And i choose Nike as i am more of a sports guy. Therefore, we consider the interest rate and foreign currency market risks associated with our non-functional currency intercompany loans to be immaterial to our consolidated financial position, results from operations and cash flows. View the latest NKE financial statements, income statements and financial ratios. We often market footwear, apparel, and accessories in "collections" of similar use or by category. As a result, we conduct purchase and sale transactions in various currencies, which increases our exposure to fluctuations in foreign currency exchange rates globally. Our principal business activity is the design, development, and worldwide marketing and selling of athletic footwear, apparel, equipment, accessories, and services. On May 30, 2013, the Company assumed a total of $59 million in bonds payable as part of its agreement to purchase certain Corporate properties; this was treated as a non-cash financing transaction. Certain contracts provide for variable payments based upon endorsers maintaining a level of performance in their sport over an extended period of time (e.g., maintaining a specified ranking in a sport for a year). Misuse of or failure to secure personal information could also result in violation of data privacy laws and regulations, proceedings against the Company by governmental entities or others, damage to our reputation and credibility, and could have a negative impact on revenues and profits. Ludovic Ah-young Quatre Bornes, Mauritius. The results of audits or related disputes could have an adverse effect on our financial statements for the period or periods for which the applicable final determinations are made. As of May 31, 2014 , the Company was in compliance with all credit risk related contingent features and the fair value of its derivative instruments with credit risk related contingent features in a net liability position was $22 million . In this case, our Income tax expense would be reduced in the year of such determination. In the event we were to have any borrowings outstanding under this facility and failed to meet any covenant, and were unable to obtain a waiver from a majority of the banks in the syndicate, any borrowings would become immediately due and payable. For fiscal 2014, DTC revenues represented approximately 20% of our total NIKE Brand revenues compared to 18% in fiscal 2013. Future volatility in the capital markets, however, may increase costs associated with issuing commercial paper or other debt instruments or affect our ability to access those markets. We depend on key personnel, the loss of whom would harm our business. The results of the divestiture are presented as discontinued operations. Prepaid advertising and promotion expenses totaled $516 million and $386 million at May 31, 2014 and 2013 , respectively, and were recorded in Prepaid expenses and other current assets and Deferred income taxes and other assets depending on the period to which the prepayment applies. The NTC, whose functional currency is the U.S. Dollar, then sells the products to NIKE entities in their respective functional currencies. We are also monitoring for and advocating against other impediments that may increase customs clearance times for imports of footwear, apparel, and equipment. If we do not successfully market our products or if advertising and promotional costs increase, these factors could have an adverse effect on our business, financial condition, and results of operations. Accordingly, changes in the fair values of the interest rate swap agreements are considered to exactly offset changes in the fair value of the underlying long-term debt. NIKE is a consumer products company and the relative popularity of various sports and fitness activities and changing design trends affect the demand for our products. Apparel revenues growth in North America was driven by higher demand in our Men ' s Training category, reflecting the addition of the NFL licensed business, as well as Basketball, Women ' s Training, and Running. For fiscal 2013, Global Brand Divisions ' loss before interest and taxes increased $267 million, primarily driven by increased investments and marketing support for our digital business, product creation and design initiatives, and higher demand creation spending in the first quarter of fiscal 2013 around the Olympics and European Football Championships. Refer to Note 1 â Summary of Significant Accounting Policies for additional detail regarding the Company's fair value measurement methodology. She was appointed President, Direct to Consumer in 2009 and President, Product and Merchandising in 2013. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of May 31, 2014 , based on criteria established in Internal Control - Integrated Framework (1992) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The Company's NIKE Brand Direct to Consumer operations are managed within each geographic operating segment. The property serves as collateral for the debt. In addition, the Company also capitalizes certain payroll and payroll-related costs for employees who are directly associated with internal use computer software projects. Currency exchange rate fluctuations could also disrupt the business of the independent manufacturers that produce our products by making their purchases of raw materials more expensive and more difficult to finance. The estimated maximum one-day loss in fair value on our foreign currency sensitive derivative financial instruments, derived using the VaR model, was $50 million and $34 million at May 31, 2014 and 2013, respectively. As discussed in Note 18 - Operating Segments and Related Information in the accompanying Notes to the Consolidated Financial Statements, certain corporate costs are not included in EBIT of our operating segments. Non-current liabilities: Amount of obligation due after one year or beyond the normal operating cycle, if longer. Fiscal 2013 constant currency apparel revenues were driven by growth in every key category, led by Football (Soccer), Running, Sportswear, and Men ' s Training. In step two of the analysis, the Company measures and records an impairment loss equal to the excess of the carrying value of the reporting unit's goodwill over its implied fair value, if any. On February 1, 2013, and November 30, 2012, we completed the divestitures of the Cole Haan and Umbro businesses, respectively, allowing us to better focus our resources on driving growth in the NIKE, Jordan, Converse, and Hurley brands. Accordingly, changes in fair value of these instruments are immediately recognized in Other expense (income), net and are intended to offset the foreign currency impact of the re-measurement of the related non-functional currency denominated asset or liability or the embedded derivative contract being hedged. ... Nike. By their very nature, our estimates of anticipated transactions may fluctuate over time and may ultimately vary from actual transactions. There are provisions of our articles of incorporation and Oregon law that are intended to protect shareholder interests by providing the Board of Directors a means to attempt to deny coercive takeover attempts or to negotiate with a potential acquirer in order to obtain more favorable terms. Financial report The Australia Post Group has achieved significant milestones in realising our growth and performance opportunities in the final year of our Future Ready business renewal program. Deferred Compensation Plan (Amended and Restated effective April 1, 2013) (incorporated by reference to Exhibit 10.9 to the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2013). If we fail to anticipate accurately and respond to trends and shifts in consumer preferences by adjusting the mix of existing product offerings, developing new products, designs, styles, and categories, and influencing sports and fitness preferences through aggressive marketing, we could experience lower sales, excess inventories, or lower profit margins, any of which could have an adverse effect on our results of operations and financial condition. The exercise price for stock options and stock appreciation rights may not be less than the fair market value of the underlying shares on the date of grant. Inventories are stated at lower of cost or market and valued on either an average or specific identification cost basis. We make substantial use of our futures ordering program, which allows retailers to order five to six months in advance of delivery with the commitment that their orders will be delivered within a set period of time at a fixed price. The Company may elect to designate certain derivatives as hedging instruments under the accounting standards for derivatives and hedging. The table presents principal cash flows and related weighted average interest rates by expected maturity dates. 1 effective January 1, 2008 to the NIKE, Inc. The swaps have the same notional amount and maturity date as the corresponding note. Since 1972, Sojitz Corporation of America ("Sojitz America"), a large Japanese trading company and the sole owner of our redeemable preferred stock, has performed significant import-export financing services for us. Assets of discontinued operations were $0 million, $0 million, $615 million, $560 million, and $530 million for the years ended May 31, 2014 , 2013 , 2012 , 2011 , and 2010 , respectively. Nike Inc.’s current liabilities increased from 2018 to 2019 and from 2019 to 2020. For the Company's fair value hedges, which are interest rate swaps used to mitigate the change in fair value of its fixed-rate debt attributable to changes in interest rates, the related cash flows from periodic interest payments are reflected within the Cash provided by operations component of the Consolidated Statements of Cash Flows. During fiscal 2014, NIKE's three largest customers outside of the United States accounted for approximately 6% of total non-U.S. sales. These letters of credit were generally issued for the purchase of inventory and guarantees of the Company's performance under certain self-insurance and other programs. Brand Marketing in 2000. SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT: if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Provisions for post-invoice sales discounts, returns and miscellaneous claims from customers are estimated and recorded as a reduction to revenue at the time of sale. We currently have short-term debt ratings of A1+ and P1 from Standard and Poor's Corporation and Moody's Investor Services, respectively. The Company leases space for certain of its offices, warehouses and retail stores under leases expiring from 1 to 20 years after May 31, 2014 . Our earnings are also exposed to movements in short- and long-term market interest rates. Revenues and Long-Lived Assets by Geographic Area. Selling and administrative expense increased due to higher operating overhead costs to support the expansion of our DTC business and infrastructure investments to support growth, as well as increases in demand creation spending to support the World Cup and key product launches. The increase was primarily due to a $954 million increase in share repurchases to $2,628 million, a $ 986 million decrease in net proceeds from long term debt issuance (reflecting the issuance of 10- and 30-year notes in April 2013), and a $96 million increase in dividends, partially offset by a year-on-year increase in proceeds from the exercise of stock options. The benefit of the tax holiday on Diluted earnings per common share was $0.15 , $0.12 , and $0.12 for the fiscal years ended May 31, 2014 , 2013 , and 2012 , respectively. The terms of the plan also allow for annual discretionary profit sharing contributions to the accounts of eligible employees by the Company as determined by the Board of Directors. AGENDA . To achieve that, we need all parts of our value chain to understand and deliver on our goals—from our leaders to product designers, to the employees in our stores, and workers in contracted factories who make our products. We sell sports apparel and accessories covering most of the above-mentioned categories, which feature the same trademarks and are sold predominantly through the same marketing and distribution channels as athletic footwear. The Company formally documents all relationships between designated hedging instruments and hedged items as well as its risk management objective and strategy for undertaking hedge transactions. The information required by Item 401 of Regulation S-K regarding executive officers is included under "Executive Officers of the Registrant" in Item 1 of this Report. Substantially all stock option grants outstanding under the 1990 Plan were granted in the first quarter of each fiscal year, vest ratably over four years, and expire 10 years from the date of grant. Trevor A. Edwards, President, NIKE Brand - Mr. Edwards, 51, joined NIKE in 1992. Accelerated stock option expense is recorded for employees eligible for accelerated stock option vesting upon retirement. The ongoing implementation of the category offense in Western Europe yielded successful results in fiscal 2014. The Company's global subsidiaries have various assets and liabilities, primarily receivables and payables, which are denominated in currencies other than their functional currency. Certain prior year amounts have also been revised in the Consolidated Balance Sheets to correctly recognize certain inventory amounts held by third parties, which were identified during the third quarter of fiscal 2014 and resulted in a $50 million increase to both Inventories and Accrued liabilities at May 31, 2013 . Internal control over financial reporting includes those policies and procedures that: (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of assets of the Company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of our management and directors; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of assets of the Company that could have a material effect on the financial statements. Additionally, the economic environment may at times make it difficult to determine the fair market rent of real estate properties domestically and internationally. The 30 basis point decrease in our effective tax rate for the fiscal year was primarily driven by the U.S. legislative retroactive reinstatement of the research and development tax credit and a reduction of tax reserves on foreign operations, partially offset by an increase in the percentage of earnings in higher tax jurisdictions. Women's revenues increased 12% in large part due to increases in our Running, Sportswear, and Women's Training categories. Our NIKE e-commerce website is located at www.nike.com. Accordingly, the Consolidated Financial Statements have been revised to correctly expense costs associated with internally developed patents and trademarks in the period incurred and to reverse expenses for amortization of previously capitalized costs. Certain stores have been designed and built to serve as high-profile venues to promote brand awareness and marketing activities. Global Brand Divisions primarily represent NIKE Brand licensing businesses that are not part of a geographic operating segment, Demand creation expense and Operating overhead expense that are centrally managed for the NIKE Brand, and costs associated with product development and supply chain operations. Copies of these filings may also be obtained by visiting the Public Reference Room of the SEC at 100 F Street, NE, Washington, D.C. 20549 or by calling the SEC at 1-800-SEC-0330. Level 3 investments are valued using internally developed models with unobservable inputs. These Level 3 investments are an immaterial portion of the Company's portfolio. The executive officers of NIKE, Inc. as of July 18, 2014 are as follows: Philip H. Knight, Chairman of the Board of Directors - Mr. Knight, 76, a director since 1968, is a co-founder of NIKE and, except for the period from June 1983 through September 1984, served as its President from 1968 to 1990 and from June 2000 to December 2004. Our controls and efforts to prevent unauthorized use and/or disclosure of confidential information might not always be effective. The Company's largest concentrations of long-lived assets primarily consist of the Company's world headquarters and distribution facilities in the United States and distribution facilities in Japan, Belgium and China. Selling and administrative expenses increased versus fiscal 2012, though at a rate slower than revenues; the growth was largely driven by higher demand creation expense for the Olympics in the first quarter of fiscal 2013 as well as key product initiatives, including the NFL launch, and higher operating overhead costs to support the expansion of our DTC business and overall growth of the business. Gross margin decreased 30 basis points due primarily to unfavorable foreign currency exchange rates, higher product costs, higher warehousing costs related to distribution center transition challenges in Mexico, and higher discounts, which more than offset higher average selling prices and a favorable shift to higher priced products. NIKE cost of goods sold for the twelve months ending August 31, 2020 was $21.226B, a 2.99% decline year-over-year. As a result, the Company reports the operating results of Cole Haan and Umbro in the Net income (loss) from discontinued operations line in the Consolidated Statements of Income for all periods presented. These sales generate a foreign currency exposure. Where trade protection measures are implemented, we believe that we have the ability to develop, over a period of time, adequate alternative sources of supply for the products obtained from our present suppliers. During the third quarter of fiscal 2013, we completed the sale of Cole Haan and recorded a gain on sale of $231 million, net of tax. In those cases where we determine that the useful life of a long-lived asset should be shortened, we increase depreciation expense over the remaining useful life to depreciate the asset's net book value to its salvage value. Prior to joining NIKE, he held a number of financial management positions with PepsiCo, Inc., including Vice President, Finance of Pepsi-Cola Asia, Vice President, Planning of PepsiCo's Pizza Hut Division, and Senior Vice President, Finance of The Pepsi Bottling Group, Inc. The strength of our brand, our compelling product and innovation, our leading digital ecosystem and more are all fueling our growing separation. Dollar, British Pound/Euro, and Japanese Yen/U.S. We also indefinitely reinvest a significant portion of our foreign earnings, and our current plans do not demonstrate a need to repatriate these earnings. Our largest territory, Brazil, grew 19%, while our SOCO territory (which includes Argentina, Uruguay, and Chile) grew 25%. The net impact of these items resulted in a decrease to unrecognized tax benefits. Cash used by financing activities was $2,914 million for fiscal 2014 compared to $1,045 million for fiscal 2013 , an increase of $1,869 million. Diluted earnings per common share is calculated by adjusting weighted average outstanding shares, assuming conversion of all potentially dilutive stock options and awards. This method assumes that trade names and trademarks have value to the extent that their owner is relieved of the obligation to pay royalties for the benefits received from them. Unit sales increased 11% while average selling price per pair increased 4%, due primarily to price increases. A slowing economy in our key markets could adversely affect the financial health of our customers, which in turn could have an adverse effect on our results of operations and financial condition. She founded and served as Chief Executive Officer of MSP Capital, a private investment company, from 2002 to 2009. Find PUMA's fastest annual report and our annual reports back to 1998 as well as statements about our quarterly results. Revenues growth in Central & Eastern Europe was driven by growth in nearly every key category, led by Football (Soccer) and Running. The degree to which our financial results are affected for any given time period will depend in part upon our hedging activities. For the years ended May 31, 2014 , 2013 , and 2012 , the amounts recorded in Other expense (income), net as a result of the discontinuance of cash flow hedging because the forecasted transaction was no longer probable of occurring were immaterial . Market Size Reports. Introduction . Should the level of our net investment decrease below hedged levels, the cumulative change in fair value of the over-hedged portion of the related hedge contract would be reported as Other expense (income), net during the period in which changes occur. If, after assessing the totality of events and circumstances, the C ompany determines that it is more likely than not that the indefinite-lived intangible asset is not impaired, no quantitative fair value measurement is necessary. Our success depends on our ability to identify, originate, and define product trends as well as to anticipate, gauge, and react to changing consumer demands in a timely manner. Unit sales in fiscal 2014 increased 11% and average selling price per pair increased 9%. The Company may elect to enter into foreign exchange forwards to mitigate the change in fair value of specific assets and liabilities on the Consolidated Balance Sheets and/or the embedded derivative contracts explained above. If retailers of our products experience severe financial difficulty, some may become insolvent and cease business operations, which could negatively impact the sale of our products to consumers. Total advertising and promotion expenses were $3,031 million , $2,745 million , and $2,607 million for the years ended May 31, 2014 , 2013 and 2012 , respectively. However, the mix of product sales may vary considerably as a result of changes in seasonal and geographic demand for particular types of footwear, apparel, and equipment. NIKE has copyright protection in its design, graphics and other original works. Failure to adequately protect or enforce our intellectual property rights could adversely affect our business. Selling and administrative expense increased as a percent of revenues, driven primarily by the increased investment in our DTC business and the decrease in revenues. . Prior to joining NIKE, Mr. Sprunk was a certified public accountant with Price Waterhouse from 1987 to 1993. Constant currency footwear revenues growth in Western Europe reflected increases in every key category, most notably our Sportswear, Running, Football (Soccer), and Basketball categories. Prior to joining NIKE, he held a number of senior human resource positions with PepsiCo, Inc. since 1990, most recently as head of Talent and Performance Rewards. The 2023 senior notes were issued in an initial aggregate principal amount of $500 million at a 2.25% fixed, annual interest rate and will mature on May 1, 2023. Dollars. Financial information about geographic and segment operations appears in Note 18 - Operating Segments and Related Information of the accompanying Notes to the Consolidated Financial Statements. When this occurs, we adjust the income tax provision during the quarter in which the change in estimate occurs. The stock performance shown on the performance graph above is not necessarily indicative of future performance. In addition, the liabilities associated with these businesses are reported as Liabilities of discontinued operations in the Consolidated Balance Sheets (refer to Note 15 - Discontinued Operations). Following an extension agreement on September 17, 2013 between the Company and the syndicate of banks, the facility matures November 1, 2017, with a one-year extension option exercisable through October 31, 2014. It should only be considered an indication and not a recommendation. In step two of the analysis, we measure and record an impairment loss equal to the excess of the carrying value of the reporting unit's goodwill over its implied fair value, if any. Any impairment would be measured as the difference between the asset group's carrying amount and its estimated fair value. To assist in the scheduling of production and the shipping of seasonal products, we offer customers the ability to place orders five to six months ahead of delivery under our futures ordering program. If one or more of our significant suppliers were to sever their relationship with us or significantly alter the terms of our relationship, we may not be able to obtain replacement products in a timely manner, which could have a material adverse effect on our sales, financial condition, or results of operations. 1-10635). The Company purchases through Sojitz America certain NIKE Brand products it acquires from non-U.S. suppliers. Refer to Note 1 - Summary of Significant Accounting Policies in the accompanying Notes to the Consolidated Financial Statements. Governance. There were no outstanding net investment hedges as of May 31, 2014 and 2013. We have not, to date, been materially affected by any such risk, but cannot predict the likelihood of such material effects occurring in the future. November 20, 2014 NIKE, Inc. In fiscal 2014, non-U.S. NIKE Brand and Converse sales accounted for 54% of total revenues, compared to 55% in fiscal 2013 and 58% in fiscal 2012. This agreement did not have a material impact on our effective tax rate for fiscal 2014. If, after assessing the totality of events and circumstances, the Company determines that it is more likely than not that the fair value of the reporting unit is greater than its carrying amount, the two-step impairment test is unnecessary. As a result, the Company recorded a gross increase in unrecognized tax benefits related to prior period tax positions, a gross decrease in unrecognized tax benefits related to prior period tax positions, and a settlement. At May 31, 2014 and 2013 , Short-term investments consisted of available-for-sale securities. Footwear Index. Eric D. Sprunk, Chief Operating Officer - Mr. Sprunk, 50, joined NIKE in 1993. Typically, the Company may enter into hedge contracts starting 12 to 24 months in advance of the forecasted transaction and may place incremental hedges up to 100% of the exposure by the time the forecasted transaction occurs. Selling and administrative expense grew faster than revenue for fiscal 2013 due to higher operating overhead to support growth initiatives and DTC expansion, as well as higher demand creation spending. North America EBIT increased at a faster rate than revenues due to gross margin expansion and slight selling and administrative expense leverage. On a reported basis, EBIT for Central & Eastern Europe grew faster than revenues primarily due to gross margin improvement, partially offset by higher selling and administrative expense. The increase in NIKE Brand footwear revenues for fiscal 2013 was attributable to growth across our Running, Basketball, Football (Soccer), and Sportswear categories. If such facts indicate a potential impairment, we would assess the recoverability of an asset group by determining if the carrying value of the asset group exceeds the sum of the projected undiscounted cash flows expected to result from the use and eventual disposition of the assets over the remaining economic life of the primary asset in the asset group. Values are quoted in the stock's local currency: US dollar. During the fourth quarter of the fiscal year ended. Long-lived assets attributable to operations in the United States, which are primarily composed of net property, plant & equipment, were $1,652 million and $1,374 million at May 31, 2014 and 2013 , respectively. On an interim basis, we estimate what our effective tax rate will be for the full fiscal year. 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