NIKE (NKE) 10-Q 3 Jan 25 2025 Q2 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares	6 Months Ended
	Nov. 30, 2024	Dec. 27, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Nov. 30, 2024
Document Transition Report	false
Entity File Number	1-10635
Entity Registrant Name	NIKE, Inc.
Entity Incorporation, State or Country Code	OR
Entity Tax Identification Number	93-0584541
Entity Address, Address Line One	One Bowerman Drive
Entity Address, City or Town	Beaverton
Entity Address, State or Province	OR
Entity Address, Postal Zip Code	97005-6453
City Area Code	503
Local Phone Number	671-6453
Title of 12(b) Security	Class B Common Stock
Trading Symbol	NKE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000320187
Current Fiscal Year End Date	--05-31
Class A Common Stock
Document Information [Line Items]
Entity Common Stock Shares Outstanding		297,887,752
Class B Common Stock
Document Information [Line Items]
Entity Common Stock Shares Outstanding		1,181,239,135

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Income Statement [Abstract]
Revenues	$ 12,354	$ 13,388	$ 23,943	$ 26,327
Cost of sales	6,965	7,417	13,297	14,636
Gross profit	5,389	5,971	10,646	11,691
Demand creation expense	1,122	1,114	2,348	2,183
Operating overhead expense	2,883	3,032	5,705	6,079
Total selling and administrative expense	4,005	4,146	8,053	8,262
Interest expense (income), net	(24)	(22)	(67)	(56)
Other (income) expense, net	(8)	(75)	(63)	(85)
Income before income taxes	1,416	1,922	2,723	3,570
Income tax expense	253	344	509	542
NET INCOME	$ 1,163	$ 1,578	$ 2,214	$ 3,028
Earnings per common share:
Basic (in dollars per share)	$ 0.78	$ 1.04	$ 1.48	$ 1.99
Diluted (in dollars per share)	$ 0.78	$ 1.03	$ 1.48	$ 1.97
Weighted average common shares outstanding:
Basic (in shares)	1,486.8	1,520.8	1,492.3	1,524.6
Diluted (in shares)	1,490	1,532.1	1,495.9	1,537.7

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 1,163	$ 1,578	$ 2,214	$ 3,028
Other comprehensive income (loss), net of tax:
Change in net foreign currency translation adjustment	(224)	39	(86)	75
Change in net gains (losses) on cash flow hedges	450	(55)	223	(189)
Change in net gains (losses) on other	3	1	12	4
Total other comprehensive income (loss), net of tax	229	(15)	149	(110)
TOTAL COMPREHENSIVE INCOME	$ 1,392	$ 1,563	$ 2,363	$ 2,918

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Nov. 30, 2024	May 31, 2024
Current assets:
Cash and equivalents	$ 7,979	$ 9,860
Short-term investments	1,782	1,722
Accounts receivable, net	5,302	4,427
Inventories	7,981	7,519
Prepaid expenses and other current assets	1,936	1,854
Total current assets	24,980	25,382
Property, plant and equipment, net	4,857	5,000
Operating lease right-of-use assets, net	2,736	2,718
Identifiable intangible assets, net	259	259
Goodwill	240	240
Deferred income taxes and other assets	4,887	4,511
TOTAL ASSETS	37,959	38,110
Current liabilities:
Current portion of long-term debt	1,000	1,000
Notes payable	49	6
Accounts payable	3,255	2,851
Current portion of operating lease liabilities	481	477
Accrued liabilities	5,694	5,725
Income taxes payable	767	534
Total current liabilities	11,246	10,593
Long-term debt	7,973	7,903
Operating lease liabilities	2,562	2,566
Deferred income taxes and other liabilities	2,141	2,618
Commitments and contingencies (Note 11)
Redeemable preferred stock	0	0
Shareholders' equity:
Capital in excess of stated value	13,778	13,409
Accumulated other comprehensive income (loss)	202	53
Retained earnings	54	965
Total shareholders' equity	14,037	14,430
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	37,959	38,110
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, 2024	May 31, 2024
Class A Convertible Common Stock
Shareholders' equity:
Common stock, outstanding (in shares)	298	298
Class B Common Stock
Shareholders' equity:
Common stock, outstanding (in shares)	1,184	1,205

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Nov. 30, 2024	Nov. 30, 2023
Cash provided (used) by operations:
Net income	$ 2,214	$ 3,028
Adjustments to reconcile net income to net cash provided (used) by operations:
Depreciation	378	382
Deferred income taxes	(188)	(144)
Stock-based compensation	375	402
Amortization, impairment and other	(9)	(12)
Net foreign currency adjustments	54	(43)
Changes in certain working capital components and other assets and liabilities:
(Increase) decrease in accounts receivable	(943)	(649)
(Increase) decrease in inventories	(547)	493
(Increase) decrease in prepaid expenses, operating lease right-of-use assets and other current and non-current assets	140	(394)
Increase (decrease) in accounts payable, accrued liabilities, operating lease liabilities and other current and non-current liabilities	(31)	(312)
Cash provided (used) by operations	1,443	2,751
Cash provided (used) by investing activities:
Purchases of short-term investments	(2,084)	(2,206)
Maturities of short-term investments	197	1,477
Sales of short-term investments	1,886	2,072
Additions to property, plant and equipment	(249)	(458)
Other investing activities	10	(10)
Cash provided (used) by investing activities	(240)	875
Cash provided (used) by financing activities:
Increase (decrease) in notes payable, net	43	0
Proceeds from exercise of stock options and other stock issuances	345	327
Repurchase of common stock	(2,280)	(2,331)
Dividends — common and preferred	(1,115)	(1,047)
Other financing activities	(63)	(100)
Cash provided (used) by financing activities	(3,070)	(3,151)
Effect of exchange rate changes on cash and equivalents	(14)	3
Net increase (decrease) in cash and equivalents	(1,881)	478
Cash and equivalents, beginning of period	9,860	7,441
CASH AND EQUIVALENTS, END OF PERIOD	7,979	7,919
Supplemental disclosure of cash flow information:
Non-cash additions to property, plant and equipment	85	165
Dividends declared and not paid	$ 597	$ 565

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, 2023						305		1,227
Beginning Balance at May. 31, 2023	$ 14,004	$ 12,412	$ 231	$ 1,358				$ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock options exercised (in shares)								4
Stock options exercised	212	212
Conversion to Class B Common Stock (in shares)						(7)		7
Repurchase of Class B Common Stock (in shares)								(22)
Repurchase of Class B Common Stock	(2,341)	(184)		(2,157)
Dividends on common stock and preferred stock	(1,084)			(1,084)
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	35	29		6
Stock-based compensation	402	402
Net income	3,028			3,028
Other comprehensive income (loss)	(110)		(110)
Ending Balance (in shares) at Nov. 30, 2023						298		1,219
Ending Balance at Nov. 30, 2023	14,146	12,871	121	1,151				$ 3
Beginning Balance (in shares) at Aug. 31, 2023						298		1,226
Beginning Balance at Aug. 31, 2023	13,971	12,590	136	1,242				$ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock options exercised (in shares)								2
Stock options exercised	106	106
Repurchase of Class B Common Stock (in shares)								(12)
Repurchase of Class B Common Stock	(1,209)	(99)		(1,110)
Dividends on common stock and preferred stock	(565)			(565)
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	74	68		6
Stock-based compensation	206	206
Net income	1,578			1,578
Other comprehensive income (loss)	(15)		(15)
Ending Balance (in shares) at Nov. 30, 2023						298		1,219
Ending Balance at Nov. 30, 2023	14,146	12,871	121	1,151				$ 3
Beginning Balance (in shares) at May. 31, 2024					298	298	1,205	1,205
Beginning Balance at May. 31, 2024	14,430	13,409	53	965				$ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock options exercised (in shares)								4
Stock options exercised	219	219
Repurchase of Class B Common Stock (in shares)								(28)
Repurchase of Class B Common Stock	(2,254)	(251)		(2,003)
Dividends on common stock and preferred stock	(1,151)			(1,151)
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	55	26		29
Stock-based compensation	375	375
Net income	2,214			2,214
Other comprehensive income (loss)	149		149
Ending Balance (in shares) at Nov. 30, 2024					298	298	1,184	1,184
Ending Balance at Nov. 30, 2024	14,037	13,778	202	54				$ 3
Beginning Balance (in shares) at Aug. 31, 2024						298		1,193
Beginning Balance at Aug. 31, 2024	13,944	13,557	(27)	411				$ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock options exercised (in shares)								1
Stock options exercised	95	95
Repurchase of Class B Common Stock (in shares)								(13)
Repurchase of Class B Common Stock	(1,061)	(119)		(942)
Dividends on common stock and preferred stock	(597)			(597)
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	72	53		19
Stock-based compensation	192	192
Net income	1,163			1,163
Other comprehensive income (loss)	229		229
Ending Balance (in shares) at Nov. 30, 2024					298	298	1,184	1,184
Ending Balance at Nov. 30, 2024	$ 14,037	$ 13,778	$ 202	$ 54				$ 3

UNAUDITED CONDENSED CONSOLIDA_7

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.400	$ 0.370	$ 0.770	$ 0.710
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, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION The Unaudited Condensed Consolidated Financial Statements include the accounts of NIKE, Inc. and its subsidiaries (the "Company" or "NIKE") and reflect all normal recurring adjustments which are, in the opinion of management, necessary for a fair statement of the results of operations for the interim period. The year-end Condensed Consolidated Balance Sheet data as of May 31, 2024, 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, 2024 (the "Annual Report"). The results of operations for the three and six months ended November 30, 2024, are not necessarily indicative of results to be expected for the entire fiscal year. RECENTLY ISSUED ACCOUNTING STANDARDS AND DISCLOSURE RULES In November 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The amendments will require public entities to disclose significant segment expenses regularly provided to the chief operating decision maker and included within segment profit and loss. The amendments are effective for the Company's annual periods beginning June 1, 2024, and interim periods beginning June 1, 2025, with early adoption permitted, and will be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company's annual periods beginning June 1, 2025, with early adoption permitted, and may be applied either prospectively or retrospectively. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures. In March 2024, the U.S. Securities and Exchange Commission (the "SEC") adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. This rule would require registrants to disclose certain climate-related information in registration statements and annual reports. In April 2024, the SEC voluntarily stayed the final rule as a result of pending legal challenges. The disclosure requirements would apply to the Company's fiscal year beginning June 1, 2025, pending resolution of the stay. The Company is currently evaluating the final rule to determine its impact on the Company's disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure about the types of costs and expenses included in certain expense captions presented on the income statement. The new disclosure requirements are effective for the Company's annual periods beginning June 1, 2027, and interim periods beginning June 1, 2028, with early adoption permitted, and may be applied either prospectively or retrospectively. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.

ACCRUED LIABILITIES

ACCRUED LIABILITIES	6 Months Ended
	Nov. 30, 2024
Accrued Liabilities, Current [Abstract]
ACCRUED LIABILITIES	NOTE 2 — ACCRUED LIABILITIES Accrued liabilities included the following: NOVEMBER 30, MAY 31, (Dollars in millions) 2024 2024 Sales-related reserves $ 1,560 $ 1,282 Compensation and benefits, excluding taxes 1,119 1,291 Dividends payable 599 563 Endorsement compensation 375 578 Other 2,041 2,011 TOTAL ACCRUED LIABILITIES $ 5,694 $ 5,725

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Nov. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 3 — FAIR VALUE MEASUREMENTS The Company measures certain financial assets and liabilities at fair value on a recurring basis, including derivatives, equity securities and available-for-sale debt securities. The following tables present information about the Company's financial assets measured at fair value on a recurring basis as of November 30, 2024 and May 31, 2024, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement: NOVEMBER 30, 2024 (Dollars in millions) ASSETS AT FAIR VALUE CASH AND EQUIVALENTS SHORT-TERM INVESTMENTS Cash $ 1,372 $ 1,372 $ — Level 1: U.S. Treasury securities 1,167 18 1,149 Level 2: Commercial paper and bonds 632 32 600 Money market funds 5,975 5,975 — Time deposits 606 582 24 U.S. Agency securities 9 — 9 Total Level 2 7,222 6,589 633 TOTAL $ 9,761 $ 7,979 $ 1,782 MAY 31, 2024 (Dollars in millions) ASSETS AT FAIR VALUE CASH AND EQUIVALENTS SHORT-TERM INVESTMENTS Cash $ 1,222 $ 1,222 $ — Level 1: U.S. Treasury securities 1,175 155 1,020 Level 2: Commercial paper and bonds 591 17 574 Money market funds 8,119 8,119 — Time deposits 440 347 93 U.S. Agency securities 35 — 35 Total Level 2 9,185 8,483 702 TOTAL $ 11,582 $ 9,860 $ 1,722 As of November 30, 2024, the Company held $847 million of available-for-sale debt securities with maturity dates within one year and $935 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 $97 million and $92 million for the three months ended November 30, 2024 and 2023, respectively, and $217 million and $191 million for the six months ended November 30, 2024 and 2023, respectively. The following tables present information about the Company's derivative assets and liabilities measured at fair value on a recurring basis and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement: NOVEMBER 30, 2024 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) $ 557 $ 434 $ 123 $ 106 $ 99 $ 7 Interest rate swaps (1) 36 — 36 — — — TOTAL $ 593 $ 434 $ 159 $ 106 $ 99 $ 7 (1) If the derivative instruments had been netted on the Unaudited Condensed Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $106 million as of November 30, 2024. As of that date, the Company received $311 million of cash collateral and $38 million of securities from various counterparties on the derivative asset balance. No collateral was posted on the derivative liability balance as of November 30, 2024. MAY 31, 2024 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) $ 343 $ 299 $ 44 $ 120 $ 115 $ 5 Interest rate swaps (1) — — — 31 — 31 TOTAL $ 343 $ 299 $ 44 $ 151 $ 115 $ 36 (1) If the derivative instruments had been netted on the Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $142 million as of May 31, 2024. As of that date, the Company received $112 million of cash collateral from various counterparties on the derivative asset balance and posted $10 million cash collateral on the derivative liability balance. For additional information related to the Company's derivative financial instruments and credit risk, refer to Note 7 — Risk Management and Derivatives. The carrying amounts of other current financial assets and other current financial liabilities approximate fair value. FINANCIAL ASSETS AND LIABILITIES NOT RECORDED AT FAIR VALUE The Company's Long-term debt is recorded at adjusted cost, net of unamortized premiums, discounts, debt issuance costs and interest rate swap fair value adjustments. The fair value of long-term debt is estimated based upon quoted prices for similar instruments or quoted prices for identical instruments in inactive markets (Level 2). The fair value of the Company's Long-term debt was approximately $7,856 million at November 30, 2024 and $7,631 million at May 31, 2024.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Nov. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 4 — INCOME TAXES The effective tax rate was 18.7% and 15.2% for the six months ended November 30, 2024 and 2023, respectively. The increase in the Company's effective tax rate was primarily due to one-time benefits recognized in the first six months of fiscal 2024 including the impact of temporary relief provided by the Internal Revenue Service ("IRS") relating to U.S. foreign tax credit regulations. On July 21, 2023, the IRS issued Notice 2023-55 which specifically delayed the application of certain U.S. foreign tax credit regulations that had previously limited the Company's ability to claim credits on certain foreign taxes for the fiscal year ended May 31, 2023. As a result of this guidance, the Company recognized a one-time tax benefit related to fiscal 2023 tax positions in the first three months of fiscal 2024. Other prior year one-time benefits included a reduction in accrued withholding taxes on undistributed foreign earnings recognized in the second quarter of fiscal 2024. The Organization for Economic Co-operation and Development (OECD) and the G20 Inclusive Framework on Base Erosion and Profit Shifting (the "Inclusive Framework") have put forth Pillar Two proposals that ensure a minimal level of taxation. Several countries in which the Company operates, including several European Union member states, have adopted domestic legislation to implement the Inclusive Framework's global corporate minimum tax rate of fifteen percent. This legislation became effective for the Company beginning June 1, 2024. Based on the Company's current analysis of Pillar Two provisions, these tax law changes did not have a material impact on the Company's financial statements for the first six months of fiscal 2025 and are not expected to for fiscal 2025. As of November 30, 2024, total gross unrecognized tax benefits, excluding related interest and penalties, were $995 million, $724 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, 2024, total gross unrecognized tax benefits, excluding related interest and penalties, were $990 million. As of November 30, 2024 and May 31, 2024, accrued interest and penalties related to uncertain tax positions were $347 million and $332 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 $224 million within the next 12 months primarily as a result of the expected resolution with the IRS of certain U.S. federal tax matters for fiscal years 2017 through 2019 related to transfer pricing adjustments, research and development credits and other items. 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, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]
STOCK-BASED COMPENSATION	NOTE 5 — 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 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"). 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) 2024 2023 2024 2023 Stock options (1) $ 82 $ 88 $ 153 $ 164 ESPPs 23 17 36 38 Restricted stock and restricted stock units (2) 87 101 186 200 TOTAL STOCK-BASED COMPENSATION EXPENSE $ 192 $ 206 $ 375 $ 402 (1) Expense for stock options includes the expense associated with stock appreciation rights. (2) Expense for restricted stock units includes an immaterial amount of expense for PSUs. STOCK OPTIONS As of November 30, 2024, the Company had $560 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 As of November 30, 2024, the Company had $815 million of unrecognized compensation costs from restricted stock and restricted stock units, net of estimated forfeitures, to be recognized in Cost of sales or Operating overhead expense, as applicable, over a weighted average remaining period of 2.7 years.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Nov. 30, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	NOTE 6 — EARNINGS PER SHARE The following is a reconciliation from basic earnings per common share to diluted earnings per common share. The computations of diluted earnings per common share exclude restricted stock, restricted stock units and options, including shares under ESPPs, to purchase an estimated additional 81.4 million and 46.2 million shares of common stock outstanding for the three months ended November 30, 2024 and 2023, respectively, and 77.9 million and 43.5 million shares of common stock outstanding for the six months ended November 30, 2024 and 2023, 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) 2024 2023 2024 2023 Net income available to common stockholders $ 1,163 $ 1,578 $ 2,214 $ 3,028 Determination of shares: Weighted average common shares outstanding 1,486.8 1,520.8 1,492.3 1,524.6 Assumed conversion of dilutive stock options and awards 3.2 11.3 3.6 13.1 DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 1,490.0 1,532.1 1,495.9 1,537.7 Earnings per common share: Basic $ 0.78 $ 1.04 $ 1.48 $ 1.99 Diluted $ 0.78 $ 1.03 $ 1.48 $ 1.97

RISK MANAGEMENT AND DERIVATIVES

RISK MANAGEMENT AND DERIVATIVES	6 Months Ended
	Nov. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
RISK MANAGEMENT AND DERIVATIVES	NOTE 7 — RISK MANAGEMENT AND DERIVATIVES The Company is exposed to global market risks, including the effect of changes in foreign currency exchange rates and interest rates, and uses derivatives to manage financial exposures that occur in the normal course of business. As of and for the three and six months ended November 30, 2024, there have been no material changes to the Company's hedging program or strategy from what was disclosed within the Annual Report. The majority of derivatives outstanding as of November 30, 2024, are designated as foreign currency cash flow hedges, primarily for Euro/U.S. Dollar, Chinese Yuan/U.S. Dollar, British Pound/Euro and Japanese Yen/U.S. Dollar currency pairs. All derivatives are recognized on the Unaudited Condensed Consolidated Balance Sheets at fair value and classified based on the instrument's maturity date. The following tables present the fair values of derivative instruments included within the Unaudited Condensed Consolidated Balance Sheets: DERIVATIVE ASSETS BALANCE SHEET LOCATION NOVEMBER 30, MAY 31, (Dollars in millions) 2024 2024 Derivatives formally designated as hedging instruments: Foreign exchange forwards and options Prepaid expenses and other current assets $ 429 $ 269 Foreign exchange forwards and options Deferred income taxes and other assets 123 44 Interest rate swaps Deferred income taxes and other assets 36 — Total derivatives formally designated as hedging instruments 588 313 Derivatives not designated as hedging instruments: Foreign exchange forwards and options Prepaid expenses and other current assets 5 30 Total derivatives not designated as hedging instruments 5 30 TOTAL DERIVATIVE ASSETS $ 593 $ 343 DERIVATIVE LIABILITIES BALANCE SHEET LOCATION NOVEMBER 30, MAY 31, (Dollars in millions) 2024 2024 Derivatives formally designated as hedging instruments: Foreign exchange forwards and options Accrued liabilities $ 77 $ 110 Foreign exchange forwards and options Deferred income taxes and other liabilities 7 5 Interest rate swaps Deferred income taxes and other liabilities — 31 Total derivatives formally designated as hedging instruments 84 146 Derivatives not designated as hedging instruments: Foreign exchange forwards and options Accrued liabilities 22 5 Total derivatives not designated as hedging instruments 22 5 TOTAL DERIVATIVE LIABILITIES $ 106 $ 151 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, 2024 2023 2024 2023 Derivatives designated as cash flow hedges: Foreign exchange forwards and options $ (29) $ (5) Revenues $ (24) $ 2 Foreign exchange forwards and options 396 21 Cost of sales 50 65 Foreign exchange forwards and options — 2 Demand creation expense — — Foreign exchange forwards and options 157 39 Other (income) expense, net 15 51 Interest rate swaps (2) — — Interest expense (income), net (2) (2) TOTAL DESIGNATED CASH FLOW HEDGES $ 524 $ 57 $ 39 $ 116 (1) For the three months ended November 30, 2024 and 2023, the amounts recorded in Other (income) expense, net as a result of the discontinuance of cash flow hedges because the forecasted transactions were no longer probable of occurring were immaterial. (2) Gains and losses associated with terminated interest rate swaps, which were previously designated as cash flow hedges and recorded in Accumulated other comprehensive income (loss), will be released through Interest expense (income), net over the term of the issued debt. (Dollars in millions) AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER (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, 2024 2023 2024 2023 Derivatives designated as cash flow hedges: Foreign exchange forwards and options $ (73) $ (23) Revenues $ (45) $ 3 Foreign exchange forwards and options 298 19 Cost of sales 120 151 Foreign exchange forwards and options — 2 Demand creation expense — — Foreign exchange forwards and options 128 29 Other (income) expense, net 45 86 Interest rate swaps (2) — — Interest expense (income), net (4) (4) TOTAL DESIGNATED CASH FLOW HEDGES $ 353 $ 27 $ 116 $ 236 (1) For the six months ended November 30, 2024 and 2023, the amounts recorded in Other (income) expense, net as a result of the discontinuance of cash flow hedges because the forecasted transactions were no longer probable of occurring were immaterial. (2) Gains and losses associated with terminated interest rate swaps, which were previously designated as cash flow hedges and recorded in Accumulated other comprehensive income (loss), will be released through Interest expense (income), net over the term of the issued debt. AMOUNT OF GAIN (LOSS) RECOGNIZED LOCATION OF GAIN (LOSS) THREE MONTHS ENDED NOVEMBER 30, SIX MONTHS ENDED NOVEMBER 30, (Dollars in millions) 2024 2023 2024 2023 Derivatives not designated as hedging instruments: Foreign exchange forwards and options $ 6 $ 17 $ 6 $ (10) Other (income) expense, net CASH FLOW HEDGES The total notional amount of outstanding foreign currency derivatives designated as cash flow hedges was approximately $16.2 billion as of November 30, 2024 and May 31, 2024. Approximately $357 million of deferred net gains (net of tax) on both outstanding and matured derivatives in Accumulated other comprehensive income (loss) as of November 30, 2024, are expected to be reclassified to Net income during the next 12 months concurrent with the underlying hedged transactions also being recorded in Net income. Actual amounts ultimately reclassified to Net income are dependent on the exchange rates in effect when derivative contracts currently outstanding mature. As of November 30, 2024, the maximum term over which the Company hedges exposures to the variability of cash flows for its forecasted transactions was 29 months. FAIR VALUE HEDGES The total notional amount of outstanding interest rate swap contracts designated as fair value hedges was $2.4 billion and $1.8 billion as of November 30, 2024 and May 31, 2024, respectively. UNDESIGNATED DERIVATIVE INSTRUMENTS The total notional amount of outstanding undesignated derivative instruments was $3.3 billion and $4.4 billion as of November 30, 2024 and May 31, 2024, respectively. CREDIT RISK As of November 30, 2024, the Company was in compliance with all credit risk-related contingent features and considers the impact of the risk of counterparty default to be immaterial. For additional information related to the Company's derivative financial instruments and collateral, refer to Note 3 — Fair Value Measurements.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	6 Months Ended
	Nov. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	NOTE 8 — 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, 2024 $ (118) $ 20 $ 115 $ (44) $ (27) Other comprehensive income (loss): Other comprehensive gains (losses) before reclassifications (2) (223) 492 — 3 272 Reclassifications to net income of previously deferred (gains) losses (2)(3) (1) (42) — — (43) Total other comprehensive income (loss) (224) 450 — 3 229 Balance at November 30, 2024 $ (342) $ 470 $ 115 $ (41) $ 202 (1) The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity. (2) Net of immaterial tax impact. (3) Reclassifications to net income of previously deferred (gains) losses are recorded within Other (income) expense, net for foreign currency translation adjustment, net investment hedges, and other. (Dollars in millions) FOREIGN CURRENCY TRANSLATION ADJUSTMENT (1) CASH FLOW HEDGES NET INVESTMENT HEDGES (1) OTHER TOTAL Balance at August 31, 2023 $ (217) $ 297 $ 115 $ (59) $ 136 Other comprehensive income (loss): Other comprehensive gains (losses) before reclassifications (2) 37 48 — 11 96 Reclassifications to net income of previously deferred (gains) losses (2)(3) 2 (103) — (10) (111) Total other comprehensive income (loss) 39 (55) — 1 (15) Balance at November 30, 2023 $ (178) $ 242 $ 115 $ (58) $ 121 (1) The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity. (2) Net of immaterial tax impact. (3) Reclassifications to net income of previously deferred (gains) losses are recorded within Other (income) expense, net for foreign currency translation adjustment, net investment hedges, and other. (Dollars in millions) FOREIGN CURRENCY TRANSLATION ADJUSTMENT (1) CASH FLOW HEDGES NET INVESTMENT HEDGES (1) OTHER TOTAL Balance at May 31, 2024 $ (256) $ 247 $ 115 $ (53) $ 53 Other comprehensive income (loss): Other comprehensive gains (losses) before reclassifications (2) (86) 341 — 10 265 Reclassifications to net income of previously deferred (gains) losses (2)(3) — (118) — 2 (116) Total other comprehensive income (loss) (86) 223 — 12 149 Balance at November 30, 2024 $ (342) $ 470 $ 115 $ (41) $ 202 (1) The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity. (2) Net of immaterial tax impact. (3) Reclassifications to net income of previously deferred (gains) losses are recorded within Other (income) expense, net for foreign currency translation adjustment, net investment hedges, and other. (Dollars in millions) FOREIGN CURRENCY TRANSLATION ADJUSTMENT (1) CASH FLOW HEDGES NET INVESTMENT HEDGES (1) OTHER TOTAL Balance at May 31, 2023 $ (253) $ 431 $ 115 $ (62) $ 231 Other comprehensive income (loss): Other comprehensive gains (losses) before reclassifications (2) 73 25 — 11 109 Reclassifications to net income of previously deferred (gains) losses (2)(3) 2 (214) — (7) (219) Total other comprehensive income (loss) 75 (189) — 4 (110) Balance at November 30, 2023 $ (178) $ 242 $ 115 $ (58) $ 121 (1) The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity. (2) Net of immaterial tax impact. (3) Reclassifications to net income of previously deferred (gains) losses are recorded within Other (income) expense, net for foreign currency translation adjustment, net investment hedges, and other. For additional information related to the Company's cash flow hedges refer to Note 7 — Risk Management and Derivatives.

REVENUES

REVENUES	6 Months Ended
	Nov. 30, 2024
Revenue from Contract with Customer [Abstract]
REVENUES	NOTE 9 — 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, 2024 (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 $ 3,236 $ 1,982 $ 1,203 $ 1,234 $ — $ 7,655 $ 364 $ — $ 8,019 Apparel 1,693 1,136 472 437 — 3,738 26 — 3,764 Equipment 250 185 36 73 — 544 6 — 550 Other — — — — 13 13 33 (25) 21 TOTAL REVENUES $ 5,179 $ 3,303 $ 1,711 $ 1,744 $ 13 $ 11,950 $ 429 $ (25) $ 12,354 Revenues by: Sales to Wholesale Customers $ 2,866 $ 2,120 $ 904 $ 1,030 $ — $ 6,920 $ 212 $ — $ 7,132 Sales through Direct to Consumer 2,313 1,183 807 714 — 5,017 184 — 5,201 Other — — — — 13 13 33 (25) 21 TOTAL REVENUES $ 5,179 $ 3,303 $ 1,711 $ 1,744 $ 13 $ 11,950 $ 429 $ (25) $ 12,354 THREE MONTHS ENDED NOVEMBER 30, 2023 (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 $ 3,757 $ 2,186 $ 1,361 $ 1,303 $ — $ 8,607 $ 442 $ — $ 9,049 Apparel 1,668 1,200 469 437 — 3,774 30 — 3,804 Equipment 200 181 33 65 — 479 7 — 486 Other — — — — 12 12 40 (3) 49 TOTAL REVENUES $ 5,625 $ 3,567 $ 1,863 $ 1,805 $ 12 $ 12,872 $ 519 $ (3) $ 13,388 Revenues by: Sales to Wholesale Customers $ 2,902 $ 2,138 $ 1,027 $ 1,051 $ — $ 7,118 $ 257 $ — $ 7,375 Sales through Direct to Consumer 2,723 1,429 836 754 — 5,742 222 — 5,964 Other — — — — 12 12 40 (3) 49 TOTAL REVENUES $ 5,625 $ 3,567 $ 1,863 $ 1,805 $ 12 $ 12,872 $ 519 $ (3) $ 13,388 SIX MONTHS ENDED NOVEMBER 30, 2024 (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 $ 6,448 $ 3,934 $ 2,449 $ 2,286 $ — $ 15,117 $ 800 $ — $ 15,917 Apparel 3,024 2,129 832 785 — 6,770 43 — 6,813 Equipment 533 383 96 135 — 1,147 18 — 1,165 Other — — — — 27 27 69 (48) 48 TOTAL REVENUES $ 10,005 $ 6,446 $ 3,377 $ 3,206 $ 27 $ 23,061 $ 930 $ (48) $ 23,943 Revenues by: Sales to Wholesale Customers $ 5,341 $ 4,194 $ 1,875 $ 1,920 $ — $ 13,330 $ 488 $ — $ 13,818 Sales through Direct to Consumer 4,664 2,252 1,502 1,286 — 9,704 373 — 10,077 Other — — — — 27 27 69 (48) 48 TOTAL REVENUES $ 10,005 $ 6,446 $ 3,377 $ 3,206 $ 27 $ 23,061 $ 930 $ (48) $ 23,943 SIX MONTHS ENDED NOVEMBER 30, 2023 (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 $ 7,490 $ 4,446 $ 2,648 $ 2,444 $ — $ 17,028 $ 964 $ — $ 17,992 Apparel 3,147 2,337 870 808 — 7,162 50 — 7,212 Equipment 411 394 80 125 — 1,010 18 — 1,028 Other — — — — 25 25 75 (5) 95 TOTAL REVENUES $ 11,048 $ 7,177 $ 3,598 $ 3,377 $ 25 $ 25,225 $ 1,107 $ (5) $ 26,327 Revenues by: Sales to Wholesale Customers $ 5,674 $ 4,517 $ 1,922 $ 1,988 $ — $ 14,101 $ 586 $ — $ 14,687 Sales through Direct to Consumer 5,374 2,660 1,676 1,389 — 11,099 446 — 11,545 Other — — — — 25 25 75 (5) 95 TOTAL REVENUES $ 11,048 $ 7,177 $ 3,598 $ 3,377 $ 25 $ 25,225 $ 1,107 $ (5) $ 26,327 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, 2024 and May 31, 2024, 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, 2024
Segment Reporting [Abstract]
OPERATING SEGMENTS	NOTE 10 — 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 taxes in the Unaudited Condensed Consolidated Statements of Income. As part of the Company's centrally managed foreign exchange risk management program, standard foreign currency rates are assigned twice per year to each NIKE Brand entity in the Company's geographic operating segments and to Converse. These rates are set approximately nine and twelve months in advance of the future selling seasons to which they relate (specifically, for each currency, one standard rate applies to the fall and holiday selling seasons, and one standard rate applies to the spring and summer selling seasons) based on average market spot rates in the calendar month preceding the date they are established. Inventories and Cost of sales for geographic operating segments and Converse reflect the use of these standard rates to record non-functional currency product purchases in the entity's functional currency. Differences between assigned standard foreign currency rates and actual market rates are included in Corporate, together with foreign currency hedge gains and losses generated from the Company's centrally managed foreign exchange risk management program and other conversion gains and losses. Accounts receivable, net, Inventories and Property, plant and equipment, net for operating segments are regularly reviewed by management and are therefore provided below. THREE MONTHS ENDED NOVEMBER 30, SIX MONTHS ENDED NOVEMBER 30, (Dollars in millions) 2024 2023 2024 2023 REVENUES North America $ 5,179 $ 5,625 $ 10,005 $ 11,048 Europe, Middle East & Africa 3,303 3,567 6,446 7,177 Greater China 1,711 1,863 3,377 3,598 Asia Pacific & Latin America 1,744 1,805 3,206 3,377 Global Brand Divisions 13 12 27 25 Total NIKE Brand 11,950 12,872 23,061 25,225 Converse 429 519 930 1,107 Corporate (25) (3) (48) (5) TOTAL NIKE, INC. REVENUES $ 12,354 $ 13,388 $ 23,943 $ 26,327 EARNINGS BEFORE INTEREST AND TAXES North America $ 1,371 $ 1,526 $ 2,587 $ 2,960 Europe, Middle East & Africa 831 927 1,623 1,857 Greater China 375 514 877 1,039 Asia Pacific & Latin America 460 521 862 935 Global Brand Divisions (1,133) (1,168) (2,360) (2,373) Converse 53 115 174 282 Corporate (565) (535) (1,107) (1,186) Interest expense (income), net (24) (22) (67) (56) TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES $ 1,416 $ 1,922 $ 2,723 $ 3,570 NOVEMBER 30, MAY 31, (Dollars in millions) 2024 2024 ACCOUNTS RECEIVABLE, NET North America $ 2,421 $ 1,723 Europe, Middle East & Africa 1,421 1,239 Greater China 266 327 Asia Pacific & Latin America 871 792 Global Brand Divisions 104 103 Total NIKE Brand 5,083 4,184 Converse 201 201 Corporate 18 42 TOTAL ACCOUNTS RECEIVABLE, NET $ 5,302 $ 4,427 INVENTORIES North America $ 3,414 $ 3,134 Europe, Middle East & Africa 1,921 2,028 Greater China 1,255 1,070 Asia Pacific & Latin America 907 810 Global Brand Divisions 166 166 Total NIKE Brand 7,663 7,208 Converse 306 296 Corporate 12 15 TOTAL INVENTORIES (1) $ 7,981 $ 7,519 (1) Inventories as of November 30, 2024 and May 31, 2024, were substantially all finished goods. NOVEMBER 30, MAY 31, (Dollars in millions) 2024 2024 PROPERTY, PLANT AND EQUIPMENT, NET North America $ 694 $ 744 Europe, Middle East & Africa 1,089 1,089 Greater China 238 258 Asia Pacific & Latin America 300 282 Global Brand Divisions 807 842 Total NIKE Brand 3,128 3,215 Converse 20 27 Corporate 1,709 1,758 TOTAL PROPERTY, PLANT AND EQUIPMENT, NET $ 4,857 $ 5,000

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Nov. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 11 — COMMITMENTS AND CONTINGENCIES In the ordinary course of business, the Company is subject to various legal proceedings, claims and government investigations relating to its business, products and actions of its employees and representatives, including contractual and employment relationships, product liability, antitrust, customs, tax, intellectual property and other matters. The outcome of these legal matters is inherently uncertain, and the Company cannot predict the eventual outcome of currently pending matters, the timing of their ultimate resolution or the eventual losses, fines, penalties or consequences relating to those matters. When a loss related to a legal proceeding or claim is probable and reasonably estimable, the Company accrues its best estimate for the ultimate resolution of the matter. If one or more legal matters were to be resolved against the Company in a reporting period for amounts above management's expectations, the Company's financial position, operating results and cash flows for that reporting period could be materially adversely affected. In the opinion of management, based on its current knowledge and after consultation with counsel, the Company does not believe any currently pending legal matters will have a material adverse impact on the Company's results of operations, financial position or cash flows, except as described below. BELGIAN CUSTOMS CLAIM The Company has received claims for certain years from Belgian Customs and other government authorities for alleged underpaid duties related to products imported beginning in fiscal 2018. The Company disputes these claims and has engaged in the appellate process. The Company has issued bank guarantees in order to appeal the claims. At this time, the Company is unable to estimate the range of loss and cannot predict the final outcome as it could take several years to reach a resolution on this matter. If this matter is ultimately resolved against the Company, the amounts owed, including fines, penalties and other consequences relating to the matter, could have a material adverse effect on the Company's results of operations, financial position and cash flows.

RESTRUCTURING

RESTRUCTURING	6 Months Ended
	Nov. 30, 2024
Restructuring and Related Activities [Abstract]
RESTRUCTURING	NOTE 12 — RESTRUCTURING

SUPPLIER FINANCE PROGRAMS

SUPPLIER FINANCE PROGRAMS	6 Months Ended
	Nov. 30, 2024
Payables and Accruals [Abstract]
SUPPLIER FINANCE PROGRAMS	NOTE 13 — SUPPLIER FINANCE PROGRAMS

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Pay vs Performance Disclosure
Net income	$ 1,163	$ 1,578	$ 2,214	$ 3,028

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Nov. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Monique Matheson [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On October, 26, 2024, Monique Matheson, Executive Vice President, Chief Human Resources Officer, adopted a Rule 10b5-1 trading arrangement for the sale of up to 40,000 shares of our Class B Common Stock, subject to certain conditions. The arrangement's expiration date is October 15, 2025.
Name	Monique Matheson
Title	Executive Vice President, Chief Human Resources Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	October, 26, 2024
Arrangement Duration	354 days
Aggregate Available	40,000
Mark Parker [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On November 7, 2024, Mark Parker, Executive Chairman, adopted a Rule 10b5-1 trading arrangement for the sale of up to 650,044 shares of our Class B Common Stock, subject to certain conditions. The arrangement's expiration date is November 14, 2025.
Name	Mark Parker
Title	Executive Chairman
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 7, 2024
Arrangement Duration	372 days
Aggregate Available	650,044

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Nov. 30, 2024
Accounting Policies [Abstract]
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, 2024, 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, 2024 (the "Annual Report"). The results of operations for the three and six months ended November 30, 2024, are not necessarily indicative of results to be expected for the entire fiscal year.
RECENTLY ISSUED ACCOUNTING STANDARDS AND DISCLOSURE RULES	In November 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The amendments will require public entities to disclose significant segment expenses regularly provided to the chief operating decision maker and included within segment profit and loss. The amendments are effective for the Company's annual periods beginning June 1, 2024, and interim periods beginning June 1, 2025, with early adoption permitted, and will be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company's annual periods beginning June 1, 2025, with early adoption permitted, and may be applied either prospectively or retrospectively. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures. In March 2024, the U.S. Securities and Exchange Commission (the "SEC") adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. This rule would require registrants to disclose certain climate-related information in registration statements and annual reports. In April 2024, the SEC voluntarily stayed the final rule as a result of pending legal challenges. The disclosure requirements would apply to the Company's fiscal year beginning June 1, 2025, pending resolution of the stay. The Company is currently evaluating the final rule to determine its impact on the Company's disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure about the types of costs and expenses included in certain expense captions presented on the income statement. The new disclosure requirements are effective for the Company's annual periods beginning June 1, 2027, and interim periods beginning June 1, 2028, with early adoption permitted, and may be applied either prospectively or retrospectively. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.
FAIR VALUE MEASUREMENTS	The Company measures certain financial assets and liabilities at fair value on a recurring basis, including derivatives, equity securities and available-for-sale debt securities.

ACCRUED LIABILITIES (Tables)

ACCRUED LIABILITIES (Tables)	6 Months Ended
	Nov. 30, 2024
Accrued Liabilities, Current [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities included the following: NOVEMBER 30, MAY 31, (Dollars in millions) 2024 2024 Sales-related reserves $ 1,560 $ 1,282 Compensation and benefits, excluding taxes 1,119 1,291 Dividends payable 599 563 Endorsement compensation 375 578 Other 2,041 2,011 TOTAL ACCRUED LIABILITIES $ 5,694 $ 5,725

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Nov. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables present information about the Company's financial assets measured at fair value on a recurring basis as of November 30, 2024 and May 31, 2024, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement: NOVEMBER 30, 2024 (Dollars in millions) ASSETS AT FAIR VALUE CASH AND EQUIVALENTS SHORT-TERM INVESTMENTS Cash $ 1,372 $ 1,372 $ — Level 1: U.S. Treasury securities 1,167 18 1,149 Level 2: Commercial paper and bonds 632 32 600 Money market funds 5,975 5,975 — Time deposits 606 582 24 U.S. Agency securities 9 — 9 Total Level 2 7,222 6,589 633 TOTAL $ 9,761 $ 7,979 $ 1,782 MAY 31, 2024 (Dollars in millions) ASSETS AT FAIR VALUE CASH AND EQUIVALENTS SHORT-TERM INVESTMENTS Cash $ 1,222 $ 1,222 $ — Level 1: U.S. Treasury securities 1,175 155 1,020 Level 2: Commercial paper and bonds 591 17 574 Money market funds 8,119 8,119 — Time deposits 440 347 93 U.S. Agency securities 35 — 35 Total Level 2 9,185 8,483 702 TOTAL $ 11,582 $ 9,860 $ 1,722
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, 2024 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) $ 557 $ 434 $ 123 $ 106 $ 99 $ 7 Interest rate swaps (1) 36 — 36 — — — TOTAL $ 593 $ 434 $ 159 $ 106 $ 99 $ 7 (1) If the derivative instruments had been netted on the Unaudited Condensed Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $106 million as of November 30, 2024. As of that date, the Company received $311 million of cash collateral and $38 million of securities from various counterparties on the derivative asset balance. No collateral was posted on the derivative liability balance as of November 30, 2024. MAY 31, 2024 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) $ 343 $ 299 $ 44 $ 120 $ 115 $ 5 Interest rate swaps (1) — — — 31 — 31 TOTAL $ 343 $ 299 $ 44 $ 151 $ 115 $ 36 (1) If the derivative instruments had been netted on the Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $142 million as of May 31, 2024. As of that date, the Company received $112 million of cash collateral from various counterparties on the derivative asset balance and posted $10 million cash collateral on the derivative liability balance. 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) 2024 2024 Derivatives formally designated as hedging instruments: Foreign exchange forwards and options Prepaid expenses and other current assets $ 429 $ 269 Foreign exchange forwards and options Deferred income taxes and other assets 123 44 Interest rate swaps Deferred income taxes and other assets 36 — Total derivatives formally designated as hedging instruments 588 313 Derivatives not designated as hedging instruments: Foreign exchange forwards and options Prepaid expenses and other current assets 5 30 Total derivatives not designated as hedging instruments 5 30 TOTAL DERIVATIVE ASSETS $ 593 $ 343 DERIVATIVE LIABILITIES BALANCE SHEET LOCATION NOVEMBER 30, MAY 31, (Dollars in millions) 2024 2024 Derivatives formally designated as hedging instruments: Foreign exchange forwards and options Accrued liabilities $ 77 $ 110 Foreign exchange forwards and options Deferred income taxes and other liabilities 7 5 Interest rate swaps Deferred income taxes and other liabilities — 31 Total derivatives formally designated as hedging instruments 84 146 Derivatives not designated as hedging instruments: Foreign exchange forwards and options Accrued liabilities 22 5 Total derivatives not designated as hedging instruments 22 5 TOTAL DERIVATIVE LIABILITIES $ 106 $ 151

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Nov. 30, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Schedule 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) 2024 2023 2024 2023 Stock options (1) $ 82 $ 88 $ 153 $ 164 ESPPs 23 17 36 38 Restricted stock and restricted stock units (2) 87 101 186 200 TOTAL STOCK-BASED COMPENSATION EXPENSE $ 192 $ 206 $ 375 $ 402 (1) Expense for stock options includes the expense associated with stock appreciation rights. (2) Expense for restricted stock units includes an immaterial amount of expense for PSUs.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Nov. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following is a reconciliation from basic earnings per common share to diluted earnings per common share. The computations of diluted earnings per common share exclude restricted stock, restricted stock units and options, including shares under ESPPs, to purchase an estimated additional 81.4 million and 46.2 million shares of common stock outstanding for the three months ended November 30, 2024 and 2023, respectively, and 77.9 million and 43.5 million shares of common stock outstanding for the six months ended November 30, 2024 and 2023, 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) 2024 2023 2024 2023 Net income available to common stockholders $ 1,163 $ 1,578 $ 2,214 $ 3,028 Determination of shares: Weighted average common shares outstanding 1,486.8 1,520.8 1,492.3 1,524.6 Assumed conversion of dilutive stock options and awards 3.2 11.3 3.6 13.1 DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 1,490.0 1,532.1 1,495.9 1,537.7 Earnings per common share: Basic $ 0.78 $ 1.04 $ 1.48 $ 1.99 Diluted $ 0.78 $ 1.03 $ 1.48 $ 1.97

RISK MANAGEMENT AND DERIVATIV_2

RISK MANAGEMENT AND DERIVATIVES (Tables)	6 Months Ended
	Nov. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following tables present information about the Company's derivative assets and liabilities measured at fair value on a recurring basis and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement: NOVEMBER 30, 2024 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) $ 557 $ 434 $ 123 $ 106 $ 99 $ 7 Interest rate swaps (1) 36 — 36 — — — TOTAL $ 593 $ 434 $ 159 $ 106 $ 99 $ 7 (1) If the derivative instruments had been netted on the Unaudited Condensed Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $106 million as of November 30, 2024. As of that date, the Company received $311 million of cash collateral and $38 million of securities from various counterparties on the derivative asset balance. No collateral was posted on the derivative liability balance as of November 30, 2024. MAY 31, 2024 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) $ 343 $ 299 $ 44 $ 120 $ 115 $ 5 Interest rate swaps (1) — — — 31 — 31 TOTAL $ 343 $ 299 $ 44 $ 151 $ 115 $ 36 (1) If the derivative instruments had been netted on the Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $142 million as of May 31, 2024. As of that date, the Company received $112 million of cash collateral from various counterparties on the derivative asset balance and posted $10 million cash collateral on the derivative liability balance. 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) 2024 2024 Derivatives formally designated as hedging instruments: Foreign exchange forwards and options Prepaid expenses and other current assets $ 429 $ 269 Foreign exchange forwards and options Deferred income taxes and other assets 123 44 Interest rate swaps Deferred income taxes and other assets 36 — Total derivatives formally designated as hedging instruments 588 313 Derivatives not designated as hedging instruments: Foreign exchange forwards and options Prepaid expenses and other current assets 5 30 Total derivatives not designated as hedging instruments 5 30 TOTAL DERIVATIVE ASSETS $ 593 $ 343 DERIVATIVE LIABILITIES BALANCE SHEET LOCATION NOVEMBER 30, MAY 31, (Dollars in millions) 2024 2024 Derivatives formally designated as hedging instruments: Foreign exchange forwards and options Accrued liabilities $ 77 $ 110 Foreign exchange forwards and options Deferred income taxes and other liabilities 7 5 Interest rate swaps Deferred income taxes and other liabilities — 31 Total derivatives formally designated as hedging instruments 84 146 Derivatives not designated as hedging instruments: Foreign exchange forwards and options Accrued liabilities 22 5 Total derivatives not designated as hedging instruments 22 5 TOTAL DERIVATIVE LIABILITIES $ 106 $ 151
Schedule of Derivative Instruments, Gain (Loss) In Statement of Income	The following tables present the amounts affecting the Unaudited Condensed Consolidated Statements of Income: (Dollars in millions) AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER (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, 2024 2023 2024 2023 Derivatives designated as cash flow hedges: Foreign exchange forwards and options $ (29) $ (5) Revenues $ (24) $ 2 Foreign exchange forwards and options 396 21 Cost of sales 50 65 Foreign exchange forwards and options — 2 Demand creation expense — — Foreign exchange forwards and options 157 39 Other (income) expense, net 15 51 Interest rate swaps (2) — — Interest expense (income), net (2) (2) TOTAL DESIGNATED CASH FLOW HEDGES $ 524 $ 57 $ 39 $ 116 (1) For the three months ended November 30, 2024 and 2023, the amounts recorded in Other (income) expense, net as a result of the discontinuance of cash flow hedges because the forecasted transactions were no longer probable of occurring were immaterial. (2) Gains and losses associated with terminated interest rate swaps, which were previously designated as cash flow hedges and recorded in Accumulated other comprehensive income (loss), will be released through Interest expense (income), net over the term of the issued debt. (Dollars in millions) AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER (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, 2024 2023 2024 2023 Derivatives designated as cash flow hedges: Foreign exchange forwards and options $ (73) $ (23) Revenues $ (45) $ 3 Foreign exchange forwards and options 298 19 Cost of sales 120 151 Foreign exchange forwards and options — 2 Demand creation expense — — Foreign exchange forwards and options 128 29 Other (income) expense, net 45 86 Interest rate swaps (2) — — Interest expense (income), net (4) (4) TOTAL DESIGNATED CASH FLOW HEDGES $ 353 $ 27 $ 116 $ 236 (1) For the six months ended November 30, 2024 and 2023, the amounts recorded in Other (income) expense, net as a result of the discontinuance of cash flow hedges because the forecasted transactions were no longer probable of occurring were immaterial. (2) Gains and losses associated with terminated interest rate swaps, which were previously designated as cash flow hedges and recorded in Accumulated other comprehensive income (loss), will be released through Interest expense (income), net over the term of the issued debt. AMOUNT OF GAIN (LOSS) RECOGNIZED LOCATION OF GAIN (LOSS) THREE MONTHS ENDED NOVEMBER 30, SIX MONTHS ENDED NOVEMBER 30, (Dollars in millions) 2024 2023 2024 2023 Derivatives not designated as hedging instruments: Foreign exchange forwards and options $ 6 $ 17 $ 6 $ (10) Other (income) expense, net

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	6 Months Ended
	Nov. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The changes in Accumulated other comprehensive income (loss), net of tax, were as follows: (Dollars in millions) FOREIGN CURRENCY TRANSLATION ADJUSTMENT (1) CASH FLOW HEDGES NET INVESTMENT HEDGES (1) OTHER TOTAL Balance at August 31, 2024 $ (118) $ 20 $ 115 $ (44) $ (27) Other comprehensive income (loss): Other comprehensive gains (losses) before reclassifications (2) (223) 492 — 3 272 Reclassifications to net income of previously deferred (gains) losses (2)(3) (1) (42) — — (43) Total other comprehensive income (loss) (224) 450 — 3 229 Balance at November 30, 2024 $ (342) $ 470 $ 115 $ (41) $ 202 (1) The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity. (2) Net of immaterial tax impact. (3) Reclassifications to net income of previously deferred (gains) losses are recorded within Other (income) expense, net for foreign currency translation adjustment, net investment hedges, and other. (Dollars in millions) FOREIGN CURRENCY TRANSLATION ADJUSTMENT (1) CASH FLOW HEDGES NET INVESTMENT HEDGES (1) OTHER TOTAL Balance at August 31, 2023 $ (217) $ 297 $ 115 $ (59) $ 136 Other comprehensive income (loss): Other comprehensive gains (losses) before reclassifications (2) 37 48 — 11 96 Reclassifications to net income of previously deferred (gains) losses (2)(3) 2 (103) — (10) (111) Total other comprehensive income (loss) 39 (55) — 1 (15) Balance at November 30, 2023 $ (178) $ 242 $ 115 $ (58) $ 121 (1) The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity. (2) Net of immaterial tax impact. (3) Reclassifications to net income of previously deferred (gains) losses are recorded within Other (income) expense, net for foreign currency translation adjustment, net investment hedges, and other. (Dollars in millions) FOREIGN CURRENCY TRANSLATION ADJUSTMENT (1) CASH FLOW HEDGES NET INVESTMENT HEDGES (1) OTHER TOTAL Balance at May 31, 2024 $ (256) $ 247 $ 115 $ (53) $ 53 Other comprehensive income (loss): Other comprehensive gains (losses) before reclassifications (2) (86) 341 — 10 265 Reclassifications to net income of previously deferred (gains) losses (2)(3) — (118) — 2 (116) Total other comprehensive income (loss) (86) 223 — 12 149 Balance at November 30, 2024 $ (342) $ 470 $ 115 $ (41) $ 202 (1) The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity. (2) Net of immaterial tax impact. (3) Reclassifications to net income of previously deferred (gains) losses are recorded within Other (income) expense, net for foreign currency translation adjustment, net investment hedges, and other. (Dollars in millions) FOREIGN CURRENCY TRANSLATION ADJUSTMENT (1) CASH FLOW HEDGES NET INVESTMENT HEDGES (1) OTHER TOTAL Balance at May 31, 2023 $ (253) $ 431 $ 115 $ (62) $ 231 Other comprehensive income (loss): Other comprehensive gains (losses) before reclassifications (2) 73 25 — 11 109 Reclassifications to net income of previously deferred (gains) losses (2)(3) 2 (214) — (7) (219) Total other comprehensive income (loss) 75 (189) — 4 (110) Balance at November 30, 2023 $ (178) $ 242 $ 115 $ (58) $ 121 (1) The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity. (2) Net of immaterial tax impact. (3)

REVENUES (Tables)

REVENUES (Tables)	6 Months Ended
	Nov. 30, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables present the Company's Revenues disaggregated by reportable operating segment, major product line and distribution channel: THREE MONTHS ENDED NOVEMBER 30, 2024 (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 $ 3,236 $ 1,982 $ 1,203 $ 1,234 $ — $ 7,655 $ 364 $ — $ 8,019 Apparel 1,693 1,136 472 437 — 3,738 26 — 3,764 Equipment 250 185 36 73 — 544 6 — 550 Other — — — — 13 13 33 (25) 21 TOTAL REVENUES $ 5,179 $ 3,303 $ 1,711 $ 1,744 $ 13 $ 11,950 $ 429 $ (25) $ 12,354 Revenues by: Sales to Wholesale Customers $ 2,866 $ 2,120 $ 904 $ 1,030 $ — $ 6,920 $ 212 $ — $ 7,132 Sales through Direct to Consumer 2,313 1,183 807 714 — 5,017 184 — 5,201 Other — — — — 13 13 33 (25) 21 TOTAL REVENUES $ 5,179 $ 3,303 $ 1,711 $ 1,744 $ 13 $ 11,950 $ 429 $ (25) $ 12,354 THREE MONTHS ENDED NOVEMBER 30, 2023 (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 $ 3,757 $ 2,186 $ 1,361 $ 1,303 $ — $ 8,607 $ 442 $ — $ 9,049 Apparel 1,668 1,200 469 437 — 3,774 30 — 3,804 Equipment 200 181 33 65 — 479 7 — 486 Other — — — — 12 12 40 (3) 49 TOTAL REVENUES $ 5,625 $ 3,567 $ 1,863 $ 1,805 $ 12 $ 12,872 $ 519 $ (3) $ 13,388 Revenues by: Sales to Wholesale Customers $ 2,902 $ 2,138 $ 1,027 $ 1,051 $ — $ 7,118 $ 257 $ — $ 7,375 Sales through Direct to Consumer 2,723 1,429 836 754 — 5,742 222 — 5,964 Other — — — — 12 12 40 (3) 49 TOTAL REVENUES $ 5,625 $ 3,567 $ 1,863 $ 1,805 $ 12 $ 12,872 $ 519 $ (3) $ 13,388 SIX MONTHS ENDED NOVEMBER 30, 2024 (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 $ 6,448 $ 3,934 $ 2,449 $ 2,286 $ — $ 15,117 $ 800 $ — $ 15,917 Apparel 3,024 2,129 832 785 — 6,770 43 — 6,813 Equipment 533 383 96 135 — 1,147 18 — 1,165 Other — — — — 27 27 69 (48) 48 TOTAL REVENUES $ 10,005 $ 6,446 $ 3,377 $ 3,206 $ 27 $ 23,061 $ 930 $ (48) $ 23,943 Revenues by: Sales to Wholesale Customers $ 5,341 $ 4,194 $ 1,875 $ 1,920 $ — $ 13,330 $ 488 $ — $ 13,818 Sales through Direct to Consumer 4,664 2,252 1,502 1,286 — 9,704 373 — 10,077 Other — — — — 27 27 69 (48) 48 TOTAL REVENUES $ 10,005 $ 6,446 $ 3,377 $ 3,206 $ 27 $ 23,061 $ 930 $ (48) $ 23,943 SIX MONTHS ENDED NOVEMBER 30, 2023 (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 $ 7,490 $ 4,446 $ 2,648 $ 2,444 $ — $ 17,028 $ 964 $ — $ 17,992 Apparel 3,147 2,337 870 808 — 7,162 50 — 7,212 Equipment 411 394 80 125 — 1,010 18 — 1,028 Other — — — — 25 25 75 (5) 95 TOTAL REVENUES $ 11,048 $ 7,177 $ 3,598 $ 3,377 $ 25 $ 25,225 $ 1,107 $ (5) $ 26,327 Revenues by: Sales to Wholesale Customers $ 5,674 $ 4,517 $ 1,922 $ 1,988 $ — $ 14,101 $ 586 $ — $ 14,687 Sales through Direct to Consumer 5,374 2,660 1,676 1,389 — 11,099 446 — 11,545 Other — — — — 25 25 75 (5) 95 TOTAL REVENUES $ 11,048 $ 7,177 $ 3,598 $ 3,377 $ 25 $ 25,225 $ 1,107 $ (5) $ 26,327

OPERATING SEGMENTS (Tables)

OPERATING SEGMENTS (Tables)	6 Months Ended
	Nov. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	THREE MONTHS ENDED NOVEMBER 30, SIX MONTHS ENDED NOVEMBER 30, (Dollars in millions) 2024 2023 2024 2023 REVENUES North America $ 5,179 $ 5,625 $ 10,005 $ 11,048 Europe, Middle East & Africa 3,303 3,567 6,446 7,177 Greater China 1,711 1,863 3,377 3,598 Asia Pacific & Latin America 1,744 1,805 3,206 3,377 Global Brand Divisions 13 12 27 25 Total NIKE Brand 11,950 12,872 23,061 25,225 Converse 429 519 930 1,107 Corporate (25) (3) (48) (5) TOTAL NIKE, INC. REVENUES $ 12,354 $ 13,388 $ 23,943 $ 26,327 EARNINGS BEFORE INTEREST AND TAXES North America $ 1,371 $ 1,526 $ 2,587 $ 2,960 Europe, Middle East & Africa 831 927 1,623 1,857 Greater China 375 514 877 1,039 Asia Pacific & Latin America 460 521 862 935 Global Brand Divisions (1,133) (1,168) (2,360) (2,373) Converse 53 115 174 282 Corporate (565) (535) (1,107) (1,186) Interest expense (income), net (24) (22) (67) (56) TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES $ 1,416 $ 1,922 $ 2,723 $ 3,570
Reconciliation of Assets from Segment to Consolidated	NOVEMBER 30, MAY 31, (Dollars in millions) 2024 2024 ACCOUNTS RECEIVABLE, NET North America $ 2,421 $ 1,723 Europe, Middle East & Africa 1,421 1,239 Greater China 266 327 Asia Pacific & Latin America 871 792 Global Brand Divisions 104 103 Total NIKE Brand 5,083 4,184 Converse 201 201 Corporate 18 42 TOTAL ACCOUNTS RECEIVABLE, NET $ 5,302 $ 4,427 INVENTORIES North America $ 3,414 $ 3,134 Europe, Middle East & Africa 1,921 2,028 Greater China 1,255 1,070 Asia Pacific & Latin America 907 810 Global Brand Divisions 166 166 Total NIKE Brand 7,663 7,208 Converse 306 296 Corporate 12 15 TOTAL INVENTORIES (1) $ 7,981 $ 7,519 (1) Inventories as of November 30, 2024 and May 31, 2024, were substantially all finished goods. NOVEMBER 30, MAY 31, (Dollars in millions) 2024 2024 PROPERTY, PLANT AND EQUIPMENT, NET North America $ 694 $ 744 Europe, Middle East & Africa 1,089 1,089 Greater China 238 258 Asia Pacific & Latin America 300 282 Global Brand Divisions 807 842 Total NIKE Brand 3,128 3,215 Converse 20 27 Corporate 1,709 1,758 TOTAL PROPERTY, PLANT AND EQUIPMENT, NET $ 4,857 $ 5,000

ACCRUED LIABILITIES (Details)

ACCRUED LIABILITIES (Details) - USD ($) $ in Millions	Nov. 30, 2024	May 31, 2024
Accrued Liabilities, Current [Abstract]
Sales-related reserves	$ 1,560	$ 1,282
Compensation and benefits, excluding taxes	1,119	1,291
Dividends payable	599	563
Endorsement compensation	375	578
Other	2,041	2,011
TOTAL ACCRUED LIABILITIES	$ 5,694	$ 5,725

FAIR VALUE MEASUREMENTS - Finan

FAIR VALUE MEASUREMENTS - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Nov. 30, 2024	May 31, 2024
Assets, Fair Value Disclosure [Abstract]
SHORT-TERM INVESTMENTS	$ 1,782	$ 1,722
Fair Value, Measurements, Recurring
Assets, Fair Value Disclosure [Abstract]
Cash	1,372	1,222
ASSETS AT FAIR VALUE	9,761	11,582
CASH AND EQUIVALENTS	7,979	9,860
SHORT-TERM INVESTMENTS	1,782	1,722
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | U.S. Treasury securities
Assets, Fair Value Disclosure [Abstract]
ASSETS AT FAIR VALUE	1,167	1,175
CASH AND EQUIVALENTS	18	155
SHORT-TERM INVESTMENTS	1,149	1,020
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2
Assets, Fair Value Disclosure [Abstract]
ASSETS AT FAIR VALUE	7,222	9,185
CASH AND EQUIVALENTS	6,589	8,483
SHORT-TERM INVESTMENTS	633	702
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Commercial paper and bonds
Assets, Fair Value Disclosure [Abstract]
ASSETS AT FAIR VALUE	632	591
CASH AND EQUIVALENTS	32	17
SHORT-TERM INVESTMENTS	600	574
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Money market funds
Assets, Fair Value Disclosure [Abstract]
ASSETS AT FAIR VALUE	5,975	8,119
CASH AND EQUIVALENTS	5,975	8,119
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	606	440
CASH AND EQUIVALENTS	582	347
SHORT-TERM INVESTMENTS	24	93
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | U.S. Agency securities
Assets, Fair Value Disclosure [Abstract]
ASSETS AT FAIR VALUE	9	35
CASH AND EQUIVALENTS	0	0
SHORT-TERM INVESTMENTS	$ 9	$ 35

FAIR VALUE MEASUREMENTS - Addit

FAIR VALUE MEASUREMENTS - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023	May 31, 2024
Fair Value Disclosures [Abstract]
Available-for-sale securities with maturity dates within one year from purchase date	$ 847		$ 847
Available-for-sale securities with maturity dates over one year and less than five years from purchase date	935		935
Interest income related to cash and equivalents and short-term investments	97	$ 92	217	$ 191
Fair value of long term debt	$ 7,856		$ 7,856		$ 7,631

FAIR VALUE MEASUREMENTS - Deriv

FAIR VALUE MEASUREMENTS - Derivative Assets and Liabilities at Fair Value (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Nov. 30, 2024	May 31, 2024
DERIVATIVE ASSETS
ASSETS AT FAIR VALUE	$ 593	$ 343
OTHER CURRENT ASSETS	434	299
OTHER LONG-TERM ASSETS	159	44
DERIVATIVE LIABILITIES
LIABILITIES AT FAIR VALUE	106	151
ACCRUED LIABILITIES	99	115
OTHER LONG-TERM LIABILITIES	7	36
Reduction in derivative liabilities if netted	106	142
Reduction in derivative assets if netted	106	142
Cash collateral from counterparties related to derivative instruments		112
Fair value of derivative liability collateral	0	10
Cash
DERIVATIVE LIABILITIES
Cash collateral from counterparties related to derivative instruments	311
Debt Securities
DERIVATIVE LIABILITIES
Cash collateral from counterparties related to derivative instruments	38
Foreign exchange forwards and options | Fair Value, Inputs, Level 2
DERIVATIVE ASSETS
ASSETS AT FAIR VALUE	557	343
OTHER CURRENT ASSETS	434	299
OTHER LONG-TERM ASSETS	123	44
DERIVATIVE LIABILITIES
LIABILITIES AT FAIR VALUE	106	120
ACCRUED LIABILITIES	99	115
OTHER LONG-TERM LIABILITIES	7	5
Interest rate swaps | Fair Value, Inputs, Level 2
DERIVATIVE ASSETS
ASSETS AT FAIR VALUE	36	0
OTHER CURRENT ASSETS	0	0
OTHER LONG-TERM ASSETS	36	0
DERIVATIVE LIABILITIES
LIABILITIES AT FAIR VALUE	0	31
ACCRUED LIABILITIES	0	0
OTHER LONG-TERM LIABILITIES	$ 0	$ 31

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	6 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	May 31, 2024
Income Tax Disclosure [Abstract]
Effective income tax rate	18.70%	15.20%
Total gross unrecognized tax benefits, excluding related interest and penalties	$ 995		$ 990
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	724
Accrued interest and penalties related to uncertain tax positions (excluding federal benefit)	347		$ 332
Estimated decrease in total gross unrecognized tax benefits as a result of resolutions of global tax examinations and expiration of applicable statutes of limitations	$ 224

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock-Based Compensation (Details)	Nov. 30, 2024 shares
Stock Incentive Plan | Class B Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)	798,000,000

STOCK-BASED COMPENSATION - Tota

STOCK-BASED COMPENSATION - Total Stock-Based Compensation Expense (Details) - Class B Common Stock - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 192	$ 206	$ 375	$ 402
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	82	88	153	164
ESPPs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	23	17	36	38
Restricted stock and restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 87	$ 101	$ 186	$ 200

STOCK-BASED COMPENSATION - St_2

STOCK-BASED COMPENSATION - Stock Options (Details) - Stock options - Stock Incentive Plan $ in Millions	6 Months Ended
	Nov. 30, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs from stock options	$ 560
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

STOCK-BASED COMPENSATION - Rest

STOCK-BASED COMPENSATION - Restricted Stock and Restricted Stock Units (Details) - Restricted stock and restricted stock units $ in Millions	6 Months Ended
	Nov. 30, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs from restricted stock, net of estimated forfeitures	$ 815
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

EARNINGS PER SHARE - Additional

EARNINGS PER SHARE - Additional Information (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive options not included in the computation of diluted earnings per share (in shares)	81.4	46.2	77.9	43.5

EARNINGS PER SHARE - Reconcilia

EARNINGS PER SHARE - Reconciliation from Basic Earnings Per Share to Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Earnings Per Share [Abstract]
Net income available to common stockholders	$ 1,163	$ 1,578	$ 2,214	$ 3,028
Determination of shares:
Weighted average common shares outstanding (in shares)	1,486.8	1,520.8	1,492.3	1,524.6
Assumed conversion of dilutive stock options and awards (in shares)	3.2	11.3	3.6	13.1
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (in shares)	1,490	1,532.1	1,495.9	1,537.7
Earnings per common share:
Basic (in dollars per share)	$ 0.78	$ 1.04	$ 1.48	$ 1.99
Diluted (in dollars per share)	$ 0.78	$ 1.03	$ 1.48	$ 1.97

RISK MANAGEMENT AND DERIVATIV_3

RISK MANAGEMENT AND DERIVATIVES - FV of Derivative Instruments Included within Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Nov. 30, 2024	May 31, 2024
Derivatives, Fair Value [Line Items]
DERIVATIVE ASSETS	$ 593	$ 343
DERIVATIVE LIABILITIES	106	151
Derivatives formally designated as hedging instruments
Derivatives, Fair Value [Line Items]
DERIVATIVE ASSETS	588	313
DERIVATIVE LIABILITIES	84	146
Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
DERIVATIVE ASSETS	5	30
DERIVATIVE LIABILITIES	22	5
Prepaid expenses and other current assets | Foreign exchange forwards and options | Derivatives formally designated as hedging instruments
Derivatives, Fair Value [Line Items]
DERIVATIVE ASSETS	429	269
Prepaid expenses and other current assets | Foreign exchange forwards and options | Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
DERIVATIVE ASSETS	5	30
Deferred income taxes and other assets | Foreign exchange forwards and options | Derivatives formally designated as hedging instruments
Derivatives, Fair Value [Line Items]
DERIVATIVE ASSETS	123	44
Deferred income taxes and other assets | Interest rate swaps | Derivatives formally designated as hedging instruments
Derivatives, Fair Value [Line Items]
DERIVATIVE ASSETS	36	0
Accrued liabilities | Foreign exchange forwards and options | Derivatives formally designated as hedging instruments
Derivatives, Fair Value [Line Items]
DERIVATIVE LIABILITIES	77	110
Accrued liabilities | Foreign exchange forwards and options | Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
DERIVATIVE LIABILITIES	22	5
Deferred income taxes and other liabilities | Foreign exchange forwards and options | Derivatives formally designated as hedging instruments
Derivatives, Fair Value [Line Items]
DERIVATIVE LIABILITIES	7	5
Deferred income taxes and other liabilities | Interest rate swaps | Derivatives formally designated as hedging instruments
Derivatives, Fair Value [Line Items]
DERIVATIVE LIABILITIES	$ 0	$ 31

RISK MANAGEMENT AND DERIVATIV_4

RISK MANAGEMENT AND DERIVATIVES - Amounts Affecting Consolidated Statements of Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Derivatives designated as cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES	$ 524	$ 57	$ 353	$ 27
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME	$ 39	$ 116	$ 116	$ 236
Foreign exchange forwards and options
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Foreign exchange forwards and options | Derivatives not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
AMOUNT OF GAIN (LOSS) RECOGNIZED IN INCOME ON DERIVATIVES	$ 6	$ 17	$ 6	$ (10)
Foreign exchange forwards and options | Derivatives designated as cash flow hedges | Revenues
Derivative Instruments, Gain (Loss) [Line Items]
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES	(29)	(5)	(73)	(23)
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME	(24)	2	(45)	3
Foreign exchange forwards and options | Derivatives designated as cash flow hedges | Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES	396	21	298	19
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME	50	65	120	151
Foreign exchange forwards and options | Derivatives designated as cash flow hedges | Demand creation expense
Derivative Instruments, Gain (Loss) [Line Items]
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES	0	2	0	2
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME	0	0	0	0
Foreign exchange forwards and options | Derivatives designated as cash flow hedges | Other (income) expense, net
Derivative Instruments, Gain (Loss) [Line Items]
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES	157	39	128	29
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME	15	51	45	86
Interest rate swaps | Derivatives designated as cash flow hedges | Interest expense (income), net
Derivative Instruments, Gain (Loss) [Line Items]
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES	0	0	0	0
AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME	$ (2)	$ (2)	$ (4)	$ (4)

RISK MANAGEMENT AND DERIVATIV_5

RISK MANAGEMENT AND DERIVATIVES - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Nov. 30, 2024	May 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Deferred net gains (net of tax) expected to be reclassified to Net Income during the next 12 months	$ 357
Maximum term over which the company hedges exposures to the variability of cash flows for its forecasted transactions	29 months
Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total notional amount of outstanding derivatives	$ 3,300	$ 4,400
Derivatives designated as cash flow hedges | Derivatives formally designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total notional amount of outstanding derivatives	16,200	16,200
Fair Value Hedging | Derivatives formally designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total notional amount of outstanding derivatives	$ 2,400	$ 1,800

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ 13,944	$ 13,971	$ 14,430	$ 14,004
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications	272	96	265	109
Reclassifications to net income of previously deferred (gains) losses	(43)	(111)	(116)	(219)
Total other comprehensive income (loss), net of tax	229	(15)	149	(110)
Ending Balance	14,037	14,146	14,037	14,146
TOTAL
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(27)	136	53	231
Other comprehensive income (loss):
Total other comprehensive income (loss), net of tax	229	(15)	149	(110)
Ending Balance	202	121	202	121
FOREIGN CURRENCY TRANSLATION ADJUSTMENT
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(118)	(217)	(256)	(253)
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications	(223)	37	(86)	73
Reclassifications to net income of previously deferred (gains) losses	(1)	2	0	2
Total other comprehensive income (loss), net of tax	(224)	39	(86)	75
Ending Balance	(342)	(178)	(342)	(178)
CASH FLOW HEDGES
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	20	297	247	431
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications	492	48	341	25
Reclassifications to net income of previously deferred (gains) losses	(42)	(103)	(118)	(214)
Total other comprehensive income (loss), net of tax	450	(55)	223	(189)
Ending Balance	470	242	470	242
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(44)	(59)	(53)	(62)
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications	3	11	10	11
Reclassifications to net income of previously deferred (gains) losses	0	(10)	2	(7)
Total other comprehensive income (loss), net of tax	3	1	12	4
Ending Balance	$ (41)	$ (58)	$ (41)	$ (58)

REVENUES (Details)

REVENUES (Details) - USD ($)	3 Months Ended		6 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023	May 31, 2024
Disaggregation of Revenue [Line Items]
Revenues	$ 12,354,000,000	$ 13,388,000,000	$ 23,943,000,000	$ 26,327,000,000
Contract asset	0		0		$ 0
Sales to Wholesale Customers
Disaggregation of Revenue [Line Items]
Revenues	7,132,000,000	7,375,000,000	13,818,000,000	14,687,000,000
Sales through Direct to Consumer
Disaggregation of Revenue [Line Items]
Revenues	5,201,000,000	5,964,000,000	10,077,000,000	11,545,000,000
Other
Disaggregation of Revenue [Line Items]
Revenues	21,000,000	49,000,000	48,000,000	95,000,000
Footwear
Disaggregation of Revenue [Line Items]
Revenues	8,019,000,000	9,049,000,000	15,917,000,000	17,992,000,000
Apparel
Disaggregation of Revenue [Line Items]
Revenues	3,764,000,000	3,804,000,000	6,813,000,000	7,212,000,000
Equipment
Disaggregation of Revenue [Line Items]
Revenues	550,000,000	486,000,000	1,165,000,000	1,028,000,000
Other
Disaggregation of Revenue [Line Items]
Revenues	21,000,000	49,000,000	48,000,000	95,000,000
Operating Segments | NIKE Brand
Disaggregation of Revenue [Line Items]
Revenues	11,950,000,000	12,872,000,000	23,061,000,000	25,225,000,000
Operating Segments | NIKE Brand | Sales to Wholesale Customers
Disaggregation of Revenue [Line Items]
Revenues	6,920,000,000	7,118,000,000	13,330,000,000	14,101,000,000
Operating Segments | NIKE Brand | Sales through Direct to Consumer
Disaggregation of Revenue [Line Items]
Revenues	5,017,000,000	5,742,000,000	9,704,000,000	11,099,000,000
Operating Segments | NIKE Brand | Other
Disaggregation of Revenue [Line Items]
Revenues	13,000,000	12,000,000	27,000,000	25,000,000
Operating Segments | NIKE Brand | NORTH AMERICA
Disaggregation of Revenue [Line Items]
Revenues	5,179,000,000	5,625,000,000	10,005,000,000	11,048,000,000
Operating Segments | NIKE Brand | NORTH AMERICA | Sales to Wholesale Customers
Disaggregation of Revenue [Line Items]
Revenues	2,866,000,000	2,902,000,000	5,341,000,000	5,674,000,000
Operating Segments | NIKE Brand | NORTH AMERICA | Sales through Direct to Consumer
Disaggregation of Revenue [Line Items]
Revenues	2,313,000,000	2,723,000,000	4,664,000,000	5,374,000,000
Operating Segments | NIKE Brand | NORTH AMERICA | Other
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | NIKE Brand | EUROPE, MIDDLE EAST & AFRICA
Disaggregation of Revenue [Line Items]
Revenues	3,303,000,000	3,567,000,000	6,446,000,000	7,177,000,000
Operating Segments | NIKE Brand | EUROPE, MIDDLE EAST & AFRICA | Sales to Wholesale Customers
Disaggregation of Revenue [Line Items]
Revenues	2,120,000,000	2,138,000,000	4,194,000,000	4,517,000,000
Operating Segments | NIKE Brand | EUROPE, MIDDLE EAST & AFRICA | Sales through Direct to Consumer
Disaggregation of Revenue [Line Items]
Revenues	1,183,000,000	1,429,000,000	2,252,000,000	2,660,000,000
Operating Segments | NIKE Brand | EUROPE, MIDDLE EAST & AFRICA | Other
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | NIKE Brand | GREATER CHINA
Disaggregation of Revenue [Line Items]
Revenues	1,711,000,000	1,863,000,000	3,377,000,000	3,598,000,000
Operating Segments | NIKE Brand | GREATER CHINA | Sales to Wholesale Customers
Disaggregation of Revenue [Line Items]
Revenues	904,000,000	1,027,000,000	1,875,000,000	1,922,000,000
Operating Segments | NIKE Brand | GREATER CHINA | Sales through Direct to Consumer
Disaggregation of Revenue [Line Items]
Revenues	807,000,000	836,000,000	1,502,000,000	1,676,000,000
Operating Segments | NIKE Brand | GREATER CHINA | Other
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | NIKE Brand | ASIA PACIFIC & LATIN AMERICA
Disaggregation of Revenue [Line Items]
Revenues	1,744,000,000	1,805,000,000	3,206,000,000	3,377,000,000
Operating Segments | NIKE Brand | ASIA PACIFIC & LATIN AMERICA | Sales to Wholesale Customers
Disaggregation of Revenue [Line Items]
Revenues	1,030,000,000	1,051,000,000	1,920,000,000	1,988,000,000
Operating Segments | NIKE Brand | ASIA PACIFIC & LATIN AMERICA | Sales through Direct to Consumer
Disaggregation of Revenue [Line Items]
Revenues	714,000,000	754,000,000	1,286,000,000	1,389,000,000
Operating Segments | NIKE Brand | ASIA PACIFIC & LATIN AMERICA | Other
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | CONVERSE
Disaggregation of Revenue [Line Items]
Revenues	429,000,000	519,000,000	930,000,000	1,107,000,000
Operating Segments | CONVERSE | Sales to Wholesale Customers
Disaggregation of Revenue [Line Items]
Revenues	212,000,000	257,000,000	488,000,000	586,000,000
Operating Segments | CONVERSE | Sales through Direct to Consumer
Disaggregation of Revenue [Line Items]
Revenues	184,000,000	222,000,000	373,000,000	446,000,000
Operating Segments | CONVERSE | Other
Disaggregation of Revenue [Line Items]
Revenues	33,000,000	40,000,000	69,000,000	75,000,000
Operating Segments | Footwear | NIKE Brand
Disaggregation of Revenue [Line Items]
Revenues	7,655,000,000	8,607,000,000	15,117,000,000	17,028,000,000
Operating Segments | Footwear | NIKE Brand | NORTH AMERICA
Disaggregation of Revenue [Line Items]
Revenues	3,236,000,000	3,757,000,000	6,448,000,000	7,490,000,000
Operating Segments | Footwear | NIKE Brand | EUROPE, MIDDLE EAST & AFRICA
Disaggregation of Revenue [Line Items]
Revenues	1,982,000,000	2,186,000,000	3,934,000,000	4,446,000,000
Operating Segments | Footwear | NIKE Brand | GREATER CHINA
Disaggregation of Revenue [Line Items]
Revenues	1,203,000,000	1,361,000,000	2,449,000,000	2,648,000,000
Operating Segments | Footwear | NIKE Brand | ASIA PACIFIC & LATIN AMERICA
Disaggregation of Revenue [Line Items]
Revenues	1,234,000,000	1,303,000,000	2,286,000,000	2,444,000,000
Operating Segments | Footwear | CONVERSE
Disaggregation of Revenue [Line Items]
Revenues	364,000,000	442,000,000	800,000,000	964,000,000
Operating Segments | Apparel | NIKE Brand
Disaggregation of Revenue [Line Items]
Revenues	3,738,000,000	3,774,000,000	6,770,000,000	7,162,000,000
Operating Segments | Apparel | NIKE Brand | NORTH AMERICA
Disaggregation of Revenue [Line Items]
Revenues	1,693,000,000	1,668,000,000	3,024,000,000	3,147,000,000
Operating Segments | Apparel | NIKE Brand | EUROPE, MIDDLE EAST & AFRICA
Disaggregation of Revenue [Line Items]
Revenues	1,136,000,000	1,200,000,000	2,129,000,000	2,337,000,000
Operating Segments | Apparel | NIKE Brand | GREATER CHINA
Disaggregation of Revenue [Line Items]
Revenues	472,000,000	469,000,000	832,000,000	870,000,000
Operating Segments | Apparel | NIKE Brand | ASIA PACIFIC & LATIN AMERICA
Disaggregation of Revenue [Line Items]
Revenues	437,000,000	437,000,000	785,000,000	808,000,000
Operating Segments | Apparel | CONVERSE
Disaggregation of Revenue [Line Items]
Revenues	26,000,000	30,000,000	43,000,000	50,000,000
Operating Segments | Equipment | NIKE Brand
Disaggregation of Revenue [Line Items]
Revenues	544,000,000	479,000,000	1,147,000,000	1,010,000,000
Operating Segments | Equipment | NIKE Brand | NORTH AMERICA
Disaggregation of Revenue [Line Items]
Revenues	250,000,000	200,000,000	533,000,000	411,000,000
Operating Segments | Equipment | NIKE Brand | EUROPE, MIDDLE EAST & AFRICA
Disaggregation of Revenue [Line Items]
Revenues	185,000,000	181,000,000	383,000,000	394,000,000
Operating Segments | Equipment | NIKE Brand | GREATER CHINA
Disaggregation of Revenue [Line Items]
Revenues	36,000,000	33,000,000	96,000,000	80,000,000
Operating Segments | Equipment | NIKE Brand | ASIA PACIFIC & LATIN AMERICA
Disaggregation of Revenue [Line Items]
Revenues	73,000,000	65,000,000	135,000,000	125,000,000
Operating Segments | Equipment | CONVERSE
Disaggregation of Revenue [Line Items]
Revenues	6,000,000	7,000,000	18,000,000	18,000,000
Operating Segments | Other | NIKE Brand
Disaggregation of Revenue [Line Items]
Revenues	13,000,000	12,000,000	27,000,000	25,000,000
Operating Segments | Other | NIKE Brand | NORTH AMERICA
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | Other | NIKE Brand | EUROPE, MIDDLE EAST & AFRICA
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | Other | NIKE Brand | GREATER CHINA
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | Other | NIKE Brand | ASIA PACIFIC & LATIN AMERICA
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | Other | CONVERSE
Disaggregation of Revenue [Line Items]
Revenues	33,000,000	40,000,000	69,000,000	75,000,000
Global Brand Divisions
Disaggregation of Revenue [Line Items]
Revenues	13,000,000	12,000,000	27,000,000	25,000,000
Global Brand Divisions | Other
Disaggregation of Revenue [Line Items]
Revenues	13,000,000	12,000,000	27,000,000	25,000,000
Global Brand Divisions | Other
Disaggregation of Revenue [Line Items]
Revenues	13,000,000	12,000,000	27,000,000	25,000,000
Corporate
Disaggregation of Revenue [Line Items]
Revenues	(25,000,000)	(3,000,000)	(48,000,000)	(5,000,000)
Corporate | Other
Disaggregation of Revenue [Line Items]
Revenues	(25,000,000)	(3,000,000)	(48,000,000)	(5,000,000)
Corporate | Other
Disaggregation of Revenue [Line Items]
Revenues	$ (25,000,000)	$ (3,000,000)	$ (48,000,000)	$ (5,000,000)

OPERATING SEGMENTS - Informatio

OPERATING SEGMENTS - Information by Operating Segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 12,354	$ 13,388	$ 23,943	$ 26,327
Interest expense (income), net	(24)	(22)	(67)	(56)
Income before income taxes	1,416	1,922	2,723	3,570
Operating Segments | NIKE Brand
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	11,950	12,872	23,061	25,225
Operating Segments | NIKE Brand | NORTH AMERICA
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	5,179	5,625	10,005	11,048
EARNINGS BEFORE INTEREST AND TAXES	1,371	1,526	2,587	2,960
Operating Segments | NIKE Brand | EUROPE, MIDDLE EAST & AFRICA
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	3,303	3,567	6,446	7,177
EARNINGS BEFORE INTEREST AND TAXES	831	927	1,623	1,857
Operating Segments | NIKE Brand | GREATER CHINA
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	1,711	1,863	3,377	3,598
EARNINGS BEFORE INTEREST AND TAXES	375	514	877	1,039
Operating Segments | NIKE Brand | ASIA PACIFIC & LATIN AMERICA
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	1,744	1,805	3,206	3,377
EARNINGS BEFORE INTEREST AND TAXES	460	521	862	935
Operating Segments | CONVERSE
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	429	519	930	1,107
EARNINGS BEFORE INTEREST AND TAXES	53	115	174	282
Global Brand Divisions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	13	12	27	25
EARNINGS BEFORE INTEREST AND TAXES	(1,133)	(1,168)	(2,360)	(2,373)
Corporate
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	(25)	(3)	(48)	(5)
EARNINGS BEFORE INTEREST AND TAXES	$ (565)	$ (535)	$ (1,107)	$ (1,186)

OPERATING SEGMENTS - Accounts R

OPERATING SEGMENTS - Accounts Receivable Net Inventories and Property Plant and Equipment Net by Operating Segments (Details) - USD ($) $ in Millions	Nov. 30, 2024	May 31, 2024
Segment Reporting, Asset Reconciling Item [Line Items]
Accounts receivable, net	$ 5,302	$ 4,427
Inventories	7,981	7,519
Property, plant and equipment, net	4,857	5,000
Operating Segments | NIKE Brand
Segment Reporting, Asset Reconciling Item [Line Items]
Accounts receivable, net	5,083	4,184
Inventories	7,663	7,208
Property, plant and equipment, net	3,128	3,215
Operating Segments | NIKE Brand | NORTH AMERICA
Segment Reporting, Asset Reconciling Item [Line Items]
Accounts receivable, net	2,421	1,723
Inventories	3,414	3,134
Property, plant and equipment, net	694	744
Operating Segments | NIKE Brand | EUROPE, MIDDLE EAST & AFRICA
Segment Reporting, Asset Reconciling Item [Line Items]
Accounts receivable, net	1,421	1,239
Inventories	1,921	2,028
Property, plant and equipment, net	1,089	1,089
Operating Segments | NIKE Brand | GREATER CHINA
Segment Reporting, Asset Reconciling Item [Line Items]
Accounts receivable, net	266	327
Inventories	1,255	1,070
Property, plant and equipment, net	238	258
Operating Segments | NIKE Brand | ASIA PACIFIC & LATIN AMERICA
Segment Reporting, Asset Reconciling Item [Line Items]
Accounts receivable, net	871	792
Inventories	907	810
Property, plant and equipment, net	300	282
Operating Segments | CONVERSE
Segment Reporting, Asset Reconciling Item [Line Items]
Accounts receivable, net	201	201
Inventories	306	296
Property, plant and equipment, net	20	27
Global Brand Divisions
Segment Reporting, Asset Reconciling Item [Line Items]
Accounts receivable, net	104	103
Inventories	166	166
Property, plant and equipment, net	807	842
Corporate
Segment Reporting, Asset Reconciling Item [Line Items]
Accounts receivable, net	18	42
Inventories	12	15
Property, plant and equipment, net	$ 1,709	$ 1,758

RESTRUCTURING (Details)

RESTRUCTURING (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Nov. 30, 2024	Nov. 30, 2024	May 31, 2024
Restructuring and Related Activities [Abstract]
Payments for restructuring	$ 22	$ 239
Pre-tax restructuring charges			$ 267

SUPPLIER FINANCE PROGRAMS (Deta

SUPPLIER FINANCE PROGRAMS (Details) - USD ($) $ in Millions	Nov. 30, 2024	May 31, 2024
Payables and Accruals [Abstract]
Outstanding supplier obligations, current	$ 1,009	$ 840