Available-for-sale securities are recorded at fair value with unrealized gains and losses reported, net of tax, in Other comprehensive income, unless unrealized losses are determined to be other than temporary. Management early adopted this guidance and the adoption did not have a material impact on the Company's consolidated financial position or results of operations. 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. Ludovic Ah-young Quatre Bornes, Mauritius. Operating overhead expense consists primarily of payroll and benefit related costs, rent, depreciation and amortization, professional services, and meetings and travel. Actual payments under some contracts may be higher than the amounts listed as these contracts provide for bonuses to be paid to the endorsers based upon athletic achievements and/or royalties on product sales in future periods. We require the contractors that directly manufacture our products and our licensees that make products using our intellectual property (including, indirectly, their contract manufacturers) to comply with a code of conduct and other environmental, health, and safety standards for the benefit of workers. 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. Subsequent to February 1, 2023 and November 1, 2042, respectively, the bonds also feature a par call provision which allows for the bonds to be redeemed at a price equal to 100% of the aggregate principal amount of the notes being redeemed, plus accrued and unpaid interest. The "Air" process utilizes pressurized gas encapsulated in polyurethane. Latest. Development costs of computer software to be sold, leased, or otherwise marketed as an integral part of a product are subject to capitalization beginning when a product's technological feasibility has been established and ending when a product is available for general release to customers. For fiscal 2013, constant currency revenues growth for the Emerging Markets geography was driven by growth in every key category and territory, led by SOCO, Brazil, and Mexico. the views of the author. Comparable direct distribution markets revenues increased 13%, contributing 12 percentage points of direct distribution markets revenues growth for fiscal 2014, while conversion of markets from licensed to direct distribution contributed 7 percentage points. The property serves as collateral for the debt. In addition, many of our imported products are subject to duties, tariffs, or quotas that affect the cost and quantity of various types of goods imported into the United States and other countries. Within the context of these critical accounting policies, we are not currently aware of any reasonably likely events or circumstances that would result in materially different amounts being reported. If one or more of our counterparty financial institutions default on their obligations to us or fail, we may incur significant losses. Ex-Div. whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Type to Search L Brands. Accounts receivable with anticipated collection dates greater than 12 months from the balance sheet date and related allowances are considered non-current and recorded in Deferred income taxes and other assets. Important aspects of competition in this industry are: product quality; performance and reliability; new product innovation and development; and consumer price/value; consumer connection and affinity for brands and products, developed through marketing and promotion; customer support and service; identification with prominent and influential athletes, coaches, teams, colleges, and sports leagues who endorse our brands and use our products; and active engagement through sponsored sporting events and clinics; and. 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. If we were to repatriate indefinitely reinvested foreign funds, we would be required to accrue and pay additional U.S. taxes less applicable foreign tax credits. Transactional exposures are managed on a portfolio basis within our foreign currency risk management program. It is our policy to utilize these financial instruments only where necessary to finance our business and manage such exposures; we do not enter into these transactions for trading or speculative purposes. As of May 31, 2014 , we had cash, cash equivalents, and short-term investments totaling $5.1 billion , of which $2.5 billion was held by our foreign subsidiaries. Results of hedges of anticipated purchases and sales of U.S. Revenues from our direct distribution markets grew 19% for fiscal 2014 driven by growth in "comparable" direct distribution markets (i.e., markets served under a direct distribution model for comparable periods in the current and prior fiscal years), primarily the United States, China, and the United Kingdom. As a global company with significant operations outside the United States, in the normal course of business we are exposed to risk arising from changes in currency exchange rates. Employees are eligible to participate through payroll deductions of up to 10% of their compensation. These advance orders may be canceled, and the risk of cancellation may increase when dealing with financially ailing retailers or retailers struggling with economic uncertainty. Fiscal 2013 gross margin decreased 50 basis points due to a lower average selling price per unit driven by higher discounts and closeout mix partially offset by favorable standard foreign currency exchange rates. (1) Please refer to Pfizer's 2014 Annual Report on Form 10-K, including the sections captioned Risk Factors and Forward-Looking Information That May Affect Future Results, for a description of the substantial risks and uncertainties related to the forward-looking statements, including our 2015 Financial Guidance, included in this Annual Review. Notwithstanding their contractual obligations, from time to time contractors may not comply with such standards or applicable local law or our licensees may fail to enforce such standards or applicable local law on their contractors. Our objective in managing this interest rate exposure is to limit the impact of interest rate changes on earnings and cash flows and to reduce overall borrowing costs. For the year ended May 31, 2012 , these revisions also resulted in a decrease of $78 million in Cash and equivalents, beginning of year and a $63 million decrease in Cash and equivalents, end of year. Revenue growth in direct distribution markets, which represent approximately 84% of Converse revenues, contributed 16 percentage points to the total increase for fiscal 2014, while licensing revenues decreased overall revenue by 1 percentage point. Diluted earnings per common share for NIKE, Inc. Our success depends on our global distribution facilities. 12/31/2014. Our fiscal 2014 results from continuing operations demonstrated the power of the NIKE, Inc. portfolio to deliver consistent growth in revenues, earnings, and cash returns to shareholders, while investing for long-term growth. Greater China ' s results reduced NIKE, Inc. revenue growth by 1 percentage point. The Company's fair value processes include controls that are designed to ensure appropriate fair values are recorded. In fiscal 2014, NIKE Brand and Converse sales in the United States accounted for approximately 46% of total revenues, compared to 45% in fiscal 2013 and 42% in fiscal 2012. The Company may first perform a qualitative assessment to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired. Excluding the effects of changes in foreign currency exchange rates, the growth in Operating overhead expense was 15%. None of our employees are represented by a union, except for certain employees in the Emerging Markets geography, where local law requires those employees to be represented by a trade union. The Class A Common Stock is not publicly traded but each share is convertible upon request of the holder into one share of Class B Common Stock. NIKE revenue for the twelve months ending August 31, 2020 was $37.337B, a 6.26% decline year-over-year. Global economic conditions could have a material adverse effect on our business, operating results, and financial condition. Non-current liabilities: Amount of obligation due after one year or beyond the normal operating cycle, if longer. 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. As an offset to the impacts of the fluctuating U.S. Dollar on our non-functional currency denominated product purchases described above, a strengthening U.S. Dollar against the foreign currencies within the factory currency exposure indices decreases NIKE's U.S. Dollar inventory cost. On a category basis, revenues were higher in nearly every category, led by Football (Soccer), Running, and Sportswear. 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. ), Directors, Executive Officers and Corporate Governance, Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters, Certain Relationships and Related Transactions, and Director Independence, Exhibits and Financial Statement Schedules. The information required by Item 201(d) of Regulation S-K is included under "Executive Compensation - Equity Compensation Plans" in the definitive Proxy Statement for our 2014 Annual Meeting of Shareholders and is incorporated herein by reference. Currently, we have several such agreements in place. We also have the following outstanding short-term debt obligations as of May 31, 2014 . If these undistributed earnings were repatriated to the United States, or if the shares of the relevant foreign subsidiaries were sold or otherwise transferred, they would generate foreign tax credits that would reduce the federal tax liability associated with the foreign dividend or the otherwise taxable transaction. Dollar-denominated available-for-sale debt securities and certain intercompany transactions. 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. We manage these exposures by taking advantage of natural offsets and currency correlations that exist within the portfolio and may also elect to use currency forward and option contracts to hedge a portion of the remaining effect of exchange rate fluctuations on probable forecasted future cash flows, including certain product cost purchase exposures, non-functional currency denominated external sales, and other costs described above. We may be adversely affected by the financial health of our retailers. For financial reporting, their fiscal year ends on May 31st. Constant currency footwear revenues growth in fiscal 2013 was primarily driven by growth in Running, Football (Soccer), and Basketball, partially offset by lower revenues in Sportswear. Find out the revenue, expenses and profit or loss over the last fiscal year. The purchase of these properties was accounted for as a business combination where the total consideration of. The Company may elect to designate certain derivatives as hedging instruments under the accounting standards for derivatives and hedging. Dollars. Date Rec. 1-10635). From time to time, the Company grants restricted stock units and restricted stock to key employees under the 1990 Plan. Changes in foreign currency exchange rates did not have a material impact on Operating overhead expense for fiscal 2014. Notes payable and interest-bearing accounts payable to Sojitz Corporation of America ("Sojitz America") as of May 31, 2014 and 2013 are summarized below: Weighted average interest rate includes non-interest bearing overdrafts. In addition, we cannot be certain that our unaffiliated manufacturers will be able to fill our orders in a timely manner. This is because the mix of orders can shift between futures and at-once orders and the fulfillment of certain of these futures orders may fall outside of the scheduled time period noted above. The largest single apparel factory accounted for approximately 7% of total fiscal 2014 NIKE Brand apparel production. Changes in Level 3 investment assets were immaterial during the years ended May 31, 2014 and 2013 . The Company's bilateral credit related contingent features generally require the owing entity, either the Company or the derivative counterparty, to post collateral for the portion of the fair value in excess of $50 million should the fair value of outstanding derivatives to either counterparty be greater than $50 million . We use VaR to monitor the foreign exchange risk of our foreign currency forward and foreign currency option derivative instruments only. Refer to Note 17- Risk Management and Derivatives for more information on the Company's risk management program and derivatives. The value of foreign currency options does not change on a one-to-one basis with changes in the underlying currency rate. Footwear Index. NIKE annual operating expenses for 2020 were $34.288B, a 0.17% decline from 2019. We have hedged and may, in the future, hedge net investment positions in certain foreign subsidiaries to mitigate the effects of foreign exchange fluctuations on these net investments. "Management's Annual Report on Internal Control Over Financial Reporting" is included in Item 8 of this Report. Mark G. Parker, President and Chief Executive Officer - Mr. Parker, 58, was appointed President and Chief Executive Officer in January 2006. The Company's derivative contracts contain credit risk related contingent features designed to protect against significant deterioration in counterparties' creditworthiness and their ultimate ability to settle outstanding derivative contracts in the normal course of business. agencies. If our stock price is volatile, we may become involved in this type of litigation in the future. Thus, to the extent that reports issued by securities analysts contain any projections, forecasts, or opinions, such reports are not the responsibility of NIKE. NIKE has five primary distribution centers in the United States located in Memphis, Tennessee, three of which are leased. These factors, among others, could affect our ability to manufacture products or procure materials, our ability to import products, our ability to sell products in international markets, and our cost of doing business. The Corporate loss before interest and taxes consists largely of unallocated general and administrative expenses, including expenses associated with centrally managed departments; depreciation and amortization related to our corporate headquarters; unallocated insurance, benefit, and compensation programs, including stock-based compensation; and certain foreign currency gains and losses. 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 discounted cash flows model indicates the fair value of the reporting unit based on the present value of the cash flows that the Company expects the reporting unit to generate in the future. Unrealized gains and losses on available-for-sale securities included in Other comprehensive income were immaterial as of May 31, 2014 and 2013. In fiscal 2013, unit sales of footwear increased approximately 7% and the average selling price per pair increased approximately 4%, driven equally by price increases and a shift in mix to higher priced products. Gross margin increased150 basis points as higher average selling prices, growth in our higher margin DTC business, and improved margins on closeout sales more than offset higher product input costs and unfavorable product mix. The Company classifies the cash flows at settlement from derivatives in the same category as the cash flows from the related hedged items. We also market products designed for kids, as well as for other athletic and recreational uses such as cricket, lacrosse, tennis, volleyball, wrestling, walking, and outdoor activities. Putting the power of mobile devices in the hands of its flight attendants, pilots … 12/31/2012. Due to market conversions and business declines in Latin America, licensing revenues decreased 7% for fiscal 2013. We also must be able to effectively renew our existing real estate leases. These tax holidays and rulings may be extended when certain conditions are met, or terminated if certain conditions are not met. This futures orders amount is calculated based upon our forecast of the actual exchange rates under which our revenues will be translated during this period. Executive Board As from December 16th 2014, The Nike Pension Fund is managed by an Executive Board consisting of two representatives of the employer and two representatives of the employees. The increase in NIKE Brand footwear revenues for fiscal 2014 was mainly due to growth in our Basketball, Sportswear, Running, and Football (Soccer) categories. We believe that our trademarks, patents, trade secrets, and other intellectual property rights are important to our brand, our success, and our competitive position. In both purchasing scenarios, a weaker U.S. Dollar decreases the inventory cost incurred by NIKE whereas a stronger U.S. Dollar increases its cost. For undesignated hedges and designated cash flow hedges, this is within the Cash provided by operations component of the Consolidated Statements of Cash Flows. Maximum Number (or Approximate Dollar Value). If you love sports, you couldn’t help but be In some cases, prices are subject to change throughout the production process. 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). If, after assessing the totality of events and circumstances, we determine that it is more likely than not that the indefinite-lived intangible asset is not impaired, no quantitative fair value measurement is necessary. In addition, the SEC maintains a website ( www.sec.gov ) that contains reports, proxy and information statements, and other information regarding issuers that file electronically. The breakdown of earnings before interest and taxes is as follows: Our continued focus on the category offense drove increased demand for NIKE Brand products across all key categories for fiscal 2014. These purchases generate a foreign currency exposure for those NIKE entities with a functional currency other than the U.S. Dollar. Our analysts have selected this fund for the Wealth Shortlist. Converse and Hurley products are shipped primarily from Ontario, California. Weighted average interest rates for the fixed rate swapped to floating rate debt reflect the effective interest rates at May 31, 2014. Effectiveness for cash flow hedges is assessed based on changes in forward rates. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. AGENDA . Our website offers information about investing and saving, but not personal advice. WWHAT WAS YOUR FIRST REACTION TO THE IDEA OF BEING NIKE’S CEO? Both unit sales and average selling price per pair increased 7% in fiscal 2013. Global gross profit of Nike from 2014 to 2020; Nike's revenue … The independent registered public accounting firm and the internal auditors have full access to the Committee, with and without the presence of management, to discuss any appropriate matters. There were no outstanding net investment hedges as of May 31, 2014 and 2013. The Company recorded no ineffectiveness from its interest rate swaps designated as fair value hedges for the years ended May 31, 2014 , 2013 , or 2012 . This new guidance requires companies to disclose both gross and net information about instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to master netting arrangements. In addition, exchange rate fluctuations as well as differing levels of order cancellations, discounts, and returns can cause differences in the comparisons between futures orders and actual revenues. Any delays, interruption, or increased costs in labor or wages, or the supply of materials or manufacture of our products could have an adverse effect on our ability to meet retail customer and consumer demand for our products and result in lower revenues and net income both in the short- and long- term. Revenues to external customers for NIKE Brand products are attributable to sales of footwear, apparel and equipment. The difficulty in forecasting demand also makes it difficult to estimate our future results of operations and financial condition from period to period. We utilize trademarks on nearly all of our products and believe that having distinctive marks that are readily identifiable is an important factor in creating a market for our goods, in identifying us, and in distinguishing our goods from the goods of others. The following table presents the fair values of derivative instruments included within the Consolidated Balance Sheets as of May 31, 2014 and 2013 : Derivatives formally designated as hedging instruments: Deferred income taxes and other liabilities, Total derivatives formally designated as hedging instruments. We often market footwear, apparel, and accessories in "collections" of similar use or by category. Conversely, a weakening U.S. Dollar against the indexed foreign currencies increases our inventory cost. 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. The purchase of these properties was accounted for as a business combination where the total consideration of $85 million was allocated to the land and buildings acquired; no other tangible or intangible assets or liabilities resulted from the purchase. By their very nature, our estimates of anticipated transactions may fluctuate over time and may ultimately vary from actual transactions. The Company discontinues hedge accounting prospectively when (1) it determines that the derivative is no longer highly effective in offsetting changes in the cash flows of a hedged item (including hedged items such as firm commitments or forecasted transactions); (2) the derivative expires or is sold, terminated, or exercised; (3) it is no longer probable that the forecasted transaction will occur; or (4) management determines that designating the derivative as a hedging instrument is no longer appropriate. Refer to Note 1 - Summary of Significant Accounting Policies in the accompanying Notes to the Consolidated Financial Statements. We carefully review all factors that drive the ultimate disposition of foreign earnings determined to be reinvested offshore and apply stringent standards to overcome the presumption of repatriation. We generally order product at least four to five months in advance of sale based primarily on futures orders received from customers. The allowance for uncollectible accounts receivable was $78 million and $104 million at May 31, 2014 and 2013 , respectively, of which $37 million and $54 million , respectively, was classified as long-term and recorded in Deferred income taxes and other assets. The Company is currently under audit by the Internal Revenue Service for the 2011 through 2014 tax years, and many issues are at an advanced stage in the examination process. 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 . Unilateral Advanced Pricing Agreement that covers intercompany transfer pricing for fiscal years 2011 through 2020. In these instances, to the extent that actual payments to the endorser differ from our estimate due to changes in the endorser's performance, increased or decreased Demand creation expense may be reported in a future period. Upon meeting the held-for-sale criteria, the Company recorded a loss of $ 107 million , net of tax, on the sale of Umbro and the loss is included in the Net income (loss) from discontinued operations line item on the Consolidated Statements of Income. The NTC, whose functional currency is the U.S. Dollar, then sells the products to NIKE entities in their respective functional currencies. We report changes in futures orders in our periodic financial reports. 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