Nike 2016 Annual Report Download - page 49

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PART II
NIKE, Inc. Consolidated Statements of Cash Flows
Year Ended May 31,
(In millions) 2016 2015 2014
Cash provided by operations:
Net income $ 3,760 $ 3,273 $ 2,693
Income charges (credits) not affecting cash:
Depreciation 649 606 518
Deferred income taxes (80) (113) (11)
Stock-based compensation 236 191 177
Amortization and other 13 43 68
Net foreign currency adjustments 98 424 56
Changes in certain working capital components and other assets and liabilities:
Decrease (increase) in accounts receivable 60 (216) (298)
(Increase) in inventories (590) (621) (505)
(Increase) in prepaid expenses and other current assets (161) (144) (210)
(Decrease) increase in accounts payable, accrued liabilities and income taxes payable (889) 1,237 525
Cash provided by operations 3,096 4,680 3,013
Cash used by investing activities:
Purchases of short-term investments (5,367) (4,936) (5,386)
Maturities of short-term investments 2,924 3,655 3,932
Sales of short-term investments 2,386 2,216 1,126
Investments in reverse repurchase agreements 150 (150) —
Additions to property, plant and equipment (1,143) (963) (880)
Disposals of property, plant and equipment 10 3 3
Decrease (increase) in other assets, net of other liabilities 6 — (2)
Cash used by investing activities (1,034) (175) (1,207)
Cash used by financing activities:
Net proceeds from long-term debt issuance 981 — —
Long-term debt payments, including current portion (106) (7) (60)
(Decrease) increase in notes payable (67) (63) 75
Payments on capital lease obligations (7) (19) (17)
Proceeds from exercise of stock options and other stock issuances 507 514 383
Excess tax benefits from share-based payment arrangements 281 218 132
Repurchase of common stock (3,238) (2,534) (2,628)
Dividends — common and preferred (1,022) (899) (799)
Cash used by financing activities (2,671) (2,790) (2,914)
Effect of exchange rate changes on cash and equivalents (105) (83) (9)
Net (decrease) increase in cash and equivalents (714) 1,632 (1,117)
Cash and equivalents, beginning of year 3,852 2,220 3,337
CASH AND EQUIVALENTS, END OF YEAR $ 3,138 $ 3,852 $ 2,220
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of capitalized interest $ 70 $ 53 $ 53
Income taxes 748 1,262 856
Non-cash additions to property, plant and equipment 252 206 167
Dividends declared and not paid 271 240 209
The accompanying Notes to the Consolidated Financial Statements are an integral part of this statement.
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