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LONG-TERM DEBT | 12 Months Ended
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May 31, 2026
LONG-TERM DEBT |
LONG-TERM DEBT | 4. LONG-TERM DEBT ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | May 31, 2026 | ​ ​ ​ | May 25, 2025
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
5.75% senior debt due August 2035 | ​ | ​ | 500.0 | ​ | ​ | —
8.25% senior debt due September 2030 | ​ | ​ | 300.0 | ​ | ​ | 300.0
5.0% senior debt due August 2030 | ​ | ​ | 500.0 | ​ | ​ | —
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 | ​ | ​ | 500.0
4.6% senior debt due November 2025 | ​ | ​ | — | ​ | ​ | 1,000.0
0.89% to 13.22% lease financing obligations due on various dates through 2043 | ​ | ​ | 240.4 | ​ | ​ | 267.2
Total face value of debt | ​ | ​ | 7,262.4 | ​ | ​ | 7,289.2
Unamortized fair value adjustment | ​ | ​ | 16.1 | ​ | ​ | 16.9
Unamortized discounts | ​ | ​ | (13.6) | ​ | ​ | (14.7)
Unamortized debt issuance costs | ​ | ​ | (30.7) | ​ | ​ | (28.5)
Less current installments | ​ | ​ | (778.2) | ​ | ​ | (1,028.8)
Total long-term debt | ​ | $ | 6,456.0 | ​ | $ | 6,234.1
​ The aggregate minimum principal maturities of the long-term debt for each of the five fiscal years following May 31, 2026 are as follows: ​
​ | ​ | ​ | ​
2027 | ​ ​ | $ | 778.8
2028 | ​ | ​ | 1,025.9
2029 | ​ | ​ | 1,699.3
2030 | ​ | ​ | 19.0
2031 | ​ | ​ | 818.0
​ Senior Notes ​ In the second quarter of fiscal 2026, we repaid the entire outstanding $1.00 billion aggregate principal amount of our 4.60% senior unsecured notes on their maturity date of November 1, 2025. The repayment was funded by using the net proceeds from the issuance of $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 “Senior Unsecured Notes”), along with the issuance of commercial paper and operating cash flows. In the fourth quarter of fiscal 2024, we repaid the entire outstanding $1.00 billion aggregate principal amount of our 4.30% senior unsecured 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 5), along with the issuance of commercial paper and operating cash flows. In the first quarter of fiscal 2024, we repaid the entire outstanding $500.0 million aggregate principal amount of our 0.50% senior unsecured 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. 2023 Term Loan We prepaid the $500.0 million aggregate principal amount unsecured term loan entered into during the second quarter of fiscal 2023 with a syndicate of financial institutions through a prepayment of $250.0 million of the aggregate principal amount outstanding during the second quarter of fiscal 2024, utilizing operating cash flow and the issuance of commercial paper and, during the second quarter of fiscal 2025, a prepayment of the remaining $250.0 million aggregate principal amount outstanding, utilizing primarily operating cash flow. Interest Expense Net interest expense consists of: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | ​ | 2026 | ​ ​ ​ | ​ | 2025 | ​ ​ ​ | ​ | 2024
Long-term debt | ​ | $ | 385.0 | ​ | $ | 367.1 | ​ | $ | 419.2
Short-term debt | ​ | ​ | 12.9 | ​ | ​ | 60.4 | ​ | ​ | 25.8
Interest income | ​ | ​ | (7.5) | ​ | ​ | (2.5) | ​ | ​ | (5.7)
Interest capitalized | ​ | ​ | (7.8) | ​ | ​ | (8.3) | ​ | ​ | (8.8)
​ | ​ | $ | 382.6 | ​ | $ | 416.7 | ​ | $ | 430.5
​ Interest paid was $374.2 million, $426.7 million, and $444.2 million in fiscal 2026, 2025, and 2024, respectively.

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