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v3.23.2

Short-Term Borrowings and Long-Term Debt (Tables) | 12 Months Ended
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Jun. 03, 2023
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | Long-term debt consisted of the following obligations:
(In millions) |  | June 3, 2023 |  | May 28, 2022
Syndicated revolving line of credit, due July 2026 |  | $ | 426.7 |  |  | $ | 413.0 |
Term Loan A, 7.0179%, due July 2026 |  | 370.0 |  |  | 390.0 |
Term Loan B, 7.2679% due July 2028 |  | 615.6 |  |  | 621.8 |
Supplier financing program |  | 2.1 |  |  | 3.1 |
Total debt |  | $ | 1,414.4 |  |  | $ | 1,427.9 |
Less: Unamortized discount and issuance costs |  | (15.9) |  |  | (19.4) |
Less: Current debt |  | (33.4) |  |  | (29.3) |
Long-term debt |  | $ | 1,365.1 |  |  | $ | 1,379.2 |
Schedule of Line of Credit Facilities | Available borrowings under the syndicated revolving line of credit were as follows for the periods indicated:
(In millions) |  | June 3, 2023 |  | May 28, 2022
Syndicated revolving line of credit borrowing capacity |  | $ | 725.0 |  |  | $ | 725.0 |
Less: Borrowings under the syndicated revolving line of credit |  | 426.7 |  |  | 413.0 |
Less: Outstanding letters of credit |  | 14.1 |  |  | 15.4 |
Available borrowings under the syndicated revolving line of credit |  | $ | 284.2 |  |  | $ | 296.6 |
Schedule of Maturities of Long-term Debt | Annual maturities of debt for the five fiscal years subsequent to June 3, 2023 are as shown in the table below.
(In millions) |
2024 | $ | 33.4 |
2025 | 41.3 |
2026 | 46.2 |
2027 | 703.0 |
2028 | 6.2 |
Thereafter | 584.3 |
Total | $ | 1,414.4 |

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