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Financial Statement Analysis

The financial statements for Nike, Inc., are presented in Appendix D . Use the following additional information (in thousands):

Accounts receivable at May 31, 2014: $3,117 Inventories at May 31, 2014: 3,947 Total assets at May 31, 2014: 18,594 Stockholders equity at May 31, 2014: 12,000

1. Determine the following measures for the fiscal years ended May 31, 2016, and May 31, 2015. Do not round interim calculations. Round the working 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 computations.

		May 31, 2016			May 31, 2015
a.	Working capital (in millions)	$		$
b.	Current ratio
c.	Quick ratio
d.	Accounts receivable turnover
e.	Number of days' sales in receivables		days		days
f.	Inventory turnover
g.	Number of days' sales in inventory		days		days
h.	Ratio of liabilities to stockholders' equity
i.	Asset turnover
j.	Return on total assets		%		%
k.	Return on common stockholders' equity		%		%
l.	Price-earnings ratio, assuming that the market price was $54.90 per share on May 29, 2016, and $52.81 per share on May 30, 2015.
m.	Percentage relationship of net income to sales		%		%

NIKE, Inc. Consolidated Statements of Income 016 lio 15 14 32,376 30,601 16.534 14,067 3,213 27,799 15,353 12446 3,031 Cost of sales Gross profit Demand creation expense 14,971 3,278 191 10469 19 140 4,623 863 760 Total selling and administr ative expense Interest expense (income), net 9,892 28 8,766 4,205 932 3,544 851 693 Income before income taxes Income tax NET INCOME Earnings per common share 221$ 2.16 S Basic Diluted 1.90$ 1.85 $ 1.52 0.62 0.54 0.47 declared per common share The accompanying Notes to the Consoli da ted Financial Statements are an integralpart of this statement. NIKE, Inc. Consolidated Statements of Comprehensive Income Year Ended May 31 In milions) Net income Other comprehensive income (loss),net of tax: 2016 2015 2014 3,760 $ 3,273 $ 2,693 Change in net foreign currency translation adjustment (176) (757) (20) (32) (161) Change in net gains (losses) on cash flow hedges 1,188 1,161 4434 in net gains on other 928 189 2,504 Total other TOTAL COMPREHENSIVE INCOME (1) Net of tax benefit (expense) of SO million, $O milion and SO milion, respectively (2) Net of tax benefit (expense) of $35 million, $(31) million and $18 million, respectively (3) Net of tax benefit (expense) of SO million, $O milion and SO milion, respectively The accompanying Notes to the Consolidated Financial Statements are an integral part of this statement nsive income net of tax NIKE, Inc. Consolidated Balance Sheets May 31, 2016 2015 ASSETS Current assets 3,852 2,072 3,358 4,337 1968 5,587 3,011 281 131 2,587 21,597 Cash and equivalents Short-term investments Accounts receivable, net Inventories Prepaid expenses and other current assets 3,138$ 2,319 3,241 4,838 1.489 15,025 3,520 281 131 2,439 21,396 Total current assets Property, plant and equipment, net Identifiable intangible assets, net Goodwill Deferred income taxes and other assets TOTAL ASSETS LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: 44 $ 107 74 2,131 3,949 71 6,332 1,079 1,479 Current portion of long-term debt Notes payable Accounts payable Accrued liabilities Income taxes payable 2,191 3,037 85 5,358 2,010 1,770 Total current liabilities Long-term debt Deferred income taxes and other liabilities Commitments and contingencies Redeemable preferred stock Shareholders' equity Common stock at stated value: Class A convertible-353 and 355 shares outstanding Class B-1,329 and 1,357 shares outstanding Capital in excess of stated value Accumulated other comprehensive income Retained earni 7,786 318 4.151 12,258 21,396 6,773 1,246 4,685 12,707 21,597 Total shareholders' equity TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY The accompanying Notes to the Consolidated Financial Statements are an integral part of this statement. NIKE, Inc. Consolidated Statements of Cash Flows Year Ended May 31 2014 In millions Cash provided by operations Net income Income charges (credits) not affecting cash: 2016 2015 $ 3,760 3,273 $ 606 191 2,693 Depreciation Deferred income taxes Stock-based compensation Amortization and other Net foreign currency adjustments 649 (80) 13 98 68 56 424 Changes in certain working capital components and other assets and liabilities: Decrease (increase) in accounts receivable (Increase) in inventories Increase) in prepaid expenses and other current assets Decrease) increase in accounts payable, accrued liabilities and income taxes pavable 60 (590) (161) (216) (621) (298) (505) 525 3,013 889 3,096 1,237 4.680 Cash provided by operations Cash used by investing activities: Purchases of short-term investments Maturities of short-term investments Sales of short-term investments Investments in reverse repurchase agreements Additions to property, plant and equipment Disposals of property, plant and equipment (5,367) 2,924 2,386 (4,936) 3,655 2,216 (5,386) 3,932 1,126 (880) 10 6 (1,034) 3 Cash used by investing activities Cash used by financing activities: (1,207) Net proceeds from long-term debt issuance Long-term debt payments, including current portion (Decrease) increase in notes payable Payments on capital lease obligations Proceeds from exercise of stock options and other stock issuances Excess tax benefits from share-based payment arrangements Repurchase of common stock (106) (67) 60 507 281 (3,238) 514 383 (2,628) (2,914) 899 (2,790) Cash used by financing activit Effect of exchange rate changes on cash and equivalents Net (decrease) increase in cash and equivalents Cash and equivalents, beginning of year CASH AND EQUIVALENTS, END OF YEAR Supplemental disclosure of cash flow information: Cash paid during the year for: 105 (714) 1,632 2,220 3,337 2,220 $3,138 $ 3,852 Interest, net of capitalized interest Income taxes 1,262 206 748 167 209 Non-cash additions to property, plant and equipment vidends declared and not paid NIKE, Inc. Consolidated Statements of Income 016 lio 15 14 32,376 30,601 16.534 14,067 3,213 27,799 15,353 12446 3,031 Cost of sales Gross profit Demand creation expense 14,971 3,278 191 10469 19 140 4,623 863 760 Total selling and administr ative expense Interest expense (income), net 9,892 28 8,766 4,205 932 3,544 851 693 Income before income taxes Income tax NET INCOME Earnings per common share 221$ 2.16 S Basic Diluted 1.90$ 1.85 $ 1.52 0.62 0.54 0.47 declared per common share The accompanying Notes to the Consoli da ted Financial Statements are an integralpart of this statement. NIKE, Inc. Consolidated Statements of Comprehensive Income Year Ended May 31 In milions) Net income Other comprehensive income (loss),net of tax: 2016 2015 2014 3,760 $ 3,273 $ 2,693 Change in net foreign currency translation adjustment (176) (757) (20) (32) (161) Change in net gains (losses) on cash flow hedges 1,188 1,161 4434 in net gains on other 928 189 2,504 Total other TOTAL COMPREHENSIVE INCOME (1) Net of tax benefit (expense) of SO million, $O milion and SO milion, respectively (2) Net of tax benefit (expense) of $35 million, $(31) million and $18 million, respectively (3) Net of tax benefit (expense) of SO million, $O milion and SO milion, respectively The accompanying Notes to the Consolidated Financial Statements are an integral part of this statement nsive income net of tax NIKE, Inc. Consolidated Balance Sheets May 31, 2016 2015 ASSETS Current assets 3,852 2,072 3,358 4,337 1968 5,587 3,011 281 131 2,587 21,597 Cash and equivalents Short-term investments Accounts receivable, net Inventories Prepaid expenses and other current assets 3,138$ 2,319 3,241 4,838 1.489 15,025 3,520 281 131 2,439 21,396 Total current assets Property, plant and equipment, net Identifiable intangible assets, net Goodwill Deferred income taxes and other assets TOTAL ASSETS LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: 44 $ 107 74 2,131 3,949 71 6,332 1,079 1,479 Current portion of long-term debt Notes payable Accounts payable Accrued liabilities Income taxes payable 2,191 3,037 85 5,358 2,010 1,770 Total current liabilities Long-term debt Deferred income taxes and other liabilities Commitments and contingencies Redeemable preferred stock Shareholders' equity Common stock at stated value: Class A convertible-353 and 355 shares outstanding Class B-1,329 and 1,357 shares outstanding Capital in excess of stated value Accumulated other comprehensive income Retained earni 7,786 318 4.151 12,258 21,396 6,773 1,246 4,685 12,707 21,597 Total shareholders' equity TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY The accompanying Notes to the Consolidated Financial Statements are an integral part of this statement. NIKE, Inc. Consolidated Statements of Cash Flows Year Ended May 31 2014 In millions Cash provided by operations Net income Income charges (credits) not affecting cash: 2016 2015 $ 3,760 3,273 $ 606 191 2,693 Depreciation Deferred income taxes Stock-based compensation Amortization and other Net foreign currency adjustments 649 (80) 13 98 68 56 424 Changes in certain working capital components and other assets and liabilities: Decrease (increase) in accounts receivable (Increase) in inventories Increase) in prepaid expenses and other current assets Decrease) increase in accounts payable, accrued liabilities and income taxes pavable 60 (590) (161) (216) (621) (298) (505) 525 3,013 889 3,096 1,237 4.680 Cash provided by operations Cash used by investing activities: Purchases of short-term investments Maturities of short-term investments Sales of short-term investments Investments in reverse repurchase agreements Additions to property, plant and equipment Disposals of property, plant and equipment (5,367) 2,924 2,386 (4,936) 3,655 2,216 (5,386) 3,932 1,126 (880) 10 6 (1,034) 3 Cash used by investing activities Cash used by financing activities: (1,207) Net proceeds from long-term debt issuance Long-term debt payments, including current portion (Decrease) increase in notes payable Payments on capital lease obligations Proceeds from exercise of stock options and other stock issuances Excess tax benefits from share-based payment arrangements Repurchase of common stock (106) (67) 60 507 281 (3,238) 514 383 (2,628) (2,914) 899 (2,790) Cash used by financing activit Effect of exchange rate changes on cash and equivalents Net (decrease) increase in cash and equivalents Cash and equivalents, beginning of year CASH AND EQUIVALENTS, END OF YEAR Supplemental disclosure of cash flow information: Cash paid during the year for: 105 (714) 1,632 2,220 3,337 2,220 $3,138 $ 3,852 Interest, net of capitalized interest Income taxes 1,262 206 748 167 209 Non-cash additions to property, plant and equipment vidends declared and not paid