v2.4.0.6
Long-Term Debt (Tables)
 12 Months Ended
May 31, 2012
Schedule of Long-term Debt Instruments

Long-term debt, net of unamortized premiums and discounts and swap fair value adjustments, is comprised of the following:

 

                      Book Value Outstanding
As of May 31,		  
Scheduled Maturity   Original
Principal		     Interest
Rate		     Interest
Payments		     2012     2011  
    (In millions)           (In millions)  
Corporate Bond Payables:(1)                      

July 23, 2012

   $ 25        5.66 %      Semi-Annually      $ 25      $ 26   

August 7, 2012

   $ 15        5.40 %      Semi-Annually        15        16   

October 1, 2013

   $ 50        4.70 %      Semi-Annually        50        50   

October 15, 2015

   $ 100        5.15 %      Semi-Annually        115        114   
Japanese Yen Notes:                      

June 26, 2011

   ¥ 10,500        4.30 %      Semi-Annually        0        130   

February 14, 2012

   ¥ 5,000        1.52 %      Semi-Annually        0        62   

August 20, 2001 through November 20, 2020(2)

   ¥ 9,000        2.60 %      Quarterly        50        54   

August 20, 2001 through November 20, 2020(2)

   ¥ 4,000        2.00 %      Quarterly        22        24   

Total

                             277        476   

Less current maturities

                             49        200   
                            $ 228      $ 276   

 

(1)

For each of these notes, except the $50 million note maturing in October 1, 2013, the Company has entered into interest rate swap agreements whereby the Company receives fixed interest payments at the same rate as the notes and pays variable interest payments based on the six-month LIBOR plus a spread. Each swap has the same notional amount and maturity date as the corresponding note. At May 31, 2012, the interest rates payable on these swap agreements ranged from approximately 0.6% to 1.0%.

 

(2)

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.