Nike Financial Statement

NIKE, INC. unite STATEMENTS OF INCOME category Ended whitethorn 31, 2001 2000 1999 (in millions, except per share data) RevenuesIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Costs and expensesCost of sales IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Selling and administrative IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII interestingness expense (Notes 4 and 5) IIIIIIIIIIIIIIIIIIIIIIIIIIIII Other income/expense, net (Notes 1, 10 and 11) IIIIIIIIIIIIIIII Restructuring charge, net (Note 13)IIIIIIIIIIIIIIIIIIIIIIIIIII add costs and expenses IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Income before income taskes IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Income taxes (Note 6) IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII crystalize income IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Basic earnings per common share (Notes 1 and 9) IIIIIIIIIIIIIIII Diluted earnings per common share (Notes 1 and 9)IIIIIIIIIIIIIII $9,488. 8 $8,995. 1 $8,776. 9 5,784. 9 2,689. 7 58. 7 34. 2 (. 1) 8,567. 4 921. 4 331. 7 $ 589. 7 $ 2. 18 $ 2. 16 5,403. 8 2,606. 4 45. 0 23. 2 (2. 5) 8,075. 9 919. 2 340. 1 $ 579. 1 $ 2. 10 $ 2. 07 5,493. 5 2,426. 6 44. 1 21. 5 45. 1 8,030. 8 746. 1 294. 7 $ 451. 4 $ 1. 59 $ 1. 57 The accompanying notes to consolidated Nnancial statements are an integral part of this statement. 24 NIKE, INC. CONSOLIDATED BALANCE SHEETS ASSETS May 31, 2001 2000 (in millions) Current Assets bills and equivalents IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Accounts receivable, less allowance for doubtful accounts of $72. 1 and $65. IIII Inventories (Note 2) IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Deferred income taxes (Notes 1 and 6) IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII pay expenses (Note 1) IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Total current assets IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Property, plant and equipment, net (Note 3)IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII IdentiNable intangible assets and goodwill, net (Note 1) IIIIIIIIIIIIIIIIIIIIII I Deferred income taxes and other assets (Notes 1 and 6)IIIIIIIIIIIIIIIIIIIIIII Total assets IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII $ 304. 0 1,621. 4 1,424. 1 113. 3 162. 5 3,625. 3 1,618. 8 397. 3 178. 2 $5,819. 6 $ 254. 3 1,569. 4 1,446. 0 111. 5 215. 2 3,596. 4 1,583. 4 410. 9 266. 2 $5,856. 9 $ $ 0. 2 2. 6 459. 4 (9. 9) (152. 1) 3,194. 3 3,494. 5 $5,819. 6 0. 2 2. 6 369. 0 (11. 7) (111. 1) 2,887. 0 3,136. 0 $5,856. 9 LIABILITIES AND SHAREHOLDERS EQUITY Current LiabilitiesCurrent portion of long-run debt (Note 5) IIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Notes payable (Note 4) IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Accounts payable (Note 4) IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Accrued liabilities IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Income taxes payable IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Total current liabilities IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Long-term debt (Notes 5 and 14)IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII IIIIIII Deferred income taxes and other liabilities (Notes 1 and 6) IIIIIIIIIIIIIIIIIIII Commitments and contingencies (Notes 12 and 15) IIIIIIIIIIIIIIIIIIIIIIIIII Redeemable Preferred sway (Note 7) IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Shareholders Equity harsh germinate at stated value (Note 8) Class A convertible I 99. 1 and 99. shares outstandingIIIIIIIIIIIIIIIIIIII Class B I 169. 5 and 170. 4 shares outstandingIIIIIIIIIIIIIIIIIIIIIIIIIIII Capital in excess of stated value IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Unearned stock salary IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII stack away other comprehensive incomeIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Retained earningsIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Total shareholders impartiality IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Total liabilities and shareholders equity IIIIIIIIIIIIIIIIIIIIIIIIIIIII 5. 4 855. 3 432. 0 472. 1 21. 9 1,786. 7 435. 9 102. 2 I 0. 3 50. 1 924. 2 543. 8 621. 9 I 2,140. 0 470. 3 110 . 3 I 0. 3The accompanying notes to consolidated Nnancial statements are an integral part of this statement. 25 NIKE, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS 2001 Cash provided (used) by operations Net income IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Income charges not aAecting hard currency DepreciationIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Non-cash portion of restructuring chargeIIIIIIIIIIIIIIIIIIIIIIIII Deferred income taxes IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII amortization and other IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Income tax beneNt from arrange of stock options IIIIIIIIIIIIIIIIIII Changes in certain working capital components add) decrease in accounts receivable IIIIIIIIIIIIIIIIIIIIIII (Increase) decrease in inventories IIIIIIIIIIIIIIIIIIIIIIIIIIIIII Decrease in other current assets and income taxes receivableIIIIIIII (Decrease) sum up in accounts payable, accrued liabilities and income taxes payable IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Cash provided by operations IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Cash provided (used) by investing activities Additions to property, plant and equipmentIIIIIIIIIIIIIIIIIIIIIIIII Disposals of property, plant and equipment IIIIIIIIIIIIIIIIIIIIIIIII Increase in other assets IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Increase in other liabilitiesIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Cash used by investing activitiesIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Cash provided (used) by Nnancing activitiesReductions in long-term debt including current portionIIIIIIIIIIIIIII (Decrease) increase in notes payable IIIIIIIIIIIIIIIIIIIIIIIIIIIIII Proceeds from exercise of stock options IIIIIIIIIIIIIIIIIIIIIIIIIIII Repurchase of stock IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Dividends I common and preferredIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Cash used by Nnancing activities IIIIIIIIIIIIIIIIIIIIIIIIIIIII EAect of exchange rate changes on cash IIIIIIIIIIIIIIIIIIIIIIIIIII Net increase in cash and equivalents IIIIII IIIIIIIIIIIIIIIIIIII Cash and equivalents, beginning of year IIIIIIIIIIIIIIIIIIIIIIIIIII Cash and equivalents, end of yearIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Supplemental disclosure of cash Oow information Cash paid during the year for Interest IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Income taxes IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Non-cash investing and Nnancing activityAssumption of long-term debt to bring home the bacon property, plant and equipment III Year Ended May 31, 2000 (in millions) 1999 $ 589. 7 $ 579. 1 $ 451. 4 197. 4 I 79. 8 16. 7 32. 4 188. 0 I 36. 8 35. 6 14. 9 198. 2 28. 0 37. 9 30. 6 33. 4 (141. 4) (16. 7) 78. 0 (82. 6) (311. 8) 61. 2 114. 4 214. 4 24. 2 (179. 4) 656. 5 178. 4 699. 6 (191. 1) 941. 4 (317. 6) 12. 7 (42. 5) 5. 1 (342. 3) (419. 9) 25. 3 (51. 3) 5. 9 (440. 0) (384. 1) 27. 2 (60. 8) 1. 2 (416. 5) (50. 3) (68. 9) 56. 0 (157. 0) (129. 7) (349. 9) 85. 4 49. 7 254. 3 $ 304. 0 (1. 7) 505. 1 23. 9 (646. 3) (133. 1) (252. 1) 48. 7 56 . 2 198. 1 $ 254. 3 (1. 5) (61. 0) 54. 4 (299. 8) (136. 2) (444. 1) 8. 7 89. 5 108. 6 $ 198. 1 $ $ $ 68. 5 173. 1I 45. 0 221. 1 47. 1 231. 9 $ 108. 9 The accompanying notes to consolidated Nnancial statements are an integral part of this statement. 26 I NIKE, INC. CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY Common Stock Class A Class B Shares Amount Shares Amount commensurateness at May 31, 1998 IIIIIIIIIIIII Stock options exercised IIIIIIIIIIIIIII Conversion to Class B Common Stock II Repurchase of Class B Common StockII Dividends on Common Stock IIIIIIIIII oecumenical income Net income IIIIIIIIIIIIIIIIIIIIIII Foreign currency translation (net of tax expense of $0. 4)IIIIIIIIIIIIII Comprehensive income IIIIIIIIIIIIIII Balance at May 31, 1999 IIIIIIIIIIIIIStock options exercised IIIIIIIIIIIIIII Conversion to Class B Common Stock II Repurchase of Class B Common StockII Dividends on Common stock IIIIIIIIII Issuance of shares to employees IIIIIIII Amortization of unearned compensa tion IIIIIIIIIIIIIIIIIIIII Comprehensive income Net income IIIIIIIIIIIIIIIIIIIIIII Foreign currency translation (net of tax expense of $1. 2)IIIIIIIIIIIIII Comprehensive income IIIIIIIIIIIIIII Balance at May 31, 2000 IIIIIIIIIIIII Stock options exercised IIIIIIIIIIIIIII Conversion to Class B Common Stock II Repurchase of Class B Common StockII Dividends on Common Stock IIIIIIIIII Issuance of shares to employees IIIIIIIIAmortization of unearned compensation IIIIIIIIIIIIIIIIIIIII Forfeiture of shares from employees IIII Comprehensive income Net income IIIIIIIIIIIIIIIIIIIIIII Foreign currency translation and other (net of tax beneNt of $0. 2) IIIIIIII Comprehensive income IIIIIIIIIIIIIII Balance at May 31, 2001 IIIIIIIIIIIII 101. 5 $0. 2 (0. 8) 185. 5 2. 7 0. 8 (7. 4) $ 2. 7 Capital in Excess of Unearned Stated Stock Value Compensation (in millions) $262. 5 80. 5 $ I Accumulated Other Comprehensive Income Retained Earnings $ (47. 2) $3,043. 4 $3,261. 6 80. 5 0. 2 (1. 5) 181. 6 1. 3 1. 5 (14. 5) 2. 7 334. 1 38. 7 (0. 1) (292. 7) (135. 6) (17. 3) 0. 5 13. 5 I (21. ) (21. 7) (68. 9) (301. 6) (135. 6) 451. 4 100. 7 (8. 9) Total 451. 4 451. 4 3,066. 5 (627. 1) (131. 5) (13. 5) 1. 8 0. 2 (0. 1) 170. 4 2. 9 0. 1 (4. 0) 2. 6 369. 0 91. 0 (11. 7) (42. 2) (42. 2) (111. 1) (4. 8) 0. 1 6. 7 (6. 7) (2. 5) 7. 3 1. 2 (42. 2) 536. 9 3,136. 0 91. 0 I (152. 2) (157. 0) (129. 6) (129. 6) I (0. 6) $0. 2 169. 5 $ 2. 6 $459. 4 $ (9. 9) (41. 0) (41. 0) $(152. 1) 589. 7 $3,194. 3 The accompanying notes to consolidated Nnancial statements are an integral part of this statement. 27 579. 1 579. 1 2,887. 0 589. 7 99. 1 (644. 5) (131. 5) I 1. 8 579. 1 99. 2 (21. 7) 429. 7 3,334. 6 38. 7 7. 3 (1. 9) 589. 7 (41. 0) 548. 7 $3,494. 5