Quarterly Report (10-q)

Date : 01/07/2020 @ 9:04PM
Source : Edgar (US Regulatory)
Stock : Nike Inc (NKE)
Quote : 103.54  0.17 (0.16%) @ 12:50AM
After Hours
Last Trade
Last $ 103.44 ▼ -0.10 (-0.10%)

Quarterly Report (10-q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED NOVEMBER 30, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM                         TO                         .

Commission File No. 1-10635
NIKELOGOORANGE.JPG
NIKE, Inc.
(Exact name of Registrant as specified in its charter)
Oregon
93-0584541
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)

One Bowerman Drive, Beaverton, Oregon 97005-6453
(Address of principal executive offices and zip code)

(503) 671-6453
(Registrant's telephone number, including area code)
SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:
Class B Common Stock
NKE
New York Stock Exchange
(Title of each class)
(Trading symbol)
(Name of each exchange on which registered)
Indicate by check mark:
 
YES
NO
whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
 
þ
whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
 
þ
whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer
þ
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
if an emerging growth company, if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 
whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
 
þ
As of January 2, 2020, the number of shares of the Registrant's Common Stock outstanding were:
Class A
315,017,252

Class B
1,242,355,516

 
1,557,372,768




NIKE, INC.
FORM 10-Q
TABLE OF CONTENTS
 
 
PAGE
PART I - FINANCIAL INFORMATION
1
1
 
1
 
2
 
3
 
4
 
5
 
7
ITEM 2.
26
ITEM 3.
43
ITEM 4.
43
PART II - OTHER INFORMATION
45
ITEM 1.
45
ITEM 1A.
45
ITEM 2.
45
ITEM 6.
46
 
47



PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
NIKE, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 
THREE MONTHS ENDED NOVEMBER 30,
 
SIX MONTHS ENDED NOVEMBER 30,
(In millions, except per share data)
2019
2018
 
2019
2018
Revenues
$
10,326

$
9,374

 
$
20,986

$
19,322

Cost of sales
5,782

5,269

 
11,571

10,820

Gross profit
4,544

4,105

 
9,415

8,502

Demand creation expense
881

910

 
1,899

1,874

Operating overhead expense
2,443

2,232

 
4,753

4,331

Total selling and administrative expense
3,324

3,142

 
6,652

6,205

Interest expense (income), net
12

14

 
27

25

Other (income) expense, net
(41
)
(48
)
 
(74
)
5

Income before income taxes
1,249

997

 
2,810

2,267

Income tax expense
134

150

 
328

328

NET INCOME
$
1,115

$
847

 
$
2,482

$
1,939

Earnings per common share:
 
 
 
 
 
Basic
$
0.71

$
0.54

 
$
1.59

$
1.22

Diluted
$
0.70

$
0.52

 
$
1.56

$
1.19

Weighted average common shares outstanding:
 
 
 
 
 
Basic
1,560.6

1,581.4

 
1,561.5

1,587.7

Diluted
1,594.4

1,620.7

 
1,596.0

1,627.2

The accompanying Notes to the Unaudited Condensed Consolidated Financial Statements are an integral part of this statement.

1


NIKE, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 
THREE MONTHS ENDED NOVEMBER 30,
 
SIX MONTHS ENDED NOVEMBER 30,
(Dollars in millions)
2019
2018
 
2019
2018
Net income
$
1,115

$
847

 
$
2,482

$
1,939

Other comprehensive income (loss), net of tax:
 
 
 
 
 
Change in net foreign currency translation adjustment
28

(2
)
 
(61
)
(130
)
Change in net gains (losses) on cash flow hedges
(155
)
241

 
(119
)
434

Change in net gains (losses) on other
(1
)

 
1

(3
)
Total other comprehensive income (loss), net of tax
(128
)
239

 
(179
)
301

TOTAL COMPREHENSIVE INCOME
$
987

$
1,086

 
$
2,303

$
2,240


The accompanying Notes to the Unaudited Condensed Consolidated Financial Statements are an integral part of this statement.

2


NIKE, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
 
NOVEMBER 30,
 
MAY 31,
(In millions)
2019
 
2019
ASSETS
 
 
 
Current assets:
 
 
 
Cash and equivalents
$
3,070

 
$
4,466

Short-term investments
432

 
197

Accounts receivable, net
4,792

 
4,272

Inventories
6,199

 
5,622

Prepaid expenses and other current assets
1,876

 
1,968

Total current assets
16,369

 
16,525

Property, plant and equipment, net
4,668

 
4,744

Operating lease right-of-use assets, net
2,882

 

Identifiable intangible assets, net
277

 
283

Goodwill
224

 
154

Deferred income taxes and other assets
2,182

 
2,011

TOTAL ASSETS
$
26,602

 
$
23,717

LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
Current liabilities:
 
 
 
Current portion of long-term debt
$
6

 
$
6

Notes payable
300

 
9

Accounts payable
2,627

 
2,612

Current portion of operating lease liabilities
431

 

Accrued liabilities
4,672

 
5,010

Income taxes payable
228

 
229

Total current liabilities
8,264

 
7,866

Long-term debt
3,462

 
3,464

Operating lease liabilities
2,723

 

Deferred income taxes and other liabilities
2,802

 
3,347

Redeemable preferred stock

 

Shareholders' equity:
 
 
 
Common stock at stated value:
 
 
 
Class A convertible — 315 and 315 shares outstanding

 

Class B — 1,244 and 1,253 shares outstanding
3

 
3

Capital in excess of stated value
7,719

 
7,163

Accumulated other comprehensive income (loss)
52

 
231

Retained earnings
1,577

 
1,643

Total shareholders' equity
9,351

 
9,040

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$
26,602

 
$
23,717

The accompanying Notes to the Unaudited Condensed Consolidated Financial Statements are an integral part of this statement.

3


NIKE, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
SIX MONTHS ENDED NOVEMBER 30,
(Dollars in millions)
2019
2018
Cash provided (used) by operations:
 
 
Net income
$
2,482

$
1,939

Adjustments to reconcile net income to net cash provided (used) by operations:
 
 
Depreciation
343

349

Deferred income taxes
(134
)
11

Stock-based compensation
190

133

Amortization and other
19

10

Net foreign currency adjustments
6

210

Changes in certain working capital components and other assets and liabilities:
 

(Increase) decrease in accounts receivable
(568
)
(324
)
(Increase) decrease in inventories
(608
)
(263
)
(Increase) decrease in prepaid expenses, operating lease right-of-use assets and other current and non-current assets
(67
)
(124
)
Increase (decrease) in accounts payable, accrued liabilities, operating lease liabilities and other current and non-current liabilities
(357
)
884

Cash provided (used) by operations
1,306

2,825

Cash provided (used) by investing activities:
 
 
Purchases of short-term investments
(1,157
)
(1,771
)
Maturities of short-term investments
19

1,181

Sales of short-term investments
981

971

Additions to property, plant and equipment
(522
)
(630
)
Other investing activities
(109
)
4

Cash provided (used) by investing activities
(788
)
(245
)
Cash provided (used) by financing activities:
 
 
Increase (decrease) in notes payable
291

(327
)
Proceeds from exercise of stock options and other stock issuances
483

340

Repurchase of common stock
(1,921
)
(2,637
)
Dividends — common and preferred
(689
)
(638
)
Other financing activities
(32
)
(28
)
Cash provided (used) by financing activities
(1,868
)
(3,290
)
Effect of exchange rate changes on cash and equivalents
(46
)
(116
)
Net increase (decrease) in cash and equivalents
(1,396
)
(826
)
Cash and equivalents, beginning of period
4,466

4,249

CASH AND EQUIVALENTS, END OF PERIOD
$
3,070

$
3,423

Supplemental disclosure of cash flow information:
 
 
Non-cash additions to property, plant and equipment
$
86

$
128

Dividends declared and not paid
384

348

The accompanying Notes to the Unaudited Condensed Consolidated Financial Statements are an integral part of this statement.

4


NIKE, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
 
COMMON STOCK
CAPITAL IN EXCESS OF STATED VALUE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

RETAINED EARNINGS

TOTAL

 
CLASS A
 
CLASS B
(In millions, except per share data)
SHARES

AMOUNT

 
SHARES

AMOUNT

Balance at August 31, 2019
315

$

 
1,245

$
3

$
7,296

$
180

$
1,721

$
9,200

Stock options exercised


 
7


265



265

Repurchase of Class B Common Stock


 
(10
)

(47
)

(875
)
(922
)
Dividends on common stock ($0.245 per share)


 






(383
)
(383
)
Issuance of shares to employees, net of shares withheld for employee taxes


 
2


95


(1
)
94

Stock-based compensation


 



110




110

Net income


 






1,115

1,115

Other comprehensive income (loss)


 





(128
)


(128
)
Balance at November 30, 2019
315

$

 
1,244

$
3

$
7,719

$
52

$
1,577

$
9,351

 
COMMON STOCK
CAPITAL IN EXCESS OF STATED VALUE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

RETAINED EARNINGS

TOTAL

 
CLASS A
 
CLASS B
(In millions, except per share data)
SHARES

AMOUNT

 
SHARES

AMOUNT

Balance at August 31, 2018
320

$

 
1,269

$
3

$
6,525

$
(30
)
$
2,494

$
8,992

Stock options exercised


 
2


78



78

Conversion to Class B Common Stock
(5
)

 
5








Repurchase of Class B Common Stock


 
(16
)

(68
)

(1,183
)
(1,251
)
Dividends on common stock ($0.22 per share)


 




(348
)
(348
)
Issuance of shares to employees, net of shares withheld for employee taxes


 
2


80




80

Stock-based compensation


 


92



92

Net income


 




847

847

Other comprehensive income (loss)


 



239


239

Balance at November 30, 2018
315

$

 
1,262

$
3

$
6,707

$
209

$
1,810

$
8,729



5


NIKE, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
 
COMMON STOCK
CAPITAL IN EXCESS OF STATED VALUE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

RETAINED EARNINGS

TOTAL

 
CLASS A
 
CLASS B
(In millions, except per share data)
SHARES

AMOUNT

 
SHARES

AMOUNT

Balance at May 31, 2019
315

$

 
1,253

$
3

$
7,163

$
231

$
1,643

$
9,040

Stock options exercised


 
11


381



381

Repurchase of Class B Common Stock


 
(22
)

(102
)

(1,815
)
(1,917
)
Dividends on common stock ($0.465 per share) and preferred stock ($0.10 per share)


 






(727
)
(727
)
Issuance of shares to employees, net of shares withheld for employee taxes


 
2


87


(5
)
82

Stock-based compensation


 



190




190

Net income


 






2,482

2,482

Other comprehensive income (loss)


 





(179
)


(179
)
Adoption of ASC Topic 842 (Note 1)


 






(1
)
(1
)
Balance at November 30, 2019
315

$

 
1,244

$
3

$
7,719

$
52

$
1,577

$
9,351

 
COMMON STOCK
CAPITAL IN EXCESS OF STATED VALUE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

RETAINED EARNINGS

TOTAL

 
CLASS A
 
CLASS B
(In millions, except per share data)
SHARES

AMOUNT

 
SHARES

AMOUNT

Balance at May 31, 2018
329

$

 
1,272

$
3

$
6,384

$
(92
)
$
3,517

$
9,812

Stock options exercised


 
8


260



260

Conversion to Class B Common Stock
(14
)

 
14








Repurchase of Class B Common Stock


 
(34
)

(137
)

(2,495
)
(2,632
)
Dividends on common stock ($0.42 per share) and preferred stock ($0.10 per share)


 




(666
)
(666
)
Issuance of shares to employees, net of shares withheld for employee taxes


 
2


67


(1
)
66

Stock-based compensation


 


133



133

Net income


 




1,939

1,939

Other comprehensive income (loss)


 




301


301

Adoption of ASU 2016-16


 





(507
)
(507
)
Adoption of ASC Topic 606


 




23

23

Balance at November 30, 2018
315

$

 
1,262

$
3

$
6,707

$
209

$
1,810

$
8,729


The accompanying Notes to the Unaudited Condensed Consolidated Financial Statements are an integral part of this statement.

6


NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

7


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, 2019 was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). The interim financial information and notes thereto should be read in conjunction with the Company's latest Annual Report on Form 10-K. The results of operations for the three and six months ended November 30, 2019 are not necessarily indicative of results to be expected for the entire year.
RECENTLY ADOPTED ACCOUNTING STANDARDS
In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842), which replaced existing lease accounting guidance. The new standard is intended to provide enhanced transparency and comparability by requiring lessees to record right-of-use (ROU) assets and corresponding lease liabilities on the balance sheet. ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. The new guidance requires the Company to continue to classify leases as either an operating or finance lease, with classification affecting the pattern of expense recognition in the income statement. In addition, the new standard requires enhanced disclosure surrounding the amount, timing and uncertainty of cash flows arising from leasing agreements.
In July 2018, the FASB issued ASU No. 2018-11, which provided entities with an additional transition method. Under the new transition method, an entity initially applies the new standard at the adoption date, versus at the beginning of the earliest period presented, and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company elected this transition method and adopted Topic 842 using a modified retrospective approach in the first quarter of fiscal 2020 with the cumulative effect of initially applying the new standard recognized in Retained earnings at June 1, 2019. Comparative prior period information has not been adjusted and continues to be reported in accordance with previous lease accounting guidance in Accounting Standards Codification (ASC) Topic 840 — Leases.
Upon adoption, the Company elected the package of transition practical expedients which allowed the Company to carry forward prior conclusions related to: (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases and (iii) initial direct costs for existing leases. Additionally, the Company elected the practical expedient to not separate lease components from nonlease components for all real estate leases within the portfolio. The Company made an accounting policy election to not record leases with an initial term of 12 months or less on the Unaudited Condensed Consolidated Balance Sheets and will recognize related lease payments in the Unaudited Condensed Consolidated Statements of Income on a straight-line basis over the lease term.
In preparation for implementation, the Company executed changes to business processes, including implementing a software solution to assist with the new reporting requirements. The adoption of Topic 842 resulted in a $2.7 billion increase to total assets and total liabilities as of June 1, 2019. Upon adoption, the Company recognized $3.2 billion of total operating lease liabilities and $2.9 billion of operating lease ROU assets, as well as removed $348 million of existing deferred rent liabilities, which was recorded as an offset against the ROU assets. In addition, the Company removed $184 million of existing assets and liabilities related to build-to-suit lease arrangements. Several other asset and liability line items in the Company's Unaudited Condensed Consolidated Balance Sheets were also impacted by immaterial amounts. The adoption of the standard did not have a material impact on the Unaudited Condensed Consolidated Statements of Income or Unaudited Condensed Consolidated Statements of Cash Flows. For more information on the Company's lease arrangements refer to Note 13 — Leases.
NOTE 2 — INVENTORIES
Inventory balances of $6,199 million and $5,622 million at November 30, 2019 and May 31, 2019, respectively, were substantially all finished goods.

8


NOTE 3 — ACCRUED LIABILITIES
Accrued liabilities included the following:
 
NOVEMBER 30,
 
MAY 31,
(Dollars in millions)
2019
 
2019
Sales-related reserves
$
1,256

 
$
1,218

Compensation and benefits, excluding taxes
1,040

 
1,232

Dividends payable
384

 
346

Endorsement compensation
359

 
424

Import and logistics costs
352

 
296

Taxes other than income taxes payable
293

 
234

Advertising and marketing
134

 
114

Collateral received from counterparties to hedging instruments
122

 
289

Fair value of derivatives
72

 
52

Other(1)
660

 
805

TOTAL ACCRUED LIABILITIES
$
4,672

 
$
5,010

(1)
Other consists of various accrued expenses with no individual item accounting for more than 5% of the total Accrued liabilities balance at November 30, 2019 and May 31, 2019.
NOTE 4 — FAIR VALUE MEASUREMENTS
The Company measures certain financial assets and liabilities at fair value on a recurring basis, including derivatives, equity securities and available-for-sale debt securities. For additional information about the Company's fair value policies refer to Note 1 — Summary of Significant Accounting Policies of the Annual Report on Form 10-K for the fiscal year ended May 31, 2019.
The following tables present information about the Company's financial assets measured at fair value on a recurring basis as of November 30, 2019 and May 31, 2019, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
 
NOVEMBER 30, 2019
(Dollars in millions)
ASSETS AT FAIR VALUE

CASH AND EQUIVALENTS

SHORT-TERM INVESTMENTS

Cash
$
584

$
584

$

Level 1:
 
 
 
U.S. Treasury securities
395


395

Level 2:
 
 
 
Commercial paper and bonds
33

1

32

Money market funds
1,362

1,362


Time deposits
1,127

1,123

4

U.S. Agency securities
1


1

Total Level 2
2,523

2,486

37

TOTAL
$
3,502

$
3,070

$
432


9


 
MAY 31, 2019
(Dollars in millions)
ASSETS AT FAIR VALUE

CASH AND EQUIVALENTS

SHORT-TERM INVESTMENTS

Cash
$
853

$
853

$

Level 1:
 
 
 
U.S. Treasury securities
347

200

147

Level 2:
 
 
 
Commercial paper and bonds
34

1

33

Money market funds
1,637

1,637


Time deposits
1,791

1,775

16

U.S. Agency securities
1


1

Total Level 2
3,463

3,413

50

TOTAL
$
4,663

$
4,466

$
197


As of November 30, 2019, the Company held $387 million of available-for-sale debt securities with maturity dates within one year and $45 million with maturity dates over one year and less than five years in Short-term investments on the Unaudited Condensed Consolidated Balance Sheets. The fair value of the Company's available-for-sale debt securities approximates their amortized cost.
Included in Interest expense (income), net was interest income related to the Company's investment portfolio of $14 million and $20 million for the three months ended November 30, 2019 and 2018, respectively, and $35 million and $40 million for the six months ended November 30, 2019 and 2018, respectively.
The following tables present information about the Company's derivative assets and liabilities measured at fair value on a recurring basis as of November 30, 2019 and May 31, 2019, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
 
NOVEMBER 30, 2019
 
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)
$
427

$
393

$
34

 
$
73

$
72

$
1

Embedded derivatives



 



TOTAL
$
427

$
393

$
34

 
$
73

$
72

$
1

(1)
If the foreign exchange derivative instruments had been netted on the Unaudited Condensed Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $53 million as of November 30, 2019. As of that date, the Company had received $122 million of cash collateral from various counterparties related to foreign exchange derivative instruments. No amount of collateral was posted on the Company's derivative liability balance as of November 30, 2019.
 
MAY 31, 2019
 
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)
$
611

$
611

$

 
$
51

$
51

$

Embedded derivatives
11

5

6

 
3

1

2

TOTAL
$
622

$
616

$
6

 
$
54

$
52

$
2

(1)
If the foreign exchange derivative instruments had been netted on the Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $50 million as of May 31, 2019. As of that date, the Company had received $289 million of cash collateral from various counterparties related to foreign exchange derivative instruments. No amount of collateral was posted on the Company's derivative liability balance as of May 31, 2019.
For additional information related to the Company's derivative financial instruments and credit risk, refer to Note 9 — Risk Management and Derivatives.
The carrying amounts of other current financial assets and other current financial liabilities approximate fair value.

10


FINANCIAL ASSETS AND LIABILITIES NOT RECORDED AT FAIR VALUE
Long-term debt is recorded at adjusted cost, net of unamortized premiums, discounts and debt issuance costs. The fair value of Long-term debt is estimated based upon quoted prices for similar instruments or quoted prices for identical instruments in inactive markets (Level 2). The fair value of the Company’s Long-term debt, including the current portion, was approximately $3,756 million at November 30, 2019 and $3,524 million at May 31, 2019.
For fair value information regarding Notes payable, refer to Note 5 — Short-Term Borrowings and Credit Lines.
NOTE 5 — SHORT-TERM BORROWINGS AND CREDIT LINES

The carrying amounts reflected on the Unaudited Condensed Consolidated Balance Sheets for Notes payable approximate fair value.
As of November 30, 2019, the Company had $300 million in borrowings outstanding under its $2 billion commercial paper program at a weighted average rate of 1.63%. No borrowings were outstanding at May 31, 2019. These borrowings are included within Notes payable on the Unaudited Condensed Consolidated Balance Sheets.
On August 16, 2019, the Company entered into a committed credit facility agreement with a syndicate of banks which provides for up to $2 billion of borrowings, with the option to increase borrowings up to $3 billion in total upon lender approval. The facility matures on August 16, 2024, with a one year extension option prior to any anniversary of the closing date, provided that in no event shall it extend beyond August 16, 2026. Based on the Company's current long-term senior unsecured debt ratings of AA- and A1 from Standard and Poor's Corporation and Moody's Investor Services, respectively, the interest rate charged on any outstanding borrowings would be the prevailing London Interbank Offered Rate (LIBOR) plus 0.46%. The facility fee is 0.04% of the total commitment. The Company was in compliance with the covenants of the facility at November 30, 2019. This facility replaces the prior $2 billion credit facility agreement entered into on August 28, 2015, which would have matured August 28, 2020. As of and for the periods ended November 30, 2019 and May 31, 2019, no amounts were outstanding under either committed credit facility.
There have been no other significant changes to the credit lines reported in the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2019.
NOTE 6 — INCOME TAXES

The effective tax rate was 11.7% and 14.5% for the six months ended November 30, 2019 and November 30, 2018, respectively. The change in the Company's effective tax rate was due to the proportion of earnings taxed in the U.S.
As of November 30, 2019, total gross unrecognized tax benefits, excluding related interest and penalties, were $804 million, $545 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, 2019, total gross unrecognized tax benefits, excluding related interest and penalties, were $808 million. The liability for payment of interest and penalties decreased by $30 million during the six months ended November 30, 2019. As of November 30, 2019 and May 31, 2019, accrued interest and penalties related to uncertain tax positions were $144 million and $174 million, respectively (excluding federal benefit).
The Company is subject to taxation in the United States, as well as various state and foreign jurisdictions. The Company has closed all U.S. federal income tax matters through fiscal 2016, with the exception of certain transfer pricing adjustments.
The Company's major foreign jurisdictions, China and the Netherlands, have concluded substantially all income tax matters through calendar 2008 and fiscal 2013, respectively. Although the timing of resolution of audits is not certain, the Company evaluates all domestic and foreign audit issues in the aggregate, along with the expiration of applicable statutes of limitations, and estimates that it is reasonably possible the total gross unrecognized tax benefits could decrease by up to $50 million within the next 12 months. In January 2019, the European Commission opened a formal investigation to examine whether the Netherlands has breached State Aid rules when granting certain tax rulings to the Company. The Company believes the investigation is without merit. If this matter is adversely resolved, the Netherlands may be required to assess additional amounts with respect to current and prior periods, and the Company's Netherlands income taxes in the future could increase.
As a result of the enactment of the U.S. Tax Cuts and Jobs Act (the "Tax Act") in fiscal 2018, the Company reevaluated its historical indefinite reinvestment assertion and determined that any historical or future undistributed earnings of foreign subsidiaries were no longer considered to be indefinitely reinvested. Subsequent to November 30, 2019, tax laws in one of the Company’s foreign jurisdictions changed. As a result of the change in law, undistributed earnings in that foreign jurisdiction could

11


be subject to withholding tax upon distribution. The Company is currently reviewing the application of the change, and may reevaluate its assertion with respect to all or a portion of its undistributed foreign earnings. This may increase tax expense and deferred tax liabilities in future quarters. Due to the reevaluation, the Company cannot estimate the impact of the change in law to the Consolidated Financial Statements at this time. 
NOTE 7 — STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION
The NIKE, Inc. Stock Incentive Plan (the “Stock Incentive Plan”) provides for the issuance of up to 718 million previously unissued shares of Class B Common Stock in connection with equity awards granted under the Stock Incentive Plan. The Stock Incentive Plan authorizes the grant of non-statutory stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units and performance-based awards. In addition to the Stock Incentive Plan, the Company gives employees the right to purchase shares at a discount from the market price under employee stock purchase plans (ESPPs). Refer to Note 11 - Common Stock and Stock-Based Compensation of the Annual Report on Form 10-K for the fiscal year ended May 31, 2019 for further information.
The following table summarizes the Company's total stock-based compensation expense recognized in Cost of sales or Operating overhead expense, as applicable: 
 
THREE MONTHS ENDED NOVEMBER 30,
 
SIX MONTHS ENDED NOVEMBER 30,
(Dollars in millions)
2019
2018
 
2019
2018
Stock options(1)
$
64

$
63

 
$
106

$
83

ESPPs
11

8

 
24

18

Restricted stock
35

21

 
60

32

TOTAL STOCK-BASED COMPENSATION EXPENSE
$
110

$
92

 
$
190

$
133

(1)
Expense for stock options includes the expense associated with stock appreciation rights. Accelerated stock option expense is recorded for employees meeting certain retirement eligibility requirements.
The income tax benefit related to stock-based compensation expense was $77 million and $21 million for the three months ended November 30, 2019 and 2018, respectively, and $114 million and $74 million for the six months ended November 30, 2019 and 2018, respectively.
STOCK OPTIONS
The weighted average fair value per share of the options granted during the six months ended November 30, 2019 and 2018, computed as of the grant date using the Black-Scholes pricing model, was $18.46 and $22.81, respectively. The weighted average assumptions used to estimate these fair values were as follows:
 
SIX MONTHS ENDED NOVEMBER 30,
 
2019
2018
Dividend yield
1.0
%
1.0
%
Expected volatility
23.0
%
26.6
%
Weighted average expected life (in years)
6.0

6.0

Risk-free interest rate
1.5
%
2.8
%

Expected volatilities are based on the historical volatility of the Company's common stock, the implied volatility in market traded options on the Company's common stock with a term greater than one year, as well as other factors. The weighted average expected life of options is based on an analysis of historical and expected future exercise patterns. The interest rate is based on the U.S. Treasury (constant maturity) risk-free rate in effect at the date of grant for periods corresponding with the expected term of the options.
As of November 30, 2019, the Company had $523 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 2.9 years.

12


RESTRICTED STOCK AND RESTRICTED STOCK UNITS
The weighted average fair value per share of restricted stock and restricted stock units granted for the six months ended November 30, 2019 and 2018, computed as of the grant date, was $84.85 and $80.55, respectively. As of November 30, 2019, the Company had $348 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 3.0 years.
NOTE 8 — EARNINGS PER SHARE
The following is a reconciliation from basic earnings per common share to diluted earnings per common share. The computations of diluted earnings per common share excluded options, including shares under ESPPs, to purchase an additional 34.2 million and 17.8 million shares of common stock outstanding for the three months ended November 30, 2019 and 2018, respectively, and 34.2 million and 17.8 million shares of common stock outstanding for the six months ended November 30, 2019 and 2018, respectively, because the options were anti-dilutive.
 
THREE MONTHS ENDED NOVEMBER 30,
 
SIX MONTHS ENDED NOVEMBER 30,
(In millions, except per share data)
2019
2018
 
2019
2018
Net income available to common stockholders
$
1,115

$
847

 
$
2,482

$
1,939

Determination of shares:
 
 
 
 
 
Weighted average common shares outstanding
1,560.6

1,581.4

 
1,561.5

1,587.7

Assumed conversion of dilutive stock options and awards
33.8

39.3

 
34.5

39.5

DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
1,594.4

1,620.7

 
1,596.0

1,627.2

Earnings per common share:
 
 
 
 
 
Basic
$
0.71

$
0.54

 
$
1.59

$
1.22

Diluted
$
0.70

$
0.52

 
$
1.56

$
1.19


NOTE 9 — RISK MANAGEMENT AND DERIVATIVES
The Company is exposed to global market risks, including the effect of changes in foreign currency exchange rates and interest rates, and uses derivatives to manage financial exposures that occur in the normal course of business. As of and for the six months ended November 30, 2019, there have been no material changes to the Company's hedging program or strategy from what was disclosed within the Annual Report on Form 10-K. For additional information about the Company's derivatives and hedging policies refer to Note 1 — Summary of Significant Accounting Policies and Note 14 - Risk Management and Derivatives of the Annual Report on Form 10-K for the fiscal year ended May 31, 2019.
The majority of derivatives outstanding as of November 30, 2019 are designated as foreign currency cash flow hedges, primarily for Euro/U.S. Dollar, British Pound/Euro, Japanese Yen/U.S. Dollar and Chinese Yuan/U.S. Dollar currency pairs. All derivatives are recognized on the Unaudited Condensed Consolidated Balance Sheets at fair value and classified based on the instrument's maturity date.

13


The following table presents the fair values of derivative instruments included within the Unaudited Condensed Consolidated Balance Sheets as of November 30, 2019 and May 31, 2019:
 
DERIVATIVE ASSETS
 
DERIVATIVE LIABILITIES
 
BALANCE SHEET LOCATION
NOVEMBER 30,
 
MAY 31,
 
BALANCE SHEET LOCATION
NOVEMBER 30,
 
MAY 31,
(Dollars in millions)
2019
 
2019
 
2019
 
2019
Derivatives formally designated as hedging instruments:
 
 
 
 
 
 
 
 
 
Foreign exchange forwards and options
Prepaid expenses and other current assets
$
354

 
$
509

 
Accrued liabilities
$
54

 
$
5

Foreign exchange forwards and options
Deferred income taxes and other assets
34

 

 
Deferred income taxes and other liabilities
1

 

Total derivatives formally designated as hedging instruments
 
388

 
509

 
 
55

 
5

Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
 
 
Foreign exchange forwards and options
Prepaid expenses and other current assets
39

 
102

 
Accrued liabilities
18

 
46

Embedded derivatives
Prepaid expenses and other current assets

 
5

 
Accrued liabilities

 
1

Embedded derivatives
Deferred income taxes and other assets

 
6

 
Deferred income taxes and other liabilities

 
2

Total derivatives not designated as hedging instruments
 
39

 
113

 
 
18

 
49

TOTAL DERIVATIVES
 
$
427

 
$
622

 
 
$
73

 
$
54


The following tables present the amounts in the Unaudited Condensed Consolidated Statements of Income in which the effects of cash flow hedges are recorded and the effects of cash flow hedge activity on these line items for the three and six months ended November 30, 2019 and 2018:
 
THREE MONTHS ENDED NOVEMBER 30,
 
2019
 
2018
(Dollars in millions)
TOTAL

AMOUNT OF
GAIN (LOSS)
ON CASH FLOW
HEDGE ACTIVITY

 
TOTAL

AMOUNT OF
GAIN (LOSS)
ON CASH FLOW
HEDGE ACTIVITY

Revenues
$
10,326

$
1

 
$
9,374

$
3

Cost of sales
5,782

102

 
5,269

10

Demand creation expense
881

(3
)
 
910


Other (income) expense, net
(41
)
31

 
(48
)

Interest expense (income), net
12

(1
)
 
14

(1
)


14


 
SIX MONTHS ENDED NOVEMBER 30,
 
2019
 
2018
(Dollars in millions)
TOTAL

AMOUNT OF
GAIN (LOSS)
ON CASH FLOW
HEDGE ACTIVITY

 
TOTAL

AMOUNT OF
GAIN (LOSS)
ON CASH FLOW
HEDGE ACTIVITY

Revenues
$
20,986

$
9

 
$
19,322

$
8

Cost of sales
11,571

177

 
10,820

(34
)
Demand creation expense
1,899

(3
)
 
1,874


Other (income) expense, net
(74
)
77

 
5

(9
)
Interest expense (income), net
27

(3
)
 
25

(3
)

The following tables present the amounts affecting the Unaudited Condensed Consolidated Statements of Income for the three and six months ended November 30, 2019 and 2018:

(Dollars in millions)
AMOUNT OF GAIN (LOSS)
RECOGNIZED IN OTHER
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES
(1)
 
AMOUNT OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE
INCOME (LOSS) INTO INCOME
(1)
THREE MONTHS ENDED NOVEMBER 30,
 
LOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME
 
THREE MONTHS ENDED NOVEMBER 30,
2019
2018
 
 
2019
2018
Derivatives designated as
cash flow hedges:
 
 
 
 
 
 
 
Foreign exchange forwards
and options
$
(83
)
$
3

 
Revenues
 
$
1

$
3

Foreign exchange forwards
and options
37

173

 
Cost of sales
 
102

10

Foreign exchange forwards
and options


 
Demand creation expense
 
(3
)

Foreign exchange forwards
and options
27

79

 
Other (income) expense, net
 
31


Interest rate swaps(2)


 
Interest expense (income), net
 
(1
)
(1
)
Total designated cash
flow hedges
$
(19
)
$
255

 
 
 
$
130

$
12

(1)
For the three months ended November 30, 2019 and 2018, 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.

15



(Dollars in millions)
AMOUNT OF GAIN (LOSS)
RECOGNIZED IN OTHER
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES
(1)
 
AMOUNT OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE
INCOME (LOSS) INTO INCOME
(1)
SIX MONTHS ENDED NOVEMBER 30,
 
LOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME
 
SIX MONTHS ENDED NOVEMBER 30,
2019
2018
 
 
2019
2018
Derivatives designated as
cash flow hedges:
 
 
 
 
 
 
 
Foreign exchange forwards
and options
$
(62
)
$
19

 
Revenues
 
$
9

$
8

Foreign exchange forwards
and options
146

274

 
Cost of sales
 
177

(34
)
Foreign exchange forwards
and options


 
Demand creation expense
 
(3
)

Foreign exchange forwards
and options
60

105

 
Other (income) expense, net
 
77

(9
)
Interest rate swaps(2)


 
Interest expense (income), net
 
(3
)
(3
)
Total designated cash
flow hedges
$
144

$
398

 
 
 
$
257

$
(38
)
(1)
For the six months ended November 30, 2019 and 2018, the amounts recorded in Other (income) expense, net as a result of the discontinuance of cash flow hedges because the forecasted transactions were no longer probable of occurring were immaterial.
(2)
Gains and losses associated with terminated interest rate swaps, which were previously designated as cash flow hedges and recorded in Accumulated other comprehensive income (loss), will be released through Interest expense (income), net over the term of the issued debt.
 
AMOUNT OF GAIN (LOSS) RECOGNIZED 
IN INCOME ON DERIVATIVES
 
LOCATION OF GAIN (LOSS)  
RECOGNIZED IN INCOME
  
ON DERIVATIVES
 
THREE MONTHS ENDED NOVEMBER 30,
 
SIX MONTHS ENDED NOVEMBER 30,
 
(Dollars in millions)
2019
2018
 
2019
2018
 
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
Foreign exchange forwards and options
$
(21
)
$
74

 
$
(21
)
$
188

 
Other (income) expense, net
Embedded derivatives
(4
)
6

 
(5
)
4

 
Other (income) expense, net

CASH FLOW HEDGES
All changes in fair value of derivatives designated as cash flow hedges are recorded in Accumulated other comprehensive income (loss) until Net income is affected by the variability of cash flows of the hedged transaction. Effective hedge results are classified in the Unaudited Condensed Consolidated Statements of Income in the same manner as the underlying exposure. Derivative instruments designated as cash flow hedges must be discontinued when it is no longer probable the forecasted hedged transaction will occur in the initially identified time period. The gains and losses associated with discontinued derivative instruments in Accumulated other comprehensive income (loss) will be recognized immediately in Other (income) expense, net, if it is probable the forecasted hedged transaction will not occur by the end of the initially identified time period or within an additional two-month period thereafter. In all situations in which hedge accounting is discontinued and the derivative remains outstanding, the Company accounts for the derivative as an undesignated instrument as discussed below.
The total notional amount of outstanding foreign currency derivatives designated as cash flow hedges was approximately $9.0 billion as of November 30, 2019. Approximately $389 million of deferred net gains (net of tax) on both outstanding and matured derivatives in Accumulated other comprehensive income (loss) as of November 30, 2019, 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, 2019, the maximum term over which the Company hedges exposures to the variability of cash flows for its forecasted transactions was 18 months.

16


UNDESIGNATED DERIVATIVE INSTRUMENTS
The Company may elect to enter into foreign exchange forwards to mitigate the change in fair value of specific assets and liabilities on the Unaudited Condensed Consolidated Balance Sheets and/or the embedded derivative contracts. These undesignated instruments are recorded at fair value as a derivative asset or liability on the Unaudited Condensed Consolidated Balance Sheets with their corresponding change in fair value recognized in Other (income) expense, net, together with the re-measurement gain or loss from the hedged balance sheet position and/or embedded derivative contract. The total notional amount of outstanding undesignated derivative instruments was $3.9 billion as of November 30, 2019.
EMBEDDED DERIVATIVES
Embedded derivative contracts are treated as foreign currency forward contracts that are bifurcated from the related contract and recorded at fair value as a derivative asset or liability on the Unaudited Condensed Consolidated Balance Sheets with their corresponding change in fair value recognized in Other (income) expense, net, through the date the foreign currency fluctuations cease to exist.
At November 30, 2019, the total notional amount of embedded derivatives outstanding was approximately $363 million.
CREDIT RISK
The Company's bilateral credit-related contingent features generally require the owing entity, either the Company or the derivative counterparty, to post collateral for the portion of the fair value in excess of $50 million should the fair value of outstanding derivatives per counterparty be greater than $50 million. Additionally, a certain level of decline in credit rating of either the Company or the counterparty could also trigger collateral requirements. As of November 30, 2019, the Company was in compliance with all credit risk-related contingent features, and derivative instruments with such features were in a net liability position of $20 million. Accordingly, the Company was not required to post any collateral as a result of these contingent features. Further, as of November 30, 2019, the Company had $122 million of cash collateral received from various counterparties to its derivative contracts. The Company considers the impact of the risk of counterparty default to be immaterial.
For additional information related to the Company's derivative financial instruments and collateral, refer to Note 4 — Fair Value Measurements.
NOTE 10 — ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The changes in Accumulated other comprehensive income (loss), net of tax, were as follows:
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)

CASH FLOW HEDGES

NET INVESTMENT HEDGES(1)

OTHER

TOTAL

Balance at August 31, 2019
$
(435
)
$
556

$
115

$
(56
)
$
180

Other comprehensive income (loss):
 
 
 
 
 
Other comprehensive gains (losses) before reclassifications(2)
28

(26
)

(2
)

Reclassifications to net income of previously deferred (gains) losses(3)

(129
)

1

(128
)
Total other comprehensive income (loss)
28

(155
)

(1
)
(128
)
Balance at November 30, 2019
$
(407
)
$
401

$
115

$
(57
)
$
52

(1)
The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)
Net of tax benefit (expense) of $0 million, $(7) million, $0 million, $0 million and $(7) million, respectively.
(3)
Net of tax (benefit) expense of $0 million, $1 million, $0 million, $0 million and $1 million, respectively.

17


(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)

CASH FLOW HEDGES

NET INVESTMENT HEDGES(1)

OTHER

TOTAL

Balance at May 31, 2019
$
(346
)
$
520

$
115

$
(58
)
$
231

Other comprehensive income (loss):
 
 
 
 
 
Other comprehensive gains (losses) before reclassifications(2)
(61
)
137


1

77

Reclassifications to net income of previously deferred (gains) losses(3)

(256
)


(256
)
Total other comprehensive income (loss)
(61
)
(119
)

1

(179
)
Balance at November 30, 2019
$
(407
)
$
401

$
115

$
(57
)
$
52

(1)
The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)
Net of tax benefit (expense) of $0 million, $(7) million, $0 million, $0 million and $(7) million, respectively.
(3)
Net of tax (benefit) expense of $0 million, $1 million, $0 million, $0 million and $1 million, respectively.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)

CASH FLOW HEDGES

NET INVESTMENT HEDGES(1)

OTHER

TOTAL

Balance at August 31, 2018
$
(301
)
$
210

$
115

$
(54
)
$
(30
)
Other comprehensive income (loss):










Other comprehensive gains (losses) before reclassifications(2)
(2
)
252