Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Nike Inc., consolidated balance sheet: assets

US$ in millions

	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
Cash and equivalents	9,860)	7,441)	8,574)	9,889)	8,348)	4,466)
Short-term investments	1,722)	3,234)	4,423)	3,587)	439)	197)
Accounts receivable, net	4,427)	4,131)	4,667)	4,463)	2,749)	4,272)
Inventories	7,519)	8,454)	8,420)	6,854)	7,367)	5,622)
Prepaid expenses and other current assets	1,854)	1,942)	2,129)	1,498)	1,653)	1,968)
Current assets	25,382)	25,202)	28,213)	26,291)	20,556)	16,525)
Property, plant and equipment, net	5,000)	5,081)	4,791)	4,904)	4,866)	4,744)
Operating lease right-of-use assets, net	2,718)	2,923)	2,926)	3,113)	3,097)	—)
Identifiable intangible assets, net	259)	274)	286)	269)	274)	283)
Goodwill	240)	281)	284)	242)	223)	154)
Deferred income taxes and other assets	4,511)	3,770)	3,821)	2,921)	2,326)	2,011)
Non-current assets	12,728)	12,329)	12,108)	11,449)	10,786)	7,192)
Total assets	38,110)	37,531)	40,321)	37,740)	31,342)	23,717)

Based on: 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31).

The financial data indicates a notable overall growth in total assets from May 31, 2019 to May 31, 2024, increasing from US$23,717 million to US$38,110 million. This represents a steady expansion over the six-year period.

Cash and Equivalents: Cash and equivalents show significant fluctuations, initially rising from US$4,466 million in 2019 to a peak of US$9,889 million in 2021, followed by a decline in 2022 and 2023, and a recovery to US$9,860 million in 2024. This pattern suggests active liquidity management responsive to business needs.
Short-term Investments: Short-term investments demonstrate considerable variability, with a marked increase from US$197 million in 2019 to a high of US$4,423 million in 2022 before decreasing sharply to US$1,722 million in 2024. This indicates changes in investment strategy or cash utilization affecting the short-term asset composition.
Accounts Receivable, Net: Accounts receivable exhibit variability but remain relatively stable overall. Starting at US$4,272 million in 2019, the figure decreases in 2020 but recovers to US$4,427 million by 2024, suggesting consistent credit management and sales trends.
Inventories: Inventories increase from US$5,622 million in 2019 to a peak of US$8,454 million in 2023 with a slight reduction to US$7,519 million in 2024. This trend reflects growing stock levels, likely aligned with revenue growth or strategic inventory positioning.
Prepaid Expenses and Other Current Assets: This category fluctuates without a strong directional trend, ranging between US$1,498 million and US$2,129 million, indicating relatively stable prepayments and miscellaneous current asset balances.
Current Assets: Combined current assets grow substantially from US$16,525 million in 2019 to a high of US$28,213 million in 2022, followed by a slight contraction to US$25,382 million in 2024. The rise aligns with increases in cash, short-term investments, and inventories, supporting operational liquidity.
Property, Plant, and Equipment, Net: Net property, plant, and equipment holdings stay fairly constant, fluctuating around US$4,744 million to US$5,081 million. This stability suggests a measured approach to capital expenditures and asset replacement.
Operating Lease Right-of-Use Assets, Net: Starting from a reported value only from 2020 onwards, these assets show a gradual decline from US$3,097 million to US$2,718 million by 2024, implying a reduction in leased asset commitments over time.
Identifiable Intangible Assets, Net: These assets remain relatively unchanged, slightly decreasing from US$283 million in 2019 to US$259 million in 2024, indicating limited new intangible asset acquisition or amortization offsetting additions.
Goodwill: Goodwill assets increase modestly from US$154 million in 2019 to a peak of US$284 million in 2022, followed by a decrease to US$240 million in 2024. This suggests some acquisitions or revaluations occurred, with partial subsequent adjustments.
Deferred Income Taxes and Other Assets: There is a consistent upward trend in deferred income taxes and other assets, growing from US$2,011 million in 2019 to US$4,511 million in 2024, reflecting increasing deferred tax positions or other non-current asset items.
Non-current Assets: Non-current assets rise steadily from US$7,192 million in 2019 to US$12,728 million in 2024. This reflects overall asset base strengthening beyond current assets, supported by increases in deferred taxes and stable property assets.

In summary, the data portrays a company that has expanded its asset base significantly over the period studied, with current assets driving much of the growth. Cash and short-term investments show active management and volatility, while other holdings such as property, plant, equipment, and intangibles remain relatively stable, suggesting focused capital expenditure and asset management strategies. The rise in deferred income taxes and other assets may reflect evolving tax positions or asset classifications. Overall, these trends indicate a dynamic financial posture with an emphasis on liquidity and asset growth aligned with business expansion.

Assets: Selected Items

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Nike Inc. (NYSE:NKE)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items