Nike 2015 Annual Report Download - page 49

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PART II
NIKE, Inc. Consolidated Statements of Cash Flows
Year Ended May 31,
(In millions) 2015 2014 2013
Cash provided by operations:
Net income $ 3,273 $ 2,693 $ 2,472
Income charges (credits) not affecting cash:
Depreciation 606 518 438
Deferred income taxes (113) (11) 20
Stock-based compensation (Note 11) 191 177 174
Amortization and other 43 68 64
Net foreign currency adjustments 424 56 66
Net gain on divestitures — — (124)
Changes in certain working capital components and other assets and liabilities:
(Increase) decrease in accounts receivable (216) (298) 142
(Increase) in inventories (621) (505) (219)
(Increase) in prepaid expenses and other current assets (144) (210) (28)
Increase in accounts payable, accrued liabilities and income taxes payable 1,237 525 27
Cash provided by operations 4,680 3,013 3,032
Cash used by investing activities:
Purchases of short-term investments (4,936) (5,386) (4,133)
Maturities of short-term investments 3,655 3,932 1,663
Sales of short-term investments 2,216 1,126 1,330
Investments in reverse repurchase agreements (150) — —
Additions to property, plant and equipment (963) (880) (598)
Disposals of property, plant and equipment 3 3 14
Proceeds from divestitures — — 786
(Increase) in other assets, net of other liabilities — (2) (2)
Cash used by investing activities (175) (1,207) (940)
Cash used by financing activities:
Net proceeds from long-term debt issuance — — 986
Long-term debt payments, including current portion (7) (60) (49)
(Decrease) increase in notes payable (63) 75 10
Payments on capital lease obligations (19) (17) —
Proceeds from exercise of stock options and other stock issuances 514 383 313
Excess tax benefits from share-based payment arrangements 218 132 72
Repurchase of common stock (2,534) (2,628) (1,674)
Dividends — common and preferred (899) (799) (703)
Cash used by financing activities (2,790) (2,914) (1,045)
Effect of exchange rate changes on cash and equivalents (83) (9) 36
Net increase (decrease) in cash and equivalents 1,632 (1,117) 1,083
Cash and equivalents, beginning of year 2,220 3,337 2,254
CASH AND EQUIVALENTS, END OF YEAR $ 3,852 $ 2,220 $ 3,337
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of capitalized interest $ 53 $ 53 $ 20
Income taxes 1,262 856 702
Non-cash additions to property, plant and equipment 206 167 137
Dividends declared and not paid 240 209 188
The accompanying Notes to the Consolidated Financial Statements are an integral part of this statement.
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