$NKE
NIKE, Inc.

2016 Q1 Form 10-Q Financial Statement

#000032018716000264 Filed on April 05, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $8.032B $7.460B
YoY Change 7.67% 7.0%
Cost Of Revenue $4.343B $4.034B
YoY Change 7.66% 4.26%
Gross Profit $3.689B $3.426B
YoY Change 7.68% 10.41%
Gross Profit Margin 45.93% 45.92%
Selling, General & Admin $2.566B $2.379B
YoY Change 7.86% 9.68%
% of Gross Profit 69.56% 69.44%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $177.0M $165.0M
YoY Change 7.27% 23.13%
% of Gross Profit 4.8% 4.82%
Operating Expenses $2.566B $2.379B
YoY Change 7.86% 9.68%
Operating Profit $1.123B $1.047B
YoY Change 7.26% 12.1%
Interest Expense -$5.000M -$6.000M
YoY Change -16.67% -33.33%
% of Operating Profit -0.45% -0.57%
Other Income/Expense, Net $17.00M $5.000M
YoY Change 240.0% -111.11%
Pretax Income $1.135B $1.046B
YoY Change 8.51% 18.86%
Income Tax $185.0M $255.0M
% Of Pretax Income 16.3% 24.38%
Net Earnings $950.0M $791.0M
YoY Change 20.1% 15.98%
Net Earnings / Revenue 11.83% 10.6%
Basic Earnings Per Share $0.56 $0.46
Diluted Earnings Per Share $0.55 $0.45
COMMON SHARES
Basic Shares Outstanding 1.694B shares 1.723B shares
Diluted Shares Outstanding 1.737B shares 1.768B shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.106B $5.361B
YoY Change -4.76% 6.6%
Cash & Equivalents $3.044B $3.015B
Short-Term Investments $2.062B $2.346B
Other Short-Term Assets $2.192B $2.306B
YoY Change -4.94% 92.01%
Inventory $4.590B $4.246B
Prepaid Expenses
Receivables $3.368B $3.294B
Other Receivables $0.00 $0.00
Total Short-Term Assets $15.26B $15.21B
YoY Change 0.32% 13.4%
LONG-TERM ASSETS
Property, Plant & Equipment $3.329B $2.862B
YoY Change 16.32% 4.61%
Goodwill $131.0M $131.0M
YoY Change 0.0% 0.0%
Intangibles $281.0M $281.0M
YoY Change 0.0% -58.0%
Long-Term Investments
YoY Change
Other Assets $1.990B $2.060B
YoY Change -3.4% 80.7%
Total Long-Term Assets $5.731B $5.334B
YoY Change 7.44% 21.42%
TOTAL ASSETS
Total Short-Term Assets $15.26B $15.21B
Total Long-Term Assets $5.731B $5.334B
Total Assets $20.99B $20.54B
YoY Change 2.17% 15.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.714B $1.821B
YoY Change -5.88% 23.04%
Accrued Expenses $3.224B $3.563B
YoY Change -9.51% 54.71%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $61.00M
YoY Change -100.0% -48.74%
Long-Term Debt Due $7.000M $108.0M
YoY Change -93.52% 1442.86%
Total Short-Term Liabilities $4.980B $5.586B
YoY Change -10.85% 41.27%
LONG-TERM LIABILITIES
Long-Term Debt $2.048B $1.082B
YoY Change 89.28% -9.91%
Other Long-Term Liabilities $22.00M $28.00M
YoY Change -21.43%
Total Long-Term Liabilities $2.048B $1.082B
YoY Change 89.28% -9.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.980B $5.586B
Total Long-Term Liabilities $2.048B $1.082B
Total Liabilities $7.028B $6.668B
YoY Change 5.4% 29.35%
SHAREHOLDERS EQUITY
Retained Earnings $4.113B $4.737B
YoY Change -13.17% -11.85%
Common Stock $7.539B $6.517B
YoY Change 15.68% 13.87%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $12.30B $12.37B
YoY Change
Total Liabilities & Shareholders Equity $20.99B $20.54B
YoY Change 2.17% 15.38%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $950.0M $791.0M
YoY Change 20.1% 15.98%
Depreciation, Depletion And Amortization $177.0M $165.0M
YoY Change 7.27% 23.13%
Cash From Operating Activities $876.0M $1.791B
YoY Change -51.09% 143.01%
INVESTING ACTIVITIES
Capital Expenditures -$286.0M -$236.0M
YoY Change 21.19% 6.79%
Acquisitions
YoY Change
Other Investing Activities $439.0M $20.00M
YoY Change 2095.0% -88.83%
Cash From Investing Activities $153.0M -$216.0M
YoY Change -170.83% 414.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.763B -791.0M
YoY Change 122.88% -14.02%
NET CHANGE
Cash From Operating Activities 876.0M 1.791B
Cash From Investing Activities 153.0M -216.0M
Cash From Financing Activities -1.763B -791.0M
Net Change In Cash -734.0M 784.0M
YoY Change -193.62% -448.44%
FREE CASH FLOW
Cash From Operating Activities $876.0M $1.791B
Capital Expenditures -$286.0M -$236.0M
Free Cash Flow $1.162B $2.027B
YoY Change -42.67% 111.59%

Facts In Submission

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4980000000 USD
CY2015Q2 us-gaap Long Term Debt
LongTermDebt
1186000000 USD
CY2016Q1 us-gaap Long Term Debt
LongTermDebt
2055000000 USD
CY2015Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
107000000 USD
CY2016Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
7000000 USD
CY2015Q2 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
1160000000 USD
CY2016Q1 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
2075000000 USD
CY2016Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
7000000 USD
CY2016Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
5000000 USD
CY2016Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
6000000 USD
CY2016Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
6000000 USD
CY2016Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
44000000 USD
CY2015Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1079000000 USD
CY2016Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2048000000 USD
CY2015Q1 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
731000000 USD
us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
2394000000 USD
CY2016Q1 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
804000000 USD
us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
2405000000 USD
us-gaap Maximum Remaining Maturity Of Foreign Currency Derivatives1
MaximumRemainingMaturityOfForeignCurrencyDerivatives1
P27M
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2095000000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2045000000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-382000000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-544000000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
3338000000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1912000000 USD
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
791000000 USD
us-gaap Net Income Loss
NetIncomeLoss
2408000000 USD
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
950000000 USD
us-gaap Net Income Loss
NetIncomeLoss
2914000000 USD
CY2015Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
698000000 USD
CY2016Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
757000000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
691000000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
1143000000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-261000000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-77000000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Tax
OtherComprehensiveIncomeLossBeforeReclassificationsTax
69000000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Tax
OtherComprehensiveIncomeLossBeforeReclassificationsTax
99000000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Tax
OtherComprehensiveIncomeLossBeforeReclassificationsTax
-23000000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Tax
OtherComprehensiveIncomeLossBeforeReclassificationsTax
-37000000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
569000000 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
1037000000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-350000000 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-389000000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
15000000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-17000000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-111000000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-221000000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
586000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
1026000000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-462000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-601000000 USD
CY2015Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
5000000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
0 USD
CY2016Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
17000000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
82000000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
0 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
3000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1855000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
2698000000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
658000000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
752000000 USD
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
3754000000 USD
CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
4113000000 USD
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
3759000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
723000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
901000000 USD
CY2015Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1968000000 USD
CY2016Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1782000000 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
372000000 USD
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
370000000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
2624000000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
2021000000 USD
us-gaap Proceeds From Payments For Securities Purchased Under Agreements To Resell
ProceedsFromPaymentsForSecuritiesPurchasedUnderAgreementsToResell
-250000000 USD
us-gaap Proceeds From Payments For Securities Purchased Under Agreements To Resell
ProceedsFromPaymentsForSecuritiesPurchasedUnderAgreementsToResell
150000000 USD
us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
-83000000 USD
us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
-68000000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
1718000000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
1939000000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
3000000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
9000000 USD
CY2015Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3011000000 USD
CY2016Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3329000000 USD
CY2015Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
105000000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
117000000 USD
CY2016Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
201000000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
524000000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
16000000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
5000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
5000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
104000000 USD
CY2015Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
4685000000 USD
CY2015Q1 us-gaap Sales Revenue Net
SalesRevenueNet
7460000000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
22822000000 USD
CY2016Q1 us-gaap Sales Revenue Net
SalesRevenueNet
8032000000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
24132000000 USD
CY2015Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2379000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
7297000000 USD
CY2016Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2566000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
7703000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
140000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
176000000 USD
CY2015Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
74000000 USD
CY2016Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
0 USD
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
12707000000 USD
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
12300000000 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
CY2016Q1 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
0 USD
CY2015Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
438000000 USD
CY2016Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
505000000 USD
CY2015Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
164000000 USD
CY2016Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
196000000 USD
CY2016Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
285000000 USD
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1767700000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1771000000 shares
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1737300000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1748500000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1722900000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1726300000 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1693800000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1703200000 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;">The Company elects to record the gross assets and liabilities of its derivative financial instruments on the Unaudited Condensed Consolidated Balance Sheets. The Company&#8217;s derivative financial instruments are subject to master netting arrangements that allow for the offset of assets and liabilities in the event of default or early termination of the contract. Any amounts of cash collateral received related to these instruments associated with the Company's credit-related contingent features are recorded in </font><font style="font-family:Arial;font-size:8pt;color:#000000;font-style:italic;">Cash and equivalents</font><font style="font-family:Arial;font-size:8pt;color:#000000;"> and </font><font style="font-family:Arial;font-size:8pt;color:#000000;font-style:italic;">Accrued liabilities</font><font style="font-family:Arial;font-size:8pt;color:#000000;">, the latter of which would further offset against the Company&#8217;s derivative asset balance (refer to </font><font style="font-family:Arial;font-size:8pt;color:#000000;">Note&#160;10 &#8212; Risk Management and Derivatives</font><font style="font-family:Arial;font-size:8pt;color:#000000;">). Cash collateral received or posted related to the Company's credit-related contingent features is presented in 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. Any amounts of non-cash collateral received, such as securities, are not recorded on the Unaudited Condensed Consolidated Balance Sheets pursuant to the accounting standards for non-cash collateral received.</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><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;">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;">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 product 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 product from third party factories, predominantly in U.S. Dollars. The NTC, whose functional currency is the U.S.&#160;Dollar, then sells the product 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>
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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