EX-12.1 2 ex-12_1.txt EXHIBIT 12.1 EXHIBIT 12.1 NIKE, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
YEAR ENDED MAY 31, ------------------ 2000 1999 1998 -------- -------- -------- (IN MILLIONS) Net income.................................................. $ 579.1 $451.4 $399.6 Income taxes................................................ 340.1 294.7 253.4 -------- ------ ------ Income before income taxes.............................. 919.2 746.1 653.0 ======== ====== ====== Add fixed charges Interest expense(A)....................................... 49.8 51.0 66.5 Interest component of leases(B)........................... 48.5 43.2 43.2 -------- ------ ------ Total fixed charges..................................... 98.3 94.2 109.7 -------- ------ ------ Earnings before income taxes and fixed charges(C)........... $1,012.7 $833.4 $756.2 ======== ====== ====== Ratio of earnings to total fixed charges.................... 10.30 8.85 6.89 ======== ====== ======
------------------------ (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.