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LONG-TERM DEBT | 12 Months Ended
--- | ---
May 26, 2024
LONG-TERM DEBT |
LONG-TERM DEBT | 3. LONG-TERM DEBT ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | May 26, 2024 |  | May 28, 2023
5.4% senior debt due November 2048 | ​ | $ | 1,000.0 | ​ | $ | 1,000.0
4.65% senior debt due January 2043 | ​ | ​ | 176.7 | ​ | ​ | 176.7
6.625% senior debt due August 2039 | ​ | ​ | 91.4 | ​ | ​ | 91.4
5.3% senior debt due November 2038 | ​ | ​ | 1,000.0 | ​ | ​ | 1,000.0
8.25% senior debt due September 2030 | ​ | ​ | 300.0 | ​ | ​ | 300.0
4.85% senior debt due November 2028 | ​ | ​ | 1,300.0 | ​ | ​ | 1,300.0
7.0% senior debt due October 2028 | ​ | ​ | 382.2 | ​ | ​ | 382.2
1.375% senior debt due November 2027 | ​ | ​ | 1,000.0 | ​ | ​ | 1,000.0
6.7% senior debt due August 2027 | ​ | ​ | 9.2 | ​ | ​ | 9.2
7.125% senior debt due October 2026 | ​ | ​ | 262.5 | ​ | ​ | 262.5
5.3% senior debt due October 2026 | ​ | ​ | 500.0 | ​ | ​ | —
4.6% senior debt due November 2025 | ​ | ​ | 1,000.0 | ​ | ​ | 1,000.0
SOFR plus 1.35% term loan due August 2025 | ​ | ​ | 250.0 | ​ | ​ | 500.0
4.3% senior debt due May 2024 | ​ | ​ | — | ​ | ​ | 1,000.0
0.5% senior debt due August 2023 | ​ | ​ | — | ​ | ​ | 500.0
0.79% to 9.59% lease financing obligations due on various dates through 2043 | ​ | ​ | 273.7 | ​ | ​ | 112.6
Other indebtedness | ​ | ​ | — | ​ | ​ | 0.1
Total face value of debt | ​ | ​ | 7,545.7 | ​ | ​ | 8,634.7
Unamortized fair value adjustment | ​ | ​ | 17.7 | ​ | ​ | 18.5
Unamortized discounts | ​ | ​ | (17.7) | ​ | ​ | (20.1)
Unamortized debt issuance costs | ​ | ​ | (32.8) | ​ | ​ | (35.8)
Less current installments | ​ | ​ | (20.3) | ​ | ​ | (1,516.0)
Total long-term debt | ​ | $ | 7,492.6 | ​ | $ | 7,081.3
​ The aggregate minimum principal maturities of the long-term debt for each of the five fiscal years following May 26, 2024, are as follows: ​
​ | ​ | ​ | ​
2025 |  | $ | 20.3
2026 | ​ | ​ | 1,267.7
2027 | ​ | ​ | 783.6
2028 | ​ | ​ | 1,021.5
2029 | ​ | ​ | 1,695.1
​ Senior Notes ​ In the fourth quarter of fiscal 2024, we repaid the entire outstanding $1.00 billion aggregate principal amount of our 4.30% senior notes on their maturity date of May 1, 2024. The repayment was funded using the net proceeds from the 2024 Term Loan in the principal amount of $300.0 million (see Note 4), along with the issuance of commercial paper and cash on hand. In the first quarter of fiscal 2024, we repaid the entire outstanding $500.0 million aggregate principal amount of our 0.50% senior notes on their maturity date of August 11, 2023. The repayment was primarily funded using the net proceeds from the issuance of $500.0 million aggregate principal amount of 5.30% senior notes due October 1, 2026. In the third quarter of fiscal 2023, we repaid the remaining outstanding $437.0 million aggregate principal amount of our 3.20% senior notes on their maturity date of January 25, 2023. The repayment was primarily funded by the issuance of commercial paper. In the second quarter of fiscal 2023, we repaid the entire outstanding $250.0 million aggregate principal amount of our 3.25% senior notes on their maturity date of September 15, 2022. The repayment was primarily funded using the net proceeds of the 2023 Term Loan discussed below. In the first quarter of fiscal 2022, we issued $500.0 million aggregate principal amount of 0.500% senior notes due August 11, 2023. 2023 Term Loan During the second quarter of fiscal 2023, we borrowed the full $500.0 million aggregate principal amount available under our unsecured term loan (the “2023 Term Loan”) from a syndicate of financial institutions. Borrowings under the Term Loan bear interest at the sum of Term SOFR (as defined in the 2023 Term Loan Agreement), plus a 0.10% per annum rate spread adjustment, plus a percentage spread (ranging from 0.90% per annum to 1.375% per annum) based on the Company’s senior unsecured long-term indebtedness ratings. The Company may voluntarily prepay term loans under the 2023 Term Loan, in whole or in part, without premium or penalty, subject to certain conditions. During the second quarter of fiscal 2024, we prepaid $250.0 million of the aggregate principal amount outstanding under the 2023 Term Loan utilizing operating cash flow and the issuance of commercial paper. The remaining balance matures on August 26, 2025. Interest Expense Net interest expense consists of: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | 2024 |  | ​ | 2023 |  | ​ | 2022
Long-term debt | ​ | $ | 419.2 | ​ | $ | 402.1 | ​ | $ | 393.1
Short-term debt | ​ | ​ | 25.8 | ​ | ​ | 18.8 | ​ | ​ | 2.3
Interest income | ​ | ​ | (5.7) | ​ | ​ | (3.9) | ​ | ​ | (2.1)
Interest capitalized | ​ | ​ | (8.8) | ​ | ​ | (7.4) | ​ | ​ | (13.4)
​ | ​ | $ | 430.5 | ​ | $ | 409.6 | ​ | $ | 379.9
​ In the first quarter of fiscal 2019, we entered into deal-contingent forward starting interest rate swap contracts to hedge a portion of the interest rate risk related to our anticipated issuance of long-term debt to help finance the Pinnacle acquisition. During the second quarter of fiscal 2019, we terminated the interest rate swap contracts and received proceeds of $47.5 million. This gain was deferred in accumulated other comprehensive income and is being amortized as a reduction of interest expense over the lives of the related debt instruments. Our net interest expense was reduced by $3.5 million, $3.4 million, and $3.3 million in fiscal 2024, 2023, and 2022, respectively, due to the impact of these interest rate swap contracts. Interest paid was $444.2 million, $416.3 million, and $393.9 million in fiscal 2024, 2023, and 2022, respectively.

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