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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 FEBRUARY 29, 2020

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 April 2, 2020, the number of shares of the Registrant's Common Stock outstanding were:
Class A
315,017,252

Class B
1,240,017,482

 
1,555,034,734




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 5.
ITEM 6.
 



Table of Contents


PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
NIKE, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 
THREE MONTHS ENDED
 
NINE MONTHS ENDED
(In millions, except per share data)
FEBRUARY 29, 2020
FEBRUARY 28, 2019
 
FEBRUARY 29, 2020
FEBRUARY 28, 2019
Revenues
$
10,104

$
9,611

 
$
31,090

$
28,933

Cost of sales
5,631

5,272

 
17,202

16,092

Gross profit
4,473

4,339

 
13,888

12,841

Demand creation expense
870

865

 
2,769

2,739

Operating overhead expense
2,413

2,226

 
7,166

6,557

Total selling and administrative expense
3,283

3,091

 
9,935

9,296

Interest expense (income), net
12

12

 
39

37

Other (income) expense, net
297

(55
)
 
223

(50
)
Income before income taxes
881

1,291

 
3,691

3,558

Income tax expense
34

190

 
362

518

NET INCOME
$
847

$
1,101

 
$
3,329

$
3,040

Earnings per common share:
 
 
 
 
 
Basic
$
0.54

$
0.70

 
$
2.13

$
1.92

Diluted
$
0.53

$
0.68

 
$
2.09

$
1.87

Weighted average common shares outstanding:
 
 
 
 
 
Basic
1,556.3

1,572.8

 
1,559.8

1,582.8

Diluted
1,591.6

1,609.6

 
1,594.6

1,621.5

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
 
NINE MONTHS ENDED
(Dollars in millions)
FEBRUARY 29, 2020
FEBRUARY 28, 2019
 
FEBRUARY 29, 2020
FEBRUARY 28, 2019
Net income
$
847

$
1,101

 
$
3,329

$
3,040

Other comprehensive income (loss), net of tax:
 
 
 
 
 
Change in net foreign currency translation adjustment
(42
)
79

 
(103
)
(51
)
Change in net gains (losses) on cash flow hedges
(68
)
(91
)
 
(187
)
343

Change in net gains (losses) on other
1


 
2

(3
)
Total other comprehensive income (loss), net of tax
(109
)
(12
)
 
(288
)
289

TOTAL COMPREHENSIVE INCOME
$
738

$
1,089

 
$
3,041

$
3,329


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

2


Table of Contents


NIKE, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
 
FEBRUARY 29,
 
MAY 31,
(In millions)
2020
 
2019
ASSETS
 
 
 
Current assets:
 
 
 
Cash and equivalents
$
2,863

 
$
4,466

Short-term investments
319

 
197

Accounts receivable, net
4,473

 
4,272

Inventories
5,807

 
5,622

Prepaid expenses and other current assets
2,282

 
1,968

Total current assets
15,744

 
16,525

Property, plant and equipment, net
4,783

 
4,744

Operating lease right-of-use assets, net
2,907

 

Identifiable intangible assets, net
275

 
283

Goodwill
223

 
154

Deferred income taxes and other assets
2,288

 
2,011

TOTAL ASSETS
$
26,220

 
$
23,717

LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
Current liabilities:
 
 
 
Current portion of long-term debt
$
4

 
$
6

Notes payable
9

 
9

Accounts payable
2,221

 
2,612

Current portion of operating lease liabilities
422

 

Accrued liabilities
5,356

 
5,010

Income taxes payable
268

 
229

Total current liabilities
8,280

 
7,866

Long-term debt
3,463

 
3,464

Operating lease liabilities
2,758

 

Deferred income taxes and other liabilities
2,674

 
3,347

Redeemable preferred stock

 

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

 

Class B — 1,240 and 1,253 shares outstanding
3

 
3

Capital in excess of stated value
7,971

 
7,163

Accumulated other comprehensive income (loss)
(57
)
 
231

Retained earnings
1,128

 
1,643

Total shareholders' equity
9,045

 
9,040

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$
26,220

 
$
23,717

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

3


Table of Contents


NIKE, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
NINE MONTHS ENDED
(Dollars in millions)
FEBRUARY 29, 2020
FEBRUARY 28, 2019
Cash provided (used) by operations:
 
 
Net income
$
3,329

$
3,040

Adjustments to reconcile net income to net cash provided (used) by operations:
 
 
Depreciation
513

527

Deferred income taxes
(372
)
67

Stock-based compensation
303

226

Amortization, impairment and other
383

9

Net foreign currency adjustments
(49
)
218

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

(Increase) decrease in accounts receivable
(475
)
(460
)
(Increase) decrease in inventories
(455
)
(226
)
(Increase) decrease in prepaid expenses, operating lease right-of-use assets and other current and non-current assets
(494
)
(167
)
Increase (decrease) in accounts payable, accrued liabilities, operating lease liabilities and other current and non-current liabilities
(197
)
659

Cash provided (used) by operations
2,486

3,893

Cash provided (used) by investing activities:
 
 
Purchases of short-term investments
(1,775
)
(2,384
)
Maturities of short-term investments
20

1,613

Sales of short-term investments
1,764

1,491

Additions to property, plant and equipment
(797
)
(846
)
Other investing activities
30

5

Cash provided (used) by investing activities
(758
)
(121
)
Cash provided (used) by financing activities:
 
 
Increase (decrease) in notes payable

(320
)
Proceeds from exercise of stock options and other stock issuances
678

487

Repurchase of common stock
(2,865
)
(3,405
)
Dividends — common and preferred
(1,071
)
(986
)
Other financing activities
(52
)
(43
)
Cash provided (used) by financing activities
(3,310
)
(4,267
)
Effect of exchange rate changes on cash and equivalents
(21
)
(59
)
Net increase (decrease) in cash and equivalents
(1,603
)
(554
)
Cash and equivalents, beginning of period
4,466

4,249

CASH AND EQUIVALENTS, END OF PERIOD
$
2,863

$
3,695

Supplemental disclosure of cash flow information:
 
 
Non-cash additions to property, plant and equipment
$
115

$
171

Dividends declared and not paid
384

347

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

4


Table of Contents


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 November 30, 2019
315

$

 
1,244

$
3

$
7,719

$
52

$
1,577

$
9,351

Stock options exercised


 
6


199



199

Repurchase of Class B Common Stock


 
(10
)

(48
)

(909
)
(957
)
Dividends on common stock ($0.245 per share)


 






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


 



(12
)

(4
)
(16
)
Stock-based compensation


 



113




113

Net income


 






847

847

Other comprehensive income (loss)


 





(109
)


(109
)
Balance at February 29, 2020
315

$

 
1,240

$
3

$
7,971

$
(57
)
$
1,128

$
9,045

 
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 November 30, 2018
315

$

 
1,262

$
3

$
6,707

$
209

$
1,810

$
8,729

Stock options exercised


 
6


159



159

Repurchase of Class B Common Stock


 
(10
)

(44
)

(710
)
(754
)
Dividends on common stock ($0.22 per share)


 




(347
)
(347
)
Issuance of shares to employees, net of shares withheld for employee taxes


 



(5
)

(3
)
(8
)
Stock-based compensation


 


93



93

Net income


 




1,101

1,101

Other comprehensive income (loss)


 



(12
)

(12
)
Balance at February 28, 2019
315

$

 
1,258

$
3

$
6,910

$
197

$
1,851

$
8,961



5


Table of Contents


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


 
17


580



580

Repurchase of Class B Common Stock


 
(32
)

(150
)

(2,724
)
(2,874
)
Dividends on common stock ($0.71 per share) and preferred stock ($0.10 per share)


 






(1,110
)
(1,110
)
Issuance of shares to employees, net of shares withheld for employee taxes


 
2


75


(9
)
66

Stock-based compensation


 



303




303

Net income


 






3,329

3,329

Other comprehensive income (loss)


 





(288
)


(288
)
Adoption of ASC Topic 842 (Note 1)


 






(1
)
(1
)
Balance at February 29, 2020
315

$

 
1,240

$
3

$
7,971

$
(57
)
$
1,128

$
9,045

 
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


 
14


419



419

Conversion to Class B Common Stock
(14
)

 
14








Repurchase of Class B Common Stock


 
(44
)

(181
)

(3,205
)
(3,386
)
Dividends on common stock ($0.64 per share) and preferred stock ($0.10 per share)


 




(1,013
)
(1,013
)
Issuance of shares to employees, net of shares withheld for employee taxes


 
2


62


(4
)
58

Stock-based compensation


 


226



226

Net income


 




3,040

3,040

Other comprehensive income (loss)


 




289


289

Adoption of ASU 2016-16


 





(507
)
(507
)
Adoption of ASC Topic 606


 




23

23

Balance at February 28, 2019
315

$

 
1,258

$
3

$
6,910

$
197

$
1,851

$
8,961


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

6


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