Coach 2010 Annual Report Download - page 42

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TABLE OF CONTENTS
As of July 2, 2011, the Company had no outstanding borrowings on its Bank of America facility, its revolving credit facility
maintained by Coach Japan, and its revolving credit facility maintained by Coach Shanghai Limited. The fair value of any future
borrowing may be impacted by fluctuations in interest rates.
As of July 2, 2011, Coach’s outstanding long-term debt, including the current portion, was $24.2 million. A hypothetical 10% change
in the interest rate applied to the fair value of debt would not have a material impact on earnings or cash flows of Coach.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
See “Index to Financial Statements,” which is located on page 41 of this report.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE
None.
ITEM 9A. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
Based on the evaluation of the Company’s disclosure controls and procedures, as that term is defined in Rule 13a-15(e) under the
Securities Exchange Act of 1934, as amended, each of Lew Frankfort, the Chief Executive Officer of the Company, and Michael F. Devine,
III, the Chief Financial Officer of the Company, has concluded that the Company’s disclosure controls and procedures are effective as of
July 2, 2011.
Management’s Report on Internal Control over Financial Reporting
The Company’s management is responsible for establishing and maintaining adequate internal controls over financial reporting. The
Company’s internal control system was designed to provide reasonable assurance to the Company’s management and Board regarding the
preparation and fair presentation of published financial statements. Management evaluated the effectiveness of the Company’s internal
control over financial reporting using the criteria set forth by the Committee of Sponsoring Organizations (COSO) of the Treadway
Commission in Internal Control — Integrated Framework. Management, under the supervision and with the participation of the Company’s
Chief Executive Officer and Chief Financial Officer, assessed the effectiveness of the Company’s internal control over financial reporting as
of July 2, 2011 and concluded that it is effective.
The Company’s independent auditors have issued an audit report on the Company’s internal control over financial reporting. The audit
report appears on page 43 of this report.
Changes in Internal Control over Financial Reporting
There were no changes in internal control over financial reporting that occurred during the fourth fiscal quarter that have materially
affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
ITEM 9B. OTHER INFORMATION
None.
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