Execl 2013 - IF Statements

II am working with an Excel 2013 document and trying to filter the list to provide me with the following:  The data in my two columns (N and O) have numeric values or they are blank.  I am trying to filter the list to show me the following:  If column "N" has a numeric value >1 AND column "O" has a numeric value >1 - then enter the words 'Has Both" in column "P".  I was thinking I might be able to use an IF statement but not quite sure how to set up the IF statement or should I be using a nested IF statement - or maybe some other function of Excel.  Your assistance is appreciated.  Thanks