Coach 2014 Annual Report Download - page 73
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TABLE OF CONTENTS
Under the 2001 Employee Stock Purchase Plan, full-time Coach employees are permitted to purchase a limited number of Coach common shares at 85%
of market value. Under this plan, Coach sold 119, 122, and 129 shares to employees in fiscal 2014, fiscal 2013 and fiscal 2012, respectively. Compensation
expense is calculated for the fair value of employees’ purchase rights using the Black-Scholes model and the following weighted-average assumptions:
June 29,
2013
June 30,
2012
Expected term (years)
0.5
0.5
Expected volatility
34.1%
45.6%
Risk-free interest rate
0.1%
0.1%
Dividend yield
1.7%
1.4%
The weighted-average fair value of the purchase rights granted during fiscal 2014, fiscal 2013 and fiscal 2012 was $13.30, $15.08, and $17.31,
respectively. The Company issues new shares for employee stock purchases.
The following table summarizes the Company’s investments, all of which are denominated in U.S. dollars, recorded within the consolidated balance
sheets as of June 28, 2014 and June 29, 2013:
June 29, 2013
Short-term
Long-term
Total
Government securities - U.S.(1)
$ —
$ —
$ —
Corporate debt securities – U.S.(1)
2,094
63,442
65,536
Corporate debt securities – non-U.S.(1)
—
33,968
33,968
Auction rate security(2)
—
6,000
6,000
Asset backed securities(3)
$ 2,094
$ 103,410
$ 105,504
Government securities - U.S.(4)
$ —
$ —
$ —
Corporate debt securities – U.S.(4)
—
—
—
Corporate debt securities – non-U.S.(4)
—
—
—
Commercial paper(4)
—
—
—
Time deposits(5)
70,012
—
70,012
Other(6)
—
93,930
93,930
$ 72,106
$ 197,340
$ 269,446
(1) These securities have maturity dates between calendar years 2014 and 2017 and are recorded at fair value.
(2) The investment was sold in the third quarter of fiscal 2014. Refer to Note 10, "Fair Value Measurements," for further information.
(3) The security matures during calendar year 2016.
(4) These securities have maturity dates of less than one year and are recorded at amortized cost which approximates fair value.
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