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Print 1. NIKE,INC Financial Statement Analysis The financial statements for Nike, Inc., are presented in Appendix C. Use the following additional information (in millions): $3,241 4,838 Accounts receivable at May 31, 2016 Inventories at May 31, 2016 Total assets at May 31, 2016 Stockholders' equity at May 31, 2016 21,379 12,258 1. Determine the following measures for the fiscal years ended May 31, 2018, and May 31, 2017. Assume 365 days a year. 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, 2018 May 31, 2017 $ $ a. b. c. d. days days e. f. Working capital (in millions) Current ratio Quick ratio Accounts receivable turnover Number of days' sales in receivables Inventory turnover Number of days' sales in inventory Ratio of liabilities to stockholders' equity Asset turnover Return on total assets Return on stockholders' equity Price-earnings ratio, assuming that the market price was $72.12 per share on May 29, 2018, and $53.06 per share on May 30, 2017. days g. h. days % % j. k. % % I. 2. The working capital between 2017 and 2018. The current and quick ratios both slightly. The margin of protection to creditors . The return on total assets and number of days' sales in receivables during 2018. The accounts receivable turnover during 2018. The return on stockholders' equity NIKE, Inc. Consolidated Statements of Income Year Ended May 31, 2017 2018 2016 (in millions, except per share data) Revenues Cost of sales $ $ 36.397 20,441 34,350 19,038 15.956 3,577 7,934 15.312 3.341 7.222 32,376 17.405 14,971 3,278 7,191 10,469 19 (140) 4,623 863 Gross profit Demand creation expense Operating overhead expense Total selling and administrative expense Interest expense (income), net Other expense (income). net Income before income taxes Income tax expense NET INCOME 10.563 11.511 54 59 (196) 66 4.325 2.392 4,886 646 4,240 $ 1,933 $ $ 3,760 Earnings per common share: Basic Diluted $ 1.19 $ 2.56 $ 2.21 2.16 1.17 $ 2.51 s Dividends declared per common share $ 0.78 s 0.70 S 0.62 The accompanying Notes to the Consolidated Financial Statements are an integral part of this statement NIKE, Inc. Consolidated Statements of Comprehensive Income 2018 Year Ended May 31, 2017 1,933 $ 4,240 2016 $ 3.760 (6) 16 (in millions) Net Income Other comprehensive income (loss), net of tax Change in net foreign currency translation adjustment Change in net gains (losses) on cash flow hedges Change in net gains (losses) on other Total other comprehensive income (loss), net of tax TOTAL COMPREHENSIVE INCOME $ The accompanying Notes to the Consolidated Financial Statements are an integral part of this statement (176) (757) 76 34 5 (515) (32) (531) 3,709 104 (928) 2.832 2,037 $ $ NIKE, Inc. Consolidated Balance Sheets May 31, 2018 2017 4.249 996 3,498 5,261 3,808 2,371 3,677 5,055 1,150 1.130 15.134 4,454 285 154 2,509 16,061 3,989 283 139 2.787 23,259 $ 22,536 $ (in millions) ASSETS Current assets: Cash and equivalents Short-term investments Accounts receivable, net Inventories Prepaid expenses and other current assets 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: Current portion of long-term debt Notes payable Accounts payable Accrued liabilities Income taxes payable Total current liabilities Long-term debt Deferred income taxes and other liabilities Commitments and contingencies (Note 15) Redeemable preferred stock Shareholders' equity Common stock at stated value Class A convertible - 329 and 329 shares outstanding Class B-1,272 and 1,314 shares outstanding Capital in excess of stated value Accumulated other comprehensive loss Retained earnings Total shareholders' equity TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY The accompanying Notes to the Consolidated Financial Statements are an integral part of this statement 336 2.279 3,269 150 6,040 3,468 3.216 325 2,048 3,011 84 5,474 3,471 1,907 3 6,384 (92) 3,517 9,812 22,536 5,710 (213) 6,907 12,407 23,259 $ $ 2018 2017 2016 1.933 $ 4.240 $ 3.760 747 647 218 27 (99) 706 (273) 215 10 649 (80) 236 13 98 187 60 (255) 35 (231) (120) (158) 3.846 (590) (161) (588) 3.399 1.515 4.955 (4,783) 3.613 2.490 (5,928) 3.623 2.423 (in millions) Cash provided by operations: Net income Adjustments to reconcile net income to net cash provided by operations: Depreciation Deferred income taxes Stock-based compensation Amortization and other Net foreign currency adjustments Changes in certain working capital components and other assets and liabilities: Decrease increase) in accounts receivable (Increase in inventories Decrease increase) in prepaid expenses and other current and non-current assets Increase (decrease) in accounts payable, accrued abilities and other current and non-current liabilities Cash provided by operations Cash provided (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 Other investing activities Cash provided (used) by investing activities Cash used by financing activities: Net proceeds from long-term debt issuance Long-term debt payments, including current portion Increase (decrease in noles payable Payments on capital oase and other financing obligations Proceeds from exercise of stock options and other stock issuances Repurchase of common stock Dividends common and preferred Tax payments for net share settlement of equity awards Cash used by financing activities Effect of exchange rate changes on cash and equivalents Net increase (decrease 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 Interest, net of capitalized interest Income taxes Non cash additions to property, plant and equipment Dividends declared and not paid (5,367) 2.924 2.380 150 (1.143) 10 6 (1,034) (1.028) 3 (25) 276 (1.105) 13 (34) (1,008) 1.482 981 (106) (67) 327 (6) 13 (23) 733 14.254) (1.243) (55) 14,835) 45 489 (3.223) (1.133) (29) (2.148) (20) 670 3.138 3,808 507 (3.238) (1.022) (22) (2,974) (105) (714) 3.852 3,138 3.808 4,249 $ $ 125 529 70 748 703 250 300 252 320 271 NIKE, Inc. Consolidated Statements of Shareholders' Equity Accumulated Other Comprehensive Retained Income Earnings Total 1,246 $ 7,293 $ 12,707 680 (3,090) (3.238) (1,053) (1,053) (11) 94 3.760 (928) 318 236 3,760 (928 12,258 525 6,899 $ 24 1 (3.060) (3.249) Common Stock Capital in Class A Class B Excess of Stated (in Millions, except per share data) Shares Amount Shares Amount Value Balance at May 31, 2015 355 $ 1,357 $ 4,165 $ Stock options exercised 22 680 Conversion to Class B Common Stock (2) 2 Repurchase of Class B Common Stock (55) (148) Dividends on common stock (50.62 per share) and preferred stock (50.10 per share) Issuance of shares to employees, net of shares withheld for employee taxes 105 Stock-based compensation 236 Net income Other comprehensive income (losa) Balance at May 31, 2016 353 1,329 $ 5,038 $ Stock options exercised 17 525 Conversion to Class B Common Stock 24 Repurchase of Class B Common Stock (60) (189) Dividends on common stock ($0.70 per share) and preferred stock (50.10 per share) Issuance of shares to employees, net of shares withheld for employee taxes 121 Stock-based compensation 215 Net income Other comprehensive income (los) Balance at May 31, 2017 329 1,314 $ 3 $ 5,710 $ Stock options exercised 24 600 Conversion to Class B Common Stock Repurchase of Class B Common Stock (70) (254) Dividends on common stock (50.78 per share) and preferred stock (50.10 per share) Issuance of shares to employees, net of shares withheld for employee taxes 110 Stock-based compensation Net income Other comprehensive income (loss) Reclassifications to retained earnings in accordance with ASU 2018-02 Balance at May 31, 2018 3295 1,272 $ 6,384 $ The accompanying Notes to the Consolidated Financial Statements are an integral part of this statement (1.150) (1.159) (13) 108 215 4,240 4.240 (531) - (531) (213) $ 6,907 $ 12,407 600 (4.013) (4.267) (1.265) (1.265) (28) 82 218 218 1.933 1.933 104 104 17 (92) $ 3.517 $ 9,812 anccribed in tout