Attached files
| file | filename |
|---|---|
| 10-K - 10-K - NIKE, Inc. | nke-5312018x10k.htm |
| EX-32 - EXHIBIT 32 - NIKE, Inc. | nke-5312018xexhibit32.htm |
| EX-31.2 - EXHIBIT 31.2 - NIKE, Inc. | nke-5312018xexhibit312.htm |
| EX-31.1 - EXHIBIT 31.1 - NIKE, Inc. | nke-5312018xexhibit311.htm |
| EX-21 - EXHIBIT 21 - NIKE, Inc. | nke-5312018xexhibit21.htm |
| EX-10.22 - EXHIBIT 10.22 - NIKE, Inc. | nke-5312018xexhibit1022.htm |
| EX-10.17 - EXHIBIT 10.17 - NIKE, Inc. | nke-5312018xexhibit1017.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) | 2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||
Income before income taxes | $ | 4,325 | $ | 4,886 | $ | 4,623 | $ | 4,205 | $ | 3,544 | |||||||||
Capitalized interest, net of amortization | (10 | ) | (8 | ) | (3 | ) | — | — | |||||||||||
Adjusted income before income taxes | 4,315 | 4,878 | 4,620 | 4,205 | 3,544 | ||||||||||||||
Add fixed charges: | |||||||||||||||||||
Interest expense(1)(2) | 149 | 121 | 74 | 60 | 58 | ||||||||||||||
Interest component of leases(3) | 125 | 102 | 66 | 59 | 53 | ||||||||||||||
Total fixed charges | 274 | 223 | 140 | 119 | 111 | ||||||||||||||
Earnings before income taxes and fixed charges | $ | 4,589 | $ | 5,101 | $ | 4,760 | $ | 4,324 | $ | 3,655 | |||||||||
Ratio of earnings to total fixed charges | 16.7 | 22.9 | 34.0 | 36.3 | 32.9 | ||||||||||||||
(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. |