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PART II
The Company assessed the materiality of these misstatements on prior
periods’ financial statements in accordance with SEC Staff Accounting
Bulletin (“SAB”) No. 99, Materiality, codified in ASC 250 (“ASC 250”),
Presentation of Financial Statements, and concluded that these
misstatements were not material to any prior annual or interim periods.
Accordingly, in accordance with ASC 250 (SAB No. 108, Considering the
Effects of Prior Year Misstatements when Quantifying Misstatements in
Current Year Financial Statements), the Consolidated Financial Statements as
of May 31, 2013 and 2012, and the years then ended, which are presented
herein, have been revised. The following are selected line items from the
Company’s Consolidated Financial Statements illustrating the effect of these
corrections and the correction of other immaterial errors:
NIKE, Inc. Consolidated Statements of Income
Year Ended May 31, 2013 Year Ended May 31, 2012
(In millions, except per share data)
As
Reported Adjustment
As
Revised
As
Reported Adjustment
As
Revised
Total selling and administrative expense $ 7,780 $ 16 $ 7,796 $ 7,065 $ 14 $ 7,079
Income before income taxes 3,272 (16) 3,256 3,025 (14) 3,011
Income tax expense 808 (3) 805 756 (2) 754
NET INCOME FROM CONTINUING OPERATIONS 2,464 (13) 2,451 2,269 (12) 2,257
NET INCOME $ 2,485 $ (13) $ 2,472 $ 2,223 $ (12) $ 2,211
Earnings per share from continuing operations:
Basic earnings per common share $ 2.75 $ (0.01) $ 2.74 $ 2.47 $ (0.02) $ 2.45
Diluted earnings per common share $ 2.69 $ (0.01) $ 2.68 $ 2.42 $ (0.02) $ 2.40
Earnings per share for NIKE Inc.
Basic earnings per common share $ 2.77 $ (0.01) $ 2.76 $ 2.42 $ (0.02) $ 2.40
Diluted earnings per common share $ 2.71 $ (0.01) $ 2.70 $ 2.37 $ (0.02) $ 2.35
NIKE, Inc. Consolidated Statements of Comprehensive Income
Year Ended May 31, 2013 Year Ended May 31, 2012
(In millions)
As
Reported Adjustment
As
Revised
As
Reported Adjustment
As
Revised
Net income $ 2,485 $ (13) $ 2,472 $ 2,223 $ (12) $ 2,211
TOTAL COMPREHENSIVE INCOME $ 2,610 $ (13) $ 2,597 $ 2,277 $ (12) $ 2,265
NIKE, Inc. Consolidated Balance Sheet
May 31, 2013
(In millions)
As
Reported Adjustment
As
Revised
ASSETS
Inventories $ 3,434 $ 50 $ 3,484
Prepaid expenses and other current assets 802 (46) 756
Total current assets 13,626 4 13,630
Identifiable intangible assets, net 382 (93) 289
Deferred income taxes and other assets 993 50 1,043
TOTAL ASSETS $ 17,584 $ (39) $ 17,545
LIABILITIES AND SHAREHOLDERS’ EQUITY
Notes payable $ 121 $ (23) $ 98
Accounts payable 1,646 23 1,669
Accrued liabilities 1,986 50 2,036
Income taxes payable 98 (14) 84
Total current liabilities 3,926 36 3,962
Retained earnings 5,695 (75) 5,620
Total shareholders’ equity 11,156 (75) 11,081
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 17,584 $ (39) $ 17,545
NIKE, INC. 2014 Annual Report and Notice of Annual Meeting 95
FORM 10-K