Stock Analysis on Net

Nike Inc. (NYSE:NKE)

Adjustments to Financial Statements

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Adjustments to Current Assets

Nike Inc., adjusted current assets

US$ in millions

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May 31, 2021 May 31, 2020 May 31, 2019 May 31, 2018 May 31, 2017 May 31, 2016
As Reported
Current assets 26,291  20,556  16,525  15,134  16,061  15,025 
Adjustments
Add: Allowance for uncollectible accounts receivable 93  214  30  30  19  43 
After Adjustment
Adjusted current assets 26,384  20,770  16,555  15,164  16,080  15,068 

Based on: 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31), 10-K (reporting date: 2017-05-31), 10-K (reporting date: 2016-05-31).


Adjustments to Total Assets

Nike Inc., adjusted total assets

US$ in millions

Microsoft Excel LibreOffice Calc
May 31, 2021 May 31, 2020 May 31, 2019 May 31, 2018 May 31, 2017 May 31, 2016
As Reported
Total assets 37,740  31,342  23,717  22,536  23,259  21,396 
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1 —  —  3,234  3,449  3,397  2,774 
Add: Allowance for uncollectible accounts receivable 93  214  30  30  19  43 
Less: Noncurrent deferred tax assets, net2 1,133  732  376  338  1,024  712 
After Adjustment
Adjusted total assets 36,700  30,824  26,605  25,677  25,651  23,501 

Based on: 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31), 10-K (reporting date: 2017-05-31), 10-K (reporting date: 2016-05-31).

1 Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

2 Noncurrent deferred tax assets, net. See details »


Adjustments to Total Liabilities

Nike Inc., adjusted total liabilities

US$ in millions

Microsoft Excel LibreOffice Calc
May 31, 2021 May 31, 2020 May 31, 2019 May 31, 2018 May 31, 2017 May 31, 2016
As Reported
Total liabilities 24,973  23,287  14,677  12,724  10,852  9,138 
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)1 —  —  3,234  3,449  3,397  2,774 
Less: Noncurrent deferred tax liabilities2 —  —  —  —  —  — 
After Adjustment
Adjusted total liabilities 24,973  23,287  17,911  16,173  14,249  11,912 

Based on: 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31), 10-K (reporting date: 2017-05-31), 10-K (reporting date: 2016-05-31).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Noncurrent deferred tax liabilities. See details »


Adjustments to Stockholders’ Equity

Nike Inc., adjusted shareholders’ equity

US$ in millions

Microsoft Excel LibreOffice Calc
May 31, 2021 May 31, 2020 May 31, 2019 May 31, 2018 May 31, 2017 May 31, 2016
As Reported
Shareholders’ equity 12,767  8,055  9,040  9,812  12,407  12,258 
Adjustments
Less: Net deferred tax asset (liability)1 1,133  732  376  338  1,024  712 
Add: Allowance for uncollectible accounts receivable 93  214  30  30  19  43 
After Adjustment
Adjusted shareholders’ equity 11,727  7,537  8,694  9,504  11,402  11,589 

Based on: 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31), 10-K (reporting date: 2017-05-31), 10-K (reporting date: 2016-05-31).

1 Net deferred tax asset (liability). See details »


Adjustments to Capitalization Table

Nike Inc., adjusted capitalization table

US$ in millions

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May 31, 2021 May 31, 2020 May 31, 2019 May 31, 2018 May 31, 2017 May 31, 2016
As Reported
Current portion of long-term debt —  44 
Notes payable 248  336  325 
Long-term debt, excluding current portion 9,413  9,406  3,464  3,468  3,471  2,010 
Total reported debt 9,415  9,657  3,479  3,810  3,802  2,055 
Shareholders’ equity 12,767  8,055  9,040  9,812  12,407  12,258 
Total reported capital 22,182  17,712  12,519  13,622  16,209  14,313 
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)1 —  —  3,234  3,449  3,397  2,774 
Add: Current portion of operating lease liabilities2 467  445  —  —  —  — 
Add: Operating lease liabilities, excluding current portion3 2,931  2,913  —  —  —  — 
Adjusted total debt 12,813  13,015  6,713  7,259  7,199  4,829 
Adjustments to Equity
Less: Net deferred tax asset (liability)4 1,133  732  376  338  1,024  712 
Add: Allowance for uncollectible accounts receivable 93  214  30  30  19  43 
Adjusted shareholders’ equity 11,727  7,537  8,694  9,504  11,402  11,589 
After Adjustment
Adjusted total capital 24,540  20,552  15,407  16,763  18,601  16,418 

Based on: 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31), 10-K (reporting date: 2017-05-31), 10-K (reporting date: 2016-05-31).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Current portion of operating lease liabilities. See details »

3 Operating lease liabilities, excluding current portion. See details »

4 Net deferred tax asset (liability). See details »


Adjustments to Reported Income

Nike Inc., adjusted net income

US$ in millions

Microsoft Excel LibreOffice Calc
12 months ended: May 31, 2021 May 31, 2020 May 31, 2019 May 31, 2018 May 31, 2017 May 31, 2016
As Reported
Net income 5,727  2,539  4,029  1,933  4,240  3,760 
Adjustments
Add: Deferred income tax expense (benefit)1 (385) (380) 34  647  (273) (80)
Add: Increase (decrease) in allowance for uncollectible accounts receivable (121) 184  —  11  (24) (35)
Add: Other comprehensive income (loss), net of tax (324) (287) 323  104  (531) (928)
After Adjustment
Adjusted net income 4,897  2,056  4,386  2,695  3,412  2,717 

Based on: 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31), 10-K (reporting date: 2018-05-31), 10-K (reporting date: 2017-05-31), 10-K (reporting date: 2016-05-31).

1 Deferred income tax expense (benefit). See details »