Common-Size Balance Sheet: Assets
Quarterly Data
Nike Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31).
- Cash and equivalents
- The proportion of cash and equivalents relative to total assets exhibited considerable variability over the analyzed period. Initially demonstrating moderate values around 14-16%, there was a marked increase to above 26% by mid-2020, indicating a build-up of liquidity possibly in response to market uncertainties. Following this peak, the percentage generally declined but remained above historical lows, stabilizing mostly between 16% and 23% towards the latter periods.
- Short-term investments
- The allocation to short-term investments showed a declining trend from late 2018 to mid-2019, reaching a low below 1%. Subsequently, there was an upward trend peaking around early 2021 at over 11%, signaling a shift toward liquid, interest-bearing assets. After this peak, the proportion decreased steadily, settling around 4-5% in recent quarters.
- Accounts receivable, net
- Accounts receivable as a percentage of total assets decreased notably from approximately 19% in 2018 to a low near 8.8% in mid-2020, reflecting a reduction in outstanding customer balances, which may be associated with shifts in sales or credit policies. After mid-2020, the ratio gradually increased to stabilize between roughly 11% and 13%, suggesting a return to more normalized receivables levels.
- Inventories
- Inventory levels as a percentage of total assets remained generally high, fluctuating mostly between 20% and 24% throughout the periods. Notably, there was a dip during late 2020 but levels rebounded in following periods, reaching peaks above 23% once again by late 2022. These fluctuations may reflect changes in production, supply chain conditions, or demand shifts.
- Prepaid expenses and other current assets
- This category showed a decreasing trend from initial values near 7.5% to a trough around 4% in mid-2021, followed by modest recovery and stabilization around 4.5% to 5.5%. The trend indicates a gradual reduction in advance payments or similar assets proportion relative to total assets during the middle portion of the timeline.
- Current assets
- Current assets consistently represented a substantial majority of total assets, ranging between approximately 61% and 70%. The lowest proportions were observed around mid to late 2019, after which the share rose and remained near 66-69% for the remaining periods, reflecting a stable asset composition with a focus on liquid and short-term instruments.
- Property, plant and equipment, net
- The share of property, plant, and equipment steadily declined from about 20% in 2018 to under 13% in most recent periods. This decrease indicates either asset disposals, amortization or a relative increase in other asset categories, pointing to a potential shift away from fixed asset intensity.
- Operating lease right-of-use assets, net
- Introduced starting in 2019, the right-of-use assets for operating leases initially accounted for approximately 10.8% of total assets and exhibited a declining trend, stabilizing near 7% in the latest periods. This reduction may be due to lease term expirations or renegotiations.
- Identifiable intangible assets, net
- Intangible assets remained a minor portion of total assets, consistently under 1.3%. The values showed a slight decreasing trend over time, reflecting amortization or lack of significant new intangible asset recognition.
- Goodwill
- Goodwill stayed at low levels throughout the period, generally between 0.6% and 0.8%. A slight increase was observed around 2022-23, but the proportion remained relatively stable overall, suggesting no major acquisitions materially impacting goodwill.
- Deferred income taxes and other assets
- This category showed a consistent upward trend from just under 9% to over 14% by the end of the period. The steady increase implies growing deferred tax assets or other non-current asset components, potentially linked to tax planning strategies or recognition of future benefits.
- Non-current assets
- Non-current assets fluctuated between roughly 30% and 39% of total assets. An initial rise around 2019 likely corresponded with the incorporation of lease right-of-use assets, after which the proportion decreased and settled near 33-35% in recent periods. This indicates a balance between long-term investments and current assets, with a moderate shift favoring current asset components over time.