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The following is an excerpt from a 10-Q SEC Filing, filed by NIKE INC on 4/14/2003.
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NIKE INC - 10-Q - 20030414 - CASH_FLOW

NIKE, Inc.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

                                                          Nine Months Ended
                                                              February 28,
                                                          _________________

                                                          2003         2002
                                                          ____         ____

                                                            (in millions)

Cash provided (used) by operations:
          Net income                                     $ 227.8     $ 454.9
          Income charges (credits) not
            affecting cash:
            Cumulative effect of accounting change         266.1         5.0
            Depreciation                                   176.5       164.0
            Deferred income taxes                           (1.0)       (3.9)
            Amortization and other                           9.4        26.2
          Income tax benefit from exercise of stock
            options                                          2.6        11.3
          Net increase in other working capital
            components                                    (252.6)     (153.4)
                                                         ________    ________

          Cash provided by operations                      428.8       504.1
                                                         ________    ________
Cash provided (used) by investing activities:
          Additions to property, plant and
            equipment                                     (138.6)     (173.2)
          Disposals of property, plant and
            equipment                                        9.6        11.8
          Increase in other assets                         (40.3)      (37.3)
          Increase (decrease) in other liabilities           1.1        (0.3)
                                                         ________    ________

          Cash used by investing activities               (168.2)     (199.0)
                                                         ________    ________

Cash provided (used) by financing activities:
          Proceeds from long-term debt issuance             90.2       328.0
          Reductions in long-term debt
            including current portion                      (54.4)      (78.9)
          Decrease in notes payable                       (208.6)     (377.5)
          Proceeds from exercise of stock options           15.4        32.5
            and other stock issuances
          Repurchase of stock                             (125.7)      (56.8)
          Dividends on common stock                       (100.8)      (96.6)
                                                         ________    ________

          Cash used by financing activities               (383.9)     (249.3)
                                                         ________    ________

Effect of exchange rate changes on cash                     (9.0)      (10.2)
Net (decrease) increase in cash and equivalents           (132.3)       45.6
Cash and equivalents, May 31, 2002 and 2001                575.5       304.0
                                                         ________    ________

Cash and equivalents, February 28, 2003
  and 2002                                               $ 443.2     $ 349.6
                                                         ========    ========

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