Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Nike Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (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).
- Current Portion of Long-Term Debt
- This liability category remained very low and stable between 0.01% and 0.03% from 2018 to late 2019, then started increasing significantly after mid-2022, reaching around 2.6% by early 2025. This suggests a recent increase in short-term obligations related to long-term debt.
- Notes Payable
- Notes payable showed volatility over the periods with spikes such as 0.95% and 1.13% in late 2018, reduction to around 0.01% in early 2021, and a slight increase towards early 2025. Despite fluctuations, the level generally remained low relative to total liabilities and equity.
- Accounts Payable
- The accounts payable ratio declined notably from above 10% in 2018-2019 to a trough near 5.96% in late 2020, then recovered gradually to around 8.2% by early 2025. This pattern indicates reduction in short-term payables during 2020 followed by a moderate rebound.
- Current Portion of Operating Lease Liabilities
- Data is available starting 2019, showing a gradual decline from 1.63% to roughly 1.18% by mid-2021, followed by relatively stable levels near 1.25% to 1.3% into 2025, indicating controlled short-term lease commitments.
- Accrued Liabilities
- Accrued liabilities displayed fluctuations between 13% and 21%, peaking in 2019 and early 2020, declining sharply in 2021 to around 14%, and showing intermittent moderate variation afterward. Overall, it shows some cyclicality but remains a significant current liability component.
- Income Taxes Payable
- This component was low but slightly increasing over time with some variability, rising from about 0.8% in 2018 to a peak of over 2% in late 2024, which could signal increasing tax obligations relative to total liabilities and equity.
- Current Liabilities
- Current liabilities as a percentage of total liabilities and equity remained fairly stable around 25-33% from 2018 to mid-2022 with a dip in 2020 likely related to pandemic effects, then reached about 29.7% by mid-2025, reflecting relative stability in short-term obligations.
- Long-Term Debt (Excluding Current Portion)
- This ratio declined from about 15.4% in 2018 to approximately 13% in late 2019, then abruptly increased to over 30% in mid-2020, followed by a gradual reduction to near 21% by early 2025. The spike in 2020 signals a major shift, possibly debt refinancing or increased leverage during that period.
- Operating Lease Liabilities (Excluding Current Portion)
- Operating lease liabilities decreased steadily from approximately 10.5% in early 2019 to around 6.5% by early 2025, indicating a reduction in long-term lease obligations over time.
- Deferred Income Taxes and Other Liabilities
- This category showed a consistent downward trend from about 14.75% in 2018 to roughly 5.6% by early 2025, marking a significant decline in deferred tax liabilities and/or other long-term obligations included here.
- Non-Current Liabilities
- Non-current liabilities increased sharply from roughly 30% in 2018 to nearly 48% in mid-2020, reflecting the increase in long-term debt and lease liabilities during that time, then gradually decreased to near 33% by early 2025, indicating partial deleveraging or reclassification of liabilities.
- Total Liabilities
- Total liabilities as a share of total liabilities and shareholders' equity increased from about 60% in 2018 to over 74% in mid-2020, then decreased to approximately 63% by early 2025. The peak in 2020 aligns with debt increases observed, likely pandemic-related financing.
- Shareholders’ Equity
- Equity declined from about 40% in 2018 to a low near 25.7% in mid-2020, coinciding with increased liabilities, then rebounded steadily to around 37% by early 2025, suggesting recovery in equity value post-2020 stresses.
- Capital in Excess of Stated Value
- This equity component showed a generally increasing trend, moving from around 29% in 2018 to over 36% by early 2025, indicating steady accumulation of capital beyond stated share value, possibly from retained earnings and additional paid-in capital.
- Accumulated Other Comprehensive Income (Loss)
- This item fluctuated slightly, mostly near zero with small positive and negative changes, without large swings, indicating relatively stable other comprehensive income components over the years.
- Retained Earnings (Deficit)
- Retained earnings decreased significantly from 11% in 2018 to negative territory by mid-2020, indicating losses or distributions exceeding earnings, then gradually recovered some positive value, though not reaching prior high levels by early 2025.