Long-Term Debt (Tables)

9 Months Ended

Feb. 28, 2017

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long-term debt, net of unamortized premiums, discounts and debt issuance costs, comprises the following: 

	Original Principal		Interest Rate		Interest Payments	Book Value Outstanding as of
Scheduled Maturity (Dollars and Yen in millions)						February 28, 2017		May 31, 2016
Corporate Bond Payables:(1)
May 1, 2023(2)	$	500	2.25	%	Semi-Annually	$	497	$	497
November 1, 2026(3)	$	1,000	2.38	%	Semi-Annually	993		—
May 1, 2043(2)	$	500	3.63	%	Semi-Annually	495		494
November 1, 2045(4)	$	1,000	3.88	%	Semi-Annually	981		981
November 1, 2046(3)	$	500	3.38	%	Semi-Annually	490		—
Promissory Notes:
April 1, 2017(5)	$	40	6.20	%	Monthly	—		38
Japanese Yen Notes:
August 20, 2001 through November 20, 2020(6)	¥	9,000	2.60	%	Quarterly	15		18
August 20, 2001 through November 20, 2020(6)	¥	4,000	2.00	%	Quarterly	7		9
Total						3,478		2,037
Less current maturities						6		44
TOTAL LONG-TERM DEBT						$	3,472	$	1,993

(1) These senior unsecured obligations rank equally with the Company's other unsecured and unsubordinated indebtedness.

(2) The bonds are redeemable at the Company's option prior to February 1, 2023 and November 1, 2042, respectively, at a price equal to the greater of (i) 100% of the aggregate principal amount of the notes to be redeemed or (ii) the sum of the present values of the remaining scheduled payments, plus in each case, accrued and unpaid interest. Subsequent to February 1, 2023 and November 1, 2042, respectively, the bonds also feature a par call provision, which allows for the bonds to be redeemed at a price equal to 100% of the aggregate principal amount of the notes being redeemed, plus accrued and unpaid interest.

(3) The bonds are redeemable at the Company's option prior to August 1, 2026 and May 1, 2046, respectively, at a price equal to the greater of (i) 100% of the aggregate principal amount of the notes to be redeemed or (ii) the sum of the present values of the remaining scheduled payments, plus in each case, accrued and unpaid interest. Subsequent to August 1, 2026 and May 1, 2046, respectively, the bonds also feature a par call provision, which allows for the bonds to be redeemed at a price equal to 100% of the aggregate principal amount of the notes being redeemed, plus accrued and unpaid interest.

(4) The bonds are redeemable at the Company's option prior to May 1, 2045, at a price equal to the greater of (i) 100% of the aggregate principal amount of the notes to be redeemed or (ii) the sum of the present values of the remaining scheduled payments, plus in each case, accrued and unpaid interest. Subsequent to May 1, 2045, the bonds also feature a par call provision, which allows for the bonds to be redeemed at a price equal to 100% of the aggregate principal amount of the notes being redeemed, plus accrued and unpaid interest.

(5) During the three months endedFebruary 28, 2017, the Company repaid the notes due April 1, 2017 pursuant to the terms of the debt agreement.

(6) NIKE Logistics YK assumed a total of ¥13 billion in loans as part of its agreement to purchase a distribution center in Japan, which serves as collateral for the loans. These loans mature in equal quarterly installments during the period August 20, 2001 through November 20, 2020.