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Debt
 6 Months Ended
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.