Attached files

file filename
EX-10.20 - COVENANT NOT TO COMPETE AND NON-DISCLOSURE AGREEMENT - NIKE, Inc.nke-5312017xexhibit1020.htm
EX-32 - SECTION 1350 CERTIFICATIONS - NIKE, Inc.nke-5312017xexhibit32.htm
EX-31.2 - RULE 13A-14(A)/15D-14(A) CERTIFICATION OF CHIEF FINANCIAL OFFICER - NIKE, Inc.nke-5312017xexhibit312.htm
EX-31.1 - RULE 13A-14(A)/15D-14(A) CERTIFICATION OF CHIEF EXECUTIVE OFFICER - NIKE, Inc.nke-5312017xexhibit311.htm
EX-21 - SUBSIDIARIES OF THE REGISTRANT - NIKE, Inc.nke-5312017xexhibit21.htm
10-K - 10-K - NIKE, Inc.nke-5312017x10k.htm


EXHIBIT 12.1 NIKE, Inc. Computation of Ratio of Earnings to Fixed Charges
The following disclosure reflects the Company's continuing operations:
 
Year Ended May 31,
(In millions)
2017
 
2016
 
2015
 
2014
 
2013
Income before income taxes
$
4,886

 
$
4,623

 
$
4,205

 
$
3,544

 
$
3,256

Capitalized interest, net of amortization
(8
)
 
(3
)
 

 

 

Adjusted income before income taxes
4,878

 
4,620

 
4,205

 
3,544

 
3,256

Add fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense(1)(2)
121

 
74

 
60

 
58

 
23

Interest component of leases(3)
102

 
66

 
59

 
53

 
48

Total Fixed Charges
223

 
140

 
119

 
111

 
71

Earnings before income taxes and fixed charges
$
5,101

 
$
4,760

 
$
4,324

 
$
3,655

 
$
3,327

Ratio of earnings to total fixed charges
22.9

 
34.0

 
36.3

 
32.9

 
46.9

(1)
Interest expense includes interest both expensed and capitalized and amortization of premiums, discounts and capitalized expenses related to indebtedness.
(2)
Interest expense does not include interest related to uncertain tax positions.
(3)
Represents the portion of rental expense which management believes approximates the interest component of operating leases.