Analysis of Debt

Nike Inc., balance sheet: debt

US$ in millions

	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
Current portion of long-term debt	1,000)	—)	500)	—)	3)	6)
Notes payable	6)	6)	10)	2)	248)	9)
Long-term debt, excluding current portion	7,903)	8,927)	8,920)	9,413)	9,406)	3,464)
Total short-term borrowings and long-term debt (carrying amount)	8,909)	8,933)	9,430)	9,415)	9,657)	3,479)

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Debt item	Description	The company
Total short-term borrowings and long-term debt (carrying amount)	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	Nike Inc. total debt decreased from 2022 to 2023 and from 2023 to 2024.

	May 31, 2024
Selected Financial Data (US$ in millions)
Notes payable	6)
Long-term debt, including current portion	7,631)
Total short-term borrowings and long-term debt (fair value)	7,637)
Financial Ratio
Debt, fair value to carrying amount ratio	0.86

Weighted average interest rate on debt: 3.05%

Interest rate	Debt amount¹	Interest rate × Debt amount
2.40%	999)	24)
2.38%	998)	24)
2.75%	998)	27)
2.85%	1,494)	43)
3.25%	966)	31)
3.63%	488)	18)
3.88%	986)	38)
3.38%	492)	17)
3.38%	1,482)	50)
Total	8,903)	272)
3.05%

¹ US$ in millions

² Weighted-average interest rate = 100 × 272 ÷ 8,903 = 3.05%

Nike Inc. (NYSE:NKE)