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PART II
Consolidated Statements of Cash Flows
Year Ended May 31,
(In millions) 2012 2011 2010
Cash provided by operations:
Net income $ 2,223 $ 2,133 $ 1,907
Income charges (credits) not affecting cash:
Depreciation 373 335 324
Deferred income taxes (60) (76) 8
Stock-based compensation (Note 11) 130 105 159
Amortization and other 32 23 72
Changes in certain working capital components and other assets and liabilities:
(Increase) decrease in accounts receivable (323) (273) 182
(Increase) decrease in inventories (805) (551) 285
(Increase) decrease in prepaid expenses and other current assets (141) (35) (70)
Increase (decrease) in accounts payable, accrued liabilities and income taxes payable 470 151 297
Cash provided by operations 1,899 1,812 3,164
Cash provided (used) by investing activities:
Purchases of short-term investments (2,705) (7,616) (3,724)
Maturities of short-term investments 2,585 4,313 2,334
Sales of short-term investments 1,244 2,766 453
Additions to property, plant and equipment (597) (432) (335)
Disposals of property, plant and equipment 2 1 10
Increase in other assets, net of other liabilities (37) (30) (11)
Settlement of net investment hedges 22 (23) 5
Cash provided (used) by investing activities 514 (1,021) (1,268)
Cash used by financing activities:
Reductions in long-term debt, including current portion (203) (8) (32)
(Decrease) increase in notes payable (65) 41 (205)
Proceeds from exercise of stock options and other stock issuances 468 345 364
Excess tax benefits from share-based payment arrangements 115 64 58
Repurchase of common stock (1,814) (1,859) (741)
Dividends — common and preferred (619) (555) (505)
Cash used by financing activities (2,118) (1,972) (1,061)
Effect of exchange rate changes 67 57 (47)
Net increase (decrease) in cash and equivalents 362 (1,124) 788
Cash and equivalents, beginning of year 1,955 3,079 2,291
CASH AND EQUIVALENTS, END OF YEAR $ 2,317 $ 1,955 $ 3,079
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of capitalized interest $ 29 $ 32 $ 48
Income taxes 638 736 537
Dividends declared and not paid 165 145 131
The accompanying notes to consolidated financial statements are an integral part of this statement.
NIKE, INC. Š2012 Form 10-K 43