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EXHIBIT 12.1
NIKE, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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YEAR ENDED MAY 31,
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2000 1999 1998
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(IN MILLIONS)
<S> <C> <C> <C>
Net income.................................................. $ 579.1 $451.4 $399.6
Income taxes................................................ 340.1 294.7 253.4
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Income before income taxes.............................. 919.2 746.1 653.0
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Add fixed charges
Interest expense(A)....................................... 49.8 51.0 66.5
Interest component of leases(B)........................... 48.5 43.2 43.2
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Total fixed charges..................................... 98.3 94.2 109.7
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Earnings before income taxes and fixed charges(C)........... $1,012.7 $833.4 $756.2
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Ratio of earnings to total fixed charges.................... 10.30 8.85 6.89
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(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.
