An article of footwear is disclosed that includes a sole structure having a fluid-filled bladder element. The bladder element includes multiple fluid-filled cushioning components each having a single central opening extending completely therethrough and a continuous fluid-filled cavity surrounding the central opening. The cushioning components are spaced apart from one another so that an outer surface of each of the cushioning components is substantially decoupled from an outer surface of an adjacent one of the cushioning components. A method of manufacturing a sole structure of an article of footwear comprises forming such a bladder element.