Nike 2010 Annual Report Download - page 137
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EXHIBIT 12.1
NIKE, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Ended May 31,
2010 2009 2008 2007 2006
(In millions)
Net income $ 1,906.7 $ 1,486.7 $ 1,883.4 $ 1,491.5 $ 1,392.0
Income taxes 610.2 469.8 619.5 708.4 749.6
Income before income taxes 2,516.9 1,956.5 2,502.9 2,199.9 2,141.6
Add fixed charges
Interest expense(1) 36.4 40.3 40.7 49.7 50.5
Interest component of leases(2) 41.6 39.7 34.4 28.5 25.2
Total fixed charges 78.0 80.0 75.1 78.2 75.7
Earnings before income taxes and fixed charges(3) $ 2,594.9 $ 2,036.5 $ 2,578.0 $ 2,278.1 $ 2,217.3
Ratio of earnings to total fixed charges 33.3 25.5 34.3 29.1 29.3
(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.