EX-12.1 6 nke-531x2013xexhibit121.htm NIKE, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES NKE- 5.31-2013 - Exhibit 12.1


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)
2013
 
2012
 
2011
 
2010
 
2009
Net income from continuing operations
$
2,464

 
$
2,269

 
$
2,172

 
$
1,923

 
$
1,754

Income taxes
808

 
756

 
690

 
614

 
652

Income before income taxes
3,272

 
3,025

 
2,862

 
2,537

 
2,406

Add fixed charges

 

 

 

 


Interest expense(1)
23

 
31

 
32

 
33

 
39

Interest component of leases(2)
48

 
42

 
39

 
36

 
34

TOTAL FIXED CHARGES
71

 
73

 
71

 
69

 
73

Earnings before income taxes and fixed charges(3)
$
3,343

 
$
3,098

 
$
2,933

 
$
2,606

 
$
2,479

Ratio of earnings to total fixed charges
47.1

 
42.4

 
41.3

 
37.8

 
34.0

(1)
Interest expense includes interest both expensed and capitalized.
(2)
Interest component of leases includes one-tenth of rental expense which approximates the interest component of operating leases.
(3)
Earnings before income taxes and fixed charges are exclusive of capitalized interest.