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LONG-TERM DEBT | 6 Months Ended
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Nov. 23, 2014
Debt Disclosure [Abstract] |
LONG-TERM DEBT | LONG-TERM DEBT During the first quarter of fiscal 2015, we repurchased $225.0 million aggregate principal amount of senior notes due 2023, $200.0 million aggregate principal amount of senior notes due 2043, $25.0 million aggregate principal amount of senior notes due 2019, $25.0 million aggregate principal amount of senior notes due 2018, and $25.0 million aggregate principal amount of senior notes due 2017, in each case prior to maturity in a tender offer, resulting in a net loss of $16.3 million as a cost of early retirement of debt, including a $9.5 million tender premium. During the first quarter of fiscal 2015, we repaid the remaining borrowings of our unsecured term loan facility (the "Term Loan Facility") of $900.0 million (with an interest rate at LIBOR plus 1.75% per annum), prior to maturity, resulting in a loss of $8.3 million as a cost of early retirement of debt. The Term Loan Facility was terminated after repayment. During the first quarter of fiscal 2015, we issued $550.0 million aggregate principal amount of floating rate notes due July 21, 2016. The notes bear interest at a rate equal to three-month LIBOR plus 0.37% per annum. During the second quarter of fiscal 2014, we repurchased $43.0 million of 4.65% senior notes due 2043 prior to maturity, resulting in a net gain of $2.4 million. Net interest expense consists of:
| Thirteen weeks ended |  | Twenty-six weeks ended
| November 23, 2014 |  | November 24, 2013 |  | November 23, 2014 |  | November 24, 2013
Long-term debt | $ | 80.0 |  |  | $ | 99.4 |  |  | $ | 165.6 |  |  | $ | 199.1 |
Short-term debt | 0.8 |  |  | 0.5 |  |  | 1.3 |  |  | 0.8 |
Interest income | (0.3 | ) |  | (0.8 | ) |  | (0.8 | ) |  | (1.3 | )
Interest capitalized | (1.2 | ) |  | (3.6 | ) |  | (3.1 | ) |  | (7.3 | )
| $ | 79.3 |  |  | $ | 95.5 |  |  | $ | 163.0 |  |  | $ | 191.3 |
During the third quarter of fiscal 2014, we entered into interest rate swap contracts to hedge the fair value of certain of our senior long-term debt instruments maturing in fiscal 2019 and 2020, effectively converting interest on this debt from fixed rate to floating rate (see Note 8). These swaps, which are designated as fair value hedges, reduced our interest expense by $2.6 million and $5.2 million in the second quarter and first half of fiscal 2015, respectively. We entered into interest rate swaps during fiscal 2010 that effectively changed our interest rate on the senior long-term debt instrument that matured in fiscal 2014 from fixed to variable. During the second quarter of fiscal 2011, we terminated these interest rate swap contracts and received proceeds of $28.2 million. The cumulative adjustment to the fair value of the debt instrument that was hedged (the effective portion of the hedge) and was amortized as a reduction of interest expense over the remaining life of the debt instrument (through fiscal 2014). Net interest expense for the second quarter and first half of fiscal 2014 was reduced by $2.4 million and $4.7 million, respectively.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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