FY17 Q2 Combined NIKEINC Schedules - FINAL
NIKE, Inc. CONSOLIDATED STATEMENTS OF INCOME THREE MONTHS ENDED (Dollars in millions, except per share data) Revenues
11/30/2016 $
8,180
11/30/2015 $
% Change
7,686
6%
SIX MONTHS ENDED 11/30/2016 $
17,241
11/30/2015 $
% Change
16,100
7%
Cost of sales
4,564
4,185
9%
9,502
8,604
10%
Gross profit
3,616
3,501
3%
7,739
7,496
3%
Gross margin
44.2%
45.6%
Demand creation expense Operating overhead expense Total selling and administrative expense % of revenue
762 1,743 2,505 30.6%
769 1,791 2,560 33.3%
Interest expense (income), net Other (income) expense, net Income before income taxes Income tax expense Effective tax rate
15 (18) 1,114 272 24.4%
5 (34) 970 185 19.1%
44.9%
46.6%
-1% -3% -2%
1,803 3,599 5,402 31.3%
1,601 3,536 5,137 31.9%
13% 2% 5%
— — 15% 47%
22 (80) 2,395 304 12.7%
9 (65) 2,415 451 18.7%
— — -1% -33%
NET INCOME
$
842
$
785
7%
$
2,091
$
1,964
6%
Earnings per common share: Basic Diluted
$ $
0.51 0.50
$ $
0.46 0.45
11% 11%
$ $
1.26 1.23
$ $
1.15 1.12
10% 10%
Weighted average common shares outstanding: Basic Diluted Dividends declared per common share
1,659.1 1,693.2 $
0.18
1,706.5 1,751.4 $
0.16
1,665.6 1,701.3 $
0.34
1,707.8 1,753.4 $
0.30
NIKE, Inc. CONSOLIDATED BALANCE SHEETS (Dollars in millions) ASSETS Current assets: Cash and equivalents Short-term investments Accounts receivable, net Inventories Prepaid expenses and other current assets Total current assets Property, plant and equipment, net Identifiable intangible assets, net Goodwill Deferred income taxes and other assets1 TOTAL ASSETS LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of long-term debt Notes payable Accounts payable Accrued liabilities1 Income taxes payable Total current liabilities Long-term debt Deferred income taxes and other liabilities1 Redeemable preferred stock Shareholders' equity TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 1
November 30, November 30, % Change 2016 2015
$
$
$
$
4,339 $ 1,604 3,478 5,033 1,557 16,011 3,566 283 139 2,653 22,652 $
3,851 2,265 3,437 4,600 2,197 16,350 3,235 281 131 2,567 22,564
13% -29% 1% 9% -29% -2% 10% 1% 6% 3% 0%
44 $ 20 2,033 3,076 52 5,225 3,473 1,631 — 12,323 22,652 $
5 99 1,915 3,449 41 5,509 2,050 1,600 — 13,405 22,564
780% -80% 6% -11% 27% -5% 69% 2% — -8% 0%
During the fourth quarter of fiscal 2016, NIKE, Inc. adopted Accounting Standards Update No. 2015-17, which requires all deferred tax assets and deferred tax liabilities to be classified as non-current. All periods presented have been updated to reflect these changes.
NIKE, Inc.
DIVISIONAL REVENUES THREE MONTHS ENDED (Dollars in millions) North America Footwear Apparel Equipment Total Western Europe Footwear Apparel Equipment Total Central & Eastern Europe Footwear Apparel Equipment Total Greater China Footwear Apparel Equipment Total Japan Footwear Apparel Equipment Total Emerging Markets Footwear Apparel Equipment Total Global Brand Divisions2 Total NIKE Brand Converse Corporate3 Total NIKE, Inc. Revenues Total NIKE Brand Footwear Apparel Equipment Global Brand Divisions2
11/30/2016 $
$
$
11/30/2015
% Change Excluding Currency Change Changes1 %
2,219 $ 1,273 158 3,650
2,162 1,221 164 3,547
3% 4% -4% 3%
3% 4% -3% 3%
865 454 66 1,385
845 391 63 1,299
2% 16% 5% 7%
192 120 16 328
183 126 17 326
669 355 31 1,055
SIX MONTHS ENDED 11/30/2016 $
11/30/2015
% Change Excluding Currency Change Changes1 %
4,737 $ 2,590 354 7,681
4,528 2,468 350 7,346
5% 5% 1% 5%
5% 5% 1% 5%
8% 23% 12% 12%
2,012 985 151 3,148
1,973 825 142 2,940
2% 19% 6% 7%
5% 25% 11% 11%
5% -5% -6% 1%
6% -4% -6% 1%
462 258 48 768
421 259 47 727
10% 0% 2% 6%
13% 4% 6% 10%
600 306 32 938
12% 16% -3% 12%
16% 21% 3% 17%
1,379 624 72 2,075
1,199 552 73 1,824
15% 13% -1% 14%
21% 18% 3% 19%
151 70 17 238
128 63 14 205
18% 11% 21% 16%
0% -6% 9% -2%
317 130 36 483
250 106 28 384
27% 23% 29% 26%
8% 5% 11% 7%
726 263 58 1,047 21 7,724 416 40 8,180 $
674 255 55 984 18 7,317 398 (29) 7,686
8% 3% 5% 6% 17% 6% 5% — 6%
15% 9% 10% 13% 17% 8% 5% — 8%
1,387 497 108 1,992 36 16,183 990 68 17,241 $
1,344 493 113 1,950 44 15,215 953 (68) 16,100
3% 1% -4% 2% -18% 6% 4% — 7%
14% 11% 4% 12% -21% 9% 5% — 9%
4,822 $ 2,535 346 21
4,592 2,362 345 18
5% 7% 0% 17%
7% 9% 2% 17%
10,294 $ 5,084 769 36
9,715 4,703 753 44
6% 8% 2% -18%
8% 11% 4% -21%
$
$
1
Fiscal 2017 results have been restated using fiscal 2016 exchange rates for the comparative period to enhance the visibility of the underlying business trends excluding the impact of translation arising from foreign currency exchange rate fluctuations, which is considered a non-GAAP financial measure. 2
Global Brand Divisions revenues are primarily attributable to NIKE Brand licensing businesses that are not part of a geographic operating segment. 3
Corporate revenues primarily consist of foreign currency hedge gains and losses related to revenues generated by entities within the NIKE Brand geographic operating segments and Converse but managed through our central foreign exchange risk management program.
NIKE, Inc. EARNINGS BEFORE INTEREST AND TAXES1 THREE MONTHS ENDED (Dollars in millions)
11/30/2016
North America
$
Western Europe Central & Eastern Europe Greater China Japan Emerging Markets Global Brand Divisions
2
Converse 3
TOTAL EARNINGS BEFORE INTEREST AND TAXES TOTAL INCOME BEFORE INCOME TAXES
882
3%
236
307
-23%
58
76
375 48 237
11/30/2016
11/30/2015
1,916 $
Change
1,924
0%
628
792
-21%
-24%
139
174
-20%
327
15%
746
657
14%
47
2%
98
83
18%
241
-2%
408
499
-18%
1%
(1,390)
(1,249)
-11%
-1%
2,545
2,880
-12%
78
85
-8%
231
232
0%
(196)
(365)
46%
(688)
48%
975
16%
1,114 $
(625)
$
%
1,255
15 $
SIX MONTHS ENDED
1,247
1,129
Interest expense (income), net
Change
912 $
(619)
TOTAL NIKE BRAND Corporate
11/30/2015
%
5 970
(359) 2,417
— 15%
22 $
2,395 $
2,424 9 2,415
0% — -1%
1
The Company evaluates performance of individual operating segments based on earnings before interest and taxes (commonly referred to as “EBIT”), which represents net income before interest expense (income), net and income tax expense and is considered a non-GAAP financial measure. 2
Global Brand Divisions primarily represent demand creation, operating overhead and product creation and design expenses that are centrally managed for the NIKE Brand. Revenues for Global Brand Divisions are primarily attributable to NIKE Brand licensing businesses that are not part of a geographic operating segment. 3
Corporate consists largely of unallocated general and administrative expenses, including expenses associated with centrally managed departments; depreciation and amortization related to the Company’s corporate headquarters; unallocated insurance, benefit and compensation programs, including stock-based compensation; and certain foreign currency gains and losses, including certain hedge gains and losses.
Nike, Inc. Return on Invested Capital Calculation (Dollars in millions) Continuing operations: Revenues Operating expenses: Cost of sales Selling and administrative expense Restructuring charges Goodwill impairment Intangible and other asset impairment Net operating profit Other (income) expense, net
Q1'12
Q2'12
Q3'12
Q4'12
Q1'13
Q2'13
Q3'13
Q4'13
Q1'14
Q2'14
Q3'14
Q4'14
Q1'15
Q2'15
Q3'15
Q4'15
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
Q2'17
6,081
5,731
5,846
6,470
6,669
5,955
6,187
6,697
6,971
6,431
6,972
7,425
7,982
7,380
7,460
7,779
8,414
7,686
8,032
8,244
9,061
8,180
3,388 1,826 867
3,281 1,822 628
3,285 1,806 755
3,703 1,991 776
3,766 2,156 747
3,425 1,839 691
3,451 1,866 870
3,757 2,029 911
3,839 2,058 1,074
3,605 2,091 735
3,869 2,169 934
4,040 2,448 937
4,261 2,480 1,241
4,053 2,438 889
4,034 2,379 1,047
4,186 2,595 998
4,419 2,577 1,418
4,185 2,560 941
4,343 2,566 1,123
4,458 2,766 1,020
4,938 2,897 1,226
4,564 2,505 1,111
18
9
849
(11)
38
(29)
(17)
17
13
28
13
45
17
3
2
619
766
738
776
708
853
898
1,046
722
889
920
1,238
887
1,052
1,056
1,449
975
1,140
1,078
24.4%
24.2%
27.3%
26.2%
27.6%
26.8%
22.8%
22.9%
25.0%
25.2%
22.5%
23.5%
21.7%
25.4%
24.4%
17.8%
18.4%
19.1%
16.3%
21.2%
2.5%
24.4%
207 722
150 720
209 745
193 759
214 766
190 806
195 792
206 805
262 853
182 845
200 850
216 860
269 867
225 910
256 966
188 938
267 936
186 897
186 827
228 867
32 632
276 722
-
-
-
-
-
518 (137)
658 204
692 (28)
784 -
540 -
689 -
704 -
969 -
662 -
796 -
868 -
1,182 -
789 -
954 -
850 -
1,256 -
853 -
642 2,213
469 2,225
557 2,262
545 2,213
562 2,133
381 2,045
862 2,350
664 2,469
784 2,691
540 2,850
689 2,677
704 2,717
969 2,902
662 3,024
796 3,131
868 3,295
1,182 3,508
789 3,635
954 3,793
850 3,775
1,256 3,849
853 3,913
Q1'12 14,740
Q2'12 14,499
Q3'12 14,724
Q4'12 15,419
Q1'13 15,035
Q2'13 15,090
Q3'13 15,530
Q4'13 17,545
Q1'14 17,582
Q2'14 17,724
Q3'14 17,703
Q4'14 18,594
Q1'15 18,521
Q2'15 19,167
Q3'15 20,541
Q4'15 21,600
Q1'16 20,766
Q2'16 22,583
Q3'16 20,987
Q4'16 21,396
Q1'17 21,156
Q2'17 22,652
Less: Cash and equivalents and short-term investments Accounts payable Accrued liabilities Income taxes payable Deferred income taxes and other liabilities Liabilities of discontinued operations
3,700 1,421 1,968 81 906 -
3,365 1,411 1,834 70 925 -
3,197 1,298 1,913 47 979 -
3,757 1,588 2,082 54 991 -
3,267 1,551 1,974 99 1,065 -
3,525 1,519 1,879 31 1,188 198
4,042 1,241 1,899 122 1,287 62
5,965 1,646 2,036 84 1,292 18
5,578 1,559 1,913 195 1,322 12
5,187 1,612 2,005 30 1,424 -
5,029 1,480 2,303 27 1,515 -
5,142 1,930 2,491 432 1,544 -
4,579 1,970 2,441 250 1,408 -
4,713 2,074 2,622 38 1,446 -
5,361 1,821 3,563 33 1,505 -
5,924 2,131 3,951 71 1,480 -
5,408 1,933 3,139 75 1,517 -
6,116 1,915 3,451 41 1,600 -
5,106 1,714 3,224 35 1,659 -
5,457 2,191 3,037 85 1,770 -
4,787 2,088 3,147 62 1,635 -
5,943 2,033 3,076 52 1,631 -
Plus: Net debt adjustment****
3,182
2,894
2,828
3,372
2,903
3,197
3,721
4,577
4,203
3,799
3,702
3,769
3,232
3,426
4,110
4,664
4,200
3,945
3,051
3,402
2,728
2,406
Invested capital Trailing 5 quarters invested capital**
9,846 9,803
9,788 9,837
10,118 9,880
10,319 9,973
9,982 10,011
9,947 10,031
10,598 10,193
11,081 10,385
11,206 10,563
11,265 10,819
11,051 11,040
10,824 11,085
11,105 11,090
11,700 11,189
12,368 11,410
12,707 11,741
12,894 12,155
13,405 12,615
12,300 12,735
12,258 12,713
12,165 12,604
12,323 12,490
Return on invested capital***
22.6%
22.6%
Earnings before interest and taxes Tax rate Taxes calculated Trailing 4 quarters taxes* Earnings before interest and after taxes from continuing operations Earnings before interest and after taxes from discontinued operations Earnings before interest and after taxes Trailing 4 quarters earnings before interest and after taxes*
Total NIKE Inc. assets
22.9%
22.2%
(5)
(58)
(31)
(34)
(17)
(58)
(62) 1,288
(18) 1,129
21.3%
20.4%
23.1%
23.8%
25.5%
26.3%
24.2%
24.5%
26.2%
27.0%
27.4%
28.1%
28.9%
28.8%
29.8%
29.7%
30.5%
31.3%
* Equals the sum of the current quarter and previous 3 quarters ** Equals the simple average of the current and previous 4 quarters *** Equals the trailing 4 quarters earnings before interest and after taxes divided by trailing 5 quarters average invested capital **** See calculation of Net debt adjustment below Cash and equivalents and short-term investments Less: Long-term debt Notes payable Current portion of long-term debt Net debt adjustment
3,700
3,365
3,197
3,757
3,267
3,525
4,042
5,965
5,578
5,187
5,029
5,142
4,579
4,713
5,361
5,924
5,408
6,116
5,106
5,457
4,787
5,943
238 164 116 3,182
234 123 114 2,894
229 91 49 2,828
228 108 49 3,372
226 129 9 2,903
170 100 58 3,197
161 103 57 3,721
1,210 121 57 4,577
1,207 111 57 4,203
1,201 180 7 3,799
1,201 119 7 3,702
1,199 167 7 3,769
1,195 146 6 3,232
1,084 93 110 3,426
1,082 61 108 4,110
1,079 74 107 4,664
1,079 23 106 4,200
2,067 99 5 3,945
2,048 7 3,051
2,010 1 44 3,402
1,993 22 44 2,728
3,473 20 44 2,406
11/30/2016 $
8,180
11/30/2015 $
% Change
7,686
6%
SIX MONTHS ENDED 11/30/2016 $
17,241
11/30/2015 $
% Change
16,100
7%
Cost of sales
4,564
4,185
9%
9,502
8,604
10%
Gross profit
3,616
3,501
3%
7,739
7,496
3%
Gross margin
44.2%
45.6%
Demand creation expense Operating overhead expense Total selling and administrative expense % of revenue
762 1,743 2,505 30.6%
769 1,791 2,560 33.3%
Interest expense (income), net Other (income) expense, net Income before income taxes Income tax expense Effective tax rate
15 (18) 1,114 272 24.4%
5 (34) 970 185 19.1%
44.9%
46.6%
-1% -3% -2%
1,803 3,599 5,402 31.3%
1,601 3,536 5,137 31.9%
13% 2% 5%
— — 15% 47%
22 (80) 2,395 304 12.7%
9 (65) 2,415 451 18.7%
— — -1% -33%
NET INCOME
$
842
$
785
7%
$
2,091
$
1,964
6%
Earnings per common share: Basic Diluted
$ $
0.51 0.50
$ $
0.46 0.45
11% 11%
$ $
1.26 1.23
$ $
1.15 1.12
10% 10%
Weighted average common shares outstanding: Basic Diluted Dividends declared per common share
1,659.1 1,693.2 $
0.18
1,706.5 1,751.4 $
0.16
1,665.6 1,701.3 $
0.34
1,707.8 1,753.4 $
0.30
NIKE, Inc. CONSOLIDATED BALANCE SHEETS (Dollars in millions) ASSETS Current assets: Cash and equivalents Short-term investments Accounts receivable, net Inventories Prepaid expenses and other current assets Total current assets Property, plant and equipment, net Identifiable intangible assets, net Goodwill Deferred income taxes and other assets1 TOTAL ASSETS LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of long-term debt Notes payable Accounts payable Accrued liabilities1 Income taxes payable Total current liabilities Long-term debt Deferred income taxes and other liabilities1 Redeemable preferred stock Shareholders' equity TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 1
November 30, November 30, % Change 2016 2015
$
$
$
$
4,339 $ 1,604 3,478 5,033 1,557 16,011 3,566 283 139 2,653 22,652 $
3,851 2,265 3,437 4,600 2,197 16,350 3,235 281 131 2,567 22,564
13% -29% 1% 9% -29% -2% 10% 1% 6% 3% 0%
44 $ 20 2,033 3,076 52 5,225 3,473 1,631 — 12,323 22,652 $
5 99 1,915 3,449 41 5,509 2,050 1,600 — 13,405 22,564
780% -80% 6% -11% 27% -5% 69% 2% — -8% 0%
During the fourth quarter of fiscal 2016, NIKE, Inc. adopted Accounting Standards Update No. 2015-17, which requires all deferred tax assets and deferred tax liabilities to be classified as non-current. All periods presented have been updated to reflect these changes.
NIKE, Inc.
DIVISIONAL REVENUES THREE MONTHS ENDED (Dollars in millions) North America Footwear Apparel Equipment Total Western Europe Footwear Apparel Equipment Total Central & Eastern Europe Footwear Apparel Equipment Total Greater China Footwear Apparel Equipment Total Japan Footwear Apparel Equipment Total Emerging Markets Footwear Apparel Equipment Total Global Brand Divisions2 Total NIKE Brand Converse Corporate3 Total NIKE, Inc. Revenues Total NIKE Brand Footwear Apparel Equipment Global Brand Divisions2
11/30/2016 $
$
$
11/30/2015
% Change Excluding Currency Change Changes1 %
2,219 $ 1,273 158 3,650
2,162 1,221 164 3,547
3% 4% -4% 3%
3% 4% -3% 3%
865 454 66 1,385
845 391 63 1,299
2% 16% 5% 7%
192 120 16 328
183 126 17 326
669 355 31 1,055
SIX MONTHS ENDED 11/30/2016 $
11/30/2015
% Change Excluding Currency Change Changes1 %
4,737 $ 2,590 354 7,681
4,528 2,468 350 7,346
5% 5% 1% 5%
5% 5% 1% 5%
8% 23% 12% 12%
2,012 985 151 3,148
1,973 825 142 2,940
2% 19% 6% 7%
5% 25% 11% 11%
5% -5% -6% 1%
6% -4% -6% 1%
462 258 48 768
421 259 47 727
10% 0% 2% 6%
13% 4% 6% 10%
600 306 32 938
12% 16% -3% 12%
16% 21% 3% 17%
1,379 624 72 2,075
1,199 552 73 1,824
15% 13% -1% 14%
21% 18% 3% 19%
151 70 17 238
128 63 14 205
18% 11% 21% 16%
0% -6% 9% -2%
317 130 36 483
250 106 28 384
27% 23% 29% 26%
8% 5% 11% 7%
726 263 58 1,047 21 7,724 416 40 8,180 $
674 255 55 984 18 7,317 398 (29) 7,686
8% 3% 5% 6% 17% 6% 5% — 6%
15% 9% 10% 13% 17% 8% 5% — 8%
1,387 497 108 1,992 36 16,183 990 68 17,241 $
1,344 493 113 1,950 44 15,215 953 (68) 16,100
3% 1% -4% 2% -18% 6% 4% — 7%
14% 11% 4% 12% -21% 9% 5% — 9%
4,822 $ 2,535 346 21
4,592 2,362 345 18
5% 7% 0% 17%
7% 9% 2% 17%
10,294 $ 5,084 769 36
9,715 4,703 753 44
6% 8% 2% -18%
8% 11% 4% -21%
$
$
1
Fiscal 2017 results have been restated using fiscal 2016 exchange rates for the comparative period to enhance the visibility of the underlying business trends excluding the impact of translation arising from foreign currency exchange rate fluctuations, which is considered a non-GAAP financial measure. 2
Global Brand Divisions revenues are primarily attributable to NIKE Brand licensing businesses that are not part of a geographic operating segment. 3
Corporate revenues primarily consist of foreign currency hedge gains and losses related to revenues generated by entities within the NIKE Brand geographic operating segments and Converse but managed through our central foreign exchange risk management program.
NIKE, Inc. EARNINGS BEFORE INTEREST AND TAXES1 THREE MONTHS ENDED (Dollars in millions)
11/30/2016
North America
$
Western Europe Central & Eastern Europe Greater China Japan Emerging Markets Global Brand Divisions
2
Converse 3
TOTAL EARNINGS BEFORE INTEREST AND TAXES TOTAL INCOME BEFORE INCOME TAXES
882
3%
236
307
-23%
58
76
375 48 237
11/30/2016
11/30/2015
1,916 $
Change
1,924
0%
628
792
-21%
-24%
139
174
-20%
327
15%
746
657
14%
47
2%
98
83
18%
241
-2%
408
499
-18%
1%
(1,390)
(1,249)
-11%
-1%
2,545
2,880
-12%
78
85
-8%
231
232
0%
(196)
(365)
46%
(688)
48%
975
16%
1,114 $
(625)
$
%
1,255
15 $
SIX MONTHS ENDED
1,247
1,129
Interest expense (income), net
Change
912 $
(619)
TOTAL NIKE BRAND Corporate
11/30/2015
%
5 970
(359) 2,417
— 15%
22 $
2,395 $
2,424 9 2,415
0% — -1%
1
The Company evaluates performance of individual operating segments based on earnings before interest and taxes (commonly referred to as “EBIT”), which represents net income before interest expense (income), net and income tax expense and is considered a non-GAAP financial measure. 2
Global Brand Divisions primarily represent demand creation, operating overhead and product creation and design expenses that are centrally managed for the NIKE Brand. Revenues for Global Brand Divisions are primarily attributable to NIKE Brand licensing businesses that are not part of a geographic operating segment. 3
Corporate consists largely of unallocated general and administrative expenses, including expenses associated with centrally managed departments; depreciation and amortization related to the Company’s corporate headquarters; unallocated insurance, benefit and compensation programs, including stock-based compensation; and certain foreign currency gains and losses, including certain hedge gains and losses.
Nike, Inc. Return on Invested Capital Calculation (Dollars in millions) Continuing operations: Revenues Operating expenses: Cost of sales Selling and administrative expense Restructuring charges Goodwill impairment Intangible and other asset impairment Net operating profit Other (income) expense, net
Q1'12
Q2'12
Q3'12
Q4'12
Q1'13
Q2'13
Q3'13
Q4'13
Q1'14
Q2'14
Q3'14
Q4'14
Q1'15
Q2'15
Q3'15
Q4'15
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
Q2'17
6,081
5,731
5,846
6,470
6,669
5,955
6,187
6,697
6,971
6,431
6,972
7,425
7,982
7,380
7,460
7,779
8,414
7,686
8,032
8,244
9,061
8,180
3,388 1,826 867
3,281 1,822 628
3,285 1,806 755
3,703 1,991 776
3,766 2,156 747
3,425 1,839 691
3,451 1,866 870
3,757 2,029 911
3,839 2,058 1,074
3,605 2,091 735
3,869 2,169 934
4,040 2,448 937
4,261 2,480 1,241
4,053 2,438 889
4,034 2,379 1,047
4,186 2,595 998
4,419 2,577 1,418
4,185 2,560 941
4,343 2,566 1,123
4,458 2,766 1,020
4,938 2,897 1,226
4,564 2,505 1,111
18
9
849
(11)
38
(29)
(17)
17
13
28
13
45
17
3
2
619
766
738
776
708
853
898
1,046
722
889
920
1,238
887
1,052
1,056
1,449
975
1,140
1,078
24.4%
24.2%
27.3%
26.2%
27.6%
26.8%
22.8%
22.9%
25.0%
25.2%
22.5%
23.5%
21.7%
25.4%
24.4%
17.8%
18.4%
19.1%
16.3%
21.2%
2.5%
24.4%
207 722
150 720
209 745
193 759
214 766
190 806
195 792
206 805
262 853
182 845
200 850
216 860
269 867
225 910
256 966
188 938
267 936
186 897
186 827
228 867
32 632
276 722
-
-
-
-
-
518 (137)
658 204
692 (28)
784 -
540 -
689 -
704 -
969 -
662 -
796 -
868 -
1,182 -
789 -
954 -
850 -
1,256 -
853 -
642 2,213
469 2,225
557 2,262
545 2,213
562 2,133
381 2,045
862 2,350
664 2,469
784 2,691
540 2,850
689 2,677
704 2,717
969 2,902
662 3,024
796 3,131
868 3,295
1,182 3,508
789 3,635
954 3,793
850 3,775
1,256 3,849
853 3,913
Q1'12 14,740
Q2'12 14,499
Q3'12 14,724
Q4'12 15,419
Q1'13 15,035
Q2'13 15,090
Q3'13 15,530
Q4'13 17,545
Q1'14 17,582
Q2'14 17,724
Q3'14 17,703
Q4'14 18,594
Q1'15 18,521
Q2'15 19,167
Q3'15 20,541
Q4'15 21,600
Q1'16 20,766
Q2'16 22,583
Q3'16 20,987
Q4'16 21,396
Q1'17 21,156
Q2'17 22,652
Less: Cash and equivalents and short-term investments Accounts payable Accrued liabilities Income taxes payable Deferred income taxes and other liabilities Liabilities of discontinued operations
3,700 1,421 1,968 81 906 -
3,365 1,411 1,834 70 925 -
3,197 1,298 1,913 47 979 -
3,757 1,588 2,082 54 991 -
3,267 1,551 1,974 99 1,065 -
3,525 1,519 1,879 31 1,188 198
4,042 1,241 1,899 122 1,287 62
5,965 1,646 2,036 84 1,292 18
5,578 1,559 1,913 195 1,322 12
5,187 1,612 2,005 30 1,424 -
5,029 1,480 2,303 27 1,515 -
5,142 1,930 2,491 432 1,544 -
4,579 1,970 2,441 250 1,408 -
4,713 2,074 2,622 38 1,446 -
5,361 1,821 3,563 33 1,505 -
5,924 2,131 3,951 71 1,480 -
5,408 1,933 3,139 75 1,517 -
6,116 1,915 3,451 41 1,600 -
5,106 1,714 3,224 35 1,659 -
5,457 2,191 3,037 85 1,770 -
4,787 2,088 3,147 62 1,635 -
5,943 2,033 3,076 52 1,631 -
Plus: Net debt adjustment****
3,182
2,894
2,828
3,372
2,903
3,197
3,721
4,577
4,203
3,799
3,702
3,769
3,232
3,426
4,110
4,664
4,200
3,945
3,051
3,402
2,728
2,406
Invested capital Trailing 5 quarters invested capital**
9,846 9,803
9,788 9,837
10,118 9,880
10,319 9,973
9,982 10,011
9,947 10,031
10,598 10,193
11,081 10,385
11,206 10,563
11,265 10,819
11,051 11,040
10,824 11,085
11,105 11,090
11,700 11,189
12,368 11,410
12,707 11,741
12,894 12,155
13,405 12,615
12,300 12,735
12,258 12,713
12,165 12,604
12,323 12,490
Return on invested capital***
22.6%
22.6%
Earnings before interest and taxes Tax rate Taxes calculated Trailing 4 quarters taxes* Earnings before interest and after taxes from continuing operations Earnings before interest and after taxes from discontinued operations Earnings before interest and after taxes Trailing 4 quarters earnings before interest and after taxes*
Total NIKE Inc. assets
22.9%
22.2%
(5)
(58)
(31)
(34)
(17)
(58)
(62) 1,288
(18) 1,129
21.3%
20.4%
23.1%
23.8%
25.5%
26.3%
24.2%
24.5%
26.2%
27.0%
27.4%
28.1%
28.9%
28.8%
29.8%
29.7%
30.5%
31.3%
* Equals the sum of the current quarter and previous 3 quarters ** Equals the simple average of the current and previous 4 quarters *** Equals the trailing 4 quarters earnings before interest and after taxes divided by trailing 5 quarters average invested capital **** See calculation of Net debt adjustment below Cash and equivalents and short-term investments Less: Long-term debt Notes payable Current portion of long-term debt Net debt adjustment
3,700
3,365
3,197
3,757
3,267
3,525
4,042
5,965
5,578
5,187
5,029
5,142
4,579
4,713
5,361
5,924
5,408
6,116
5,106
5,457
4,787
5,943
238 164 116 3,182
234 123 114 2,894
229 91 49 2,828
228 108 49 3,372
226 129 9 2,903
170 100 58 3,197
161 103 57 3,721
1,210 121 57 4,577
1,207 111 57 4,203
1,201 180 7 3,799
1,201 119 7 3,702
1,199 167 7 3,769
1,195 146 6 3,232
1,084 93 110 3,426
1,082 61 108 4,110
1,079 74 107 4,664
1,079 23 106 4,200
2,067 99 5 3,945
2,048 7 3,051
2,010 1 44 3,402
1,993 22 44 2,728
3,473 20 44 2,406
