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Long-Term Debt (Tables)
 12 Months Ended
May 31, 2019
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
Long-term debt, net of unamortized premiums, discounts and debt issuance costs, comprises the following: 
 
 
 
 
BOOK VALUE OUTSTANDING
AS OF MAY 31,
Scheduled Maturity (Dollars and Yen in millions)
ORIGINAL PRINCIPAL

INTEREST RATE

INTEREST PAYMENTS
2019
2018
Corporate Bond Payables:(1)(2)
 
 
 
 
 
May 1, 2023
$
500

2.25
%
Semi-Annually
$
498

$
498

November 1, 2026
1,000

2.38
%
Semi-Annually
994

994

May 1, 2043
500

3.63
%
Semi-Annually
495

495

November 1, 2045
1,000

3.88
%
Semi-Annually
983

982

November 1, 2046
500

3.38
%
Semi-Annually
491

490

Japanese Yen Notes:(3)
 
 
 
 
 
August 20, 2001 through November 20, 2020
¥
9,000

2.60
%
Quarterly
$
6

$
10

August 20, 2001 through November 20, 2020
4,000

2.00
%
Quarterly
3

5

Total
 
 
 
3,470

3,474

Less current maturities
 
 
 
6

6

TOTAL LONG-TERM DEBT
 
 
 
$
3,464

$
3,468

(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 up to three months prior to the scheduled maturity date for the bonds maturing in 2023 and 2026, and up to six months prior to the scheduled maturity date for the bonds maturing in 2043, 2045 and 2046, 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. Within three and six months to scheduled maturity, 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)
NIKE Logistics YK assumed a total of ¥13.0 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.