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2.2.0.7 false Long-Term Debt 116 - Disclosure - Long-Term Debt true false false false 1 USD false false iso4217_USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 iso4217_USD_per_shares Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares 0 $ 5 Long-Term Debt 3 us-gaap_LongTermDebtTextBlock us-gaap true na duration No definition available. false false false false false false false false false false false false 1 false false false false 0 0 <div> Note 8 — Long-Term Debt Long-term debt, net of unamortized premiums and discounts and swap fair value adjustments, is comprised of the following:   <table border="0" cellspacing="0" cellpadding="0" width="90%" align="center"> <tr> <td width="84%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="5" align="center">May 31,</td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">2010</td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center">2009</td> </tr> <tr> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="5" align="center">(In millions)</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> 5.375% Corporate bond, payable July 8, 2009 </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">—</td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">25.1</td> </tr> <tr> <td valign="top"> 5.66% Corporate bond, payable July 23, 2012 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">27.0</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">27.4</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> 5.4% Corporate bond, payable August 7, 2012 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.1</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16.2</td> </tr> <tr> <td valign="top"> 4.7% Corporate bond, payable October 1, 2013 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">50.0</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">50.0</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> 5.15% Corporate bond, payable October 15, 2015 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">112.4</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">111.1</td> </tr> <tr> <td valign="top"> 4.3% Japanese Yen note, payable June 26, 2011 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">115.7</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">108.5</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> 1.52125% Japanese Yen note, payable February 14, 2012 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">55.1</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">51.7</td> </tr> <tr> <td valign="top"> 2.6% Japanese Yen note, maturing August 20, 2001 through November 20, 2020 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">53.1</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">54.7</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> 2.0% Japanese Yen note, maturing August 20, 2001 through November 20, 2020 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">23.8</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">24.5</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> </tr> <tr> <td valign="top"> Total </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">453.2</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">469.2</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Less current maturities </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.4</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">32.0</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> </tr> <tr> <td valign="top"></td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">445.8</td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">437.2</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom"> </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> </tr> </table> The scheduled maturity of long-term debt in each of the years ending May 31, 2011 through 2015 are $7.4 million, $178.1 million, $47.4 million, $57.4 million and $7.4 million, at face value, respectively. The Company’s long-term debt is recorded at adjusted cost, net of amortized premiums and discounts and interest rate swap fair value adjustments. The fair value of long-term debt is estimated based upon quoted prices for similar instruments. The fair value of the Company’s long-term debt, including the current portion, was approximately $453 million at May 31, 2010 and $456 million at May 31, 2009. In fiscal years 2003 and 2004, the Company issued a total of $240 million in medium-term notes of which $190 million, at face value, were outstanding at May 31, 2010. The outstanding notes have coupon rates that range from 4.70% to 5.66% and maturity dates ranging from July 2012 to October 2015. For each of these notes, except the $50 million note maturing in October 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, 2010, the interest rates payable on these swap agreements ranged from approximately 0.3% to 1.1%.   In June 1996, one of the Company’s Japanese subsidiaries, NIKE Logistics YK, borrowed ¥10.5 billion (approximately $115.7 million as of May 31, 2010) in a private placement with a maturity of June 26, 2011. Interest is paid semi-annually. The agreement provides for early retirement of the borrowing. In July 1999, 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. Interest is also paid quarterly. As of May 31, 2010, ¥7.0 billion (approximately $76.9 million) in loans remain outstanding. In February 2007, NIKE Logistics YK entered into a ¥5.0 billion (approximately $55.1 million as of May 31, 2010) term loan that replaced certain intercompany borrowings and matures on February 14, 2012. The interest rate on the loan is approximately 1.5% and interest is paid semi-annually. </div> Note 8 — Long-Term Debt Long-term debt, net of unamortized premiums and discounts and swap fair value adjustments, is comprised of the false false false us-types:textBlockItemType textblock This element may be used as a single block of text to encapsulate the entire disclosure for long-term borrowings including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 false 1 1 false UnKnown UnKnown UnKnown false true