Nike 2014 Annual Report Download - page 48

Download and view the complete annual report

Please find page 48 of the 2014 Nike annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 86

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86

PART II
NIKE, Inc. Consolidated Statements of Cash Flows
Year Ended May 31,
(In millions) 2014 2013 2012
Cash provided by operations:
Net income $ 2,693 $ 2,472 $ 2,211
Income charges (credits) not affecting cash:
Depreciation 518 438 373
Deferred income taxes (11) 20 (59)
Stock-based compensation (Note 11) 177 174 130
Amortization and other 114 66 23
Net gain on divestitures — (124) —
Changes in certain working capital components and other assets and liabilities:
(Increase) decrease in accounts receivable (298) 142 (323)
(Increase) in inventories (505) (219) (815)
(Increase) in prepaid expenses and other current assets (210) (28) (141)
Increase in accounts payable, accrued liabilities and income taxes payable 525 27 425
Cash provided by operations 3,003 2,968 1,824
Cash (used) provided by investing activities:
Purchases of short-term investments (5,386) (4,133) (3,245)
Maturities of short-term investments 3,932 1,663 2,663
Sales of short-term investments 1,126 1,330 1,721
Additions to property, plant and equipment (880) (598) (563)
Disposals of property, plant and equipment 3 14 2
Proceeds from divestitures — 786 —
Increase in other assets, net of other liabilities (2) (2) (14)
Settlement of net investment hedges — — 22
Cash (used) provided by investing activities (1,207) (940) 586
Cash used by financing activities:
Net proceeds from long-term debt issuance — 986 —
Long-term debt payments, including current portion (60) (49) (203)
Increase (decrease) in notes payable 75 10 (47)
Payments on capital lease obligations (17) — —
Proceeds from exercise of stock options and other stock issuances 383 313 468
Excess tax benefits from share-based payment arrangements 132 72 115
Repurchase of common stock (2,628) (1,674) (1,814)
Dividends — common and preferred (799) (703) (619)
Cash used by financing activities (2,914) (1,045) (2,100)
Effect of exchange rate changes 1 100 67
Net (decrease) increase in cash and equivalents (1,117) 1,083 377
Cash and equivalents, beginning of year 3,337 2,254 1,877
CASH AND EQUIVALENTS, END OF YEAR $ 2,220 $ 3,337 $ 2,254
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of capitalized interest $ 53 $ 20 $ 29
Income taxes 856 702 638
Non-cash additions to property, plant and equipment 167 137 99
Dividends declared and not paid 209 188 165
The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.
NIKE, INC. 2014 Annual Report and Notice of Annual Meeting 91
FORM 10-K