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

12 Months Ended

May 29, 2021

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long-term debt consisted of the following obligations:

(In millions)						May 29, 2021						May 30, 2020
Debt securities, 6.0%, due March 1, 2021						$	—					$	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						2.2						1.4
Total debt						277.1						591.3
Less: Current debt						(2.2)						(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)						May 29, 2021						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						9.8						9.4
Available borrowings under the syndicated revolving line of credit						$	265.2					$	0.6

Schedule of Maturities of Long-term Debt

Annual maturities of debt for the five fiscal years subsequent to May 29, 2021 are as shown in the table below.

(In millions)
2022			$	2.2
2023			$	—
2024			$	—
2025			$	225.0
2026			$	—
Thereafter			$	49.9

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