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Short-Term Borrowings and Long-Term Debt | 9 Months Ended
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Feb. 27, 2021
Debt Disclosure [Abstract] |
Short-Term Borrowings and Long-Term Debt | Short-Term Borrowings and Long-Term Debt Short-term borrowings and long-term debt as of February 27, 2021 and May 30, 2020 consisted of the following obligations:
(In millions) | February 27, 2021 |  | 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 | 2.1 |  |  | 1.4 |
Total debt | $ | 327.0 |  |  | $ | 591.3 |
Less: Current debt | (52.1) |  |  | (51.4) |
Long-term debt | $ | 274.9 |  |  | $ | 539.9 |
As of May 30, 2020, the Company's syndicated revolving line of credit provided the Company with up to $500 million in revolving variable interest borrowing capacity and included an "accordion feature" allowing the Company to increase, at its option and subject to the approval of the participating banks, the aggregate borrowing capacity of the facility by up to $250 million. Outstanding borrowings bear interest at rates based on the prime rate, federal funds rate, LIBOR or negotiated rates as outlined in the agreement. Interest is payable periodically throughout the period if borrowings are outstanding. In June 2020, the Company repaid the $265 million draw on its syndicated revolving line of credit that was taken as a precautionary measure in March 2020 to provide additional near-term liquidity given the uncertainty related to COVID-19. After the end of the quarter ended February 27, 2021, the Company repaid $50 million of private placement notes due March 1, 2021 with available cash on hand. Available borrowings under the syndicated revolving line of credit were as follows for the periods indicated:
(In millions) |  | February 27, 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 |  | 10.2 |  |  | 9.4 |
Available borrowings under the syndicated revolving line of credit |  | $ | 264.8 |  |  | $ | 0.6 |
Supplier Financing Program The Company has an agreement with a third-party financial institution that allows certain participating suppliers the ability to finance payment obligations of the Company. Under this program, participating suppliers may finance payment obligations of the Company, prior to their scheduled due dates, at a discounted price to the third-party financial institution. The Company has lengthened the payment terms for certain suppliers that have chosen to participate in the program. As a result, certain amounts due to suppliers have payment terms that are longer than standard industry practice and as such, these amounts have been excluded from the caption “Accounts payable” in the Condensed Consolidated Balance Sheets as the amounts have been accounted for by the Company as current debt, within the caption “Short-term borrowings and current portion of long-term debt”.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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