XML 21 R11.htm IDEA: XBRL DOCUMENT
v3.25.2

DEBT AND REVOLVING CREDIT FACILITY | 3 Months Ended
--- | ---
Aug. 24, 2025
DEBT AND REVOLVING CREDIT FACILITY |
DEBT AND REVOLVING CREDIT FACILITY | 5. DEBT AND REVOLVING CREDIT FACILITY Senior Notes During the first quarter of fiscal 2026, we issued $500.0 million aggregate principal amount of 5.00% senior unsecured notes due August 1, 2030 and $500.0 million aggregate principal amount of 5.75% senior unsecured notes due August 1, 2035 (the “Notes”). Term Loans During the first quarter of fiscal 2026, we prepaid the $200.0 million aggregate principal amount outstanding under the unsecured term loan entered into with a financial institution in fiscal 2025 utilizing a portion of the proceeds received in connection with the sale of our Chef Boyardee® business (see Note 3) and proceeds from the issuance of the Notes discussed above. During the first quarter of fiscal 2026, we prepaid the $300.0 million aggregate principal amount outstanding under the unsecured term loan entered into with a financial institution in fiscal 2024 utilizing a portion of the proceeds received in connection with the sale of our Chef Boyardee® business (see Note 3) and proceeds from the issuance of the Notes discussed above. During the second quarter of fiscal 2025, we prepaid the remaining $250.0 million aggregate principal amount outstanding of the $500.0 million aggregate principal amount unsecured term loan entered into with a syndicate of financial institutions in fiscal 2023, utilizing operating cash flows. During the second quarter of fiscal 2024, we prepaid $250.0 million aggregate principal amount of such term loan, utilizing primarily operating cash flows and the issuance of commercial paper. Revolving Credit Facility During the first quarter of fiscal 2026, we terminated and replaced our prior revolving credit facility by entering into a Third Amended and Restated Revolving Credit Agreement (the “Amended Revolving Credit Agreement”) with a syndicate of financial institutions providing for a revolving credit facility in a maximum aggregate principal amount outstanding at any one time of $2.0 billion (subject to increase to a maximum aggregate principal amount of $2.5 billion with the consent of the lenders). The Amended Revolving Credit Agreement matures on June 27, 2030 and is unsecured. The Company may request the term of the Amended Revolving Credit Agreement be extended for additional one-year or two-year periods from the then-applicable maturity date on an annual basis. As of August 24, 2025, there were no outstanding borrowings under the Amended Revolving Credit Agreement. Debt Covenants Our most restrictive debt agreement (the Amended Revolving Credit Agreement) generally requires our ratio of earnings before interest, taxes, depreciation and amortization (“EBITDA”) to interest expense to be not less than 3.0 to 1.0 and our ratio of funded net 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 August 24, 2025, we were in compliance with these financial covenants. Commercial Paper As of August 24, 2025, there were no outstanding borrowings under our commercial paper program. As of May 25, 2025, we had $259.0 million outstanding under our commercial paper program. Interest Expense Net interest expense consisted of: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Thirteen Weeks Ended
​ |  | August 24, 2025 |  | August 25, 2024
Long-term debt | ​ | $ | 94.0 | ​ | $ | 93.1
Short-term debt | ​ | ​ | 4.5 | ​ | ​ | 15.8
Interest income | ​ | ​ | (2.6) | ​ | ​ | (0.9)
Interest capitalized | ​ | ​ | (2.1) | ​ | ​ | (2.2)
​ | ​ | $ | 93.8 | ​ | $ | 105.8
​

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration