Form: S-3ASR

Automatic shelf registration statement of securities of well-known seasoned issuers

Documents

Scroll down

Exhibit 12

NIKE, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

     Three Months
Ended
August 31,		    Year Ended May 31,
     2008    2008    2007    2006    2005    2004
     (in millions)    (in millions)

Net income

    $ 510.5    $ 1,883.4    $ 1,491.5    $ 1,392.0    $ 1,211.6    $ 945.6

Income taxes

      203.7      619.5      708.4      749.6      648.2      504.4
                                     

Income before income taxes

      714.2      2,502.9      2,199.9      2,141.6      1,859.8      1,450.0
                                         

Add fixed charges

                  

Interest expense(A)

      8.1      40.7      49.7      50.5      39.7      40.6

Interest component of leases(B)

      9.8      34.4      28.5      25.2      23.3      20.7
                                     

Total fixed charges

      17.9      75.1      78.2      75.7      63.0      61.3
                                     

Earnings before income taxes and fixed charges(C)

      732.1    $ 2,578.0    $ 2,278.1    $ 2,217.3    $ 1,992.8    $ 1,511.3
                                         

Ratio of earnings to total fixed charges

      40.8      34.3      29.1      29.3      30.5      24.7
                                         

 

(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.