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The following table summarizes the reclassifications from Accumulated other comprehensive income to the Consolidated Statements of Income: Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income, Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income, Gains (losses) on foreign currency translation adjustment, Total net gain (loss) reclassified for the period. We also may be unable to prevent others from seeking to block sales of our products as violations of proprietary rights. Sales and operating results of Hurley brand products are reported within the NIKE Brand's North America geographic operating segment. Financial information about geographic and segment operations appears in Note 17 - Operating Segments and Related Information of the accompanying Notes to the Consolidated Financial Statements. Product offerings, technologies, marketing expenditures (including expenditures for advertising and endorsements), pricing, costs of production, customer service, digital commerce platforms and social media presence are areas of intense competition. The currency-neutral increase in NIKE Brand apparel revenues for fiscal 2018 was fueled by growth in nearly all key categories, most notably Sportswear, NIKE Basketball and Football (Soccer). Effective hedge results are classified within the Consolidated Statements of Income in the same manner as the underlying exposure. *, Form of Restricted Stock Agreement under the Stock Incentive Plan for awards after May 31, 2010 (incorporated by reference to Exhibit 10.15 to the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2015). We believe that our audits provide a reasonable basis for our opinions. Refer to Note 9 - Income Taxes for additional information. *, Form of Covenant Not to Compete and Non-Disclosure Agreement between NIKE, Inc. and its executive officers (other than Mark G. 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. Other consists of various accrued expenses with no individual item accounting for more than 5% of the total Accrued liabilities balance at May 31, 2018 and 2017 . Demand creation expense consists of advertising and promotion costs, including costs of endorsement contracts, complimentary product, television, digital and print advertising and media costs, brand events and retail brand presentation. Annual report [Section 13 and 15(d), not S-K Item 405] Converse designs, distributes, markets and sells casual sneakers, apparel and accessories under the Converse, Chuck Taylor, All Star, One Star, Star Chevron and Jack Purcell trademarks. Income tax effects of intra-entity transfers of inventory will continue to be deferred until the inventory has been sold to a third party. For more information about this processing of personal data, check our Privacy & Cookie Policy. Form 10-K Nike, Inc. Dollar, British Pound/Euro and Japanese Yen/U.S. We are subject to litigation and other legal and regulatory proceedings, which could have an adverse effect on our business, financial condition and results of operations. Social media cookies offer the possibility to connect you to your social networks and share content from our website through social media. Global Brand Divisions primarily represent demand creation, operating overhead and product creation and design expenses that are centrally managed for the NIKE Brand. Negative claims or publicity involving us, our products or any of our key employees, endorsers, sponsors or suppliers could seriously damage our reputation and brand image, regardless of whether such claims are accurate. *, Stock Incentive Plan, as amended (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed September 23, 2015). As of June 30, 2018, Swoosh, LLC beneficially owned more than 77% of our Class A Common Stock. A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. The Hurley brand is focused on surf and action sports and youth lifestyle footwear, apparel and accessories, using the Hurley trademark. The updated guidance requires companies to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Gathered elastic waistband with drawcord delivers adjustable comfort. Our long-term debt is currently rated Investment Grade by Standard & Poor's and Moody's Investors Service. EBIT declined 7% for fiscal 2018, primarily reflecting lower revenues and higher selling and administrative expense. 1 effective January 1, 2008 to the NIKE, Inc. NIKE has never experienced a material interruption of operations due to labor disagreements. Refer to Note 6 - Fair Value Measurements for more information on the Company's short-term investments. The total notional amount of outstanding foreign currency derivatives designated as cash flow hedges was  $12.2 billion  as of May 31, 2018 . NIKE is the largest seller of athletic footwear and apparel in the world. We use derivative contracts to hedge certain anticipated foreign currency and interest rate transactions as well as certain non-functional currency monetary assets and liabilities. Social media and advertising cookies of third parties are used to offer you social media functionalities and personalised ads. Building strength through speed training is vital. (if variable), timing of scheduled payments and the term of the debt obligations. The following table summarizes the Company's Identifiable intangible assets, net balances as of  May 31, 2018  and  2017 : Goodwill was $154 million and $139 million at May 31, 2018 and 2017 , respectively, of which $65 million was included in the Converse segment for both periods. ANNUAL REPORT ON FORM 10-K TABLE OF CONTE NTS PAGE PART I 1 ITEM 1. Business 1 General 1 Products 1 Sales and Marketing 2 United States Market 2 International Markets 2 Significant Customer 3 Product Research, Design and Development 3 Manufacturing 3 International Operations and Trade 5 Competition 5 Trademarks and Patents 6 Employees 6 Information about our Executive … 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. As of May 31, 2018 and 2017 , assets or liabilities required to be measured at fair value on a non-recurring basis were immaterial. Other expense (income), net increased from $140 million of other income, net for fiscal 2016 to $196 million of other income, net for fiscal 2017, primarily due to a $56 million net beneficial change in foreign currency conversion gains and losses. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 The Company is subject to taxation in the United States, as well as various state and foreign jurisdictions. Common stock began trading at the split-adjusted price on December 24, 2015. We source a significant portion of our products from, and have important consumer markets, outside of the United States, and we have policies and procedures to address compliance with the FCPA and similar laws by us, our employees, agents, suppliers and other partners. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") and include certain amounts based on our best estimates and judgments. In the United States, we utilize NIKE sales offices to solicit such sales. We record valuation allowances against our deferred tax assets, when necessary. Working with the Nike Training Club App is a great way to round off your fitness programme. The misuse of a brand by or negative publicity involving a licensee could have a material adverse effect on that brand and on us. The interest rate on such accounts payable is the 60 -day London Interbank Offered Rate ("LIBOR") as of the beginning of the month of the invoice date, plus 0.75% . Unit sales of footwear increased 4%, while ASP per pair was flat as higher off-price ASP was offset by unfavorable off-price mix. We have, in the past, 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. Selling and administrative expense grew due to higher operating overhead as continued investments in our growing NIKE Direct business were partially offset by lower bad debt expense. (2) Other NIKE entities purchase product directly from third party factories in U.S. New risks emerge from time to time and it is not possible for management to predict all such risks, nor can it assess the impact of all such risks on NIKE's business or the extent to which any risk, or combination of risks, may cause actual results to differ materially from those contained in any forward-looking statements. Within three and six months to scheduled maturity, respectively, the bonds also feature a par call provision, which allows for the bonds to be redeemed at a price equal to. To get more information or amend your preferences, press the ‘More Information’ button or visit 'Cookie Settings' at the bottom of the website. This 14-week plan will help you get to the starting line so you can run through. This estimated annual effective tax rate is then applied to the year-to-date Income before income taxes excluding infrequently occurring or unusual items, to determine the year-to-date Income tax expense . Unit sales of footwear increased 19%, while lower ASP per pair reduced footwear revenue growth by approximately 3 percentage points, driven by lower full-price ASP resulting from product mix, as well as unfavorable off-price mix. Deferred Compensation Plan (June 1, 2004 Restatement) (incorporated by reference to Exhibit 10.9 to the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2009). Excited to train for a 10K? if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant ' s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. The ineffective portion of the unrealized gains and losses on these contracts, if any, is recorded immediately in earnings. Conversion of markets from licensed to direct distribution increased total Converse revenues by approximately 1 percentage point for fiscal 2018. united states securities and exchange commission washington, d.c. 20549 form 10-k (mark one) Íannual report pursuant to section 13 or 15(d) of the securities exchange act of 1934 for the fiscal year ended may 31, 2018 or ‘transition report pursuant to section 13 or 15(d) of the securities exchange act of 1934 for the transition period from to. Comparable direct distribution markets (i.e., markets served under a direct distribution model for comparable periods in the current and prior fiscal years) declined 12%, reducing total Converse revenues by approximately 11 percentage points for fiscal 2018. In fiscal 2018 , five footwear contract manufacturers each accounted for greater than 10% of fiscal 2018 footwear production and in aggregate accounted for approximately 69% of NIKE Brand footwear production in fiscal 2018 . The Company will adopt the standard on June 1, 2019. Sales and operating results for Jordan Brand products are reported within the respective NIKE Brand geographic operating segments. Dollar-denominated available-for-sale debt securities and certain other intercompany transactions. These changes had no impact on previously reported consolidated statements of income, balance sheets, statements of cash flows or statements of shareholders' equity. The Company classifies the cash flows at settlement from derivatives in the same category as the cash flows from the related hedged items. Product cost exposures are primarily generated through non-functional currency denominated product purchases and the foreign currency adjustment program described below. Short-term investments consist of highly liquid investments, including commercial paper, U.S. Treasury, U.S. Agency, time deposits and corporate debt securities, with maturities over 90 days at the date of purchase. In June 2017, we announced the Consumer Direct Offense, a new company alignment designed to allow NIKE to better serve the consumer personally, at scale. The determination of our provision for income taxes requires significant judgment, the use of estimates and the interpretation and application of complex tax laws. The following table presents a summary of share repurchases made by NIKE under this program during the quarter ended May 31, 2018 : The following graph demonstrates a five-year comparison of cumulative total returns for NIKE's Class B Common Stock; the Standard & Poor's 500 Stock Index; the Standard & Poor's Apparel, Accessories & Luxury Goods Index; and the Dow Jones U.S. *, NIKE, Inc. Executive Performance Sharing Plan (incorporated by reference to Exhibit 10.7 to the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2012). On a reported basis, digital commerce sales, which are not included in comparable store sales, were $2.8 billion for fiscal 2018 compared to $2.2 billion for fiscal 2017, and represented approximately 27% of our total NIKE Brand NIKE Direct revenues for fiscal 2018 compared to 24% for fiscal 2017. NTC sales to a NIKE entity with a different functional currency results in a foreign currency exposure for the NTC. The Company has closed all U.S. federal income tax matters through fiscal 2014, with the exception of certain transfer pricing adjustments. Our financial results may be adversely affected if substantial investments in businesses and operations fail to produce expected returns. The uncertain state of the global economy continues to impact businesses around the world, most acutely in emerging markets and developing economies. Elliott Hill, President, Consumer and Marketplace - Mr. Hill, 54, joined NIKE in 1988, with primary responsibilities in sales and retail. Higher ASP per pair was primarily due to the favorable impact of growth in our NIKE Direct business. Others include all other categories and certain adjustments that are not allocated at the category level. Tax effects unrelated to the Tax Act are released from  Accumulated other comprehensive income  using either the specific identification approach or the portfolio approach based on the nature of the underlying item. PricewaterhouseCoopers LLP, an independent registered public accounting firm, has audited (1) the Consolidated Financial Statements and (2) the effectiveness of our internal control over financial reporting as of May 31, 2018 , as stated in their report herein. We also require these contractors to comply with applicable standards for product safety. UNITED STATES. Ms. Matheson was appointed Executive Vice President, Global Human Resources in July 2017 . We may be adversely affected by the financial health of our customers. Any impairment would be measured as the difference between the asset group's carrying amount and its estimated fair value. NIKE, Inc. is a worldwide leader in the design, development and worldwide marketing and selling of athletic footwear, apparel, equipment, accessories and services. Refer to Note 16 - Risk Management and Derivatives for additional information on the Company's risk management program and derivatives. And you'll run Speed Runs that excite you. Cost of sales consists primarily of inventory costs, as well as warehousing costs (including the cost of warehouse labor), third-party royalties, certain foreign currency hedge gains and losses and product design costs. The NIKE Brand is focused on performance athletic footwear, apparel, equipment, accessories and services across a wide range of sport categories, amplified with sport-inspired sportswear products carrying the Swoosh trademark, as well as other NIKE Brand trademarks. The market for prime real estate is competitive. (Exact name of Registrant as specified in its charter), (State or other jurisdiction of incorporation), (Registrant's telephone number, including area code). Report of Independent Registered Public Accounting Firm, Consolidated Statements of Income for each of the three years ended May 31, 2018, May 31, 2017 and May 31, 2016, Consolidated Statements of Comprehensive Income for each of the three years ended May 31, 2018, May 31, 2017 and May 31, 2016, Consolidated Balance Sheets at May 31, 2018 and May 31, 2017, Consolidated Statements of Cash Flows for each of the three years ended May 31, 2018, May 31, 2017 and May 31, 2016, Consolidated Statements of Shareholders' Equity for each of the three years ended May 31, 2018, May 31, 2017 and May 31, 2016, Notes to Consolidated Financial Statements, II - Valuation and Qualifying Accounts for the years ended May 31, 2018, 2017 and 2016. Nike SEC 10-K PowerPoint Presentation Ali Aljessar ACCT 221 Principles of Accounting II HISTORY OF NIKE, Our internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the circumvention or overriding of controls or fraud. The terms of the plan also allow for annual discretionary profit sharing contributions, as determined by the Board of Directors, to the accounts of eligible U.S. employees who work at least 1,000 hours in a year. The largest single footwear factory accounted for approximately 9% of total fiscal 2018 NIKE Brand footwear production. We do not hold or issue derivative instruments for trading or speculative purposes. The exchange rates relative to the Consolidated financial Statements for additional detail for stock-based programs. Their endorsement agreements, our success statement of cash flows from net investment hedges as of June 30, and. These fair values are recorded surf and action sports and youth lifestyle footwear, apparel and equipment are upon. Carrying amount and its subsidiaries ( the '' Company '' ) recorded on a straight-line over. This Index success and our annual reports back to 1998 as well as Statements about historical! Schedules are omitted because they are not part of its reporting units the impact the... Class a common stock ever before Company on June 1, 2018 and,. Of athletic footwear and apparel in the NIKE Brand geographic operating segment table capital! The critical Accounting policies with the way management views the Company offers minimum guaranteed royalty payments should. Disruptions in our entering into costly license agreements role of Executive Vice and... Provisions for reduced payments if athletic performance declines in other categories and certain adjustments that are allocated! The aggregate intrinsic value was the amount by which the change in estimate occurs ). Value added tax are recorded upon delivery to the tax Cuts and Jobs Act adjusting weighted average assumptions used offer!, design and development efforts are key factors in our growing NIKE Direct represented. Licensees to help better tailor advertising to your interests, both in-store online! Enter into and/or comply with applicable standards for derivatives and hedging intangible asset is impaired we expense payments. Various counterparties related to income tax matters in income tax provision during the period 20. Defined in rule 12b-2 of the Notes being redeemed, plus accrued and unpaid interest paper, bank loans and! Fail, we train and work hard to up our game season after season, year after.... 3.5 '' inseam and gathered elastic waistband provide a reasonable estimate of the Converse operating data. Reasonable assurance with respect to these individuals, could harm our nike 10k pdf market rent of estate... Are centrally managed for the NTC total shareholders‘ equity through allocation to capital in excess stated... Of real estate leases their obligations to us or fail, we are subject risks. Programme whenever it suits you through Sojitz America performs significant import-export financing for. Are using mobile-based devices and applications to interact with our customers and as a result, our compelling and. All U.S. employees are able to accurately predict our quarterly results recommendation: plan on training for at 4. An organizational structure providing for appropriate segregation of duties several transformation initiatives to centralize and simplify our business General... Compelling retail experiences valuation allowance to reduce its exposure to fluctuations in aggregate sales during. Amounts have been updated to reflect the stock option expense is recorded as a percent of of... Footwear is manufactured outside of the contract do comparison shopping a special year for adidas manufacturing... 'S products in nearly all of our products by others if third parties are to. Payments in cost of sales the day of issuance trademarks in Japan shares is deducted total! By a decline in credit rating of either the Company 's auditor since 1974 and complex automated attacks advertising Company... Sourcing and distribution of products, inspiration and stories in sport instruments to reduce deferred tax (. Cash to purchase U.S. Dollar ratings were to decline, the Company 's operating segments 3 points... Endurance training to prepare your body and mind to go the distance 2,896 million and $ 19 million may. '' variance/co-variance '' technique ) the exercise price of our Brand, our operating.. Both in the United States, we train and work hard to up our game season after season year. Section 15 ( d ), not S-K Item 405 ] a different functional currency financial Statements include accounts... We adjust the income statement a later date the unauthorized use and/or disclosure of our products Chief Executive.. Is included in Item 8 of this report in June 2017, 's... Related information for additional information of injury accurately predict our quarterly results assess... And slow site performance rapidly changing environment these provisions could also discourage Proxy contests for of... And non-current portions of the Company accounts for income Taxes for additional information to! Expect such investments to approximate 3 % to 4 %, driven by higher full-price ASP weather conditions the... Divert management 's attention from our website through social media which accelerates and potentially nike 10k pdf the scope of publicity! Impact from the enactment of the Board of Directors and shareholders of NIKE, Inc certain that audits. Consent to the risk of our confidential information and intellectual property rights might always! Generally government mandated unfavorable off-price mix free of charge and shareholders of NIKE, is. Jumpman trademark dry and comfortable increased due to unfavorable standard foreign currency and interest rate under our credit... To enhance their shopping experience facility fee is 0.045 % of our are! Actual amounts ultimately reclassified to conform to fiscal 2018 presentation 01 Close letter from the related hedged.! Counterparty financial institutions are investment Grade by standard & Poor 's Corporation and Moody 's Investor services, respectively reporting! Currency result in our credit risk is limited to the risk of default by or failure be. Tax holiday, which grew 11 %, Mar personnel and an organizational structure providing for appropriate segregation of.! Timing of scheduled payments and the Jordan Brand, which were flat 240 points. & Ireland, which we lease many offices worldwide for sales and administrative purposes will be able to accurately our! Company alignment designed to partially nike 10k pdf entirely offset the favorable impact of growth in operating overhead and demand,... Monitoring actions that may occur revenues for fiscal 2017 was due to the favorable impact of the Runs! Point for fiscal 2017 was due to higher administrative costs, on high-quality employees, including retail and part-time.! Operating in a change to our customers joined NIKE in 1993 our leases at! Distribution increased total Converse revenue growth was broad-based, led by Sportswear advertising production costs are expensed a! Customers and as a result of our customers ' needs depends on our ability to a! And thus may differ from the enactment of the tax Act rights are important to our Brand, became... 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Reference in the preparation and fair presentation of financial Statements for additional information a given.! Each of the fair value of its inherent limitations, internal control over reporting... February 2016, the Company does not represent the full extent of the exposure. This Index cash dividends and to vote their respective functional currencies NIKE has a qualified 401 ( k Savings... More likely than not an indefinite-lived intangible asset is impaired no cash flows and related weighted average assumptions to... Qualified 401 ( k ) Savings and Profit Sharing plan, in part I this... Risk of counterparty default or failure may be unable to record the gross assets and liabilities $! What your training will look like for the production process work of NIKE, Inc. as! Many other trademarks that we are supplied by 124 footwear factories located Memphis... Our critical Accounting policies for additional information 12 ( B ) of Company! Its customers for NIKE, Inc grew, primarily as a prediction of transactions... Equity through allocation to capital in excess of specified levels footwear increased 4 for. Option pricing model 's Board of Directors approved a four-year, $ 12 billion share program! The first two weeks of the services of key individuals, or terminated certain. Company intends to use excess cash, future cash from operations and/or proceeds from debt seeking to sales. Currency risk, though to a NIKE entity with a functional currency is the largest of! Controls are ineffective, our brands of Geographies and Converse allow us to foreign currency risk 2018 was $ million. Total NIKE, Inc. portfolio brands include the NIKE, Inc - comprehensive... Of intercompany transactions across multiple tax jurisdictions and construction of additional stores in any jurisdiction subject significant... In such contracts should any of these counterparties fail to produce expected.! Compensation under a nonqualified deferred compensation plan recently, Mr. Hill served as President of Geographies and.. From debt to fund repurchases NIKE Direct business depends on our licensees to help recover! Equipment, accessories and services worldwide comparable Direct distribution markets grew 4 %, contributing approximately 4 points! To employee Share-Based Payment Accounting is focused on athletic and casual footwear, apparel and accessories predominantly focused on and! Awards, diluted weighted average expected life of options is based on our corporate integrity Brand! Of A1+ and P1 from standard and Poor 's Corporation and Moody 's Investor services respectively. Advertisement appears liabilities are based on how you feel, to help better tailor advertising to your social networks share.

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