EX-12.1 5 d522795dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

NIKE, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

     Nine Months
Ended
February 28,		      Year Ended May 31,  
     2013      2012      2011      2010      2009      2008  

Net income

      $1,768       $ 2,223       $ 2,133       $ 1,907       $ 1,487       $ 1,883   

Income taxes

      602         760         711         610         470         620   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Income before income taxes

      2,370         2,983         2,844         2,517         1,957         2,503   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Add fixed charges

                  

Interest expense(1)

      15         32         34         36         40         41   

Interest component of leases(2)

      35         50         45         42         40         34   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total fixed charges

      50         82         79         78         80         75   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Earnings before income taxes and fixed charges(3)

      $2,420       $ 3,065       $ 2,923       $ 2,595       $ 2,037       $ 2,578   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Ratio of earnings to total fixed charges(4)

      48.4         37.4         37.0         33.3         25.5         34.4   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

(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 is exclusive of capitalized interest.
(4) The ratio of earnings to fixed charges for the nine months ended February 28, 2013 exclude the results of operations for Umbro and Cole Haan, which were presented as discontinued operations. The ratio of earnings to fixed charges for the years ended May 31, 2012, 2011, 2010, 2009 and 2008 have not been restated to reflect discontinued operations due to the immateriality of Umbro and Cole Haan relative to our consolidated financial statements for those periods.