11-K
Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 11-K

 

 

 

x ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended May 31, 2015

OR

 

¨ TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File No. 001-10635

 

 

LOGO

NIKE, Inc.

(Full title of the plan)

 

 

401(k) Savings and Profit Sharing Plan for Employees of NIKE, Inc.

(Name of issuer of the securities held pursuant to the plan)

One Bowerman Drive

Beaverton, Oregon 97005

(Address of the plan and address of issuer’s principal executive offices)

 

 

 


Table of Contents

401(k) Savings and Profit Sharing Plan for Employees of NIKE, Inc.

Financial Statements and Supplemental Schedules

May 31, 2015 and 2014


Table of Contents

401(k) Savings and Profit Sharing Plan for Employees of NIKE, Inc.

Index

 

 

     Page(s)  

Reports of Independent Registered Public Accounting Firms

     1  

Financial Statements

  

Statements of Net Assets Available for Benefits May 31, 2015 and 2014

     3  

Statement of Changes in Net Assets Available for Benefits Year Ended May 31, 2015

     4  

Notes to Financial Statements May 31, 2015 and 2014

     5–16  

Supplemental Schedules

  

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) May 31, 2015

     18   

Schedule H, Line 4i – Schedule of Assets (Acquired and Disposed of Within Year) Year Ended May  31, 2015

     19   

Schedule H, Line 4j – Schedule of Reportable Transactions Year Ended May 31, 2015

     20   


Table of Contents

Reports of Independent Registered Public Accounting Firms

To the Participants and Administrator of

401(k) Savings and Profit Sharing Plan for Employees of NIKE, Inc.

We have audited the accompanying statement of net assets available for benefits of the 401(k) Savings and Profit Sharing Plan for Employees of NIKE, Inc. (the “Plan”) as of May 31, 2015 and the related statement of changes in net assets available for benefits for the year ended May 31, 2015. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets of the Plan at May 31, 2015 and the changes in net assets for the year ended May 31, 2015, in conformity with accounting principles generally accepted in the United States of America.

The supplemental information in the accompanying schedule of assets (held at end of year) as of May 31, 2015, schedule of assets (acquired and disposed of within year) for the year ended May 31, 2015, and schedule of reportable transactions for the year ended May 31, 2015, have been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with Department of Labor’s Rules and Regulations for Reporting under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ Plante & Moran, PLLC

Chicago, Illinois

November 18, 2015


Table of Contents

To the Participants and Administrator of

401(k) Savings and Profit Sharing Plan for Employees of NIKE, Inc.:

In our opinion, the accompanying statement of net assets available for benefits and the related statement of changes in net assets available for benefits present fairly, in all material respects, the net assets available for benefits of the 401(k) Savings and Profit Sharing Plan for Employees of NIKE, Inc. (the “Plan”) at May 31, 2014, and the changes in net assets available for benefits for the year ended May 31, 2014, in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Portland, Oregon

November 21, 2014


Table of Contents

401(k) Savings and Profit Sharing Plan for Employees of NIKE, Inc.

Statements of Net Assets Available for Benefits

May 31, 2015 and 2014

 

 

     2015     2014  

Assets

    

Investments, at fair value

    

Collective trust funds

   $ 2,227,044,493      $ 1,975,060,167   

NIKE, Inc. Class B common stock

     797,649,342        646,689,659   

Registered investment companies

     125,305,033        106,374,959   

Corporate and foreign bonds

     —          35,723,314   

Interest bearing cash

     10,022        1,705,571   

Preferred stocks

     —          569,520  

Common and foreign stocks

     —          2,382   
  

 

 

   

 

 

 

Total investments

     3,150,008,890        2,766,125,572   
  

 

 

   

 

 

 

Receivables

    

Employer contributions

     60,132,041        50,576,135   

Notes receivable from participants

     32,808,584        29,612,682   

Participant contributions

     3,985,837        3,428,578  

Accrued interest and dividends

     2,198,309        2,662,164   

Due from broker for securities sold

     391,092        1,138,118   
  

 

 

   

 

 

 

Total receivables

     99,515,863        87,417,677   
  

 

 

   

 

 

 

Cash

     —          366,761   
  

 

 

   

 

 

 

Total assets

     3,249,524,753        2,853,910,010   
  

 

 

   

 

 

 

Liabilities

    

Due to broker for securities purchased

     —          1,097,583   

Accrued expenses

     210,036        153,393   
  

 

 

   

 

 

 

Total liabilities

     210,036        1,250,976   
  

 

 

   

 

 

 

Net assets available for benefits at fair value

     3,249,314,717        2,852,659,034   

Adjustment from fair value to contract value for interest in collective trust relating to fully benefit-responsive investment contracts

     (1,852,621     (1,415,088 )
  

 

 

   

 

 

 

Net assets available for benefits

   $ 3,247,462,096      $ 2,851,243,946   
  

 

 

   

 

 

 

The accompanying notes are an integral part of these financial statements.

 

3


Table of Contents

401(k) Savings and Profit Sharing Plan for Employees of NIKE, Inc.

Statement of Changes in Net Assets Available for Benefits

Year Ended May 31, 2015

 

 

Additions

  

Investment income

  

Net appreciation in fair value of investments

   $ 312,278,329   

Interest and dividends

     11,743,598   
  

 

 

 

Total investment income

     324,021,927   

Less: Investment expenses

     (255,693 )
  

 

 

 

Net investment income

     323,766,234   
  

 

 

 

Interest income on notes receivable from participants

     1,269,941   
  

 

 

 

Contributions

  

Employer, net of forfeitures

     118,542,785   

Participant

     99,847,300   

Rollover

     11,995,732   
  

 

 

 

Total contributions

     230,385,817   
  

 

 

 

Total additions

     555,421,992   
  

 

 

 

Deductions

  

Benefits paid to participants

     (157,448,980 )

Administrative expenses

     (1,754,862 )
  

 

 

 

Total deductions

     (159,203,842 )
  

 

 

 

Net increase

     396,218,150   

Net assets available for benefits

  

Beginning of year

     2,851,243,946   
  

 

 

 

End of year

   $ 3,247,462,096   
  

 

 

 

The accompanying notes are an integral part of these financial statements.

 

4


Table of Contents

401(k) Savings and Profit Sharing Plan for Employees of NIKE, Inc.

Notes to Financial Statements

May 31, 2015 and 2014

 

 

1. Description of the Plan

The following description of the 401(k) Savings and Profit Sharing Plan for Employees of NIKE, Inc. (the “Plan”) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.

General

The Plan was established to provide for the retirement income requirements of and sharing in NIKE, Inc. (the “Company”) profits by eligible employees of the Company and a retirement savings program for the employees of the Company not covered by a collective bargaining agreement. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended. Administration of the Plan is performed by the Administrative Subcommittee of the Retirement Committee. The Plan is amended from time to time in order to comply with changes in applicable laws and to make changes in Plan administration.

The Northern Trust Company (“Northern Trust” or the “Trustee”) is the trustee and Aon Hewitt Associates (“Aon Hewitt” or the “Record keeper”) is the record keeper of the Plan’s net assets. Self-directed brokerage account assets are held in the custody of Charles Schwab & Co. Inc. (“Charles Schwab” or the “Custodian”) and are maintained by the Trustee. The Plan’s investment decisions are overseen by the Investment Subcommittee of the Retirement Committee. Members of the Retirement Committee are appointed by the Board of Directors of the Company.

Eligibility

All employees, except those employees who are (1) covered by a collective bargaining agreement, (2) living outside the United States and not covered by the Company expatriate program, (3) working at the Company’s Memphis Apparel Distribution Center, whose employment is established pursuant to the Company’s Seasonal On Call Casual Employee Reserve (“SOCCER”) program, (4) not common-law employees, such as leased employees and individuals designated by NIKE as independent contractors, or (5) residing in Puerto Rico and working at the Puerto Rico facility, become eligible to receive profit sharing contributions on the first day of the Plan fiscal year coinciding with or immediately preceding completion of one year of employment with at least 1,000 hours of service. Employees are eligible to participate in the 401(k) portion of the Plan on the first day of employment.

Contributions

Participants may contribute up to 50% of their pre-tax annual compensation to the Plan, subject to annual individual deferral limitations under the Internal Revenue Code (“IRC”). Participants who have attained age 50 before the end of the Plan year are eligible to make catch-up contributions, as defined by the IRC. Participants may also contribute amounts representing distributions from other qualified defined contribution plans as well as after-tax contributions from their current compensation. Additionally, the Company will match participant pre-tax contributions at a rate of 100% of the first 5% of the participant’s eligible pay that is contributed to their account.

 

5


Table of Contents

401(k) Savings and Profit Sharing Plan for Employees of NIKE, Inc.

Notes to Financial Statements

May 31, 2015 and 2014

 

 

Prior to May 13, 2011, the Company match contributions related to the Plan’s 401(k) feature were invested in the NIKE stock fund which is comprised of NIKE, Inc. Class B common stock and a small residual cash balance. As of June 1, 2001, these match contributions became subject to participant self-direction after the initial investment in the company stock fund was made to the Plan. Participants could redeem their shares in the company stock fund and reinvest the cash into other managed funds. As of May 13, 2011, the Company match followed participants’ fund selections and the NIKE stock fund became one of the investment choices. No more than 10% of a participant’s deferral and corresponding match can go into the NIKE stock fund and a participant can only transfer a portion of his or her existing account balance to purchase the NIKE stock fund if the percentage of their account balance invested in the NIKE stock fund is less than or equal to 20%. Transfers out of the NIKE stock fund are permitted at any time.

Under the Plan’s profit sharing features, the Company may make discretionary annual contributions as designated by the Company’s Board of Directors. However, this amount cannot be greater than the amount allowable as a tax deduction under the IRC. The annual contributions will be funded no later than the date the Company’s federal income tax return is filed.

Profit sharing contributions are invested in various fixed income and equity funds similar to those offered under the Plan’s 401(k) features. Investments held by the Plan on behalf of participants related to profit sharing contributions are nonparticipant-directed. In a nonparticipant-directed program, the Investment Subcommittee, under the guidance of investment managers, directs the specific investments held by the Plan. See Note 7 for applicable disclosures. Investments held by the Plan on behalf of participants related to 401(k) contributions are participant-directed. In a participant-directed program, the individual participant selects the investments for his or her individual account.

Participant Accounts

Separate individual 401(k) and profit sharing accounts are maintained for each participant. Each participant’s 401(k) account is credited with the participant’s contributions and rollovers, the Company’s matching contributions, Plan expenses and an allocation of the Plan’s investment income or losses based upon the participant’s election of investment options. Participants direct the investment of their contributions into various investment options offered by the Plan.

An eligible profit sharing participant is entitled to an annual allocation of the employer profit sharing contribution and former participant profit sharing forfeitures after restoration of previously forfeited accounts. Employer profit sharing contributions and former participant forfeitures are allocated in the proportion of the participant’s annual compensation to compensation of all participants subject to the IRC Section 415 defined maximum limitations. Participants do not direct the investment of profit sharing contributions.

Profit sharing investment income or losses and Plan expenses are allocated daily based on a ratio of each participant’s profit sharing account balance to the total profit sharing account balances.

The total benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested 401(k) and profit sharing accounts.

Vesting

Participants in the 401(k) portion of the Plan are immediately vested in their elective, rollover, and Company matching contributions, plus actual earnings thereon. The Company contributions into the profit sharing portion of the Plan vest at 25% per year after completing two years of service, and vesting increases 25% for each additional year of service until fully vested after five years. Participants in the profit sharing portion of the Plan become fully vested in the Company’s contributions in the event of total and permanent disability, death, attainment of 65 years of age, or termination of the Plan.

 

6


Table of Contents

401(k) Savings and Profit Sharing Plan for Employees of NIKE, Inc.

Notes to Financial Statements

May 31, 2015 and 2014

 

 

Forfeitures

Upon a participant’s termination, the unvested portion of the participant’s profit sharing account is forfeited. Profit sharing forfeitures may be used to reduce future employer contributions or be allocated back to active participants at the Company’s discretion. During the year ended May 31, 2015, profit sharing forfeitures of $1,662,421 were used to reduce employer contributions. At May 31, 2015 and 2014, accumulated profit sharing forfeitures totaled $1,814,247 and $1,590,615 respectively.

Notes Receivable From Participants

Participants may borrow a portion of their elective and rollover contributions by applying to the Plan’s record keeper. Participants may borrow from their accounts amounts equal to the lesser of 50% of their vested account balance or $50,000 reduced by the balance of any outstanding loans. The term of the loan repayments ranges up to five years for general purpose loans and up to ten years for the purchase of a primary residence. The loans are secured by the balance in the participant’s account and bear interest at the prime rate plus one percentage point. Principal and interest are paid ratably through bi-weekly payroll deductions.

Benefit Payments

On termination of service due to death, disability, hardship, resignation, discharge and retirement, a participant is eligible to receive payments in the amount equal to the value of the participant’s vested interest in his or her account.

Vested benefits are distributed to participants in a lump-sum payment upon termination or are transferred to another qualified account. Participants with vested benefits greater than $1,000 can elect to receive a distribution or leave their balance in the Plan until reaching the age of 65. Participants may apply to the Plan’s recordkeeper to withdraw their voluntary 401(k) contributions in the event the participant is over age 59-1/2, or the participant has a financial hardship as stipulated in the Plan provisions. No withdrawals may be made from the unvested portion of the Company’s profit sharing contributions or earnings thereon.

Plan Termination

Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, the accounts of all participants would become fully vested. The net assets of the Plan would be distributed among the participants and beneficiaries of the Plan in proportion to their interests after proper allocation of any Plan expenses incurred upon termination.

 

2. Significant Accounting Policies

Basis of Accounting

The accompanying financial statements have been prepared on the accrual basis of accounting.

Investment Valuation and Income Recognition

The Company’s Retirement Committee determines the Plan’s valuation policies utilizing information provided by the Trustee and collective trust funds.

Investments held by the Plan are stated at fair value, except for the Morley Stable Value Fund, a collective trust fund that is stated at fair value with an adjustment to contract value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 4 for further discussion of fair value measurements.

 

7


Table of Contents

401(k) Savings and Profit Sharing Plan for Employees of NIKE, Inc.

Notes to Financial Statements

May 31, 2015 and 2014

 

 

Investments are purchased and sold at the fair value of the underlying investments and receive the interest and dividend earnings of the underlying investments. Purchases and sales of securities are recorded on a trade date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. The Plan presents, in the Statement of Changes in Net Assets Available for Benefits, the net appreciation or depreciation in the fair value of its investments, which consists of the realized gains or losses and the unrealized appreciation or depreciation on those investments.

Notes Receivable From Participants

Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. Related fees are recorded as administrative expenses and are expensed when they are incurred. No allowance for credit losses has been recorded as of May 31, 2015 or 2014. If a participant ceases to make loan repayments and the plan administrator deems the participant loan to be in default, the participant loan balance is reduced and a benefit payment is recorded.

Benefits Payable

Benefits are recorded when paid. Accordingly, benefits payable to persons that have elected to withdraw from the Plan but not yet paid have not been accrued. At May 31, 2015 and 2014, there were $1,359,155 and $908,293, respectively, payable to participants.

Expenses

Expenses of administering the Plan and those which are directly related to investment transactions are paid out of the assets of the Plan. Certain administrative expenses are paid for by the Company.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of additions to and deductions from net assets available for benefits during the reporting period. Actual results could differ from those estimates.

Risks and Uncertainties

The Plan offers investments in securities that are exposed to various risks, such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities, and thus the net asset value (NAV) of the funds, will occur in the near term and that such changes could materially affect participants’ account balances and the amount reported in the Statements of Net Assets Available for Benefits and the Statement of Changes in Net Assets Available for Benefits. Market values of investments may decline for a number of reasons, including changes in prevailing market and interest rates, increases in defaults and credit rating downgrades. The fair values assigned to the investments by the Plan are based upon available information believed to be reliable, which may be affected by conditions in the financial markets. The Plan may not be able to sell its investments when it desires to do so or to realize what it perceives to be its fair value in the event of a sale.

 

8


Table of Contents

401(k) Savings and Profit Sharing Plan for Employees of NIKE, Inc.

Notes to Financial Statements

May 31, 2015 and 2014

 

 

 

3. Investments

The following presents investments that represent 5% or more of the Plan’s net assets at May 31, 2015:

 

Participant-directed

  

NIKE, Inc. Class B Common Stock

   $ 797,649,342   

Collective trust funds

  

NT Collective S&P 500 Equity Index Fund

     629,845,122   

NT Collective Russell 2000 Equity Index Fund

     298,028,090   

NT Collective All Country World Ex-US Index Fund

     276,159,178   

NT Collective Aggregate Bond Index Fund *

     238,176,036   

Morley Stable Value Fund, at contract value

     182,066,145   

Nonparticipant-directed

  

Collective trust funds

  

NT Collective Russell 3000 Equity Index Fund

     242,279,977   

NT Collective All Country World Ex-US Investable Market Index Fund

     166,064,569   

 

* The Plan has additional non participant-directed investments in this fund which do not exceed 5% or more of the Plan’s net assets.

The following presents investments that represent 5% or more of the Plan’s net assets at May 31, 2014:

 

Participant-directed

  

NIKE, Inc. Class B Common Stock

   $ 646,689,659   

Collective trust funds

  

NT Global Investments Collective Daily S&P 500 Equity Index Fund

     536,436,807   

NT Global Investments Collective Daily Russell 2000 Equity Index Fund *

     260,503,936   

NT Collective ACWI ex-US Fund (Lending)

     259,587,395   

NT Global Investments Collective Daily Aggregate Bond Index Fund *

     200,024,349   

Morley Stable Value Fund, at contract value

     164,147,602   

Nonparticipant-directed

  

Collective trust funds

  

Northern Trust Global Investments Collective Daily S&P 500 Equity Index Fund

     163,352,118   

 

* The Plan has additional non participant-directed investments in this fund which do not exceed 5% or more of the Plan’s net assets.

 

9


Table of Contents

401(k) Savings and Profit Sharing Plan for Employees of NIKE, Inc.

Notes to Financial Statements

May 31, 2015 and 2014

 

 

 

During the year ended May 31, 2015, all of the Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated in value as follows:

 

NIKE, Inc. Class B common stock

   $ 201,161,169   

Collective trust funds

     124,233,844   

Registered investment companies *

     (14,743,465

Corporate and foreign bonds

     (1,107,969

Preferred and common stocks

     2,734,750   
  

 

 

 
   $ 312,278,329   
  

 

 

 

 

* Included in this total are gains related to the self-directed brokerage accounts of $2,104,341.

 

4. Fair Value Measurement

In determining fair value, the Plan uses a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are described below:

 

  Level l Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.

 

  Level 2 Inputs to the valuation methodology include:

 

   

Quoted price for similar assets or liabilities in active markets;

 

   

Quoted price for identical or similar assets or liabilities in inactive markets;

 

   

Inputs, other than quoted prices, that are observable for the asset or liability;

 

   

Inputs that are derived principally from, or corroborated by, observable market data by correlation or other means.

If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.

 

  Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the most conservative level of input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

The valuation methods described below may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in different fair value measurement at the reporting date.

Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at May 31, 2015 and 2014.

Common, Preferred and Foreign Stocks: Investments in preferred, common and foreign stocks listed on a national securities exchange and over-the-counter securities are valued at the last reported sale price on the valuation date or, if no sales are reported for that day, the last published sale price.

 

10


Table of Contents

401(k) Savings and Profit Sharing Plan for Employees of NIKE, Inc.

Notes to Financial Statements

May 31, 2015 and 2014

 

 

Fixed Income Securities: Corporate and foreign bonds and US Treasuries are valued based on market values quoted by dealers who are market makers in these securities, by independent pricing services, or by a methodology approved by Northern Trust. Valuation techniques incorporate available market information and proprietary valuation models, which consider characteristics such as benchmark yield curve, coupon rates, credit spreads, estimated default rates and other features.

Registered Investment Companies: Registered investment companies (or mutual funds) are valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-end mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily NAV and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.

Collective trust funds: Collective trust funds represent investments held in pooled funds. The Plan’s interests in the collective trust funds are valued based on the NAV provided by Northern Trust. The accuracy of the NAV is verified using the audited financial statements of the collective trust funds. The NAV, as provided by the trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund less its liabilities. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported NAV. Participant transactions (purchases and sales) may occur daily. Were the Plan to initiate a full redemption of the collective trust, the investment advisor reserves the right to temporarily delay withdrawal from the trust in order to ensure that securities liquidations will be carried out in an orderly business manner.

Stable Value Fund: The Plan invests in the Union Bond & Trust Company Morley Stable Value Fund (“Morley Stable Value Fund”), a collective trust fund, which holds fully benefit-responsive investment contracts. This fund can be redeemed daily by participants subject to limitations on noncompeting options. The Morley Stable Value Fund’s trustee reserves the right to delay plan sponsor-initiated redemptions for up to 365 days. The fund primarily holds guaranteed investment contracts and synthetic investment contracts. The fair value of the guaranteed investment contracts is based on current yields of similar instruments with comparable durations taking into account the contract terms including interest reset intervals and the credit rating of the issuer. The fair value of fixed-income securities included in the synthetic investment contracts is determined by quoted market prices and/or using market data for similar instruments in establishing prices, discounted cash flow models, and other pricing models. These models are primarily industry-standard models that consider various assumptions, including time value and yield curve as well as other relevant economic measures. The fair value of a wrapper contract provided by a security-backed contract issuer is based on the replacement wrapper fee and the contracted wrapper fee. There are no unfunded commitments to the fund. The Investment Subcommittee reviews the reasonableness of management’s use of the annual Morley Stable Value Fund audited financial statement fair value, adjusted to the Plan’s year-end, to determine the fair value of this fund.

Interest-bearing Cash: These investments are valued at fair value based on quoted market prices.

The Plan’s policy is to recognize transfers between levels of the fair value hierarchy as of the actual date of the event of change in circumstances that caused the transfer. There were no significant transfers between levels of the fair value hierarchy during the year ending May 31, 2015.

The Plan also holds other assets and liabilities not measured at fair value on a recurring basis, including employer and employee contributions receivable, cash, accrued income, accrued liabilities and unsettled trades. The fair value of these assets and liabilities approximates the carrying amounts in the accompanying financial statements due to the short maturity of the instruments.

 

11


Table of Contents

401(k) Savings and Profit Sharing Plan for Employees of NIKE, Inc.

Notes to Financial Statements

May 31, 2015 and 2014

 

 

The following tables set forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of May 31, 2015 and 2014:

 

     Assets at Fair Value at May 31, 2015  
     Level l      Level 2      Level 3      Total  

Collective trust funds

           

Equity index funds

   $ —         $ 1,612,376,936       $ —         $ 1,612,376,936   

Other fixed income funds

        391,226,258            391,226,258   

Real estate funds

        32,661,095            32,661,095   

Stable value funds

           183,918,766         183,918,766   

Other short term investment funds

        6,861,438            6,861,438   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total collective trust funds

     —           2,043,125,727         183,918,766         2,227,044,493   
  

 

 

    

 

 

    

 

 

    

 

 

 

Common and foreign stocks

           

Consumer discretionary

     797,649,342               797,649,342   
  

 

 

    

 

 

    

 

 

    

 

 

 

Registered investment companies

           

Equity funds

     43,864,297               43,864,297   

Bond funds

     41,678,260               41,678,260   

Commodity funds

     34,440,805               34,440,805   

Short term funds

     4,634,475               4,634,475   

Real estate funds

     687,196               687,196   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total registered investment companies *

     125,305,033         —           —           125,305,033   

Interest bearing cash

     10,022               10,022   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total assets at fair value

   $ 922,964,397       $ 2,043,125,727       $ 183,918,766       $ 3,150,008,890   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

* Included within the total registered investment companies’ of $125,305,033 is $59,620,186 of self-directed brokerage accounts.

 

12


Table of Contents

401(k) Savings and Profit Sharing Plan for Employees of NIKE, Inc.

Notes to Financial Statements

May 31, 2015 and 2014

 

 

 

     Assets at Fair Value at May 31, 2014  
     Level l      Level 2      Level 3      Total  

Collective trust funds

           

Equity index funds

   $ —        $ 1,425,640,560       $ —        $ 1,425,640,560   

Other fixed income funds

        341,181,833            341,181,833   

Real estate funds

        40,145,084            40,145,084   

Stable value funds

           164,147,602         164,147,602   

Other short term investment funds

        3,945,088            3,945,088   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total collective trust funds

     —          1,810,912,565         164,147,602         1,975,060,167   
  

 

 

    

 

 

    

 

 

    

 

 

 

Common and foreign stocks

           

Consumer discretionary

     646,689,659               646,689,659   

Information technology

     2,382               2,382   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total common and foreign stocks

     646,692,041         —          —          646,692,041   
  

 

 

    

 

 

    

 

 

    

 

 

 

Preferred stocks

           

Consumer goods

     569,520               569,520   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total preferred stocks

     569,520         —          —          569,520   
  

 

 

    

 

 

    

 

 

    

 

 

 

Registered investment companies

           

Commodity funds

     49,396,932               49,396,932   

Equity funds

     42,141,078               42,141,078   

Bond funds

     10,203,914               10,203,914   

Short term funds

     4,020,058               4,020,058   

Real estate funds

     612,977               612,977   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total registered investment companies

     106,374,959         —          —          106,374,959   

Corporate and foreign bonds

        35,723,314            35,723,314   

Interest bearing cash

     1,705,571               1,705,571   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total assets at fair value

   $ 755,342,091       $ 1,846,635,879       $ 164,147,602       $ 2,766,125,572   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

* Included within the total registered investment companies’ of $106,374,959 is $57,114,557 of self-directed brokerage accounts.

Level 3 Gains and Losses

The following table sets forth a summary of changes in the fair value of the Plan’s Level 3 assets for the year ended May 31, 2015:

 

     Morley Stable
Value Fund
 

Balance at beginning of year

   $ 164,147,602   

Purchases

     79,600,707   

Sales

     (61,969,930 )

Realized gains, net

     996,031   

Unrealized gains, net

     1,144,356   
  

 

 

 

Balance at end of year

   $ 183,918,766   
  

 

 

 

 

13


Table of Contents

401(k) Savings and Profit Sharing Plan for Employees of NIKE, Inc.

Notes to Financial Statements

May 31, 2015 and 2014

 

 

Fair Value of Investments in Entities that Use NAV

The following table summarizes those investments measured at fair value using NAV as a practical expedient as of May 31, 2015 and 2014, respectively.

May 31, 2015

 

Fund    Fair Value      Unfunded
Commitments
   Redemption
Frequency
   Redemption
Notice Period

NTGI Collective Short Term Government Fund

   $ 26,084,035       N/A    Daily    Same Day

NT Collective Government STIF

     6,861,438       N/A    Daily    Same Day

NT Collective Russell 3000 Equity Index Fund

     242,279,977       N/A    Daily    Same Day

NT Collective Aggregate Bond Index Fund

     309,639,404       N/A    Daily    Same Day

NT Collective Russell 2000 Equity Index Fund

     298,028,090       N/A    Daily    Same Day

NT Collective S&P 500 Equity Index Fund

     629,845,122       N/A    Daily    Same Day

NT Collective World Government Bond Index Fund

     55,502,819       N/A    Daily    1 Day

NT Collective All Country World Ex-US Index Fund

     276,159,178       N/A    Daily    1 Day

NT Collective All Country World Ex-US Investable Market Index Fund

     166,064,569       N/A    Daily    1 Day

NT Collective Global Real Estate Index Fund

     32,661,095       N/A    Daily    1 Day

Morley Stable Value Fund

     183,918,766       N/A    Daily    Same Day

 

May 31, 2014

 

           
Fund    Fair Value      Unfunded
Commitments
   Redemption
Frequency
   Redemption
Notice Period

NT Collective Government Short Term Investment Fund

   $ 3,987,743       N/A    Daily    Same Day

NT Collective ACWI ex-US Fund (Non-Lending)

     78,812,676       N/A    Daily    1 Day

NT Collective Daily Aggregate Bond Index Fund

     292,327,018       N/A    Daily    Same Day

NT Collective Daily Russell 2000 Equity Index Fund

     299,223,989       N/A    Daily    Same Day

NT Collective S&P 400 Index Fund

     41,264,879       N/A    Daily    Same Day

NT Collective Daily S&P 500 Equity Index Fund

     699,788,925       N/A    Daily    Same Day

NT Collective World Government Bond Index Fund

     48,812,161       N/A    Daily    1 Day

NT Collective ACWI ex-US Fund (Lending)

     259,587,395       N/A    Daily    1 Day

NT Collective Developed International Small Cap Index Fund

     46,962,695       N/A    Daily    1 Day

NT Collective Global Real Estate Index Fund

     40,145,084       N/A    Daily    1 Day

Morley Stable Value Fund

     164,147,602       N/A    Daily    Same Day

 

5. Party-in-Interest Transactions

The Plan’s investments represent funds invested in, or maintained by, Northern Trust and Charles Schwab. Northern Trust is the trustee of the Plan assets and Charles Schwab is the custodian of selected assets and, therefore, these investments represent exempt party-in-interest transactions.

 

14


Table of Contents

401(k) Savings and Profit Sharing Plan for Employees of NIKE, Inc.

Notes to Financial Statements

May 31, 2015 and 2014

 

 

Certain Plan investments are shares of Company common stock. For the year ended May 31, 2015 and 2014, the Plan purchased 257,506 and 135,834 shares of NIKE, Inc. Class B common stock, respectively, at a cost of $10,893,677 and $9,499,193, respectively. For the same years ended, the Plan sold 820,427 and 511,649 shares of NIKE, Inc. Class B common stock, respectively, with proceeds of $49,541,486 and $36,502,288, respectively. At May 31, 2015 and 2014, the Plan held $797,649,342 (7,845,474 shares) and $646,689,659 (8,408,395 shares), respectively, of NIKE, Inc. Class B common stock.

 

6. Plan Tax Status

The Internal Revenue Service (“IRS”) has determined and informed the Plan by letter dated December 16, 2013 that the Plan is designed in accordance with applicable sections of the Internal Revenue Code (IRC). Although the Plan has been amended since receiving the determination letter, the Plan administrator believes that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC.

 

7. Nonparticipant-directed Investments

Information about the net assets at May 31 and the significant components of the changes in net assets for the year ended May 31 relating to the nonparticipant-directed investments is as follows:

 

     2015      2014  

Net assets

     

Collective trust funds

   $ 600,282,895       $ 553,862,586   

Employer receivable

     57,931,594         48,690,673   

Registered investment companies

     65,684,847         49,260,401   

Corporate and foreign bonds

     —           35,723,314   

Accrued interest and dividends

     35         637,919   

Cash

     —           13,488  

Interest bearing cash

     —           1,695,548   

Common and foreign stocks

     —           2,382   

Preferred stocks

     —           569,520   

Due from broker for securities sold

     —           882,545   

Due to broker for securities purchased

     —           (1,097,583 )

Accrued expenses

     (44,878 )      (70,123 )
  

 

 

    

 

 

 

Total net assets

   $ 723,854,493       $ 690,170,670   
  

 

 

    

 

 

 

 

15


Table of Contents

401(k) Savings and Profit Sharing Plan for Employees of NIKE, Inc.

Notes to Financial Statements

May 31, 2015 and 2014

 

 

 

 

     Year Ended  
     May 31, 2015  

Changes in net assets

  

Net appreciation in fair value of investments

   $ 7,004,985   

Employer contributions

     57,931,594   

Interest and dividends

     3,076,125   

Administrative and investment expenses

     (611,912 )

Benefits paid to participants

     (33,716,969 )
  

 

 

 
   $ 33,683,823   
  

 

 

 

 

8. Reconciliation of Financial Statements to Form 5500

The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500 at May 31, 2015 and 2014:

 

     2015      2014  

Net assets available for benefits per the financial statements

   $ 3,247,462,096       $ 2,851,243,946   

Benefits payable

     (1,359,155 )      (908,293 )

Deemed distributions

        (626,773 )

Adjustment from fair value to contract value for interest in collective trust relating to fully benefit-responsive investment contracts

     1,852,621         1,415,088   
  

 

 

    

 

 

 

Net assets available for benefits per Form 5500

   $ 3,247,955,562       $ 2,851,123,968   
  

 

 

    

 

 

 

The following is a reconciliation of the net increase in net assets available for benefits per the financial statements to the Form 5500 at May 31, 2015:

 

Net increase in net assets per the financial statements

   $ 396,218,150   

Benefits payable at May 31, 2015

     (1,359,155 )

Benefits payable at May 31, 2014

     908,293   

Deemed distributions at May 31, 2014

     626,773   

Adjustment from fair value to contract value for interest in collective trust at May 31, 2015

     1,852,621   

Adjustment from fair value to contract value for interest in collective trust at May 31, 2014

     (1,415,088 )
  

 

 

 

Net increase in net assets per Form 5500

   $ 396,831,594   
  

 

 

 

 

16


Table of Contents

Supplemental Schedules


Table of Contents

401(k) Savings and Profit Sharing Plan for Employees of NIKE, Inc.

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

May 31, 2015

 

 

(a)   (b)    (c)   (d)      (e)  
    Identity of Issue, Borrower,               Current  
    Lessor or Similar Party    Description of Investments   Cost (1)      Value  
 

Participant directed

       
 

Self-directed Brokerage Accounts

   Registered investment company      $ 59,620,186   
         

 

 

 
 

NIKE, Inc., Class B Common Stock

   Common stock        797,649,342   
         

 

 

 

*

 

NT Collective Aggregate Bond Index Fund

   Collective trust fund        238,176,036   

*

 

NT Collective All Country World Ex-US Index Fund

   Collective trust fund        276,159,178   

*

 

NT Collective Government STIF

   Collective trust fund        634,406   

*

 

NT Collective Russell 2000 Equity Index Fund

   Collective trust fund        298,028,090   

*

 

NT Collective S&P 500 Equity Index Fund

   Collective trust fund        629,845,122   
 

Morley Stable Value Fund

   Collective trust fund        183,918,766   
         

 

 

 
            1,626,761,598   
         

 

 

 
     Interest bearing cash        10,022   
         

 

 

 
     Total participant directed investments        2,484,041,148   
         

 

 

 
 

Nonparticipant-directed

       
 

Powershares Exchange-Traded Fund Intl

   Registered investment company     26,920,459         24,669,984   
 

PIMCO Commodities Plus Strategy Fund

   Registered investment company     41,117,008         34,389,175   
 

Vanguard Whitehall Emerging Markets Govt Bond Index Fund

   Registered investment company     6,689,117         6,625,688   
      

 

 

    

 

 

 
     Total registered investment company     74,726,584         65,684,847   
      

 

 

    

 

 

 

*

 

NT Collective Aggregate Bond Index Fund

   Collective trust fund     55,569,865         71,463,368   

*

 

NT Collective Global Real Estate Index Fund

   Collective trust fund     19,269,849         32,661,095   

*

 

NT Collective Government STIF

   Collective trust fund     6,227,032         6,227,032   

*

 

NT Collective All Country World Ex-US Investable Market Index Fund

   Collective trust fund     150,156,886         166,064,569   

*

 

NT Collective Russell 3000 Equity Index Fund

   Collective trust fund     212,963,241         242,279,977   

*

 

NTGI Collective Short Term Government Fund

   Collective trust fund     25,995,141         26,084,035   

*

 

NT Collective World Government Bond Index Fund

   Collective trust fund     57,972,699         55,502,819   
      

 

 

    

 

 

 
     Total collective trust funds     528,154,713         600,282,895   
      

 

 

    

 

 

 
     Total nonparticipant-directed investments   $ 602,881,297       $ 665,967,742   
      

 

 

    

 

 

 
     Total investments      $ 3,150,008,890   
         

 

 

 
         
         

*

 

Notes Receivable from Participants

   Interest Rate: 4.25% - 9.25%      $ 32,808,584   

 

* Party-in-interest.
(1) 

Cost information is not required for participant directed assets.

 

18


Table of Contents

401(k) Savings and Profit Sharing Plan for Employees of NIKE, Inc.

Schedule H, Line 4i – Schedule of Assets (Acquired and Disposed of Within Year)

Year Ended May 31, 2015

 

 

(a)    (b)    (c)      (d)  
Identity of Issue, Borrower,    Description of    Cost of      Proceeds of  
Lessor or Similar Party    Investments    Acquisitions      Dispositions  

AIRCASTLE LTD

   Corporate Bond      305,250         379,687   

ALCOA INC

   Corporate Bond      175,000         177,437   

ALERE INC

   Corporate Bond      78,750         79,125   

ALLIANCE DATA SYS

   Corporate Bond      400,000         394,684   

ANIXTER INC

   Corporate Bond      175,250         175,385   

ARDAGH PACKAGING

   Foreign Bond      306,720         299,032   

BONANZA CREEK

   Corporate Bond      186,512         354,091   

CARE UK HEALTH FRN GTD

   Foreign Bond      257,550         221,966   

CARRIZO OIL & GAS

   Corporate Bond      261,250         257,294   

CCO HLDGS LLC / CCO HLDGS CAP CORP

   Corporate Bond      176,312         482,844   

CLEAR CHANNEL

   Corporate Bond      339,000         645,108   

DAVITA HEALTHCARE

   Corporate Bond      425,000         421,281   

EQUINIX INC

   Corporate Bond      258,125         386,187   

FGI OPER CO LLC

   Corporate Bond      49,500         211,331   

FORESIGHT ENERGY

   Corporate Bond      106,375         470,314   

GENCORP INC

   Corporate Bond      191,625         367,206   

HUGHES SATELLITE

   Corporate Bond      195,125         481,115   

INFINITY ACQSTN

   Corporate Bond      200,000         183,853   

INTELSAT JACKSON HLDGS S A

   Corporate Bond      96,625         395,883   

INTELSAT JACKSON HLDGS S A

   Corporate Bond      104,750         107,424   

JAGUAR HLDG CO I SR PIK 144A

   Corporate Bond      203,000         204,340   

KINETIC CONCEPTS INC / KCI USA INC

   Corporate Bond      197,312         190,276   

MONITCHEM HOLDCO 2 S.A. 144A

   Foreign Bond      306,349         310,479   

NAT RES

   Corporate Bond      183,312         347,153   

NATL FINL PARTNERS

   Corporate Bond      302,156         280,276   

OXFORD FIN LLC

   Corporate Bond      106,000         308,453   

PVTPL 1011778 B C UNLIMITED LIABILITY

   Corporate Bond      297,750         299,820   

PVTPL 144A AMSURG CORP SR NT

   Corporate Bond      298,875         306,355   

PVTPL ACI WORLDWIDE INC SR NT 144A

   Corporate Bond      52,625         180,421   

PVTPL AECOM SR NT 144A

   Corporate Bond      401,687         409,672   

PVTPL ANTERO RESOURCES CORP

   Corporate Bond      150,750         145,384   

PVTPL CANTOR COML REAL ESTATE CO L P / CC R E FIN CORP SR NT

   Corporate Bond      80,812         266,037   

PVTPL CHS / CMNTY HEALTH SYS INC SR NT

   Corporate Bond      312,750         320,743   

PVTPL CONSOL ENERGY INC SR NT

   Corporate Bond      127,125         270,658   

PVTPL DRAWBRIDGE SPL OPPORTUNITIES FD LP/ DRA SR NT

   Corporate Bond      174,562         174,204   

PVTPL FMG RES AUGUST 2006 PTY LTD SR NT

   Corporate Bond      103,500         104,375   

PVTPL HUDBAY MINERALS INC SR NT 144A

   Corporate Bond      187,250         182,816   

PVTPL LEVEL 3 ESCROW II INC SR NT 144A

   Corporate Bond      598,250         601,918   

PVTPL NAI ENTERTAINMENT HLDING

   Corporate Bond      207,000         203,249   

PVTPL NORTHERN BLIZZARD RES INC

   Corporate Bond      105,000         249,655   

PVTPL PETCO ANIMAL SUPPLIES INC SR NT

   Corporate Bond      161,062         155,141   

PVTPL RSP PERMIAN INC SR NT

   Corporate Bond      225,000         223,869   

PVTPL SBA COMMUNICATIONS CORP SR NT

   Corporate Bond      297,534         289,807   

PVTPL STEEL DYNAMICS INC SR NT 144A

   Corporate Bond      300,000         307,125   

PVTPL VPII ESCR CORP SR NT

   Corporate Bond      157,500         156,849   

PVTPL WIND ACQUISITION FIN S A SR SECD NT

   Corporate Bond      325,000         313,683   

PVTPL1 NIELSEN FIN LLC 144A

   Corporate Bond      277,344         276,176   

REGAL ENTMT GROUP

   Corporate Bond      252,875         246,428   

REYNOLDS GROUP

   Corporate Bond      512,375         518,595   

SELECT MED CORP

   Corporate Bond      100,750         447,617   

SPECTRUM BRANDS INC

   Corporate Bond      210,000         210,831   

SUMMIT MIDSTREAM

   Corporate Bond      325,000         318,241   

T-MOBILE USA INC

   Corporate Bond      200,100         203,537   

T-MOBILE USA INC

   Corporate Bond      79,312         358,501   

TRUVEN HLTH

   Corporate Bond      107,875         486,485   

UNITYMEDIA HESSEN GMBH & CO KG / UNITYMEDIA NRW GMBH 144A

   Corporate Bond      153,937         154,189   

VECTOR GROUP

   Corporate Bond      106,250         321,589   

WHITEWAVE FOODS CO

   Corporate Bond      202,000         204,586   

WPX ENERGY INC

   Corporate Bond      250,875         242,009   

 

19


Table of Contents

401(k) Savings and Profit Sharing Plan for Employees of NIKE, Inc.

Schedule H, Line 4j – Schedule of Reportable Transactions

Year Ended May 31, 2015

 

 

     (a)    (b)   (c)     (d)     (g)     (h)     (i)  
                                Current Value        
          Description of Asset                     of Asset on     Net  
          (Include Interest Rate and   Purchase     Selling     Cost of     Transaction     Gain  
     Identity of Party Involved    Maturity Case of a Loan)   Price     Price     Asset     Date     (Loss)  
   The Northern Trust Company             
   Single Transactions             

*

  

NT Collective All Country World Ex-US Investable Market Index Fund

   Collective Trust Fund   $ 159,000,000      $ —        $ 159,000,000      $ 159,000,000      $ —     

*

   NT Collective International Small Cap Index Fund    Collective Trust Fund       41,864,252        29,681,502        41,864,252        12,182,750   

*

   NT Collective MSCI ACWI Ex-US Index Fund    Collective Trust Fund       74,609,764        61,483,379        74,609,764        13,126,385   

*

   NT Collective Russell 2000 Equity Index Fund    Collective Trust Fund       37,899,666        22,586,788        37,899,666        15,312,878   

*

   NT Collective Russell 3000 Equity Index Fund    Collective Trust Fund     228,537,492          228,537,492        228,537,492        —     

*

   NT Collective S&P 400 Index Fund    Collective Trust Fund       38,152,333        21,507,627        38,152,333        16,644,706   

*

   NT Collective S&P 500 Index Fund    Collective Trust Fund       162,684,639        86,016,205        162,684,639        76,668,434   
   Series of Transactions             

*

   NT Collective Aggregate Bond Index Fund    Collective Trust Fund   $ 20,000,000        $ 20,000,000      $ 20,000,000      $ —     

*

   NT Collective Aggregate Bond Index Fund    Collective Trust Fund       43,797,840        34,543,973        43,797,840        9,253,867   

*

  

NT Collective All Country World Ex-US Investable Market Index Fund

   Collective Trust Fund     159,000,000          159,000,000        159,000,000        —     

*

  

NT Collective All Country World Ex-US Investable Market Index Fund

   Collective Trust Fund       9,308,812        8,578,850        9,308,812        729,962   

*

   NT Collective International Small Cap Index Fund    Collective Trust Fund     1,153,094          1,153,094        1,153,094        —     

*

   NT Collective International Small Cap Index Fund    Collective Trust Fund       41,900,860        29,704,475        41,900,860        12,196,385   

*

   NT Collective MSCI ACWI Ex-US Index Fund    Collective Trust Fund     6,000,000          6,000,000        6,000,000        —     

*

   NT Collective MSCI ACWI Ex-US Index Fund    Collective Trust Fund       76,652,776        62,942,875        76,652,776        13,709,901   

*

   NT Collective Russell 2000 Equity Index Fund    Collective Trust Fund     1,200,000          1,200,000        1,200,000        —     

*

   NT Collective Russell 2000 Equity Index Fund    Collective Trust Fund       37,910,442        22,592,807        37,910,442        15,317,635   

*

   NT Collective Russell 3000 Equity Index Fund    Collective Trust Fund     228,537,492          228,537,492        228,537,492        —     

*

   NT Collective Russell 3000 Equity Index Fund    Collective Trust Fund       17,152,414        15,573,908        17,152,414        1,578,506   

*

   NT Collective S&P 400 Index Fund    Collective Trust Fund     1,000,000          1,000,000        1,000,000        —     

*

   NT Collective S&P 400 Index Fund    Collective Trust Fund       40,161,251        22,534,693        40,161,251        17,626,558   

*

   NT Collective S&P 500 Index Fund    Collective Trust Fund     7,500,000          7,500,000        7,500,000        —     

*

   NT Collective S&P 500 Index Fund    Collective Trust Fund       166,714,686        88,013,167        166,714,686        78,701,519   

*

   NTGI COLTV Government STIF    Collective Trust Fund     126,090,937          126,090,937        126,090,937        —     

*

   NTGI COLTV Government STIF    Collective Trust Fund       123,349,601        123,349,601        123,349,601        —     

*

   Party-in-interest.             

 

20


Table of Contents

SIGNATURES

The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the NIKE, Inc. Retirement Committee has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    NIKE, Inc., 401(k) Savings and Profit Sharing Plan
Date: November 20, 2015     By:   /s/ Kelley Hall
     

Kelley Hall

Chairperson, NIKE, Inc. Retirement Committee


Table of Contents

EXHIBIT INDEX

 

Exhibit No.

  

Description

23.1    Consent of Plante & Moran, PLLC Independent Registered Public Accounting Firm
23.2    Consent of PricewaterhouseCoopers LLP Independent Registered Public Accounting Firm