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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 28, 2021
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
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 March 26, 2021, the number of shares of the Registrant's Common Stock outstanding were: |
Class A | 305,011,252 | |
Class B | 1,274,955,822 | |
| 1,579,967,074 | |
NIKE, INC.
FORM 10-Q
TABLE OF CONTENTS
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PART I - FINANCIAL INFORMATION | |
ITEM 1. | | |
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ITEM 3. | | |
ITEM 4. | | |
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ITEM 1. | | |
ITEM 1A. | | |
ITEM 2. | | |
ITEM 6. | | |
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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 28, 2021 | FEBRUARY 29, 2020 | | FEBRUARY 28, 2021 | FEBRUARY 29, 2020 | | |
Revenues | $ | 10,357 | | $ | 10,104 | | | $ | 32,194 | | $ | 31,090 | | | |
Cost of sales | 5,638 | | 5,631 | | | 17,887 | | 17,202 | | | |
Gross profit | 4,719 | | 4,473 | | | 14,307 | | 13,888 | | | |
Demand creation expense | 711 | | 870 | | | 2,117 | | 2,769 | | | |
Operating overhead expense | 2,330 | | 2,413 | | | 7,166 | | 7,166 | | | |
Total selling and administrative expense | 3,041 | | 3,283 | | | 9,283 | | 9,935 | | | |
Interest expense (income), net | 64 | | 12 | | | 199 | | 39 | | | |
Other (income) expense, net | (22) | | 297 | | | 18 | | 223 | | | |
Income before income taxes | 1,636 | | 881 | | | 4,807 | | 3,691 | | | |
Income tax expense | 187 | | 34 | | | 589 | | 362 | | | |
NET INCOME | $ | 1,449 | | $ | 847 | | | $ | 4,218 | | $ | 3,329 | | | |
Earnings per common share: | | | | | | | |
Basic | $ | 0.92 | | $ | 0.54 | | | $ | 2.68 | | $ | 2.13 | | | |
Diluted | $ | 0.90 | | $ | 0.53 | | | $ | 2.62 | | $ | 2.09 | | | |
Weighted average common shares outstanding: | | | | | | | |
Basic | 1,578.0 | | 1,556.3 | | | 1,570.9 | | 1,559.8 | | | |
Diluted | 1,616.9 | | 1,591.6 | | | 1,607.3 | | 1,594.6 | | | |
The accompanying Notes to the Unaudited Condensed Consolidated Financial Statements are an integral part of this statement.
NIKE, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
| | | | | | | | | | | | | | | | | | | |
| THREE MONTHS ENDED | | NINE MONTHS ENDED | |
(Dollars in millions) | FEBRUARY 28, 2021 | FEBRUARY 29, 2020 | | FEBRUARY 28, 2021 | FEBRUARY 29, 2020 | | |
Net income | $ | 1,449 | | $ | 847 | | | $ | 4,218 | | $ | 3,329 | | | |
Other comprehensive income (loss), net of tax: | | | | | | | |
Change in net foreign currency translation adjustment | 98 | | (42) | | | 494 | | (103) | | | |
Change in net gains (losses) on cash flow hedges | (117) | | (68) | | | (878) | | (187) | | | |
Change in net gains (losses) on other | 2 | | 1 | | | (6) | | 2 | | | |
Total other comprehensive income (loss), net of tax | (17) | | (109) | | | (390) | | (288) | | | |
TOTAL COMPREHENSIVE INCOME | $ | 1,432 | | $ | 738 | | | $ | 3,828 | | $ | 3,041 | | | |
The accompanying Notes to the Unaudited Condensed Consolidated Financial Statements are an integral part of this statement.
NIKE, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
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| FEBRUARY 28, | | MAY 31, |
(In millions) | 2021 | | 2020 |
ASSETS | | | |
Current assets: | | | |
Cash and equivalents | $ | 8,516 | | | $ | 8,348 | |
Short-term investments | 4,012 | | | 439 | |
Accounts receivable, net | 3,669 | | | 2,749 | |
Inventories | 6,693 | | | 7,367 | |
Prepaid expenses and other current assets | 1,810 | | | 1,653 | |
Total current assets | 24,700 | | | 20,556 | |
Property, plant and equipment, net | 4,958 | | | 4,866 | |
Operating lease right-of-use assets, net | 3,149 | | | 3,097 | |
Identifiable intangible assets, net | 271 | | | 274 | |
Goodwill | 242 | | | 223 | |
Deferred income taxes and other assets | 2,865 | | | 2,326 | |
TOTAL ASSETS | $ | 36,185 | | | $ | 31,342 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | | | |
Current liabilities: | | | |
Current portion of long-term debt | $ | — | | | $ | 3 | |
Notes payable | 4 | | | 248 | |
Accounts payable | 2,257 | | | 2,248 | |
Current portion of operating lease liabilities | 470 | | | 445 | |
Accrued liabilities | 5,907 | | | 5,184 | |
Income taxes payable | 256 | | | 156 | |
Total current liabilities | 8,894 | | | 8,284 | |
Long-term debt | 9,412 | | | 9,406 | |
Operating lease liabilities | 2,964 | | | 2,913 | |
Deferred income taxes and other liabilities | 2,984 | | | 2,684 | |
Redeemable preferred stock | — | | | — | |
Shareholders' equity: | | | |
Common stock at stated value: | | | |
Class A convertible — 305 and 315 shares outstanding | — | | | — | |
Class B — 1,274 and 1,243 shares outstanding | 3 | | | 3 | |
Capital in excess of stated value | 9,645 | | | 8,299 | |
Accumulated other comprehensive income (loss) | (446) | | | (56) | |
Retained earnings (deficit) | 2,729 | | | (191) | |
Total shareholders' equity | 11,931 | | | 8,055 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 36,185 | | | $ | 31,342 | |
The accompanying Notes to the Unaudited Condensed Consolidated Financial Statements are an integral part of this statement.
NIKE, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| | | | | | | | |
| NINE MONTHS ENDED |
(Dollars in millions) | FEBRUARY 28, 2021 | FEBRUARY 29, 2020 |
Cash provided (used) by operations: | | |
Net income | $ | 4,218 | | $ | 3,329 | |
Adjustments to reconcile net income to net cash provided (used) by operations: | | |
Depreciation | 543 | | 513 | |
Deferred income taxes | (291) | | (372) | |
Stock-based compensation | 467 | | 303 | |
Amortization, impairment and other | 33 | | 383 | |
Net foreign currency adjustments | (130) | | (49) | |
Changes in certain working capital components and other assets and liabilities: | | |
(Increase) decrease in accounts receivable | (837) | | (475) | |
(Increase) decrease in inventories | 674 | | (455) | |
(Increase) decrease in prepaid expenses, operating lease right-of-use assets and other current and non-current assets | (406) | | (494) | |
Increase (decrease) in accounts payable, accrued liabilities, operating lease liabilities and other current and non-current liabilities | 374 | | (197) | |
Cash provided (used) by operations | 4,645 | | 2,486 | |
Cash provided (used) by investing activities: | | |
Purchases of short-term investments | (7,441) | | (1,775) | |
Maturities of short-term investments | 2,203 | | 20 | |
Sales of short-term investments | 1,588 | | 1,764 | |
Additions to property, plant and equipment | (521) | | (797) | |
Other investing activities | 184 | | 30 | |
Cash provided (used) by investing activities | (3,987) | | (758) | |
Cash provided (used) by financing activities: | | |
Increase (decrease) in notes payable | (51) | | — | |
Repayment of borrowings | (196) | | (5) | |
Proceeds from exercise of stock options and other stock issuances | 969 | | 678 | |
Repurchase of common stock | — | | (2,865) | |
Dividends — common and preferred | (1,203) | | (1,071) | |
Other financing activities | (131) | | (47) | |
Cash provided (used) by financing activities | (612) | | (3,310) | |
Effect of exchange rate changes on cash and equivalents | 122 | | (21) | |
Net increase (decrease) in cash and equivalents | 168 | | (1,603) | |
Cash and equivalents, beginning of period | 8,348 | | 4,466 | |
CASH AND EQUIVALENTS, END OF PERIOD | $ | 8,516 | | $ | 2,863 | |
Supplemental disclosure of cash flow information: | | |
Non-cash additions to property, plant and equipment | $ | 116 | | $ | 115 | |
Dividends declared and not paid | 437 | | 384 | |
The accompanying Notes to the Unaudited Condensed Consolidated Financial Statements are an integral part of this statement.
NIKE, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
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| COMMON STOCK | CAPITAL IN EXCESS OF STATED VALUE | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | RETAINED EARNINGS (DEFICIT) | TOTAL |
| CLASS A | | CLASS B |
(In millions, except per share data) | SHARES | AMOUNT | | SHARES | AMOUNT |
Balance at November 30, 2020 | 305 | | $ | — | | | 1,270 | | $ | 3 | | $ | 9,336 | | $ | (429) | | $ | 1,730 | | $ | 10,640 | |
Stock options exercised | | | | 4 | | | 187 | | | | 187 | |
Dividends on common stock ($0.275 per share) | | | | | | | | (436) | | (436) | |
Issuance of shares to employees, net of shares withheld for employee taxes | | | | | | (20) | | | (14) | | (34) | |
Stock-based compensation | | | | | | 142 | | | | 142 | |
Net income | | | | | | | | 1,449 | | 1,449 | |
Other comprehensive income (loss) | | | | | | | (17) | | | (17) | |
Balance at February 28, 2021 | 305 | | $ | — | | | 1,274 | | $ | 3 | | $ | 9,645 | | $ | (446) | | $ | 2,729 | | $ | 11,931 | |
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| COMMON STOCK | CAPITAL IN EXCESS OF STATED VALUE | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | RETAINED EARNINGS (DEFICIT) | 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 | |
The accompanying Notes to the Unaudited Condensed Consolidated Financial Statements are an integral part of this statement.
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| COMMON STOCK | CAPITAL IN EXCESS OF STATED VALUE | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | RETAINED EARNINGS (DEFICIT) | TOTAL |
| CLASS A | | CLASS B |
(In millions, except per share data) | SHARES | AMOUNT | | SHARES | AMOUNT |
Balance at May 31, 2020 | 315 | | $ | — | | | 1,243 | | $ | 3 | | $ | 8,299 | | $ | (56) | | $ | (191) | | $ | 8,055 | |
Stock options exercised | | | | 19 | | | 844 | | | | 844 | |
Conversion to Class B Common Stock | (10) | | | | 10 | | | | | | — | |
Dividends on common stock ($0.795 per share) and preferred stock ($0.10 per share) | | | | | | | | (1,256) | | (1,256) | |
Issuance of shares to employees, net of shares withheld for employee taxes | | | | 2 | | | 35 | | | (42) | | (7) | |
Stock-based compensation | | | | | | 467 | | | | 467 | |
Net income | | | | | | | | 4,218 | | 4,218 | |
Other comprehensive income (loss) | | | | | | | (390) | | | (390) | |
Balance at February 28, 2021 | 305 | | $ | — | | | 1,274 | | $ | 3 | | $ | 9,645 | | $ | (446) | | $ | 2,729 | | $ | 11,931 | |
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| COMMON STOCK | CAPITAL IN EXCESS OF STATED VALUE | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | RETAINED EARNINGS (DEFICIT) | 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 ($0.710 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 | | | | | | | | (1) | | (1) | |
Balance at February 29, 2020 | 315 | | $ | — | | | 1,240 | | $ | 3 | | $ | 7,971 | | $ | (57) | | $ | 1,128 | | $ | 9,045 | |
The accompanying Notes to the Unaudited Condensed Consolidated Financial Statements are an integral part of this statement.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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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 | | |
Note 14 | | |
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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, 2020 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 nine months ended February 28, 2021 are not necessarily indicative of results to be expected for the entire fiscal year.
The extent to which the evolving COVID-19 pandemic impacts the Company's financial statements will depend on a number of factors, including the magnitude and duration of the pandemic. There remains risk that COVID-19 could have material adverse impacts on future revenue growth as well as overall profitability and may lead to higher than normal inventory levels in various markets, adverse impacts to the global supply chain, revised payment terms with certain wholesale customers, higher sales-related reserves and a volatile effective tax rate driven by changes in the mix of earnings across the Company's jurisdictions.
Inventory balances of $6,693 million and $7,367 million at February 28, 2021 and May 31, 2020, respectively, were substantially all finished goods.
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NOTE 3 — ACCRUED LIABILITIES |
Accrued liabilities included the following:
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| FEBRUARY 28, | | MAY 31, |
(Dollars in millions) | 2021 | | 2020 |
Compensation and benefits, excluding taxes | $ | 1,219 | | | $ | 1,248 | |
Sales-related reserves | 1,146 | | | 1,178 | |
Fair value of derivatives | 463 | | | 190 | |
Allowance for expected loss on sale(1) | 373 | | | 405 | |
Other | 2,706 | | | 2,163 | |
TOTAL ACCRUED LIABILITIES | $ | 5,907 | | | $ | 5,184 | |
(1)Refer to Note 13 — Acquisitions and Divestitures for additional information.
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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, 2020.
The following tables present information about the Company's financial assets measured at fair value on a recurring basis as of February 28, 2021 and May 31, 2020, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
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| FEBRUARY 28, 2021 |
(Dollars in millions) | ASSETS AT FAIR VALUE | CASH AND EQUIVALENTS | SHORT-TERM INVESTMENTS |
Cash | $ | 586 | | $ | 586 | | $ | — | |
Level 1: | | | |
U.S. Treasury securities | 3,406 | | 5 | | 3,401 | |
Level 2: | | | |
Commercial paper and bonds | 704 | | 100 | | 604 | |
Money market funds | 6,586 | | 6,586 | | — | |
Time deposits | 1,240 | | 1,239 | | 1 | |
U.S. Agency securities | 6 | | — | | 6 | |
Total Level 2 | 8,536 | | 7,925 | | 611 | |
TOTAL | $ | 12,528 | | $ | 8,516 | | $ | 4,012 | |
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| MAY 31, 2020 |
(Dollars in millions) | ASSETS AT FAIR VALUE | CASH AND EQUIVALENTS | SHORT-TERM INVESTMENTS |
Cash | $ | 596 | | $ | 596 | | $ | — | |
Level 1: | | | |
U.S. Treasury securities | 1,204 | | 800 | | 404 | |
Level 2: | | | |
Commercial paper and bonds | 32 | | — | | 32 | |
Money market funds | 5,973 | | 5,973 | | — | |
Time deposits | 981 | | 979 | | 2 | |
U.S. Agency securities | 1 | | — | | 1 | |
Total Level 2 | 6,987 | | 6,952 | | 35 | |
TOTAL | $ | 8,787 | | $ | 8,348 | | $ | 439 | |
As of February 28, 2021, the Company held $3,443 million of available-for-sale debt securities with maturity dates within one year and $569 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 $8 million and $16 million for the three months ended February 28, 2021 and February 29, 2020, respectively, and $21 million and $51 million for the nine months ended February 28, 2021 and February 29, 2020, respectively.
The following tables present information about the Company's derivative assets and liabilities measured at fair value on a recurring basis and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
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| FEBRUARY 28, 2021 |
| 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) | $ | 80 | | $ | 62 | | $ | 18 | | | $ | 544 | | $ | 462 | | $ | 82 | |
Embedded derivatives | — | | — | | — | | | 1 | | 1 | | — | |
TOTAL | $ | 80 | | $ | 62 | | $ | 18 | | | $ | 545 | | $ | 463 | | $ | 82 | |
(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 $80 million as of February 28, 2021. As of that date, the Company had posted $183 million of cash collateral to various counterparties related to foreign exchange derivative instruments. No amount of collateral was received on the Company's derivative asset balance as of February 28, 2021.
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| MAY 31, 2020 |
| 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) | $ | 94 | | $ | 91 | | $ | 3 | | | $ | 205 | | $ | 188 | | $ | 17 | |
Embedded derivatives | 1 | | 1 | | — | | | 2 | | 2 | | — | |
TOTAL | $ | 95 | | $ | 92 | | $ | 3 | | | $ | 207 | | $ | 190 | | $ | 17 | |
(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 $76 million as of May 31, 2020. As of that date, no amount of cash collateral had been received or posted on the derivative asset and liability balances related to these foreign exchange derivative instruments.
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.
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