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Information from the balance sheet, income statement, and statement of cash flows for Nike follows. Refer to these financial statements to answer the requirements. NIKE,

Information from the balance sheet, income statement, and statement of cash flows for Nike follows. Refer to these financial statements to answer the requirements.

NIKE, INC. Consolidated Statements of Income
Year Ended December 31 (In millions) 2019 2018
Revenues $39,117 $36,397
Cost of sales 21,643 20,441
Gross profit 17,474 15,956
Demand creation expense 3,753 3,577
Operating overhead expense 8,949 7,934
Total selling and administrative expense 12,702 11,511
Interest expense (income), net 49 54
Other (income) expense, net (78) 66
Income before income taxes 4,801 4,325
Income tax expense 772 2,392
Net income $ 4,029 $ 1,933

Consolidated Balance Sheets
May 31 (in millions) 2019 2018
Current Assets
Cash and cash equivalents $ 4,466 $ 4,249
Short-term investments 197 996
Accounts receivable, net. 4,272 3,498
Inventories 5,622 5,261
Prepaid expenses and other current assets 1,968 1,130
Total current assets 16,525 15,134
Property, plant and equipment, net 4,744 4,454
Identifiable intangible assets, net 283 285
Goodwill 154 154
Deferred income taxes 2,011 2,509
Total assets $23,717 $22,536
Liabilities and stockholders' equity
Current Liabilities
Current portion of long-term debt $6 $6
Notes payable 9 336
Accounts payable 2,612 2,279
Accrued pension liabilities 5,010 3,269
Income taxes payable 229 150
Total current liabilities 7,866 6,040
Long-term debt 3,464 3,468
Deferred income taxes and other liabilities 3,347 3,216
Shareholders equity
Class A convertible315 and 329 shares outstanding -- --
Class B1,253 and 1,272 shares outstanding 3 3
Capital in excess of stated value 7,163 6,384
Accumulated other comprehensive income (loss) 231 (92)
Retained earnings 1,643 3,517
Total shareholders equity 9,040 9,812
Total liabilities and stockholders' equity $23,717 $22,536

Consolidated Statement of Cash Flows
Year Ended May 31 (in millions) 2019 2018
Cash provided by operations:
Net income $4,029 $1,933
Adjustments to reconcile net income to net cash provided by operations:
Depreciation 705 747
Deferred income taxes 34 647
Stock-based compensation 325 218
Amortization and other 15 27
Net foreign currency adjustments 233 (99)
Changes in certain working capital components and other assets and liabilities:
(Increase) decrease in accounts receivable (270) 187
(Increase) decrease in inventories (490) (255)
(Increase) decrease in prepaid expenses and other current and non-current assets (203) 35
Increase (decrease) in accounts payable, accrued liabilities and other current and non-current liabilities 1,525 1,515
Cash provided by operations 5,903 4,955
Cash provided (used) by investing activities:
Purchases of short-term investments (2,937) (4,783)
Maturities of short-term investments 1,715 3,613
Sales of short-term investments 2,072 2,496
Additions to property, plant and equipment (1,119) (1,028)
Disposals of property, plant and equipment 5 3
Other investing activities. -- (25)
Cash provided (used) by investing activities (264) 276
Cash used by financing activities:
Long-term debt payments, including current portion (6) (6)
Increase (decrease) in notes payable (325) 13
Payments on capital lease and other financing obligations (27) (23)
Proceeds from exercise of stock options and other stock issuances 700 733
Repurchase of common stock (4,286) (4,254)
Dividendscommon and preferred (1,332) (1,243)
Tax payments for net share settlement of equity awards (17) (55)
Cash used by financing activities (5,293) (4,835)
Effect of exchange rate changes on cash and equivalents (129) 45
Net increase (decrease) in cash and equivalents 217 441
Cash and equivalents, beginning of year 4,249 3,808
Cash and equivalents, end of year $4,466 $4,249

(c) Compute times interest earned ratio, cash from operations to total debt ratio, and free operating cash flow to total debt ratios. Financial statements included the following footnote: Included in Interest expense (income), net was interest income related to the Companys investment portfolio of $82 million and $70 million for the years ended May 31, 2019 and 2018, respectively.

Note: Round answers to two decimal places.

2019 times interest earned = Answer

2018 times interest earned = Answer

2019 cash from operations to total debt = Answer

2018 cash from operations to total debt = Answer

2019 free operating cash flow to total debt = Answer

2018 free operating cash flow to total debt = Answer

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