SEC Info - NIKE, Inc. - ‘10-Q’ for 2/29/24

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		Alternative Formats (Word, et al.) Accrued Liabilities Accumulated Other Comprehensive Income (Loss) Acquisitions and Divestitures Contingencies Controls and Procedures Earnings Per Share Exhibits Fair Value Measurements Financial Statements Income Taxes Item Legal Proceedings Management's Discussion and Analysis of Financial Condition and Results of Operations Notes to the Unaudited Condensed Consolidated Financial Statements Operating Segments Other Information Part I Part Ii Quantitative and Qualitative Disclosures about Market Risk Restructuring Revenues Risk Factors Risk Management and Derivatives Short-Term Borrowings and Credit Lines Signatures Stock-Based Compensation Summary of Significant Accounting Policies Table of Contents Unaudited Condensed Consolidated Balance Sheets Unaudited Condensed Consolidated Statements of Cash Flows Unaudited Condensed Consolidated Statements of Comprehensive Income Unaudited Condensed Consolidated Statements of Income Unaudited Condensed Consolidated Statements of Shareholders' Equity Unregistered Sales of Equity Securities and Use of Proceeds
1	1st Page – Filing Submission
"	Table of Contents
"	Part I
"	Financial Statements
"	Unaudited Condensed Consolidated Statements of Income
"	Unaudited Condensed Consolidated Statements of Comprehensive Income
"	Unaudited Condensed Consolidated Balance Sheets
"	Unaudited Condensed Consolidated Statements of Cash Flows
"	Unaudited Condensed Consolidated Statements of Shareholders' Equity
"	Notes to the Unaudited Condensed Consolidated Financial Statements
"	Summary of Significant Accounting Policies
"	Accrued Liabilities
"	Fair Value Measurements
"	Short-Term Borrowings and Credit Lines
"	Income Taxes
"	Stock-Based Compensation
"	Earnings Per Share
"	Risk Management and Derivatives
"	Accumulated Other Comprehensive Income (Loss)
"	Revenues
"	Operating Segments
"	Contingencies
"	Acquisitions and Divestitures
"	Restructuring
"	Management's Discussion and Analysis of Financial Condition and Results of Operations
"	Quantitative and Qualitative Disclosures about Market Risk
"	Controls and Procedures
"	Part Ii
"	Legal Proceedings
"	Item
"	Risk Factors
"	Unregistered Sales of Equity Securities and Use of Proceeds
"	Other Information
"	Exhibits
"	Signatures

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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

i ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED i FEBRUARY 29, 2024

i ☐ 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. i 1-10635

(Exact name of Registrant as specified in its charter)


i Oregon						i 93-0584541
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

i One Bowerman Drive, i Beaverton, i Oregon i 97005-6453

(Address of principal executive offices and zip code)

(Registrant's telephone number, including area code)


SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:
i Class B Common Stock	i NKE	i New York Stock Exchange
(Title of each class)	(Trading symbol)	(Name of each exchange on which registered)

Indicate by check mark:

YES

•

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.

☐

•

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).

☐

•

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.

i Large accelerated filer

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

i ☐

Emerging growth company

i ☐

•

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).

i ☐


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

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

THREE MONTHS ENDED

NINE MONTHS ENDED

(In millions, except per share data)

Revenues

i 12,429

i 12,390

i 38,756

i 38,392

Cost of sales

i 6,867

i 7,019

i 21,503

i 21,695

Gross profit

i 5,562

i 5,371

i 17,253

i 16,697

Demand creation expense

i 1,011

i 923

i 3,194

i 2,968

Operating overhead expense

i 3,215

i 3,036

i 9,294

i 9,035

Total selling and administrative expense

i 4,226

i 3,959

i 12,488

i 12,003

Interest expense (income), net

( i 52)

( i 7)

( i 108)

i 22

Other (income) expense, net

( i 16)

( i 58)

( i 101)

( i 283)

Income before income taxes

i 1,404

i 1,477

i 4,974

i 4,955

Income tax expense

i 232

i 237

i 774

i 916

NET INCOME

i 1,172

i 1,240

i 4,200

i 4,039

Earnings per common share:

Basic

i 0.77

i 0.80

i 2.76

i 2.59

Diluted

i 0.77

i 0.79

i 2.74

i 2.57

Weighted average common shares outstanding:

Basic

i 1,513.2

i 1,543.8

i 1,520.8

i 1,556.7

Diluted

i 1,526.5

i 1,564.8

i 1,534.0

i 1,574.4

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

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

THREE MONTHS ENDED

NINE MONTHS ENDED

(Dollars in millions)

Net income

i 1,172

i 1,240

i 4,200

i 4,039

Other comprehensive income (loss), net of tax:

Change in net foreign currency translation adjustment

( i 57)

i 153

i 18

i 281

Change in net gains (losses) on cash flow hedges

i 50

( i 433)

( i 139)

( i 279)

Change in net gains (losses) on other

i 11

i 23

i 15

( i 18)

Total other comprehensive income (loss), net of tax

i 4

( i 257)

( i 106)

( i 16)

TOTAL COMPREHENSIVE INCOME

i 1,176

i 983

i 4,094

i 4,023

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

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS


	FEBRUARY 29,		MAY 31,
(In millions)	2024		2023
ASSETS
Current assets:
Cash and equivalents	$	i 8,960	$	i 7,441
Short-term investments	i 1,613		i 3,234
Accounts receivable, net	i 4,526		i 4,131
Inventories	i 7,726		i 8,454
Prepaid expenses and other current assets	i 1,928		i 1,942
Total current assets	i 24,753		i 25,202
Property, plant and equipment, net	i 5,082		i 5,081
Operating lease right-of-use assets, net	i 2,856		i 2,923
Identifiable intangible assets, net	i 259		i 274
Goodwill	i 240		i 281
Deferred income taxes and other assets	i 4,166		i 3,770
TOTAL ASSETS	$	i 37,356	$	i 37,531
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt	$	i —	$	i —
Notes payable	i 6		i 6
Accounts payable	i 2,340		i 2,862
Current portion of operating lease liabilities	i 474		i 425
Accrued liabilities	i 5,818		i 5,723
Income taxes payable	i 391		i 240
Total current liabilities	i 9,029		i 9,256
Long-term debt	i 8,930		i 8,927
Operating lease liabilities	i 2,691		i 2,786
Deferred income taxes and other liabilities	i 2,480		i 2,558
Commitments and contingencies (Note 12)	i		i
Redeemable preferred stock	i —		i —
Shareholders' equity:
Common stock at stated value:
Class A convertible — i 298 and i 305 shares outstanding	i —		i —
Class B — i 1,213 and i 1,227 shares outstanding	i 3		i 3
Capital in excess of stated value	i 13,128		i 12,412
Accumulated other comprehensive income (loss)	i 125		i 231
Retained earnings	i 970		i 1,358
Total shareholders' equity	i 14,226		i 14,004
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	i 37,356	$	i 37,531

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

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


	NINE MONTHS ENDED
(Dollars in millions)	FEBRUARY 29, 2024		FEBRUARY 28, 2023
Cash provided (used) by operations:
Net income	$	i 4,200	$	i 4,039
Adjustments to reconcile net income to net cash provided (used) by operations:
Depreciation	i 589		i 516
Deferred income taxes	( i 281)		( i 216)
Stock-based compensation	i 618		i 556
Amortization, impairment and other	i 51		i 107
Net foreign currency adjustments	( i 81)		( i 197)
Changes in certain working capital components and other assets and liabilities:
(Increase) decrease in accounts receivable	( i 429)		i 109
(Increase) decrease in inventories	i 698		( i 527)
(Increase) decrease in prepaid expenses, operating lease right-of-use assets and other current and non-current assets	( i 342)		( i 273)
Increase (decrease) in accounts payable, accrued liabilities, operating lease liabilities and other current and non-current liabilities	( i 213)		( i 526)
Cash provided (used) by operations	i 4,810		i 3,588
Cash provided (used) by investing activities:
Purchases of short-term investments	( i 3,337)		( i 4,844)
Maturities of short-term investments	i 2,036		i 2,470
Sales of short-term investments	i 3,093		i 3,149
Additions to property, plant and equipment	( i 599)		( i 700)
Other investing activities	( i 9)		i 62
Cash provided (used) by investing activities	i 1,184		i 137
Cash provided (used) by financing activities:
Increase (decrease) in notes payable, net	i —		i 4
Proceeds from exercise of stock options and other stock issuances	i 477		i 413
Repurchase of common stock	( i 3,214)		( i 4,101)
Dividends — common and preferred	( i 1,609)		( i 1,488)
Other financing activities	( i 122)		( i 94)
Cash provided (used) by financing activities	( i 4,468)		( i 5,266)
Effect of exchange rate changes on cash and equivalents	( i 7)		( i 78)
Net increase (decrease) in cash and equivalents	i 1,519		( i 1,619)
Cash and equivalents, beginning of period	i 7,441		i 8,574
CASH AND EQUIVALENTS, END OF PERIOD	$	i 8,960	$	i 6,955
Supplemental disclosure of cash flow information:
Non-cash additions to property, plant and equipment	$	i 177	$	i 145
Dividends declared and not paid	i 561		i 527

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

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

COMMON STOCK

CAPITAL IN EXCESS OF STATED VALUE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

RETAINED EARNINGS

TOTAL

CLASS A

CLASS B

(In millions, except per share data)

AMOUNT

Balance at November 30, 2023

i 298

—

i 1,219

i 3

i 12,871

i 121

i 1,151

i 14,146

Stock options exercised

i 2

i 135

Repurchase of Class B Common Stock

( i 8)

( i 67)

( i 799)

( i 866)

Dividends on common stock ($ i 0.370 per share)

( i 561)

Issuance of shares to employees, net of shares withheld for employee taxes

( i 27)

i 7

( i 20)

Stock-based compensation

i 216

Net income

i 1,172

Other comprehensive income (loss)

i 4

Balance at February 29, 2024

i 298

—

i 1,213

i 3

i 13,128

i 125

i 970

i 14,226

COMMON STOCK

CAPITAL IN EXCESS OF STATED VALUE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

RETAINED EARNINGS

TOTAL

CLASS A

CLASS B

(In millions, except per share data)

AMOUNT

Balance at November 30, 2022

i 305

—

i 1,245

i 3

i 11,851

i 559

i 2,859

i 15,272

Stock options exercised

i 3

i 153

Repurchase of Class B Common Stock

( i 13)

( i 99)

( i 1,420)

( i 1,519)

Dividends on common stock ($ i 0.340 per share)

( i 527)

Issuance of shares to employees, net of shares withheld for employee taxes

( i 23)

—

( i 23)

Stock-based compensation

i 192

Net income

i 1,240

Other comprehensive income (loss)

( i 257)

Balance at February 28, 2023

i 305

—

i 1,235

i 3

i 12,074

i 302

i 2,152

i 14,531

COMMON STOCK

CAPITAL IN EXCESS OF STATED VALUE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

RETAINED EARNINGS

TOTAL

CLASS A

CLASS B

(In millions, except per share data)

AMOUNT

Balance at May 31, 2023

i 305

—

i 1,227

i 3

i 12,412

i 231

i 1,358

i 14,004

Stock options exercised

i 6

i 347

Conversion to Class B Common Stock

( i 7)

i 7

—

Repurchase of Class B Common Stock

( i 30)

( i 251)

( i 2,956)

( i 3,207)

Dividends on common stock ($ i 1.080 per share) and preferred stock ($ i 0.10 per share)

( i 1,645)

Issuance of shares to employees, net of shares withheld for employee taxes

i 3

i 2

i 13

i 15

Stock-based compensation

i 618

Net income

i 4,200

Other comprehensive income (loss)

( i 106)

Balance at February 29, 2024

i 298

—

i 1,213

i 3

i 13,128

i 125

i 970

i 14,226

COMMON STOCK

CAPITAL IN EXCESS OF STATED VALUE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

RETAINED EARNINGS

TOTAL

CLASS A

CLASS B

(In millions, except per share data)

AMOUNT

Balance at May 31, 2022

i 305

—

i 1,266

i 3

i 11,484

i 318

i 3,476

i 15,281

Stock options exercised

i 6

i 302

Repurchase of Class B Common Stock

( i 39)

( i 288)

( i 3,829)

( i 4,117)

Dividends on common stock ($ i 0.985 per share) and preferred stock ($ i 0.10 per share)

( i 1,535)

Issuance of shares to employees, net of shares withheld for employee taxes

i 2

i 20

i 1

i 21

Stock-based compensation

i 556

Net income

i 4,039

Other comprehensive income (loss)

( i 16)

Balance at February 28, 2023

i 305

—

i 1,235

i 3

i 12,074

i 302

i 2,152

i 14,531

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

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


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 $ i 704 million and $ i 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.


NOTE 2 — ACCRUED LIABILITIES

Accrued liabilities included the following:


	FEBRUARY 29,		MAY 31,
(Dollars in millions)	2024		2023
Compensation and benefits, excluding taxes	$	i 1,254	$	i 1,737
Sales-related reserves	i 1,227		i 994
Dividends payable	i 566		i 529
Endorsement compensation	i 493		i 552

Other	i 2,278		i 1,911
TOTAL ACCRUED LIABILITIES	$	i 5,818	$	i 5,723


NOTE 3 — FAIR VALUE MEASUREMENTS

i 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 VALUE		CASH AND EQUIVALENTS		SHORT-TERM INVESTMENTS
Cash	$	i 1,118	$	i 1,118	$	—
Level 1:
U.S. Treasury securities	i 1,002		i 1		i 1,001
Level 2:
Commercial paper and bonds	i 580		i 18		i 562
Money market funds	i 7,272		i 7,272		i —
Time deposits	i 560		i 551		i 9
U.S. Agency securities	i 41		i —		i 41
Total Level 2	i 8,453		i 7,841		i 612
TOTAL	$	i 10,573	$	i 8,960	$	i 1,613


	MAY 31, 2023
(Dollars in millions)	ASSETS AT FAIR VALUE		CASH AND EQUIVALENTS		SHORT-TERM INVESTMENTS
Cash	$	i 1,767	$	i 1,767	$	—
Level 1:
U.S. Treasury securities	i 2,655		i —		i 2,655
Level 2:
Commercial paper and bonds	i 543		i 15		i 528
Money market funds	i 5,157		i 5,157		i —
Time deposits	i 507		i 502		i 5
U.S. Agency securities	i 46		i —		i 46
Total Level 2	i 6,253		i 5,674		i 579
TOTAL	$	i 10,675	$	i 7,441	$	i 3,234

As of February 29, 2024, the Company held $ i 867 million of available-for-sale debt securities with maturity dates within one year and $ i 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 $ i 113 million and $ i 83 million for the three months ended February 29, 2024 and February 28, 2023, respectively, and $ i 304 million and $ i 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 ASSETS

DERIVATIVE LIABILITIES

(Dollars in millions)

ASSETS AT FAIR VALUE

OTHER CURRENT ASSETS

OTHER LONG-TERM ASSETS

LIABILITIES AT FAIR VALUE

ACCRUED LIABILITIES

OTHER LONG-TERM LIABILITIES

Level 2:

Foreign exchange forwards and options(1)

i 390

i 324

i 66

i 149

i 132

i 17

Interest rate swap contracts(1)

i 2

i —

i 2

i 4

i —

i 4

TOTAL

i 392

i 324

i 68

i 153

i 132

i 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 $ i i 149 / million as of February 29, 2024. As of that date, the Company received $ i 48 million of cash collateral from counterparties related to derivative instruments. i No amount of collateral was posted on the derivative liability balance as of February 29, 2024.

MAY 31, 2023

DERIVATIVE ASSETS

DERIVATIVE LIABILITIES

(Dollars in millions)

ASSETS AT FAIR VALUE

OTHER CURRENT ASSETS

OTHER LONG-TERM ASSETS

LIABILITIES AT FAIR VALUE

ACCRUED LIABILITIES

OTHER LONG-TERM LIABILITIES

Level 2:

Foreign exchange forwards and options(1)

i 557

i 493

i 64

i 180

i 128

i 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 $ i i 178 / million as of May 31, 2023. As of that date, the Company received $ i 36 million of cash collateral from counterparties related to derivative instruments. i 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 $ i 7,764 million at February 29, 2024 and $ i 7,889 million at May 31, 2023.


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 i i no / borrowings outstanding under its $ i i 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 i 364-day committed credit facility agreement with a syndicate of banks, which provides for up to $ i 1 billion of borrowings, with an option to increase borrowings up to $ i 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 i 364 days. This facility replaces the prior $ i 1 billion i 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 i 0.60%. The facility fee is i 0.02% of the total undrawn commitment. As of April 4, 2024, i 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 i 15.6% and i 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 $ i 988 million, $ i 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 $ i 936 million. As of February 29, 2024 and May 31, 2023, accrued interest and penalties related to uncertain tax positions were $ i 314 million and $ i 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 $ i 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.


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 i 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 ENDED

NINE MONTHS ENDED

(Dollars in millions)

Stock options(1)

i 89

i 78

i 253

i 232

ESPPs

i 17

i 20

i 55

i 53

Restricted stock and restricted stock units(2)

i 110

i 94

i 310

i 271

TOTAL STOCK-BASED COMPENSATION EXPENSE

i 216

i 192

i 618

i 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 $ i 12 million and $ i 22 million for the three months ended February 29, 2024 and February 28, 2023, respectively, and $ i 30 million and $ i 44 million for the nine months ended February 29, 2024 and February 28, 2023, respectively, and reported within Income tax expense.

As of February 29, 2024, the Company had $ i 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 i 2.6 years.

RESTRICTED STOCK AND RESTRICTED STOCK UNITS

As of February 29, 2024, the Company had $ i 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 i 2.5 years.


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 i 40.9 million and i 29.5 million shares of common stock outstanding for the three months ended February 29, 2024 and February 28, 2023, respectively, and i 42.6 million and i 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 ENDED

NINE MONTHS ENDED

(In millions, except per share data)

Net income available to common stockholders

i 1,172

i 1,240

i 4,200

i 4,039

Determination of shares:

Weighted average common shares outstanding

i 1,513.2

i 1,543.8

i 1,520.8

i 1,556.7

Assumed conversion of dilutive stock options and awards

i 13.3

i 21.0

i 13.2

i 17.7

DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING

i 1,526.5

i 1,564.8

i 1,534.0

i 1,574.4

Earnings per common share:

Basic

i 0.77

i 0.80

i 2.76

i 2.59

Diluted

i 0.77

i 0.79

i 2.74

i 2.57


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 LOCATION

FEBRUARY 29,

MAY 31,

(Dollars in millions)

2024

2023

Derivatives formally designated as hedging instruments:

Foreign exchange forwards and options

Prepaid expenses and other current assets

i 312

i 480

Foreign exchange forwards and options

Deferred income taxes and other assets

i 66

i 64

Interest rate swap contracts

Deferred income taxes and other assets

i 2

i —

Total derivatives formally designated as hedging instruments

i 380

i 544

Derivatives not designated as hedging instruments:

Foreign exchange forwards and options

Prepaid expenses and other current assets

i 12

i 13

Total derivatives not designated as hedging instruments

i 12

i 13

TOTAL DERIVATIVE ASSETS

i 392

i 557

DERIVATIVE LIABILITIES

BALANCE SHEET LOCATION

FEBRUARY 29,

MAY 31,

(Dollars in millions)

2024

2023

Derivatives formally designated as hedging instruments:

Foreign exchange forwards and options

Accrued liabilities

i 121

i 93

Foreign exchange forwards and options

Deferred income taxes and other liabilities

i 17

i 52

Interest rate swap contracts

Deferred income taxes and other liabilities

i 4

i —

Total derivatives formally designated as hedging instruments

i 142

i 145

Derivatives not designated as hedging instruments:

Foreign exchange forwards and options

Accrued liabilities

i 11

i 35

Total derivatives not designated as hedging instruments

i 11

i 35

TOTAL DERIVATIVE LIABILITIES

i 153

i 180

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

LOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME

THREE MONTHS ENDED

Derivatives designated as cash flow hedges:

Foreign exchange forwards and options

( i 32)

i 30

Revenues

( i 10)

i 14

Foreign exchange forwards and options

i 135

( i 141)

Cost of sales

i 70

i 182

Foreign exchange forwards and options

i —

i 1

Demand creation expense

i 1

( i 1)

Foreign exchange forwards and options

i 49

( i 65)

Other (income) expense, net

i 52

i 90

Interest rate swaps(2)

i —

Interest expense (income), net

( i 2)

TOTAL DESIGNATED CASH FLOW HEDGES

i 152

( i 175)

i 111

i 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 ENDED

LOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME

NINE MONTHS ENDED

Derivatives designated as cash flow hedges:

Foreign exchange forwards and options

( i 55)

i 52

Revenues

( i 7)

i 9

Foreign exchange forwards and options

i 154

i 245

Cost of sales

i 221

i 464

Foreign exchange forwards and options

i 2

( i 2)

Demand creation expense

i 1

( i 4)

Foreign exchange forwards and options

i 78

i 181

Other (income) expense, net

i 138

i 297

Interest rate swaps(2)

i —

Interest expense (income), net

( i 6)

TOTAL DESIGNATED CASH FLOW HEDGES

i 179

i 476

i 347

i 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.

AMOUNT OF GAIN (LOSS) RECOGNIZED
IN INCOME ON DERIVATIVES

LOCATION OF GAIN (LOSS)
RECOGNIZED IN INCOME
ON DERIVATIVES

THREE MONTHS ENDED

NINE MONTHS ENDED

(Dollars in millions)

Derivatives not designated as hedging instruments:

Foreign exchange forwards and options and embedded derivatives

i 9

( i 26)

( i 1)

i 52

Other (income) expense, net

The total notional amount of outstanding foreign currency derivatives designated as cash flow hedges was approximately $ i 17.6 billion as of February 29, 2024. Approximately $ i 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 i 27 months.

The total notional amount of outstanding interest rate swap contracts designated as fair value hedges was $ i 901 million as of February 29, 2024.

UNDESIGNATED DERIVATIVE INSTRUMENTS

The total notional amount of outstanding undesignated derivative instruments was $ i 3.9 billion as of February 29, 2024.

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 $ i 239 million. Accordingly, the Company was not required to post cash collateral as a result of these contingent features. Further, $ i 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.


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)

OTHER

TOTAL

Balance at November 30, 2023

( i 178)

i 242

i 115

( i 58)

i 121

Other comprehensive income (loss):

Other comprehensive gains (losses) before reclassifications(2)

( i 57)

i 150

i —

i 4

i 97

Reclassifications to net income of previously deferred (gains) losses(2)

i —

( i 100)

i —

i 7

( i 93)

Total other comprehensive income (loss)

( i 57)

i 50

i —

i 11

i 4

Balance at February 29, 2024

( i 235)

i 292

i 115

( i 47)

i 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)

OTHER

TOTAL

Balance at November 30, 2022

( i 392)

i 933

i 115

( i 97)

i 559

Other comprehensive income (loss):

Other comprehensive gains (losses) before reclassifications(2)

i 150

( i 179)

i —

( i 29)

Reclassifications to net income of previously deferred (gains) losses(2)

i 3

( i 254)

i —

i 23

( i 228)

Total other comprehensive income (loss)

i 153

( i 433)

i —

i 23

( i 257)

Balance at February 28, 2023

( i 239)

i 500

i 115

( i 74)

i 302

(2)Net of immaterial tax impact.

(Dollars in millions)

FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)

CASH FLOW HEDGES

NET INVESTMENT HEDGES(1)

OTHER

TOTAL

Balance at May 31, 2023

( i 253)

i 431

i 115

( i 62)

i 231

Other comprehensive income (loss):

Other comprehensive gains (losses) before reclassifications(2)

i 16

i 175

i —

i 15

i 206

Reclassifications to net income of previously deferred (gains) losses(2)

i 2

( i 314)

i —

( i 312)

Total other comprehensive income (loss)

i 18

( i 139)

i —

i 15

( i 106)

Balance at February 29, 2024

( i 235)

i 292

i 115

( i 47)

i 125

(2)Net of immaterial tax impact.

(Dollars in millions)

FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)

CASH FLOW HEDGES

NET INVESTMENT HEDGES(1)

OTHER

TOTAL

Balance at May 31, 2022

( i 520)

i 779

i 115

( i 56)

i 318

Other comprehensive income (loss):

Other comprehensive gains (losses) before reclassifications(2)

( i 77)

i 399

i —

( i 27)

i 295

Reclassifications to net income of previously deferred (gains) losses(2)

i 358

( i 678)

i —

i 9

( i 311)

Total other comprehensive income (loss)

i 281

( i 279)

i —

( i 18)

( i 16)

Balance at February 28, 2023

( i 239)

i 500

i 115

( i 74)

i 302

(2)Net of immaterial tax impact.

The following table summarizes the reclassifications from Accumulated other comprehensive income (loss) to the Unaudited Condensed Consolidated Statements of Income:

AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME

LOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME

THREE MONTHS ENDED

NINE MONTHS ENDED

(Dollars in millions)

Gains (losses) on foreign currency translation adjustment

i —

( i 3)

( i 2)

( i 374)

Other (income) expense, net

Total before tax

i —

( i 3)

( i 2)

( i 374)

Tax (expense) benefit

i —

i 16

Gain (loss) net of tax

i —

( i 3)

( i 2)

( i 358)

Gains (losses) on cash flow hedges:

Foreign exchange forwards and options

( i 10)

i 14

( i 7)

i 9

Revenues

Foreign exchange forwards and options

i 70

i 182

i 221

i 464

Cost of sales

Foreign exchange forwards and options

i 1

( i 1)

i 1

( i 4)

Demand creation expense

Foreign exchange forwards and options

i 52

i 90

i 138

i 297

Other (income) expense, net

Interest rate swaps

( i 2)

( i 6)

Interest expense (income), net

Total before tax

i 111

i 283

i 347

i 760

Tax (expense) benefit

( i 11)

( i 29)

( i 33)

( i 82)

Gain (loss) net of tax

i 100

i 254

i 314

i 678

Gains (losses) on other

( i 9)

( i 32)

i 1

( i 12)

Other (income) expense, net

Total before tax

( i 9)

( i 32)

i 1

( i 12)

Tax (expense) benefit

i 2

i 9

( i 1)

i 3

Gain (loss) net of tax

( i 7)

( i 23)

i —

( i 9)

Total net gain (loss) reclassified for the period

i 93

i 228

i 312

i 311


NOTE 10 — REVENUES

DISAGGREGATION OF REVENUES

The following tables present the Company's Revenues disaggregated by reportable operating segment, major product line and distribution channel:

THREE MONTHS ENDED FEBRUARY 29, 2024

(Dollars in millions)

NORTH AMERICA

EUROPE, MIDDLE EAST & AFRICA

GREATER CHINA

ASIA PACIFIC & LATIN AMERICA

GLOBAL BRAND DIVISIONS

TOTAL NIKE BRAND

CONVERSE

CORPORATE

TOTAL NIKE, INC.

Revenues by:

Footwear

i 3,460

i 1,960

i 1,547

i 1,195

—

i 8,162

i 426

—

i 8,588

Apparel

i 1,408

i 994

i 498

i 390

—

i 3,290

i 25

—

i 3,315

Equipment

i 202

i 184

i 39

i 62

—

i 487

i 9

—

i 496

Other

i —

i 9

i 35

( i 14)

i 30

TOTAL REVENUES

i 5,070

i 3,138

i 2,084

i 1,647

i 9

i 11,948

i 495

( i 14)

i 12,429

Revenues by:

Sales to Wholesale Customers

i 2,440

i 1,966

i 1,243

i 939

—

i 6,588

i 257

—

i 6,845

Sales through Direct to Consumer

i 2,630

i 1,172

i 841

i 708

—

i 5,351

i 203

—

i 5,554

Other

i —

i 9

i 35

( i 14)

i 30

TOTAL REVENUES

i 5,070

i 3,138

i 2,084

i 1,647

i 9

i 11,948

i 495

( i 14)

i 12,429

THREE MONTHS ENDED FEBRUARY 28, 2023

(Dollars in millions)

NORTH AMERICA

EUROPE, MIDDLE EAST & AFRICA

GREATER CHINA

ASIA PACIFIC & LATIN AMERICA

GLOBAL BRAND DIVISIONS

TOTAL NIKE BRAND

CONVERSE

CORPORATE

TOTAL NIKE, INC.

Revenues by:

Footwear

i 3,322

i 2,011

i 1,496

i 1,141

—

i 7,970

i 540

—

i 8,510

Apparel

i 1,419

i 1,094

i 461

i 407

—

i 3,381

i 29

—

i 3,410

Equipment

i 172

i 141

i 37

i 53

—

i 403

i 6

—

i 409

Other

i —

i 12

i 37

i 12

i 61

TOTAL REVENUES

i 4,913

i 3,246

i 1,994

i 1,601

i 12

i 11,766

i 612

i 12

i 12,390

Revenues by:

Sales to Wholesale Customers

i 2,323

i 2,061

i 1,126

i 913

—

i 6,423

i 323

—

i 6,746

Sales through Direct to Consumer

i 2,590

i 1,185

i 868

i 688

—

i 5,331

i 252

—

i 5,583

Other

i —

i 12

i 37

i 12

i 61

TOTAL REVENUES

i 4,913

i 3,246

i 1,994

i 1,601

i 12

i 11,766

i 612

i 12

i 12,390

NINE MONTHS ENDED FEBRUARY 29, 2024

(Dollars in millions)

NORTH AMERICA

EUROPE, MIDDLE EAST & AFRICA

GREATER CHINA

ASIA PACIFIC & LATIN AMERICA

GLOBAL BRAND DIVISIONS

TOTAL NIKE BRAND

CONVERSE

CORPORATE

TOTAL NIKE, INC.

Revenues by:

Footwear

i 10,950

i 6,406

i 4,195

i 3,639

—

i 25,190

i 1,390

—

i 26,580

Apparel

i 4,555

i 3,331

i 1,368

i 1,198

—

i 10,452

i 75

—

i 10,527

Equipment

i 613

i 578

i 119

i 187

—

i 1,497

i 27

—

i 1,524

Other

i —

i 34

i 110

( i 19)

i 125

TOTAL REVENUES

i 16,118

i 10,315

i 5,682

i 5,024

i 34

i 37,173

i 1,602

( i 19)

i 38,756

Revenues by:

Sales to Wholesale Customers

i 8,114

i 6,483

i 3,165

i 2,927

—

i 20,689

i 843

—

i 21,532

Sales through Direct to Consumer

i 8,004

i 3,832

i 2,517

i 2,097

—

i 16,450

i 649

—

i 17,099

Other

i —

i 34

i 110

( i 19)

i 125

TOTAL REVENUES

i 16,118

i 10,315

i 5,682

i 5,024

i 34

i 37,173

i 1,602

( i 19)

i 38,756

NINE MONTHS ENDED FEBRUARY 28, 2023

(Dollars in millions)

NORTH AMERICA

EUROPE, MIDDLE EAST & AFRICA

GREATER CHINA

ASIA PACIFIC & LATIN AMERICA

GLOBAL BRAND DIVISIONS

TOTAL NIKE BRAND

CONVERSE

CORPORATE

TOTAL NIKE, INC.

Revenues by:

Footwear

i 11,090

i 6,086

i 4,099

i 3,313

—

i 24,588

i 1,633

—

i 26,221

Apparel

i 4,598

i 3,528

i 1,228

i 1,255

—

i 10,609

i 70

—

i 10,679

Equipment

i 565

i 454

i 111

i 167

—

i 1,297

i 21

—

i 1,318

Other

i —

i 44

i 117

i 13

i 174

TOTAL REVENUES

i 16,253

i 10,068

i 5,438

i 4,735

i 44

i 36,538

i 1,841

i 13

i 38,392

Revenues by:

Sales to Wholesale Customers

i 8,533

i 6,506

i 2,862

i 2,792

—

i 20,693

i 971

—

i 21,664

Sales through Direct to Consumer

i 7,720

i 3,562

i 2,576

i 1,943

—

i 15,801

i 753

—

i 16,554

Other

i —

i 44

i 117

i 13

i 174

TOTAL REVENUES

i 16,253

i 10,068

i 5,438

i 4,735

i 44

i 36,538

i 1,841

i 13

i 38,392

For the three and nine months ended February 29, 2024 and three and nine months ended February 28, 2023, Global Brand Divisions revenues included NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment. Converse Other revenues were primarily attributable to licensing businesses. Corporate revenues primarily consisted of foreign currency hedge gains and losses related to revenues generated by entities within the NIKE Brand geographic operating segments and Converse, but managed through the Company's central foreign exchange risk management program.

As of February 29, 2024 and May 31, 2023, the Company did i i no / t have any contract assets and had an immaterial amount of contract liabilities recorded in Accrued liabilities on the Unaudited Condensed Consolidated Balance Sheets.


NOTE 11 — OPERATING SEGMENTS

The Company's operating segments are evidence of the structure of the Company's internal organization. The NIKE Brand segments are defined by geographic regions for operations participating in NIKE Brand sales activity.

Each NIKE Brand geographic segment operates predominantly in one industry: the design, development, marketing and selling of athletic footwear, apparel and equipment. The Company's reportable operating segments for the NIKE Brand are: North America; Europe, Middle East & Africa ("EMEA"); Greater China; and Asia Pacific & Latin America ("APLA"), and include results for the NIKE and Jordan brands.

The Company's NIKE Direct operations are managed within each NIKE Brand geographic operating segment. Converse is also a reportable segment for the Company and operates in one industry: the design, marketing, licensing and selling of athletic lifestyle sneakers, apparel and accessories.

Global Brand Divisions is included within the NIKE Brand for presentation purposes to align with the way management views the Company. Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment. Global Brand Divisions costs represent demand creation and operating overhead expense that include product creation and design expenses centrally managed for the NIKE Brand, as well as costs associated with NIKE Direct global digital operations and enterprise technology.

Corporate consists primarily of unallocated general and administrative expenses, including expenses associated with centrally managed departments; depreciation and amortization related to the Company's headquarters; unallocated insurance, benefit and compensation programs, including stock-based compensation; and certain foreign currency gains and losses, including certain hedge gains and losses. For the three and nine months ended February 29, 2024, Corporate also includes pre-tax restructuring charges recognized as a result of the Company taking steps to streamline the organization. These pre-tax charges primarily reflect employee severance costs and accelerated stock-based compensation expense. For more information, refer to Note 14 — Restructuring.

The primary financial measure used by the Company to evaluate performance of individual operating segments is earnings before interest and taxes ("EBIT"), which represents Net income before Interest expense (income), net, and Income taxes in the Unaudited Condensed Consolidated Statements of Income.

As part of the Company's centrally managed foreign exchange risk management program, standard foreign currency rates are assigned twice per year to each NIKE Brand entity in the Company's geographic operating segments and to Converse. These rates are set approximately nine and twelve months in advance of the future selling seasons to which they relate (specifically, for each currency, one standard rate applies to the fall and holiday selling seasons, and one standard rate applies to the spring and summer selling seasons) based on average market spot rates in the calendar month preceding the date they are established. Inventories and Cost of sales for geographic operating segments and Converse reflect the use of these standard rates to record non-functional currency product purchases in the entity's functional currency. Differences between assigned standard foreign currency rates and actual market rates are included in Corporate, together with foreign currency hedge gains and losses generated from the Company's centrally managed foreign exchange risk management program and other conversion gains and losses.

Accounts receivable, net, Inventories and Property, plant and equipment, net for operating segments are regularly reviewed by management and are therefore provided below.

THREE MONTHS ENDED

NINE MONTHS ENDED

(Dollars in millions)

REVENUES

North America

i 5,070

i 4,913

i 16,118

i 16,253

Europe, Middle East & Africa

i 3,138

i 3,246

i 10,315

i 10,068

Greater China

i 2,084

i 1,994

i 5,682

i 5,438

Asia Pacific & Latin America

i 1,647

i 1,601

i 5,024

i 4,735

Global Brand Divisions

i 9

i 12

i 34

i 44

Total NIKE Brand

i 11,948

i 11,766

i 37,173

i 36,538

Converse

i 495

i 612

i 1,602

i 1,841

Corporate

( i 14)

i 12

( i 19)

i 13

TOTAL NIKE, INC. REVENUES

i 12,429

i 12,390

i 38,756

i 38,392

EARNINGS BEFORE INTEREST AND TAXES

North America

i 1,400

i 1,190

i 4,360

i 4,064

Europe, Middle East & Africa

i 734

i 785

i 2,591

i 2,750

Greater China

i 722

i 702

i 1,761

i 1,754

Asia Pacific & Latin America

i 471

i 485

i 1,406

i 1,470

Global Brand Divisions

( i 1,199)

( i 1,160)

( i 3,572)

( i 3,573)

Converse

i 98

i 164

i 380

i 526

Corporate

( i 874)

( i 696)

( i 2,060)

( i 2,014)

Interest expense (income), net

( i 52)

( i 7)

( i 108)

i 22

TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES

i 1,404

i 1,477

i 4,974

i 4,955


	FEBRUARY 29,		MAY 31,
(Dollars in millions)	2024		2023
ACCOUNTS RECEIVABLE, NET
North America	$	i 1,872	$	i 1,653
Europe, Middle East & Africa	i 1,336		i 1,197
Greater China	i 197		i 162
Asia Pacific & Latin America	i 750		i 700
Global Brand Divisions	i 96		i 96
Total NIKE Brand	i 4,251		i 3,808
Converse	i 219		i 235
Corporate	i 56		i 88
TOTAL ACCOUNTS RECEIVABLE, NET	$	i 4,526	$	i 4,131
INVENTORIES
North America	$	i 3,201	$	i 3,806
Europe, Middle East & Africa	i 2,046		i 2,167
Greater China	i 1,121		i 973
Asia Pacific & Latin America	i 889		i 894
Global Brand Divisions	i 180		i 232
Total NIKE Brand	i 7,437		i 8,072
Converse	i 289		i 305
Corporate	i —		i 77
TOTAL INVENTORIES(1)	$	i 7,726	$	i 8,454

(1)Inventories as of February 29, 2024 and May 31, 2023, were substantially all finished goods.


	FEBRUARY 29,		MAY 31,
(Dollars in millions)	2024		2023
PROPERTY, PLANT AND EQUIPMENT, NET
North America	$	i 760	$	i 794
Europe, Middle East & Africa	i 1,068		i 1,009
Greater China	i 264		i 292
Asia Pacific & Latin America	i 292		i 279
Global Brand Divisions	i 886		i 840
Total NIKE Brand	i 3,270		i 3,214
Converse	i 30		i 38
Corporate	i 1,782		i 1,829
TOTAL PROPERTY, PLANT AND EQUIPMENT, NET	$	i 5,082	$	i 5,081

NOTE 12 — CONTINGENCIES

In the ordinary course of business, the Company is subject to various legal proceedings, claims and government investigations relating to its business, products and actions of its employees and representatives, including contractual and employment relationships, product liability, antitrust, customs, tax, intellectual property and other matters. The outcome of these legal matters is inherently uncertain, and the Company cannot predict the eventual outcome of currently pending matters, the timing of their ultimate resolution or the eventual losses, fines, penalties or consequences relating to those matters. When a loss related to a legal proceeding or claim is probable and reasonably estimable, the Company accrues its best estimate for the ultimate resolution of the matter. If one or more legal matters were to be resolved against the Company in a reporting period for amounts above management's expectations, the Company's financial position, operating results and cash flows for that reporting period could be materially adversely affected. In the opinion of management, based on its current knowledge and after consultation with counsel, the Company does not believe any currently pending legal matters will have a material adverse impact on the Company's results of operations, financial position or cash flows, except as described below.

BELGIAN CUSTOMS CLAIM

The Company has received claims for certain years from Belgian Customs and other government authorities for alleged underpaid duties related to products imported beginning in fiscal 2018. The Company disputes these claims and has engaged in the appellate process. The Company has issued bank guarantees in order to appeal the claims. At this time, the Company is unable to estimate the range of loss and cannot predict the final outcome as it could take several years to reach a resolution on this matter. If this matter is ultimately resolved against the Company, the amounts owed, including fines, penalties and other consequences relating to the matter, could have a material adverse effect on the Company's results of operations, financial position and cash flows.

NOTE 13 — ACQUISITIONS AND DIVESTITURES

During the second quarter of fiscal 2023, the sale of the Company's entities in Argentina and Uruguay to a third-party distributor was completed and the net loss on the sale of these entities totaled approximately $ i 550 million. This loss included $ i 389 million, recognized primarily in fiscal 2020, largely due to the anticipated release of the cumulative foreign currency translation losses. The remaining loss recognized in fiscal 2023 was due to the devaluation of local currency and cash equivalents included in the transferred assets. Upon completion of the sale, the foreign currency translation losses recorded in Accumulated other comprehensive income (loss) were reclassified to Net income within Other (income) expense, net, on the Unaudited Condensed Consolidated Statements of Comprehensive Income along with the allowance for previously recognized losses recorded in Accrued liabilities. The net loss was classified within Corporate.

The net cash proceeds received are reflected within Other investing activities on the Unaudited Condensed Consolidated Statements of Cash Flows.

NOTE 14 — RESTRUCTURING

During the third quarter of fiscal 2024, the Company announced a multi-year enterprise initiative designed to accelerate its future growth. As part of this initiative, management is taking steps to streamline the organization which will include a net reduction in the Company's global workforce. As of February 29, 2024, the Company expects to recognize pre-tax restructuring charges of approximately $ i 450 million, primarily associated with employee severance costs and accelerated stock-based compensation expense, the majority of which are expected to be recognized by the end of fiscal 2024. The related cash payments are expected to take place through the first half of fiscal 2025. The expected pre-tax charges are estimates and are subject to a number of assumptions and actual results may vary from the estimates provided.

During the third quarter of fiscal 2024, the Company recognized pre-tax restructuring charges of $ i 403 million. i These charges were classified within Corporate as follows:

THREE MONTHS ENDED FEBRUARY 29, 2024

(Dollars in millions)

OPERATING OVERHEAD EXPENSE

COST OF SALES

TOTAL

Employee severance and related costs(1)

i 319

i 60

i 379

Stock-based compensation expense(2)

i 21

i 3

i 24

Total pre-tax restructuring charges

i 340

i 63

i 403

(1)Employee severance costs are recognized when a future related expense is considered probable and reasonably estimable.

(2)Non-cash restructuring related stock-based compensation expense is accelerated over the requisite service period, which for certain impacted employees could extend through the first half of fiscal 2025.

As of February 29, 2024, a majority of the $ i 379 million of employee severance and related costs are reflected within Accrued liabilities on the Unaudited Condensed Consolidated Balance Sheets, classified within Other in Note 2 — Accrued Liabilities, and an immaterial amount is reflected within Accounts payable. As of February 29, 2024, the Company has i not made any cash payments related to this activity.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

NIKE designs, develops, markets and sells athletic footwear, apparel, equipment, accessories and services worldwide. We are the largest seller of athletic footwear and apparel in the world. We sell our products through NIKE Direct operations, which is comprised of both NIKE-owned retail stores and sales through our digital platforms (also referred to as "NIKE Brand Digital"), to wholesale accounts and to a mix of independent distributors, licensees and sales representatives in nearly all countries around the world. Our goal is to deliver value to our shareholders by building a profitable global portfolio of branded footwear, apparel, equipment and accessories businesses. Our strategy is to achieve long-term revenue growth by creating innovative, "must-have" products, building deep personal consumer connections with our brands and delivering compelling consumer experiences through digital platforms and at retail.

The Consumer Direct Acceleration strategy, which launched in July 2020, has driven revenue growth and millions of new connections with our consumers, and shifted the mix of our business toward our owned stores and digital platforms. To holistically serve all of our consumers across the marketplace, we expect to continue to invest in our NIKE Direct operations while also increasing investment to elevate and differentiate our brand experience within our wholesale partners. In addition, our product creation and marketing organizations are aligned to a consumer construct focused on sports dimensions through Men's, Women's and Kids', which allows us to better serve consumer needs. We also remain focused on accelerating our pace of innovation and maximizing the impact of our storytelling.

We continue to invest in a global Enterprise Resource Planning Platform, data and analytics, demand sensing, insight gathering and other areas to create an end-to-end technology foundation. We believe this approach will accelerate growth and unlock more efficiency for our business, while driving speed and responsiveness as we serve consumers globally across the marketplace.

QUARTERLY FINANCIAL HIGHLIGHTS

•NIKE, Inc. Revenues for the third quarter of fiscal 2024 were $12.43 billion compared to $12.39 billion for the third quarter of fiscal 2023

•NIKE Direct revenues were $5.4 billion for the third quarter of fiscal 2024 compared to $5.3 billion for the third quarter of fiscal 2023, and represented approximately 45% of total NIKE Brand revenues

•Gross margin for the third quarter of fiscal 2024 increased 150 basis points to 44.8%, primarily driven by strategic pricing actions and lower ocean freight rates and logistics costs, partially offset by higher product input costs and restructuring charges

•Inventories as of February 29, 2024, were $7.7 billion, a decrease of 9% compared to May 31, 2023, primarily driven by a decrease in units

•We returned approximately $1.4 billion to our shareholders in the third quarter of fiscal 2024 through share repurchases and dividends

ECONOMIC CONDITIONS AND MARKET DYNAMICS

•Consumer Spending: During the third quarter of fiscal 2024, consumers continued to spend more cautiously and promotional activity remained high across our industry. In this environment, we continue to experience lower digital traffic and moderation in our revenue growth. We will continue to monitor macroeconomic conditions, including the potential impacts of inflation and higher interest rates on consumer behavior.

•Cost Inflationary Pressures: Inflationary pressures, including higher product input costs, continued to negatively impact our gross margin. These negative impacts on gross margin were more than offset by strategic pricing actions we have taken through the third quarter of fiscal 2024, as well as improvements in ocean freight rates and logistics costs we started to realize at the beginning of the second quarter of fiscal 2024.

•Supply Chain Conditions: During the first nine months of fiscal 2024 and as of February 29, 2024, our inventory levels were healthy and reflected our proactive actions taken to manage our inventory supply. In addition, we continued to experience normalized inventory transit times and flow of seasonal product.

•Foreign Currency Impacts: As a global company with significant operations outside the United States, we are exposed to risk arising from changes in foreign currency exchange rates. For additional information, refer to "Foreign Currency Exposures and Hedging Practices".

The operating environment could remain volatile in the fourth quarter of fiscal 2024, and the risk exists that the worsening of macroeconomic conditions could have a material adverse impact on our revenue growth as well as overall profitability. We continue to be confident in our brand strength and deep consumer connections. We will also continue to focus on driving gross margin expansion and disciplined cost control while managing the health of our most iconic franchises.

In December 2023, we announced an enterprise initiative designed to accelerate our future growth. As part of this initiative, we are taking steps to streamline the organization. These changes will result in a net reduction of our global workforce. We expect a majority of the future annual wage savings from these actions will be reinvested in consumer facing activities to drive greater impact for our consumers, sports dimensions and the total marketplace.

As of February 29, 2024, we expect to recognize pre-tax charges of approximately $450 million, primarily associated with employee severance costs and accelerated stock-based compensation expense, the majority of which will be recognized by the end of fiscal 2024. The related cash payments are expected to take place through the first half of fiscal 2025. The expected pre-tax charges are estimates and subject to a number of assumptions. Actual results may differ from current estimates.

During the third quarter of fiscal 2024, we incurred pre-tax charges of $403 million, primarily associated with employee severance costs and accelerated stock-based compensation expense. For more information, refer to Note 14 — Restructuring within the accompanying Notes to the Unaudited Condensed Consolidated Financial Statements.

RESULTS OF OPERATIONS


	THREE MONTHS ENDED								NINE MONTHS ENDED
(Dollars in millions, except per share data)	FEBRUARY 29, 2024			FEBRUARY 28, 2023			% CHANGE		FEBRUARY 29, 2024			FEBRUARY 28, 2023			% CHANGE
Revenues	$	12,429		$	12,390		0	%	$	38,756		$	38,392		1	%
Cost of sales	6,867			7,019			-2	%	21,503			21,695			-1	%
Gross profit	5,562			5,371			4	%	17,253			16,697			3	%
Gross margin	44.8		%	43.3		%			44.5		%	43.5		%
Demand creation expense	1,011			923			10	%	3,194			2,968			8	%
Operating overhead expense	3,215			3,036			6	%	9,294			9,035			3	%
Total selling and administrative expense	4,226			3,959			7	%	12,488			12,003			4	%
% of revenues	34.0		%	32.0		%			32.2		%	31.3		%
Interest expense (income), net	(52)			(7)			—		(108)			22			—
Other (income) expense, net	(16)			(58)			—		(101)			(283)			—
Income before income taxes	1,404			1,477			-5	%	4,974			4,955			0	%
Income tax expense	232			237			-2	%	774			916			-16	%
Effective tax rate	16.5		%	16.0		%			15.6		%	18.5		%
NET INCOME	$	1,172		$	1,240		-5	%	$	4,200		$	4,039		4	%
Diluted earnings per common share	$	0.77		$	0.79		-3	%	$	2.74		$	2.57		7	%

CONSOLIDATED OPERATING RESULTS


	THREE MONTHS ENDED								NINE MONTHS ENDED
(Dollars in millions)	FEBRUARY 29, 2024		FEBRUARY 28, 2023		% CHANGE		% CHANGE EXCLUDING CURRENCY CHANGES(1)		FEBRUARY 29, 2024		FEBRUARY 28, 2023		% CHANGE		% CHANGE EXCLUDING CURRENCY CHANGES(1)
NIKE, Inc. Revenues:
NIKE Brand Revenues by:
Footwear	$	8,162	$	7,970	2	%	3	%	$	25,190	$	24,588	2	%	2	%
Apparel	3,290		3,381		-3	%	-3	%	10,452		10,609		-1	%	-2	%
Equipment	487		403		21	%	20	%	1,497		1,297		15	%	14	%
Global Brand Divisions(2)	9		12		-25	%	-22	%	34		44		-23	%	-24	%
Total NIKE Brand Revenues	11,948		11,766		2	%	2	%	37,173		36,538		2	%	2	%
Converse	495		612		-19	%	-20	%	1,602		1,841		-13	%	-14	%
Corporate(3)	(14)		12		—		—		(19)		13		—		—
TOTAL NIKE, INC. REVENUES	$	12,429	$	12,390	0	%	0	%	$	38,756	$	38,392	1	%	1	%
Supplemental NIKE Brand Revenues Details:
NIKE Brand Revenues by:
*Sales to Wholesale Customers*	$	6,588	$	6,423	3	%	3	%	$	20,689	$	20,693	0	%	0	%
Sales through NIKE Direct	5,351		5,331		0	%	0	%	16,450		15,801		4	%	4	%
Global Brand Divisions(2)	9		12		-25	%	-22	%	34		44		-23	%	-24	%
TOTAL NIKE BRAND REVENUES	$	11,948	$	11,766	2	%	2	%	$	37,173	$	36,538	2	%	2	%

(1)The percent change excluding currency changes represents a non-GAAP financial measure. For additional information, see "Use of Non-GAAP Financial Measures".

(2)Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment.

(3)Corporate revenues primarily consist of foreign currency hedge gains and losses related to revenues generated by entities within the NIKE Brand geographic operating segments and Converse, but managed through our central foreign exchange risk management program.

THIRD QUARTER OF FISCAL 2024 COMPARED TO THIRD QUARTER OF FISCAL 2023

•NIKE, Inc. Revenues for the third quarter of fiscal 2024 were $12.43 billion compared to $12.39 billion for the third quarter of fiscal 2023. On a currency-neutral basis, NIKE, Inc. revenues were flat, as higher revenues in North America and Greater China, which each increased NIKE, Inc. Revenues by approximately 1 percentage point, were offset by lower revenues in Europe, Middle East & Africa ("EMEA") and Converse, which each reduced NIKE, Inc. Revenues by approximately 1 percentage point.

•NIKE Brand revenues, which represented over 90% of NIKE, Inc. Revenues, increased 2% on a reported and currency-neutral basis. The increase, on a currency-neutral basis, was due to higher revenues in Men's, Kids', Women's and the Jordan Brand.

•NIKE Brand footwear revenues increased 3% on a currency-neutral basis due to higher revenues in Men's, Women's, Kids' and the Jordan Brand. Unit sales of footwear increased 2%, while higher average selling price ("ASP") per pair contributed approximately 1 percentage point of footwear revenue growth. Higher ASP per pair was primarily due to higher full-price ASP, net of discounts, on a wholesale equivalent basis, partially offset by lower NIKE Direct ASP.

•NIKE Brand apparel revenues decreased 3% on a currency-neutral basis due to lower revenues in Men's and Women's, partially offset by higher revenues in Kids'. Unit sales of apparel decreased 8%, while higher ASP per unit contributed approximately 5 percentage points of apparel revenue growth. Higher ASP per unit was primarily due to higher full-price, off-price and NIKE Direct ASPs.

•NIKE Brand wholesale revenues increased 3% compared to the third quarter of fiscal 2023, on a reported and currency-neutral basis. The increase, on a currency-neutral basis, was driven by higher revenues in Greater China, North America and Asia Pacific & Latin America ("APLA"), partially offset by lower revenues in EMEA.

•NIKE Direct revenues were $5.4 billion in the third quarter of fiscal 2024, compared to $5.3 billion for the third quarter of fiscal 2023. On a currency-neutral basis, NIKE Direct revenues were flat, driven by comparable store sales growth of 3% and the addition of new stores, offset by NIKE Brand Digital sales declines of 4%. For additional information regarding comparable store sales, including the definition, see "Comparable Store Sales". NIKE Brand Digital sales were $3.0 billion for the third quarter of fiscal 2024 compared to $3.1 billion for the third quarter of fiscal 2023. Within NIKE Direct revenues, there were certain reclassifications made between NIKE-owned retail stores and NIKE Brand Digital in the prior period to conform to current period presentation. The reclassifications did not have a material impact on our Unaudited Condensed Consolidated Financial Statements.

FIRST NINE MONTHS OF FISCAL 2024 COMPARED TO FIRST NINE MONTHS OF FISCAL 2023

•NIKE, Inc. Revenues were $38.8 billion for the first nine months of fiscal 2024, which increased 1% compared to the first nine months of fiscal 2023 on a reported and currency-neutral basis. The increase, on a currency-neutral basis, was driven by higher revenues in Greater China and APLA, which each contributed approximately 1 percentage point to NIKE, Inc. Revenues. Lower revenues for Converse reduced NIKE, Inc. Revenues by approximately 1 percentage point.

•NIKE Brand revenues, which represented over 90% of NIKE, Inc. Revenues, increased 2% on a reported and currency-neutral basis. The increase, on a currency-neutral basis, was primarily due to higher revenues in the Jordan Brand, partially offset by lower revenues in Men's and Kids'.

•NIKE Brand footwear revenues increased 2% on a currency-neutral basis, primarily due to higher revenues in the Jordan Brand and Women's, partially offset by lower revenues in Kids'. Unit sales of footwear decreased 2%, while higher ASP per pair contributed approximately 4 percentage points of footwear revenue growth. Higher ASP per pair was primarily due to higher full-price ASP and a higher mix of NIKE Direct sales, partially offset by lower NIKE Direct ASP.

•NIKE Brand apparel revenues decreased 2% on a currency-neutral basis, primarily due to lower revenues in Men's and Women's. Unit sales of apparel decreased 12%, while higher ASP per unit contributed approximately 10 percentage points of apparel revenue growth. Higher ASP per unit was primarily due to higher full-price and NIKE Direct ASPs.

•NIKE Brand wholesale revenues were flat compared to the first nine months of fiscal 2023, on a reported and currency-neutral basis, as higher revenues in Greater China and APLA were offset by lower revenues in North America and EMEA.


PERIOD	TOTAL NUMBER OF SHARES PURCHASED	AVERAGE PRICE PAID PER SHARE		APPROXIMATE DOLLAR VALUE OF SHARES THAT MAY YET BE PURCHASED UNDER THE PLAN OR PROGRAM (IN MILLIONS)
December 1 - December 31, 2023	3,355,605	$	116.52	$	10,468
January 1 - January 31, 2024	3,119,852	$	103.78	$	10,144
February 1 - February 29, 2024	1,446,976	$	104.31	$	9,993
	7,922,433	$	109.28



			Exhibits:
3.1			Restated Articles of Incorporation, as amended (incorporated by reference to Exhibit 3.1 to the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended November 30, 2015).
3.2			Fifth Restated Bylaws, as amended (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed June 19, 2020).
4.1			Restated Articles of Incorporation, as amended (see Exhibit 3.1).
4.2			Fifth Restated Bylaws, as amended (see Exhibit 3.2).
10.1			Credit Agreement dated as of March 8, 2024, among NIKE, Inc., Bank of America, N.A., as Administrative Agent, and the other Banks named therein (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on March 11, 2024).
31.1			Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer.
31.2			Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer.
32.1†			Section 1350 Certification of Chief Executive Officer.
32.2†			Section 1350 Certification of Chief Financial Officer.
101.INS			Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH			Inline XBRL Taxonomy Extension Schema
101.CAL			Inline XBRL Taxonomy Extension Calculation Linkbase
101.DEF			Inline XBRL Taxonomy Extension Definition Document
101.LAB			Inline XBRL Taxonomy Extension Label Linkbase
101.PRE			Inline XBRL Taxonomy Extension Presentation Linkbase
104			Cover Page Interactive Data File - formatted in Inline XBRL and included in Exhibit 101


NIKE, INC. an Oregon Corporation
By:						/s/ *MATTHEW FRIEND* Matthew Friend Chief Financial Officer and Authorized Officer
Date:						April 4, 2024

This ‘10-Q’ Filing	Date	Other Filings

	12/26/25
	7/21/25
	6/1/25
	5/15/25
	5/12/25
	3/7/25
	6/1/24
Filed on:	4/4/24
	3/29/24
	3/8/24	8-K
For Period end:	2/29/24
	2/14/24	144, 4
	2/7/24
	1/31/24
	12/31/23
	12/28/23
	11/30/23	10-Q
	7/21/23
	6/1/23	3, 4
	5/31/23	10-K, 11-K, ARS, DEF 14A, SD
	3/10/23	8-K
	2/28/23	10-Q
	11/30/22	10-Q
	8/16/22
	7/21/22	10-K, DEF 14A, DEFA14A, S-3ASR, S-8
	5/31/22	10-K, 11-K, DEF 14A, SD
		List all Filings

NIKE, Inc. – ‘10-Q’ for 2/29/24

On: Thursday, 4/4/24, at 4:16pm ET · For: 2/29/24 · Accession #: 320187-24-19 · File #: 1-10635

Previous ‘10-Q’: ‘10-Q’ on 1/5/24 for 11/30/23 · Latest ‘10-Q’: This Filing · 3 References:

Quarterly Report — Form 10-Q

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‘10-Q’ — Quarterly Report

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		PAGE
PART I - FINANCIAL INFORMATION		1
ITEM 1.	Financial Statements	1
	Unaudited Condensed Consolidated Statements of Income	1
	Unaudited Condensed Consolidated Statements of Comprehensive Income	2
	Unaudited Condensed Consolidated Balance Sheets	3
	Unaudited Condensed Consolidated Statements of Cash Flows	4
	Unaudited Condensed Consolidated Statements of Shareholders' Equity	5
	Notes to the Unaudited Condensed Consolidated Financial Statements	7
ITEM 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	25
ITEM 3.	Quantitative and Qualitative Disclosures about Market Risk	45
ITEM 4.	Controls and Procedures	45
PART II - OTHER INFORMATION		47
ITEM 1.	Legal Proceedings	47
ITEM 1A.	Risk Factors	47
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	48
ITEM 5.	Other Information	49
ITEM 6.	Exhibits	50
	Signatures	51


NOTE 1	Summary of Significant Accounting Policies	8
NOTE 2	Accrued Liabilities	9
NOTE 3	Fair Value Measurements	9
NOTE 4	Short-Term Borrowings and Credit Lines	11
NOTE 5	Income Taxes	11
NOTE 6	Stock-Based Compensation	12
NOTE 7	Earnings Per Share	13
NOTE 8	Risk Management and Derivatives	14
NOTE 9	Accumulated Other Comprehensive Income (Loss)	17
NOTE 10	Revenues	19
NOTE 11	Operating Segments	21
NOTE 12	Contingencies	23
NOTE 13	Acquisitions and Divestitures	23
NOTE 14	Restructuring	24

NIKE, Inc. – ‘10-Q’ for 2/29/24

On: Thursday, 4/4/24, at 4:16pm ET · For: 2/29/24 · Accession #: 320187-24-19 · File #: 1-10635

Previous ‘10-Q’: ‘10-Q’ on 1/5/24 for 11/30/23 · Latest ‘10-Q’: This Filing · 3 References: To: NIKE, Inc. – ‘8-K’ on 3/11/24 for 3/8/24 To: NIKE, Inc. – ‘8-K’ on 6/19/20 for 6/17/20 To: NIKE, Inc. – ‘10-Q’ on 1/6/16 for 11/30/15

Quarterly Report — Form 10-QFiling Table of Contents

‘10-Q’ — Quarterly ReportDocument Table of Contents

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3 Previous Filings that this Filing References

Previous ‘10-Q’: ‘10-Q’ on 1/5/24 for 11/30/23 · Latest ‘10-Q’: This Filing · 3 References:

Quarterly Report — Form 10-Q

Filing Table of Contents

‘10-Q’ — Quarterly Report

Document Table of Contents