EX-12.1 5 v83383orexv12w1.txt EXHIBIT 12.1 EXHIBIT 12.1 NIKE, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
YEAR ENDED MAY 31, ------------------------------------------- 2002 2001 2000 --------- --------- --------- (IN MILLIONS) Net income ..................................................... $ 663.3 $ 589.7 $ 579.1 Income taxes ................................................... 349.0 331.7 340.1 Cumulative change in accounting principle ...................... 5.0 -- -- --------- --------- --------- Income before income taxes and cumulative change ..... 1,017.3 921.4 919.2 ========= ========= ========= Add fixed charges Interest expense(A) .......................................... 49.3 67.1 49.8 Interest component of leases(B) .............................. 53.3 50.7 48.5 --------- --------- --------- Total fixed charges .................................. 102.6 117.8 98.3 --------- --------- --------- Earnings before income taxes and fixed charges(C) .............. $ 1,118.2 $ 1,030.8 $ 1,012.7 ========= ========= ========= Ratio of earnings to total fixed charges ....................... 10.90 8.75 10.30 ========= ========= =========
---------- (A) Interest expense includes interest both expensed and capitalized. (B) Interest component of leases includes one-third of rental expense, which approximates the interest component of operating leases. (C) Earnings before income taxes and fixed charges is exclusive of capitalized interest.