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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




Table of Contents


NIKE, INC.
FORM 10-Q
TABLE OF CONTENTS
 
 
PAGE
PART I - FINANCIAL INFORMATION
 
 
 
 
 
 
ITEM 3.
ITEM 4.
PART II - OTHER INFORMATION
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 6.
 



Table of Contents


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


Table of Contents


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.

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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.

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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.

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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



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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.

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Table of Contents


NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 1
Note 2
Note 3
Note 4
Note 5
Note 6
Note 7
Note 8
Note 9
Note 10
Note 11
Note 12
Note 13

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Table of Contents


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.

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Table of Contents


NOTE 3 — ACCRUED LIABILITIES
Accrued liabilities included the following:
 
NOVEMBER 30,