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NKE » Topics » Note 13 - Accumulated Other Comprehensive Income

This excerpt taken from the NKE 10-K filed Jul 27, 2009.

Note 14 — Accumulated Other Comprehensive Income

The components of accumulated other comprehensive income, net of tax, are as follows:

 

      May 31,  
   2009    2008  
     (In millions)  

Cumulative translation adjustment and other

    $ 64.6    $ 399.9   

Net deferred gain (loss) on net investment hedge derivatives

      62.5      (43.5 ) 

Net deferred gain (loss) on cash flow hedge derivatives

      240.4      (105.0 ) 
               
   $ 367.5    $ 251.4   
               
These excerpts taken from the NKE 10-K filed Jul 28, 2008.

Note 13 — Accumulated Other Comprehensive Income

The components of accumulated other comprehensive income are as follows:

 

     May 31,  
   2008     2007  
   (In millions)  

Cumulative translation adjustment and other(1)

    $ 356.4     $ 234.3  

Net deferred loss on cash flow hedge derivatives

      (105.0 )     (56.9 )
                
   $ 251.4     $ 177.4  
                

 

(1)

  

Cumulative translation adjustment and other for the year ended May 31, 2007 includes a $12.2 million net-of-tax adjustment relating to the adoption of FAS 158. See Note 12 for additional details.

Note 13 — Accumulated Other
Comprehensive Income

The components of accumulated other comprehensive income are as follows:

STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"> 
















































































   May 31, 
  2008  2007 
  (In millions) 

Cumulative translation adjustment and other(1)SIZE="2">

  $356.4  $234.3 

Net deferred loss on cash flow hedge derivatives

   (105.0)  (56.9)
         
  $251.4  $177.4 
         

 






(1)

 

Cumulative translation adjustment and other for the year ended May 31, 2007 includes a $12.2 million net-of-tax
adjustment relating to the adoption of FAS 158. See Note 12 for additional details.

Note 14 — Commitments and Contingencies

The Company leases space for certain of its offices, warehouses and retail stores under leases expiring from one to twenty-six years after
May 31, 2008. Rent expense was $344.2 million, $285.2 million and $252.0 million for the years ended May 31, 2008, 2007 and 2006, respectively. Amounts of minimum future annual rental commitments under non-cancelable operating leases
in each of the five years ending May 31, 2009 through 2013 are $312.4 million, $264.4 million, $228.9 million, $192.1 million, $163.9 million, respectively, and $692.3 million in later years.

STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%">As of May 31, 2008 and 2007, the Company had letters of credit outstanding totaling $193.4 million and $165.9 million, respectively. These letters
of credit were generally issued for the purchase of inventory.

In connection with various contracts and agreements, the Company provides
routine indemnifications relating to the enforceability of intellectual property rights, coverage for legal issues that arise and other items that fall under the scope of FASB Interpretation No. 45, “Guarantor’s Accounting and
Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of Others.” Currently, the Company has several such agreements in place. However, based on the Company’s historical experience and the estimated
probability of future loss, the Company has determined that the fair value of such indemnifications is not material to the Company’s financial position or results of operations.

STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%">In the ordinary course of its business, the Company is involved in various legal proceedings involving contractual and employment relationships, product
liability claims, trademark rights, and a variety of other matters. The Company does not believe there are any pending legal proceedings that will have a material impact on the Company’s financial position or results of operations.


EXCERPTS ON THIS PAGE:

10-K
Jul 27, 2009
10-K (2 sections)
Jul 28, 2008

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