At May 31, 2014 and 2013 , Short-term investments consisted of available-for-sale securities. Selling and administrative expenses increased versus fiscal 2012, though at a rate slower than revenues; the growth was largely driven by higher demand creation expense for the Olympics in the first quarter of fiscal 2013 as well as key product initiatives, including the NFL launch, and higher operating overhead costs to support the expansion of our DTC business and overall growth of the business. We require the contractors that directly manufacture our products and our licensees that make products using our intellectual property (including, indirectly, their contract manufacturers) to comply with a code of conduct and other environmental, health, and safety standards for the benefit of workers. Compared to the prior year, Operating overhead expense increased 14%, primarily attributable to growth in our DTC business driven by new store openings, higher personnel costs, and e-commerce launches, as well as increased investments in our digital capabilities and corporate infrastructure. Our NIKE e-commerce website is located at www.nike.com. The Company's major foreign jurisdictions, China, the Netherlands and Brazil, have concluded substantially all income tax matters through calendar 2005, fiscal 2008 and calendar 2008, respectively. The property serves as collateral for the debt. At May 31, 2014 and 2013 , the Company did not hold any short-term investments that were classified as trading or held-to-maturity. *, Form of Restricted Stock Unit Agreement under the 1990 Stock Incentive Plan (incorporated by reference to Exhibit 10.17 to the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2013). The information required by Item 403 of Regulation S-K is included under "Election of Directors - Stock Holdings of Certain Owners and Management" in the definitive Proxy Statement for our 2014 Annual Meeting of Shareholders and is incorporated herein by reference. effective distribution of products, with attractive merchandising and presentation at retail, both in store and online. Fiscal 2014 reported EBIT for Emerging Markets decreased primarily due to a decline in gross margin, higher selling and administrative expense, and weaker currencies in a number of developing markets. Fiscal 2013 constant currency apparel revenues were driven by growth in every key category, led by Football (Soccer), Running, Sportswear, and Men ' s Training. We record valuation allowances against our deferred tax assets, when necessary. Provisions for post-invoice sales discounts, returns and miscellaneous claims from customers are estimated and recorded as a reduction to revenue at the time of sale. Profit after tax from continuing operations: Profit after tax from discontinuing operations: Retained Profit / (Loss) for the Financial Year. Certain stores have been designed and built to serve as high-profile venues to promote brand awareness and marketing activities. For inventories in transit that represent direct shipments to customers, the related inventory and cost of sales is recognized on a specific identification basis. British Pound) but are recognized at a subsidiary that uses the Euro as its functional currency. We compete internationally with a significant number of athletic and leisure footwear companies, athletic and leisure apparel companies, sports equipment companies, and large companies having diversified lines of athletic and leisure footwear, apparel, and equipment. Refer to Note 12 - Earnings Per Share for further discussion. In fiscal 2014, most of this apparel production occurred in China, Vietnam, Thailand, Indonesia, Sri Lanka, Pakistan, and Malaysia. Comparable direct distribution markets unit sales increased 12% and average selling price per unit increased 1% for fiscal 2014. Forward-looking statements involve risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. This is because the mix of orders can shift between futures and at-once orders. Valmet Financial Statements 2014 2 VUOSI­ KATSAUS Valmetin toiminta ja kestävä kehitys 2014 Annual Review 2014 (AR) The report describes Valmet’s business and market environment in 2014, and introduces our sustainability focus areas. Following an extension agreement on September 17, 2013 between the Company and the syndicate of banks, the facility matures November 1, 2017, with a one -year extension option exercisable through October 31, 2014. FOR THE TRANSITION PERIOD FROM                         TO                         . On a wholesale equivalent and currency neutral basis, fiscal 2013 NIKE Brand Men's revenues increased 9% due primarily to growth in our Running, Men's Training, and Basketball categories. The Company is also exposed to the risk of changes in the fair value of certain fixed-rate debt attributable to changes in interest rates. The following is a summary of principal properties owned or leased by NIKE. She was with Gap, Inc., as President and Chief Executive Officer of Banana Republic from 1995 to 2000, also serving as Chief Executive Officer of Gap, Inc. The strength of our brand, our compelling product and innovation, our leading digital ecosystem and more are all fueling our growing separation. The Exhibits filed herewith do not include certain instruments with respect to long-term debt of NIKE and its subsidiaries, inasmuch as the total amount of debt authorized under any such instrument does not exceed 10 percent of the total assets of NIKE and its subsidiaries on a consolidated basis. The program is designed to more effectively manage foreign currency risk by assuming certain of the factories' foreign currency exposures, some of which are natural offsets to the Company's existing foreign currency exposures. Our ability to effectively manage and maintain our inventory and to ship products to customers on a timely basis depends significantly on the reliability of these information technology systems. Converse is also a reportable segment, and operates in one industry: the design, marketing, licensing, and selling of casual sneakers, apparel, and accessories. The decrease in constant currency apparel revenues for fiscal 2013 was driven by lower revenues in Sportswear, Men ' s Training, and Women ' s Training, partially offset by higher revenues in Basketball. Refer to Note 17 - Risk Management and Derivatives in the accompanying Notes to the Consolidated Financial Statements for additional detail. The Company is currently evaluating the effect the guidance will have on the Consolidated Financial Statements. HAT WAS YOUR FIRST REACTION TO THE IDEA OF BEING NIKE’S CEO? These downsides were partially offset by 33% growth in our DTC business driven by comparable store sales growth of 13% and the addition of 29 net new stores. In fiscal 2014, we made $328 million in net purchases of short-term investments (net of sales/maturities) compared to $1,140 million in net purchases (net of sales/maturities) in fiscal 2013. Our principal business activity is the design, development, and worldwide marketing and selling of athletic footwear, apparel, equipment, accessories, and services. In connection with various contracts and agreements, we routinely provide indemnification relating to the enforceability of intellectual property rights, coverage for legal issues that arise and other items where we are acting as the guarantor. We regularly assess all of these matters to determine the adequacy of our tax provision, which is subject to significant discretion. investments are right for you, please request advice, for example from our, Register for online 1-10635). We recognize interest and penalties related to income tax matters in Income tax expense. 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