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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, 2023

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 March 30, 2023, the number of shares of the Registrant's Common Stock outstanding were:
Class A
304,897,252 
Class B
1,232,091,564 
1,536,988,816 



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)
2023202220232022
Revenues$12,390 $10,871 $38,392 $34,476 
Cost of sales7,019 5,804 21,695 18,500 
Gross profit5,371 5,067 16,697 15,976 
Demand creation expense923 854 2,968 2,789 
Operating overhead expense3,036 2,584 9,035 7,980 
Total selling and administrative expense3,959 3,438 12,003 10,769 
Interest expense (income), net(7)53 22 165 
Other (income) expense, net(58)(94)(283)(235)
Income before income taxes1,477 1,670 4,955 5,277 
Income tax expense237 274 916 670 
NET INCOME$1,240 $1,396 $4,039 $4,607 
Earnings per common share:
Basic$0.80 $0.88 $2.59 $2.91 
Diluted$0.79 $0.87 $2.57 $2.85 
Weighted average common shares outstanding:
Basic1,543.8 1,579.0 1,556.7 1,581.1 
Diluted1,564.8 1,610.7 1,574.4 1,615.8 
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)
2023202220232022
Net income$1,240 $1,396 $4,039 $4,607 
Other comprehensive income (loss), net of tax:
Change in net foreign currency translation adjustment153 (6)281 (289)
Change in net gains (losses) on cash flow hedges(433)(29)(279)775 
Change in net gains (losses) on other23 (11)(18)(7)
Total other comprehensive income (loss), net of tax(257)(46)(16)479 
TOTAL COMPREHENSIVE INCOME$983 $1,350 $4,023 $5,086 
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)
20232022
ASSETS
Current assets:
Cash and equivalents$6,955 $8,574 
Short-term investments3,847 4,423 
Accounts receivable, net4,513 4,667 
Inventories8,905 8,420 
Prepaid expenses and other current assets1,815 2,129 
Total current assets26,035 28,213 
Property, plant and equipment, net4,939 4,791 
Operating lease right-of-use assets, net2,834 2,926 
Identifiable intangible assets, net277 286 
Goodwill281 284 
Deferred income taxes and other assets3,928 3,821 
TOTAL ASSETS$38,294 $40,321 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt$500 $500 
Notes payable14 10 
Accounts payable2,675 3,358 
Current portion of operating lease liabilities435 420 
Accrued liabilities5,594 6,220 
Income taxes payable330 222 
Total current liabilities9,548 10,730 
Long-term debt8,925 8,920 
Operating lease liabilities2,692 2,777 
Deferred income taxes and other liabilities2,598 2,613 
Commitments and contingencies (Note 13)
Redeemable preferred stock  
Shareholders' equity:
Common stock at stated value:
Class A convertible — 305 and 305 shares outstanding
  
Class B — 1,235 and 1,266 shares outstanding
3 3 
Capital in excess of stated value12,074 11,484 
Accumulated other comprehensive income (loss)302 318 
Retained earnings2,152 3,476 
Total shareholders' equity14,531 15,281 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$38,294 $40,321 
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)
20232022
Cash provided (used) by operations:
Net income$4,039 $4,607 
Adjustments to reconcile net income to net cash provided (used) by operations:
Depreciation516 538 
Deferred income taxes(216)(234)
Stock-based compensation556 467 
Amortization, impairment and other107 6 
Net foreign currency adjustments(197)3 
Changes in certain working capital components and other assets and liabilities:
(Increase) decrease in accounts receivable109 466 
(Increase) decrease in inventories(527)(872)
(Increase) decrease in prepaid expenses, operating lease right-of-use assets and other current and non-current assets(273)(639)
Increase (decrease) in accounts payable, accrued liabilities, operating lease liabilities and other current and non-current liabilities(526)(305)
Cash provided (used) by operations3,588 4,037 
Cash provided (used) by investing activities:
Purchases of short-term investments(4,844)(9,229)
Maturities of short-term investments2,470 5,152 
Sales of short-term investments3,149 2,921 
Additions to property, plant and equipment(700)(516)
Other investing activities62 (39)
Cash provided (used) by investing activities137 (1,711)
Cash provided (used) by financing activities:
Increase (decrease) in notes payable4 4 
Proceeds from exercise of stock options and other stock issuances413 959 
Repurchase of common stock(4,101)(2,923)
Dividends — common and preferred(1,488)(1,356)
Other financing activities(94)(140)
Cash provided (used) by financing activities(5,266)(3,456)
Effect of exchange rate changes on cash and equivalents(78)(55)
Net increase (decrease) in cash and equivalents(1,619)(1,185)
Cash and equivalents, beginning of period8,574 9,889 
CASH AND EQUIVALENTS, END OF PERIOD$6,955 $8,704 
Supplemental disclosure of cash flow information:
Non-cash additions to property, plant and equipment$145 $126 
Dividends declared and not paid527 488 
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 EARNINGSTOTAL
CLASS ACLASS B
(In millions, except per share data)
SHARESAMOUNTSHARESAMOUNT
Balance at November 30, 2022305 $ 1,245 $3 $11,851 $559 $2,859 $15,272 
Stock options exercised3 153 153 
Repurchase of Class B Common Stock(13)(99)(1,420)(1,519)
Dividends on common stock ($0.340 per share)
(527)(527)
Issuance of shares to employees, net of shares withheld for employee taxes(23) (23)
Stock-based compensation192 192 
Net income1,240 1,240 
Other comprehensive income (loss)(257)(257)
Balance at February 28, 2023305 $ 1,235 $3 $12,074 $302 $2,152 $14,531 

COMMON STOCKCAPITAL IN EXCESS OF STATED VALUEACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)RETAINED EARNINGSTOTAL
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 EARNINGSTOTAL
CLASS ACLASS B
(In millions, except per share data)
SHARESAMOUNTSHARESAMOUNT
Balance at May 31, 2022305 $ 1,266 $3 $11,484 $318 $3,476 $15,281 
Stock options exercised6 302 302 
Repurchase of Class B Common Stock(39)(288)(3,829)(4,117)
Dividends on common stock ($0.985 per share) and preferred stock ($0.10 per share)
(1,535)(1,535)
Issuance of shares to employees, net of shares withheld for employee taxes2 20 1 21 
Stock-based compensation556 556 
Net income4,039 4,039 
Other comprehensive income (loss)(16)(16)
Balance at February 28, 2023305 $ 1,235 $3 $12,074 $302 $2,152 $14,531 

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COMMON STOCKCAPITAL IN EXCESS OF STATED VALUEACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)RETAINED EARNINGSTOTAL
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 
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, 2022, 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, 2022. The results of operations for the three and nine months ended February 28, 2023, are not necessarily indicative of results to be expected for the entire fiscal year.
The uncertain state of the global economy or worsening macroeconomic conditions could affect the Company’s business, including, among other things, potential impacts of inflation and rising interest rates on consumer behavior, higher inventory levels in various markets, higher inventory obsolescence reserves, higher promotional activity, reduced demand for product, reduced orders from wholesale customers for products and order cancellations. There could also be new or prolonged COVID-19 related restrictions or disruptions. Any of these factors, among others, could have material adverse impacts on the Company’s revenue growth as well as overall profitability in future periods.
RECENTLY ISSUED ACCOUNTING STANDARDS
In September 2022, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) ASU 2022-04, Liabilities – Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations, which enhances transparency surrounding the use of supplier finance programs. The new guidance requires qualitative and quantitative disclosure sufficient to enable users of the financial statements to understand the nature, activity during the period, changes from period to period and potential magnitude of such programs. The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. The Company is currently evaluating the ASU to determine its impact on the Company’s disclosures.
NOTE 2 — INVENTORIES
Inventory balances of $8,905 million and $8,420 million at February 28, 2023 and May 31, 2022, respectively, were substantially all finished goods.
NOTE 3 — ACCRUED LIABILITIES
Accrued liabilities included the following:
FEBRUARY 28,MAY 31,
(Dollars in millions)20232022
Compensation and benefits, excluding taxes$1,445 $1,297 
Sales-related reserves1,0671,015 
Dividends payable531485 
Endorsement compensation498496 
Allowance for expected loss on sale(1)
397 
Other2,0532,530
TOTAL ACCRUED LIABILITIES$5,594 $6,220 
(1) Refer to Note 14 — 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, 2022.
The following tables present information about the Company's financial assets measured at fair value on a recurring basis as of February 28, 2023 and May 31, 2022, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
FEBRUARY 28, 2023
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$1,105 $1,105 $— 
Level 1:
U.S. Treasury securities3,185 1 3,184 
Level 2:
Commercial paper and bonds583 8 575 
Money market funds5,114 5,114  
Time deposits781 727 54 
U.S. Agency securities34  34 
Total Level 26,512 5,849 663 
TOTAL$10,802 $6,955 $3,847 
MAY 31, 2022
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$839 $839 $— 
Level 1:
U.S. Treasury securities3,801 8 3,793 
Level 2:
Commercial paper and bonds660 37 623 
Money market funds6,458 6,458  
Time deposits1,237 1,232 5 
U.S. Agency securities2  2 
Total Level 28,357 7,727 630 
TOTAL$12,997 $8,574 $4,423 
As of February 28, 2023, the Company held $3,089 million of available-for-sale debt securities with maturity dates within one year and $758 million with maturity dates greater than 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 $83 million and $22 million for the three months ended February 28, 2023 and 2022, respectively, and $196 million and $57 million for the nine months ended February 28, 2023 and 2022, respectively.
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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, 2023
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)
$651 $551 $100 $176 $112 $64 
Embedded derivatives5 5  2 2  
TOTAL$656 $556 $100 $178 $114 $64 
(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 $175 million as of February 28, 2023. As of that date, the Company received $100 million of cash collateral from counterparties related to foreign exchange derivative instruments. No amount of collateral was posted on the derivative liability balance as of February 28, 2023.
MAY 31, 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)
$875 $669 $206 $76 $65 $11 
Embedded derivatives5 5  1 1  
TOTAL$880 $674 $206 $77 $66 $11 
(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, 2022. As of that date, the Company received $486 million of cash collateral from counterparties related to foreign exchange derivative instruments. No amount of collateral was posted on the derivative liability balance as of May 31, 2022
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 $8,241 million at February 28, 2023 and $8,933 million at May 31, 2022.
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, 2023 and May 31, 2022, the Company had no borrowings outstanding under its $3 billion commercial paper program.
On March 10, 2023, subsequent to the end of the third quarter of fiscal 2023, the Company entered into a 364-day committed credit facility agreement with a syndicate of banks, which provides for up to $1 billion of borrowings, with an option to increase borrowings up to $1.5 billion in total with lender approval. The facility matures on March 8, 2024, with an option to extend the maturity date an additional 364 days. This facility replaces the prior $1 billion 364-day credit facility agreement entered into on March 11, 2022, which matured on March 10, 2023. 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 Term Secured Overnight Financing Rate (Term SOFR) for the applicable interest period plus 0.60%. The facility fee is 0.02% of the total undrawn commitment. As of April 6, 2023, no amounts were outstanding under this committed credit facility.
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There have been no other changes to the credit lines reported in the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2022.
NOTE 6 — INCOME TAXES
The effective tax rate was 18.5% and 12.7% for the nine months ended February 28, 2023 and 2022, respectively. The increase in the Company's effective tax rate was primarily due to a less favorable impact from stock-based compensation and a shift in the Company's earnings mix.
As of February 28, 2023, total gross unrecognized tax benefits, excluding related interest and penalties, were $941 million, $657 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, 2022, total gross unrecognized tax benefits, excluding related interest and penalties, were $848 million. As of February 28, 2023 and May 31, 2022, accrued interest and penalties related to uncertain tax positions were $282 million and $248 million, respectively, (excluding federal benefit) and included within Deferred income taxes and other liabilities on the Unaudited Condensed Consolidated Balance Sheets.
The Company is subject to taxation in the U.S., as well as various state and foreign jurisdictions. The Company is currently under audit by the U.S. IRS for fiscal years 2017 through 2019. The Company has closed all U.S. federal income tax matters through fiscal 2016, with the exception of certain transfer pricing adjustments.
Tax years after 2011 remain open in certain major foreign jurisdictions. 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 $30 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 prior periods, and the Company's income taxes related to prior periods in the Netherlands could increase.
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 798 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 and stock awards, including restricted stock and restricted stock units. Restricted stock units include both time-vesting restricted stock units (RSUs) as well as performance-based restricted stock units (PSUs). 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, 2022 for additional 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 FEBRUARY 28,NINE MONTHS ENDED FEBRUARY 28,
(Dollars in millions)
2023202220232022
Stock options(1)
$78 $75 $232 $221 
ESPPs20 15 53 44 
Restricted stock and restricted stock units(1)(2)
94 71 271 202 
TOTAL STOCK-BASED COMPENSATION EXPENSE$192 $161 $556 $467 
(1)Expense for stock options includes the expense associated with stock appreciation rights. Accelerated stock option expense is primarily recorded for employees meeting certain retirement eligibility requirements.
(2)Restricted stock units include RSUs and PSUs.
The income tax benefit related to stock-based compensation expense was $22 million and $34 million for the three months ended February 28, 2023 and 2022, respectively, and $44 million and $307 million for the nine months ended February 28, 2023 and 2022, respectively, and reported within Income tax expense.
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STOCK OPTIONS
The weighted average fair value per share of stock options granted during the nine months ended February 28, 2023 and 2022, computed as of the grant date using the Black-Scholes pricing model, was $31.31 and $37.53, respectively. The weighted average assumptions used to estimate these fair values were as follows:
 NINE MONTHS ENDED FEBRUARY 28,
20232022
Dividend yield0.9 %0.8 %
Expected volatility27.1 %24.9 %
Weighted average expected life (in years)5.85.8
Risk-free interest rate3.3 %0.9 %
Expected volatilities are based on an analysis of 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 stock 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 stock options.
As of February 28, 2023, the Company had $502 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 2.6 years.
RESTRICTED STOCK AND RESTRICTED STOCK UNITS
The weighted average fair value per share of restricted stock and RSUs granted for the nine months ended February 28, 2023 and 2022, computed as of the grant date, was $110.27 and $158.94, respectively.
The weighted average fair value per share of PSUs granted for the nine months ended February 28, 2023 and 2022, computed as of the grant date, was $134.71 and $250.52, respectively.
As of February 28, 2023, the Company had $727 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 2.5 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 exclude restricted stock, restricted stock units and options, including shares under ESPPs, to purchase an estimated additional 29.5 million and 9.3 million shares of common stock outstanding for the three months ended February 28, 2023 and 2022, respectively, and 31.8 million and 9.4 million shares of common stock outstanding for the nine months ended February 28, 2023 and 2022, respectively, because the awards were assumed to be anti-dilutive.
 THREE MONTHS ENDED FEBRUARY 28,NINE MONTHS ENDED FEBRUARY 28,
(In millions, except per share data)
2023202220232022
Net income available to common stockholders$1,240 $1,396 $4,039 $4,607 
Determination of shares:
Weighted average common shares outstanding1,543.8 1,579.0 1,556.7 1,581.1 
Assumed conversion of dilutive stock options and awards21.0 31.7 17.7 34.7 
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING1,564.8 1,610.7 1,574.4 1,615.8 
Earnings per common share:
Basic$0.80 $0.88 $2.59 $2.91 
Diluted$0.79 $0.87 $2.57 $2.85 
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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 nine months ended February 28, 2023, 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, 2022.
The majority of derivatives outstanding as of February 28, 2023, are designated as foreign currency cash flow hedges, primarily for Euro/U.S. Dollar, Chinese Yuan/U.S. Dollar, British Pound/Euro and Japanese Yen/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.
The following tables present the fair values of derivative instruments included within the Unaudited Condensed Consolidated Balance Sheets:    
 DERIVATIVE ASSETS
BALANCE SHEET LOCATIONFEBRUARY 28,MAY 31,
(Dollars in millions)
20232022
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets$530 $639 
Foreign exchange forwards and optionsDeferred income taxes and other assets100 206 
Total derivatives formally designated as hedging instruments630 845 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets21 30 
Embedded derivativesPrepaid expenses and other current assets5 5 
Total derivatives not designated as hedging instruments26 35 
TOTAL DERIVATIVE ASSETS$656 $880 
DERIVATIVE LIABILITIES
BALANCE SHEET LOCATIONFEBRUARY 28,MAY 31,
(Dollars in millions)
20232022
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities$93 $37 
Foreign exchange forwards and optionsDeferred income taxes and other liabilities64 11 
Total derivatives formally designated as hedging instruments157 48 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities19 28 
Embedded derivativesAccrued liabilities2 1 
Total derivatives not designated as hedging instruments21 29 
TOTAL DERIVATIVE LIABILITIES$178 $77 
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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:
THREE MONTHS ENDED FEBRUARY 28,
20232022
(Dollars in millions)
TOTALAMOUNT OF GAIN (LOSS)
ON CASH FLOW
HEDGE ACTIVITY
TOTALAMOUNT OF GAIN (LOSS)
ON CASH FLOW
HEDGE ACTIVITY
Revenues$12,390 $14 $10,871 $(22)
Cost of sales7,019 182 5,804 17 
Demand creation expense923 (1)854  
Other (income) expense, net(58)90 (94)45 
Interest expense (income), net(7)(2)53 (2)
NINE MONTHS ENDED FEBRUARY 28,
20232022
(Dollars in millions)
TOTALAMOUNT OF GAIN (LOSS)
ON CASH FLOW
HEDGE ACTIVITY
TOTALAMOUNT OF GAIN (LOSS)
ON CASH FLOW
HEDGE ACTIVITY
Revenues$38,392 $9 $34,476 $(63)
Cost of sales21,695 464 18,500 (79)
Demand creation expense2,968 (4)2,789 1 
Other (income) expense, net(283)297 (235)56 
Interest expense (income), net22 (6)165 (5)
The following tables present the amounts affecting the Unaudited Condensed Consolidated Statements of Income:

(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 FEBRUARY 28,LOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME
THREE MONTHS ENDED FEBRUARY 28,
2023202220232022
Derivatives designated as cash flow hedges:
Foreign exchange forwards and options$30 $(37)Revenues$14 $(22)
Foreign exchange forwards and options(141)4 Cost of sales182 17 
Foreign exchange forwards and options1  Demand creation expense(1) 
Foreign exchange forwards and options(65)31 Other (income) expense, net90 45 
Interest rate swaps(2)
  Interest expense (income), net(2)(2)
TOTAL DESIGNATED CASH FLOW HEDGES $(175)$(2)$283 $38 
(1)For the three months ended February 28, 2023 and 2022, 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.


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(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)
NINE MONTHS ENDED FEBRUARY 28,LOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME
NINE MONTHS ENDED FEBRUARY 28,
2023202220232022
Derivatives designated as cash flow hedges:
Foreign exchange forwards and options$52 $(74)Revenues$9 $(63)
Foreign exchange forwards and options245 522 Cost of sales464 (79)
Foreign exchange forwards and options(2)(3)Demand creation expense(4)1 
Foreign exchange forwards and options181 304 Other (income) expense, net297 56 
Interest rate swaps(2)
  Interest expense (income), net(6)(5)
TOTAL DESIGNATED CASH FLOW HEDGES $476 $749 $760 $(90)
(1)For the nine months ended February 28, 2023 and 2022, 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 FEBRUARY 28,NINE MONTHS ENDED FEBRUARY 28,
(Dollars in millions)
2023202220232022