Moving to another question will save this response. Question 16 The amount of cash dividends declared by Nike during the most recent reporting period was $0. O True O False Table of Contents NIKE, INC. CONSOLIDATED STATEMENTS OF INCOME (in millions, except per share data) 2021 Revenues Cost of sales Gross proft Demand creation expense Operating overhead expense Total selling and administrative expense Interest expense (income), net Other (income) expense, net Income before income taxes Income tax expense NET INCOME Earnings per common share Basic Diluted Weighted average common shares outstanding Basic Diluted The accompanying Notes to the Consolidated Financial Statements are an integral part of this statement $ $ YEAR ENDED MAY 31, 2020 37,403 $ 21,162 16,241 3,592 9,534 13,126 89 139 2,887 348 2,539 $ 1.63 S 1.60 $ 44,538 $ 24,576 19,902 3,114 9.911 13.025 262 14 6,661 934 5,727 S 3.64 $ 3.56 $ 1,573.0 1,000 4 2019 1.5668 1.501.6 39,117 21,643 17,474 3,753 8,949 12,702 49 (78) 4,801 772 4,029 2.55 2.49 1,579.7 16184 2021 FORM 10-K 57 NIKE, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME YEAR ENDED MAY 31, 2020 (Dollars in millions) 2021 Net income $ 2,539 $ Other comprehensive income (loss), net of tax Change in net foreign currency translation adjustment (148) Change in net gains (losses) on cash flow hedges (130) Change in net gains (losses) on other () Total other comprehensive income (loss), net of tax (287) TOTAL COMPREHENSIVE INCOME $ 2,252 $ The accompanying Notes to the Consolidated Financial Statements are an integral part of this statement. 2021 FORM 10-K 58 5,727 S 496 (825) 5 (324) 5,403 $ 2019 4,029 (173) 503 (7) 323 4,352 NIKE, INC. CONSOLIDATED BALANCE SHEETS (in millions) ASSETS Current assets: Cash and equivalents Short-term investments Accounts receivable, net Inventories Prepaid expenses and other current assets Total current assets Property, plant and equipment, net Operating lease right-of-use assets, net Identifiable intangible assets, net Goodwill Deferred income taxes and other assets TOTAL ASSETS LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of long-term debt Notes payable Accounts payable Current portion of operating lease labites Accrued bes Income taxes payable Total current liabilities Long-term debt Operating lease labilities Deferred income taxes and other liabilites Commitments and contingencies (Note 10) Redeemable preferred stock Shareholders' equity Common stock at stated value: Class A convertible-305 and 315 shares outstanding Class B-1,273 and 1,243 shares outstanding i Capital in excess of stated value Accumulated other comprehensive income (loss) Retained earnings (defici) Total shareholders' equity TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY The accompanying Notes to the Consolidated Financial Statements are an integral part of this statement S $ 2021 MAY 31, 9,889 $ 3,587 4,463 6,854 1,406 20.291 4,904 3,113 269 242 2,921 37,740 $ 2.830 467 6.063 306 9,674 9413 2,931 2.955 9.905 (360) 3.179 12.767 37,740 2020 8,348 439 2,749 7,367 1.653 20,556 4,866 3,097 274 223 2,320 31,342 248 2248 445 5,184 156 8,284 9.400 2,913 2,064 8,299 (56) (191) 8.055 31,342 NIKE, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in millions) 2021 Cash provided (used) by operations: Net income Adjustments to reconcile net income to net cash provided (used) by operations: Depreciation Deferred income taxes Stock-based compensation Amortization, impairment and other Net foreign currency adjustments Changes in certain working capital components and other assets and liabilities (Increase) decrease in accounts receivable (Increase) decrease in inventories (Increase) decrease in prepaid expenses, operating lease right-of-use assets and other current and non-current assets Increase (decrease) in accounts payable, accrued liabilities, operating lease labilities and other current and non-current Cash provided (used) by operations Cash provided (used) by Investing activities: Purchases of short-term investments Maturities of short-term investments Sales of short-term investments Additions to property, plant and equipment Other investing activities Cash provided (used) by investing activities Cash provided (used) by financing activities: Proceeds from borrowings, net of debt issuance costs Increase (decrease) in notes payable, net Repayment of borrowings Proceeds from exercise of stock options and other stock issuances Repurchase of common stock Dividends-common and preferred Other financing activities Cash provided (used) by financing activities Effect of exchange rate changes on cash and equivalents Net increase (decrease) in cash and equivalents Cash and equivalents, beginning of year CASH AND EQUIVALENTS, END OF YEAR Supplemental disclosure of cash flow information: Cash paid during the year for interest, net of capitalized interest Income taxes Non-cash additions to property, plant and equipment Dividends declared and not paid The accompanying Notes to the Consolidated Financial Statements are an integral part of this statement $ YEAR ENDED MAY 31, 2020 2,539 $ 721 (380) 429 398 23 5,727 S 744 (385) 611 53 (138) (1,606) 507 (182) 1,326 6,667 (9,961) 4,230 2,449 (695) 171 (3,800) (52) (197) 1,172 (608) (1,638) (136) (1,459) 143 1,541 8,348 9,889 S 293 $ 1,177 179 438 1,239 (1,854) (654) 24 2,465 (2,426) 74 2.379 (1,086) 31 (1,028) 6,134 40 (6) 885 (3,087) (1452) (52) 2,491 3,882 4,466 8,348 S 140 1,028 (66) 1211 365 2019 4,029 705 34 325 15 233 (270) (490) (203) 1,525 5,903 (2,937) 1,715 2.072 (1,119) (264) (325) (6) 700 (4280) (1,332) (44) (5.293) (129) 217 4240 4,466 153 757 160 347 68F Partly sunny NIKE, INC. CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY COMMON STOCK CAPITAL IN ACCUMULATED EXCESS CLASS A CLASS B OTHER RETAINED COMPREHENSIVE EARNINGS INCOME (LOSS) AMOUNT (in millions, except per share data) Balance at May 31, 2018 Stock options exercised SHARES AMOUNT 329 S F STATED VALUE 6,384 S 539 (DEFICIT) TOTAL 3,517 S (92) s 9,812 539 Conversion to Class B Common Stock (14) (227) (4,056) (4,283) Repurchase of Class B Common Stock Dividends on common stock (50 86 per share) and preferred stock ($0.10 per share) (1,360) (1,360) Issuance of shares to employees, net of shares withheld for employee taxes 142 (3) 139 Stock-based compensation 325 325 4,029 Net income Other comprehensive income (loss) Adoption of ASU 2016-16 (Note 1) Adoption of ASC Topic 606 (Note 1) 323 (507) 23 9,040 703 Balance at May 31, 2019 7,163 $ Stock options exercised 703 (161) Repurchase of Class B Common Stock Dividends on common stock (50.955 per share) and preferred stock (50.10 per share) Issuance of shares to employees, net of shares withheld for employee taxes 165 Stock-based compensation 429 Net income Other comprehensive income (loss) Adoption of ASC Topic 842 (Note 1) Balance at May 31, 2020 315 $ 8,299 Stock options exercised 954 Conversion to Class B Common Stock (10) Repurchase of Class B Common Stock (28) Dividends on common stock ($1.070 per share) and preferred stock (50.10 per share) Issuance of shares to employees, net of shares withheld for employee taxes Stock-based compensation Net income Other comprehensive income (loss) Balance at May 31, 2021 306 1,273 35 The accompanying Notes to the Consolidated Financial Statements are an integral part of this statement 315 S 1 SHARES 1,272 18 14 (54) n 1,253 $ 20 (34) 1,243 $ 21 10 (5) 35 35 3 $ 129 611 9,965 323 231 $ (287) (56) (324) (380) $ 4,029 (507) 23 1,643 (2,872) (1.491) (9) 2,539 (3,033) (1491) 156 429 2,539 (287) (1) (1) (191) S (622) (1,692) (43) 5.727 (334) 3,179 S 12,767 8,056 954 (650) (1,097) 86 011 5,727