An article of footwear having an upper and a sole structure secured to the upper, the sole structure comprising: a midsole formed from a first material and having an upper surface and an opposite lower surface, the upper surface defining a plurality of depressions (44a, 44b, 44c) extending toward the lower surface, the depressions including: (a) a first depression that extends through substantially all of a length of the sole structure, and (b) at least two second depressions (44b, 44c) that extend through substantially all of a width of the sole structure, and the lower surface defining a plurality of indentations (45a, 45b, 45c) extending toward the upper surface, the indentations including: (a) a first indentation that extends through substantially all of the length of the sole structure and is positioned opposite the first depression, and (b) at least two second indentations (45b, 45c) that extend through substantially all of the width of the sole structure and are positioned opposite the second depressions; and an outsole formed from a second material that is less compressible than the first material, the outsole defining a plurality of projections that extend into the indentations of the midsole, and the outsole defining a plurality of grooves (54a, 54b, 54c) located opposite the projections, the grooves including: (a) a first groove that extends through substantially all of the length of the sole structure and is positioned to extend into the first indentation, and (b) at least two second grooves 54c that extend through substantially all of the width of the sole structure and are positioned to extend into the second indentations. a midsole formed from a first material and having an upper surface and an opposite lower surface, the upper surface defining a plurality of depressions (44a, 44b, 44c) extending toward the lower surface, the depressions including: (a) a first depression that extends through substantially all of a length of the sole structure, and (b) at least two second depressions (44b, 44c) that extend through substantially all of a width of the sole structure, and the lower surface defining a plurality of indentations (45a, 45b, 45c) extending toward the upper surface, the indentations including: (a) a first indentation that extends through substantially all of the length of the sole structure and is positioned opposite the first depression, and (b) at least two second indentations (45b, 45c) that extend through substantially all of the width of the sole structure and are positioned opposite the second depressions; and (a) a first depression that extends through substantially all of a length of the sole structure, and (b) at least two second depressions (44b, 44c) that extend through substantially all of a width of the sole structure, (a) a first indentation that extends through substantially all of the length of the sole structure and is positioned opposite the first depression, and (b) at least two second indentations (45b, 45c) that extend through substantially all of the width of the sole structure and are positioned opposite the second depressions; and an outsole formed from a second material that is less compressible than the first material, the outsole defining a plurality of projections that extend into the indentations of the midsole, and the outsole defining a plurality of grooves (54a, 54b, 54c) located opposite the projections, the grooves including: (a) a first groove that extends through substantially all of the length of the sole structure and is positioned to extend into the first indentation, and (b) at least two second grooves 54c that extend through substantially all of the width of the sole structure and are positioned to extend into the second indentations. (a) a first groove that extends through substantially all of the length of the sole structure and is positioned to extend into the first indentation, and (b) at least two second grooves 54c that extend through substantially all of the width of the sole structure and are positioned to extend into the second indentations.