NIKE Inc
For the period ended Feb 28, 2025. Filed Apr 3, 2025.
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Feb 28, 2025 · Filed Apr 3, 2025
Contents
Restructuring
NOTE 13 — RESTRUCTURING
During the third quarter of fiscal 2024, the Company announced a multi-year enterprise initiative designed to accelerate its future growth. As part of this initiative, management streamlined the organization which resulted in a net reduction in the Company's global workforce. During the third quarter of fiscal 2024, the Company recognized pre-tax restructuring charges of $403 million, with $379 million primarily related to employee severance costs and $24 million related to accelerated stock-based compensation. Of the $403 million pre-tax restructuring charges, $340 million was classified within Operating overhead expense and $63 million was classified within Cost of sales.
As of the second quarter of fiscal 2025, the restructuring initiative was substantially complete. During the nine months ended February 28, 2025, the Company made cash payments of $243 million related to employee severance. As of May 31, 2024, $267 million of related pre-tax restructuring charges were reflected within Accrued liabilities on the Unaudited Condensed Consolidated Balance Sheets.
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