NIKE (NKE) 10-Q 5 Jan 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Nov. 30, 2022	Dec. 28, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Nov. 30, 2022
Document Transition Report	false
Entity File Number	1-10635
Entity Registrant Name	NIKE, Inc.
Entity Incorporation, State or Country Code	OR
Entity Tax Identification Number	93-0584541
Entity Address, Address Line One	One Bowerman Drive
Entity Address, City or Town	Beaverton
Entity Address, State or Province	OR
Entity Address, Postal Zip Code	97005-6453
City Area Code	503
Local Phone Number	671-6453
Title of 12(b) Security	Class B Common Stock
Trading Symbol	NKE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000320187
Current Fiscal Year End Date	--05-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A Convertible Common Stock
Document Information [Line Items]
Entity Common Stock Shares Outstanding		304,897,252
Class B Common Stock
Document Information [Line Items]
Entity Common Stock Shares Outstanding		1,245,665,731

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2022	Nov. 30, 2021
Income Statement [Abstract]
Revenues	$ 13,315	$ 11,357	$ 26,002	$ 23,605
Cost of sales	7,604	6,144	14,676	12,696
Gross profit	5,711	5,213	11,326	10,909
Demand creation expense	1,102	1,017	2,045	1,935
Operating overhead expense	3,022	2,742	5,999	5,396
Total selling and administrative expense	4,124	3,759	8,044	7,331
Interest expense (income), net	16	55	29	112
Other (income) expense, net	(79)	(102)	(225)	(141)
Income before income taxes	1,650	1,501	3,478	3,607
Income tax expense	319	164	679	396
NET INCOME	$ 1,331	$ 1,337	$ 2,799	$ 3,211
Earnings per common share:
Basic (in dollars per share)	$ 0.85	$ 0.84	$ 1.79	$ 2.03
Diluted (in dollars per share)	$ 0.85	$ 0.83	$ 1.77	$ 1.98
Weighted average common shares outstanding:
Basic (in shares)	1,559	1,582.4	1,563.1	1,582.2
Diluted (in shares)	1,572.4	1,617.4	1,579.1	1,618.5

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2022	Nov. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 1,331	$ 1,337	$ 2,799	$ 3,211
Other comprehensive income (loss), net of tax:
Change in net foreign currency translation adjustment	354	(155)	128	(283)
Change in net gains (losses) on cash flow hedges	(401)	366	154	804
Change in net gains (losses) on other	(30)	1	(41)	4
Total other comprehensive income (loss), net of tax	(77)	212	241	525
TOTAL COMPREHENSIVE INCOME	$ 1,254	$ 1,549	$ 3,040	$ 3,736

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Nov. 30, 2022	May 31, 2022
Current assets:
Cash and equivalents	$ 6,490	$ 8,574
Short-term investments	4,131	4,423
Accounts receivable, net	5,437	4,667
Inventories	9,326	8,420
Prepaid expenses and other current assets	2,063	2,129
Total current assets	27,447	28,213
Property, plant and equipment, net	4,854	4,791
Operating lease right-of-use assets, net	2,809	2,926
Identifiable intangible assets, net	280	286
Goodwill	281	284
Deferred income taxes and other assets	3,976	3,821
TOTAL ASSETS	39,647	40,321
Current liabilities:
Current portion of long-term debt	500	500
Notes payable	7	10
Accounts payable	2,810	3,358
Current portion of operating lease liabilities	426	420
Accrued liabilities	6,020	6,220
Income taxes payable	436	222
Total current liabilities	10,199	10,730
Long-term debt	8,924	8,920
Operating lease liabilities	2,668	2,777
Deferred income taxes and other liabilities	2,584	2,613
Commitments and contingencies
Redeemable preferred stock	0	0
Shareholders' equity:
Capital in excess of stated value	11,851	11,484
Accumulated other comprehensive income (loss)	559	318
Retained earnings	2,859	3,476
Total shareholders' equity	15,272	15,281
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	39,647	40,321
Class A Convertible Common Stock
Shareholders' equity:
Common stock at stated value	0	0
Class B Common Stock
Shareholders' equity:
Common stock at stated value	$ 3	$ 3

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares shares in Millions	Nov. 30, 2022	May 31, 2022
Class A Convertible Common Stock
Common stock, shares outstanding (in shares)	305	305
Class B Common Stock
Common stock, shares outstanding (in shares)	1,245	1,266

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Nov. 30, 2022	Nov. 30, 2021
Cash provided (used) by operations:
Net income	$ 2,799	$ 3,211
Adjustments to reconcile net income to net cash provided (used) by operations:
Depreciation	342	358
Deferred income taxes	(150)	(222)
Stock-based compensation	364	306
Amortization, impairment and other	137	3
Net foreign currency adjustments	(125)	48
Changes in certain working capital components and other assets and liabilities:
(Increase) decrease in accounts receivable	(878)	543
(Increase) decrease in inventories	(948)	268
(Increase) decrease in prepaid expenses, operating lease right-of-use assets and other current and non-current assets	(239)	(444)
Increase (decrease) in accounts payable, accrued liabilities, operating lease liabilities and other current and non-current liabilities	56	(203)
Cash provided (used) by operations	1,358	3,868
Cash provided (used) by investing activities:
Purchases of short-term investments	(3,500)	(6,699)
Maturities of short-term investments	1,951	3,891
Sales of short-term investments	1,972	2,032
Additions to property, plant and equipment	(500)	(362)
Other investing activities	54	33
Cash provided (used) by investing activities	(23)	(1,105)
Cash provided (used) by financing activities:
Increase (decrease) in notes payable	(3)	13
Proceeds from exercise of stock options and other stock issuances	260	846
Repurchase of common stock	(2,550)	(1,723)
Dividends — common and preferred	(960)	(873)
Other financing activities	(68)	(109)
Cash provided (used) by financing activities	(3,321)	(1,846)
Effect of exchange rate changes on cash and equivalents	(98)	(55)
Net increase (decrease) in cash and equivalents	(2,084)	862
Cash and equivalents, beginning of period	8,574	9,889
CASH AND EQUIVALENTS, END OF PERIOD	6,490	10,751
Supplemental disclosure of cash flow information:
Non-cash additions to property, plant and equipment	124	103
Dividends declared and not paid	$ 526	$ 481

UNAUDITED CONDENSED CONSOLIDA_6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Total	CAPITAL IN EXCESS OF STATED VALUE	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	RETAINED EARNINGS	Class A Common Stock	Class A Common Stock COMMON STOCK	Class B Common Stock	Class B Common Stock COMMON STOCK
Beginning Balance (in shares) at May. 31, 2021						305		1,273
Beginning balance at May. 31, 2021	$ 12,767	$ 9,965	$ (380)	$ 3,179		$ 0		$ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock options exercised (in shares)								13
Stock options exercised	725	725
Repurchase of Class B Common Stock (in shares)								(11)
Repurchase of Class B Common Stock	(1,710)	(69)		(1,641)
Dividends on common stock	(918)			(918)
Issuance of shares to employees, net of shares withheld for employee taxes (in shares)								3
Issuance of shares to employees, net of shares withheld for employee taxes	18	63		(45)
Stock-based compensation	306	306
Net income	3,211			3,211
Other comprehensive income (loss)	525		525
Ending Balance (in shares) at Nov. 30, 2021						305		1,278
Ending balance at Nov. 30, 2021	14,924	10,990	145	3,786		$ 0		$ 3
Beginning Balance (in shares) at Aug. 31, 2021						305		1,278
Beginning balance at Aug. 31, 2021	14,343	10,521	(67)	3,886		$ 0		$ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock options exercised (in shares)								3
Stock options exercised	256	256
Repurchase of Class B Common Stock (in shares)								(6)
Repurchase of Class B Common Stock	(968)	(40)		(928)
Dividends on common stock	(483)			(483)
Issuance of shares to employees, net of shares withheld for employee taxes (in shares)								3
Issuance of shares to employees, net of shares withheld for employee taxes	57	83		(26)
Stock-based compensation	170	170
Net income	1,337			1,337
Other comprehensive income (loss)	212		212
Ending Balance (in shares) at Nov. 30, 2021						305		1,278
Ending balance at Nov. 30, 2021	14,924	10,990	145	3,786		$ 0		$ 3
Beginning Balance (in shares) at May. 31, 2022					305	305	1,266	1,266
Beginning balance at May. 31, 2022	15,281	11,484	318	3,476		$ 0		$ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock options exercised (in shares)								3
Stock options exercised	149	149
Repurchase of Class B Common Stock (in shares)								(26)
Repurchase of Class B Common Stock	(2,598)	(189)		(2,409)
Dividends on common stock	(1,008)			(1,008)
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	44	43		1
Stock-based compensation	364	364
Net income	2,799			2,799
Other comprehensive income (loss)	241		241
Ending Balance (in shares) at Nov. 30, 2022					305	305	1,245	1,245
Ending balance at Nov. 30, 2022	15,272	11,851	559	2,859		$ 0		$ 3
Beginning Balance (in shares) at Aug. 31, 2022						305		1,259
Beginning balance at Aug. 31, 2022	15,822	11,648	636	3,535		$ 0		$ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock options exercised (in shares)								1
Stock options exercised	69	69
Repurchase of Class B Common Stock (in shares)								(17)
Repurchase of Class B Common Stock	(1,607)	(123)		(1,484)
Dividends on common stock	(526)			(526)
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	63		3
Stock-based compensation	194	194
Net income	1,331			1,331
Other comprehensive income (loss)	(77)		(77)
Ending Balance (in shares) at Nov. 30, 2022					305	305	1,245	1,245
Ending balance at Nov. 30, 2022	$ 15,272	$ 11,851	$ 559	$ 2,859		$ 0		$ 3

UNAUDITED CONDENSED CONSOLIDA_7

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2022	Nov. 30, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.340	$ 0.305	$ 0.645	$ 0.580
Dividends declared per preferred share (in dollars per share)			$ 0.10	$ 0.10

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Nov. 30, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION The Unaudited Condensed Consolidated Financial Statements include the accounts of NIKE, Inc. and its subsidiaries (the “Company” or “NIKE”) and reflect all normal recurring adjustments which are, in the opinion of management, necessary for a fair statement of the results of operations for the interim period. The year-end Condensed Consolidated Balance Sheet data as of May 31, 2022, was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). The interim financial information and notes thereto should be read in conjunction with the Company's latest Annual Report on Form 10-K for the fiscal year ended May 31, 2022. The results of operations for the three and six months ended November 30, 2022, are not necessarily indicative of results to be expected for the entire fiscal year. The uncertain state of the global economy or worsening macroeconomic conditions could affect the Company’s business, including, among other things, higher inventory levels in various markets, higher inventory obsolescence reserves, higher promotional activity, reduced demand for product, reduced orders from wholesale customers for product and order cancellations. There could also be new or prolonged COVID-19 related restrictions or disruptions. Any of these factors, among others, could have material adverse impacts on the Company’s revenue growth as well as overall profitability in future periods.

INVENTORIES

INVENTORIES	6 Months Ended
	Nov. 30, 2022
Inventory Disclosure [Abstract]
INVENTORIES	NOTE 2 — INVENTORIES Inventory balances of $9,326 million and $8,420 million at November 30, 2022 and May 31, 2022, respectively, were substantially all finished goods.

ACCRUED LIABILITIES

ACCRUED LIABILITIES	6 Months Ended
	Nov. 30, 2022
Accrued Liabilities, Current [Abstract]
ACCRUED LIABILITIES	NOTE 3 — ACCRUED LIABILITIES Accrued liabilities included the following: NOVEMBER 30, MAY 31, (Dollars in millions) 2022 2022 Compensation and benefits, excluding taxes $ 1,220 $ 1,297 Sales-related reserves 1,149 1,015 Import and logistics costs 580 489 Dividends payable 534 485 Allowance for expected loss on sale (1) — 397 Other 2,537 2,537 TOTAL ACCRUED LIABILITIES $ 6,020 $ 6,220

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Nov. 30, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 4 — FAIR VALUE MEASUREMENTS The Company measures certain financial assets and liabilities at fair value on a recurring basis, including derivatives, equity securities and available-for-sale debt securities. For additional information about the Company's fair value policies, refer to Note 1 — Summary of Significant Accounting Policies of the Annual Report on Form 10-K for the fiscal year ended May 31, 2022. The following tables present information about the Company's financial assets measured at fair value on a recurring basis as of November 30, 2022 and May 31, 2022, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement: NOVEMBER 30, 2022 (Dollars in millions) ASSETS AT FAIR VALUE CASH AND EQUIVALENTS SHORT-TERM INVESTMENTS Cash $ 788 $ 788 $ — Level 1: U.S. Treasury securities 3,417 4 3,413 Level 2: Commercial paper and bonds 622 29 593 Money market funds 5,024 5,024 — Time deposits 753 645 108 U.S. Agency securities 17 — 17 Total Level 2 6,416 5,698 718 TOTAL $ 10,621 $ 6,490 $ 4,131 MAY 31, 2022 (Dollars in millions) ASSETS AT FAIR VALUE CASH AND EQUIVALENTS SHORT-TERM INVESTMENTS Cash $ 839 $ 839 $ — Level 1: U.S. Treasury securities 3,801 8 3,793 Level 2: Commercial paper and bonds 660 37 623 Money market funds 6,458 6,458 — Time deposits 1,237 1,232 5 U.S. Agency securities 2 — 2 Total Level 2 8,357 7,727 630 TOTAL $ 12,997 $ 8,574 $ 4,423 As of November 30, 2022, the Company held $3,060 million of available-for-sale debt securities with maturity dates within one year and $1,071 million with maturity dates greater than one year and less than five years in Short-term investments on the Unaudited Condensed Consolidated Balance Sheets. The fair value of the Company's available-for-sale debt securities approximates their amortized cost. Included in Interest expense (income), net was interest income related to the Company's investment portfolio of $49 million and $18 million for the three months ended November 30, 2022 and 2021, respectively, and $114 million and $35 million for the six months ended November 30, 2022 and 2021, respectively. The following tables present information about the Company's derivative assets and liabilities measured at fair value on a recurring basis and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement: NOVEMBER 30, 2022 DERIVATIVE ASSETS DERIVATIVE LIABILITIES (Dollars in millions) ASSETS AT FAIR VALUE OTHER CURRENT ASSETS OTHER LONG-TERM ASSETS LIABILITIES AT FAIR VALUE ACCRUED LIABILITIES OTHER LONG-TERM LIABILITIES Level 2: Foreign exchange forwards and options (1) $ 953 $ 759 $ 194 $ 134 $ 93 $ 41 Embedded derivatives 6 6 — 1 1 — TOTAL $ 959 $ 765 $ 194 $ 135 $ 94 $ 41 (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 $133 million as of November 30, 2022. As of that date, the Company received $345 million of cash collateral from counterparties related to foreign exchange derivative instruments. No amount of collateral was posted on the derivative liability balance as of November 30, 2022. MAY 31, 2022 DERIVATIVE ASSETS DERIVATIVE LIABILITIES (Dollars in millions) ASSETS AT FAIR VALUE OTHER CURRENT ASSETS OTHER LONG-TERM ASSETS LIABILITIES AT FAIR VALUE ACCRUED LIABILITIES OTHER LONG-TERM LIABILITIES Level 2: Foreign exchange forwards and options (1) $ 875 $ 669 $ 206 $ 76 $ 65 $ 11 Embedded derivatives 5 5 — 1 1 — TOTAL $ 880 $ 674 $ 206 $ 77 $ 66 $ 11 (1) If the foreign exchange derivative instruments had been netted on the Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $76 million as of May 31, 2022. As of that date, the Company received $486 million of cash collateral from counterparties related to foreign exchange derivative instruments. No amount of collateral was posted on the derivative liability balance as of May 31, 2022. For additional information related to the Company's derivative financial instruments and credit risk, refer to Note 8 — Risk Management and Derivatives. The carrying amounts of other current financial assets and other current financial liabilities approximate fair value. FINANCIAL ASSETS AND LIABILITIES NOT RECORDED AT FAIR VALUE The Company's Long-term debt is recorded at adjusted cost, net of unamortized premiums, discounts and debt issuance costs. The fair value of long-term debt is estimated based upon quoted prices for similar instruments or quoted prices for identical instruments in inactive markets (Level 2). The fair value of the Company's Long-term debt, including the current portion, was approximately $8,410 million at November 30, 2022 and $8,933 million at May 31, 2022. The carrying amounts reflected on the Unaudited Condensed Consolidated Balance Sheets for Notes payable approximate fair value.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Nov. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 5 — INCOME TAXES The effective tax rate was 19.5% and 11.0% for the six months ended November 30, 2022 and 2021, respectively. The increase in the Company's effective tax rate was primarily due to a less favorable impact from stock-based compensation and a shift in the Company's earnings mix. As of November 30, 2022, total gross unrecognized tax benefits, excluding related interest and penalties, were $867 million, $652 million of which would affect the Company's effective tax rate if recognized in future periods. The majority of the total gross unrecognized tax benefits are long-term in nature and included within Deferred income taxes and other liabilities on the Unaudited Condensed Consolidated Balance Sheets. As of May 31, 2022, total gross unrecognized tax benefits, excluding related interest and penalties, were $848 million. As of November 30, 2022 and May 31, 2022, accrued interest and penalties related to uncertain tax positions were $276 million and $248 million, respectively, (excluding federal benefit) and included within Deferred income taxes and other liabilities on the Unaudited Condensed Consolidated Balance Sheets. The Company is subject to taxation in the U.S., as well as various state and foreign jurisdictions. The Company is currently under audit by the U.S. IRS for fiscal years 2017 through 2019. The Company has closed all U.S. federal income tax matters through fiscal 2016, with the exception of certain transfer pricing adjustments. Tax years after 2011 remain open in certain major foreign jurisdictions. Although the timing of resolution of audits is not certain, the Company evaluates all domestic and foreign audit issues in the aggregate, along with the expiration of applicable statutes of limitations, and estimates that it is reasonably possible the total gross unrecognized tax benefits could decrease by up to $20 million within the next 12 months. In January 2019, the European Commission opened a formal investigation to examine whether the Netherlands has breached State Aid rules when granting certain tax rulings to the Company. The Company believes the investigation is without merit. If this matter is adversely resolved, the Netherlands may be required to assess additional amounts with respect to prior periods, and the Company's income taxes related to prior periods in the Netherlands could increase.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Nov. 30, 2022
Share-based Payment Arrangement, Noncash Expense [Abstract]
STOCK-BASED COMPENSATION	NOTE 6 — STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION The NIKE, Inc. Stock Incentive Plan (the “Stock Incentive Plan”) provides for the issuance of up to 798 million previously unissued shares of Class B Common Stock in connection with equity awards granted under the Stock Incentive Plan. The Stock Incentive Plan authorizes the grant of non-statutory stock options, incentive stock options, stock appreciation rights and stock awards, including restricted stock and restricted stock units. Restricted stock units include both time-vesting restricted stock units (RSUs) as well as performance-based restricted stock units (PSUs). In addition to the Stock Incentive Plan, the Company gives employees the right to purchase shares at a discount from the market price under employee stock purchase plans (ESPPs). Refer to Note 11 — Common Stock and Stock-Based Compensation of the Annual Report on Form 10-K for the fiscal year ended May 31, 2022 for further information. The following table summarizes the Company's total stock-based compensation expense recognized in Cost of sales or Operating overhead expense, as applicable: THREE MONTHS ENDED NOVEMBER 30, SIX MONTHS ENDED NOVEMBER 30, (Dollars in millions) 2022 2021 2022 2021 Stock options (1) $ 79 $ 81 $ 154 $ 146 ESPPs 18 14 33 29 Restricted stock and restricted stock units (1)(2) 97 75 177 131 TOTAL STOCK-BASED COMPENSATION EXPENSE $ 194 $ 170 $ 364 $ 306 (1) Expense for stock options includes the expense associated with stock appreciation rights. Accelerated stock option expense is primarily recorded for employees meeting certain retirement eligibility requirements. (2) Restricted stock units include RSUs and PSUs. The income tax benefit related to stock-based compensation expense was $2 million and $87 million for the three months ended November 30, 2022 and 2021, respectively, and $22 million and $273 million for the six months ended November 30, 2022 and 2021, respectively, and reported within Income tax expense. STOCK OPTIONS The weighted average fair value per share of options granted during the six months ended November 30, 2022 and 2021, computed as of the grant date using the Black-Scholes pricing model, was $31.31 and $37.53, respectively. The weighted average assumptions used to estimate these fair values were as follows: SIX MONTHS ENDED NOVEMBER 30, 2022 2021 Dividend yield 0.9 % 0.8 % Expected volatility 27.1 % 24.9 % Weighted average expected life (in years) 5.8 5.8 Risk-free interest rate 3.3 % 0.9 % Expected volatilities are based on an analysis of the historical volatility of the Company's common stock, the implied volatility in market-traded options on the Company's common stock with a term greater than one year, as well as other factors. The weighted average expected life of 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 November 30, 2022, the Company had $584 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 2.7 years. RESTRICTED STOCK AND RESTRICTED STOCK UNITS The weighted average fair value per share of restricted stock and RSUs granted for the six months ended November 30, 2022 and 2021, computed as of the grant date, was $107.60 and $163.27, respectively. The weighted average fair value per share of PSUs granted for the six months ended November 30, 2022 and 2021, computed as of the grant date, was $134.71 and $250.52, respectively. As of November 30, 2022, the Company had $760 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 2.6 years.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Nov. 30, 2022
Earnings Per Share [Abstract]
EARNINGS PER SHARE	NOTE 7 — EARNINGS PER SHARE The following is a reconciliation from basic earnings per common share to diluted earnings per common share. The computations of diluted earnings per common share excluded restricted stock, restricted stock units and options, including shares under ESPPs, to purchase an estimated additional 38.0 million and 9.2 million shares of common stock outstanding for the three months ended November 30, 2022 and 2021, respectively, and 35.1 million and 9.1 million shares of common stock outstanding for the six months ended November 30, 2022 and 2021, respectively, because the awards were assumed to be anti-dilutive. THREE MONTHS ENDED NOVEMBER 30, SIX MONTHS ENDED NOVEMBER 30, (In millions, except per share data) 2022 2021 2022 2021 Net income available to common stockholders $ 1,331 $ 1,337 $ 2,799 $ 3,211 Determination of shares: Weighted average common shares outstanding 1,559.0 1,582.4 1,563.1 1,582.2 Assumed conversion of dilutive stock options and awards 13.4 35.0 16.0 36.3 DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 1,572.4 1,617.4 1,579.1 1,618.5 Earnings per common share: Basic $ 0.85 $ 0.84 $ 1.79 $ 2.03 Diluted $ 0.85 $ 0.83 $ 1.77 $ 1.98

RISK MANAGEMENT AND DERIVATIVES

RISK MANAGEMENT AND DERIVATIVES	6 Months Ended
	Nov. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
RISK MANAGEMENT AND DERIVATIVES	NOTE 8 — RISK MANAGEMENT AND DERIVATIVES The Company is exposed to global market risks, including the effect of changes in foreign currency exchange rates and interest rates, and uses derivatives to manage financial exposures that occur in the normal course of business. As of and for the six months ended November 30, 2022, there have been no material changes to the Company's hedging program or strategy from what was disclosed within the Annual Report on Form 10-K. For additional information about the Company's derivatives and hedging policies refer to Note 1 — Summary of Significant Accounting Policies and Note 14 — Risk Management and Derivatives of the Annual Report on Form 10-K for the fiscal year ended May 31, 2022. The majority of derivatives outstanding as of November 30, 2022, are designated as foreign currency cash flow hedges, primarily for Euro/U.S. Dollar, British Pound/Euro, Japanese Yen/U.S. Dollar and Chinese Yuan/U.S. Dollar currency pairs. All derivatives are recognized on the Unaudited Condensed Consolidated Balance Sheets at fair value and classified based on the instrument's maturity date. The following tables present the fair values of derivative instruments included within the Unaudited Condensed Consolidated Balance Sheets: DERIVATIVE ASSETS BALANCE SHEET LOCATION NOVEMBER 30, MAY 31, (Dollars in millions) 2022 2022 Derivatives formally designated as hedging instruments: Foreign exchange forwards and options Prepaid expenses and other current assets $ 745 $ 639 Foreign exchange forwards and options Deferred income taxes and other assets 194 206 Total derivatives formally designated as hedging instruments 939 845 Derivatives not designated as hedging instruments: Foreign exchange forwards and options Prepaid expenses and other current assets 14 30 Embedded derivatives Prepaid expenses and other current assets 6 5 Total derivatives not designated as hedging instruments 20 35 TOTAL DERIVATIVE ASSETS $ 959 $ 880 DERIVATIVE LIABILITIES BALANCE SHEET LOCATION NOVEMBER 30, MAY 31, (Dollars in millions) 2022 2022 Derivatives formally designated as hedging instruments: Foreign exchange forwards and options Accrued liabilities $ 58 $ 37 Foreign exchange forwards and options Deferred income taxes and other liabilities 41 11 Total derivatives formally designated as hedging instruments 99 48 Derivatives not designated as hedging instruments: Foreign exchange forwards and options Accrued liabilities 35 28 Embedded derivatives Accrued liabilities 1 1 Total derivatives not designated as hedging instruments 36 29 TOTAL DERIVATIVE LIABILITIES $ 135 $ 77 The following tables present the amounts in the Unaudited Condensed Consolidated Statements of Income in which the effects of cash flow hedges are recorded and the effects of cash flow hedge activity on these line items: THREE MONTHS ENDED NOVEMBER 30, 2022 2021 (Dollars in millions) TOTAL AMOUNT OF GAIN (LOSS) TOTAL AMOUNT OF GAIN (LOSS) Revenues $ 13,315 $ 4 $ 11,357 $ (20) Cost of sales 7,604 173 6,144 (30) Demand creation expense 1,102 (2) 1,017 — Other (income) expense, net (79) 125 (102) 20 Interest expense (income), net 16 (2) 55 (1) SIX MONTHS ENDED NOVEMBER 30, 2022 2021 (Dollars in millions) TOTAL AMOUNT OF GAIN (LOSS) TOTAL AMOUNT OF GAIN (LOSS) Revenues $ 26,002 $ (5) $ 23,605 $ (41) Cost of sales 14,676 282 12,696 (96) Demand creation expense 2,045 (3) 1,935 1 Other (income) expense, net (225) 207 (141) 11 Interest expense (income), net 29 (4) 112 (3) The following tables present the amounts affecting the Unaudited Condensed Consolidated Statements of Income: (Dollars in millions) AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER (1) AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME (1) THREE MONTHS ENDED NOVEMBER 30, LOCATION OF GAIN (LOSS) THREE MONTHS ENDED NOVEMBER 30, 2022 2021 2022 2021 Derivatives designated as cash flow hedges: Foreign exchange forwards and options $ (3) $ (31) Revenues $ 4 $ (20) Foreign exchange forwards and options (101) 253 Cost of sales 173 (30) Foreign exchange forwards and options 2 (2) Demand creation expense (2) — Foreign exchange forwards and options (47) 143 Other (income) expense, net 125 20 Interest rate swaps (2) — — Interest expense (income), net (2) (1) TOTAL DESIGNATED CASH FLOW HEDGES $ (149) $ 363 $ 298 $ (31) (1) For the three months ended November 30, 2022 and 2021, the amounts recorded in Other (income) expense, net as a result of the discontinuance of cash flow hedges because the forecasted transactions were no longer probable of occurring were immaterial. (2) Gains and losses associated with terminated interest rate swaps, which were previously designated as cash flow hedges and recorded in Accumulated other comprehensive income (loss), will be released through Interest expense (income), net over the term of the issued debt. (Dollars in millions) AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER (1) AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME (1) SIX MONTHS ENDED NOVEMBER 30, LOCATION OF GAIN (LOSS) SIX MONTHS ENDED NOVEMBER 30, 2022 2021 2022 2021 Derivatives designated as cash flow hedges: Foreign exchange forwards and options $ 22 $ (37) Revenues $ (5) $ (41) Foreign exchange forwards and options 386 518 Cost of sales 282 (96) Foreign exchange forwards and options (3) (3) Demand creation expense (3) 1 Foreign exchange forwards and options 246 273 Other (income) expense, net 207 11 Interest rate swaps (2) — — Interest expense (income), net (4) (3) TOTAL DESIGNATED CASH FLOW HEDGES $ 651 $ 751 $ 477 $ (128) (1) For the six months ended November 30, 2022 and 2021, the amounts recorded in Other (income) expense, net as a result of the discontinuance of cash flow hedges because the forecasted transactions were no longer probable of occurring were immaterial. (2) Gains and losses associated with terminated interest rate swaps, which were previously designated as cash flow hedges and recorded in Accumulated other comprehensive income (loss), will be released through Interest expense (income), net over the term of the issued debt. AMOUNT OF GAIN (LOSS) RECOGNIZED LOCATION OF GAIN (LOSS) THREE MONTHS ENDED NOVEMBER 30, SIX MONTHS ENDED NOVEMBER 30, (Dollars in millions) 2022 2021 2022 2021 Derivatives not designated as hedging instruments: Foreign exchange forwards and options $ (6) $ 9 $ 44 $ 32 Other (income) expense, net Embedded derivatives 23 (4) 34 (9) Other (income) expense, net CASH FLOW HEDGES All changes in fair value of derivatives designated as cash flow hedge instruments are recorded in Accumulated other comprehensive income (loss) until Net income is affected by the variability of cash flows of the hedged transaction. Effective hedge results are classified in the Unaudited Condensed Consolidated Statements of Income in the same manner as the underlying exposure. When it is no longer probable the forecasted hedged transaction will occur in the initially identified time period, hedge accounting is discontinued and the Company accounts for the associated derivative as an undesignated instrument as discussed below. Additionally, the gains and losses associated with derivatives no longer designated as cash flow hedge instruments in Accumulated other comprehensive income (loss) are recognized immediately in Other (income) expense, net, if it is probable the forecasted hedged transaction will not occur by the end of the initially identified time period or within an additional two-month period thereafter. In rare circumstances, the additional period of time may exceed two months due to extenuating circumstances related to the nature of the forecasted transaction that are outside the control or influence of the Company. The total notional amount of outstanding foreign currency derivatives designated as cash flow hedges was approximately $17.4 billion as of November 30, 2022. Approximately $798 million of deferred net gains (net of tax) on both outstanding and matured derivatives in Accumulated other comprehensive income (loss) as of November 30, 2022, are expected to be reclassified to Net income during the next 12 months concurrent with the underlying hedged transactions also being recorded in Net income. Actual amounts ultimately reclassified to Net income are dependent on the exchange rates in effect when derivative contracts currently outstanding mature. As of November 30, 2022, the maximum term over which the Company hedges exposures to the variability of cash flows for its forecasted transactions was 30 months. UNDESIGNATED DERIVATIVE INSTRUMENTS The Company may elect to enter into foreign exchange forwards to mitigate the change in fair value of specific assets and liabilities on the Unaudited Condensed Consolidated Balance Sheets and/or embedded derivative contracts. These undesignated instruments are recorded at fair value as a derivative asset or liability on the Unaudited Condensed Consolidated Balance Sheets with their corresponding change in fair value recognized in Other (income) expense, net, together with the remeasurement gain or loss from the hedged balance sheet position and/or embedded derivative contract. The total notional amount of outstanding undesignated derivative instruments was $4.6 billion as of November 30, 2022. EMBEDDED DERIVATIVES Embedded derivative contracts are treated as foreign currency forward contracts that are bifurcated from the related contract and recorded at fair value as a derivative asset or liability on the Unaudited Condensed Consolidated Balance Sheets with their corresponding change in fair value recognized in Other (income) expense, net, through the date the foreign currency fluctuations cease to exist. As of November 30, 2022, the total notional amount of embedded derivatives outstanding was approximately $360 million. CREDIT RISK The Company's bilateral credit-related contingent features generally require the owing entity, either the Company or the derivative counterparty, to post collateral for the portion of the fair value in excess of $50 million should the fair value of outstanding derivatives per counterparty be greater than $50 million. Additionally, a certain level of decline in credit rating of either the Company or the counterparty could trigger collateral requirements. As of November 30, 2022, the Company was in compliance with all credit risk-related contingent features, and derivative instruments with such features were in a net asset position of approximately $820 million. Accordingly, the Company was not required to post cash collateral as a result of these contingent features. Further, $345 million of collateral was received on the Company's derivative asset balance as of November 30, 2022. The Company considers the impact of the risk of counterparty default to be immaterial. For additional information related to the Company's derivative financial instruments and collateral, refer to Note 4 — Fair Value Measurements.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	6 Months Ended
	Nov. 30, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	NOTE 9 — ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The changes in Accumulated other comprehensive income (loss), net of tax, were as follows: (Dollars in millions) FOREIGN CURRENCY TRANSLATION ADJUSTMENT (1) CASH FLOW HEDGES NET INVESTMENT HEDGES (1) OTHER TOTAL Balance at August 31, 2022 $ (746) $ 1,334 $ 115 $ (67) $ 636 Other comprehensive income (loss): Other comprehensive gains (losses) before reclassifications (2) 45 (138) — (24) (117) Reclassifications to net income of previously deferred (gains) losses (3) 309 (263) — (6) 40 Total other comprehensive income (loss) 354 (401) — (30) (77) Balance at November 30, 2022 $ (392) $ 933 $ 115 $ (97) $ 559 (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, $11 million, $0 million, $6 million and $17 million, respectively. (3) Net of tax (benefit) expense of $(16) million, $35 million, $0 million, $3 million and $22 million, respectively. (Dollars in millions) FOREIGN CURRENCY TRANSLATION ADJUSTMENT (1) CASH FLOW HEDGES NET INVESTMENT HEDGES (1) OTHER TOTAL Balance at August 31, 2021 $ (126) $ 3 $ 115 $ (59) $ (67) Other comprehensive income (loss): Other comprehensive gains (losses) before reclassifications (2) (155) 336 — 6 187 Reclassifications to net income of previously deferred (gains) losses (3) — 30 — (5) 25 Total other comprehensive income (loss) (155) 366 — 1 212 Balance at November 30, 2021 $ (281) $ 369 $ 115 $ (58) $ 145 (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, $(27) million, $0 million, $(2) million and $(29) million, respectively. (3) Net of tax (benefit) expense of $0 million, $(1) million, $0 million, $3 million and $2 million, respectively. (Dollars in millions) FOREIGN CURRENCY TRANSLATION ADJUSTMENT (1) CASH FLOW HEDGES NET INVESTMENT HEDGES (1) OTHER TOTAL Balance at May 31, 2022 $ (520) $ 779 $ 115 $ (56) $ 318 Other comprehensive income (loss): Other comprehensive gains (losses) before reclassifications (2) (227) 578 — (27) 324 Reclassifications to net income of previously deferred (gains) losses (3) 355 (424) — (14) (83) Total other comprehensive income (loss) 128 154 — (41) 241 Balance at November 30, 2022 $ (392) $ 933 $ 115 $ (97) $ 559 (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, $(73) million, $0 million, $7 million and $(66) million, respectively. (3) Net of tax (benefit) expense of $(16) million, $53 million, $0 million, $6 million and $43 million, respectively. (Dollars in millions) FOREIGN CURRENCY TRANSLATION ADJUSTMENT (1) CASH FLOW HEDGES NET INVESTMENT HEDGES (1) OTHER TOTAL Balance at May 31, 2021 $ 2 $ (435) $ 115 $ (62) $ (380) Other comprehensive income (loss): Other comprehensive gains (losses) before reclassifications (2) (283) 685 — 14 416 Reclassifications to net income of previously deferred (gains) losses (3) — 119 — (10) 109 Total other comprehensive income (loss) (283) 804 — 4 525 Balance at November 30, 2021 $ (281) $ 369 $ 115 $ (58) $ 145 (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, $(66) million, $0 million, $(4) million and $(70) million, respectively. (3) Net of tax (benefit) expense of $0 million, $(9) million, $0 million, $4 million and $(5) 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 INCOME LOCATION OF GAIN (LOSS) THREE MONTHS ENDED NOVEMBER 30, SIX MONTHS ENDED NOVEMBER 30, (Dollars in millions) 2022 2021 2022 2021 Gains (losses) on foreign currency translation adjustment $ (325) $ — $ (371) $ — Other (income) expense, net Total before tax (325) — (371) — Tax (expense) benefit 16 — 16 — Gain (loss) net of tax (309) — (355) — Gains (losses) on cash flow hedges: Foreign exchange forwards and options $ 4 $ (20) $ (5) $ (41) Revenues Foreign exchange forwards and options 173 (30) 282 (96) Cost of sales Foreign exchange forwards and options (2) — (3) 1 Demand creation expense Foreign exchange forwards and options 125 20 207 11 Other (income) expense, net Interest rate swaps (2) (1) (4) (3) Interest expense (income), net Total before tax 298 (31) 477 (128) Tax (expense) benefit (35) 1 (53) 9 Gain (loss) net of tax 263 (30) 424 (119) Gains (losses) on other 9 8 20 14 Other (income) expense, net Total before tax 9 8 20 14 Tax (expense) benefit (3) (3) (6) (4) Gain (loss) net of tax 6 5 14 10 Total net gain (loss) reclassified for the period $ (40) $ (25) $ 83 $ (109)

REVENUES

REVENUES	6 Months Ended
	Nov. 30, 2022
Revenue from Contract with Customer [Abstract]
REVENUES	NOTE 10 — REVENUES DISAGGREGATION OF REVENUES The following tables present the Company's Revenues disaggregated by reportable operating segment, major product line and distribution channel: THREE MONTHS ENDED NOVEMBER 30, 2022 (Dollars in millions) NORTH AMERICA EUROPE, MIDDLE EAST & AFRICA GREATER CHINA ASIA PACIFIC & LATIN AMERICA GLOBAL BRAND DIVISIONS TOTAL NIKE BRAND CONVERSE CORPORATE TOTAL NIKE, INC. Revenues by: Footwear $ 3,963 $ 2,063 $ 1,370 $ 1,108 $ — $ 8,504 $ 517 $ — $ 9,021 Apparel 1,685 1,281 393 435 — 3,794 21 — 3,815 Equipment 182 145 25 56 — 408 6 — 414 Other — — — — 18 18 42 5 65 TOTAL REVENUES $ 5,830 $ 3,489 $ 1,788 $ 1,599 $ 18 $ 12,724 $ 586 $ 5 $ 13,315 Revenues by: Sales to Wholesale Customers $ 3,183 $ 2,242 $ 897 $ 965 $ — $ 7,287 $ 304 $ — $ 7,591 Sales through Direct to Consumer 2,647 1,247 891 634 — 5,419 240 — 5,659 Other — — — — 18 18 42 5 65 TOTAL REVENUES $ 5,830 $ 3,489 $ 1,788 $ 1,599 $ 18 $ 12,724 $ 586 $ 5 $ 13,315 THREE MONTHS ENDED NOVEMBER 30, 2021 (Dollars in millions) NORTH AMERICA EUROPE, MIDDLE EAST & AFRICA GREATER CHINA ASIA PACIFIC & LATIN AMERICA GLOBAL BRAND DIVISIONS TOTAL NIKE BRAND CONVERSE CORPORATE TOTAL NIKE, INC. Revenues by: Footwear $ 2,852 $ 1,806 $ 1,235 $ 887 $ — $ 6,780 $ 485 $ — $ 7,265 Apparel 1,480 1,202 564 402 — 3,648 34 — 3,682 Equipment 145 134 45 58 — 382 5 — 387 Other — — — — 6 6 33 (16) 23 TOTAL REVENUES $ 4,477 $ 3,142 $ 1,844 $ 1,347 $ 6 $ 10,816 $ 557 $ (16) $ 11,357 Revenues by: Sales to Wholesale Customers $ 2,327 $ 2,112 $ 896 $ 784 $ — $ 6,119 $ 303 $ — $ 6,422 Sales through Direct to Consumer 2,150 1,030 948 563 — 4,691 221 — 4,912 Other — — — — 6 6 33 (16) 23 TOTAL REVENUES $ 4,477 $ 3,142 $ 1,844 $ 1,347 $ 6 $ 10,816 $ 557 $ (16) $ 11,357 SIX MONTHS ENDED NOVEMBER 30, 2022 (Dollars in millions) NORTH AMERICA EUROPE, MIDDLE EAST & AFRICA GREATER CHINA ASIA PACIFIC & LATIN AMERICA GLOBAL BRAND DIVISIONS TOTAL NIKE BRAND CONVERSE CORPORATE TOTAL NIKE, INC. Revenues by: Footwear $ 7,768 $ 4,075 $ 2,603 $ 2,172 $ — $ 16,618 $ 1,093 $ — $ 17,711 Apparel 3,179 2,434 767 848 — 7,228 42 — 7,270 Equipment 393 313 74 114 — 894 14 — 908 Other — — — — 32 32 80 1 113 TOTAL REVENUES $ 11,340 $ 6,822 $ 3,444 $ 3,134 $ 32 $ 24,772 $ 1,229 $ 1 $ 26,002 Revenues by: Sales to Wholesale Customers $ 6,210 $ 4,445 $ 1,736 $ 1,879 $ — $ 14,270 $ 647 $ — $ 14,917 Sales through Direct to Consumer 5,130 2,377 1,708 1,255 — 10,470 502 — 10,972 Other — — — — 32 32 80 1 113 TOTAL REVENUES $ 11,340 $ 6,822 $ 3,444 $ 3,134 $ 32 $ 24,772 $ 1,229 $ 1 $ 26,002 SIX MONTHS ENDED NOVEMBER 30, 2021 (Dollars in millions) NORTH AMERICA EUROPE, MIDDLE EAST & AFRICA GREATER CHINA ASIA PACIFIC & LATIN AMERICA GLOBAL BRAND DIVISIONS TOTAL NIKE BRAND CONVERSE CORPORATE TOTAL NIKE, INC. Revenues by: Footwear $ 6,116 $ 3,789 $ 2,684 $ 1,909 $ — $ 14,498 $ 1,052 $ — $ 15,550 Apparel 2,910 2,361 1,040 787 — 7,098 58 — 7,156 Equipment 330 299 102 116 — 847 14 — 861 Other — — — — 13 13 62 (37) 38 TOTAL REVENUES $ 9,356 $ 6,449 $ 3,826 $ 2,812 $ 13 $ 22,456 $ 1,186 $ (37) $ 23,605 Revenues by: Sales to Wholesale Customers $ 5,005 $ 4,336 $ 2,010 $ 1,711 $ — $ 13,062 $ 672 $ — $ 13,734 Sales through Direct to Consumer 4,351 2,113 1,816 1,101 — 9,381 452 — 9,833 Other — — — — 13 13 62 (37) 38 TOTAL REVENUES $ 9,356 $ 6,449 $ 3,826 $ 2,812 $ 13 $ 22,456 $ 1,186 $ (37) $ 23,605 For the three and six months ended November 30, 2022 and 2021, Global Brand Divisions revenues included NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment. Converse Other revenues were primarily attributable to licensing businesses. Corporate revenues primarily consisted of foreign currency hedge gains and losses related to revenues generated by entities within the NIKE Brand geographic operating segments and Converse, but managed through the Company's central foreign exchange risk management program. As of November 30, 2022 and May 31, 2022, the Company did not have any contract assets and had an immaterial amount of contract liabilities recorded in Accrued liabilities on the Unaudited Condensed Consolidated Balance Sheets.

OPERATING SEGMENTS

OPERATING SEGMENTS	6 Months Ended
	Nov. 30, 2022
Segment Reporting [Abstract]
OPERATING SEGMENTS	NOTE 11 — OPERATING SEGMENTS The Company's operating segments are evidence of the structure of the Company's internal organization. The NIKE Brand segments are defined by geographic regions for operations participating in NIKE Brand sales activity. Each NIKE Brand geographic segment operates predominantly in one industry: the design, development, marketing and selling of athletic footwear, apparel and equipment. The Company's reportable operating segments for the NIKE Brand are: North America; Europe, Middle East & Africa (EMEA); Greater China; and Asia Pacific & Latin America (APLA), and include results for the NIKE and Jordan brands. The Company's NIKE Direct operations are managed within each NIKE Brand geographic operating segment. Converse is also a reportable segment for the Company and operates in one industry: the design, marketing, licensing and selling of athletic lifestyle sneakers, apparel and accessories. Global Brand Divisions is included within the NIKE Brand for presentation purposes to align with the way management views the Company. Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment. Global Brand Divisions costs represent demand creation and operating overhead expense that include product creation and design expenses centrally managed for the NIKE Brand, as well as costs associated with NIKE Direct global digital operations and enterprise technology. Corporate consists primarily of unallocated general and administrative expenses, including expenses associated with centrally managed departments; depreciation and amortization related to the Company's headquarters; unallocated insurance, benefit and compensation programs, including stock-based compensation; and certain foreign currency gains and losses, including certain hedge gains and losses. The primary financial measure used by the Company to evaluate performance of individual operating segments is earnings before interest and taxes (EBIT), which represents Net income before Interest expense (income), net and Income tax expense in the Unaudited Condensed Consolidated Statements of Income. As part of the Company's centrally managed foreign exchange risk management program, standard foreign currency rates are assigned twice per year to each NIKE Brand entity in the Company's geographic operating segments and to Converse. These rates are set approximately nine and twelve months in advance of the future selling seasons to which they relate (specifically, for each currency, one standard rate applies to the fall and holiday selling seasons and one standard rate applies to the spring and summer selling seasons) based on average market spot rates in the calendar month preceding the date they are established. Inventories and Cost of sales for geographic operating segments and Converse reflect the use of these standard rates to record non-functional currency product purchases in the entity's functional currency. Differences between assigned standard foreign currency rates and actual market rates are included in Corporate, together with foreign currency hedge gains and losses generated from the Company's centrally managed foreign exchange risk management program and other conversion gains and losses. Accounts receivable, net, Inventories and Property, plant and equipment, net for operating segments are regularly reviewed by management and are therefore provided below. THREE MONTHS ENDED NOVEMBER 30, SIX MONTHS ENDED NOVEMBER 30, (Dollars in millions) 2022 2021 2022 2021 REVENUES North America $ 5,830 $ 4,477 $ 11,340 $ 9,356 Europe, Middle East & Africa 3,489 3,142 6,822 6,449 Greater China 1,788 1,844 3,444 3,826 Asia Pacific & Latin America 1,599 1,347 3,134 2,812 Global Brand Divisions 18 6 32 13 Total NIKE Brand 12,724 10,816 24,772 22,456 Converse 586 557 1,229 1,186 Corporate 5 (16) 1 (37) TOTAL NIKE, INC. REVENUES $ 13,315 $ 11,357 $ 26,002 $ 23,605 EARNINGS BEFORE INTEREST AND TAXES North America $ 1,497 $ 1,235 $ 2,874 $ 2,669 Europe, Middle East & Africa 990 806 1,965 1,681 Greater China 511 569 1,052 1,270 Asia Pacific & Latin America 485 388 985 869 Global Brand Divisions (1,226) (1,071) (2,413) (2,058) Converse 153 132 362 336 Corporate (744) (503) (1,318) (1,048) Interest expense (income), net 16 55 29 112 TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES $ 1,650 $ 1,501 $ 3,478 $ 3,607 NOVEMBER 30, MAY 31, (Dollars in millions) 2022 2022 ACCOUNTS RECEIVABLE, NET North America $ 2,365 $ 1,850 Europe, Middle East & Africa 1,647 1,351 Greater China 225 406 Asia Pacific & Latin America (1) 804 664 Global Brand Divisions 87 113 Total NIKE Brand 5,128 4,384 Converse 244 230 Corporate 65 53 TOTAL ACCOUNTS RECEIVABLE, NET $ 5,437 $ 4,667 INVENTORIES North America $ 4,299 $ 4,098 Europe, Middle East & Africa 2,112 1,887 Greater China 1,083 1,044 Asia Pacific & Latin America (1) 890 686 Global Brand Divisions 214 197 Total NIKE Brand 8,598 7,912 Converse 353 279 Corporate 375 229 TOTAL INVENTORIES $ 9,326 $ 8,420 NOVEMBER 30, MAY 31, (Dollars in millions) 2022 2022 PROPERTY, PLANT AND EQUIPMENT, NET North America $ 720 $ 639 Europe, Middle East & Africa 902 920 Greater China 284 303 Asia Pacific & Latin America (1) 269 274 Global Brand Divisions 794 789 Total NIKE Brand 2,969 2,925 Converse 41 49 Corporate 1,844 1,817 TOTAL PROPERTY, PLANT AND EQUIPMENT, NET $ 4,854 $ 4,791 (1) Excludes assets held-for-sale as of May 31, 2022. See Note 13 — Acquisitions and Divestitures for additional information.

CONTINGENCIES

CONTINGENCIES	6 Months Ended
	Nov. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	NOTE 12 — CONTINGENCIES In the ordinary course of business, the Company is subject to various legal proceedings, claims and government investigations relating to its business, products and actions of its employees and representatives, including contractual and employment relationships, product liability, antitrust, customs, intellectual property and other matters. The outcome of these legal matters is inherently uncertain, and the Company cannot predict the eventual outcome of currently pending matters, the timing of their ultimate resolution or the eventual losses, fines, penalties or consequences relating to those matters. When a loss related to a legal proceeding or claim is probable and reasonably estimable, the Company accrues its best estimate for the ultimate resolution of the matter. If one or more legal matters were to be resolved against the Company in a reporting period for amounts above management's expectations, the Company's financial position, operating results and cash flows for that reporting period could be materially adversely affected. In the opinion of management, based on its current knowledge and after consultation with counsel, the Company does not believe any currently pending legal matters will have a material adverse impact on the Company's results of operations, financial position or cash flows, except as described below. BELGIAN CUSTOMS CLAIM The Company has received claims for certain years from the Belgian Customs Authorities for alleged underpaid duties related to products imported beginning in fiscal 2018. The Company disputes these claims and has engaged in the appellate process. At this time, the Company is unable to estimate the range of loss and cannot predict the final outcome as it could take several years to reach a resolution on this matter. If this matter is ultimately resolved against the Company, the amounts owed, including fines, penalties and other consequences relating to the matter, could have a material adverse effect on the Company's results of operations, financial position and cash flows.

ACQUISITIONS AND DIVESTITURES

ACQUISITIONS AND DIVESTITURES	6 Months Ended
	Nov. 30, 2022
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS AND DIVESTITURES	NOTE 13 — ACQUISITIONS AND DIVESTITURES During the fourth quarter of fiscal 2022, the Company entered into separate definitive agreements to sell its entities in Argentina and Uruguay, as well as its entity in Chile, to third-party distributors. The related assets and liabilities of these entities within the Company’s APLA operating segment were classified as held-for-sale on the Consolidated Balance Sheets within Prepaid expenses and other current assets and Accrued liabilities, respectively, until the transactions closed. As of May 31, 2022, held-for-sale assets were $182 million and held-for-sale liabilities were $58 million. The sale of the Company’s entity in Chile to a third-party distributor was completed during the first quarter of fiscal 2023. The impacts from the transaction were not material to the Company’s Unaudited Condensed Consolidated Financial Statements.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Nov. 30, 2022
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The Unaudited Condensed Consolidated Financial Statements include the accounts of NIKE, Inc. and its subsidiaries (the “Company” or “NIKE”) and reflect all normal recurring adjustments which are, in the opinion of management, necessary for a fair statement of the results of operations for the interim period. The year-end Condensed Consolidated Balance Sheet data as of May 31, 2022, was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). The interim financial information and notes thereto should be read in conjunction with the Company's latest Annual Report on Form 10-K for the fiscal year ended May 31, 2022. The results of operations for the three and six months ended November 30, 2022, are not necessarily indicative of results to be expected for the entire fiscal year. The uncertain state of the global economy or worsening macroeconomic conditions could affect the Company’s business, including, among other things, higher inventory levels in various markets, higher inventory obsolescence reserves, higher promotional activity, reduced demand for product, reduced orders from wholesale customers for product and order cancellations. There could also be new or prolonged COVID-19 related restrictions or disruptions. Any of these factors, among others, could have material adverse impacts on the Company’s revenue growth as well as overall profitability in future periods.
FAIR VALUE MEASUREMENTS	The Company measures certain financial assets and liabilities at fair value on a recurring basis, including derivatives, equity securities and available-for-sale debt securities.
CASH FLOW HEDGES	CASH FLOW HEDGESAll changes in fair value of derivatives designated as cash flow hedge instruments are recorded in Accumulated other comprehensive income (loss) until Net income is affected by the variability of cash flows of the hedged transaction. Effective hedge results are classified in the Unaudited Condensed Consolidated Statements of Income in the same manner as the underlying exposure. When it is no longer probable the forecasted hedged transaction will occur in the initially identified time period, hedge accounting is discontinued and the Company accounts for the associated derivative as an undesignated instrument as discussed below. Additionally, the gains and losses associated with derivatives no longer designated as cash flow hedge instruments in Accumulated other comprehensive income (loss) are recognized immediately in Other (income) expense, net, if it is probable the forecasted hedged transaction will not occur by the end of the initially identified time period or within an additional two-month period thereafter. In rare circumstances, the additional period of time may exceed two months due to extenuating circumstances related to the nature of the forecasted transaction that are outside the control or influence of the Company.
UNDESIGNATED DERIVATIVE INSTRUMENTS	UNDESIGNATED DERIVATIVE INSTRUMENTSThe Company may elect to enter into foreign exchange forwards to mitigate the change in fair value of specific assets and liabilities on the Unaudited Condensed Consolidated Balance Sheets and/or embedded derivative contracts. These undesignated instruments are recorded at fair value as a derivative asset or liability on the Unaudited Condensed Consolidated Balance Sheets with their corresponding change in fair value recognized in Other (income) expense, net, together with the remeasurement gain or loss from the hedged balance sheet position and/or embedded derivative contract.
EMBEDDED DERIVATIVES	EMBEDDED DERIVATIVESEmbedded derivative contracts are treated as foreign currency forward contracts that are bifurcated from the related contract and recorded at fair value as a derivative asset or liability on the Unaudited Condensed Consolidated Balance Sheets with their corresponding change in fair value recognized in Other (income) expense, net, through the date the foreign currency fluctuations cease to exist.

ACCRUED LIABILITIES (Tables)

ACCRUED LIABILITIES (Tables)	6 Months Ended
	Nov. 30, 2022
Accrued Liabilities, Current [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities included the following: NOVEMBER 30, MAY 31, (Dollars in millions) 2022 2022 Compensation and benefits, excluding taxes $ 1,220 $ 1,297 Sales-related reserves 1,149 1,015 Import and logistics costs 580 489 Dividends payable 534 485 Allowance for expected loss on sale (1) — 397 Other 2,537 2,537 TOTAL ACCRUED LIABILITIES $ 6,020 $ 6,220

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Nov. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables present information about the Company's financial assets measured at fair value on a recurring basis as of November 30, 2022 and May 31, 2022, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement: NOVEMBER 30, 2022 (Dollars in millions) ASSETS AT FAIR VALUE CASH AND EQUIVALENTS SHORT-TERM INVESTMENTS Cash $ 788 $ 788 $ — Level 1: U.S. Treasury securities 3,417 4 3,413 Level 2: Commercial paper and bonds 622 29 593 Money market funds 5,024 5,024 — Time deposits 753 645 108 U.S. Agency securities 17 — 17 Total Level 2 6,416 5,698 718 TOTAL $ 10,621 $ 6,490 $ 4,131 MAY 31, 2022 (Dollars in millions) ASSETS AT FAIR VALUE CASH AND EQUIVALENTS SHORT-TERM INVESTMENTS Cash $ 839 $ 839 $ — Level 1: U.S. Treasury securities 3,801 8 3,793 Level 2: Commercial paper and bonds 660 37 623 Money market funds 6,458 6,458 — Time deposits 1,237 1,232 5 U.S. Agency securities 2 — 2 Total Level 2 8,357 7,727 630 TOTAL $ 12,997 $ 8,574 $ 4,423
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following tables present information about the Company's derivative assets and liabilities measured at fair value on a recurring basis and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement: NOVEMBER 30, 2022 DERIVATIVE ASSETS DERIVATIVE LIABILITIES (Dollars in millions) ASSETS AT FAIR VALUE OTHER CURRENT ASSETS OTHER LONG-TERM ASSETS LIABILITIES AT FAIR VALUE ACCRUED LIABILITIES OTHER LONG-TERM LIABILITIES Level 2: Foreign exchange forwards and options (1) $ 953 $ 759 $ 194 $ 134 $ 93 $ 41 Embedded derivatives 6 6 — 1 1 — TOTAL $ 959 $ 765 $ 194 $ 135 $ 94 $ 41 (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 $133 million as of November 30, 2022. As of that date, the Company received $345 million of cash collateral from counterparties related to foreign exchange derivative instruments. No amount of collateral was posted on the derivative liability balance as of November 30, 2022. MAY 31, 2022 DERIVATIVE ASSETS DERIVATIVE LIABILITIES (Dollars in millions) ASSETS AT FAIR VALUE OTHER CURRENT ASSETS OTHER LONG-TERM ASSETS LIABILITIES AT FAIR VALUE ACCRUED LIABILITIES OTHER LONG-TERM LIABILITIES Level 2: Foreign exchange forwards and options (1) $ 875 $ 669 $ 206 $ 76 $ 65 $ 11 Embedded derivatives 5 5 — 1 1 — TOTAL $ 880 $ 674 $ 206 $ 77 $ 66 $ 11 (1) If the foreign exchange derivative instruments had been netted on the Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $76 million as of May 31, 2022. As of that date, the Company received $486 million of cash collateral from counterparties related to foreign exchange derivative instruments. No amount of collateral was posted on the derivative liability balance as of May 31, 2022. DERIVATIVE ASSETS BALANCE SHEET LOCATION NOVEMBER 30, MAY 31, (Dollars in millions) 2022 2022 Derivatives formally designated as hedging instruments: Foreign exchange forwards and options Prepaid expenses and other current assets $ 745 $ 639 Foreign exchange forwards and options Deferred income taxes and other assets 194 206 Total derivatives formally designated as hedging instruments 939 845 Derivatives not designated as hedging instruments: Foreign exchange forwards and options Prepaid expenses and other current assets 14 30 Embedded derivatives Prepaid expenses and other current assets 6 5 Total derivatives not designated as hedging instruments 20 35 TOTAL DERIVATIVE ASSETS $ 959 $ 880 DERIVATIVE LIABILITIES BALANCE SHEET LOCATION NOVEMBER 30, MAY 31, (Dollars in millions) 2022 2022 Derivatives formally designated as hedging instruments: Foreign exchange forwards and options Accrued liabilities $ 58 $ 37 Foreign exchange forwards and options Deferred income taxes and other liabilities 41 11 Total derivatives formally designated as hedging instruments 99 48 Derivatives not designated as hedging instruments: Foreign exchange forwards and options Accrued liabilities 35 28 Embedded derivatives Accrued liabilities 1 1 Total derivatives not designated as hedging instruments 36 29 TOTAL DERIVATIVE LIABILITIES $ 135 $ 77

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Nov. 30, 2022
Share-based Payment Arrangement, Noncash Expense [Abstract]
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award	The following table summarizes the Company's total stock-based compensation expense recognized in Cost of sales or Operating overhead expense, as applicable: THREE MONTHS ENDED NOVEMBER 30, SIX MONTHS ENDED NOVEMBER 30, (Dollars in millions) 2022 2021 2022 2021 Stock options (1) $ 79 $ 81 $ 154 $ 146 ESPPs 18 14 33 29 Restricted stock and restricted stock units (1)(2) 97 75 177 131 TOTAL STOCK-BASED COMPENSATION EXPENSE $ 194 $ 170 $ 364 $ 306 (1) Expense for stock options includes the expense associated with stock appreciation rights. Accelerated stock option expense is primarily recorded for employees meeting certain retirement eligibility requirements. (2) Restricted stock units include RSUs and PSUs.
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The weighted average assumptions used to estimate these fair values were as follows: SIX MONTHS ENDED NOVEMBER 30, 2022 2021 Dividend yield 0.9 % 0.8 % Expected volatility 27.1 % 24.9 % Weighted average expected life (in years) 5.8 5.8 Risk-free interest rate 3.3 % 0.9 %

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Nov. 30, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following is a reconciliation from basic earnings per common share to diluted earnings per common share. The computations of diluted earnings per common share excluded restricted stock, restricted stock units and options, including shares under ESPPs, to purchase an estimated additional 38.0 million and 9.2 million shares of common stock outstanding for the three months ended November 30, 2022 and 2021, respectively, and 35.1 million and 9.1 million shares of common stock outstanding for the six months ended November 30, 2022 and 2021, respectively, because the awards were assumed to be anti-dilutive. THREE MONTHS ENDED NOVEMBER 30, SIX MONTHS ENDED NOVEMBER 30, (In millions, except per share data) 2022 2021 2022 2021 Net income available to common stockholders $ 1,331 $ 1,337 $ 2,799 $ 3,211 Determination of shares: Weighted average common shares outstanding 1,559.0 1,582.4 1,563.1 1,582.2 Assumed conversion of dilutive stock options and awards 13.4 35.0 16.0 36.3 DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 1,572.4 1,617.4 1,579.1 1,618.5 Earnings per common share: Basic $ 0.85 $ 0.84 $ 1.79 $ 2.03 Diluted $ 0.85 $ 0.83 $ 1.77 $ 1.98

RISK MANAGEMENT AND DERIVATIV_2

RISK MANAGEMENT AND DERIVATIVES (Tables)	6 Months Ended
	Nov. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following tables present information about the Company's derivative assets and liabilities measured at fair value on a recurring basis and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement: NOVEMBER 30, 2022 DERIVATIVE ASSETS DERIVATIVE LIABILITIES (Dollars in millions) ASSETS AT FAIR VALUE OTHER CURRENT ASSETS OTHER LONG-TERM ASSETS LIABILITIES AT FAIR VALUE ACCRUED LIABILITIES OTHER LONG-TERM LIABILITIES Level 2: Foreign exchange forwards and options (1) $ 953 $ 759 $ 194 $ 134 $ 93 $ 41 Embedded derivatives 6 6 — 1 1 — TOTAL $ 959 $ 765 $ 194 $ 135 $ 94 $ 41 (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 $133 million as of November 30, 2022. As of that date, the Company received $345 million of cash collateral from counterparties related to foreign exchange derivative instruments. No amount of collateral was posted on the derivative liability balance as of November 30, 2022. MAY 31, 2022 DERIVATIVE ASSETS DERIVATIVE LIABILITIES (Dollars in millions) ASSETS AT FAIR VALUE OTHER CURRENT ASSETS OTHER LONG-TERM ASSETS LIABILITIES AT FAIR VALUE ACCRUED LIABILITIES OTHER LONG-TERM LIABILITIES Level 2: Foreign exchange forwards and options (1) $ 875 $ 669 $ 206 $ 76 $ 65 $ 11 Embedded derivatives 5 5 — 1 1 — TOTAL $ 880 $ 674 $ 206 $ 77 $ 66 $ 11 (1) If the foreign exchange derivative instruments had been netted on the Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $76 million as of May 31, 2022. As of that date, the Company received $486 million of cash collateral from counterparties related to foreign exchange derivative instruments. No amount of collateral was posted on the derivative liability balance as of May 31, 2022. DERIVATIVE ASSETS BALANCE SHEET LOCATION NOVEMBER 30, MAY 31, (Dollars in millions) 2022 2022 Derivatives formally designated as hedging instruments: Foreign exchange forwards and options Prepaid expenses and other current assets $ 745 $ 639 Foreign exchange forwards and options Deferred income taxes and other assets 194 206 Total derivatives formally designated as hedging instruments 939 845 Derivatives not designated as hedging instruments: Foreign exchange forwards and options Prepaid expenses and other current assets 14 30 Embedded derivatives Prepaid expenses and other current assets 6 5 Total derivatives not designated as hedging instruments 20 35 TOTAL DERIVATIVE ASSETS $ 959 $ 880 DERIVATIVE LIABILITIES BALANCE SHEET LOCATION NOVEMBER 30, MAY 31, (Dollars in millions) 2022 2022 Derivatives formally designated as hedging instruments: Foreign exchange forwards and options Accrued liabilities $ 58 $ 37 Foreign exchange forwards and options Deferred income taxes and other liabilities 41 11 Total derivatives formally designated as hedging instruments 99 48 Derivatives not designated as hedging instruments: Foreign exchange forwards and options Accrued liabilities 35 28 Embedded derivatives Accrued liabilities 1 1 Total derivatives not designated as hedging instruments 36 29 TOTAL DERIVATIVE LIABILITIES $ 135 $ 77
Schedule of Derivative Instruments, Gain (Loss) In Statement of Income	The following tables present the amounts in the Unaudited Condensed Consolidated Statements of Income in which the effects of cash flow hedges are recorded and the effects of cash flow hedge activity on these line items: THREE MONTHS ENDED NOVEMBER 30, 2022 2021 (Dollars in millions) TOTAL AMOUNT OF GAIN (LOSS) TOTAL AMOUNT OF GAIN (LOSS) Revenues $ 13,315 $ 4 $ 11,357 $ (20) Cost of sales 7,604 173 6,144 (30) Demand creation expense 1,102 (2) 1,017 — Other (income) expense, net (79) 125 (102) 20 Interest expense (income), net 16 (2) 55 (1) SIX MONTHS ENDED NOVEMBER 30, 2022 2021 (Dollars in millions) TOTAL AMOUNT OF GAIN (LOSS) TOTAL AMOUNT OF GAIN (LOSS) Revenues $ 26,002 $ (5) $ 23,605 $ (41) Cost of sales 14,676 282 12,696 (96) Demand creation expense 2,045 (3) 1,935 1 Other (income) expense, net (225) 207 (141) 11 Interest expense (income), net 29 (4) 112 (3)
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 (1) AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME (1) THREE MONTHS ENDED NOVEMBER 30, LOCATION OF GAIN (LOSS) THREE MONTHS ENDED NOVEMBER 30, 2022 2021 2022 2021 Derivatives designated as cash flow hedges: Foreign exchange forwards and options $ (3) $ (31) Revenues $ 4 $ (20) Foreign exchange forwards and options (101) 253 Cost of sales 173 (30) Foreign exchange forwards and options 2 (2) Demand creation expense (2) — Foreign exchange forwards and options (47) 143 Other (income) expense, net 125 20 Interest rate swaps (2) — — Interest expense (income), net (2) (1) TOTAL DESIGNATED CASH FLOW HEDGES $ (149) $ 363 $ 298 $ (31) (1) For the three months ended November 30, 2022 and 2021, the amounts recorded in Other (income) expense, net as a result of the discontinuance of cash flow hedges because the forecasted transactions were no longer probable of occurring were immaterial. (2) Gains and losses associated with terminated interest rate swaps, which were previously designated as cash flow hedges and recorded in Accumulated other comprehensive income (loss), will be released through Interest expense (income), net over the term of the issued debt. (Dollars in millions) AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER (1) AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME (1) SIX MONTHS ENDED NOVEMBER 30, LOCATION OF GAIN (LOSS) SIX MONTHS ENDED NOVEMBER 30, 2022 2021 2022 2021 Derivatives designated as cash flow hedges: Foreign exchange forwards and options $ 22 $ (37) Revenues $ (5) $ (41) Foreign exchange forwards and options 386 518 Cost of sales 282 (96) Foreign exchange forwards and options (3) (3) Demand creation expense (3) 1 Foreign exchange forwards and options 246 273 Other (income) expense, net 207 11 Interest rate swaps (2) — — Interest expense (income), net (4) (3) TOTAL DESIGNATED CASH FLOW HEDGES $ 651 $ 751 $ 477 $ (128) (1) For the six months ended November 30, 2022 and 2021, the amounts recorded in Other (income) expense, net as a result of the discontinuance of cash flow hedges because the forecasted transactions were no longer probable of occurring were immaterial. (2) Gains and losses associated with terminated interest rate swaps, which were previously designated as cash flow hedges and recorded in Accumulated other comprehensive income (loss), will be released through Interest expense (income), net over the term of the issued debt. AMOUNT OF GAIN (LOSS) RECOGNIZED LOCATION OF GAIN (LOSS) THREE MONTHS ENDED NOVEMBER 30, SIX MONTHS ENDED NOVEMBER 30, (Dollars in millions) 2022 2021 2022 2021 Derivatives not designated as hedging instruments: Foreign exchange forwards and options $ (6) $ 9 $ 44 $ 32 Other (income) expense, net Embedded derivatives 23 (4) 34 (9) Other (income) expense, net

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	6 Months Ended
	Nov. 30, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income	The changes in Accumulated other comprehensive income (loss), net of tax, were as follows: (Dollars in millions) FOREIGN CURRENCY TRANSLATION ADJUSTMENT (1) CASH FLOW HEDGES NET INVESTMENT HEDGES (1) OTHER TOTAL Balance at August 31, 2022 $ (746) $ 1,334 $ 115 $ (67) $ 636 Other comprehensive income (loss): Other comprehensive gains (losses) before reclassifications (2) 45 (138) — (24) (117) Reclassifications to net income of previously deferred (gains) losses (3) 309 (263) — (6) 40 Total other comprehensive income (loss) 354 (401) — (30) (77) Balance at November 30, 2022 $ (392) $ 933 $ 115 $ (97) $ 559 (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, $11 million, $0 million, $6 million and $17 million, respectively. (3) Net of tax (benefit) expense of $(16) million, $35 million, $0 million, $3 million and $22 million, respectively. (Dollars in millions) FOREIGN CURRENCY TRANSLATION ADJUSTMENT (1) CASH FLOW HEDGES NET INVESTMENT HEDGES (1) OTHER TOTAL Balance at August 31, 2021 $ (126) $ 3 $ 115 $ (59) $ (67) Other comprehensive income (loss): Other comprehensive gains (losses) before reclassifications (2) (155) 336 — 6 187 Reclassifications to net income of previously deferred (gains) losses (3) — 30 — (5) 25 Total other comprehensive income (loss) (155) 366 — 1 212 Balance at November 30, 2021 $ (281) $ 369 $ 115 $ (58) $ 145 (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, $(27) million, $0 million, $(2) million and $(29) million, respectively. (3) Net of tax (benefit) expense of $0 million, $(1) million, $0 million, $3 million and $2 million, respectively. (Dollars in millions) FOREIGN CURRENCY TRANSLATION ADJUSTMENT (1) CASH FLOW HEDGES NET INVESTMENT HEDGES (1) OTHER TOTAL Balance at May 31, 2022 $ (520) $ 779 $ 115 $ (56) $ 318 Other comprehensive income (loss): Other comprehensive gains (losses) before reclassifications (2) (227) 578 — (27) 324 Reclassifications to net income of previously deferred (gains) losses (3) 355 (424) — (14) (83) Total other comprehensive income (loss) 128 154 — (41) 241 Balance at November 30, 2022 $ (392) $ 933 $ 115 $ (97) $ 559 (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, $(73) million, $0 million, $7 million and $(66) million, respectively. (3) Net of tax (benefit) expense of $(16) million, $53 million, $0 million, $6 million and $43 million, respectively. (Dollars in millions) FOREIGN CURRENCY TRANSLATION ADJUSTMENT (1) CASH FLOW HEDGES NET INVESTMENT HEDGES (1) OTHER TOTAL Balance at May 31, 2021 $ 2 $ (435) $ 115 $ (62) $ (380) Other comprehensive income (loss): Other comprehensive gains (losses) before reclassifications (2) (283) 685 — 14 416 Reclassifications to net income of previously deferred (gains) losses (3) — 119 — (10) 109 Total other comprehensive income (loss) (283) 804 — 4 525 Balance at November 30, 2021 $ (281) $ 369 $ 115 $ (58) $ 145 (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, $(66) million, $0 million, $(4) million and $(70) million, respectively. (3) Net of tax (benefit) expense of $0 million, $(9) million, $0 million, $4 million and $(5) 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 INCOME LOCATION OF GAIN (LOSS) THREE MONTHS ENDED NOVEMBER 30, SIX MONTHS ENDED NOVEMBER 30, (Dollars in millions) 2022 2021 2022 2021 Gains (losses) on foreign currency translation adjustment $ (325) $ — $ (371) $ — Other (income) expense, net Total before tax (325) — (371) — Tax (expense) benefit 16 — 16 — Gain (loss) net of tax (309) — (355) — Gains (losses) on cash flow hedges: Foreign exchange forwards and options $ 4 $ (20) $ (5) $ (41) Revenues Foreign exchange forwards and options 173 (30) 282 (96) Cost of sales Foreign exchange forwards and options (2) — (3) 1 Demand creation expense Foreign exchange forwards and options 125 20 207 11 Other (income) expense, net Interest rate swaps (2) (1) (4) (3) Interest expense (income), net Total before tax 298 (31) 477 (128) Tax (expense) benefit (35) 1 (53) 9 Gain (loss) net of tax 263 (30) 424 (119) Gains (losses) on other 9 8 20 14 Other (income) expense, net Total before tax 9 8 20 14 Tax (expense) benefit (3) (3) (6) (4) Gain (loss) net of tax 6 5 14 10 Total net gain (loss) reclassified for the period $ (40) $ (25) $ 83 $ (109)

REVENUES (Tables)

REVENUES (Tables)	6 Months Ended
	Nov. 30, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables present the Company's Revenues disaggregated by reportable operating segment, major product line and distribution channel: THREE MONTHS ENDED NOVEMBER 30, 2022 (Dollars in millions) NORTH AMERICA EUROPE, MIDDLE EAST & AFRICA GREATER CHINA ASIA PACIFIC & LATIN AMERICA GLOBAL BRAND DIVISIONS TOTAL NIKE BRAND CONVERSE CORPORATE TOTAL NIKE, INC. Revenues by: Footwear $ 3,963 $ 2,063 $ 1,370 $ 1,108 $ — $ 8,504 $ 517 $ — $ 9,021 Apparel 1,685 1,281 393 435 — 3,794 21 — 3,815 Equipment 182 145 25 56 — 408 6 — 414 Other — — — — 18 18 42 5 65 TOTAL REVENUES $ 5,830 $ 3,489 $ 1,788 $ 1,599 $ 18 $ 12,724 $ 586 $ 5 $ 13,315 Revenues by: Sales to Wholesale Customers $ 3,183 $ 2,242 $ 897 $ 965 $ — $ 7,287 $ 304 $ — $ 7,591 Sales through Direct to Consumer 2,647 1,247 891 634 — 5,419 240 — 5,659 Other — — — — 18 18 42 5 65 TOTAL REVENUES $ 5,830 $ 3,489 $ 1,788 $ 1,599 $ 18 $ 12,724 $ 586 $ 5 $ 13,315 THREE MONTHS ENDED NOVEMBER 30, 2021 (Dollars in millions) NORTH AMERICA EUROPE, MIDDLE EAST & AFRICA GREATER CHINA ASIA PACIFIC & LATIN AMERICA GLOBAL BRAND DIVISIONS TOTAL NIKE BRAND CONVERSE CORPORATE TOTAL NIKE, INC. Revenues by: Footwear $ 2,852 $ 1,806 $ 1,235 $ 887 $ — $ 6,780 $ 485 $ — $ 7,265 Apparel 1,480 1,202 564 402 — 3,648 34 — 3,682 Equipment 145 134 45 58 — 382 5 — 387 Other — — — — 6 6 33 (16) 23 TOTAL REVENUES $ 4,477 $ 3,142 $ 1,844 $ 1,347 $ 6 $ 10,816 $ 557 $ (16) $ 11,357 Revenues by: Sales to Wholesale Customers $ 2,327 $ 2,112 $ 896 $ 784 $ — $ 6,119 $ 303 $ — $ 6,422 Sales through Direct to Consumer 2,150 1,030 948 563 — 4,691 221 — 4,912 Other — — — — 6 6 33 (16) 23 TOTAL REVENUES $ 4,477 $ 3,142 $ 1,844 $ 1,347 $ 6 $ 10,816 $ 557 $ (16) $ 11,357 SIX MONTHS ENDED NOVEMBER 30, 2022 (Dollars in millions) NORTH AMERICA EUROPE, MIDDLE EAST & AFRICA GREATER CHINA ASIA PACIFIC & LATIN AMERICA GLOBAL BRAND DIVISIONS TOTAL NIKE BRAND CONVERSE CORPORATE TOTAL NIKE, INC. Revenues by: Footwear $ 7,768 $ 4,075 $ 2,603 $ 2,172 $ — $ 16,618 $ 1,093 $ — $ 17,711 Apparel 3,179 2,434 767 848 — 7,228 42 — 7,270 Equipment 393 313 74 114 — 894 14 — 908 Other — — — — 32 32 80 1 113 TOTAL REVENUES $ 11,340 $ 6,822 $ 3,444 $ 3,134 $ 32 $ 24,772 $ 1,229 $ 1 $ 26,002 Revenues by: Sales to Wholesale Customers $ 6,210 $ 4,445 $ 1,736 $ 1,879 $ — $ 14,270 $ 647 $ — $ 14,917 Sales through Direct to Consumer 5,130 2,377 1,708 1,255 — 10,470 502 — 10,972 Other — — — — 32 32 80 1 113 TOTAL REVENUES $ 11,340 $ 6,822 $ 3,444 $ 3,134 $ 32 $ 24,772 $ 1,229 $ 1 $ 26,002 SIX MONTHS ENDED NOVEMBER 30, 2021 (Dollars in millions) NORTH AMERICA EUROPE, MIDDLE EAST & AFRICA GREATER CHINA ASIA PACIFIC & LATIN AMERICA GLOBAL BRAND DIVISIONS TOTAL NIKE BRAND CONVERSE CORPORATE TOTAL NIKE, INC. Revenues by: Footwear $ 6,116 $ 3,789 $ 2,684 $ 1,909 $ — $ 14,498 $ 1,052 $ — $ 15,550 Apparel 2,910 2,361 1,040 787 — 7,098 58 — 7,156 Equipment 330 299 102 116 — 847 14 — 861 Other — — — — 13 13 62 (37) 38 TOTAL REVENUES $ 9,356 $ 6,449 $ 3,826 $ 2,812 $ 13 $ 22,456 $ 1,186 $ (37) $ 23,605 Revenues by: Sales to Wholesale Customers $ 5,005 $ 4,336 $ 2,010 $ 1,711 $ — $ 13,062 $ 672 $ — $ 13,734 Sales through Direct to Consumer 4,351 2,113 1,816 1,101 — 9,381 452 — 9,833 Other — — — — 13 13 62 (37) 38 TOTAL REVENUES $ 9,356 $ 6,449 $ 3,826 $ 2,812 $ 13 $ 22,456 $ 1,186 $ (37) $ 23,605

OPERATING SEGMENTS (Tables)

OPERATING SEGMENTS (Tables)	6 Months Ended
	Nov. 30, 2022
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Accounts receivable, net, Inventories and Property, plant and equipment, net for operating segments are regularly reviewed by management and are therefore provided below. THREE MONTHS ENDED NOVEMBER 30, SIX MONTHS ENDED NOVEMBER 30, (Dollars in millions) 2022 2021 2022 2021 REVENUES North America $ 5,830 $ 4,477 $ 11,340 $ 9,356 Europe, Middle East & Africa 3,489 3,142 6,822 6,449 Greater China 1,788 1,844 3,444 3,826 Asia Pacific & Latin America 1,599 1,347 3,134 2,812 Global Brand Divisions 18 6 32 13 Total NIKE Brand 12,724 10,816 24,772 22,456 Converse 586 557 1,229 1,186 Corporate 5 (16) 1 (37) TOTAL NIKE, INC. REVENUES $ 13,315 $ 11,357 $ 26,002 $ 23,605 EARNINGS BEFORE INTEREST AND TAXES North America $ 1,497 $ 1,235 $ 2,874 $ 2,669 Europe, Middle East & Africa 990 806 1,965 1,681 Greater China 511 569 1,052 1,270 Asia Pacific & Latin America 485 388 985 869 Global Brand Divisions (1,226) (1,071) (2,413) (2,058) Converse 153 132 362 336 Corporate (744) (503) (1,318) (1,048) Interest expense (income), net 16 55 29 112 TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES $ 1,650 $ 1,501 $ 3,478 $ 3,607
Reconciliation of Assets from Segment to Consolidated	NOVEMBER 30, MAY 31, (Dollars in millions) 2022 2022 ACCOUNTS RECEIVABLE, NET North America $ 2,365 $ 1,850 Europe, Middle East & Africa 1,647 1,351 Greater China 225 406 Asia Pacific & Latin America (1) 804 664 Global Brand Divisions 87 113 Total NIKE Brand 5,128 4,384 Converse 244 230 Corporate 65 53 TOTAL ACCOUNTS RECEIVABLE, NET $ 5,437 $ 4,667 INVENTORIES North America $ 4,299 $ 4,098 Europe, Middle East & Africa 2,112 1,887 Greater China 1,083 1,044 Asia Pacific & Latin America (1) 890 686 Global Brand Divisions 214 197 Total NIKE Brand 8,598 7,912 Converse 353 279 Corporate 375 229 TOTAL INVENTORIES $ 9,326 $ 8,420 NOVEMBER 30, MAY 31, (Dollars in millions) 2022 2022 PROPERTY, PLANT AND EQUIPMENT, NET North America $ 720 $ 639 Europe, Middle East & Africa 902 920 Greater China 284 303 Asia Pacific & Latin America (1) 269 274 Global Brand Divisions 794 789 Total NIKE Brand 2,969 2,925 Converse 41 49 Corporate 1,844 1,817 TOTAL PROPERTY, PLANT AND EQUIPMENT, NET $ 4,854 $ 4,791 (1) Excludes assets held-for-sale as of May 31, 2022. See Note 13 — Acquisitions and Divestitures for additional information.

INVENTORIES (Detail)

INVENTORIES (Detail) - USD ($) $ in Millions	Nov. 30, 2022	May 31, 2022
Inventory Disclosure [Abstract]
Inventories	$ 9,326	$ 8,420

ACCRUED LIABILITIES (Detail)

ACCRUED LIABILITIES (Detail) - USD ($) $ in Millions	Nov. 30, 2022	May 31, 2022
Accrued Liabilities, Current [Abstract]
Compensation and benefits, excluding taxes	$ 1,220	$ 1,297
Sales-related reserves	1,149	1,015
Import and logistics costs	580	489
Dividends payable	534	485
Allowance for expected loss on sale	0	397
Other	2,537	2,537
Accrued liabilities	$ 6,020	$ 6,220

FAIR VALUE MEASUREMENTS - Finan

FAIR VALUE MEASUREMENTS - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions	Nov. 30, 2022	May 31, 2022
Assets, Fair Value Disclosure [Abstract]
SHORT-TERM INVESTMENTS	$ 4,131	$ 4,423
Fair Value, Measurements, Recurring
Assets, Fair Value Disclosure [Abstract]
Cash	788	839
ASSETS AT FAIR VALUE	10,621	12,997
CASH AND EQUIVALENTS	6,490	8,574
SHORT-TERM INVESTMENTS	4,131	4,423
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | U.S. Treasury securities
Assets, Fair Value Disclosure [Abstract]
ASSETS AT FAIR VALUE	3,417	3,801
CASH AND EQUIVALENTS	4	8
SHORT-TERM INVESTMENTS	3,413	3,793
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2
Assets, Fair Value Disclosure [Abstract]
ASSETS AT FAIR VALUE	6,416	8,357
CASH AND EQUIVALENTS	5,698	7,727
SHORT-TERM INVESTMENTS	718	630
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Commercial paper and bonds
Assets, Fair Value Disclosure [Abstract]
ASSETS AT FAIR VALUE	622	660
CASH AND EQUIVALENTS	29	37
SHORT-TERM INVESTMENTS	593	623
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Money market funds
Assets, Fair Value Disclosure [Abstract]
ASSETS AT FAIR VALUE	5,024	6,458
CASH AND EQUIVALENTS	5,024	6,458
SHORT-TERM INVESTMENTS	0	0
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Time deposits
Assets, Fair Value Disclosure [Abstract]
ASSETS AT FAIR VALUE	753	1,237
CASH AND EQUIVALENTS	645	1,232
SHORT-TERM INVESTMENTS	108	5
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | U.S. Agency securities
Assets, Fair Value Disclosure [Abstract]
ASSETS AT FAIR VALUE	17	2
CASH AND EQUIVALENTS	0	0
SHORT-TERM INVESTMENTS	$ 17	$ 2

FAIR VALUE MEASUREMENTS - Addit

FAIR VALUE MEASUREMENTS - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2022	Nov. 30, 2021	May 31, 2022
Fair Value Disclosures [Abstract]
Available-for-sale securities with maturity dates within one year from purchase date	$ 3,060		$ 3,060
Available-for-sale securities with maturity dates over one year and less than five years from purchase date	1,071		1,071
Interest income related to cash and equivalents and short-term investments	49	$ 18	114	$ 35
Fair value of long term debt	$ 8,410		$ 8,410		$ 8,933

FAIR VALUE MEASUREMENTS - Deriv

FAIR VALUE MEASUREMENTS - Derivative Assets and Liabilities at Fair Value (Detail) - USD ($) $ in Millions	Nov. 30, 2022	May 31, 2022
Fair Value, Measurements, Recurring | Foreign exchange forwards and options
Derivatives, Fair Value [Line Items]
Reduction in derivative liabilities if netted	$ 133	$ 76
Reduction in derivative assets if netted	133	76
Cash and Cash Equivalents
Derivatives, Fair Value [Line Items]
Sales-related reserves	345
Cash and Cash Equivalents | Foreign exchange forwards and options
Derivatives, Fair Value [Line Items]
Sales-related reserves	345	486
Fair value of derivative liability collateral	0	0
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring
Derivatives, Fair Value [Line Items]
ASSETS AT FAIR VALUE	959	880
OTHER CURRENT ASSETS	765	674
OTHER LONG-TERM ASSETS	194	206
LIABILITIES AT FAIR VALUE	135	77
ACCRUED LIABILITIES	94	66
OTHER LONG-TERM LIABILITIES	41	11
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Foreign exchange forwards and options
Derivatives, Fair Value [Line Items]
ASSETS AT FAIR VALUE	953	875
OTHER CURRENT ASSETS	759	669
OTHER LONG-TERM ASSETS	194	206
LIABILITIES AT FAIR VALUE	134	76
ACCRUED LIABILITIES	93	65
OTHER LONG-TERM LIABILITIES	41	11
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Embedded derivatives
Derivatives, Fair Value [Line Items]
ASSETS AT FAIR VALUE	6	5
OTHER CURRENT ASSETS	6	5
OTHER LONG-TERM ASSETS	0	0
LIABILITIES AT FAIR VALUE	1	1
ACCRUED LIABILITIES	1	1
OTHER LONG-TERM LIABILITIES	$ 0	$ 0

INCOME TAXES (Detail)

INCOME TAXES (Detail) - USD ($) $ in Millions	6 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	May 31, 2022
Income Tax Disclosure [Abstract]
Federal income tax rate	19.50%	11%
Total gross unrecognized tax benefits, excluding related interest and penalties	$ 867		$ 848
Total gross unrecognized tax benefits, excluding related interest and penalties, amount which would affect the Company's effective tax rate if recognized in future periods	652
Accrued interest and penalties related to uncertain tax positions (excluding federal benefit)	276		$ 248
Estimated decrease in total gross unrecognized tax benefits as a result of resolutions of global tax examinations and expiration of applicable statutes of limitations	$ 20

STOCK-BASED COMPENSATION - Tota

STOCK-BASED COMPENSATION - Total Stock-Based Compensation Expense (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2022	Nov. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax benefit related to stock-based compensation expense	$ 2	$ 87	$ 22	$ 273
Class B Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 194	170	$ 364	306
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	$ 79	81	$ 154	146
ESPPs | Class B Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	18	14	33	29
Restricted stock and restricted stock units | Class B Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 97	$ 75	$ 177	$ 131

STOCK-BASED COMPENSATION - Weig

STOCK-BASED COMPENSATION - Weighted Average Assumptions Used to Estimate Fair Values (Detail) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Nov. 30, 2022	Nov. 30, 2021
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value per share of the options granted (in dollars per share)	$ 31.31	$ 37.53
Dividend yield	0.90%	0.80%
Expected volatility	27.10%	24.90%
Weighted average expected life	5 years 9 months 18 days	5 years 9 months 18 days
Risk-free interest rate	3.30%	0.90%
Stock Incentive Plan | Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs from stock options	$ 584
Unrecognized compensation costs from stock options, net of estimated forfeitures, to be recognized as operating overhead expense over a weighted average period	2 years 8 months 12 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

STOCK-BASED COMPENSATION - Rest

STOCK-BASED COMPENSATION - Restricted Stock and Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Nov. 30, 2022	Nov. 30, 2021
Restricted Stock And Time-Vesting Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value (in dollars per share)	$ 107.60	$ 163.27
Performance Based Restricted Stock (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value (in dollars per share)	$ 134.71	$ 250.52
Restricted stock and restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs from restricted stock, net of estimated forfeitures	$ 760
Unrecognized compensation costs from stock options, net of estimated forfeitures, to be recognized as operating overhead expense over a weighted average period	2 years 7 months 6 days

EARNINGS PER SHARE - Additional

EARNINGS PER SHARE - Additional Information (Detail) - shares shares in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2022	Nov. 30, 2021
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive options not included in the computation of diluted earnings per share (in shares)	38	35.1	9.2	9.1

EARNINGS PER SHARE - Reconcilia

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		6 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2022	Nov. 30, 2021
Earnings Per Share [Abstract]
Net income available to common stockholders	$ 1,331	$ 1,337	$ 2,799	$ 3,211
Determination of shares:
Weighted average common shares outstanding (in shares)	1,559	1,582.4	1,563.1	1,582.2
Assumed conversion of dilutive stock options and awards (in shares)	13.4	35	16	36.3
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (in shares)	1,572.4	1,617.4	1,579.1	1,618.5
Earnings per common share:
Basic (in dollars per share)	$ 0.85	$ 0.84	$ 1.79	$ 2.03
Diluted (in dollars per share)	$ 0.85	$ 0.83	$ 1.77	$ 1.98

RISK MANAGEMENT AND DERIVATIV_3

RISK MANAGEMENT AND DERIVATIVES - Additional Information (Detail)	6 Months Ended
	Nov. 30, 2022 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Deferred net gains (net of tax) on both outstanding and matured derivatives accumulated in other comprehensive income are expected to be reclassified to net income during the next twelve months as a result of underlying hedged transactions also being recorded in net income	$ 798,000,000
Maximum term over which the company hedges exposures to the variability of cash flows for its forecasted transactions	30 months
Credit risk related contingent features collateral threshold	$ 50,000,000
Derivative instruments in net asset position	820,000,000
Cash and Cash Equivalents
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sales-related reserves	345,000,000
Not designated as derivative instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total notional amount of outstanding derivatives	4,600,000,000
Embedded derivatives
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total notional amount of outstanding derivatives	$ 360,000,000
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	$ 17,400,000,000

RISK MANAGEMENT AND DERIVATIV_4

RISK MANAGEMENT AND DERIVATIVES - FV of Derivative Instruments Included within Consolidated Balance Sheet (Detail) - USD ($) $ in Millions	Nov. 30, 2022	May 31, 2022
Derivatives, Fair Value [Line Items]
DERIVATIVE ASSETS	$ 959	$ 880
DERIVATIVE LIABILITIES	135	77
Derivatives formally designated as hedging instruments
Derivatives, Fair Value [Line Items]
DERIVATIVE ASSETS	939	845
DERIVATIVE LIABILITIES	99	48
Derivatives formally designated as hedging instruments | Foreign exchange forwards and options | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
DERIVATIVE ASSETS	745	639
Derivatives formally designated as hedging instruments | Foreign exchange forwards and options | Deferred income taxes and other assets
Derivatives, Fair Value [Line Items]
DERIVATIVE ASSETS	194	206
Derivatives formally designated as hedging instruments | Foreign exchange forwards and options | Accrued liabilities
Derivatives, Fair Value [Line Items]
DERIVATIVE LIABILITIES	58	37
Derivatives formally designated as hedging instruments | Foreign exchange forwards and options | Deferred income taxes and other liabilities
Derivatives, Fair Value [Line Items]
DERIVATIVE LIABILITIES	41	11
Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
DERIVATIVE ASSETS	20	35
DERIVATIVE LIABILITIES	36	29
Derivatives not designated as hedging instruments | Foreign exchange forwards and options | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
DERIVATIVE ASSETS	14	30
Derivatives not designated as hedging instruments | Foreign exchange forwards and options | Accrued liabilities
Derivatives, Fair Value [Line Items]
DERIVATIVE LIABILITIES	35	28
Derivatives not designated as hedging instruments | Embedded derivatives | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
DERIVATIVE ASSETS	6	5
Derivatives not designated as hedging instruments | Embedded derivatives | Accrued liabilities
Derivatives, Fair Value [Line Items]
DERIVATIVE LIABILITIES	$ 1	$ 1

RISK MANAGEMENT AND DERIVATIV_5

RISK MANAGEMENT AND DERIVATIVES - Effects Of Cash Flow Hedges in Statement of Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2022	Nov. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Revenues	$ 13,315	$ 11,357	$ 26,002	$ 23,605
Cost of sales	7,604	6,144	14,676	12,696
Demand creation expense	1,102	1,017	2,045	1,935
Other (income) expense, net	(79)	(102)	(225)	(141)
Interest expense (income), net	16	55	29	112
Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
AMOUNT OF GAIN (LOSS) ON CASH FLOW HEDGE ACTIVITY	298	(31)	477	(128)
Foreign exchange forwards and options | Revenues | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
AMOUNT OF GAIN (LOSS) ON CASH FLOW HEDGE ACTIVITY	4	(20)	(5)	(41)
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	173	(30)	282	(96)
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	(2)	0	(3)	1
Foreign exchange forwards and options | Other (income) expense, net | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
AMOUNT OF GAIN (LOSS) ON CASH FLOW HEDGE ACTIVITY	125	20	207	11
Interest rate swaps | Interest expense (income), net | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
AMOUNT OF GAIN (LOSS) ON CASH FLOW HEDGE ACTIVITY	$ (2)	$ (1)	$ (4)	$ (3)

RISK MANAGEMENT AND DERIVATIV_6

RISK MANAGEMENT AND DERIVATIVES - Amounts Affecting Consolidated Statements of Income (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2022	Nov. 30, 2021
Foreign exchange forwards and options | Other (income) expense, net | Derivatives not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
AMOUNT OF GAIN (LOSS) RECOGNIZED IN INCOME ON DERIVATIVES	$ (6)	$ 9	$ 44	$ 32
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	23	(4)	34	(9)
Derivatives designated as cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives	(149)	363	651	751
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income	298	(31)	477	(128)
Derivatives designated as cash flow hedges | Foreign exchange forwards and options | Revenues
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives	(3)	(31)	22	(37)
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income	4	(20)	(5)	(41)
Derivatives designated as cash flow hedges | Foreign exchange forwards and options | Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives	(101)	253	386	518
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income	173	(30)	282	(96)
Derivatives designated as cash flow hedges | Foreign exchange forwards and options | Demand creation expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives	2	(2)	(3)	(3)
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income	(2)	0	(3)	1
Derivatives designated as cash flow hedges | Foreign exchange forwards and options | Other (income) expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives	(47)	143	246	273
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income	125	20	207	11
Derivatives designated as cash flow hedges | Interest rate swaps | Interest expense (income), net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives	0	0	0	0
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income	$ (2)	$ (1)	$ (4)	$ (3)

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Changes in AOCI (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2022	Nov. 30, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 15,822	$ 14,343	$ 15,281	$ 12,767
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications	(117)	187	324	416
Reclassifications to net income of previously deferred (gains) losses	40	25	(83)	109
Total other comprehensive income (loss), net of tax	(77)	212	241	525
Ending balance	15,272	14,924	15,272	14,924
Other comprehensive income, before reclassification, tax benefit (expense)	17	(29)	(66)	(70)
Reclassification from AOCI, current period, tax expense (benefit)	22	2	43	(5)
TOTAL
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	636	(67)	318	(380)
Other comprehensive income (loss):
Ending balance	559	145	559	145
Gains (losses) on foreign currency translation adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(746)	(126)	(520)	2
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications	45	(155)	(227)	(283)
Reclassifications to net income of previously deferred (gains) losses	309	0	355	0
Total other comprehensive income (loss), net of tax	354	(155)	128	(283)
Ending balance	(392)	(281)	(392)	(281)
Other comprehensive income, before reclassification, tax benefit (expense)	0	0	0	0
Reclassification from AOCI, current period, tax expense (benefit)	(16)	0	(16)	0
CASH FLOW HEDGES
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	1,334	3	779	(435)
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications	(138)	336	578	685
Reclassifications to net income of previously deferred (gains) losses	(263)	30	(424)	119
Total other comprehensive income (loss), net of tax	(401)	366	154	804
Ending balance	933	369	933	369
Other comprehensive income, before reclassification, tax benefit (expense)	11	(27)	(73)	(66)
Reclassification from AOCI, current period, tax expense (benefit)	35	(1)	53	(9)
NET INVESTMENT HEDGES
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	115	115	115	115
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications	0	0	0	0
Reclassifications to net income of previously deferred (gains) losses	0	0	0	0
Total other comprehensive income (loss), net of tax	0	0	0	0
Ending balance	115	115	115	115
Other comprehensive income, before reclassification, tax benefit (expense)	0	0	0	0
Reclassification from AOCI, current period, tax expense (benefit)	0	0	0	0
OTHER
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(67)	(59)	(56)	(62)
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications	(24)	6	(27)	14
Reclassifications to net income of previously deferred (gains) losses	(6)	(5)	(14)	(10)
Total other comprehensive income (loss), net of tax	(30)	1	(41)	4
Ending balance	(97)	(58)	(97)	(58)
Other comprehensive income, before reclassification, tax benefit (expense)	6	(2)	7	(4)
Reclassification from AOCI, current period, tax expense (benefit)	$ 3	$ 3	$ 6	$ 4

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Reclassification out of AOCI (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2022	Nov. 30, 2021
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Other (income) expense, net	$ 79	$ 102	$ 225	$ 141
Revenues	13,315	11,357	26,002	23,605
Cost of sales	(7,604)	(6,144)	(14,676)	(12,696)
Demand creation expense	(1,102)	(1,017)	(2,045)	(1,935)
Interest expense (income), net	(16)	(55)	(29)	(112)
Income before income taxes	1,650	1,501	3,478	3,607
Tax (expense) benefit	(319)	(164)	(679)	(396)
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Total net gain (loss) reclassified for the period	(40)	(25)	83	(109)
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	(325)	0	(371)	0
Income before income taxes	(325)	0	(371)	0
Tax (expense) benefit	16	0	16	0
Total net gain (loss) reclassified for the period	(309)	0	(355)	0
Gain (losses) on cash flow hedges | AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Other (income) expense, net	125	20	207	11
Revenues	4	(20)	(5)	(41)
Cost of sales	173	(30)	282	(96)
Demand creation expense	(2)	0	(3)	1
Interest expense (income), net	(2)	(1)	(4)	(3)
Income before income taxes	298	(31)	477	(128)
Tax (expense) benefit	(35)	1	(53)	9
Total net gain (loss) reclassified for the period	263	(30)	424	(119)
OTHER | AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Other (income) expense, net	9	8	20	14
Income before income taxes	9	8	20	14
Tax (expense) benefit	(3)	(3)	(6)	(4)
Total net gain (loss) reclassified for the period	$ 6	$ 5	$ 14	$ 10

REVENUES (Details)

REVENUES (Details) - USD ($)	3 Months Ended		6 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2022	Nov. 30, 2021	May 31, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 13,315,000,000	$ 11,357,000,000	$ 26,002,000,000	$ 23,605,000,000
Contract asset	0		0		$ 0
Sales to Wholesale Customers
Disaggregation of Revenue [Line Items]
Revenues	7,591,000,000	6,422,000,000	14,917,000,000	13,734,000,000
Sales through Direct to Consumer
Disaggregation of Revenue [Line Items]
Revenues	5,659,000,000	4,912,000,000	10,972,000,000	9,833,000,000
Other
Disaggregation of Revenue [Line Items]
Revenues	65,000,000	23,000,000	113,000,000	38,000,000
Footwear
Disaggregation of Revenue [Line Items]
Revenues	9,021,000,000	7,265,000,000	17,711,000,000	15,550,000,000
Apparel
Disaggregation of Revenue [Line Items]
Revenues	3,815,000,000	3,682,000,000	7,270,000,000	7,156,000,000
Equipment
Disaggregation of Revenue [Line Items]
Revenues	414,000,000	387,000,000	908,000,000	861,000,000
Other
Disaggregation of Revenue [Line Items]
Revenues	65,000,000	23,000,000	113,000,000	38,000,000
Operating Segments | NIKE Brand
Disaggregation of Revenue [Line Items]
Revenues	12,724,000,000	10,816,000,000	24,772,000,000	22,456,000,000
Operating Segments | NIKE Brand | Sales to Wholesale Customers
Disaggregation of Revenue [Line Items]
Revenues	7,287,000,000	6,119,000,000	14,270,000,000	13,062,000,000
Operating Segments | NIKE Brand | Sales through Direct to Consumer
Disaggregation of Revenue [Line Items]
Revenues	5,419,000,000	4,691,000,000	10,470,000,000	9,381,000,000
Operating Segments | NIKE Brand | Other
Disaggregation of Revenue [Line Items]
Revenues	18,000,000	6,000,000	32,000,000	13,000,000
Operating Segments | NIKE Brand | Footwear
Disaggregation of Revenue [Line Items]
Revenues	8,504,000,000	6,780,000,000	16,618,000,000	14,498,000,000
Operating Segments | NIKE Brand | Apparel
Disaggregation of Revenue [Line Items]
Revenues	3,794,000,000	3,648,000,000	7,228,000,000	7,098,000,000
Operating Segments | NIKE Brand | Equipment
Disaggregation of Revenue [Line Items]
Revenues	408,000,000	382,000,000	894,000,000	847,000,000
Operating Segments | NIKE Brand | Other
Disaggregation of Revenue [Line Items]
Revenues	18,000,000	6,000,000	32,000,000	13,000,000
Operating Segments | CONVERSE
Disaggregation of Revenue [Line Items]
Revenues	586,000,000	557,000,000	1,229,000,000	1,186,000,000
Operating Segments | CONVERSE | Sales to Wholesale Customers
Disaggregation of Revenue [Line Items]
Revenues	304,000,000	303,000,000	647,000,000	672,000,000
Operating Segments | CONVERSE | Sales through Direct to Consumer
Disaggregation of Revenue [Line Items]
Revenues	240,000,000	221,000,000	502,000,000	452,000,000
Operating Segments | CONVERSE | Other
Disaggregation of Revenue [Line Items]
Revenues	42,000,000	33,000,000	80,000,000	62,000,000
Operating Segments | CONVERSE | Footwear
Disaggregation of Revenue [Line Items]
Revenues	517,000,000	485,000,000	1,093,000,000	1,052,000,000
Operating Segments | CONVERSE | Apparel
Disaggregation of Revenue [Line Items]
Revenues	21,000,000	34,000,000	42,000,000	58,000,000
Operating Segments | CONVERSE | Equipment
Disaggregation of Revenue [Line Items]
Revenues	6,000,000	5,000,000	14,000,000	14,000,000
Operating Segments | CONVERSE | Other
Disaggregation of Revenue [Line Items]
Revenues	42,000,000	33,000,000	80,000,000	62,000,000
Global Brand Divisions
Disaggregation of Revenue [Line Items]
Revenues	18,000,000	6,000,000	32,000,000	13,000,000
Global Brand Divisions | Other
Disaggregation of Revenue [Line Items]
Revenues	18,000,000	6,000,000	32,000,000	13,000,000
Global Brand Divisions | Other
Disaggregation of Revenue [Line Items]
Revenues	18,000,000	6,000,000	32,000,000	13,000,000
Corporate
Disaggregation of Revenue [Line Items]
Revenues	5,000,000	(16,000,000)	1,000,000	(37,000,000)
Corporate | Other
Disaggregation of Revenue [Line Items]
Revenues	5,000,000	(16,000,000)	1,000,000	(37,000,000)
Corporate | Other
Disaggregation of Revenue [Line Items]
Revenues	5,000,000	(16,000,000)	1,000,000	(37,000,000)
NORTH AMERICA | Operating Segments | NIKE Brand
Disaggregation of Revenue [Line Items]
Revenues	5,830,000,000	4,477,000,000	11,340,000,000	9,356,000,000
NORTH AMERICA | Operating Segments | NIKE Brand | Sales to Wholesale Customers
Disaggregation of Revenue [Line Items]
Revenues	3,183,000,000	2,327,000,000	6,210,000,000	5,005,000,000
NORTH AMERICA | Operating Segments | NIKE Brand | Sales through Direct to Consumer
Disaggregation of Revenue [Line Items]
Revenues	2,647,000,000	2,150,000,000	5,130,000,000	4,351,000,000
NORTH AMERICA | Operating Segments | NIKE Brand | Other
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
NORTH AMERICA | Operating Segments | NIKE Brand | Footwear
Disaggregation of Revenue [Line Items]
Revenues	3,963,000,000	2,852,000,000	7,768,000,000	6,116,000,000
NORTH AMERICA | Operating Segments | NIKE Brand | Apparel
Disaggregation of Revenue [Line Items]
Revenues	1,685,000,000	1,480,000,000	3,179,000,000	2,910,000,000
NORTH AMERICA | Operating Segments | NIKE Brand | Equipment
Disaggregation of Revenue [Line Items]
Revenues	182,000,000	145,000,000	393,000,000	330,000,000
NORTH AMERICA | Operating Segments | NIKE Brand | Other
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
EUROPE, MIDDLE EAST & AFRICA | Operating Segments | NIKE Brand
Disaggregation of Revenue [Line Items]
Revenues	3,489,000,000	3,142,000,000	6,822,000,000	6,449,000,000
EUROPE, MIDDLE EAST & AFRICA | Operating Segments | NIKE Brand | Sales to Wholesale Customers
Disaggregation of Revenue [Line Items]
Revenues	2,242,000,000	2,112,000,000	4,445,000,000	4,336,000,000
EUROPE, MIDDLE EAST & AFRICA | Operating Segments | NIKE Brand | Sales through Direct to Consumer
Disaggregation of Revenue [Line Items]
Revenues	1,247,000,000	1,030,000,000	2,377,000,000	2,113,000,000
EUROPE, MIDDLE EAST & AFRICA | Operating Segments | NIKE Brand | Other
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
EUROPE, MIDDLE EAST & AFRICA | Operating Segments | NIKE Brand | Footwear
Disaggregation of Revenue [Line Items]
Revenues	2,063,000,000	1,806,000,000	4,075,000,000	3,789,000,000
EUROPE, MIDDLE EAST & AFRICA | Operating Segments | NIKE Brand | Apparel
Disaggregation of Revenue [Line Items]
Revenues	1,281,000,000	1,202,000,000	2,434,000,000	2,361,000,000
EUROPE, MIDDLE EAST & AFRICA | Operating Segments | NIKE Brand | Equipment
Disaggregation of Revenue [Line Items]
Revenues	145,000,000	134,000,000	313,000,000	299,000,000
EUROPE, MIDDLE EAST & AFRICA | Operating Segments | NIKE Brand | Other
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
GREATER CHINA | Operating Segments | NIKE Brand
Disaggregation of Revenue [Line Items]
Revenues	1,788,000,000	1,844,000,000	3,444,000,000	3,826,000,000
GREATER CHINA | Operating Segments | NIKE Brand | Sales to Wholesale Customers
Disaggregation of Revenue [Line Items]
Revenues	897,000,000	896,000,000	1,736,000,000	2,010,000,000
GREATER CHINA | Operating Segments | NIKE Brand | Sales through Direct to Consumer
Disaggregation of Revenue [Line Items]
Revenues	891,000,000	948,000,000	1,708,000,000	1,816,000,000
GREATER CHINA | Operating Segments | NIKE Brand | Other
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
GREATER CHINA | Operating Segments | NIKE Brand | Footwear
Disaggregation of Revenue [Line Items]
Revenues	1,370,000,000	1,235,000,000	2,603,000,000	2,684,000,000
GREATER CHINA | Operating Segments | NIKE Brand | Apparel
Disaggregation of Revenue [Line Items]
Revenues	393,000,000	564,000,000	767,000,000	1,040,000,000
GREATER CHINA | Operating Segments | NIKE Brand | Equipment
Disaggregation of Revenue [Line Items]
Revenues	25,000,000	45,000,000	74,000,000	102,000,000
GREATER CHINA | Operating Segments | NIKE Brand | Other
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
ASIA PACIFIC & LATIN AMERICA | Operating Segments | NIKE Brand
Disaggregation of Revenue [Line Items]
Revenues	1,599,000,000	1,347,000,000	3,134,000,000	2,812,000,000
ASIA PACIFIC & LATIN AMERICA | Operating Segments | NIKE Brand | Sales to Wholesale Customers
Disaggregation of Revenue [Line Items]
Revenues	965,000,000	784,000,000	1,879,000,000	1,711,000,000
ASIA PACIFIC & LATIN AMERICA | Operating Segments | NIKE Brand | Sales through Direct to Consumer
Disaggregation of Revenue [Line Items]
Revenues	634,000,000	563,000,000	1,255,000,000	1,101,000,000
ASIA PACIFIC & LATIN AMERICA | Operating Segments | NIKE Brand | Other
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
ASIA PACIFIC & LATIN AMERICA | Operating Segments | NIKE Brand | Footwear
Disaggregation of Revenue [Line Items]
Revenues	1,108,000,000	887,000,000	2,172,000,000	1,909,000,000
ASIA PACIFIC & LATIN AMERICA | Operating Segments | NIKE Brand | Apparel
Disaggregation of Revenue [Line Items]
Revenues	435,000,000	402,000,000	848,000,000	787,000,000
ASIA PACIFIC & LATIN AMERICA | Operating Segments | NIKE Brand | Equipment
Disaggregation of Revenue [Line Items]
Revenues	56,000,000	58,000,000	114,000,000	116,000,000
ASIA PACIFIC & LATIN AMERICA | Operating Segments | NIKE Brand | Other
Disaggregation of Revenue [Line Items]
Revenues	$ 0	$ 0	$ 0	$ 0

OPERATING SEGMENTS - Informatio

OPERATING SEGMENTS - Information by Operating Segments (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2022	Nov. 30, 2021
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 13,315	$ 11,357	$ 26,002	$ 23,605
Interest expense (income), net	16	55	29	112
Income before income taxes	1,650	1,501	3,478	3,607
Global Brand Divisions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	18	6	32	13
EARNINGS BEFORE INTEREST AND TAXES	(1,226)	(1,071)	(2,413)	(2,058)
Corporate
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	5	(16)	1	(37)
EARNINGS BEFORE INTEREST AND TAXES	(744)	(503)	(1,318)	(1,048)
NIKE Brand | Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	12,724	10,816	24,772	22,456
CONVERSE | Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	586	557	1,229	1,186
EARNINGS BEFORE INTEREST AND TAXES	153	132	362	336
NORTH AMERICA | NIKE Brand | Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	5,830	4,477	11,340	9,356
EARNINGS BEFORE INTEREST AND TAXES	1,497	1,235	2,874	2,669
EUROPE, MIDDLE EAST & AFRICA | NIKE Brand | Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	3,489	3,142	6,822	6,449
EARNINGS BEFORE INTEREST AND TAXES	990	806	1,965	1,681
GREATER CHINA | NIKE Brand | Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	1,788	1,844	3,444	3,826
EARNINGS BEFORE INTEREST AND TAXES	511	569	1,052	1,270
ASIA PACIFIC & LATIN AMERICA | NIKE Brand | Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	1,599	1,347	3,134	2,812
EARNINGS BEFORE INTEREST AND TAXES	$ 485	$ 388	$ 985	$ 869

OPERATING SEGMENTS - Accounts R

OPERATING SEGMENTS - Accounts Receivable Net Inventories and Property Plant and Equipment Net by Operating Segments (Detail) - USD ($) $ in Millions	Nov. 30, 2022	May 31, 2022
Segment Reporting, Asset Reconciling Item [Line Items]
Accounts receivable, net	$ 5,437	$ 4,667
Inventories	9,326	8,420
Property, plant and equipment, net	4,854	4,791
Global Brand Divisions
Segment Reporting, Asset Reconciling Item [Line Items]
Accounts receivable, net	87	113
Inventories	214	197
Property, plant and equipment, net	794	789
Corporate
Segment Reporting, Asset Reconciling Item [Line Items]
Accounts receivable, net	65	53
Inventories	375	229
Property, plant and equipment, net	1,844	1,817
NIKE Brand | Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Accounts receivable, net	5,128	4,384
Inventories	8,598	7,912
Property, plant and equipment, net	2,969	2,925
CONVERSE | Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Accounts receivable, net	244	230
Inventories	353	279
Property, plant and equipment, net	41	49
NORTH AMERICA | NIKE Brand | Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Accounts receivable, net	2,365	1,850
Inventories	4,299	4,098
Property, plant and equipment, net	720	639
EUROPE, MIDDLE EAST & AFRICA | NIKE Brand | Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Accounts receivable, net	1,647	1,351
Inventories	2,112	1,887
Property, plant and equipment, net	902	920
GREATER CHINA | NIKE Brand | Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Accounts receivable, net	225	406
Inventories	1,083	1,044
Property, plant and equipment, net	284	303
ASIA PACIFIC & LATIN AMERICA | NIKE Brand | Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Accounts receivable, net	804	664
Inventories	890	686
Property, plant and equipment, net	$ 269	$ 274

ACQUISITIONS AND DIVESTITURES (

ACQUISITIONS AND DIVESTITURES (Details) - Discontinued Operations, Held-for-sale - NIKE Brand Businesses - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Nov. 30, 2022	May 31, 2020	May 31, 2022
Argentina And Uruguay
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Non-recurring impairment charge	$ 550	$ 389
Argentina, Uruguay And Chile | Grupo Axo
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets, held-for-sale			$ 182
Liabilities, held-for-sale			$ 58