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Debt | 6 Months Ended
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Nov. 26, 2023
Debt [Abstract] |
Debt | (7) Debt The components of notes payable were as follows: In Millions Nov. 26, 2023 May 28, 2023 U.S. commercial paper $ 730.7 $ - Financial institutions 68.5 31.7 Total $ 799.2 $ 31.7 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 26, 2023: In Billions Facility Amount Borrowed Amount Committed credit facility expiring April 2026 $ 2.7 $ - Uncommitted credit facilities 0.6 0.1 Total committed and uncommitted credit facilities $ 3.3 $ 0.1 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 26, 2023. Long-Term Debt The fair values and carrying amounts of long-term debt, including the current portion, were $ 10,920.3 million and $ 11,851.5 million, respectively, as of November 26, 2023. 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 2024, we issued € 250.0 million of floating-rate notes due November 8, 2024 . We used the net proceeds to repay € 250.0 million of floating-rate notes due November 10, 2023 . In the second quarter of fiscal 2024, we issued $ 500.0 million of 5.5 percent fixed-rate notes due October 17, 2028 . We used the net proceeds to repay $ 400.0 million of floating-rate notes due October 17, 2023 , and for general corporate purposes. In the first quarter of fiscal 2024, we issued € 500.0 million of floating-rate notes due November 8, 2024 . We used the net proceeds to repay € 500.0 million of floating-rate notes due July 27, 2023 . In the fourth quarter of fiscal 2023, we issued € 250.0 million of floating-rate notes due November 10, 2023 . We used the net proceeds to repay € 250.0 million of floating-rate notes due May 16, 2023 . In the fourth quarter of fiscal 2023, we issued € 750.0 million of 3.907 percent fixed-rate notes due April 13, 2029 . We used the net proceeds to repay € 500.0 million of 1.0 percent fixed-rate notes due April 27, 2023 , and € 250.0 million of floating-rate notes due May 16, 2023 . In the fourth quarter of fiscal 2023, we issued $ 1,000.0 million of 4.95 percent fixed-rate notes due March 29, 2033 . We used the net proceeds to repay our outstanding commercial paper and for general corporate purposes. In the second quarter of fiscal 2023, we issued $ 500.0 million of 5.241 percent fixed-rate 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 second quarter of fiscal 2023, we repaid $ 500.0 million of 2.6 percent fixed-rate notes due October 12, 2022 , using proceeds from the issuance of commercial paper. Certain of our long-term debt agreements contain restrictive covenants. As of November 26, 2023, 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://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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