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

12 Months Ended

May 28, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long-term debt consisted of the following obligations:

(In millions)						May 28, 2022						May 29, 2021
Debt securities, 4.95%, due May 20, 2030						$	—					$	49.9
Syndicated revolving line of credit, due August 2024						—						225.0
Syndicated revolving line of credit, due July 2026						413.0						—
Term Loan A, 2.5000%, due July 2026						390.0						—
Term Loan B, 2.7500% due July 2028						621.8						—
Supplier financing program						3.1						2.2
Total debt						$	1,427.9					$	277.1
Less: Unamortized discount and issuance costs						(19.4)						—
Less: Current debt						(29.3)						(2.2)
Long-term debt						$	1,379.2					$	274.9

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 28, 2022						May 29, 2021
Syndicated revolving line of credit borrowing capacity						$	725.0					$	500.0
Less: Borrowings under the syndicated revolving line of credit						413.0						225.0
Less: Outstanding letters of credit						15.4						9.8
Available borrowings under the syndicated revolving line of credit						$	296.6					$	265.2

Schedule of Maturities of Long-term Debt

Annual maturities of debt for the five fiscal years subsequent to May 28, 2022 are as shown in the table below.

(In millions)
2023			$	29.4
2024			31.3
2025			41.2
2026			46.2
2027			689.3
Thereafter			590.5
Total			$	1,427.9

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