NIKE Inc
For the period ended Feb 29, 2024. Filed Apr 4, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Feb 29, 2024 · Filed Apr 4, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Accumulated Other Comprehensive Income (Loss)
NOTE 9 — ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The changes in Accumulated other comprehensive income (loss), net of tax, were as follows:
| (Dollars in millions) | FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1) | CASH FLOW HEDGES | NET INVESTMENT HEDGES(1) | OTHER | TOTAL |
|---|---|---|---|---|---|
| Balance at November 30, 2023 | $(178) | $242 | $115 | $(58) | $121 |
| Other comprehensive income (loss): | |||||
| Other comprehensive gains (losses) before reclassifications(2) | (57) | 150 | — | 4 | 97 |
| Reclassifications to net income of previously deferred (gains) losses(2) | — | (100) | — | 7 | (93) |
| Total other comprehensive income (loss) | (57) | 50 | — | 11 | 4 |
| Balance at February 29, 2024 | $(235) | $292 | $115 | $(47) | $125 |
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
| (Dollars in millions) | FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1) | CASH FLOW HEDGES | NET INVESTMENT HEDGES(1) | OTHER | TOTAL |
|---|---|---|---|---|---|
| Balance at November 30, 2022 | $(392) | $933 | $115 | $(97) | $559 |
| Other comprehensive income (loss): | |||||
| Other comprehensive gains (losses) before reclassifications(2) | 150 | (179) | — | — | (29) |
| Reclassifications to net income of previously deferred (gains) losses(2) | 3 | (254) | — | 23 | (228) |
| Total other comprehensive income (loss) | 153 | (433) | — | 23 | (257) |
| Balance at February 28, 2023 | $(239) | $500 | $115 | $(74) | $302 |
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
| (Dollars in millions) | FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1) | CASH FLOW HEDGES | NET INVESTMENT HEDGES(1) | OTHER | TOTAL |
|---|---|---|---|---|---|
| Balance at May 31, 2023 | $(253) | $431 | $115 | $(62) | $231 |
| Other comprehensive income (loss): | |||||
| Other comprehensive gains (losses) before reclassifications(2) | 16 | 175 | — | 15 | 206 |
| Reclassifications to net income of previously deferred (gains) losses(2) | 2 | (314) | — | — | (312) |
| Total other comprehensive income (loss) | 18 | (139) | — | 15 | (106) |
| Balance at February 29, 2024 | $(235) | $292 | $115 | $(47) | $125 |
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
| (Dollars in millions) | FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1) | CASH FLOW HEDGES | NET INVESTMENT HEDGES(1) | OTHER | TOTAL |
|---|---|---|---|---|---|
| Balance at May 31, 2022 | $(520) | $779 | $115 | $(56) | $318 |
| Other comprehensive income (loss): | |||||
| Other comprehensive gains (losses) before reclassifications(2) | (77) | 399 | — | (27) | 295 |
| Reclassifications to net income of previously deferred (gains) losses(2) | 358 | (678) | — | 9 | (311) |
| Total other comprehensive income (loss) | 281 | (279) | — | (18) | (16) |
| Balance at February 28, 2023 | $(239) | $500 | $115 | $(74) | $302 |
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
The following table summarizes the reclassifications from Accumulated other comprehensive income (loss) to the Unaudited Condensed Consolidated Statements of Income:
| AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME · LOCATION OF GAIN (LOSS)RECLASSIFIED FROM ACCUMULATEDOTHER COMPREHENSIVE INCOME(LOSS) INTO INCOME | |||||
|---|---|---|---|---|---|
| THREE MONTHS ENDED · NINE MONTHS ENDED | |||||
| (Dollars in millions) · FEBRUARY 29, 2024 · FEBRUARY 28, 2023 · FEBRUARY 29, 2024 · FEBRUARY 28, 2023 | |||||
| Gains (losses) on foreign currency translation adjustment | $— | $(3) | $(2) | $(374) | Other (income) expense, net |
| Total before tax | — | (3) | (2) | (374) | |
| Tax (expense) benefit | — | — | — | 16 | |
| Gain (loss) net of tax | — | (3) | (2) | (358) | |
| Gains (losses) on cash flow hedges: | |||||
| Foreign exchange forwards and options | (10) | 14 | (7) | 9 | Revenues |
| Foreign exchange forwards and options | 70 | 182 | 221 | 464 | Cost of sales |
| Foreign exchange forwards and options | 1 | (1) | 1 | (4) | Demand creation expense |
| Foreign exchange forwards and options | 52 | 90 | 138 | 297 | Other (income) expense, net |
| Interest rate swaps | (2) | (2) | (6) | (6) | Interest expense (income), net |
| Total before tax | 111 | 283 | 347 | 760 | |
| Tax (expense) benefit | (11) | (29) | (33) | (82) | |
| Gain (loss) net of tax | 100 | 254 | 314 | 678 | |
| Gains (losses) on other | (9) | (32) | 1 | (12) | Other (income) expense, net |
| Total before tax | (9) | (32) | 1 | (12) | |
| Tax (expense) benefit | 2 | 9 | (1) | 3 | |
| Gain (loss) net of tax | (7) | (23) | — | (9) | |
| Total net gain (loss) reclassified for the period | $93 | $228 | $312 | $311 | |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.