Accounts receivable at May 31, 2011: $3,138 Inventories at May 31, 2011: 2,715 Total assets at May 31, 20111: 14,998 Stockholders' equity at May 31, 2011: 9,843 Determine the following measures for the fiscal years ended May 31, 2013 (fiscal 2012), and May 31, 2012 (fiscal 2011). Do not round interim calculations. Round the workina capital amount in part (a) to the nearest dollar. Round all other final answers to one decimal place. When required, use the rounded final answers in subsequent zomputationf Fiscal Year Fiscal Year 2012 2011 Working capital (in millions) 9,700 7,963 a. b. Current ratio 3.5 3.1 2.3 1.8 Quick ratio C Accounts receivable turnover 8.1 7.4 C. Number of days' sales in receivables 40.5 X days 49 days 4.3 4.4 Inventory turnover Number of days' sales in inventory 84.9 x days 83 X days 0.6 0.5 h. Ratio of liabilities to stockholders' equity 1.4 1.5 Ratio of sales to assets Rate earned on total assets, assuming interest expense is $23 million for 14.9 X % 14.4 X % the year ending May 31, 2013, and $31 milion for the year ending May 31, 2012 23.1 22 % k. Rate earned on stockholders equity Price-earnings ratio, assuming that the market price was $61.66 per share on May 31, 2013, and $53.10 per share on May 31, 2012 22.3 21.9 Percentage relationship of net income to sales 9.8 9.5 % Feadhack -K For the Fiscal Year Ended May 31, 2013 NIKE, Inc. Consolidated Statements Of Income Year Ended May 31, 2013 2012 2011 n millons, except per share data) Income trom continuing operations Revenues 25,313 23.331 $ 20,117 14.279 13,183 10.915 Cost of sales 11,034 10,148 9.202 Gross proft 2,745 2.607 2.344 Demand creation expense 5.035 4458 4.017 Operating overhead expense Total selling and administrative expense 7.780 7,065 6,361 Interest income) expense, net (Notes 6,7 and 8 (3 4 4 (15) (25) Other (income) expense, net (Note 17) Income before income taxes 54 3,272 3,025 2,862 Income tax exxpense (Note 9) 808 756 690 NET INCOME FROM CONTINUING OPERATIONS NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS NET INCOME 2,464 2,269 2,172 21 (46) (39p 2,485 $ 2,223 $ 2,133 Eamings per share from continuing operations: Basic eamings per common share (Notes 1 and 12) Diluted eamings per common share (Notes 1 and 12) 2.75 $ 2.47 $ 2.28 269 $ 2.42 $ 2.24 Eamings per share from discontinued operations: Basic eamings per common share (Notes 1 and 12) 0.02 (0.05) S (0.04) Diuted eamings per common share (Notes 1 and 12) 0.02 $ (0.05) (0.04) Dividends decared per common share 0.81 S 070 S 0.60 The accompanying nes to consolidaled fancial staements are an integrl part of this satement 42 NIKE, Inc. Consolidated Statements of Comprehensive Income Year Ended May 31, (In millions) Net income 2013 2,485 $ 2012 2.223 2011 2,133 Other comprehensive income (oss), net of tax Foreign currency transiation and ofher Net gain (loss) on cash low hedges Net gain (oss) on net investment hedges Redassfication to net income of previously defemed (pains) losses related to hedge denivative instruments Release of cumulative translation loss related to Umbro (Notes 14 and 15) 30 (295) 255 263 117 (242) (57) 45 (105) 83 49 (84) Total other comprehensive income, net of tax TOTAL COMPREHENSIVE INCOME (120) 2013 125 54 2,810 2.277 $ (et of tx pense) beneft of S12) mon 0 mlon and S121) mon mspectively Net of ta jepense) beneft of S22) mon mon and $88 mion respectvely aNet of ta benet of 0mon 0 mion and $28 mion espectively Net of ta benel epense of $0 million 14) milion and $24 mlion respectively Net of ta benef of S) mlion 0 mion and S0 milion pectively The accompanying notes to consolidaed financial staements are an integral pat of this ee NIKE, Inc. Consolidated Balance Sheets in milions) May 31, 2013 2012 ASSETS Current assets Cash and equivalents 3,337 2,317 Short-lerm invesiments (Note 6) 2,628 1,440 Accounts receivable, net (Note 1) 3,117 3,132 3222 282 857 Inventories (Notes 1 and 2) 3434 Defemed income taxes (Nole 9)- 308 Prepaid expenses and other Gurent assets (Notes 6 and 17) e02 Assets of discontinued operations (Note 15) 615 Total oument assets 13.626 11,845 Property, plant and equipment, net (Note 3)- 2,452 2,209 ldensfable intangie assets, net (Note 4) Goodwl (Note 4) 382 370 131 131 Defemed income taxes and ofther assets (Notes 6, 9 and 17) 993 910 TOTALASSETS 17.584 15,465 LIABILITIES AND SHAREHOLDERS EQUITY Current labilities Cumeot ponion of long tem debt (Note 8 or the Fiscal Year Ended May 31, 2013 May 31 2013 A in milons 2012 ASSETS Current assets 3,337 2317 Cash and equivalents Short-term investments (Note 6) 2,628 1,440 Accounts receivable, net (Note 1) 3,117 3,132 Inventories (Notes 1 and 2) 3,434 3,222 Deferred income taxes (Note 9) Prepaid expenses and other cumrent assets (Notes 6 and 17) Assets of discontinued operations (Note 15) 308 262 802 857 615 Total curent assets 13,626 11,845 2.452 2.209 Property, plant and equipment, net (Note 3) Identifiable intangible assets, net (Note 4) Goodwill (Note 4) 382 370 131 131 Delemed income taxes and other assets (Notes 6,9 and 17) 993 910 TOTALASSETS 17,584 15,465 LIABILITIES AND SHAREHOLDERS' EQUITY Curent liabilities Curent portion of long-term debt (Note 8) Notes payable (Note 7) Accounts payable (Note 7) Accrued liabilities (Notes 5, 6 and 17) Income taxes payable (Note 9) Liabilties of discontinued operations (Note 15) 57 49 121 108 1,646 1,549 1,986 1,941 98 65 18 170 Total curent labilites 3926 3,882 1,210 228 Long-lerm debt (Note 8) Defemed income taxes and other labiltes (Notes 6, 9 and 17) Commitments and contingencies (Note 16) Redeemable Preferred Stock (Note 10) 1,292 974 Shareholders equity Common stock at stated value Note 11) Class A convertible-178 and 180 shares outstanding Class B-716 and 736 shares outstanding 31 Capital in excess of stated value 5,184 4.641 Accumulated other comprehensive income (Note 14) 149 274 5,695 5.588 Retained eamings Total shareholders equty 11.156 10.381 TOTAL LIABILITIES AND SHAREHOLDERS EQUITY 17.584 15,465 The accompanying notes to consolidated fnancial staements ae an ntegral part of ths statement 44 nc., Form 10-K For the Fiscal Year Ended May 31, 2013 A NIKE, Inc. Consolidated Statements of Cash Flows Year Ended May 31 2011 (In milions) Cash provided by operations: 2013 2012 2,485 2.223 2.133 Net income Income charges (credits) not affecting cash Depreciation 438 373 335 (76) 105 Deferred income taxes 21 (60) Stock-based compensation (Note 11) 174 130 75 32 23 Amortization and other Net gain on divestures (124) Changes in certain working captal components and other assets and iabiltes Decrease (increase) in accounts receivable 142 (323) (273) (551) (35) Inorease) in nventonies (197) (805) ncrease) in prepad expenses and other current assets (28) (141) 41 470 151 Increase in accounts payable acoved labilses and income taxes payible 3.027 1,899 1.812 Cash provided by operations Cash (used) provided by investing activities Purchases of shon-tem investments 0,702) (2.705) (7816) 1,501 2.585 4,313 Maturibes of shoterm invesmentsi 998 1244 2.768 Sales of short-tem investments (636) (597) (432) Additions to property, plant and equipment Disposals of property, plant and equipment 14 2 786 Proceeds from divestiures Increase in other assets, net of other abltes (28) (37) (301 Setement of net invesiment hedges Cash (used) provided by investing activites Cash used by financing activities Net proceeds from long-tem debt issuance Long-tem debt payments, including oument portion 22 (1,067) 514 (1.021) 986 (8 (49) 15 (203) (65) 468 41 Increase (decrease) in noles payabe Proceeds from exerose of stock options and ofther stock issuances Excess tax benelts from share-based payment anangements Repurchase of common stock Dividends-common and prefened Cash used by financing activities Efect of exchange e dhanges Net inarease (decrease) in cash and equivalents Cash and equivaents beginning of year 345 313 72 115 64 (1.859 (1.874) (703) (1814) (819) (555) (1.040) (1.972) (2.118) 67 100 1,020 362 (1,124) 3.07 2.317 1.955 CASH AND EQUIVALENTS, END OF YEAR 3.337 2.317 1,958 Supplemental dieclosure of cash flow indommation Cash paid during the year for Interest, net of capitalized interest 13 20 S 703 734 + Search this Form 10-K For the Fiscal Year Ended May 31, 2013 AA NIKE, Inc. Consolidated Statements of Shareholders En Captal in s oAceudated Other Sated Common 5tock Class A Shares Amount Shares Amount 180 Ratained Eamings 215 6.09s S 9754 Class 8 Cemprehensive Ineome (In milions except per share data) Balance at May 31, 2010 Value Total 788 $ 3$ 3441 Stock options exercised Repurchase of Class B Common Stock Dividends on Common stock (S0 60 per share) ssuance of shares to employees 14 38 (48) (14) (1.857) (1,871) (549) (509) 2 49 49 105 105 (6 Stock-besed compensation (Noe 11) Forfeture of shaes from employees Net income Other Comprehensive Income Balance at May 31, 2011 (5) (1) 2.133 2.133 (120 (120) 3S 3,9448 528 180 756 95 5801$ 943 18 528 Stock options exercised Repurchase of Class B Common Stock Dividends on Common stock (30.70 per share) ssuance of shares to employees Stock-based compensation (Notte 11) Forfeiture of shares from employees (40) (12) (1783) (1,805) (839) 839) 57 57 130 130 (6) (4) (10) 2.223 2.223 Net income 54 54 Other comprehensive income Balance at May 31, 2012 180 S 736 $ 3S 4,641 149 6,588 $10,381 10 322 322 Stock options eercsed Conversion to Class B Common Stock (2) (34) (10) (1,647) (1,657) Repurchase of Class 8 Common Stock Dividends on Common stock (30 81 per share) Issuance of shares to employees Stock-based compensation (Note 11) Forfeture of shares from emgloyees (727) 727 65 65 174 174 (8) (4 (12) 2485 125 2.485 Net income 125 Oher comprehensive income Balance at May 31, 2013 178 S 716 3S 184 274 5.6 $11,156 The accompanyg o c aed ancial sta ga part of th sla 46 Accounting Policies