Nike 2011 Annual Report Download - page 64

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64 NIKE,INC.-Form10-K
PARTIV
ITEM15Exhibits and Financial Statement Schedules
Exhibits
EXHIBIT 12.1 Nike,Inc. Computation of Ratio of Earnings to Fixed Charges
(In millions)
Year Ended May31,
2011 2010 2009 2008 2007
Net income $ 2,133 $ 1,907 $ 1,487 $ 1,883 $ 1,492
Income taxes 711 610 470 620 708
Income before income taxes 2,844 2,517 1,957 2,503 2,200
Add fi xed charges
Interest expense(1) 34 36 40 41 50
Interest component of leases(2) 45 42 40 34 28
TOTAL FIXED CHARGES 79 78 80 75 78
Earnings before income taxes and fi xed charges(3) $ 2,923 $ 2,595 $ 2,037 $ 2,578 $ 2,278
Ratio of earnings to total fi xed charges 37.0 33.3 25.5 34.4 29.2
(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.
EXHIBIT 21 Subsidiaries of the Registrant
Entity Name Jurisdiction of Formation
Air Max Limited Bermuda
All Star C.V. Netherlands
American NIKE S.L. Spain
BRS NIKE Taiwan,Inc. Taiwan
Cole Haan Maine
Cole Haan Company Store Maine
Cole Haan Hong Kong Limited Hong Kong
Cole Haan Japan,Inc. Japan
Converse (Asia Pacifi c) Limited Hong Kong
Converse Canada Corp. Canada
Converse Canada Holding B.V. Netherlands
Converse Europe Limited United Kingdom
Converse Footwear Technical Service (Zhongshan) Co., Ltd. People’s Republic of China
Converse HoldingsLLC Delaware
Converse Hong Kong Holding Company Limited Hong Kong
Converse Hong Kong Limited Hong Kong
Converse Inc. Delaware
Converse Netherlands B.V. Netherlands
Converse Sporting Goods (China) Co., Ltd. People’s Republic of China
Converse Trading Company B.V. Netherlands
Exeter Brands GroupLLC Oregon
Exeter Hong Kong Limited Hong Kong
French Football Merchandising S.A.S. France
Futbol Club Barcelona, S.L. Spain
Hurley 999, S.L. Spain
Hurley Australia Pty Ltd Australia
Hurley International Holding B.V. Netherlands
Hurley InternationalLLC Oregon
Juventus Merchandising S.r.l. Italy
Manchester United Merchandising Limited United Kingdom
NIKE 360 Holding B.V. Netherlands
NIKE Argentina Srl Argentina
NIKE Asia Holding B.V. Netherlands
NIKE Australia Holding B.V. Netherlands
NIKE AUSTRALIA PTY. LTD. Australia
NIKE CALLC Delaware