2023 Q2 Form 10-K Financial Statement

#000032018723000039 Filed on July 20, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023
Revenue $12.83B $51.22B
YoY Change 4.83% 9.65%
Cost Of Revenue $7.230B $28.93B
YoY Change 7.41% 14.64%
Gross Profit $5.595B $22.29B
YoY Change 1.67% 3.79%
Gross Profit Margin 43.63% 43.52%
Selling, General & Admin $4.374B $16.38B
YoY Change 8.4% 10.63%
% of Gross Profit 78.18% 73.47%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $236.0M $859.0M
YoY Change -20.27% 19.8%
% of Gross Profit 4.22% 3.85%
Operating Expenses $4.374B $16.38B
YoY Change 8.4% 10.63%
Operating Profit $1.221B $5.915B
YoY Change -16.83% -11.39%
Interest Expense $28.00M $6.000M
YoY Change -170.0% -102.93%
% of Operating Profit 2.29% 0.1%
Other Income/Expense, Net -$3.000M $280.0M
YoY Change -94.44% 54.7%
Pretax Income $1.246B $6.201B
YoY Change -9.32% -6.77%
Income Tax $215.0M $1.131B
% Of Pretax Income 17.26% 18.24%
Net Earnings $1.031B $5.070B
YoY Change -28.35% -16.14%
Net Earnings / Revenue 8.04% 9.9%
Basic Earnings Per Share $3.27
Diluted Earnings Per Share $0.66 $3.23
COMMON SHARES
Basic Shares Outstanding 1.552B shares
Diluted Shares Outstanding 1.570B shares

Balance Sheet

Concept 2023 Q2 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.68B $10.68B
YoY Change -17.87% -17.87%
Cash & Equivalents $7.441B $7.441B
Short-Term Investments $3.234B $3.234B
Other Short-Term Assets $1.942B $1.942B
YoY Change -8.78% -8.78%
Inventory $8.454B $8.454B
Prepaid Expenses
Receivables $4.131B $4.131B
Other Receivables $0.00 $0.00
Total Short-Term Assets $25.20B $25.20B
YoY Change -10.67% -10.67%
LONG-TERM ASSETS
Property, Plant & Equipment $8.004B $8.004B
YoY Change 67.06% 3.72%
Goodwill $281.0M
YoY Change -1.06%
Intangibles $274.0M
YoY Change -49.72%
Long-Term Investments
YoY Change
Other Assets $3.770B $3.770B
YoY Change -1.33% -1.33%
Total Long-Term Assets $12.33B $12.33B
YoY Change 1.83% 1.83%
TOTAL ASSETS
Total Short-Term Assets $25.20B $25.20B
Total Long-Term Assets $12.33B $12.33B
Total Assets $37.53B $37.53B
YoY Change -6.92% -6.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.862B $2.862B
YoY Change -14.77% -14.77%
Accrued Expenses $5.619B $5.619B
YoY Change -9.66% -10.0%
Deferred Revenue
YoY Change
Short-Term Debt $6.000M $6.000M
YoY Change -40.0% -40.0%
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $9.256B $9.256B
YoY Change -13.74% -13.74%
LONG-TERM LIABILITIES
Long-Term Debt $8.927B $8.927B
YoY Change 0.08% 0.08%
Other Long-Term Liabilities $2.786B $2.786B
YoY Change 0.32% 0.32%
Total Long-Term Liabilities $11.71B $11.71B
YoY Change 31.31% 0.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.256B $9.256B
Total Long-Term Liabilities $11.71B $11.71B
Total Liabilities $23.53B $23.53B
YoY Change 19.73% -6.04%
SHAREHOLDERS EQUITY
Retained Earnings $1.358B
YoY Change -60.93%
Common Stock $12.41B
YoY Change 8.08%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.00B $14.00B
YoY Change
Total Liabilities & Shareholders Equity $37.53B $37.53B
YoY Change -6.92% -6.92%

Cashflow Statement

Concept 2023 Q2 2023
OPERATING ACTIVITIES
Net Income $1.031B $5.070B
YoY Change -28.35% -16.14%
Depreciation, Depletion And Amortization $236.0M $859.0M
YoY Change -20.27% 19.8%
Cash From Operating Activities $2.253B $5.841B
YoY Change 95.74% 12.59%
INVESTING ACTIVITIES
Capital Expenditures $269.0M $969.0M
YoY Change -211.16% 27.84%
Acquisitions
YoY Change
Other Investing Activities $696.0M $1.533B
YoY Change 62.24% 7968.42%
Cash From Investing Activities $427.0M $564.0M
YoY Change 128.34% -137.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$1.141B -$4.829B
YoY Change -220.3%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.181B -7.447B
YoY Change 58.04% 53.99%
NET CHANGE
Cash From Operating Activities 2.253B 5.841B
Cash From Investing Activities 427.0M 564.0M
Cash From Financing Activities -2.181B -7.447B
Net Change In Cash 499.0M -1.042B
YoY Change -1288.1% -20.76%
FREE CASH FLOW
Cash From Operating Activities $2.253B $5.841B
Capital Expenditures $269.0M $969.0M
Free Cash Flow $1.984B $4.872B
YoY Change 42.43% 9.98%

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CY2023 us-gaap Derivatives Methods Of Accounting Hedging Derivatives
DerivativesMethodsOfAccountingHedgingDerivatives
<div style="margin-bottom:6pt;margin-top:12pt"><span style="color:#000000;font-family:'Open Sans Condensed',sans-serif;font-size:14pt;font-weight:700;line-height:100%">CASH FLOW HEDGES</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:130%">All changes in fair value of derivatives designated as cash flow hedge instruments are recorded in Accumulated other comprehensive income (loss) until Net income is affected by the variability of cash flows of the hedged transaction. Effective hedge results are classified in the Consolidated Statements of Income in the same manner as the underlying exposure. When it is no longer probable the forecasted hedged transaction will occur in the initially identified time period, hedge accounting is discontinued and the Company accounts for the associated derivative as an undesignated instrument as discussed below. Additionally, the gains and losses associated with derivatives no longer designated as cash flow hedge instruments in Accumulated other comprehensive income (loss) are recognized immediately in Other (income) expense, net, if it is probable the forecasted hedged transaction will not occur by the end of the initially identified time period or within an additional two-month period thereafter. In rare circumstances, the additional period of time may exceed two months due to extenuating circumstances related to the nature of the forecasted transaction that are outside the control or influence of the Company. </span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:130%">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 the Company may elect to hedge in this manner include product costs, non-functional currency denominated revenues, intercompany revenues, demand creation expenses, investments in U.S. Dollar denominated available-for-sale debt securities and certain other intercompany transactions.</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:130%">Product cost foreign currency exposures are primarily generated through non-functional currency denominated product purchases. NIKE entities primarily purchase product in two ways: (1) Certain NIKE entities purchase product from the NIKE Trading Company ("NTC"), 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. Dollar, then sells the product to NIKE entities in their respective functional currencies. NTC sales to a NIKE entity with a different functional currency result in a foreign currency </span></div>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.The Company'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 12 to 24 months in advance of the forecasted transaction and may place incremental hedges up to 100% of the exposure by the time the forecasted transaction occurs.FAIR VALUE HEDGESThe Company has, in the past, been 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. NET INVESTMENT HEDGESThe 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 are reported in Accumulated other comprehensive income (loss) along with the foreign currency translation adjustments on those investments.
CY2023Q2 us-gaap Foreign Currency Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months
ForeignCurrencyCashFlowHedgeGainLossToBeReclassifiedDuringNext12Months
419000000 usd
CY2023 us-gaap Maximum Remaining Maturity Of Foreign Currency Derivatives1
MaximumRemainingMaturityOfForeignCurrencyDerivatives1
P27M
CY2023 us-gaap Derivatives Methods Of Accounting Nonhedging Derivatives
DerivativesMethodsOfAccountingNonhedgingDerivatives
UNDESIGNATED DERIVATIVE INSTRUMENTSThe Company may elect to enter into foreign exchange forwards to mitigate the change in fair value of specific assets and liabilities on the Consolidated Balance Sheets. These undesignated instruments are recorded at fair value as a derivative asset or liability on the Consolidated Balance Sheets with their corresponding change in fair value recognized in Other (income) expense, net, together with the remeasurement gain or loss from the hedged balance sheet position.
CY2023Q2 us-gaap Derivative Net Liability Position Aggregate Fair Value
DerivativeNetLiabilityPositionAggregateFairValue
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CY2023 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
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CY2023 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
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CY2023 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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CY2023 us-gaap Other Comprehensive Income Loss Before Reclassifications Tax
OtherComprehensiveIncomeLossBeforeReclassificationsTax
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CY2023 us-gaap Reclassification From Aoci Current Period Tax
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CY2022 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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CY2022 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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CY2022 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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CY2022 us-gaap Other Comprehensive Income Loss Before Reclassifications Tax
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CY2022 us-gaap Reclassification From Aoci Current Period Tax
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CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023Q2 nke Allowance For Sales Discounts And Returns
AllowanceForSalesDiscountsAndReturns
994000000 usd
CY2022Q2 nke Allowance For Sales Discounts And Returns
AllowanceForSalesDiscountsAndReturns
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CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
51217000000 usd
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2023 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
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CY2022 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
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CY2021 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
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CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2023 us-gaap Property Plant And Equipment Additions
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CY2022 us-gaap Property Plant And Equipment Additions
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CY2021 us-gaap Property Plant And Equipment Additions
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CY2023 us-gaap Depreciation
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CY2022 us-gaap Depreciation
Depreciation
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CY2021 us-gaap Depreciation
Depreciation
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CY2023Q2 us-gaap Accounts Receivable Net Current
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CY2022Q2 us-gaap Accounts Receivable Net Current
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CY2023Q2 us-gaap Inventory Finished Goods Net Of Reserves
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CY2022Q2 us-gaap Inventory Finished Goods Net Of Reserves
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CY2023Q2 us-gaap Property Plant And Equipment Net
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CY2022Q2 us-gaap Property Plant And Equipment Net
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CY2023Q2 us-gaap Letters Of Credit Outstanding Amount
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CY2022Q2 us-gaap Letters Of Credit Outstanding Amount
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CY2023 us-gaap Operating Lease Cost
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CY2022 us-gaap Operating Lease Cost
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CY2021 us-gaap Operating Lease Cost
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CY2023 us-gaap Variable Lease Cost
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CY2022 us-gaap Variable Lease Cost
VariableLeaseCost
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CY2021 us-gaap Variable Lease Cost
VariableLeaseCost
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CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
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CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
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CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2023Q2 us-gaap Operating Lease Liability
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CY2023Q2 nke Lessee Operating Lease Liability Agreements Signed But Not Commenced Payments Due
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CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.025
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.023
CY2023 us-gaap Operating Lease Payments
OperatingLeasePayments
575000000 usd
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
589000000 usd
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
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CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
602000000 usd
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
537000000 usd
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
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CY2023 dei Auditor Firm
AuditorFirmId
238

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