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Debt | 6 Months Ended
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Nov. 27, 2022
Debt [Abstract] |
Debt | (7) Debt The components of notes payable were as follows: In Millions Nov. 27, 2022 May 29, 2022 U.S. commercial paper $ 1,126.6 $ 694.8 Financial institutions 26.8 116.6 Total $ 1,153.4 $ 811.4 To ensure availability of funds, we maintain bank credit lines and have commercial paper programs available to us in the United States and Europe. The following table details the fee-paid committed and uncommitted credit lines we had available as of November 27, 2022: In Billions Facility Amount Borrowed Amount Committed credit facility expiring April 2026 $ 2.7 $ - Uncommitted credit facilities 0.6 - Total committed and uncommitted credit facilities $ 3.3 $ - The credit facilities contain covenants, including a requirement to maintain a fixed charge coverage ratio of at least 2.5 times. We were in compliance with all credit facility covenants as of November 27, 2022. Long-Term Debt The fair values and carrying amounts of long-term debt, including the current portion, were $ 9,875.3 million and $ 10,586.8 million, respectively, as of November 27, 2022. The fair value of long-term debt was estimated using market quotations and discounted cash flows based on our current incremental borrowing rates for similar types of instruments. Long -term debt is a Level 2 liability in the fair value hierarchy. In the second quarter of fiscal 2023, we issued $ 500.0 million of 5.241 percent notes due November 18, 2025 . We used the net proceeds to repay a portion of our outstanding commercial paper and for general corporate purposes. In the second quarter of fiscal 2023, we issued € 250.0 million of floating-rate notes due May 16, 2023 . We used the net proceeds to repay € 250.0 million of 0.0 percent fixed-rate notes due November 11, 2022 . In the fourth quarter of fiscal 2022, we repaid $ 850.0 million of 3.7 percent fixed rate notes due October 17, 2023 , using proceeds from the issuance of commercial paper. In the fourth quarter of fiscal 2022, we issued € 250.0 million of 0.0 percent fixed-rate notes due November 11, 2022 . We used the net proceeds for general corporate purposes. In the second quarter of fiscal 2022, we issued € 500.0 million of 0.125 percent fixed-rate notes due November 15, 2025 . We used the net proceeds to repay a portion of our € 500.0 million of 0.0 percent fixed-rate notes due November 16, 2021 , and for general corporate purposes. In the second quarter of fiscal 2022, we issued € 250.0 million of floating-rate notes due May 16, 2023 . We used the net proceeds to repay a portion of our outstanding commercial paper and for general corporate purposes. In the second quarter of fiscal 2022, we issued $ 500.0 million of 2.25 percent notes due October 14, 2031 . We used the net proceeds together with proceeds from the issuance of commercial paper, to repay $ 1,000.0 million of 3.15 percent fixed-rate notes due December 15, 2021 . In the first quarter of fiscal 2022, we issued € 500.0 million of floating-rate notes due July 27, 2023 . We used the net proceeds to repay € 500.0 million of 0.0 percent fixed-rate notes due August 21, 2021 . In the first quarter of fiscal 2022, we repaid € 200.0 million of 2.2 percent fixed-rate notes due June 24, 2021 , using proceeds from the issuance of € 50.0 million of 2.2 percent fixed-rate notes due November 29, 2021 , and borrowings under a committed credit facility. Certain of our long-term debt agreements contain restrictive covenants. As of November 27, 2022, we were in compliance with all of these covenants.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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