NIKE INC 10-K form for the fiscal year ended 2018-05-31, page 59: |    |                         |
|---:|:------------------------|
|  2 | NOTE 8 - Long-Term Debt |
Long-term debt, net of unamortized premiums, discounts and debt issuance costs, comprises the following: 

|    |                                                  |                   |       |              |                  |    |                                     |               |      |       |     |       |     |    |     |
|---:|:-------------------------------------------------|:------------------|:------|:-------------|:-----------------|:---|:------------------------------------|:--------------|:-----|:------|:----|:------|:----|:---|:----|
|  2 |                                                  |                   |       |              |                  |    | Book Value Outstandingas of May 31, |               |      |       |     |       |     |    |     |
|  3 | Scheduled Maturity (Dollars and Yen in millions) | OriginalPrincipal |       | InterestRate | InterestPayments |    | 2018                                |               | 2017 |       |     |       |     |    |     |
|  4 | Corporate Bond Payables:(1)(2)                   |                   |       |              |                  |    |                                     |               |      |       |     |       |     |    |     |
|  5 | May 1, 2023                                      | $                 | 500   |              | 2.25             | %  |                                     | Semi-Annually |      | $     | 498 |       |     | $  | 497 |
|  6 | November 1, 2026                                 | $                 | 1,000 |              | 2.38             | %  |                                     | Semi-Annually |      | 994   |     |       | 993 |    |     |
|  7 | May 1, 2043                                      | $                 | 500   |              | 3.63             | %  |                                     | Semi-Annually |      | 495   |     |       | 495 |    |     |
|  8 | November 1, 2045                                 | $                 | 1,000 |              | 3.88             | %  |                                     | Semi-Annually |      | 982   |     |       | 981 |    |     |
|  9 | November 1, 2046                                 | $                 | 500   |              | 3.38             | %  |                                     | Semi-Annually |      | 490   |     |       | 490 |    |     |
| 10 | Japanese Yen Notes:(3)                           |                   |       |              |                  |    |                                     |               |      |       |     |       |     |    |     |
| 11 | August 20, 2001 through November 20, 2020        | ¥                 | 9,000 |              | 2.60             | %  |                                     | Quarterly     |      | 10    |     |       | 14  |    |     |
| 12 | August 20, 2001 through November 20, 2020        | ¥                 | 4,000 |              | 2.00             | %  |                                     | Quarterly     |      | 5     |     |       | 7   |    |     |
| 13 | Total                                            |                   |       |              |                  |    | 3,474                               |               |      | 3,477 |     |       |     |    |     |
| 14 | Less current maturities                          |                   |       |              |                  |    |                                     |               | 6    |       |     | 6     |     |    |     |
| 15 | TOTAL LONG-TERM DEBT                             |                   |       |              |                  |    | $                                   | 3,468         |      |       | $   | 3,471 |     |    |     |

|    |     |                                                                                                                     |
|---:|:----|:--------------------------------------------------------------------------------------------------------------------|
|  1 | (1) | These senior unsecured obligations rank equally with the Company's other unsecured and unsubordinated indebtedness. |
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|---:|:----|:----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  1 | (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. |
|    |     |                                                                                                                                                                                                                                                                                            |
|---:|:----|:-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  1 | (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. |
The scheduled maturity of Long-term debt in each of the years ending May 31, 2019 through 2023 are $6 million, $6 million, $3 million, $0 million and $500 million, respectively, at face value.
The Company's Long-term debt is recorded at adjusted cost, net of unamortized premiums, discounts and debt issuance costs. The fair value of Long-term debt is estimated based upon quoted prices for similar instruments or quoted prices for identical instruments in inactive markets (Level 2). The fair value of the Company's Long-term debt, including the current portion, was approximately $3,294 million at May 31, 2018 and $3,401 million at May 31, 2017. 

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|---:|:----------------------|
|  2 | NOTE 9 - Income Taxes |

Income before income taxes is as follows:
|    |                                  |                    |       |      |       |      |       |       |    |       |
|---:|:---------------------------------|:-------------------|:------|:-----|:------|:-----|:------|:------|:---|:------|
|  2 |                                  | Year Ended May 31, |       |      |       |      |       |       |    |       |
|  3 | (In millions)                    | 2018               |       | 2017 |       | 2016 |       |       |    |       |
|  4 | Income before income taxes:      |                    |       |      |       |      |       |       |    |       |
|  5 | United States                    | $                  | 744   |      |       | $    | 1,240 |       | $  | 956   |
|  6 | Foreign                          | 3,581              |       |      | 3,646 |      |       | 3,667 |    |       |
|  7 | TOTAL INCOME BEFORE INCOME TAXES | $                  | 4,325 |      |       | $    | 4,886 |       | $  | 4,623 |
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Question: How did Nike's long-term debt structure in 2018 compare to 2017, and what does this indicate about the company's liquidity and financial strategy?
Answer: 2018 Long-Term Debt Structure

May 1, 2023: $500 million at 2.25%
November 1, 2026: $1,000 million at 2.38%
May 1, 2043: $500 million at 3.63%
November 1, 2045: $1,000 million at 3.88%
November 1, 2046: $500 million at 3.38%
The total long-term debt for 2018 was $3,468 million​.

2017 Long-Term Debt Structure
Debt structure and amounts were consistent with 2018, with a total of $3,471 million in long-term debt outstanding, reflecting minor changes due to adjustments in debt issuance costs or other accounting treatments​.

Comparison and Liquidity Impact
The debt structure for both years indicates that Nike maintained stable long-term debt levels, with the majority of repayments scheduled far in the future (2023 and beyond). This structure minimizes near-term repayment pressures, ensuring strong liquidity and flexibility to invest in strategic initiatives. Nike's ample cash reserves further support this stable liquidity position.