $195 million, primarily consisting of $83 million of Inventories and $70 million of Accounts receivable, net; and
•Held-for-sale liabilities of $59 million, primarily consisting of $24 million of Accrued liabilities.
As of May 31, 2020, held-for-sale assets and liabilities consisted of the following:
•Held-for-sale assets of $234 million, primarily consisting of $122 million of Inventories and $50 million of Prepaid expenses and other current assets; and
•Held-for-sale liabilities of $55 million, primarily consisting of $34 million of Accrued liabilities.
As of February 28, 2021, the Company recognized total expected net losses related to the Argentina, Chile and Uruguay transaction of $373 million within Other (income) expense, net, classified within Corporate, and a corresponding allowance within Accrued liabilities on the Unaudited Condensed Consolidated Balance Sheets. The expected loss, which was primarily recognized in fiscal 2020, is largely due to the anticipated release of the cumulative foreign currency translation losses.
v3.21.1
Restructuring
 9 Months Ended
Feb. 28, 2021
Restructuring and Related Activities [Abstract]  
Restructuring
NOTE 14 — RESTRUCTURING
During the first quarter of fiscal 2021, the Company announced a new digitally empowered phase of its Consumer Direct Offense strategy: Consumer Direct Acceleration. As a result, management announced a series of leadership and operating model changes to streamline and speed up strategic execution for the Company. These changes will result in a net reduction of the Company's global workforce and the Company expects to incur pre-tax charges of approximately $315 million, of which $248 million were incurred during the first nine months of fiscal 2021, the majority of which relate to employee termination costs and, to a lesser extent, stock-based compensation expense. These amounts reflect the continued evaluation and variability of the Company's original estimate of employee termination costs and required changes in assumptions used to calculate stock-based compensation expense. The related cash expenditures will primarily take place throughout fiscal 2021 and all related actions are expected to be substantially complete by the end of fiscal 2021.
During the three months ended February 28, 2021, the Company recognized employee termination costs of $23 million and $6 million within Operating overhead expense and Cost of sales, respectively, on the Unaudited Condensed Consolidated Statements of Income. During the nine months ended February 28, 2021, the Company recognized employee termination costs of $168 million and $36 million within Operating overhead expense and Cost of sales, respectively. These costs were classified within Corporate.
The activity was recognized within Accrued liabilities as follows:
(Dollars in millions)
Balance at November 30, 2020$104 
Employee termination costs29 
Cash payments(99)
Foreign currency translation and other1 
Balance at February 28, 2021$35 

(Dollars in millions)
Balance at May 31, 2020$— 
Employee termination costs204 
Cash payments(170)
Foreign currency translation and other1 
Balance at February 28, 2021$35 
Additionally, the related stock-based compensation expense recorded within Operating overhead expense and Costs of sales was $1 million and $0 million, respectively, for the three months ended February 28, 2021, and $40 million and $4 million, respectively, for the nine months ended February 28, 2021
v3.21.1
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Feb. 28, 2021
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, 2020 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. The results of operations for the three and nine months ended February 28, 2021 are not necessarily indicative of results to be expected for the entire fiscal year.
The extent to which the evolving COVID-19 pandemic impacts the Company's financial statements will depend on a number of factors, including the magnitude and duration of the pandemic. There remains risk that COVID-19 could have material adverse impacts on future revenue growth as well as overall profitability and may lead to higher than normal inventory levels in various markets, adverse impacts to the global supply chain, revised payment terms with certain wholesale customers, higher sales-related reserves and a volatile effective tax rate driven by changes in the mix of earnings across the Company's jurisdictions.
Fair Value Measurements The Company measures certain financial assets and liabilities at fair value on a recurring basis, including derivatives, equity securities and available-for-sale debt securities.
Hedging Derivatives CASH FLOW HEDGESAll changes in fair value of derivatives designated as cash flow hedges are recorded in Accumulated other comprehensive income (loss) until Net income is affected by the variability of cash flows of the hedged transaction. Effective hedge results are classified in the Unaudited Condensed Consolidated Statements of Income in the same manner as the underlying exposure. Derivative instruments designated as cash flow hedges must be discontinued when it is no longer probable the forecasted hedged transaction will occur in the initially identified time period. The gains and losses associated with discontinued derivative instruments in Accumulated other comprehensive income (loss) will be recognized immediately in Other (income) expense, net, if it is probable the forecasted hedged transaction will not occur by the end of the initially identified time period or within an additional two-month period thereafter. In rare circumstances, the additional period of time may exceed two months due to extenuating circumstances related to the nature of the forecasted transaction that are outside the control or influence of the Company. In all situations in which hedge accounting is discontinued and the derivative remains outstanding, the Company accounts for the derivative as an undesignated instrument as discussed below.
Undesignated Derivative Instruments UNDESIGNATED DERIVATIVE INSTRUMENTSThe Company may elect to enter into foreign exchange forwards to mitigate the change in fair value of specific assets and liabilities on the Unaudited Condensed Consolidated Balance Sheets and/or the embedded derivative contracts. These undesignated instruments are recorded at fair value as a derivative asset or liability on the Unaudited Condensed Consolidated Balance Sheets with their corresponding change in fair value recognized in Other (income) expense, net, together with the re-measurement gain or loss from the hedged balance sheet position and/or embedded derivative contract.
Embedded Derivatives EMBEDDED DERIVATIVESEmbedded derivative contracts are treated as foreign currency forward contracts that are bifurcated from the related contract and recorded at fair value as a derivative asset or liability on the Unaudited Condensed Consolidated Balance Sheets with their corresponding change in fair value recognized in Other (income) expense, net, through the date the foreign currency fluctuations cease to exist.
v3.21.1
Accrued Liabilities (Tables)
 9 Months Ended
Feb. 28, 2021
Accrued Liabilities, Current [Abstract]  
Schedule of Accrued Liabilities
Accrued liabilities included the following:
FEBRUARY 28,MAY 31,
(Dollars in millions)20212020
Compensation and benefits, excluding taxes$1,219 $1,248 
Sales-related reserves1,146 1,178 
Fair value of derivatives463 190 
Allowance for expected loss on sale(1)
373 405 
Other2,706 2,163 
TOTAL ACCRUED LIABILITIES$5,907 $5,184 
(1)Refer to Note 13 — Acquisitions and Divestitures for additional information
v3.21.1
Fair Value Measurements (Tables)
 9 Months Ended
Feb. 28, 2021
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables present information about the Company's financial assets measured at fair value on a recurring basis as of February 28, 2021 and May 31, 2020, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
FEBRUARY 28, 2021
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$586 $586 $— 
Level 1:
U.S. Treasury securities3,406 5 3,401 
Level 2:
Commercial paper and bonds704 100 604 
Money market funds6,586 6,586 — 
Time deposits1,240 1,239 1 
U.S. Agency securities6 — 6 
Total Level 28,536 7,925 611 
TOTAL$12,528 $8,516 $4,012 
MAY 31, 2020
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$596 $596 $— 
Level 1:
U.S. Treasury securities1,204 800 404 
Level 2:
Commercial paper and bonds32 — 32 
Money market funds5,973 5,973 — 
Time deposits981 979 2 
U.S. Agency securities1 — 1 
Total Level 26,987 6,952 35 
TOTAL$8,787 $8,348 $439 
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following tables present information about the Company's derivative assets and liabilities measured at fair value on a recurring basis and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
FEBRUARY 28, 2021
DERIVATIVE ASSETSDERIVATIVE LIABILITIES
(Dollars in millions)
ASSETS AT FAIR VALUEOTHER CURRENT ASSETSOTHER LONG-TERM ASSETSLIABILITIES AT FAIR VALUEACCRUED LIABILITIESOTHER LONG-TERM LIABILITIES
Level 2:
Foreign exchange forwards and options(1)
$80 $62 $18 $544 $462 $82 
Embedded derivatives— — — 1 1 — 
TOTAL$80 $62 $18 $545 $463 $82 
(1)If the foreign exchange derivative instruments had been netted on the Unaudited Condensed Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $80 million as of February 28, 2021. As of that date, the Company had posted $183 million of cash collateral to various counterparties related to foreign exchange derivative instruments. No amount of collateral was received on the Company's derivative asset balance as of February 28, 2021.
MAY 31, 2020
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)
$94 $91 $3 $205 $188 $17 
Embedded derivatives1 1 — 2 2 — 
TOTAL$95 $92 $3 $207 $190 $17 
(1)If the foreign exchange derivative instruments had been netted on the Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $76 million as of May 31, 2020. As of that date, no amount of cash collateral had been received or posted on the derivative asset and liability balances related to these foreign exchange derivative instruments.
The following tables present the fair values of derivative instruments included within the Unaudited Condensed Consolidated Balance Sheets:
 DERIVATIVE ASSETS
BALANCE SHEET LOCATIONFEBRUARY 28,MAY 31,
(Dollars in millions)
20212020
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets$26 $43 
Foreign exchange forwards and optionsDeferred income taxes and other assets18 1 
Total derivatives formally designated as hedging instruments44 44 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets36 48 
Embedded derivativesPrepaid expenses and other current assets— 1 
Foreign exchange forwards and optionsDeferred income taxes and other assets— 2 
Total derivatives not designated as hedging instruments36 51 
TOTAL DERIVATIVE ASSETS$80 $95 
DERIVATIVE LIABILITIES
BALANCE SHEET LOCATIONFEBRUARY 28,MAY 31,
(Dollars in millions)
20212020
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities$458 $173 
Foreign exchange forwards and optionsDeferred income taxes and other liabilities82 17 
Total derivatives formally designated as hedging instruments540 190 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities4 15 
Embedded derivativesAccrued liabilities1 2 
Total derivatives not designated as hedging instruments5 17 
TOTAL DERIVATIVE LIABILITIES$545 $207 
v3.21.1
Stock-Based Compensation (Tables)
 9 Months Ended
Feb. 28, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award
The following table summarizes the Company's total stock-based compensation expense recognized in Cost of sales or Operating overhead expense, as applicable: 
 THREE MONTHS ENDED NINE MONTHS ENDED
(Dollars in millions)
FEBRUARY 28, 2021FEBRUARY 29, 2020FEBRUARY 28, 2021FEBRUARY 29, 2020
Stock options(1)
$73 $64 $250 $170 
ESPPs15 11 50 35 
Restricted stock(1)
54 38 167 98 
TOTAL STOCK-BASED COMPENSATION EXPENSE$142 $113 $467 $303 
(1)Expense for stock options includes the expense associated with stock appreciation rights. Accelerated stock option and restricted stock expense is primarily recorded for employees meeting certain retirement eligibility requirements and certain employees impacted by the Company's organizational realignment. For more information see Note 14 — Restructuring.
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions The weighted average assumptions used to estimate these fair values were as follows:
 NINE MONTHS ENDED
FEBRUARY 28, 2021FEBRUARY 29, 2020
Dividend yield0.9 %1.0 %
Expected volatility27.3 %23.0 %
Weighted average expected life (in years)6.06.0
Risk-free interest rate0.4 %1.5 %
v3.21.1
Earnings Per Share (Tables)
 9 Months Ended
Feb. 28, 2021
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following is a reconciliation from basic earnings per common share to diluted earnings per common share. The computations of diluted earnings per common share excluded restricted stock and options, including shares under ESPPs, to purchase an additional 15.8 million shares of common stock outstanding for the three months ended February 29, 2020 because the awards were anti-dilutive. The amount of anti-dilutive awards for the three months ended February 28, 2021 was insignificant. For the nine months ended February 28, 2021 and February 29, 2020 the computations of diluted earnings per common share excluded 11.6 million and 31.1 million shares of common stock outstanding because the awards were anti-dilutive.
 THREE MONTHS ENDED NINE MONTHS ENDED
(In millions, except per share data)
FEBRUARY 28, 2021FEBRUARY 29, 2020FEBRUARY 28, 2021FEBRUARY 29, 2020
Net income available to common stockholders$1,449 $847 $4,218 $3,329 
Determination of shares:
Weighted average common shares outstanding1,578.0 1,556.3 1,570.9 1,559.8 
Assumed conversion of dilutive stock options and awards38.9 35.3 36.4 34.8 
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING1,616.9 1,591.6 1,607.3 1,594.6 
Earnings per common share:
Basic$0.92 $0.54 $2.68 $2.13 
Diluted$0.90 $0.53 $2.62 $2.09 
v3.21.1
Risk Management and Derivatives (Tables)
 9 Months Ended
Feb. 28, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following tables present information about the Company's derivative assets and liabilities measured at fair value on a recurring basis and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
FEBRUARY 28, 2021
DERIVATIVE ASSETSDERIVATIVE LIABILITIES
(Dollars in millions)
ASSETS AT FAIR VALUEOTHER CURRENT ASSETSOTHER LONG-TERM ASSETSLIABILITIES AT FAIR VALUEACCRUED LIABILITIESOTHER LONG-TERM LIABILITIES
Level 2:
Foreign exchange forwards and options(1)
$80 $62 $18 $544 $462 $82 
Embedded derivatives— — — 1 1 — 
TOTAL$80 $62 $18 $545 $463 $82 
(1)If the foreign exchange derivative instruments had been netted on the Unaudited Condensed Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $80 million as of February 28, 2021. As of that date, the Company had posted $183 million of cash collateral to various counterparties related to foreign exchange derivative instruments. No amount of collateral was received on the Company's derivative asset balance as of February 28, 2021.
MAY 31, 2020
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)
$94 $91 $3 $205 $188 $17 
Embedded derivatives1 1 — 2 2 — 
TOTAL$95 $92 $3 $207 $190 $17 
(1)If the foreign exchange derivative instruments had been netted on the Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $76 million as of May 31, 2020. As of that date, no amount of cash collateral had been received or posted on the derivative asset and liability balances related to these foreign exchange derivative instruments.
The following tables present the fair values of derivative instruments included within the Unaudited Condensed Consolidated Balance Sheets:
 DERIVATIVE ASSETS
BALANCE SHEET LOCATIONFEBRUARY 28,MAY 31,
(Dollars in millions)
20212020
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets$26 $43 
Foreign exchange forwards and optionsDeferred income taxes and other assets18 1 
Total derivatives formally designated as hedging instruments44 44 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets36 48 
Embedded derivativesPrepaid expenses and other current assets— 1 
Foreign exchange forwards and optionsDeferred income taxes and other assets— 2 
Total derivatives not designated as hedging instruments36 51 
TOTAL DERIVATIVE ASSETS$80 $95 
DERIVATIVE LIABILITIES
BALANCE SHEET LOCATIONFEBRUARY 28,MAY 31,
(Dollars in millions)
20212020
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities$458 $173 
Foreign exchange forwards and optionsDeferred income taxes and other liabilities82 17 
Total derivatives formally designated as hedging instruments540 190 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities4 15 
Embedded derivativesAccrued liabilities1 2 
Total derivatives not designated as hedging instruments5 17 
TOTAL DERIVATIVE LIABILITIES$545 $207 
Schedule of Derivative Instruments, Gain (Loss) In Statement of Income
The following tables present the amounts in the Unaudited Condensed Consolidated Statements of Income in which the effects of cash flow hedges are recorded and the effects of cash flow hedge activity on these line items:
THREE MONTHS ENDED
FEBRUARY 28, 2021FEBRUARY 29, 2020
(Dollars in millions)
TOTALAMOUNT OF GAIN (LOSS)
ON CASH FLOW
HEDGE ACTIVITY		TOTALAMOUNT OF GAIN (LOSS)
ON CASH FLOW
HEDGE ACTIVITY
Revenues$10,357 $16 $10,104 $(21)
Cost of sales5,638 (35)5,631 110 
Demand creation expense711 1 870 — 
Other (income) expense, net(22)(26)297 44 
Interest expense (income), net64 (2)12 (2)
NINE MONTHS ENDED
FEBRUARY 28, 2021FEBRUARY 29, 2020
(Dollars in millions)
TOTALAMOUNT OF GAIN (LOSS)
ON CASH FLOW
HEDGE ACTIVITY		TOTALAMOUNT OF GAIN (LOSS)
ON CASH FLOW
HEDGE ACTIVITY
Revenues$32,194 $56 $31,090 $(12)
Cost of sales17,887 110 17,202 287 
Demand creation expense2,117 2 2,769 (3)
Other (income) expense, net18 (31)223 121 
Interest expense (income), net199 (5)39 (5)
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The following tables present the amounts affecting the Unaudited Condensed Consolidated Statements of Income:

(Dollars in millions)
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES(1)
AMOUNT OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE
INCOME (LOSS) INTO INCOME(1)
THREE MONTHS ENDED LOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME		THREE MONTHS ENDED
FEBRUARY 28, 2021FEBRUARY 29, 2020FEBRUARY 28, 2021FEBRUARY 29, 2020
Derivatives designated as
cash flow hedges:
Foreign exchange forwards
and options
$(38)$17 Revenues$16 $(21)
Foreign exchange forwards
and options
(99)39 Cost of sales(35)110 
Foreign exchange forwards
and options
1 1 Demand creation expense1 — 
Foreign exchange forwards
and options
(24)7 Other (income) expense, net(26)44 
Interest rate swaps(2)
— — Interest expense (income), net(2)(2)
Total designated cash
flow hedges		$(160)$64 $(46)$131 
(1)For the three months ended February 28, 2021 and February 29, 2020, the amounts recorded in Other (income) expense, net as a result of the discontinuance of cash flow hedges because the forecasted transactions were no longer probable of occurring were immaterial.
(2)Gains and losses associated with terminated interest rate swaps, which were previously designated as cash flow hedges and recorded in Accumulated other comprehensive income (loss), will be released through Interest expense (income), net over the term of the issued debt.

(Dollars in millions)
AMOUNT OF GAIN (LOSS)
RECOGNIZED IN OTHER
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES(1)
AMOUNT OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE
INCOME (LOSS) INTO INCOME(1)
NINE MONTHS ENDED LOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME		NINE MONTHS ENDED
FEBRUARY 28, 2021FEBRUARY 29, 2020FEBRUARY 28, 2021FEBRUARY 29, 2020
Derivatives designated as
cash flow hedges:
Foreign exchange forwards
and options
$(32)$(45)Revenues$56 $(12)
Foreign exchange forwards
and options
(539)185 Cost of sales110 287 
Foreign exchange forwards
and options
4 1 Demand creation expense2 (3)
Foreign exchange forwards
and options
(183)67 Other (income) expense, net(31)121 
Interest rate swaps(2)
— — Interest expense (income), net(5)(5)
Total designated cash
flow hedges		$(750)$208 $132 $388 
(1)For the nine months ended February 28, 2021 and February 29, 2020, the amounts recorded in Other (income) expense, net as a result of the discontinuance of cash flow hedges because the forecasted transactions were no longer probable of occurring were immaterial.
(2)Gains and losses associated with terminated interest rate swaps, which were previously designated as cash flow hedges and recorded in Accumulated other comprehensive income (loss), will be released through Interest expense (income), net over the term of the issued debt.
AMOUNT OF GAIN (LOSS) RECOGNIZED
IN INCOME ON DERIVATIVES
LOCATION OF GAIN (LOSS)
RECOGNIZED IN INCOME
ON DERIVATIVES
THREE MONTHS ENDED NINE MONTHS ENDED
(Dollars in millions)
FEBRUARY 28, 2021FEBRUARY 29, 2020FEBRUARY 28, 2021FEBRUARY 29, 2020
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options$(11)$12 $(98)$(9)Other (income) expense, net
Embedded derivatives(4)(2)(17)(7)Other (income) expense, net
v3.21.1
Accumulated Other Comprehensive Income (Loss) (Tables)
 9 Months Ended
Feb. 28, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Accumulated Other Comprehensive Income
The changes in Accumulated other comprehensive income (loss), net of tax, were as follows:
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at November 30, 2020$(98)$(371)$115 $(75)$(429)
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
99 (163)— (6)(70)
Reclassifications to net income of previously deferred (gains) losses(3)
(1)46 — 8 53 
Total other comprehensive income (loss)98 (117)— 2 (17)
Balance at February 28, 2021$— $(488)$115 $(73)$(446)
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of tax benefit (expense) of $0 million, $(3) million, $0 million, $1 million, and $(2) million, respectively.
(3)Net of tax (benefit) expense of $0 million, $0 million, $0 million, $0 million and $0 million, respectively.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at November 30, 2019$(407)$401 $115 $(57)$52 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
(43)63 — 1 21 
Reclassifications to net income of previously deferred (gains) losses(3)
1 (131)— — (130)
Total other comprehensive income (loss)(42)(68)— 1 (109)
Balance at February 29, 2020$(449)$333 $115 $(56)$(57)
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of tax benefit (expense) of $0 million, $(1) million, $0 million, $0 million and $(1) million, respectively.
(3)Net of tax (benefit) expense of $0 million, $0 million, $0 million, $0 million and $0 million, respectively.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at May 31, 2020$(494)$390 $115 $(67)$(56)
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
496 (753)— (21)(278)
Reclassifications to net income of previously deferred (gains) losses(3)
(2)(125)— 15 (112)
Total other comprehensive income (loss)494 (878)— (6)(390)
Balance at February 28, 2021$— $(488)$115 $(73)$(446)
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of tax benefit (expense) of $0 million, $(3) million, $0 million, $2 million and $(1) million, respectively.
(3)Net of tax (benefit) expense of $0 million, $7 million, $0 million, $0 million and $7 million, respectively.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at May 31, 2019$(346)$520 $115 $(58)$231 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
(104)200 — 2 98 
Reclassifications to net income of previously deferred (gains) losses(3)
1 (387)— — (386)
Total other comprehensive income (loss)(103)(187)— 2 (288)
Balance at February 29, 2020$(449)$333 $115 $(56)$(57)
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of tax benefit (expense) of $0 million, $(1) million, $0 million, $0 million and (1) million respectively.
(3)Net of tax (benefit) expense of $0 million, $0 million, $0 million, $0 million and 0 million respectively.
Reclassification out of Accumulated Other Comprehensive Income
The following table summarizes the reclassifications from Accumulated other comprehensive income (loss) to the Unaudited Condensed Consolidated Statements of Income:
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOMELOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME
THREE MONTHS ENDED NINE MONTHS ENDED
(Dollars in millions)
FEBRUARY 28, 2021FEBRUARY 29, 2020FEBRUARY 28, 2021FEBRUARY 29, 2020
Gains (losses) on foreign currency translation adjustment$1 $(1)$2 $(1)Other expense (income), net
Total before tax1 (1)2 (1)
Tax (expense) benefit— — — — 
Gain (loss) net of tax1 (1)2 (1)
Gains (losses) on cash flow hedges:
Foreign exchange forwards and options$16 $(21)$56 $(12)Revenues
Foreign exchange forwards and options(35)110 110 287 Cost of sales
Foreign exchange forwards and options1 — 2 (3)Demand creation expense
Foreign exchange forwards and options(26)44 (31)121 Other (income) expense, net
Interest rate swaps(2)(2)(5)(5)Interest expense (income), net
Total before tax(46)131 132 388 
Tax (expense)— — (7)(1)
Gain (loss) net of tax(46)131 125 387 
Gains (losses) on other(8)— (15)— Other (income) expense, net
Total before tax(8)— (15)— 
Tax (expense)— — — — 
Gain (loss) net of tax(8)— (15)— 
Total net gain (loss) reclassified for the period$(53)$130 $112 $386 
v3.21.1
Revenues (Tables)
 9 Months Ended
Feb. 28, 2021
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 by distribution channel:
THREE MONTHS ENDED FEBRUARY 28, 2021
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINA
ASIA PACIFIC & LATIN AMERICA(1)
GLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$2,382 $1,606 $1,614 $903 $— $6,505 $513 $— $7,018 
Apparel1,087 898 616 365 — 2,966 28 — 2,994 
Equipment95 105 49 47 — 296 6 — 302 
Other— — — — 6 6 23 14 43 
TOTAL REVENUES$3,564 $2,609 $2,279 $1,315 $6 $9,773 $570 $14 $10,357 
Revenues by:
Sales to Wholesale Customers$1,894 $1,805 $1,269 $846 $— $5,814 $366 $— $6,180 
Sales through Direct to Consumer1,670 804 1,010 469 — 3,953 181 — 4,134 
Other— — — — 6 6 23 14 43 
TOTAL REVENUES$3,564 $2,609 $2,279 $1,315 $6 $9,773 $570 $14 $10,357 
(1)    Refer to Note 13 — Acquisitions and Divestitures for additional information on the transition of the Company's NIKE Brand business in Brazil to a third-party distributor.
THREE MONTHS ENDED FEBRUARY 29, 2020
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$2,628 $1,711 $1,075 $963 $— $6,377 $455 $— $6,832 
Apparel1,228 889 400 388 — 2,905 20 — 2,925 
Equipment123 109 31 63 — 326 5 — 331 
Other— — — — 8 8 26 (18)16 
TOTAL REVENUES$3,979 $2,709 $1,506 $1,414 $8 $9,616 $506 $(18)$10,104 
Revenues by:
Sales to Wholesale Customers$2,521 $1,956 $881 $953 $— $6,311 $330 $— $6,641 
Sales through Direct to Consumer1,458 753 625 461 — 3,297 150 — 3,447 
Other— — — — 8 8 26 (18)16 
TOTAL REVENUES$3,979 $2,709 $1,506 $1,414 $8 $9,616 $506 $(18)$10,104 
NINE MONTHS ENDED FEBRUARY 28, 2021
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINA
ASIA PACIFIC & LATIN AMERICA(1)
GLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$7,851 $5,139 $4,432 $2,652 $— $20,074 $1,442 $— $21,516 
Apparel3,580 2,973 1,775 1,098 — 9,426 82 — 9,508 
Equipment364 365 150 135 — 1,014 22 — 1,036 
Other— — — — 18 18 63 53 134 
TOTAL REVENUES$11,795 $8,477 $6,357 $3,885 $18 $30,532 $1,609 $53 $32,194 
Revenues by:
Sales to Wholesale Customers$6,967 $5,763 $3,392 $2,479 $— $18,601 $998 $— $19,599 
Sales through Direct to Consumer4,828 2,714 2,965 1,406 — 11,913 548 — 12,461 
Other— — — — 18 18 63 53 134 
TOTAL REVENUES$11,795 $8,477 $6,357 $3,885 $18 $30,532 $1,609 $53 $32,194 
(1)    Refer to Note 13 — Acquisitions and Divestitures for additional information on the transition of the Company's NIKE Brand business in Brazil to a third-party distributor.
NINE MONTHS ENDED FEBRUARY 29, 2020
(Dollars in millions)
NORTH AMERICAEUROPE, MIDDLE EAST & AFRICAGREATER CHINAASIA PACIFIC & LATIN AMERICAGLOBAL BRAND DIVISIONSTOTAL NIKE BRANDCONVERSECORPORATETOTAL NIKE, INC.
Revenues by:
Footwear$7,723 $5,005 $3,486 $2,890 $— $19,104 $1,367 $— $20,471 
Apparel4,076 2,655 1,428 1,154 — 9,313 76 — 9,389 
Equipment455 359 118 183 — 1,115 20 — 1,135 
Other— — — — 24 24 78 (7)95 
TOTAL REVENUES$12,254 $8,019 $5,032 $4,227 $24 $29,556 $1,541 $(7)$31,090 
Revenues by:
Sales to Wholesale Customers$8,119 $5,792 $2,895 $2,925 $— $19,731 $983 $— $20,714 
Sales through Direct to Consumer4,135 2,227 2,137 1,302 — 9,801 480 — 10,281 
Other— — — — 24 24 78 (7)95 
TOTAL REVENUES$12,254 $8,019 $5,032 $4,227 $24 $29,556 $1,541 $(7)$31,090 
v3.21.1
Operating Segments (Tables)
 9 Months Ended
Feb. 28, 2021
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
Accounts receivable, net, Inventories and Property, plant and equipment, net for operating segments are regularly reviewed by management and are therefore provided below.
 THREE MONTHS ENDED NINE MONTHS ENDED
(Dollars in millions)
FEBRUARY 28, 2021FEBRUARY 29, 2020FEBRUARY 28, 2021FEBRUARY 29, 2020
REVENUES
North America$3,564 $3,979 $11,795 $12,254 
Europe, Middle East & Africa2,609 2,709 8,477 8,019 
Greater China2,279 1,506 6,357 5,032 
Asia Pacific & Latin America1,315 1,414 3,885 4,227 
Global Brand Divisions6 8 18 24 
Total NIKE Brand9,773 9,616 30,532 29,556 
Converse570 506 1,609 1,541 
Corporate14 (18)53 (7)
TOTAL NIKE, INC. REVENUES$10,357 $10,104 $32,194 $31,090 
EARNINGS BEFORE INTEREST AND TAXES
North America$970 $937 $3,295 $2,912 
Europe, Middle East & Africa533 575 1,885 1,694 
Greater China973 556 2,552 1,919 
Asia Pacific & Latin America408 387 1,112 1,105 
Global Brand Divisions(852)(895)(2,546)(2,624)
Converse150 96 405 324 
Corporate(482)(763)(1,697)(1,600)
Interest expense (income), net64 12 199 39 
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES$1,636 $881 $4,807 $3,691 
Reconciliation of Assets from Segment to Consolidated
FEBRUARY 28,MAY 31,
(Dollars in millions)
20212020
ACCOUNTS RECEIVABLE, NET
North America$1,019 $1,020 
Europe, Middle East & Africa1,300 712 
Greater China337 321 
Asia Pacific & Latin America(1)
591 425 
Global Brand Divisions101 65 
Total NIKE Brand3,348 2,543 
Converse256 149 
Corporate65 57 
TOTAL ACCOUNTS RECEIVABLE, NET$3,669 $2,749 
INVENTORIES
North America$2,904 $3,077 
Europe, Middle East & Africa1,772 2,070 
Greater China1,136 882 
Asia Pacific & Latin America(1)
636 770 
Global Brand Divisions134 137 
Total NIKE Brand6,582 6,936 
Converse313 341 
Corporate(202)90 
TOTAL INVENTORIES$6,693 $7,367 
FEBRUARY 28,MAY 31,
(Dollars in millions)
20212020
PROPERTY, PLANT AND EQUIPMENT, NET
North America$621 $645 
Europe, Middle East & Africa947 885 
Greater China258 214 
Asia Pacific & Latin America(1)
312 296 
Global Brand Divisions884 830 
Total NIKE Brand3,022 2,870 
Converse68 80 
Corporate1,868 1,916 
TOTAL PROPERTY, PLANT AND EQUIPMENT, NET$4,958 $4,866 
(1)Excludes assets held-for-sale as of February 28, 2021 and May 31, 2020. See Note 13 — Acquisitions and Divestitures for additional information.
v3.21.1
Restructuring and Related Activities (Tables)
 9 Months Ended
Feb. 28, 2021
Restructuring and Related Activities [Abstract]  
Restructuring and Related Costs
The activity was recognized within Accrued liabilities as follows:
(Dollars in millions)
Balance at November 30, 2020$104 
Employee termination costs29 
Cash payments(99)
Foreign currency translation and other1 
Balance at February 28, 2021$35 

(Dollars in millions)
Balance at May 31, 2020$— 
Employee termination costs204 
Cash payments(170)
Foreign currency translation and other1 
Balance at February 28, 2021$35 
v3.21.1
Inventories (Detail) - USD ($)
$ in Millions
Feb. 28, 2021
May 31, 2020
Inventory Disclosure [Abstract]    
Inventory, Finished Goods, Net of Reserves $ 6,693 $ 7,367
v3.21.1
Accrued Liabilities (Detail) - USD ($)
$ in Millions
Feb. 28, 2021
May 31, 2020
Accrued Liabilities, Current [Abstract]    
Compensation and benefits, excluding taxes $ 1,219 $ 1,248
Sales-related reserves 1,146 1,178
Fair value of derivatives 463 190
Allowance for expected loss on sale 373 405
Other 2,706 2,163
TOTAL ACCRUED LIABILITIES $ 5,907 $ 5,184
v3.21.1
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($)
$ in Millions
Feb. 28, 2021
May 31, 2020
Assets, Fair Value Disclosure [Abstract]    
Cash $ 586 $ 596
ASSETS AT FAIR VALUE 12,528 8,787
CASH AND EQUIVALENTS 8,516 8,348
SHORT-TERM INVESTMENTS 4,012 439
Fair Value, Inputs, Level 1 | U.S. Treasury securities    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 3,406 1,204
CASH AND EQUIVALENTS 5 800
SHORT-TERM INVESTMENTS 3,401 404
Fair Value, Inputs, Level 2    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 8,536 6,987
CASH AND EQUIVALENTS 7,925 6,952
SHORT-TERM INVESTMENTS 611 35
Fair Value, Inputs, Level 2 | Commercial paper and bonds    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 704 32
CASH AND EQUIVALENTS 100 0
SHORT-TERM INVESTMENTS 604 32
Fair Value, Inputs, Level 2 | Money market funds    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 6,586 5,973
CASH AND EQUIVALENTS 6,586 5,973
SHORT-TERM INVESTMENTS 0 0
Fair Value, Inputs, Level 2 | Time deposits    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 1,240 981
CASH AND EQUIVALENTS 1,239 979
SHORT-TERM INVESTMENTS 1 2
Fair Value, Inputs, Level 2 | U.S. Agency securities    
Assets, Fair Value Disclosure [Abstract]    
ASSETS AT FAIR VALUE 6 1
CASH AND EQUIVALENTS 0 0
SHORT-TERM INVESTMENTS $ 6 $ 1
v3.21.1
Fair Value Measurements - Derivative Assets and Liabilities at Fair Value (Detail) - USD ($)
Feb. 28, 2021
May 31, 2020
Derivatives, Fair Value [Line Items]    
ACCRUED LIABILITIES $ 463,000,000 $ 190,000,000
Fair Value, Measurements, Recurring | Foreign exchange forwards and options    
Derivatives, Fair Value [Line Items]    
Reduction in derivative liabilities if netted 80,000,000 76,000,000
Reduction in derivative assets if netted 80,000,000 76,000,000
Cash and Cash Equivalents    
Derivatives, Fair Value [Line Items]    
Derivative asset, fair value of collateral 0  
Cash and Cash Equivalents | Foreign exchange forwards and options    
Derivatives, Fair Value [Line Items]    
Derivative asset, fair value of collateral 183,000,000 0
Fair value of derivative liability collateral 0 0
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring    
Derivatives, Fair Value [Line Items]    
ASSETS AT FAIR VALUE 80,000,000 95,000,000
OTHER CURRENT ASSETS 62,000,000 92,000,000
OTHER LONG-TERM ASSETS 18,000,000 3,000,000
LIABILITIES AT FAIR VALUE 545,000,000 207,000,000
ACCRUED LIABILITIES 463,000,000 190,000,000
OTHER LONG-TERM LIABILITIES 82,000,000 17,000,000
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Foreign exchange forwards and options    
Derivatives, Fair Value [Line Items]    
ASSETS AT FAIR VALUE 80,000,000 94,000,000
OTHER CURRENT ASSETS 62,000,000 91,000,000
OTHER LONG-TERM ASSETS 18,000,000 3,000,000
LIABILITIES AT FAIR VALUE 544,000,000 205,000,000
ACCRUED LIABILITIES 462,000,000 188,000,000
OTHER LONG-TERM LIABILITIES 82,000,000 17,000,000
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Embedded derivatives    
Derivatives, Fair Value [Line Items]    
ASSETS AT FAIR VALUE 0 1,000,000
OTHER CURRENT ASSETS 0 1,000,000
OTHER LONG-TERM ASSETS 0 0
LIABILITIES AT FAIR VALUE 1,000,000 2,000,000
ACCRUED LIABILITIES 1,000,000 2,000,000
OTHER LONG-TERM LIABILITIES $ 0 $ 0
v3.21.1
Fair Value Measurements - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2021
Feb. 29, 2020
Feb. 28, 2021
Feb. 29, 2020
May 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Fair value of long term debt $ 10,320   $ 10,320   $ 10,645
Short-term Investments          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Available-for-sale securities with maturity dates within one year from purchase date 3,443   3,443    
Available-for-sale securities with maturity dates over one year and less than five years from purchase date 569   569    
Interest (income) expense, net          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Interest income related to cash and equivalents and short-term investments $ 8 $ 16 $ 21 $ 51  
v3.21.1
Short-Term Borrowings and Credit Lines (Detail) - USD ($)
Mar. 15, 2021
Apr. 02, 2021
Feb. 28, 2021
May 31, 2020
Apr. 06, 2020
Commercial paper          
Short-term Debt [Line Items]          
Line of credit facility, amount outstanding     $ 0 $ 248,000,000  
Weighted average interest rate       1.65%  
Borrowing capacity     $ 4,000,000,000    
Commercial paper | Subsequent Event          
Short-term Debt [Line Items]          
Line of credit facility, amount outstanding   $ 0      
Borrowing capacity $ 3,000,000,000        
Line of Credit          
Short-term Debt [Line Items]          
Borrowing capacity         $ 2,000,000,000
Line of Credit | Subsequent Event          
Short-term Debt [Line Items]          
Line of credit facility, amount outstanding   $ 0      
Borrowing capacity $ 1,000,000,000        
Extension term 364 days        
Extension term, period prior to termination 30 days        
Basis spread on variable rate, above LIBOR 0.50%        
Revolving credit facility, fee 0.03%        
Line of Credit | Subsequent Event | Option To Increase Upon Lender Approval          
Short-term Debt [Line Items]          
Borrowing capacity $ 1,500,000,000        
v3.21.1
Income Taxes (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2021
Feb. 29, 2020
Feb. 28, 2021
Feb. 29, 2020
May 31, 2020
Income Tax Contingency [Line Items]          
Federal income tax rate     12.30% 9.80%  
Total gross unrecognized tax benefits, excluding related interest and penalties $ 877   $ 877   $ 771
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 622   622    
Income tax expense 187 $ 34 589 $ 362  
Increase (decrease) in liability for payment of interest and penalties 41   41    
Accrued interest and penalties related to uncertain tax positions (excluding federal benefit) 199   199   $ 158
Estimated decrease in total gross unrecognized tax benefits as a result of resolutions of global tax examinations and expiration of applicable statutes of limitations 50   $ 50    
Altera Corp. V. Commissioner          
Income Tax Contingency [Line Items]          
Unrecognized tax benefits recognized 74        
Income tax expense $ 69        
v3.21.1
Stock-Based Compensation - Total Stock-Based Compensation Expense (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2021
Feb. 29, 2020
Feb. 28, 2021
Feb. 29, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Tax benefit related to stock-based compensation expense $ 67 $ 67 $ 256 $ 181
Class B Common Stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock-based compensation expense $ 142 113 $ 467 303
Stock Incentive Plan | Class B Common Stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Shares available for grant (in shares) 798,000,000   798,000,000  
Stock options | Class B Common Stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock-based compensation expense $ 73 64 $ 250 170
ESPPs | Class B Common Stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock-based compensation expense 15 11 50 35
Restricted stock(1) | Class B Common Stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock-based compensation expense $ 54 $ 38 $ 167 $ 98
v3.21.1
Stock-Based Compensation - Weighted Average Assumptions Used to Estimate Fair Values (Detail) - USD ($)
$ / shares in Units, $ in Millions
 9 Months Ended
Feb. 28, 2021
Feb. 29, 2020
Stock options    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Weighted average fair value per share of the options granted (in dollars per share) $ 26.75 $ 18.71
Dividend yield 0.90% 1.00%
Expected volatility 27.30% 23.00%
Weighted average expected life 6 years 6 years
Risk-free interest rate 0.40% 1.50%
Stock Incentive Plan | Stock options    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unrecognized compensation costs from stock options $ 492  
Unrecognized compensation costs from stock options, net of estimated forfeitures, to be recognized as operating overhead expense over a weighted average period (in years) 2 years 7 months 6 days  
Class B Common Stock | Stock Incentive Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Minimum term of market traded options for estimates of expected volatility 1 year  
v3.21.1
Stock-Based Compensation - Restricted Stock and Restricted Stock Units (Details) - Restricted Stock And Restricted Stock Units - USD ($)
$ / shares in Units, $ in Millions
 9 Months Ended
Feb. 28, 2021
Feb. 29, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Weighted average grant date fair value (in dollars per share) $ 112.44 $ 88.28
Unrecognized compensation costs from restricted stock, net of estimated forfeitures $ 485  
Unrecognized compensation costs from stock options, net of estimated forfeitures, to be recognized as operating overhead expense over a weighted average period (in years) 2 years 8 months 12 days  
v3.21.1
Earnings Per Share - Additional Information (Detail) - shares
shares in Millions
 3 Months Ended 9 Months Ended
Feb. 29, 2020
Feb. 28, 2021
Feb. 29, 2020
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) 15.8 11.6 31.1
v3.21.1
Earnings Per Share - Reconciliation from Basic Earnings Per Share to Diluted Earnings Per Share (Detail) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2021
Feb. 29, 2020
Feb. 28, 2021
Feb. 29, 2020
Earnings Per Share [Abstract]        
Net income available to common stockholders $ 1,449 $ 847 $ 4,218 $ 3,329
Determination of shares:        
Weighted average common shares outstanding (in shares) 1,578.0 1,556.3 1,570.9 1,559.8
Assumed conversion of dilutive stock options and awards (in shares) 38.9 35.3 36.4 34.8
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (in shares) 1,616.9 1,591.6 1,607.3 1,594.6
Earnings per common share:        
Basic (in dollars per share) $ 0.92 $ 0.54 $ 2.68 $ 2.13
Diluted (in dollars per share) $ 0.90 $ 0.53 $ 2.62 $ 2.09
v3.21.1
Risk Management and Derivatives - Additional Information (Detail) - USD ($)
 9 Months Ended
Feb. 28, 2021
May 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Credit risk related contingent features collateral threshold $ 50,000,000  
Deferred net gains (net of tax) on both outstanding and matured derivatives accumulated in other comprehensive income are expected to be reclassified to net income during the next twelve months as a result of underlying hedged transactions also being recorded in net income $ 375,000,000  
Maximum term over which the Company is hedging exposures to the variability of cash flows for its forecasted and recorded transactions (in months) 24 months  
Derivative instruments in net liability position $ 464,000,000  
Not designated as derivative instrument    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total notional amount of outstanding derivatives 4,500,000,000  
Embedded derivatives    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total notional amount of outstanding derivatives $ 429,000,000  
Derivatives designated as cash flow hedges    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Additional period for forecasted transaction expected to occur 2 months  
Total notional amount of outstanding derivatives $ 16,500,000,000  
Cash and Cash Equivalents    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Fair value of collateral to be posted 183,000,000  
Derivative asset, fair value of collateral 0  
Cash and Cash Equivalents | Foreign exchange forwards and options    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative asset, fair value of collateral $ 183,000,000 $ 0
v3.21.1
Risk Management and Derivatives - FV of Derivative Instruments Included within Consolidated Balance Sheet (Detail) - USD ($)
$ in Millions
Feb. 28, 2021
May 31, 2020
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS $ 80 $ 95
DERIVATIVE LIABILITIES 545 207
Derivatives formally designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 44 44
DERIVATIVE LIABILITIES 540 190
Derivatives formally designated as hedging instruments | Foreign exchange forwards and options | Prepaid expenses and other current assets    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 26 43
Derivatives formally designated as hedging instruments | Foreign exchange forwards and options | Deferred income taxes and other assets    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 18 1
Derivatives formally designated as hedging instruments | Foreign exchange forwards and options | Accrued liabilities    
Derivatives, Fair Value [Line Items]    
DERIVATIVE LIABILITIES 458 173
Derivatives formally designated as hedging instruments | Foreign exchange forwards and options | Deferred income taxes and other liabilities    
Derivatives, Fair Value [Line Items]    
DERIVATIVE LIABILITIES 82 17
Derivatives not designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 36 51
DERIVATIVE LIABILITIES 5 17
Derivatives not designated as hedging instruments | Foreign exchange forwards and options | Prepaid expenses and other current assets    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 36 48
Derivatives not designated as hedging instruments | Foreign exchange forwards and options | Deferred income taxes and other assets    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 0 2
Derivatives not designated as hedging instruments | Foreign exchange forwards and options | Accrued liabilities    
Derivatives, Fair Value [Line Items]    
DERIVATIVE LIABILITIES 4 15
Derivatives not designated as hedging instruments | Embedded derivatives | Prepaid expenses and other current assets    
Derivatives, Fair Value [Line Items]    
DERIVATIVE ASSETS 0 1
Derivatives not designated as hedging instruments | Embedded derivatives | Accrued liabilities    
Derivatives, Fair Value [Line Items]    
DERIVATIVE LIABILITIES $ 1 $ 2
v3.21.1
Risk Management and Derivatives - Effects Of Cash Flow Hedges in Statement of Income (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2021
Feb. 29, 2020
Feb. 28, 2021
Feb. 29, 2020
Derivative Instruments, Gain (Loss) [Line Items]        
Revenues $ 10,357 $ 10,104 $ 32,194 $ 31,090
Cost of sales 5,638 5,631 17,887 17,202
Demand creation expense 711 870 2,117 2,769
Other (income) expense, net (22) 297 18 223
Interest expense (income), net 64 12 199 39
Cash Flow Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
AMOUNT OF GAIN (LOSS) ON CASH FLOW HEDGE ACTIVITY (46) 131 132 388
Foreign exchange forwards and options | Revenue | Cash Flow Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
AMOUNT OF GAIN (LOSS) ON CASH FLOW HEDGE ACTIVITY 16 (21) 56 (12)
Foreign exchange forwards and options | Cost of sales | Cash Flow Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
AMOUNT OF GAIN (LOSS) ON CASH FLOW HEDGE ACTIVITY (35) 110 110 287
Foreign exchange forwards and options | Demand creation expense | Cash Flow Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
AMOUNT OF GAIN (LOSS) ON CASH FLOW HEDGE ACTIVITY 1 0 2 (3)
Foreign exchange forwards and options | Other (income) expense, net | Cash Flow Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
AMOUNT OF GAIN (LOSS) ON CASH FLOW HEDGE ACTIVITY (26) 44 (31) 121
Interest rate swaps | Interest (income) expense, net | Cash Flow Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
AMOUNT OF GAIN (LOSS) ON CASH FLOW HEDGE ACTIVITY $ (2) $ (2) $ (5) $ (5)
v3.21.1
Risk Management and Derivatives - Amounts Affecting Consolidated Statements of Income (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2021
Feb. 29, 2020
Feb. 28, 2021
Feb. 29, 2020
Foreign Exchange Contract | Other (income) expense, net | Derivatives not designated as hedging instruments        
Derivative Instruments, Gain (Loss) [Line Items]        
AMOUNT OF GAIN (LOSS) RECOGNIZED 
IN INCOME ON DERIVATIVES $ (11) $ 12 $ (98) $ (9)
Embedded derivatives | Other (income) expense, net | Derivatives not designated as hedging instruments        
Derivative Instruments, Gain (Loss) [Line Items]        
AMOUNT OF GAIN (LOSS) RECOGNIZED 
IN INCOME ON DERIVATIVES (4) (2) (17) (7)
Derivatives designated as cash flow hedges        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives (160) 64 (750) 208
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income (46) 131 132 388
Derivatives designated as cash flow hedges | Foreign Exchange Contract | Revenue        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives (38) 17 (32) (45)
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income 16 (21) 56 (12)
Derivatives designated as cash flow hedges | Foreign Exchange Contract | Cost of sales        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives (99) 39 (539) 185
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income (35) 110 110 287
Derivatives designated as cash flow hedges | Foreign Exchange Contract | Demand creation expense        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives 1 1 4 1
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income 1 0 2 (3)
Derivatives designated as cash flow hedges | Foreign Exchange Contract | Other (income) expense, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives (24) 7 (183) 67
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income (26) 44 (31) 121
Derivatives designated as cash flow hedges | Interest rate swaps | Interest (income) expense, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives 0 0 0 0
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income $ (2) $ (2) $ (5) $ (5)
v3.21.1
Accumulated Other Comprehensive Income (Loss) - Changes in AOCI (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2021
Feb. 29, 2020
Feb. 28, 2021
Feb. 29, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance $ 10,640 $ 9,351 $ 8,055 $ 9,040
Other comprehensive income (loss):        
Other comprehensive gains (losses) before reclassifications, net of tax (70) 21 (278) 98
Reclassifications to net income of previously deferred (gains) losses, net of tax 53 (130) (112) (386)
Total other comprehensive income (loss), net of tax (17) (109) (390) (288)
Ending balance 11,931 9,045 11,931 9,045
Other comprehensive income, before reclassification, tax benefit (expense) (2) (1) (1)  
Reclassification from AOCI, current period, tax expense (benefit) 0 0 7  
Gains (losses) on foreign currency translation adjustment        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance (98) (407) (494) (346)
Other comprehensive income (loss):        
Other comprehensive gains (losses) before reclassifications, net of tax 99 (43) 496 (104)
Reclassifications to net income of previously deferred (gains) losses, net of tax (1) 1 (2) 1
Total other comprehensive income (loss), net of tax 98 (42) 494 (103)
Ending balance 0 (449) 0 (449)
Other comprehensive income, before reclassification, tax benefit (expense) 0 0 0  
Reclassification from AOCI, current period, tax expense (benefit) 0 0 0  
CASH FLOW HEDGES        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance (371) 401 390 520
Other comprehensive income (loss):        
Other comprehensive gains (losses) before reclassifications, net of tax (163) 63 (753) 200
Reclassifications to net income of previously deferred (gains) losses, net of tax 46 (131) (125) (387)
Total other comprehensive income (loss), net of tax (117) (68) (878) (187)
Ending balance (488) 333 (488) 333
Other comprehensive income, before reclassification, tax benefit (expense) (3) (1) (3)  
Reclassification from AOCI, current period, tax expense (benefit) 0 0 7  
Net Investment Hedges        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance 115 115 115 115
Other comprehensive income (loss):        
Other comprehensive gains (losses) before reclassifications, net of tax 0 0   0
Reclassifications to net income of previously deferred (gains) losses, net of tax 0 0   0
Total other comprehensive income (loss), net of tax 0 0   0
Ending balance 115 115 115 115
Other comprehensive income, before reclassification, tax benefit (expense) 0 0 0  
Reclassification from AOCI, current period, tax expense (benefit) 0 0 0  
OTHER        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance (75) (57) (67) (58)
Other comprehensive income (loss):        
Other comprehensive gains (losses) before reclassifications, net of tax (6) 1 (21) 2
Reclassifications to net income of previously deferred (gains) losses, net of tax 8 0 15 0
Total other comprehensive income (loss), net of tax 2 1 (6) 2
Ending balance (73) (56) (73) (56)
Other comprehensive income, before reclassification, tax benefit (expense) 1 0 2  
Reclassification from AOCI, current period, tax expense (benefit) 0 0 0  
TOTAL        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance (429) 52 (56) 231
Other comprehensive income (loss):        
Ending balance $ (446) $ (57) $ (446) $ (57)
v3.21.1
Accumulated Other Comprehensive Income (Loss) - Reclassification out of AOCI (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2021
Feb. 29, 2020
Feb. 28, 2021
Feb. 29, 2020
Reclassification out of Accumulated Other Comprehensive Income [Line Items]        
Revenues $ 10,357 $ 10,104 $ 32,194 $ 31,090
Cost of sales (5,638) (5,631) (17,887) (17,202)
Demand creation expense (711) (870) (2,117) (2,769)
Interest expense (income), net (64) (12) (199) (39)
Other (income) expense, net 22 (297) (18) (223)
Income before income taxes 1,636 881 4,807 3,691
Tax benefit (expense) (187) (34) (589) (362)
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME        
Reclassification out of Accumulated Other Comprehensive Income [Line Items]        
Gain (loss), net of tax (53) 130 112 386
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 1 (1) 2 (1)
Income before income taxes 1 (1) 2 (1)
Tax benefit (expense) 0 0 0 0
Gain (loss), net of tax 1 (1) 2 (1)
Gain (losses) on cash flow hedges | AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME        
Reclassification out of Accumulated Other Comprehensive Income [Line Items]        
Income before income taxes (46) 131 132 388
Tax benefit (expense) 0 0 (7) (1)
Gain (loss), net of tax (46) 131 125 387
Gain (losses) on cash flow hedges | Foreign exchange forwards and options | AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME        
Reclassification out of Accumulated Other Comprehensive Income [Line Items]        
Revenues 16 (21) 56 (12)
Cost of sales (35) 110 110 287
Demand creation expense 1 0 2 (3)
Other (income) expense, net (26) 44 (31) 121
Gain (losses) on cash flow hedges | Interest rate swaps | AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME        
Reclassification out of Accumulated Other Comprehensive Income [Line Items]        
Interest expense (income), net (2) (2) (5) (5)
OTHER | AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME        
Reclassification out of Accumulated Other Comprehensive Income [Line Items]        
Other (income) expense, net (8) 0 (15) 0
Income before income taxes (8) 0 (15) 0
Tax benefit (expense) 0 0 0 0
Gain (loss), net of tax $ (8) $ 0 $ (15) $ 0
v3.21.1
Revenues (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2021
Feb. 29, 2020
Feb. 28, 2021
Feb. 29, 2020
Disaggregation of Revenue [Line Items]        
Revenues $ 10,357 $ 10,104 $ 32,194 $ 31,090
Sales to Wholesale Customers        
Disaggregation of Revenue [Line Items]        
Revenues 6,180 6,641 19,599 20,714
Sales through Direct to Consumer        
Disaggregation of Revenue [Line Items]        
Revenues 4,134 3,447 12,461 10,281
Other        
Disaggregation of Revenue [Line Items]        
Revenues 43 16 134 95
Footwear        
Disaggregation of Revenue [Line Items]        
Revenues 7,018 6,832 21,516 20,471
Apparel        
Disaggregation of Revenue [Line Items]        
Revenues 2,994 2,925 9,508 9,389
Equipment        
Disaggregation of Revenue [Line Items]        
Revenues 302 331 1,036 1,135
Other        
Disaggregation of Revenue [Line Items]        
Revenues 43 16 134 95
Operating Segments | NIKE Brand        
Disaggregation of Revenue [Line Items]        
Revenues 9,773 9,616 30,532 29,556
Operating Segments | NIKE Brand | Sales to Wholesale Customers        
Disaggregation of Revenue [Line Items]        
Revenues 5,814 6,311 18,601 19,731
Operating Segments | NIKE Brand | Sales through Direct to Consumer        
Disaggregation of Revenue [Line Items]        
Revenues 3,953 3,297 11,913 9,801
Operating Segments | NIKE Brand | Other        
Disaggregation of Revenue [Line Items]        
Revenues 6 8 18 24
Operating Segments | NIKE Brand | Footwear        
Disaggregation of Revenue [Line Items]        
Revenues 6,505 6,377 20,074 19,104
Operating Segments | NIKE Brand | Apparel        
Disaggregation of Revenue [Line Items]        
Revenues 2,966 2,905 9,426 9,313
Operating Segments | NIKE Brand | Equipment        
Disaggregation of Revenue [Line Items]        
Revenues 296 326 1,014 1,115
Operating Segments | NIKE Brand | Other        
Disaggregation of Revenue [Line Items]        
Revenues 6 8 18 24
Operating Segments | Converse        
Disaggregation of Revenue [Line Items]        
Revenues 570 506 1,609 1,541
Operating Segments | Converse | Sales to Wholesale Customers        
Disaggregation of Revenue [Line Items]        
Revenues 366 330 998 983
Operating Segments | Converse | Sales through Direct to Consumer        
Disaggregation of Revenue [Line Items]        
Revenues 181 150 548 480
Operating Segments | Converse | Other        
Disaggregation of Revenue [Line Items]        
Revenues 23 26 63 78
Operating Segments | Converse | Footwear        
Disaggregation of Revenue [Line Items]        
Revenues 513 455 1,442 1,367
Operating Segments | Converse | Apparel        
Disaggregation of Revenue [Line Items]        
Revenues 28 20 82 76
Operating Segments | Converse | Equipment        
Disaggregation of Revenue [Line Items]        
Revenues 6 5 22 20
Operating Segments | Converse | Other        
Disaggregation of Revenue [Line Items]        
Revenues 23 26 63 78
Global Brand Divisions        
Disaggregation of Revenue [Line Items]        
Revenues 6 8 18 24
Global Brand Divisions | Sales to Wholesale Customers        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
Global Brand Divisions | Sales through Direct to Consumer        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
Global Brand Divisions | Other        
Disaggregation of Revenue [Line Items]        
Revenues 6 8 18 24
Global Brand Divisions | Footwear        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
Global Brand Divisions | Apparel        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
Global Brand Divisions | Equipment        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
Global Brand Divisions | Other        
Disaggregation of Revenue [Line Items]        
Revenues 6 8 18 24
Corporate        
Disaggregation of Revenue [Line Items]        
Revenues 14 (18) 53 (7)
Corporate | Sales to Wholesale Customers        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
Corporate | Sales through Direct to Consumer        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
Corporate | Other        
Disaggregation of Revenue [Line Items]        
Revenues 14 (18) 53 (7)
Corporate | Footwear        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
Corporate | Apparel        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
Corporate | Equipment        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
Corporate | Other        
Disaggregation of Revenue [Line Items]        
Revenues 14 (18) 53 (7)
North America | Operating Segments | NIKE Brand        
Disaggregation of Revenue [Line Items]        
Revenues 3,564 3,979 11,795 12,254
North America | Operating Segments | NIKE Brand | Sales to Wholesale Customers        
Disaggregation of Revenue [Line Items]        
Revenues 1,894 2,521 6,967 8,119
North America | Operating Segments | NIKE Brand | Sales through Direct to Consumer        
Disaggregation of Revenue [Line Items]        
Revenues 1,670 1,458 4,828 4,135
North America | Operating Segments | NIKE Brand | Other        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
North America | Operating Segments | NIKE Brand | Footwear        
Disaggregation of Revenue [Line Items]        
Revenues 2,382 2,628 7,851 7,723
North America | Operating Segments | NIKE Brand | Apparel        
Disaggregation of Revenue [Line Items]        
Revenues 1,087 1,228 3,580 4,076
North America | Operating Segments | NIKE Brand | Equipment        
Disaggregation of Revenue [Line Items]        
Revenues 95 123 364 455
North America | Operating Segments | NIKE Brand | Other        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
Europe, Middle East & Africa | Operating Segments | NIKE Brand        
Disaggregation of Revenue [Line Items]        
Revenues 2,609 2,709 8,477 8,019
Europe, Middle East & Africa | Operating Segments | NIKE Brand | Sales to Wholesale Customers        
Disaggregation of Revenue [Line Items]        
Revenues 1,805 1,956 5,763 5,792
Europe, Middle East & Africa | Operating Segments | NIKE Brand | Sales through Direct to Consumer        
Disaggregation of Revenue [Line Items]        
Revenues 804 753 2,714 2,227
Europe, Middle East & Africa | Operating Segments | NIKE Brand | Other        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
Europe, Middle East & Africa | Operating Segments | NIKE Brand | Footwear        
Disaggregation of Revenue [Line Items]        
Revenues 1,606 1,711 5,139 5,005
Europe, Middle East & Africa | Operating Segments | NIKE Brand | Apparel        
Disaggregation of Revenue [Line Items]        
Revenues 898 889 2,973 2,655
Europe, Middle East & Africa | Operating Segments | NIKE Brand | Equipment        
Disaggregation of Revenue [Line Items]        
Revenues 105 109 365 359
Europe, Middle East & Africa | Operating Segments | NIKE Brand | Other        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
Greater China | Operating Segments | NIKE Brand        
Disaggregation of Revenue [Line Items]        
Revenues 2,279 1,506 6,357 5,032
Greater China | Operating Segments | NIKE Brand | Sales to Wholesale Customers        
Disaggregation of Revenue [Line Items]        
Revenues 1,269 881 3,392 2,895
Greater China | Operating Segments | NIKE Brand | Sales through Direct to Consumer        
Disaggregation of Revenue [Line Items]        
Revenues 1,010 625 2,965 2,137
Greater China | Operating Segments | NIKE Brand | Other        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
Greater China | Operating Segments | NIKE Brand | Footwear        
Disaggregation of Revenue [Line Items]        
Revenues 1,614 1,075 4,432 3,486
Greater China | Operating Segments | NIKE Brand | Apparel        
Disaggregation of Revenue [Line Items]        
Revenues 616 400 1,775 1,428
Greater China | Operating Segments | NIKE Brand | Equipment        
Disaggregation of Revenue [Line Items]        
Revenues 49 31 150 118
Greater China | Operating Segments | NIKE Brand | Other        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
Asia Pacific & Latin America | Operating Segments | NIKE Brand        
Disaggregation of Revenue [Line Items]        
Revenues 1,315 1,414 3,885 4,227
Asia Pacific & Latin America | Operating Segments | NIKE Brand | Sales to Wholesale Customers        
Disaggregation of Revenue [Line Items]        
Revenues 846 953 2,479 2,925
Asia Pacific & Latin America | Operating Segments | NIKE Brand | Sales through Direct to Consumer        
Disaggregation of Revenue [Line Items]        
Revenues 469 461 1,406 1,302
Asia Pacific & Latin America | Operating Segments | NIKE Brand | Other        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
Asia Pacific & Latin America | Operating Segments | NIKE Brand | Footwear        
Disaggregation of Revenue [Line Items]        
Revenues 903 963 2,652 2,890
Asia Pacific & Latin America | Operating Segments | NIKE Brand | Apparel        
Disaggregation of Revenue [Line Items]        
Revenues 365 388 1,098 1,154
Asia Pacific & Latin America | Operating Segments | NIKE Brand | Equipment        
Disaggregation of Revenue [Line Items]        
Revenues 47 63 135 183
Asia Pacific & Latin America | Operating Segments | NIKE Brand | Other        
Disaggregation of Revenue [Line Items]        
Revenues $ 0 $ 0 $ 0 $ 0
v3.21.1
Operating Segments - Information by Operating Segments (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2021
Feb. 29, 2020
Feb. 28, 2021
Feb. 29, 2020
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues $ 10,357 $ 10,104 $ 32,194 $ 31,090
Interest expense (income), net 64 12 199 39
Income before income taxes 1,636 881 4,807 3,691
Global Brand Divisions        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 6 8 18 24
Corporate        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 14 (18) 53 (7)
EARNINGS BEFORE INTEREST AND TAXES (482) (763) (1,697) (1,600)
NIKE Brand | Operating Segments        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 9,773 9,616 30,532 29,556
Converse | Operating Segments        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 570 506 1,609 1,541
NIKE Brand | Global Brand Divisions        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 6 8 18 24
EARNINGS BEFORE INTEREST AND TAXES (852) (895) (2,546) (2,624)
NIKE Brand | NIKE Brand | Operating Segments        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 9,773 9,616 30,532 29,556
Converse | Converse | Operating Segments        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 570 506 1,609 1,541
EARNINGS BEFORE INTEREST AND TAXES 150 96 405 324
North America | NIKE Brand | Operating Segments        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 3,564 3,979 11,795 12,254
North America | NIKE Brand | NIKE Brand | Operating Segments        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 3,564 3,979 11,795 12,254
EARNINGS BEFORE INTEREST AND TAXES 970 937 3,295 2,912
Europe, Middle East & Africa | NIKE Brand | Operating Segments        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 2,609 2,709 8,477 8,019
Europe, Middle East & Africa | NIKE Brand | NIKE Brand | Operating Segments        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 2,609 2,709 8,477 8,019
EARNINGS BEFORE INTEREST AND TAXES 533 575 1,885 1,694
Greater China | NIKE Brand | Operating Segments        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 2,279 1,506 6,357 5,032
Greater China | NIKE Brand | NIKE Brand | Operating Segments        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 2,279 1,506 6,357 5,032
EARNINGS BEFORE INTEREST AND TAXES 973 556 2,552 1,919
Asia Pacific & Latin America | NIKE Brand | Operating Segments        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 1,315 1,414 3,885 4,227
Asia Pacific & Latin America | NIKE Brand | NIKE Brand | Operating Segments        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 1,315 1,414 3,885 4,227
EARNINGS BEFORE INTEREST AND TAXES $ 408 $ 387 $ 1,112 $ 1,105
v3.21.1
Operating Segments - Accounts Receivable Net Inventories and Property Plant and Equipment Net by Operating Segments (Detail) - USD ($)
$ in Millions
Feb. 28, 2021
May 31, 2020
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net $ 3,669 $ 2,749
Inventories 6,693 7,367
Property, plant and equipment, net 4,958 4,866
Corporate    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 65 57
Inventories (202) 90
Property, plant and equipment, net 1,868 1,916
Converse | Converse | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 256 149
Inventories 313 341
Property, plant and equipment, net 68 80
NIKE Brand | Global Brand Divisions    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 101 65
Inventories 134 137
Property, plant and equipment, net 884 830
NIKE Brand | NIKE Brand | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 3,348 2,543
Inventories 6,582 6,936
Property, plant and equipment, net 3,022 2,870
North America | NIKE Brand | NIKE Brand | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 1,019 1,020
Inventories 2,904 3,077
Property, plant and equipment, net 621 645
Europe, Middle East & Africa | NIKE Brand | NIKE Brand | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 1,300 712
Inventories 1,772 2,070
Property, plant and equipment, net 947 885
Greater China | NIKE Brand | NIKE Brand | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 337 321
Inventories 1,136 882
Property, plant and equipment, net 258 214
Asia Pacific & Latin America | NIKE Brand | NIKE Brand | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Accounts receivable, net 591 425
Inventories 636 770
Property, plant and equipment, net $ 312 $ 296
v3.21.1
Acquisitions And Divestitures (Details) - Discontinued Operations, Held-for-sale - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Nov. 30, 2020
Feb. 28, 2021
Nov. 30, 2020
May 31, 2020
Grupo SBF S.A. | BRAZIL        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Loss on disposal $ 47 $ 53    
Grupo SBF S.A. | BRAZIL | NIKE Brand Businesses        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Assets, held-for-sale       $ 272
Inventories, held-for-sale       142
Accounts receivable, held-for-sale       101
Liabilities, held-for-sale       91
Accrued liabilities, held-for-sale       51
Grupo Axo | Argentina, Chile And Uruguay | NIKE Brand Businesses        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Assets, held-for-sale   195   234
Inventories, held-for-sale   83   122
Accounts receivable, held-for-sale   70    
Prepaid expenses and other current assets, held-for-sale       50
Liabilities, held-for-sale   59   55
Accrued liabilities, held-for-sale   $ 24   $ 34
Other Income (Expense) | Grupo Axo | Argentina, Chile And Uruguay | NIKE Brand Businesses        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Non-recurring impairment charge     $ 373  
v3.21.1
Restructuring and Related Activities (Details) - One-time Termination Benefits
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 28, 2021
USD ($)
Feb. 28, 2021
USD ($)
Restructuring Cost and Reserve [Line Items]    
Restructuring, expected cost $ 315 $ 315
Restructuring, incurred cost   248
Restructuring charges 29 204
Restructuring Reserve [Roll Forward]    
Beginning Balance 104 0
Employee termination costs 29 204
Payments for Restructuring (99) (170)
Foreign currency translation and other 1  
Ending Balance 35 35
Operating Overhead Expense    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges 23 168
Restructuring Reserve [Roll Forward]    
Employee termination costs 23 168
Stock-based compensation expense 1 40
Cost of sales    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges 6 36
Restructuring Reserve [Roll Forward]    
Employee termination costs 6 36
Stock-based compensation expense $ 0 $ 4