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Short-Term Borrowings and Long-Term Debt (Tables)

3 Months Ended

Aug. 29, 2020

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Short-term borrowings and long-term debt as of August 29, 2020 and May 30, 2020 consisted of the following obligations:

(In millions)			August 29, 2020						May 30, 2020
Debt securities, 6.0%, due March 1, 2021			$	50.0					$	50.0
Debt securities, 4.95%, due May 20, 2030			49.9						49.9
Syndicated revolving line of credit, due August 2024			225.0						490.0
Supplier financing program			2.4						1.4
Total debt			$	327.3					$	591.3
Less: Current debt			(52.4)						(51.4)
Long-term debt			$	274.9					$	539.9

Schedule of Line of Credit Facilities

Available borrowings under the syndicated revolving line of credit were as follows for the periods indicated:

(In millions)						August 29, 2020						May 30, 2020
Syndicated revolving line of credit borrowing capacity						$	500.0					$	500.0
Less: Borrowings under the syndicated revolving line of credit						225.0						490.0
Less: Outstanding letters of credit						9.3						9.4
Available borrowings under the syndicated revolving line of credit						$	265.7					$	0.6

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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line.

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