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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, 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
nke-20211130_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 December 27, 2021, the number of shares of the Registrant's Common Stock outstanding were:
Class A
305,007,252 
Class B
1,276,288,021 
1,581,295,273 


NIKE, INC.
FORM 10-Q
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)
2021202020212020
Revenues$11,357 $11,243 $23,605 $21,837 
Cost of sales6,144 6,396 12,696 12,249 
Gross profit5,213 4,847 10,909 9,588 
Demand creation expense1,017 729 1,935 1,406 
Operating overhead expense2,742 2,538 5,396 4,836 
Total selling and administrative expense3,759 3,267 7,331 6,242 
Interest expense (income), net55 70 112 135 
Other (income) expense, net(102)54 (141)40 
Income before income taxes1,501 1,456 3,607 3,171 
Income tax expense164 205 396 402 
NET INCOME$1,337 $1,251 $3,211 $2,769 
Earnings per common share:
Basic$0.84 $0.80 $2.03 $1.77 
Diluted$0.83 $0.78 $1.98 $1.73 
Weighted average common shares outstanding:
Basic1,582.4 1,573.0 1,582.2 1,567.4 
Diluted1,617.4 1,609.5 1,618.5 1,601.9 
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 COMPREHENSIVE INCOME
THREE MONTHS ENDED NOVEMBER 30,SIX MONTHS ENDED NOVEMBER 30,
(Dollars in millions)
2021202020212020
Net income$1,337 $1,251 $3,211 $2,769 
Other comprehensive income (loss), net of tax:
Change in net foreign currency translation adjustment(155)78 (283)396 
Change in net gains (losses) on cash flow hedges366 (103)804 (761)
Change in net gains (losses) on other1 (3)4 (8)
Total other comprehensive income (loss), net of tax212 (28)525 (373)
TOTAL COMPREHENSIVE INCOME$1,549 $1,223 $3,736 $2,396 
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)
20212021
ASSETS
Current assets:
Cash and equivalents$10,751 $9,889 
Short-term investments4,352 3,587 
Accounts receivable, net3,746 4,463 
Inventories6,506 6,854 
Prepaid expenses and other current assets1,822 1,498 
Total current assets27,177 26,291 
Property, plant and equipment, net4,812 4,904 
Operating lease right-of-use assets, net3,017 3,113 
Identifiable intangible assets, net265 269 
Goodwill242 242 
Deferred income taxes and other assets3,404 2,921 
TOTAL ASSETS$38,917 $37,740 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt$ $ 
Notes payable9 2 
Accounts payable2,795 2,836 
Current portion of operating lease liabilities462 467 
Accrued liabilities5,431 6,063 
Income taxes payable160 306 
Total current liabilities8,857 9,674 
Long-term debt9,417 9,413 
Operating lease liabilities2,835 2,931 
Deferred income taxes and other liabilities2,884 2,955 
Redeemable preferred stock  
Shareholders' equity:
Common stock at stated value:
Class A convertible — 305 and 305 shares outstanding
  
Class B — 1,278 and 1,273 shares outstanding
3 3 
Capital in excess of stated value10,990 9,965 
Accumulated other comprehensive income (loss)145 (380)
Retained earnings (deficit)3,786 3,179 
Total shareholders' equity14,924 12,767 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$38,917 $37,740 
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)
20212020
Cash provided (used) by operations:
Net income$3,211 $2,769 
Adjustments to reconcile net income to net cash provided (used) by operations:
Depreciation358 361 
Deferred income taxes(222)(177)
Stock-based compensation306 325 
Amortization, impairment and other3 103 
Net foreign currency adjustments48 (98)
Changes in certain working capital components and other assets and liabilities:
(Increase) decrease in accounts receivable543 (921)
(Increase) decrease in inventories268 1,321 
(Increase) decrease in prepaid expenses, operating lease right-of-use assets and other current and non-current assets(444)(163)
Increase (decrease) in accounts payable, accrued liabilities, operating lease liabilities and other current and non-current liabilities(203)(165)
Cash provided (used) by operations3,868 3,355 
Cash provided (used) by investing activities:
Purchases of short-term investments(6,699)(4,505)
Maturities of short-term investments3,891 802 
Sales of short-term investments2,032 914 
Additions to property, plant and equipment(362)(344)
Other investing activities33 256 
Cash provided (used) by investing activities(1,105)(2,877)
Cash provided (used) by financing activities:
Increase (decrease) in notes payable13 (37)
Repayment of borrowings (173)
Proceeds from exercise of stock options and other stock issuances846 781 
Repurchase of common stock(1,723) 
Dividends — common and preferred(873)(769)
Other financing activities(109)(94)
Cash provided (used) by financing activities(1,846)(292)
Effect of exchange rate changes on cash and equivalents(55)101 
Net increase (decrease) in cash and equivalents862 287 
Cash and equivalents, beginning of period9,889 8,348 
CASH AND EQUIVALENTS, END OF PERIOD$10,751 $8,635 
Supplemental disclosure of cash flow information:
Non-cash additions to property, plant and equipment$103 $118 
Dividends declared and not paid481 435 
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 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 August 31, 2021305 $ 1,278 $3 $10,521 $(67)$3,886 $14,343 
Stock options exercised3 256 256 
Repurchase of Class B common stock(6)(40)(928)(968)
Dividends on common stock ($0.305 per share)
(483)(483)
Issuance of shares to employees, net of shares withheld for employee taxes3 83 (26)57 
Stock-based compensation170 170 
Net income1,337 1,337 
Other comprehensive income (loss)212 212 
Balance at November 30, 2021305 $ 1,278 $3 $10,990 $145 $3,786 $14,924 

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 August 31, 2020315 $ 1,250 $3 $8,695 $(401)$927 $9,224 
Stock options exercised8 366 366 
Conversion to Class B Common Stock(10)10 — 
Dividends on common stock ($0.275 per share)
(437)(437)
Issuance of shares to employees, net of shares withheld for employee taxes2 86 (11)75 
Stock-based compensation189 189 
Net income1,251 1,251 
Other comprehensive income (loss)(28)(28)
Balance at November 30, 2020305 $ 1,270 $3 $9,336 $(429)$1,730 $10,640 
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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 exercised13 725 725 
Repurchase of Class B Common Stock(11)(69)(1,641)(1,710)
Dividends on common stock ($0.580 per share) and preferred stock ($0.10 per share)
(918)(918)
Issuance of shares to employees, net of shares withheld for employee taxes3 63 (45)18 
Stock-based compensation306 306 
Net income3,211 3,211 
Other comprehensive income (loss)525 525 
Balance at November 30, 2021305 $ 1,278 $3 $10,990 $145 $3,786 $14,924 

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 exercised15 657 657 
Conversion to Class B Common Stock(10)10  
Dividends on common stock ($0.520 per share) and preferred stock ($0.10 per share)
(820)(820)
Issuance of shares to employees, net of shares withheld for employee taxes2 55 (28)27 
Stock-based compensation325 325 
Net income2,769 2,769 
Other comprehensive income (loss)(373)(373)
Balance at November 30, 2020305 $ 1,270 $3 $9,336 $(429)$1,730 $10,640 
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
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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 six months ended November 30, 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 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 the operating environment will remain volatile as COVID-19 variants continue to cause disruption to operations.
NOTE 2 — INVENTORIES
Inventory balances of $6,506 million and $6,854 million at November 30, 2021 and May 31, 2021, respectively, were substantially all finished goods.
NOTE 3 — ACCRUED LIABILITIES
Accrued liabilities included the following:
NOVEMBER 30,MAY 31,
(Dollars in millions)20212021
Compensation and benefits, excluding taxes$1,178 $1,472 
Sales-related reserves903 1,077 
Dividends payable482 436 
Allowance for expected loss on sale(1)
344 358 
Other2,524 2,720 
TOTAL ACCRUED LIABILITIES$5,431 $6,063 
(1)Refer to Note 12 — 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 November 30, 2021 and May 31, 2021, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
NOVEMBER 30, 2021
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$840 $840 $— 
Level 1:
U.S. Treasury securities3,878 224 3,654 
Level 2:
Commercial paper and bonds738 44 694 
Money market funds8,732 8,732  
Time deposits915 911 4 
Total Level 210,385 9,687 698 
TOTAL$15,103 $10,751 $4,352 
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 November 30, 2021, the Company held $3,622 million of available-for-sale debt securities with maturity dates within one year and $730 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 $18 million and $6 million for the three months ended November 30, 2021 and 2020, respectively, and $35 million and $13 million for the six months ended November 30, 2021 and 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:
NOVEMBER 30, 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)
$546 $444 $102 $75 $71 $4 
Embedded derivatives1 1  4 4  
TOTAL$547 $445 $102 $79 $75 $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 $75 million as of November 30, 2021. As of that date, the Company received $141 million of cash collateral from various counterparties related to the foreign exchange derivative instruments. No amount of collateral was posted on the derivative liability balance as of November 30, 2021.
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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