$NKE
NIKE, Inc.

2015 Q4 Form 10-Q Financial Statement

#000032018716000242 Filed on January 06, 2016

View on sec.gov

Income Statement

Concept 2015 Q4 2014 Q4
Revenue $7.686B $7.380B
YoY Change 4.15% 14.76%
Cost Of Revenue $4.185B $4.053B
YoY Change 3.26% 12.43%
Gross Profit $3.501B $3.327B
YoY Change 5.23% 17.73%
Gross Profit Margin 45.55% 45.08%
Selling, General & Admin $2.560B $2.438B
YoY Change 5.0% 16.59%
% of Gross Profit 73.12% 73.28%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $157.0M $161.0M
YoY Change -2.48% 11.03%
% of Gross Profit 4.48% 4.84%
Operating Expenses $2.560B $2.438B
YoY Change 5.0% 16.59%
Operating Profit $941.0M $889.0M
YoY Change 5.85% 20.95%
Interest Expense -$5.000M -$9.000M
YoY Change -44.44% 12.5%
% of Operating Profit -0.53% -1.01%
Other Income/Expense, Net $34.00M -$2.000M
YoY Change -1800.0% -84.62%
Pretax Income $970.0M $878.0M
YoY Change 10.48% 22.97%
Income Tax $185.0M $223.0M
% Of Pretax Income 19.07% 25.4%
Net Earnings $785.0M $655.0M
YoY Change 19.85% 22.66%
Net Earnings / Revenue 10.21% 8.88%
Basic Earnings Per Share $0.46 $0.38
Diluted Earnings Per Share $0.45 $0.37
COMMON SHARES
Basic Shares Outstanding 1.707B shares 1.726B shares
Diluted Shares Outstanding 1.751B shares 1.770B shares

Balance Sheet

Concept 2015 Q4 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.116B $4.713B
YoY Change 29.77% -9.14%
Cash & Equivalents $3.851B $2.273B
Short-Term Investments $2.265B $2.440B
Other Short-Term Assets $2.602B $1.713B
YoY Change 51.9% 12.92%
Inventory $4.600B $4.150B
Prepaid Expenses
Receivables $3.437B $3.457B
Other Receivables $0.00 $0.00
Total Short-Term Assets $16.76B $14.03B
YoY Change 19.4% 3.13%
LONG-TERM ASSETS
Property, Plant & Equipment $3.235B $2.927B
YoY Change 10.52% 10.66%
Goodwill $131.0M $131.0M
YoY Change 0.0% 0.0%
Intangibles $281.0M $281.0M
YoY Change 0.0% -57.93%
Long-Term Investments
YoY Change
Other Assets $2.181B $1.795B
YoY Change 21.5% 70.63%
Total Long-Term Assets $5.828B $5.134B
YoY Change 13.52% 21.86%
TOTAL ASSETS
Total Short-Term Assets $16.76B $14.03B
Total Long-Term Assets $5.828B $5.134B
Total Assets $22.58B $19.17B
YoY Change 17.82% 7.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.915B $2.074B
YoY Change -7.67% 28.66%
Accrued Expenses $3.451B $2.622B
YoY Change 31.62% 30.77%
Deferred Revenue
YoY Change
Short-Term Debt $99.00M $93.00M
YoY Change 6.45% -48.33%
Long-Term Debt Due $5.000M $107.0M
YoY Change -95.33% 1428.57%
Total Short-Term Liabilities $5.511B $4.937B
YoY Change 11.63% 28.2%
LONG-TERM LIABILITIES
Long-Term Debt $2.067B $1.079B
YoY Change 91.57% -10.16%
Other Long-Term Liabilities $9.000M $3.000M
YoY Change 200.0%
Total Long-Term Liabilities $2.067B $1.079B
YoY Change 91.57% -10.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.511B $4.937B
Total Long-Term Liabilities $2.067B $1.079B
Total Liabilities $7.578B $6.016B
YoY Change 25.96% 19.08%
SHAREHOLDERS EQUITY
Retained Earnings $4.887B $4.797B
YoY Change 1.88% -15.62%
Common Stock $7.408B $6.375B
YoY Change 16.2% 14.53%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $13.41B $11.70B
YoY Change
Total Liabilities & Shareholders Equity $22.58B $19.17B
YoY Change 17.82% 7.56%

Cashflow Statement

Concept 2015 Q4 2014 Q4
OPERATING ACTIVITIES
Net Income $785.0M $655.0M
YoY Change 19.85% 22.66%
Depreciation, Depletion And Amortization $157.0M $161.0M
YoY Change -2.48% 11.03%
Cash From Operating Activities $545.0M $864.0M
YoY Change -36.92% 161.82%
INVESTING ACTIVITIES
Capital Expenditures -$288.0M -$225.0M
YoY Change 28.0% 10.29%
Acquisitions
YoY Change
Other Investing Activities -$24.00M -$221.0M
YoY Change -89.14% -24.05%
Cash From Investing Activities -$312.0M -$446.0M
YoY Change -30.04% -9.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 392.0M -422.0M
YoY Change -192.89% 4.2%
NET CHANGE
Cash From Operating Activities 545.0M 864.0M
Cash From Investing Activities -312.0M -446.0M
Cash From Financing Activities 392.0M -422.0M
Net Change In Cash 625.0M -4.000M
YoY Change -15725.0% -99.3%
FREE CASH FLOW
Cash From Operating Activities $545.0M $864.0M
Capital Expenditures -$288.0M -$225.0M
Free Cash Flow $833.0M $1.089B
YoY Change -23.51% 103.93%

Facts In Submission

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CY2015Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
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CY2015Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
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CY2015Q2 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
1160000000 USD
CY2015Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
2020000000 USD
CY2015Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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7000000 USD
CY2015Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
6000000 USD
CY2015Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
6000000 USD
CY2015Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
24000000 USD
CY2015Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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44000000 USD
CY2014Q4 us-gaap Long Term Debt Noncurrent
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CY2015Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1079000000 USD
CY2015Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2067000000 USD
CY2014Q4 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
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us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
1663000000 USD
CY2015Q4 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
769000000 USD
us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
1601000000 USD
us-gaap Maximum Remaining Maturity Of Foreign Currency Derivatives1
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P30M
us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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-282000000 USD
us-gaap Net Cash Provided By Used In Investing Activities
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-166000000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1547000000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1036000000 USD
CY2014Q4 us-gaap Net Income Loss
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655000000 USD
us-gaap Net Income Loss
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1617000000 USD
CY2015Q4 us-gaap Net Income Loss
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785000000 USD
us-gaap Net Income Loss
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1964000000 USD
CY2015Q2 us-gaap Other Accrued Liabilities Current
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698000000 USD
CY2015Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
753000000 USD
CY2014Q4 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
326000000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
452000000 USD
CY2015Q4 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
407000000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
184000000 USD
CY2014Q4 us-gaap Other Comprehensive Income Loss Before Reclassifications Tax
OtherComprehensiveIncomeLossBeforeReclassificationsTax
18000000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Tax
OtherComprehensiveIncomeLossBeforeReclassificationsTax
30000000 USD
CY2015Q4 us-gaap Other Comprehensive Income Loss Before Reclassifications Tax
OtherComprehensiveIncomeLossBeforeReclassificationsTax
-16000000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Tax
OtherComprehensiveIncomeLossBeforeReclassificationsTax
-14000000 USD
CY2014Q4 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
333000000 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
468000000 USD
CY2015Q4 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
290000000 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-39000000 USD
CY2014Q4 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-34000000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-32000000 USD
CY2015Q4 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-29000000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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-110000000 USD
CY2014Q4 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
301000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
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440000000 USD
CY2015Q4 us-gaap Other Comprehensive Income Loss Net Of Tax
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274000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-139000000 USD
CY2014Q4 us-gaap Other Nonoperating Income Expense
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-2000000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2015Q4 us-gaap Other Nonoperating Income Expense
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us-gaap Other Nonoperating Income Expense
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us-gaap Payments For Repurchase Of Common Stock
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1243000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1240000000 USD
us-gaap Payments Of Dividends Common Stock
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416000000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
479000000 USD
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
2588000000 USD
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
2851000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
487000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
615000000 USD
CY2015Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1968000000 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2197000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
981000000 USD
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
313000000 USD
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
328000000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
1862000000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
1510000000 USD
us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
-58000000 USD
us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
33000000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
1045000000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
1250000000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
2000000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
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9000000 USD
CY2015Q2 us-gaap Property Plant And Equipment Net
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CY2015Q4 us-gaap Property Plant And Equipment Net
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3235000000 USD
CY2014Q4 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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25000000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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12000000 USD
CY2015Q4 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
133000000 USD
us-gaap Repayments Of Long Term Debt
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103000000 USD
CY2015Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
4685000000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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323000000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
12000000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
3000000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
4887000000 USD
CY2014Q4 us-gaap Sales Revenue Net
SalesRevenueNet
7380000000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
15362000000 USD
CY2015Q4 us-gaap Sales Revenue Net
SalesRevenueNet
7686000000 USD
us-gaap Sales Revenue Net
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16100000000 USD
CY2014Q4 us-gaap Selling General And Administrative Expense
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2438000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4918000000 USD
CY2015Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2560000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5137000000 USD
us-gaap Share Based Compensation
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92000000 USD
us-gaap Share Based Compensation
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116000000 USD
CY2015Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
74000000 USD
CY2015Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
99000000 USD
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
12707000000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
13405000000 USD
CY2015Q4 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
2
CY2015Q2 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
0 USD
CY2015Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
0 USD
CY2015Q2 us-gaap Unrecognized Tax Benefits
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438000000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
479000000 USD
CY2015Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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164000000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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180000000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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278000000 USD
CY2014Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1771600000 shares
CY2015Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1751400000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1753400000 shares
CY2014Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1728000000 shares
CY2015Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1706500000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1707800000 shares
us-gaap Derivatives Embedded Derivatives
DerivativesEmbeddedDerivatives
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:0px;padding-top:12px;text-align:justify;padding-left:0px;text-indent:0px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;color:#fd4703;font-style:normal;font-weight:bold;text-decoration:none;">Embedded Derivatives</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-align:justify;padding-left:0px;text-indent:0px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;color:#000000;">As part of the foreign currency adjustment program described above, an embedded derivative contract is created upon the factory&#8217;s acceptance of NIKE&#8217;s purchase order for currencies within the factory currency exposure indices that are neither the U.S.&#160;Dollar nor the local or functional currency of the factory. Embedded derivative contracts are treated as foreign currency forward contracts that are bifurcated from the related purchase order and recorded at fair value as a derivative asset or liability on the Unaudited Condensed Consolidated Balance Sheets with their corresponding change in fair value recognized in </font><font style="font-family:Arial;font-size:8pt;color:#000000;font-style:italic;">Other (income) expense, net</font><font style="font-family:Arial;font-size:8pt;color:#000000;"> from the date a purchase order is accepted by a factory through the date the purchase price is no longer subject to foreign currency fluctuations.</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-align:justify;padding-left:0px;text-indent:0px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;color:#000000;">In addition, the Company has entered into certain other contractual agreements which have payments that are indexed to currencies that are not the functional currency of either substantial party to the contracts. These payment terms expose NIKE to variability in foreign exchange rates and create embedded derivative contracts that must be bifurcated from the related contract and recorded at fair value as&#160;derivative assets or liabilities on the Unaudited Condensed Consolidated Balance Sheets with their corresponding changes in fair value recognized in&#160;</font><font style="font-family:Arial;font-size:8pt;color:#000000;font-style:italic;">Other (income) expense, net</font><font style="font-family:Arial;font-size:8pt;color:#000000;">&#160;until each payment is settled.</font></div></div>
us-gaap Derivatives Hedge Discontinuances
DerivativesHedgeDiscontinuances
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-align:justify;padding-left:0px;text-indent:0px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;color:#000000;">The Company discontinues hedge accounting prospectively when: (1)&#160;it determines that the derivative is no longer highly effective in offsetting changes in the cash flows of a hedged item (including hedged items such as firm commitments or forecasted transactions); (2) the derivative expires or is sold, terminated or exercised; (3)&#160;it is no longer probable that the forecasted transaction will occur; or (4) management determines that designating the derivative as a hedging instrument is no longer appropriate.</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-align:justify;padding-left:0px;text-indent:0px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;color:#000000;">When the Company discontinues hedge accounting because it is no longer probable that the forecasted transaction will occur in the originally expected period, but is expected to occur within an additional two-month period of time thereafter, the gain or loss on the derivative remains in </font><font style="font-family:Arial;font-size:8pt;color:#000000;font-style:italic;">Accumulated other comprehensive income</font><font style="font-family:Arial;font-size:8pt;color:#000000;"> and is reclassified to </font><font style="font-family:Arial;font-size:8pt;color:#000000;font-style:italic;">Net income</font><font style="font-family:Arial;font-size:8pt;color:#000000;"> when the forecasted transaction affects consolidated </font><font style="font-family:Arial;font-size:8pt;color:#000000;font-style:italic;">Net income</font><font style="font-family:Arial;font-size:8pt;color:#000000;">. However, if it is probable that a forecasted transaction will not occur by the end of the originally specified time period or within an additional two-month period of time thereafter, the gains and losses that were in </font><font style="font-family:Arial;font-size:8pt;color:#000000;font-style:italic;">Accumulated other comprehensive income</font><font style="font-family:Arial;font-size:8pt;color:#000000;"> will be recognized immediately in </font><font style="font-family:Arial;font-size:8pt;color:#000000;font-style:italic;">Other (income) expense, net</font><font style="font-family:Arial;font-size:8pt;color:#000000;">. In all situations in which hedge accounting is discontinued and the derivative remains outstanding, the Company will carry the derivative at its fair value on the Unaudited Condensed Consolidated Balance Sheets, recognizing future changes in the fair value in </font><font style="font-family:Arial;font-size:8pt;color:#000000;font-style:italic;">Other (income) expense, net</font><font style="font-family:Arial;font-size:8pt;color:#000000;">. </font></div></div>
us-gaap Derivatives Methods Of Accounting Hedge Effectiveness
DerivativesMethodsOfAccountingHedgeEffectiveness
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-align:justify;padding-left:0px;text-indent:0px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;color:#000000;">The Company formally assesses, both at a hedge&#8217;s inception and on an ongoing basis, whether the derivatives that are used in the hedging transaction have been highly effective in offsetting changes in the cash flows of hedged items and whether those derivatives may be expected to remain highly effective in future periods. Effectiveness for cash flow hedges is assessed based on changes in forward rates. </font></div></div>
us-gaap Derivatives Methods Of Accounting Hedging Derivatives
DerivativesMethodsOfAccountingHedgingDerivatives
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-align:justify;padding-left:0px;text-indent:0px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;color:#000000;">All changes in fair value of derivatives designated as cash flow hedges, excluding any ineffective portion, are recorded in </font><font style="font-family:Arial;font-size:8pt;color:#000000;font-style:italic;">Accumulated other comprehensive income</font><font style="font-family:Arial;font-size:8pt;color:#000000;"> until </font><font style="font-family:Arial;font-size:8pt;color:#000000;font-style:italic;">Net income</font><font style="font-family:Arial;font-size:8pt;color:#000000;"> is affected by the variability of cash flows of the hedged transaction. In most cases, amounts recorded in </font><font style="font-family:Arial;font-size:8pt;color:#000000;font-style:italic;">Accumulated other comprehensive income</font><font style="font-family:Arial;font-size:8pt;color:#000000;"> will be released to </font><font style="font-family:Arial;font-size:8pt;color:#000000;font-style:italic;">Net income</font><font style="font-family:Arial;font-size:8pt;color:#000000;"> in periods following the maturity of the related derivative, rather than at maturity. Effective hedge results are classified within the Unaudited Condensed Consolidated Statements of Income in the same manner as the underlying exposure. The results of hedges of non-functional currency denominated revenues and product cost exposures, excluding embedded derivatives, are recorded in </font><font style="font-family:Arial;font-size:8pt;color:#000000;font-style:italic;">Revenues</font><font style="font-family:Arial;font-size:8pt;color:#000000;"> or </font><font style="font-family:Arial;font-size:8pt;color:#000000;font-style:italic;">Cost of sales </font><font style="font-family:Arial;font-size:8pt;color:#000000;">when the</font><font style="font-family:Arial;font-size:8pt;color:#000000;font-style:italic;"> </font><font style="font-family:Arial;font-size:8pt;color:#000000;">underlying hedged transaction affects consolidated </font><font style="font-family:Arial;font-size:8pt;color:#000000;font-style:italic;">Net income.</font><font style="font-family:Arial;font-size:8pt;color:#000000;"> Results of hedges of selling and administrative expense are recorded together with those costs when the related expense is recorded. Amounts recorded in </font><font style="font-family:Arial;font-size:8pt;color:#000000;font-style:italic;">Accumulated other comprehensive income</font><font style="font-family:Arial;font-size:8pt;color:#000000;"> related to forward-starting interest rate swaps will be released through </font><font style="font-family:Arial;font-size:8pt;color:#000000;font-style:italic;">Interest expense (income), net</font><font style="font-family:Arial;font-size:8pt;color:#000000;"> as interest payments are made over the term of the issued debt. Results of hedges of anticipated purchases and sales of U.S.&#160;Dollar-denominated available-for-sale securities are recorded in </font><font style="font-family:Arial;font-size:8pt;color:#000000;font-style:italic;">Other (income) expense, net</font><font style="font-family:Arial;font-size:8pt;color:#000000;"> when the securities are sold. Results of hedges of certain anticipated intercompany transactions are recorded in </font><font style="font-family:Arial;font-size:8pt;color:#000000;font-style:italic;">Other (income) expense, net</font><font style="font-family:Arial;font-size:8pt;color:#000000;"> when the transaction occurs. The Company classifies the cash flows at settlement from these designated cash flow hedge derivatives in the same category as the cash flows from the related hedged items, primarily within the </font><font style="font-family:Arial;font-size:8pt;color:#000000;font-style:italic;">Cash provided by operations</font><font style="font-family:Arial;font-size:8pt;color:#000000;"> component of the Unaudited Condensed Consolidated Statements of Cash Flows.</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-align:justify;padding-left:0px;text-indent:0px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;color:#000000;">Premiums paid on options are initially recorded as deferred charges. The Company assesses the effectiveness of options based on the total cash flows method and records total changes in the options&#8217; fair value to </font><font style="font-family:Arial;font-size:8pt;color:#000000;font-style:italic;">Accumulated other comprehensive income</font><font style="font-family:Arial;font-size:8pt;color:#000000;"> to the degree they are effective.</font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:0px;padding-top:12px;text-align:justify;padding-left:0px;text-indent:0px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;color:#fd4703;font-style:normal;font-weight:bold;text-decoration:none;">Cash Flow Hedges</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-align:justify;padding-left:0px;text-indent:0px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;color:#000000;">The purpose of the Company's foreign exchange risk management program is to lessen both the positive and negative effects of currency fluctuations on the Company's consolidated results of operations, financial position and cash flows. Foreign currency exposures that the Company may elect to hedge in this manner include product cost exposures, non-functional currency denominated external and intercompany revenues, selling and administrative expenses, investments in U.S.&#160;Dollar-denominated available-for-sale debt securities and certain other intercompany transactions.</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-align:justify;padding-left:0px;text-indent:0px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;color:#000000;">Product cost exposures are primarily generated through non-functional currency denominated product purchases and the foreign currency adjustment program described below. NIKE entities primarily purchase products in two ways: (1) Certain NIKE entities purchase product from the NIKE Trading Company (&#8220;NTC&#8221;), a wholly-owned sourcing hub that buys NIKE branded products from third party factories, predominantly in U.S. Dollars. The NTC, whose functional currency is the U.S.&#160;Dollar, then sells the products to NIKE entities in their respective functional currencies. When the NTC sells to a NIKE entity with a different functional currency, the result is a foreign currency exposure for the NTC. (2) Other NIKE entities purchase product directly from third party factories in U.S. Dollars. These purchases generate a foreign currency exposure for those NIKE entities with a functional currency other than the U.S. Dollar.</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-align:justify;padding-left:0px;text-indent:0px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;color:#000000;">The Company operates a foreign currency adjustment program with certain factories. The program is designed to more effectively manage foreign currency risk by assuming certain of the factories&#8217; foreign currency exposures, some of which are natural offsets to the Company's existing foreign currency exposures. Under this program, the Company&#8217;s payments to these factories are adjusted for rate fluctuations in the basket of currencies (&#8220;factory currency exposure index&#8221;) in which the labor, materials and overhead costs incurred by the factories in the production of NIKE branded products (&#8220;factory input costs&#8221;) are denominated. For the portion of the indices denominated in the local or functional currency of the factory, the Company may elect to place formally designated cash flow hedges. For all currencies within the indices, excluding the U.S.&#160;Dollar and the local or functional currency of the factory, an embedded derivative contract is created upon the factory&#8217;s acceptance of NIKE&#8217;s purchase order. Embedded derivative contracts are separated from the related purchase order, as further described within the "Embedded Derivatives" section below.</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-align:justify;padding-left:0px;text-indent:0px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;color:#000000;">The Company&#8217;s policy permits the utilization of derivatives to reduce its foreign currency exposures where internal netting or other strategies cannot be effectively employed. Typically, the Company may enter into hedge contracts starting up to </font><font style="font-family:Arial;font-size:8pt;color:#000000;text-decoration:none;">12</font><font style="font-family:Arial;font-size:8pt;color:#000000;"> to </font><font style="font-family:Arial;font-size:8pt;color:#000000;text-decoration:none;">24</font><font style="font-family:Arial;font-size:8pt;color:#000000;"> months in advance of the forecasted transaction and may place incremental hedges up to </font><font style="font-family:Arial;font-size:8pt;color:#000000;text-decoration:none;">100%</font><font style="font-family:Arial;font-size:8pt;color:#000000;"> of the exposure by the time the forecasted transaction occurs. </font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:0px;padding-top:12px;text-align:justify;padding-left:0px;text-indent:0px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;color:#fd4703;font-style:normal;font-weight:bold;text-decoration:none;">Fair Value Hedges</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-align:justify;padding-left:0px;text-indent:0px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;color:#000000;">The Company is also exposed to the risk of changes in the fair value of certain fixed-rate debt attributable to changes in interest rates. Derivatives used by the Company to hedge this risk are receive-fixed, pay-variable interest rate swaps. All interest rate swaps designated as fair value hedges of the related long-term debt meet the shortcut method requirements under the accounting standards for derivatives and hedging. Accordingly, changes in the fair values of the interest rate swaps are considered to exactly offset changes in the fair value of the underlying long-term debt. The cash flows associated with the Company&#8217;s fair value hedges are periodic interest payments while the swaps are outstanding, which are reflected within the </font><font style="font-family:Arial;font-size:8pt;color:#000000;font-style:italic;">Cash provided by operations</font><font style="font-family:Arial;font-size:8pt;color:#000000;"> component of the Unaudited Condensed Consolidated Statements of Cash Flows.</font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:0px;padding-top:12px;text-align:justify;padding-left:0px;text-indent:0px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;color:#fd4703;font-style:normal;font-weight:bold;text-decoration:none;">Net Investment Hedges</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-align:justify;padding-left:0px;text-indent:0px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;color:#000000;">The Company has, in the past, hedged and may, in the future, hedge the risk of variability in foreign-currency-denominated net investments in wholly-owned international operations. All changes in fair value of the derivatives designated as net investment hedges, except ineffective portions, are reported in </font><font style="font-family:Arial;font-size:8pt;color:#000000;font-style:italic;">Accumulated other comprehensive income</font><font style="font-family:Arial;font-size:8pt;color:#000000;"> along with the foreign currency translation adjustments on those investments. The Company classifies the cash flows at settlement of its net investment hedges within the </font><font style="font-family:Arial;font-size:8pt;color:#000000;font-style:italic;">Cash used by investing activities</font><font style="font-family:Arial;font-size:8pt;color:#000000;"> component of the Unaudited Condensed Consolidated Statements of Cash Flows. The Company assesses hedge effectiveness based on changes in forward rates.</font></div></div>
us-gaap Derivatives Methods Of Accounting Nonhedging Derivatives
DerivativesMethodsOfAccountingNonhedgingDerivatives
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:0px;padding-top:12px;text-align:justify;padding-left:0px;text-indent:0px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;color:#fd4703;font-style:normal;font-weight:bold;text-decoration:none;">Undesignated Derivative Instruments</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-align:justify;padding-left:0px;text-indent:0px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;color:#000000;">The Company may elect to enter into foreign exchange forwards to mitigate the change in fair value of specific assets and liabilities on the Unaudited Condensed Consolidated Balance Sheets and/or embedded derivative contracts. These forwards are not designated as hedging instruments under the accounting standards for derivatives and hedging. Accordingly, these undesignated instruments are recorded at fair value as a derivative asset or liability on the Unaudited Condensed Consolidated Balance Sheets with their corresponding change in fair value recognized in </font><font style="font-family:Arial;font-size:8pt;color:#000000;font-style:italic;">Other (income) expense, net</font><font style="font-family:Arial;font-size:8pt;color:#000000;">, together with the re-measurement gain or loss from the hedged balance sheet position or embedded derivative contract. The Company classifies the cash flows at settlement from undesignated instruments in the same category as the cash flows from the related hedged items, generally within the </font><font style="font-family:Arial;font-size:8pt;color:#000000;font-style:italic;">Cash provided by operations</font><font style="font-family:Arial;font-size:8pt;color:#000000;"> component of the Unaudited Condensed Consolidated Statements of Cash Flows.</font></div></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:0px;padding-top:12px;text-align:justify;padding-left:0px;text-indent:0px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;color:#fd4703;font-style:normal;font-weight:bold;text-decoration:none;">Reclassifications</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-align:justify;padding-left:0px;text-indent:0px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;color:#000000;">Certain prior year amounts have been reclassified to conform to fiscal 2016 presentation.</font></div></div>

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