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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED FEBRUARY 29, 2024

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 29, 2024, the number of shares of the Registrant's Common Stock outstanding were:
Class A
297,897,252 
Class B
1,211,461,555 
1,509,358,807 


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 5.
ITEM 6.


PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
NIKE, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
THREE MONTHS ENDEDNINE MONTHS ENDED
(In millions, except per share data)
FEBRUARY 29, 2024FEBRUARY 28, 2023FEBRUARY 29, 2024FEBRUARY 28, 2023
Revenues$12,429 $12,390 $38,756 $38,392 
Cost of sales6,867 7,019 21,503 21,695 
Gross profit5,562 5,371 17,253 16,697 
Demand creation expense1,011 923 3,194 2,968 
Operating overhead expense3,215 3,036 9,294 9,035 
Total selling and administrative expense4,226 3,959 12,488 12,003 
Interest expense (income), net(52)(7)(108)22 
Other (income) expense, net(16)(58)(101)(283)
Income before income taxes
1,404 1,477 4,974 4,955 
Income tax expense
232 237 774 916 
NET INCOME
$1,172 $1,240 $4,200 $4,039 
Earnings per common share:
Basic$0.77 $0.80 $2.76 $2.59 
Diluted$0.77 $0.79 $2.74 $2.57 
Weighted average common shares outstanding:
Basic1,513.2 1,543.8 1,520.8 1,556.7 
Diluted1,526.5 1,564.8 1,534.0 1,574.4 
The accompanying Notes to the Unaudited Condensed Consolidated Financial Statements are an integral part of this statement.
1

NIKE, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
THREE MONTHS ENDEDNINE MONTHS ENDED
(Dollars in millions)
FEBRUARY 29, 2024FEBRUARY 28, 2023FEBRUARY 29, 2024FEBRUARY 28, 2023
Net income$1,172 $1,240 $4,200 $4,039 
Other comprehensive income (loss), net of tax:
Change in net foreign currency translation adjustment(57)153 18 281 
Change in net gains (losses) on cash flow hedges50 (433)(139)(279)
Change in net gains (losses) on other11 23 15 (18)
Total other comprehensive income (loss), net of tax4 (257)(106)(16)
TOTAL COMPREHENSIVE INCOME$1,176 $983 $4,094 $4,023 
The accompanying Notes to the Unaudited Condensed Consolidated Financial Statements are an integral part of this statement.
2

NIKE, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
FEBRUARY 29,MAY 31,
(In millions)
20242023
ASSETS
Current assets:
Cash and equivalents$8,960 $7,441 
Short-term investments1,613 3,234 
Accounts receivable, net4,526 4,131 
Inventories7,726 8,454 
Prepaid expenses and other current assets1,928 1,942 
Total current assets24,753 25,202 
Property, plant and equipment, net5,082 5,081 
Operating lease right-of-use assets, net2,856 2,923 
Identifiable intangible assets, net259 274 
Goodwill240 281 
Deferred income taxes and other assets4,166 3,770 
TOTAL ASSETS$37,356 $37,531 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt$ $ 
Notes payable6 6 
Accounts payable2,340 2,862 
Current portion of operating lease liabilities474 425 
Accrued liabilities5,818 5,723 
Income taxes payable391 240 
Total current liabilities9,029 9,256 
Long-term debt8,930 8,927 
Operating lease liabilities2,691 2,786 
Deferred income taxes and other liabilities2,480 2,558 
Commitments and contingencies (Note 12)
Redeemable preferred stock  
Shareholders' equity:
Common stock at stated value:
Class A convertible — 298 and 305 shares outstanding
  
Class B — 1,213 and 1,227 shares outstanding
3 3 
Capital in excess of stated value13,128 12,412 
Accumulated other comprehensive income (loss)125 231 
Retained earnings970 1,358 
Total shareholders' equity14,226 14,004 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$37,356 $37,531 
The accompanying Notes to the Unaudited Condensed Consolidated Financial Statements are an integral part of this statement.
3

NIKE, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED
(Dollars in millions)
FEBRUARY 29, 2024FEBRUARY 28, 2023
Cash provided (used) by operations:
Net income$4,200 $4,039 
Adjustments to reconcile net income to net cash provided (used) by operations:
Depreciation589 516 
Deferred income taxes(281)(216)
Stock-based compensation618 556 
Amortization, impairment and other51 107 
Net foreign currency adjustments(81)(197)
Changes in certain working capital components and other assets and liabilities:
(Increase) decrease in accounts receivable(429)109 
(Increase) decrease in inventories698 (527)
(Increase) decrease in prepaid expenses, operating lease right-of-use assets and other current and non-current assets(342)(273)
Increase (decrease) in accounts payable, accrued liabilities, operating lease liabilities and other current and non-current liabilities(213)(526)
Cash provided (used) by operations4,810 3,588 
Cash provided (used) by investing activities:
Purchases of short-term investments(3,337)(4,844)
Maturities of short-term investments2,036 2,470 
Sales of short-term investments3,093 3,149 
Additions to property, plant and equipment(599)(700)
Other investing activities(9)62 
Cash provided (used) by investing activities1,184 137 
Cash provided (used) by financing activities:
Increase (decrease) in notes payable, net
 4 
Proceeds from exercise of stock options and other stock issuances477 413 
Repurchase of common stock(3,214)(4,101)
Dividends — common and preferred(1,609)(1,488)
Other financing activities(122)(94)
Cash provided (used) by financing activities(4,468)(5,266)
Effect of exchange rate changes on cash and equivalents(7)(78)
Net increase (decrease) in cash and equivalents1,519 (1,619)
Cash and equivalents, beginning of period7,441 8,574 
CASH AND EQUIVALENTS, END OF PERIOD$8,960 $6,955 
Supplemental disclosure of cash flow information:
Non-cash additions to property, plant and equipment$177 $145 
Dividends declared and not paid561 527 
The accompanying Notes to the Unaudited Condensed Consolidated Financial Statements are an integral part of this statement.
4

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, 2023298 $ 1,219 $3 $12,871 $121 $1,151 $14,146 
Stock options exercised2 135 135 
Repurchase of Class B Common Stock(8)(67)(799)(866)
Dividends on common stock ($0.370 per share)
(561)(561)
Issuance of shares to employees, net of shares withheld for employee taxes(27)7 (20)
Stock-based compensation216 216 
Net income1,172 1,172 
Other comprehensive income (loss)4 4 
Balance at February 29, 2024298 $ 1,213 $3 $13,128 $125 $970 $14,226 
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 May 31, 2023305 $ 1,227 $3 $12,412 $231 $1,358 $14,004 
Stock options exercised6 347 347 
Conversion to Class B Common Stock(7)7 — 
Repurchase of Class B Common Stock(30)(251)(2,956)(3,207)
Dividends on common stock ($1.080 per share) and preferred stock ($0.10 per share)
(1,645)(1,645)
Issuance of shares to employees, net of shares withheld for employee taxes3 2 13 15 
Stock-based compensation618 618 
Net income4,200 4,200 
Other comprehensive income (loss)(106)(106)
Balance at February 29, 2024298 $ 1,213 $3 $13,128 $125 $970 $14,226 
5

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 
The accompanying Notes to the Unaudited Condensed Consolidated Financial Statements are an integral part of this statement.
6

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
7

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, 2023, 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, 2023 (the "Annual Report"). The results of operations for the three and nine months ended February 29, 2024, are not necessarily indicative of results to be expected for the entire fiscal year.
RECENTLY ISSUED ACCOUNTING STANDARDS AND DISCLOSURE RULES
In November 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The amendments will require public entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker and included within segment profit and loss. The amendments are effective for the Company's annual periods beginning June 1, 2024, and interim periods beginning June 1, 2025, with early adoption permitted, and will be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company's annual periods beginning June 1, 2025, with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.
In March 2024, the U.S. Securities and Exchange Commission ("SEC") adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. This rule will require registrants to disclose certain climate-related information in registration statements and annual reports. The disclosure requirements will apply to the Company's fiscal year beginning June 1, 2025. The Company is currently evaluating the final rule to determine its impact on the Company's disclosures.
RECENTLY ADOPTED ACCOUNTING STANDARDS
In September 2022, the FASB issued ASU 2022-04, Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. 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 Company adopted the required guidance in the first quarter of fiscal 2024.
Certain financial institutions offer voluntary supplier finance programs facilitated through a third-party platform that provide participating suppliers the option to finance valid payment obligations from the Company. The Company is not a party to agreements negotiated between participating suppliers and third-party financial institutions. The Company's obligations to its suppliers, including amounts due and payment terms, are not affected by a supplier's decision to participate in these programs and the Company does not provide guarantees to third parties in connection with these programs. As of February 29, 2024 and May 31, 2023, the Company had $704 million and $834 million, respectively, of outstanding supplier obligations confirmed as valid under these programs. These amounts are included within Accounts payable on the Unaudited Condensed Consolidated Balance Sheets.

8

NOTE 2 — ACCRUED LIABILITIES
Accrued liabilities included the following:
FEBRUARY 29,MAY 31,
(Dollars in millions)20242023
Compensation and benefits, excluding taxes
$1,254 $1,737 
Sales-related reserves1,227 994 
Dividends payable566 529 
Endorsement compensation
493 552 
Other2,278 1,911
TOTAL ACCRUED LIABILITIES$5,818 $5,723 
NOTE 3 — 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 within the Annual Report.
The following tables present information about the Company's financial assets measured at fair value on a recurring basis as of February 29, 2024 and May 31, 2023, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
FEBRUARY 29, 2024
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$1,118 $1,118 $— 
Level 1:
U.S. Treasury securities1,002 1 1,001 
Level 2:
Commercial paper and bonds580 18 562 
Money market funds7,272 7,272  
Time deposits560 551 9 
U.S. Agency securities41  41 
Total Level 28,453 7,841 612 
TOTAL$10,573 $8,960 $1,613 
MAY 31, 2023
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$1,767 $1,767 $— 
Level 1:
U.S. Treasury securities2,655  2,655 
Level 2:
Commercial paper and bonds543 15 528 
Money market funds5,157 5,157  
Time deposits507 502 5 
U.S. Agency securities46  46 
Total Level 26,253 5,674 579 
TOTAL$10,675 $7,441 $3,234 
9

As of February 29, 2024, the Company held $867 million of available-for-sale debt securities with maturity dates within one year and $746 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 $113 million and $83 million for the three months ended February 29, 2024 and February 28, 2023, respectively, and $304 million and $196 million for the nine months ended February 29, 2024 and February 28, 2023, 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 29, 2024
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)
$390 $324 $66 $149 $132 $17 
Interest rate swap contracts(1)
2  2 4  4 
TOTAL
$392 $324 $68 $153 $132 $21 
(1)If the derivative instruments had been netted on the Unaudited Condensed Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $149 million as of February 29, 2024. As of that date, the Company received $48 million of cash collateral from counterparties related to derivative instruments. No amount of collateral was posted on the derivative liability balance as of February 29, 2024.
MAY 31, 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)
$557 $493 $64 $180 $128 $52 
(1)If the derivative instruments had been netted on the Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $178 million as of May 31, 2023. As of that date, the Company received $36 million of cash collateral from counterparties related to derivative instruments. No amount of collateral was posted on the derivative liability balance as of May 31, 2023.
For additional information related to the Company's derivative financial instruments and credit risk, refer to Note 8 — 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, debt issuance costs and interest rate swap fair value adjustments. 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 was approximately $7,764 million at February 29, 2024 and $7,889 million at May 31, 2023.
10

NOTE 4 — 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 29, 2024 and May 31, 2023, the Company had no borrowings outstanding under its $3 billion commercial paper program.
On March 8, 2024, subsequent to the end of the third quarter of fiscal 2024, 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 7, 2025, 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 10, 2023, which matured on March 8, 2024. 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 4, 2024, no amounts were outstanding under this committed credit facility.
There have been no other changes to the credit lines reported in the Annual Report for the fiscal year ended May 31, 2023.
NOTE 5 — INCOME TAXES
The effective tax rate was 15.6% and 18.5% for the nine months ended February 29, 2024 and February 28, 2023, respectively. The decrease in the Company's effective tax rate was primarily due to one-time benefits including the impact of temporary relief provided by the Internal Revenue Service ("IRS") relating to U.S. foreign tax credit regulations. On July 21, 2023, the IRS issued Notice 2023-55 which specifically delayed the application of certain U.S. foreign tax credit regulations that had previously limited the Company's ability to claim credits on certain foreign taxes for the fiscal year ended May 31, 2023. As a result of this new guidance, the Company recognized a one-time tax benefit related to prior year tax positions in the first three months of fiscal 2024. Other one-time benefits included a reduction in accrued withholding taxes on undistributed foreign earnings recognized in the second quarter of fiscal 2024.
On August 16, 2022, the U.S. government enacted the Inflation Reduction Act of 2022 that included, among other provisions, changes to the U.S. corporate income tax system, including a fifteen percent minimum tax based on "adjusted financial statement income," which was effective for the Company beginning June 1, 2023. Based on the Company's current analysis of the provisions, these tax law changes are not expected to have a material impact on the Company's financial statements for fiscal 2024.
As of February 29, 2024, total gross unrecognized tax benefits, excluding related interest and penalties, were $988 million, $701 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, 2023, total gross unrecognized tax benefits, excluding related interest and penalties, were $936 million. As of February 29, 2024 and May 31, 2023, accrued interest and penalties related to uncertain tax positions were $314 million and $268 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 $20 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.
11

NOTE 6 — 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"). For additional information, refer to Note 9 — Common Stock and Stock-Based Compensation within the Annual Report.
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 ENDEDNINE MONTHS ENDED
(Dollars in millions)
FEBRUARY 29, 2024FEBRUARY 28, 2023FEBRUARY 29, 2024FEBRUARY 28, 2023
Stock options(1)
$89 $78 $253 $232 
ESPPs17 20 55 53 
Restricted stock and restricted stock units(2)
110 94 310 271 
TOTAL STOCK-BASED COMPENSATION EXPENSE$216 $192 $618 $556 
(1)Expense for stock options includes the expense associated with stock appreciation rights.
(2)Restricted stock units include RSUs and PSUs.
The income tax benefit related to stock-based compensation expense was $12 million and $22 million for the three months ended February 29, 2024 and February 28, 2023, respectively, and $30 million and $44 million for the nine months ended February 29, 2024 and February 28, 2023, respectively, and reported within Income tax expense.
STOCK OPTIONS
As of February 29, 2024, the Company had $478 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
As of February 29, 2024, the Company had $699 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.
12

NOTE 7 — 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 40.9 million and 29.5 million shares of common stock outstanding for the three months ended February 29, 2024 and February 28, 2023, respectively, and 42.6 million and 31.8 million shares of common stock outstanding for the nine months ended February 29, 2024 and February 28, 2023, respectively, because the awards were assumed to be anti-dilutive.
 THREE MONTHS ENDEDNINE MONTHS ENDED
(In millions, except per share data)
FEBRUARY 29, 2024FEBRUARY 28, 2023FEBRUARY 29, 2024FEBRUARY 28, 2023
Net income available to common stockholders$1,172 $1,240 $4,200 $4,039 
Determination of shares:
Weighted average common shares outstanding1,513.2 1,543.8 1,520.8 1,556.7 
Assumed conversion of dilutive stock options and awards13.3 21.0 13.2 17.7 
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING1,526.5 1,564.8 1,534.0 1,574.4 
Earnings per common share:
Basic$0.77 $0.80 $2.76 $2.59 
Diluted$0.77 $0.79 $2.74 $2.57 
13

NOTE 8 — 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 29, 2024, there have been no material changes to the Company's hedging program or strategy from what was disclosed within the Annual Report. For additional information about the Company's derivatives and hedging policies, refer to Note 1 — Summary of Significant Accounting Policies and Note 12 — Risk Management and Derivatives within the Annual Report.
The majority of derivatives outstanding as of February 29, 2024, are designated as foreign currency cash flow hedges, primarily for Euro/U.S. Dollar, British Pound/Euro, Chinese Yuan/U.S. Dollar 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 29,MAY 31,
(Dollars in millions)
20242023
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets$312 $480 
Foreign exchange forwards and optionsDeferred income taxes and other assets66 64 
Interest rate swap contracts
Deferred income taxes and other assets
2  
Total derivatives formally designated as hedging instruments380 544 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets12 13 
Total derivatives not designated as hedging instruments12 13 
TOTAL DERIVATIVE ASSETS$392 $557 
DERIVATIVE LIABILITIES
BALANCE SHEET LOCATIONFEBRUARY 29,MAY 31,
(Dollars in millions)
20242023
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities$121 $93 
Foreign exchange forwards and optionsDeferred income taxes and other liabilities17 52 
Interest rate swap contracts
Deferred income taxes and other liabilities
4  
Total derivatives formally designated as hedging instruments142 145 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities11 35 
Total derivatives not designated as hedging instruments11 35 
TOTAL DERIVATIVE LIABILITIES$153 $180 

14

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 ENDEDLOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME
THREE MONTHS ENDED
FEBRUARY 29, 2024FEBRUARY 28, 2023FEBRUARY 29, 2024FEBRUARY 28, 2023
Derivatives designated as cash flow hedges:
Foreign exchange forwards and options$(32)$30 Revenues$(10)$14 
Foreign exchange forwards and options135 (141)Cost of sales70 182 
Foreign exchange forwards and options 1 Demand creation expense1 (1)
Foreign exchange forwards and options49 (65)Other (income) expense, net52 90 
Interest rate swaps(2)
  Interest expense (income), net(2)(2)
TOTAL DESIGNATED CASH FLOW HEDGES $152 $(175)$111 $283 
(1)For the three months ended February 29, 2024 and February 28, 2023, 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.

(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 ENDEDLOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME
NINE MONTHS ENDED
FEBRUARY 29, 2024FEBRUARY 28, 2023FEBRUARY 29, 2024FEBRUARY 28, 2023
Derivatives designated as cash flow hedges:
Foreign exchange forwards and options$(55)$52 Revenues$(7)$9 
Foreign exchange forwards and options154 245 Cost of sales221 464 
Foreign exchange forwards and options2 (2)Demand creation expense1 (4)
Foreign exchange forwards and options78 181 Other (income) expense, net138 297 
Interest rate swaps(2)
  Interest expense (income), net(6)(6)
TOTAL DESIGNATED CASH FLOW HEDGES $179 $476 $347 $760 
(1)For the nine months ended February 29, 2024 and February 28, 2023, 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.

15

AMOUNT OF GAIN (LOSS) RECOGNIZED
IN INCOME ON DERIVATIVES
LOCATION OF GAIN (LOSS)
RECOGNIZED IN INCOME
ON DERIVATIVES
THREE MONTHS ENDEDNINE MONTHS ENDED
(Dollars in millions)
FEBRUARY 29, 2024FEBRUARY 28, 2023FEBRUARY 29, 2024FEBRUARY 28, 2023
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options and embedded derivatives$9 $(26)$(1)$52 Other (income) expense, net
CASH FLOW HEDGES
The total notional amount of outstanding foreign currency derivatives designated as cash flow hedges was approximately $17.6 billion as of February 29, 2024. Approximately $250 million of deferred net gains (net of tax) on both outstanding and matured derivatives in Accumulated other comprehensive income (loss) as of February 29, 2024, are expected to be reclassified to Net income during the next 12 months concurrent with the underlying hedged transactions also being recorded in Net income. Actual amounts ultimately reclassified to Net income are dependent on the exchange rates in effect when derivative contracts currently outstanding mature. As of February 29, 2024, the maximum term over which the Company hedges exposures to the variability of cash flows for its forecasted transactions was 27 months.
FAIR VALUE HEDGES
The total notional amount of outstanding interest rate swap contracts designated as fair value hedges was $901 million as of February 29, 2024.
UNDESIGNATED DERIVATIVE INSTRUMENTS
The total notional amount of outstanding undesignated derivative instruments was $3.9 billion as of February 29, 2024.
CREDIT RISK
As of February 29, 2024, the Company was in compliance with all credit risk-related contingent features, and derivative instruments with such features were in a net asset position of approximately $239 million. Accordingly, the Company was not required to post cash collateral as a result of these contingent features. Further, $48 million of collateral was received on the Company's derivative asset balance as of February 29, 2024. The Company considers the impact of the risk of counterparty default to be immaterial.
For additional information related to the Company's derivative financial instruments and collateral, refer to Note 3 — Fair Value Measurements.
16

NOTE 9 — ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The changes in Accumulated other comprehensive income (loss), net of tax, were as follows:
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at November 30, 2023$(178)$242 $115 $(58)$121 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
(57)150  4 97 
Reclassifications to net income of previously deferred (gains) losses(2)
 (100) 7 (93)
Total other comprehensive income (loss)(57)50  11 4 
Balance at February 29, 2024$(235)$292 $115 $(47)$125 
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of immaterial tax impact.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at November 30, 2022$(392)$933 $115 $(97)$559 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
150 (179)  (29)
Reclassifications to net income of previously deferred (gains) losses(2)
3 (254) 23 (228)
Total other comprehensive income (loss)153 (433) 23 (257)
Balance at February 28, 2023$(239)$500 $115 $(74)$302 
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of immaterial tax impact.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at May 31, 2023$(253)$431 $115 $(62)$231 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
16 175  15 206 
Reclassifications to net income of previously deferred (gains) losses(2)
2 (314)  (312)
Total other comprehensive income (loss)18 (139) 15 (106)
Balance at February 29, 2024$(235)$292 $115 $(47)$125 
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of immaterial tax impact.



17

(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at May 31, 2022$(520)$779 $115 $(56)$318 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
(77)399