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LONG-TERM DEBT AND REVOLVING CREDIT FACILITY | 9 Months Ended
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Feb. 27, 2022
Debt Disclosure [Abstract] |
LONG-TERM DEBT AND REVOLVING CREDIT FACILITY | 4. LONG-TERM DEBT AND REVOLVING CREDIT FACILITY During the first quarter of fiscal 2022, we issued $500.0 million aggregate principal amount of 0.500% senior notes due August 11, 2023. During the fourth quarter of fiscal 2021, we repaid the remaining outstanding $195.9 million aggregate principal amount of our 9.75% subordinated notes on their maturity date of March 1, 2021. During the third quarter of fiscal 2021, we redeemed $400.0 million aggregate principal amount of our 3.20% senior notes due January 25, 2023, prior to maturity, resulting in a loss of $24.4 million within SG&A expenses as a cost of early extinguishment of debt. During the second quarter of fiscal 2021, we issued $1.0 billion aggregate principal amount of 1.375% senior notes due November 1, 2027 (the "2027 Senior Notes"). We also redeemed the entire outstanding $1.20 billion aggregate principal amount of our 3.80% senior notes prior to their maturity date of October 22, 2021, resulting in a net loss of $44.3 million within SG&A expenses as a cost of early extinguishment of debt. This redemption was primarily funded using the net proceeds from the issuance of the 2027 Senior Notes. During the second quarter of fiscal 2021, we also repaid the entire outstanding $500.0 million aggregate principal amount of our floating rate notes on their maturity date of October 9, 2020. During the first quarter of fiscal 2021, we repaid the remaining outstanding $126.6 million aggregate principal amount of our 4.95% senior notes on their maturity date of August 15, 2020. At February 27, 2022, we had a revolving credit facility (the "Revolving Credit Facility") with a syndicate of financial institutions providing for a maximum aggregate principal amount outstanding at any one time of $1.6 billion (subject to increase to a maximum aggregate principal amount of $2.1 billion with the consent of the lenders). The Revolving Credit Facility matures on July 11, 2024 and is unsecured. The term of the Revolving Credit Facility may be extended for additional one-year or two-year periods from the then-applicable maturity date on an annual basis. As of February 27, 2022, there were no outstanding borrowings under the Revolving Credit Facility. In the first quarter of fiscal 2022, we entered into an amendment to the Revolving Credit Facility (the "Amended Revolving Credit Facility"). The Amended Revolving Credit Facility generally requires our ratio of earnings before interest, taxes, depreciation and amortization ("EBITDA") to interest expense not to be less than 3.0 to 1.0 and our ratio of funded debt to EBITDA not to exceed 4.5 to 1.0, with each ratio to be calculated on a rolling four-quarter basis. As of February 27, 2022, we were in compliance with all financial covenants under the Amended Revolving Credit Facility. Net interest expense consists of:
|  | Thirteen Weeks Ended |  |  | Thirty-Nine Weeks Ended |
|  | February 27, 2022 |  |  | February 28, 2021 |  |  | February 27, 2022 |  |  | February 28, 2021 |
Long-term debt |  | $ | 97.9 |  |  | $ | 102.7 |  |  | $ | 292.5 |  |  | $ | 329.9 |
Short-term debt |  |  | 0.6 |  |  |  | 1.0 |  |  |  | 1.7 |  |  |  | 1.5 |
Interest income |  |  | (0.5 | ) |  |  | (0.4 | ) |  |  | (1.1 | ) |  |  | (1.6 | )
Interest capitalized |  |  | (3.4 | ) |  |  | (2.7 | ) |  |  | (9.4 | ) |  |  | (7.8 | )
|  | $ | 94.6 |  |  | $ | 100.6 |  |  | $ | 283.7 |  |  | $ | 322.0 |

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- Definition The entire disclosure for long-term debt. + 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 + Details
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