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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, 2022

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
nke-20220228_g1.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 March 28, 2022, the number of shares of the Registrant's Common Stock outstanding were:
Class A
305,007,252 
Class B
1,268,760,217 
1,573,767,469 



Table of Contents

NIKE, INC.
FORM 10-Q
TABLE OF CONTENTS
PAGE
PART I - FINANCIAL INFORMATION
ITEM 1.
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 FEBRUARY 28,NINE MONTHS ENDED FEBRUARY 28,
(In millions, except per share data)
2022202120222021
Revenues$10,871 $10,357 $34,476 $32,194 
Cost of sales5,804 5,638 18,500 17,887 
Gross profit5,067 4,719 15,976 14,307 
Demand creation expense854 711 2,789 2,117 
Operating overhead expense2,584 2,330 7,980 7,166 
Total selling and administrative expense3,438 3,041 10,769 9,283 
Interest expense (income), net53 64 165 199 
Other (income) expense, net(94)(22)(235)18 
Income before income taxes1,670 1,636 5,277 4,807 
Income tax expense274 187 670 589 
NET INCOME$1,396 $1,449 $4,607 $4,218 
Earnings per common share:
Basic$0.88 $0.92 $2.91 $2.68 
Diluted$0.87 $0.90 $2.85 $2.62 
Weighted average common shares outstanding:
Basic1,579.0 1,578.0 1,581.1 1,570.9 
Diluted1,610.7 1,616.9 1,615.8 1,607.3 
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 FEBRUARY 28,NINE MONTHS ENDED FEBRUARY 28,
(Dollars in millions)
2022202120222021
Net income$1,396 $1,449 $4,607 $4,218 
Other comprehensive income (loss), net of tax:
Change in net foreign currency translation adjustment(6)98 (289)494 
Change in net gains (losses) on cash flow hedges(29)(117)775 (878)
Change in net gains (losses) on other(11)2 (7)(6)
Total other comprehensive income (loss), net of tax(46)(17)479 (390)
TOTAL COMPREHENSIVE INCOME$1,350 $1,432 $5,086 $3,828 
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 28,MAY 31,
(In millions)
20222021
ASSETS
Current assets:
Cash and equivalents$8,704 $9,889 
Short-term investments4,763 3,587 
Accounts receivable, net3,827 4,463 
Inventories7,700 6,854 
Prepaid expenses and other current assets1,968 1,498 
Total current assets26,962 26,291 
Property, plant and equipment, net4,806 4,904 
Operating lease right-of-use assets, net2,959 3,113 
Identifiable intangible assets, net291 269 
Goodwill284 242 
Deferred income taxes and other assets3,275 2,921 
TOTAL ASSETS$38,577 $37,740 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt$ $ 
Notes payable 2 
Accounts payable2,770 2,836 
Current portion of operating lease liabilities455 467 
Accrued liabilities5,391 6,063 
Income taxes payable202 306 
Total current liabilities8,818 9,674 
Long-term debt9,418 9,413 
Operating lease liabilities2,784 2,931 
Deferred income taxes and other liabilities2,748 2,955 
Redeemable preferred stock  
Shareholders' equity:
Common stock at stated value:
Class A convertible — 305 and 305 shares outstanding
  
Class B — 1,271 and 1,273 shares outstanding
3 3 
Capital in excess of stated value11,186 9,965 
Accumulated other comprehensive income (loss)99 (380)
Retained earnings (deficit)3,521 3,179 
Total shareholders' equity14,809 12,767 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$38,577 $37,740 
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 FEBRUARY 28,
(Dollars in millions)
20222021
Cash provided (used) by operations:
Net income$4,607 $4,218 
Adjustments to reconcile net income to net cash provided (used) by operations:
Depreciation538 543 
Deferred income taxes(234)(291)
Stock-based compensation467 467 
Amortization, impairment and other6 33 
Net foreign currency adjustments3 (130)
Changes in certain working capital components and other assets and liabilities:
(Increase) decrease in accounts receivable466 (837)
(Increase) decrease in inventories(872)674 
(Increase) decrease in prepaid expenses, operating lease right-of-use assets and other current and non-current assets(639)(406)
Increase (decrease) in accounts payable, accrued liabilities, operating lease liabilities and other current and non-current liabilities(305)374 
Cash provided (used) by operations4,037 4,645 
Cash provided (used) by investing activities:
Purchases of short-term investments(9,229)(7,441)
Maturities of short-term investments5,152 2,203 
Sales of short-term investments2,921 1,588 
Additions to property, plant and equipment(516)(521)
Other investing activities(39)184 
Cash provided (used) by investing activities(1,711)(3,987)
Cash provided (used) by financing activities:
Increase (decrease) in notes payable4 (51)
Repayment of borrowings (196)
Proceeds from exercise of stock options and other stock issuances959 969 
Repurchase of common stock(2,923) 
Dividends — common and preferred(1,356)(1,203)
Other financing activities(140)(131)
Cash provided (used) by financing activities(3,456)(612)
Effect of exchange rate changes on cash and equivalents(55)122 
Net increase (decrease) in cash and equivalents(1,185)168 
Cash and equivalents, beginning of period9,889 8,348 
CASH AND EQUIVALENTS, END OF PERIOD$8,704 $8,516 
Supplemental disclosure of cash flow information:
Non-cash additions to property, plant and equipment$126 $116 
Dividends declared and not paid488 437 
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 STOCKCAPITAL IN EXCESS OF STATED VALUEACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)RETAINED EARNINGS (DEFICIT)TOTAL
CLASS ACLASS B
(In millions, except per share data)
SHARESAMOUNTSHARESAMOUNT
Balance at November 30, 2021305 $ 1,278 $3 $10,990 $145 $3,786 $14,924 
Stock options exercised1 112 112 
Repurchase of Class B common stock(8)(57)(1,165)(1,222)
Dividends on common stock ($0.305 per share)
(488)(488)
Issuance of shares to employees, net of shares withheld for employee taxes(20)(8)(28)
Stock-based compensation161 161 
Net income1,396 1,396 
Other comprehensive income (loss)(46)(46)
Balance at February 28, 2022305 $ 1,271 $3 $11,186 $99 $3,521 $14,809 

COMMON STOCKCAPITAL IN EXCESS OF STATED VALUEACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)RETAINED EARNINGS (DEFICIT)TOTAL
CLASS ACLASS B
(In millions, except per share data)
SHARESAMOUNTSHARESAMOUNT
Balance at November 30, 2020305 $ 1,270 $3 $9,336 $(429)$1,730 $10,640 
Stock options exercised4 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 compensation142 142 
Net income1,449 1,449 
Other comprehensive income (loss)(17)(17)
Balance at February 28, 2021305 $ 1,274 $3 $9,645 $(446)$2,729 $11,931 
5


Table of Contents

COMMON STOCKCAPITAL IN EXCESS OF STATED VALUEACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)RETAINED EARNINGS (DEFICIT)TOTAL
CLASS ACLASS B
(In millions, except per share data)SHARESAMOUNTSHARESAMOUNT
Balance at May 31, 2021305 $ 1,273 $3 $9,965 $(380)$3,179 $12,767 
Stock options exercised14 837 837 
Repurchase of Class B Common Stock(19)(126)(2,806)(2,932)
Dividends on common stock ($0.885 per share) and preferred stock ($0.10 per share)
(1,406)(1,406)
Issuance of shares to employees, net of shares withheld for employee taxes3 43 (53)(10)
Stock-based compensation467 467 
Net income4,607 4,607 
Other comprehensive income (loss)479 479 
Balance at February 28, 2022305 $ 1,271 $3 $11,186 $99 $3,521 $14,809 

COMMON STOCKCAPITAL IN EXCESS OF STATED VALUEACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)RETAINED EARNINGS (DEFICIT)TOTAL
CLASS ACLASS B
(In millions, except per share data)SHARESAMOUNTSHARESAMOUNT
Balance at May 31, 2020315 $ 1,243 $3 $8,299 $(56)$(191)$8,055 
Stock options exercised19 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 taxes2 35 (42)(7)
Stock-based compensation467 467 
Net income4,218 4,218 
Other comprehensive income (loss)(390)(390)
Balance at February 28, 2021305 $ 1,274 $3 $9,645 $(446)$2,729 $11,931 
The accompanying Notes to the Unaudited Condensed Consolidated Financial Statements are an integral part of this statement.
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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
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, 2021, 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 for the fiscal year ended May 31, 2021. The results of operations for the three and nine months ended February 28, 2022, are not necessarily indicative of results to be expected for the entire fiscal year.
The extent to which the COVID-19 pandemic impacts the Company's financial statements depends on a number of factors, including the magnitude and duration of the pandemic. There have been and may continue to be developments outside of the Company's control, including new COVID-19 variants, that require the Company to make adjustments to its operating plan, such as store operating hours and the timeline to return to normal production volumes in factories impacted by COVID-19. Such developments and other potential impacts of COVID-19, such as new or prolonged factory closures, higher inventory levels or inventory shortages in various markets, other adverse impacts on the global supply chain, revised payment terms with certain of its wholesale customers, higher sales-related reserves, factory cancellation costs and a volatile effective tax rate driven by changes in the mix of earnings across its jurisdictions, among other factors, could have material adverse impacts on the Company's revenue growth as well as its overall profitability in future periods. As a result of these circumstances, COVID-19 related disruptions are making it more challenging to compare the Company's performance, including its revenue growth and overall profitability, across quarters and fiscal years, and the Company expects that the operating environment could remain volatile as COVID-19 variants may continue to cause disruption to operations.
NOTE 2 — INVENTORIES
Inventory balances of $7,700 million and $6,854 million at February 28, 2022 and May 31, 2021, respectively, were substantially all finished goods.
NOTE 3 — ACCRUED LIABILITIES
Accrued liabilities included the following:
FEBRUARY 28,MAY 31,
(Dollars in millions)20222021
Compensation and benefits, excluding taxes$1,176 $1,472 
Sales-related reserves898 1,077 
Dividends payable486 436 
Allowance for expected loss on sale(1)
344 358 
Other2,487 2,720 
TOTAL ACCRUED LIABILITIES$5,391 $6,063 
(1)Refer to Note 13 — Acquisitions and Divestitures for additional information.
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, 2021.

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The following tables present information about the Company's financial assets measured at fair value on a recurring basis as of February 28, 2022 and May 31, 2021, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
FEBRUARY 28, 2022
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$730 $730 $— 
Level 1:
U.S. Treasury securities4,231 117 4,114 
Level 2:
Commercial paper and bonds686 42 644 
Money market funds6,662 6,662  
Time deposits1,158 1,153 5 
Total Level 28,506 7,857 649 
TOTAL$13,467 $8,704 $4,763 
MAY 31, 2021
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$840 $840 $— 
Level 1:
U.S. Treasury securities2,892  2,892 
Level 2:
Commercial paper and bonds748 57 691 
Money market funds7,701 7,701  
Time deposits1,293 1,291 2 
U.S. Agency securities2  2 
Total Level 29,744 9,049 695 
TOTAL$13,476 $9,889 $3,587 
As of February 28, 2022, the Company held $4,077 million of available-for-sale debt securities with maturity dates within one year and $686 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 $22 million and $8 million for the three months ended February 28, 2022 and 2021, respectively, and $57 million and $21 million for the nine months ended February 28, 2022 and 2021, 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:
FEBRUARY 28, 2022
DERIVATIVE ASSETSDERIVATIVE LIABILITIES
(Dollars in millions)
ASSETS AT FAIR VALUEOTHER CURRENT ASSETSOTHER LONG-TERM ASSETSLIABILITIES AT FAIR VALUEACCRUED LIABILITIESOTHER LONG-TERM LIABILITIES
Level 2:
Foreign exchange forwards and options(1)
$482 $414 $68 $107 $103 $4 
Embedded derivatives2 2  1 1  
TOTAL$484 $416 $68 $108 $104 $4 
(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 $107 million as of February 28, 2022. As of that date, the Company received $62 million of cash collateral from various counterparties related to foreign exchange derivative instruments. No amount of collateral was posted on the derivative liability balance as of February 28, 2022.
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MAY 31, 2021
DERIVATIVE ASSETSDERIVATIVE LIABILITIES
(Dollars in millions)
ASSETS AT FAIR VALUEOTHER CURRENT ASSETSOTHER LONG-TERM ASSETSLIABILITIES AT FAIR VALUEACCRUED LIABILITIESOTHER LONG-TERM LIABILITIES
Level 2:
Foreign exchange forwards and options(1)
$92 $76 $16 $456 $415 $41 
Embedded derivatives   1 1  
TOTAL$92 $76 $16 $457 $416 $41 
(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 $93 million as of May 31, 2021. As of that date, the Company had posted $39 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 May 31, 2021.
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
The Company's 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 $9,719 million at February 28, 2022 and $10,275 million at May 31, 2021.
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 February 28, 2022 and May 31, 2021, the Company had