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EXHIBIT 12.1
NIKE, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Ended May 31, | |||||||||
2004 | 2003 | 2002 | |||||||
(In millions) | |||||||||
Net income | $ | 945.6 | $ | 474.0 | $ | 663.3 | |||
Income taxes | 504.4 | 382.9 | 349.0 | ||||||
Cumulative effect of accounting change | — | 266.1 | 5.0 | ||||||
Income before income taxes and cumulative effect of accounting change | 1,450.0 | 1,123.0 | 1,017.3 | ||||||
Add fixed charges | |||||||||
Interest expense (A) | 40.6 | 43.7 | 49.3 | ||||||
Interest component of leases (B) | 68.9 | 61.1 | 53.3 | ||||||
Total fixed charges | 109.5 | 104.8 | 102.6 | ||||||
Earnings before income taxes and fixed charges (C) | $ | 1,559.2 | $ | 1,227.0 | $ | 1,118.2 | |||
Ratio of earnings to total fixed charges | 14.2 | 11.7 | 10.9 | ||||||
(A) | Interest expense includes interest both expensed and capitalized. |
(B) | Interest component of leases includes one-third of rental expense, which approximates the interest component of operating leases. |
(C) | Earnings before income taxes and fixed charges is exclusive of capitalized interest. |