Use the 2014 and 2015 balance sheets and Nike's 2015 income statement to determine Nike's free cash flows from operations.

2014 27,799 15,353 12,446 2015 30,601 16,534 14,067 NIKE, INC INCOME STATEMENTS (For May 31, 2013 - 2015) (s Millions) 2013 Revenue 25,313 Cost of revenue 14,279 Gross profit 11,034 Operating expenses Sales, General and administrative 7,796 EBITDA 3,767 Depreciation and Amortization 511 EBIT 3,256 Interest Expense Other income (expense) 18 Earnings before taxes 3,272 Income taxes 808 Net income from continuing operations 2,464 Net income from discontinuing ops 21 . Net income 2,485 8,766 4,312 768 3,544 9,892 4,824 619 4,205 (136) 3,544 851 2,693 30 4,205 932 3,273 2,693 3,273 NIKE, INC BALANCE SHEETS (For May 31, 2013 - 2015) (s Millions) 2013 2014 2015 Current assets Cash and cash equivalents Short-term investments Total cash Receivables Inventories Deferred income taxes Prepaid expenses Total current assets Non-current assets Property, plant and equipment Gross property, plant and equipment Accumulated Depreciation 3,337 2,628 5,965 3,117 3,434 308 802 13,626 2,220 2,922 5,142 3,434 3,947 355 818 13,696 3,852 2,072 5,924 3,358 4,337 389 1,968 15,976 5,500 6,220 6,352 (3,048) (3,386) (3,341) ER3 2,834 131 282 1,651 4,898 18,594 3,011 131 281 2,201 5,624 21,600 174 181 NIKE, INC BALANCE SHEETS (For May 31, 2013 - 2015) (s Millions) Net property, plant and equipment 2,452 Goodwill 131 Intangible assets 382 993 Deferred income taxes Total non-current assets 3,958 Total assets 17,584 Liabilities and stockholders' equity Liabilities Current liabilities Short-term debt m debt 178 Accounts payable 1,646 Taxes payable 290 Accrued liabilities 1,572 Other current liabilities 240 Total current liabilities 3,926 Non-current liabilities Long-term debt 1,210 Deferred taxes liabilities 1,292 Total non-current liabilities 2,502 Total liabilities 6,428 Stockholders' equity Common stock 3 Additional paid-in capital 5,184 Retained earnings Accumulated other comprehensive income 5,695 Total stockholders' equity 274 Total liabilities and stockholders' equity 11,156 17,584 1,930 636 1,993 294 5,027 2,131 245 3,375 402 6,334 1,199 1,544 2,743 7,770 1,079 1,480 2,559 8,893 5,868 4,871 85. 10,824 18,594 6,776 4,685 1,246 12,707 21,600