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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED NOVEMBER 30, 2023

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM                         TO                         .

Commission File No. 1-10635
nikelogoorange.jpg
NIKE, Inc.
(Exact name of Registrant as specified in its charter)
Oregon
93-0584541
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)

One Bowerman Drive, Beaverton, Oregon 97005-6453
(Address of principal executive offices and zip code)

(503) 671-6453
(Registrant's telephone number, including area code)
SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:
Class B Common Stock
NKE
New York Stock Exchange
(Title of each class)
(Trading symbol)
(Name of each exchange on which registered)
Indicate by check mark:
YES
NO
whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
þ
whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
þ
whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
þ
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
if an emerging growth company, if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
þ
As of December 28, 2023, the number of shares of the Registrant's Common Stock outstanding were:
Class A
297,897,252 
Class B
1,217,224,816 
1,515,122,068 


NIKE, INC.
FORM 10-Q
TABLE OF CONTENTS
PAGE
PART I - FINANCIAL INFORMATION
ITEM 1.
ITEM 3.
ITEM 4.
PART II - OTHER INFORMATION
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 5.
ITEM 6.


PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
NIKE, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
THREE MONTHS ENDED NOVEMBER 30,SIX MONTHS ENDED NOVEMBER 30,
(In millions, except per share data)
2023202220232022
Revenues$13,388 $13,315 $26,327 $26,002 
Cost of sales7,417 7,604 14,636 14,676 
Gross profit5,971 5,711 11,691 11,326 
Demand creation expense1,114 1,102 2,183 2,045 
Operating overhead expense3,032 3,022 6,079 5,999 
Total selling and administrative expense4,146 4,124 8,262 8,044 
Interest expense (income), net(22)16 (56)29 
Other (income) expense, net(75)(79)(85)(225)
Income before income taxes
1,922 1,650 3,570 3,478 
Income tax expense
344 319 542 679 
NET INCOME
$1,578 $1,331 $3,028 $2,799 
Earnings per common share:
Basic$1.04 $0.85 $1.99 $1.79 
Diluted$1.03 $0.85 $1.97 $1.77 
Weighted average common shares outstanding:
Basic1,520.8 1,559.0 1,524.6 1,563.1 
Diluted1,532.1 1,572.4 1,537.7 1,579.1 
The accompanying Notes to the Unaudited Condensed Consolidated Financial Statements are an integral part of this statement.
1

NIKE, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
THREE MONTHS ENDED NOVEMBER 30,SIX MONTHS ENDED NOVEMBER 30,
(Dollars in millions)
2023202220232022
Net income$1,578 $1,331 $3,028 $2,799 
Other comprehensive income (loss), net of tax:
Change in net foreign currency translation adjustment39 354 75 128 
Change in net gains (losses) on cash flow hedges(55)(401)(189)154 
Change in net gains (losses) on other1 (30)4 (41)
Total other comprehensive income (loss), net of tax(15)(77)(110)241 
TOTAL COMPREHENSIVE INCOME$1,563 $1,254 $2,918 $3,040 
The accompanying Notes to the Unaudited Condensed Consolidated Financial Statements are an integral part of this statement.
2

NIKE, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
NOVEMBER 30,MAY 31,
(In millions)
20232023
ASSETS
Current assets:
Cash and equivalents$7,919 $7,441 
Short-term investments2,008 3,234 
Accounts receivable, net4,782 4,131 
Inventories7,979 8,454 
Prepaid expenses and other current assets1,943 1,942 
Total current assets24,631 25,202 
Property, plant and equipment, net5,153 5,081 
Operating lease right-of-use assets, net2,943 2,923 
Identifiable intangible assets, net269 274 
Goodwill281 281 
Deferred income taxes and other assets3,926 3,770 
TOTAL ASSETS$37,203 $37,531 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt$ $ 
Notes payable6 6 
Accounts payable2,709 2,862 
Current portion of operating lease liabilities456 425 
Accrued liabilities5,470 5,723 
Income taxes payable358 240 
Total current liabilities8,999 9,256 
Long-term debt8,930 8,927 
Operating lease liabilities2,785 2,786 
Deferred income taxes and other liabilities2,343 2,558 
Commitments and contingencies (Note 11)
Redeemable preferred stock  
Shareholders' equity:
Common stock at stated value:
Class A convertible — 298 and 305 shares outstanding
  
Class B — 1,219 and 1,227 shares outstanding
3 3 
Capital in excess of stated value12,871 12,412 
Accumulated other comprehensive income (loss)121 231 
Retained earnings1,151 1,358 
Total shareholders' equity14,146 14,004 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$37,203 $37,531 
The accompanying Notes to the Unaudited Condensed Consolidated Financial Statements are an integral part of this statement.
3

NIKE, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
SIX MONTHS ENDED NOVEMBER 30,
(Dollars in millions)
20232022
Cash provided (used) by operations:
Net income$3,028 $2,799 
Adjustments to reconcile net income to net cash provided (used) by operations:
Depreciation382 342 
Deferred income taxes(144)(150)
Stock-based compensation402 364 
Amortization, impairment and other(12)137 
Net foreign currency adjustments(43)(125)
Changes in certain working capital components and other assets and liabilities:
(Increase) decrease in accounts receivable(649)(878)
(Increase) decrease in inventories493 (948)
(Increase) decrease in prepaid expenses, operating lease right-of-use assets and other current and non-current assets(394)(239)
Increase (decrease) in accounts payable, accrued liabilities, operating lease liabilities and other current and non-current liabilities(312)56 
Cash provided (used) by operations2,751 1,358 
Cash provided (used) by investing activities:
Purchases of short-term investments(2,206)(3,500)
Maturities of short-term investments1,477 1,951 
Sales of short-term investments2,072 1,972 
Additions to property, plant and equipment(458)(500)
Other investing activities(10)54 
Cash provided (used) by investing activities875 (23)
Cash provided (used) by financing activities:
Increase (decrease) in notes payable, net
 (3)
Proceeds from exercise of stock options and other stock issuances327 260 
Repurchase of common stock(2,331)(2,550)
Dividends — common and preferred(1,047)(960)
Other financing activities(100)(68)
Cash provided (used) by financing activities(3,151)(3,321)
Effect of exchange rate changes on cash and equivalents3 (98)
Net increase (decrease) in cash and equivalents478 (2,084)
Cash and equivalents, beginning of period7,441 8,574 
CASH AND EQUIVALENTS, END OF PERIOD$7,919 $6,490 
Supplemental disclosure of cash flow information:
Non-cash additions to property, plant and equipment$165 $124 
Dividends declared and not paid565 526 
The accompanying Notes to the Unaudited Condensed Consolidated Financial Statements are an integral part of this statement.
4

NIKE, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
COMMON STOCKCAPITAL IN EXCESS OF STATED VALUEACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)RETAINED EARNINGSTOTAL
CLASS ACLASS B
(In millions, except per share data)
SHARESAMOUNTSHARESAMOUNT
Balance at August 31, 2023298 $ 1,226 $3 $12,590 $136 $1,242 $13,971 
Stock options exercised2 106 106 
Repurchase of Class B Common Stock(12)(99)(1,110)(1,209)
Dividends on common stock ($0.370 per share)
(565)(565)
Issuance of shares to employees, net of shares withheld for employee taxes3 68 6 74 
Stock-based compensation206 206 
Net income1,578 1,578 
Other comprehensive income (loss)(15)(15)
Balance at November 30, 2023298 $ 1,219 $3 $12,871 $121 $1,151 $14,146 
COMMON STOCKCAPITAL IN EXCESS OF STATED VALUEACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)RETAINED EARNINGSTOTAL
CLASS ACLASS B
(In millions, except per share data)
SHARESAMOUNTSHARESAMOUNT
Balance at August 31, 2022305 $ 1,259 $3 $11,648 $636 $3,535 $15,822 
Stock options exercised1 69 69 
Repurchase of Class B Common Stock(17)(123)(1,484)(1,607)
Dividends on common stock ($0.340 per share)
(526)(526)
Issuance of shares to employees, net of shares withheld for employee taxes2 63 3 66 
Stock-based compensation194 194 
Net income1,331 1,331 
Other comprehensive income (loss)(77)(77)
Balance at November 30, 2022305 $ 1,245 $3 $11,851 $559 $2,859 $15,272 
COMMON STOCKCAPITAL IN EXCESS OF STATED VALUEACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)RETAINED EARNINGSTOTAL
CLASS ACLASS B
(In millions, except per share data)
SHARESAMOUNTSHARESAMOUNT
Balance at May 31, 2023305 $ 1,227 $3 $12,412 $231 $1,358 $14,004 
Stock options exercised4 212 212 
Conversion to Class B Common Stock(7)7 — 
Repurchase of Class B Common Stock(22)(184)(2,157)(2,341)
Dividends on common stock ($0.710 per share) and preferred stock ($0.10 per share)
(1,084)(1,084)
Issuance of shares to employees, net of shares withheld for employee taxes3 29 6 35 
Stock-based compensation402 402 
Net income3,028 3,028 
Other comprehensive income (loss)(110)(110)
Balance at November 30, 2023298 $ 1,219 $3 $12,871 $121 $1,151 $14,146 
5

COMMON STOCKCAPITAL IN EXCESS OF STATED VALUEACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)RETAINED EARNINGSTOTAL
CLASS ACLASS B
(In millions, except per share data)
SHARESAMOUNTSHARESAMOUNT
Balance at May 31, 2022305 $ 1,266 $3 $11,484 $318 $3,476 $15,281 
Stock options exercised3 149 149 
Repurchase of Class B Common Stock(26)(189)(2,409)(2,598)
Dividends on common stock ($0.645 per share) and preferred stock ($0.10 per share)
(1,008)(1,008)
Issuance of shares to employees, net of shares withheld for employee taxes2 43 1 44 
Stock-based compensation364 364 
Net income2,799 2,799 
Other comprehensive income (loss)241 241 
Balance at November 30, 2022305 $ 1,245 $3 $11,851 $559 $2,859 $15,272 
The accompanying Notes to the Unaudited Condensed Consolidated Financial Statements are an integral part of this statement.
6

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
7

NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION
The Unaudited Condensed Consolidated Financial Statements include the accounts of NIKE, Inc. and its subsidiaries (the "Company" or "NIKE") and reflect all normal recurring adjustments which are, in the opinion of management, necessary for a fair statement of the results of operations for the interim period. The year-end Condensed Consolidated Balance Sheet data as of May 31, 2023, was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America ("U.S. GAAP"). The interim financial information and notes thereto should be read in conjunction with the Company's latest Annual Report on Form 10-K for the fiscal year ended May 31, 2023 (the "Annual Report"). The results of operations for the three and six months ended November 30, 2023, are not necessarily indicative of results to be expected for the entire fiscal year.
RECENTLY ISSUED ACCOUNTING STANDARDS
In November 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The amendments will require public entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker and included within segment profit and loss. The amendments are effective for the Company's annual periods beginning June 1, 2024, and interim periods beginning June 1, 2025, with early adoption permitted, and will be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company’s annual periods beginning June 1, 2025, with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is currently evaluating the ASU to determine its impact on the Company’s disclosures.
RECENTLY ADOPTED ACCOUNTING STANDARDS
In September 2022, the FASB issued ASU 2022-04, Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. The new guidance requires qualitative and quantitative disclosure sufficient to enable users of the financial statements to understand the nature, activity during the period, changes from period to period and potential magnitude of such programs. The Company adopted the required guidance in the first quarter of fiscal 2024.
Certain financial institutions offer voluntary supplier finance programs facilitated through a third-party platform that provide participating suppliers the option to finance valid payment obligations from the Company. The Company is not a party to agreements negotiated between participating suppliers and third-party financial institutions. The Company's obligations to its suppliers, including amounts due and payment terms, are not affected by a supplier's decision to participate in these programs and the Company does not provide guarantees to third parties in connection with these programs. As of November 30, 2023 and May 31, 2023, the Company had $819 million and $834 million, respectively, of outstanding supplier obligations confirmed as valid under these programs. These amounts are included within Accounts payable on the Unaudited Condensed Consolidated Balance Sheets.
8

NOTE 2 — ACCRUED LIABILITIES
Accrued liabilities included the following:
NOVEMBER 30,MAY 31,
(Dollars in millions)20232023
Compensation and benefits, excluding taxes
$1,254 $1,737 
Sales-related reserves1,130 994 
Dividends payable
568 529 
Taxes other than income taxes payable
499 377 
Endorsement compensation
415 552 
Other1,604 1,534
TOTAL ACCRUED LIABILITIES$5,470 $5,723 
NOTE 3 — FAIR VALUE MEASUREMENTS
The Company measures certain financial assets and liabilities at fair value on a recurring basis, including derivatives, equity securities and available-for-sale debt securities. For additional information about the Company's fair value policies, refer to Note 1 — Summary of Significant Accounting Policies within the Annual Report.
The following tables present information about the Company's financial assets measured at fair value on a recurring basis as of November 30, 2023 and May 31, 2023, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
NOVEMBER 30, 2023
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$1,603 $1,603 $— 
Level 1:
U.S. Treasury securities1,420  1,420 
Level 2:
Commercial paper and bonds550 18 532 
Money market funds5,653 5,653  
Time deposits652 645 7 
U.S. Agency securities49  49 
Total Level 26,904 6,316 588 
TOTAL$9,927 $7,919 $2,008 
MAY 31, 2023
(Dollars in millions)
ASSETS AT FAIR VALUECASH AND EQUIVALENTSSHORT-TERM INVESTMENTS
Cash$1,767 $1,767 $— 
Level 1:
U.S. Treasury securities2,655  2,655 
Level 2:
Commercial paper and bonds543 15 528 
Money market funds5,157 5,157  
Time deposits507 502 5 
U.S. Agency securities46  46 
Total Level 26,253 5,674 579 
TOTAL$10,675 $7,441 $3,234 
9

As of November 30, 2023, the Company held $1,316 million of available-for-sale debt securities with maturity dates within one year and $692 million with maturity dates greater than one year and less than five years in Short-term investments on the Unaudited Condensed Consolidated Balance Sheets. The fair value of the Company's available-for-sale debt securities approximates their amortized cost.
Included in Interest expense (income), net was interest income related to the Company's investment portfolio of $92 million and $49 million for the three months ended November 30, 2023 and 2022, respectively, and $191 million and $114 million for the six months ended November 30, 2023 and 2022, respectively.
The following tables present information about the Company's derivative assets and liabilities measured at fair value on a recurring basis and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
NOVEMBER 30, 2023
DERIVATIVE ASSETSDERIVATIVE LIABILITIES
(Dollars in millions)
ASSETS AT FAIR VALUEOTHER CURRENT ASSETSOTHER LONG-TERM ASSETSLIABILITIES AT FAIR VALUEACCRUED LIABILITIESOTHER LONG-TERM LIABILITIES
Level 2:
Foreign exchange forwards and options(1)
$371 $322 $49 $202 $162 $40 
(1)If the foreign exchange derivative instruments had been netted on the Unaudited Condensed Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $180 million as of November 30, 2023. As of that date, no amount of cash collateral had been received or posted on the derivative asset and liability balances related to these foreign exchange derivative instruments.
MAY 31, 2023
DERIVATIVE ASSETSDERIVATIVE LIABILITIES
(Dollars in millions)
ASSETS AT FAIR VALUEOTHER CURRENT ASSETSOTHER LONG-TERM ASSETSLIABILITIES AT FAIR VALUEACCRUED LIABILITIESOTHER LONG-TERM LIABILITIES
Level 2:
Foreign exchange forwards and options(1)
$557 $493 $64 $180 $128 $52 
(1)If the foreign exchange derivative instruments had been netted on the Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $178 million as of May 31, 2023. As of that date, the Company received $36 million of cash collateral from counterparties related to foreign exchange derivative instruments. No amount of collateral was posted on the derivative liability balance as of May 31, 2023.
For additional information related to the Company's derivative financial instruments and credit risk, refer to Note 7 — Risk Management and Derivatives.
The carrying amounts of other current financial assets and other current financial liabilities approximate fair value.
FINANCIAL ASSETS AND LIABILITIES NOT RECORDED AT FAIR VALUE
The Company's Long-term debt is recorded at adjusted cost, net of unamortized premiums, discounts and debt issuance costs. The fair value of long-term debt is estimated based upon quoted prices for similar instruments or quoted prices for identical instruments in inactive markets (Level 2). The fair value of the Company's Long-term debt, including the current portion, was approximately $7,744 million at November 30, 2023 and $7,889 million at May 31, 2023.
The carrying amounts reflected on the Unaudited Condensed Consolidated Balance Sheets for Notes payable approximate fair value.
10

NOTE 4 — INCOME TAXES
The effective tax rate was 15.2% and 19.5% for the six months ended November 30, 2023 and 2022, respectively. The decrease in the Company's effective tax rate was primarily due to one-time benefits including the impact of temporary relief provided by the Internal Revenue Service ("IRS") relating to U.S. foreign tax credit regulations. On July 21, 2023, the IRS issued Notice 2023-55 which specifically delayed the application of certain U.S. foreign tax credit regulations that had previously limited the Company's ability to claim credits on certain foreign taxes for the fiscal year ended May 31, 2023. As a result of this new guidance, the Company recognized a one-time tax benefit related to prior year tax positions in the first three months of fiscal 2024. Other one-time benefits included a reduction in accrued withholding taxes on undistributed foreign earnings recognized in the second quarter of fiscal 2024.
On August 16, 2022, the U.S. government enacted the Inflation Reduction Act of 2022 that included, among other provisions, changes to the U.S. corporate income tax system, including a fifteen percent minimum tax based on "adjusted financial statement income," which was effective for the Company beginning June 1, 2023. Based on the Company's current analysis of the provisions, these tax law changes are not expected to have a material impact on the Company's financial statements for fiscal 2024.
As of November 30, 2023, total gross unrecognized tax benefits, excluding related interest and penalties, were $931 million, $649 million of which would affect the Company's effective tax rate if recognized in future periods. The majority of the total gross unrecognized tax benefits are long-term in nature and included within Deferred income taxes and other liabilities on the Unaudited Condensed Consolidated Balance Sheets. As of May 31, 2023, total gross unrecognized tax benefits, excluding related interest and penalties, were $936 million. As of November 30, 2023 and May 31, 2023, accrued interest and penalties related to uncertain tax positions were $287 million and $268 million, respectively, (excluding federal benefit) and included within Deferred income taxes and other liabilities on the Unaudited Condensed Consolidated Balance Sheets.
The Company is subject to taxation in the U.S., as well as various state and foreign jurisdictions. The Company is currently under audit by the U.S. IRS for fiscal years 2017 through 2019. The Company has closed all U.S. federal income tax matters through fiscal 2016, with the exception of certain transfer pricing adjustments.
Tax years after 2011 remain open in certain major foreign jurisdictions. Although the timing of resolution of audits is not certain, the Company evaluates all domestic and foreign audit issues in the aggregate, along with the expiration of applicable statutes of limitations, and estimates that it is reasonably possible the total gross unrecognized tax benefits could decrease by up to $30 million within the next 12 months. In January 2019, the European Commission opened a formal investigation to examine whether the Netherlands has breached State Aid rules when granting certain tax rulings to the Company. The Company believes the investigation is without merit. If this matter is adversely resolved, the Netherlands may be required to assess additional amounts with respect to prior periods, and the Company's income taxes related to prior periods in the Netherlands could increase.
NOTE 5 — STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION
The NIKE, Inc. Stock Incentive Plan (the "Stock Incentive Plan") provides for the issuance of up to 798 million previously unissued shares of Class B Common Stock in connection with equity awards granted under the Stock Incentive Plan. The Stock Incentive Plan authorizes the grant of non-statutory stock options, incentive stock options, stock appreciation rights and stock awards, including restricted stock and restricted stock units. Restricted stock units include both time-vesting restricted stock units ("RSUs") as well as performance-based restricted stock units ("PSUs"). In addition to the Stock Incentive Plan, the Company gives employees the right to purchase shares at a discount from the market price under employee stock purchase plans ("ESPPs"). For additional information, refer to Note 9 — Common Stock and Stock-Based Compensation within the Annual Report.
11

The following table summarizes the Company's total stock-based compensation expense recognized in Cost of sales or Operating overhead expense, as applicable: 
 THREE MONTHS ENDED NOVEMBER 30,SIX MONTHS ENDED NOVEMBER 30,
(Dollars in millions)
2023202220232022
Stock options(1)
$88 $79 $164 $154 
ESPPs17 18 38 33 
Restricted stock and restricted stock units(2)
101 97 200 177 
TOTAL STOCK-BASED COMPENSATION EXPENSE$206 $194 $402 $364 
(1)Expense for stock options includes the expense associated with stock appreciation rights.
(2)Restricted stock units include RSUs and PSUs.
The income tax benefit related to stock-based compensation expense was $1 million and $2 million for the three months ended November 30, 2023 and 2022, respectively, and $18 million and $22 million for the six months ended November 30, 2023 and 2022, respectively, and reported within Income tax expense.
STOCK OPTIONS
As of November 30, 2023, the Company had $621 million of unrecognized compensation costs from stock options, net of estimated forfeitures, to be recognized in Cost of sales or Operating overhead expense, as applicable, over a weighted average remaining period of 2.7 years.
RESTRICTED STOCK AND RESTRICTED STOCK UNITS
As of November 30, 2023, the Company had $859 million of unrecognized compensation costs from restricted stock and restricted stock units, net of estimated forfeitures, to be recognized in Cost of sales or Operating overhead expense, as applicable, over a weighted average remaining period of 2.7 years.
NOTE 6 — EARNINGS PER SHARE
The following is a reconciliation from basic earnings per common share to diluted earnings per common share. The computations of diluted earnings per common share exclude restricted stock, restricted stock units and options, including shares under ESPPs, to purchase an estimated additional 46.2 million and 38.0 million shares of common stock outstanding for the three months ended November 30, 2023 and 2022, respectively, and 43.5 million and 35.1 million shares of common stock outstanding for the six months ended November 30, 2023 and 2022, respectively, because the awards were assumed to be anti-dilutive.
 THREE MONTHS ENDED NOVEMBER 30,SIX MONTHS ENDED NOVEMBER 30,
(In millions, except per share data)
2023202220232022
Net income available to common stockholders$1,578 $1,331 $3,028 $2,799 
Determination of shares:
Weighted average common shares outstanding1,520.8 1,559.0 1,524.6 1,563.1 
Assumed conversion of dilutive stock options and awards11.3 13.4 13.1 16.0 
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING1,532.1 1,572.4 1,537.7 1,579.1 
Earnings per common share:
Basic$1.04 $0.85 $1.99 $1.79 
Diluted$1.03 $0.85 $1.97 $1.77 
12

NOTE 7 — RISK MANAGEMENT AND DERIVATIVES
The Company is exposed to global market risks, including the effect of changes in foreign currency exchange rates and interest rates, and uses derivatives to manage financial exposures that occur in the normal course of business. As of and for the six months ended November 30, 2023, there have been no material changes to the Company's hedging program or strategy from what was disclosed within the Annual Report. For additional information about the Company's derivatives and hedging policies, refer to Note 1 — Summary of Significant Accounting Policies and Note 12 — Risk Management and Derivatives within the Annual Report.
The majority of derivatives outstanding as of November 30, 2023, are designated as foreign currency cash flow hedges, primarily for Euro/U.S. Dollar, British Pound/Euro, Chinese Yuan/U.S. Dollar and Japanese Yen/U.S. Dollar currency pairs. All derivatives are recognized on the Unaudited Condensed Consolidated Balance Sheets at fair value and classified based on the instrument's maturity date.
The following tables present the fair values of derivative instruments included within the Unaudited Condensed Consolidated Balance Sheets:
 DERIVATIVE ASSETS
BALANCE SHEET LOCATIONNOVEMBER 30,MAY 31,
(Dollars in millions)
20232023
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets$309 $480 
Foreign exchange forwards and optionsDeferred income taxes and other assets49 64 
Total derivatives formally designated as hedging instruments358 544 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsPrepaid expenses and other current assets13 13 
Total derivatives not designated as hedging instruments
13 13 
TOTAL DERIVATIVE ASSETS$371 $557 
DERIVATIVE LIABILITIES
BALANCE SHEET LOCATIONNOVEMBER 30,MAY 31,
(Dollars in millions)
20232023
Derivatives formally designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities$138 $93 
Foreign exchange forwards and optionsDeferred income taxes and other liabilities40 52 
Total derivatives formally designated as hedging instruments178 145 
Derivatives not designated as hedging instruments:
Foreign exchange forwards and optionsAccrued liabilities24 35 
Total derivatives not designated as hedging instruments
24 35 
TOTAL DERIVATIVE LIABILITIES$202 $180 

13

The following tables present the amounts affecting the Unaudited Condensed Consolidated Statements of Income:

(Dollars in millions)
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES
(1)
AMOUNT OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE
INCOME (LOSS) INTO INCOME(1)
THREE MONTHS ENDED NOVEMBER 30,LOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME
THREE MONTHS ENDED NOVEMBER 30,
2023202220232022
Derivatives designated as cash flow hedges:
Foreign exchange forwards and options$(5)$(3)Revenues$2 $4 
Foreign exchange forwards and options21 (101)Cost of sales65 173 
Foreign exchange forwards and options2 2 Demand creation expense (2)
Foreign exchange forwards and options39 (47)Other (income) expense, net51 125 
Interest rate swaps(2)
  Interest expense (income), net(2)(2)
TOTAL DESIGNATED CASH FLOW HEDGES $57 $(149)$116 $298 
(1)For the three months ended November 30, 2023 and 2022, the amounts recorded in Other (income) expense, net as a result of the discontinuance of cash flow hedges because the forecasted transactions were no longer probable of occurring were immaterial.
(2)Gains and losses associated with terminated interest rate swaps, which were previously designated as cash flow hedges and recorded in Accumulated other comprehensive income (loss), will be released through Interest expense (income), net over the term of the issued debt.

(Dollars in millions)
AMOUNT OF GAIN (LOSS) RECOGNIZED IN OTHER
COMPREHENSIVE INCOME (LOSS) ON DERIVATIVES
(1)
AMOUNT OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE
INCOME (LOSS) INTO INCOME(1)
SIX MONTHS ENDED NOVEMBER 30,LOCATION OF GAIN (LOSS)
RECLASSIFIED FROM ACCUMULATED
OTHER COMPREHENSIVE INCOME
(LOSS) INTO INCOME
SIX MONTHS ENDED NOVEMBER 30,
2023202220232022
Derivatives designated as cash flow hedges:
Foreign exchange forwards and options$(23)$22 Revenues$3 $(5)
Foreign exchange forwards and options19 386 Cost of sales151 282 
Foreign exchange forwards and options2 (3)Demand creation expense (3)
Foreign exchange forwards and options29 246 Other (income) expense, net86 207 
Interest rate swaps(2)
  Interest expense (income), net(4)(4)
TOTAL DESIGNATED CASH FLOW HEDGES $27 $651 $236 $477 
(1)For the six months ended November 30, 2023 and 2022, the amounts recorded in Other (income) expense, net as a result of the discontinuance of cash flow hedges because the forecasted transactions were no longer probable of occurring were immaterial.
(2)Gains and losses associated with terminated interest rate swaps, which were previously designated as cash flow hedges and recorded in Accumulated other comprehensive income (loss), will be released through Interest expense (income), net over the term of the issued debt.

14

AMOUNT OF GAIN (LOSS) RECOGNIZED
IN INCOME ON DERIVATIVES
LOCATION OF GAIN (LOSS)
RECOGNIZED IN INCOME
ON DERIVATIVES
THREE MONTHS ENDED NOVEMBER 30,SIX MONTHS ENDED NOVEMBER 30,
(Dollars in millions)
2023202220232022
Derivatives not designated as hedging instruments:
Foreign exchange forwards and options and embedded derivatives
$17 $17 $(10)$78 Other (income) expense, net
CASH FLOW HEDGES
The total notional amount of outstanding foreign currency derivatives designated as cash flow hedges was approximately $17.7 billion as of November 30, 2023. Approximately $252 million of deferred net gains (net of tax) on both outstanding and matured derivatives in Accumulated other comprehensive income (loss) as of November 30, 2023, are expected to be reclassified to Net income during the next 12 months concurrent with the underlying hedged transactions also being recorded in Net income. Actual amounts ultimately reclassified to Net income are dependent on the exchange rates in effect when derivative contracts currently outstanding mature. As of November 30, 2023, the maximum term over which the Company hedges exposures to the variability of cash flows for its forecasted transactions was 27 months.
UNDESIGNATED DERIVATIVE INSTRUMENTS
The total notional amount of outstanding undesignated derivative instruments was $4.6 billion as of November 30, 2023.
CREDIT RISK
As of November 30, 2023, the Company was in compliance with all credit risk-related contingent features, and derivative instruments with such features were in a net asset position of approximately $169 million. Accordingly, the Company was not required to post cash collateral as a result of these contingent features. Further, no collateral was received on the Company's derivative asset balance as of November 30, 2023. The Company considers the impact of the risk of counterparty default to be immaterial.
For additional information related to the Company's derivative financial instruments and collateral, refer to Note 3 — Fair Value Measurements.
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NOTE 8 — ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The changes in Accumulated other comprehensive income (loss), net of tax, were as follows:
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at August 31, 2023$(217)$297 $115 $(59)$136 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
37 48  11 96 
Reclassifications to net income of previously deferred (gains) losses(2)
2 (103) (10)(111)
Total other comprehensive income (loss)39 (55) 1 (15)
Balance at November 30, 2023$(178)$242 $115 $(58)$121 
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of immaterial tax impact.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at August 31, 2022$(746)$1,334 $115 $(67)$636 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
45 (138) (24)(117)
Reclassifications to net income of previously deferred (gains) losses(2)
309 (263) (6)40 
Total other comprehensive income (loss)354 (401) (30)(77)
Balance at November 30, 2022$(392)$933 $115 $(97)$559 
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity.
(2)Net of immaterial tax impact.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at May 31, 2023$(253)$431 $115 $(62)$231 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
73 25  11 109 
Reclassifications to net income of previously deferred (gains) losses(2)
2 (214) (7)(219)
Total other comprehensive income (loss)75 (189) 4 (110)
Balance at November 30, 2023$(178)$242 $115 $(58)$121 
(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.
(2)Net of immaterial tax impact.



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(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)
CASH FLOW HEDGES
NET INVESTMENT HEDGES(1)
OTHERTOTAL
Balance at May 31, 2022$(520)$779 $115 $(56)$318 
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)
(227)578  (27)324 
Reclassifications to net income of previously deferred (gains) losses(2)
355 (424) (14)(83)
Total other comprehensive income (loss)128 154