Since we cannot predict future changes in the financial stability of our customers, actual future losses from uncollectible accounts may differ from our estimates. On a category basis, revenues were higher in nearly every category, led by Football (Soccer), Running, and Sportswear. Accounting for Derivatives and Hedging Activities. These provisions could also discourage proxy contests for control of the Company. Certain written and oral statements, other than purely historic information, including estimates, projections, statements relating to NIKE's business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, made or incorporated by reference from time to time by NIKE or its representatives in this report, other reports, filings with the SEC, press releases, conferences, or otherwise, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended. Title passes generally upon shipment or upon receipt by the customer depending on the country of the sale and the agreement with the customer. The reported amounts exclude product purchase liabilities included in Accounts payable on the Consolidated Balance Sheet as of May 31, 2014 . The program is designed to more effectively manage foreign currency risk by assuming certain of the factories' foreign currency exposures, some of which are natural offsets to the Company's existing foreign currency exposures. The amount of earnings designated as indefinitely reinvested offshore is based upon the actual deployment of such earnings in our offshore assets and our expectations of the future cash needs of our U.S. and foreign entities. Property, plant and equipment, including buildings, equipment, and computer hardware and software are recorded at cost (including, in some cases, the cost of internal labor) and are depreciated over the estimated useful life. Results of hedges of certain anticipated intercompany transactions are recorded in Other expense (income), net when the transaction occurs. Scheduled Maturity (Dollars and Yen in millions), August 20, 2001 through November 20, 2020 (3). Financial assets and liabilities are classified in their entirety based on the most conservative level of input that is significant to the fair value measurement. Extreme weather conditions and natural disasters could negatively impact our operating results and financial condition. The Dow Jones U.S. Our ability to meet our customers' needs depends on our ability to maintain a steady supply of products from our independent contract manufacturers. Derivatives currently used by the Company to hedge this risk are receive-fixed, pay-variable interest rate swaps. Other revenues to external customers consist primarily of sales by Converse. We are currently evaluating the effect the guidance will have on the Company's consolidated financial position or results of operations. Net of tax benefit of $0 million , $1 million , and $0 million , respectively. While macroeconomic uncertainties in the global economy are likely to persist, we continue to see opportunities to drive future growth and remain committed to effectively managing our business to achieve our financial goals over the long term by executing against the operational strategies outlined above. 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 . The Company provides for U.S. income taxes on the undistributed earnings of foreign subsidiaries unless they are considered indefinitely reinvested outside the United States. Certain stores have been designed and built to serve as high-profile venues to promote brand awareness and marketing activities. Depreciation and amortization of assets used in manufacturing, warehousing and product distribution are recorded in Cost of sales. The two-step impairment test first requires the Company to estimate the fair value of its reporting units. ... Investors Annual General Meeting On this page we provide all information and documents relating to the Annual … Our current agreements with Sojitz America expire on May 31, 2015. See section "Foreign Currency Exposures and Hedging Practices" under Item 7 for additional detail. These balance sheet items are subject to re-measurement, the impact of which is recorded in Other expense (income), net , within the Consolidated Statements of Income. The decrease in selling and administrative expense in fiscal 2014 was attributable to lower operating overhead and demand creation spending. Our primary foreign currency exposures arise from the recording of transactions denominated in non-functional currencies and the translation of foreign currency denominated results of operations, financial position, and cash flows into U.S. Dollar-denominated available-for-sale debt securities and certain intercompany transactions. Property, Plant and Equipment and Depreciation. (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. Supplemental NIKE Brand Revenues Details: NIKE Brand Revenues on a Wholesale Equivalent Basis: (5), Sales from our Wholesale Operations to Direct to Consumer Operations, TOTAL NIKE BRAND WHOLESALE EQUIVALENT REVENUES, NIKE Brand Wholesale Equivalent Revenues by: (5). Accordingly, we are subject to the risks generally associated with global trade and doing business abroad, which include foreign laws and regulations, varying consumer preferences across geographic regions, political unrest, disruptions or delays in cross-border shipments, and changes in economic conditions in countries in which we manufacture or sell products. Failure of our contractors or our licensees' contractors to comply with our code of conduct, local laws, and other standards could harm our business. ABBOTT PAKISTAN 2014 ANNUAL REPORT 9 The Company estimates the fair value of options and stock appreciation rights granted under the NIKE, Inc. 1990 Stock Incentive Plan (the "1990 Plan") and employees' purchase rights under the Employee Stock Purchase Plans ("ESPPs") using the Black-Scholes option pricing model. Announces 17 Percent Increase in Quarterly Dividend. For NIKE Brand apparel, the increase in revenues for fiscal 2014 was driven by growth in all key categories, most notably our Football (Soccer), Running, and Women's Training categories. 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. Adjustments resulting from translating foreign functional currency financial statements into U.S. Online sales represented approximately 15% of our total NIKE Brand DTC revenues for fiscal 2014, compared to 12% for fiscal 2013. 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. Additionally, if any of our primary contract manufacturers fail to make timely shipments, do not meet our quality standards, or otherwise fail to deliver us product in accordance with our plans, there could be a material adverse effect on our results of operations. WWHAT WAS YOUR FIRST REACTION TO THE IDEA OF BEING NIKE’S CEO? In addition, from time to time, we seek to downsize, consolidate, reposition, or close some of our real estate locations, which may require modification of an existing lease. The Company may elect to designate certain derivatives as hedging instruments under the accounting standards for derivatives and hedging. Nike Inc 's Annual Sales by Country and Region in May 31. Current economic and political conditions make tax rules in any jurisdiction, including the United States, subject to significant change. Our reportable operating segments are evidence of the structure of the Company's internal organization, which changed beginning in the first quarter of fiscal 2014. Depreciation and amortization of other assets are recorded in Total selling and administrative expense. 2017 Annual Report. During the fourth quarter of fiscal 2014 , management determined that these capitalized costs were not accurately identified with specific patent or trademark assets, and therefore, concluded that amounts previously capitalized should have been expensed as incurred. Under this program, our payments to these factories are adjusted for rate fluctuations in the basket of currencies ("factory currency exposure index") in which the labor, materials and overhead costs incurred by the factories in the production of NIKE branded products ("factory input costs") are denominated. Ms. Krane was appointed to Executive Vice President, Chief Administrative Officer and General Counsel in 2013. 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On our NIKE corporate website, located at www.nikeinc.com, we post the following filings as soon as reasonably practicable after they are electronically filed with or furnished to the United States Securities and Exchange Commission (the "SEC"): our annual report on Form 10-K, our quarterly reports on Form 10-Q, our current reports on Form 8-K, and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities and Exchange Act of 1934, as amended. The transaction resulted in a gain on sale of $231 million , net of $137 million in Income tax expense; this gain is included in the Net income (loss) from discontinued operations line item on the Consolidated Statements of Income. If our stock price is volatile, we may become involved in this type of litigation in the future. 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 . A portion of the Company's foreign operations are benefiting from a tax holiday, which is set to expire in 2021 . He was appointed Vice President, Corporate Controller in 2003. 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. In these cases, we estimate the date of receipt by the customer based upon historical delivery times by geographic location. The Company's NIKE Brand Direct to Consumer operations are managed within each geographic operating segment. Employee athletes, athletes engaged under sports marketing contracts, and other athletes wear-test and evaluate products during the design and development process. In addition, we market our products globally through a diverse spectrum of advertising and promotional programs and campaigns, including social media and online advertising. If you love sports, you couldn’t help but be Fiscal 2013 and 2012 amounts have been revised to correctly expense internally developed patent and trademark costs as incurred. We also require these contractors to comply with applicable standards for product safety. Both unit sales and average selling price per pair increased 7% in fiscal 2013. Interest expense (income), net (Notes 6, 7, and 8), NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS, Basic earnings per common share (Notes 1 and 12), Diluted earnings per common share (Notes 1 and 12). At May 31, 2014 , the notional amount of embedded derivatives was approximately $100 million . Fiscal 2014 EBIT for Japan decreased 6% as a 12% decline in reported revenues, due to the weaker Yen, was only partially offset by higher gross margin and selling and administrative expense leverage. Moreover, a significant portion of our revenue is not derived from futures orders, including at-once and closeout sales of NIKE Brand footwear and apparel, sales of NIKE Brand equipment, sales from our Direct to Consumer operations, and sales from our Converse, Hurley, and NIKE Golf businesses. Our information technology systems are critical to many of our operating activities and our business processes and may be negatively impacted by any service interruption or shutdown. 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. The majority of derivatives outstanding as of May 31, 2014 are designated as cash flow or fair value hedges. Unilateral Advanced Pricing Agreement that covers intercompany transfer pricing for fiscal years 2011 through 2020. NIKE annual revenue for 2019 was $39.117B, a 7.47% increase from 2018. Company contributions to the savings plan were $51 million , $46 million , and $42 million for the years ended May 31, 2014 , 2013 , and 2012 , respectively, and are included in Total selling and administrative expense. In some cases, prices are subject to change throughout the production process. Unit sales for fiscal 2014 were flat compared to the prior year while average selling price per pair increased 5%, driven by favorable revenue mix resulting from a higher percentage of sales from our higher price DTC business, as well as a shift in mix to higher priced product. For the years ended May 31, 2014 and 2013 , the Company did not consider its securities to be other-than-temporarily impaired and accordingly, did not recognize any impairment losses. These transition services are complete and the Company has wound down the remaining operations of Umbro. There were no adjustments to these recorded amounts as of May 31, 2014 . Women's revenues increased 9% driven primarily by an increase in Running and Women's Training. Our significant long-term contractual obligations as of May 31, 2014 and significant endorsement contracts entered into through the date of this report are as follows: Cash Payments Due During the Year Ending May 31. *, Form of Non-Statutory Stock Option Agreement for options granted to executives after May 31, 2010 under the 1990 Stock Incentive Plan (incorporated by reference to Exhibit 10.4 to the Company's Annual Report on Form 10-K for the fiscal year ended May 3, 2013). Inside Nike Inc's 10-K Annual Report: Financial - Expense Highlight. With 48000 employees, NIKE’s operation cuts across different regions in the world including Canada, Asia, Latin America, Europe, and Africa. When the Company discontinues hedge accounting because it is no longer probable that the forecasted transaction will occur in the originally expected period, but is expected to occur within an additional two-month period of time thereafter, the gain or loss on the derivative remains in Accumulated other comprehensive income and is reclassified to Net income when the forecasted transaction affects consolidated Net income. December 18, 2014 NIKE, Inc. Reports Fiscal 2015 Second Quarter Results December 4, 2014 NIKE, Inc. During the prior program, the Company purchased a total of 118.8 million shares at an average price of $42.08 per share. 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 recognize interest and penalties related to income tax matters in Income tax expense. Options to purchase an additional 0.1 million , 0.1 million , and 0.2 million shares of common stock were outstanding at May 31, 2014 , 2013 , and 2012 , respectively, but were not included in the computation of Diluted earnings per common share because the options were anti-dilutive. 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 time period at a fixed price. These positive impacts were partially offset by smaller net gains from non-operating items. If such facts indicate a potential impairment, the Company 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. 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. No amounts were outstanding under this facility as of May 31, 2014 or 2013 . Factors that would necessitate an impairment assessment include a significant adverse change in the extent or manner in which an asset is used, a significant adverse change in legal factors or the business climate that could affect the value of the asset, or a significant decline in the observable market value of an asset, among others. The NIKE Brand segments continue to be defined by geographic regions for operations participating in NIKE Brand sales activity, which now includes the results of NIKE Golf and Hurley. The reported futures orders growth is not necessarily indicative of our expectation of revenue growth during this period. Hedged transactions are principally denominated in Euros, British Pounds, and Japanese Yen. The cash payments due for long-term debt include estimated interest payments. These senior unsecured obligations rank equally with the Company's other unsecured and unsubordinated indebtedness. An unfavorable outcome could have an adverse impact on our business, financial condition and results of operations. Every NIKE Brand geography except Greater China delivered higher revenues for fiscal 2013. The Company recognized $46 million , $50 million , and $51 million of Total selling and administrative expense related to cash awards under the LTIP during the years ended May 31, 2014 , 2013 , and 2012 , respectively. We are heavily dependent on information technology systems and networks, including the Internet and third-party hosted services ("information technology systems"), across our supply chain, including product design, production, forecasting, ordering, manufacturing, transportation, sales, and distribution, as well as for processing financial information for external and internal reporting purposes, retail operations, and other business activities. NIKE's independent contractors and suppliers buy raw materials in bulk for the manufacturing of our footwear, apparel, and equipment products. We also have manufacturing agreements with independent factories in Argentina, Brazil, India, and Mexico to manufacture footwear for sale primarily within those countries. Indefinite-lived intangible assets primarily consist of acquired trade names and trademarks. Gross margin increased 30 basis points, largely driven by price increases and the favorable impact of our higher margin DTC business, more than offsetting higher product costs and unfavorable standard foreign currency exchange rates. In general, and where applicable, we use quoted prices in active markets for identical assets or liabilities to determine the fair values of our financial instruments. 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. The information required by Item 403 of Regulation S-K is included under "Election of Directors - Stock Holdings of Certain Owners and Management" in the definitive Proxy Statement for our 2014 Annual Meeting of Shareholders and is incorporated herein by reference. Additionally, the economic environment may at times make it difficult to determine the fair market rent of real estate properties domestically and internationally. 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. Strong category retail presentation online and at NIKE-owned and retail partner stores. Other amounts primarily include service and marketing commitments made in the ordinary course of business. The Company reviews the carrying value of long-lived assets or asset groups to be used in operations whenever events or changes in circumstances indicate that the carrying amount of the assets might not be recoverable. 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. For fiscal 2014, unit sales increased 7% and average selling price per pair increased 4%. From 1996 to 2006, she was a partner and assistant general counsel at PricewaterhouseCoopers LLP. Nike Annual Report | Publication University Project where we were asked to design a new annual report for a company of our choice. We sell to thousands of retail accounts in the United States, including a mix of footwear stores, sporting goods stores, athletic specialty stores, department stores, skate, tennis, and golf shops, and other retail accounts. As the holder of the Redeemable p referred s tock, Sojitz America does not have general voting rights but does have the right to vote as a separate class on the sale of all or substantially all of the assets of the Company and its subsidiaries, on merger, consolidation, liquidation or dissolution of the Company or on the sale or assignment of the NIKE trademark for athletic footwear sold in the United States. Internal Use Software . In fiscal 2014, unit sales of apparel increased approximately 6% and the average selling price per unit increased approximately 4%, driven by price increases, and to a lesser extent, a shift in mix to higher priced products. From how to access your account online, scam awareness, your
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. As of May 31, 2014 , the total gross unrecognized tax benefits, excluding related interest and penalties, were $506 million , $264 million of which would affect the Company's effective tax rate if recognized in future periods. 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. Following the completion of this program, the Company began repurchases under the four-year, $8 billion share repurchase program approved by the Board in September 2012. Our Brand Jordan division designs, distributes and licenses athletic and casual footwear, apparel and accessories predominantly focused on Basketball using the Jumpman trademark. Income charges (credits) not affecting cash: Changes in certain working capital components and other assets and liabilities: (Increase) decrease in accounts receivable, (Increase) in prepaid expenses and other current assets, Increase in accounts payable, accrued liabilities and income taxes payable. Failure to maintain our reputation and brand image could negatively impact our business. As part of the Company's centrally managed foreign exchange risk management program, standard foreign currency rates are assigned twice per year to each NIKE Brand entity in the Company's geographic operating segments and to Converse. She was with Gap, Inc., as President and Chief Executive Officer of Banana Republic from 1995 to 2000, also serving as Chief Executive Officer of Gap, Inc. Both unit sales and average selling price per unit increased, with unit sales increasing 6% and average selling price per unit increasing 4%. We estimate the combination of the translation of foreign currency-denominated profits from our international businesses and the year-over-year change in foreign currency related gains and losses included in Other expense (income), net had an unfavorable impact on our Income before income taxes of $139 million for fiscal 2014. We purchase products from manufacturers outside of our futures ordering program and in advance of customer orders, which we hold in inventory and resell to customers. And i choose Nike as i am more of a sports guy. The Company classifies the cash flows at settlement of its net investment hedges within the Cash (used) provided by investing activities component of the Consolidated Statement of Cash Flows. Moreover, NIKE operates in a very competitive and rapidly changing environment. Our leases expire at various dates through the year 2033. 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