NIKE, Inc. Consolidated Statements of Income
PART II NIKE, Inc. Consolidated Statements of Income Year Ended May 31, (In millions, except per share data) 2015 2014 2013 Income from continuing operations: Revenues $ 30,601 $ 27,799 $ 25,313 Cost of sales 16,534 15,353 14,279 Gross profit 14,067 12,446 11,034 Demand creation expense 3,213 3,031 2,745 Operating overhead expense 6,679 5,735 5,051 Total selling and administrative expense 9,892 8,766 7,796 Interest expense (income), net (Notes 6, 7 and 8) 28 33 (3) Other (income) expense, net (Note 17) (58) 103 (15) Income before income taxes 4,205 3,544 3,256 Income tax expense (Note 9) 932 851 805 NET INCOME FROM CONTINUING OPERATIONS 3,273 2,693 2,451 NET INCOME FROM DISCONTINUED OPERATIONS — — 21 NET INCOME $ 3,273 $ 2,693 $ 2,472 Earnings per common share from continuing operations: Basic (Notes 1 and 12) $ 3.80 $ 3.05 $ 2.74 Diluted (Notes 1 and 12) $ 3.70 $ 2.97 $ 2.68 Earnings per common share from discontinued operations: Basic (Notes 1 and 12) $ — $ — $ 0.02 Diluted (Notes 1 and 12) $ — $ — $ 0.02 Dividends declared per common share $ 1.08 $ 0.93 $ 0.81 The accompanying Notes to the Consolidated Financial Statements are an integral part of this statement. FORM 10-K NIKE, INC. 2015 Annual Report and Notice of Annual Meeting 107 PART II NIKE, Inc. Consolidated Statements of Comprehensive Income Year Ended May 31, (In millions) 2015 2014 2013 Net income $ 3,273 $ 2,693 $ 2,472 Other comprehensive income (loss), net of tax: Change in net foreign currency translation adjustment(1) (20) (32) 38 Change in net gains (losses) on cash flow hedges(2) 1,188 (161) 12 Change in net gains (losses) on other(3) (7) 4 (8) Change in release of cumulative translation loss related to Umbro(4) ——83 Total other comprehensive income (loss), net of tax 1,161 (189) 125 TOTAL COMPREHENSIVE INCOME $ 4,434 $ 2,504 $ 2,597 (1) Net of tax benefit (expense) of $0 million, $0 million and $(13) million, respectively.
[Show full text]