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

9 Months Ended

Mar. 04, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Short-term borrowings and long-term debt as of March 4, 2023 and May 28, 2022 consisted of the following:

(In millions)			March 4, 2023						May 28, 2022
Syndicated revolving line of credit, due July 2026			$	468.5					$	413.0
Term Loan A, 6.4821%, due July 2026			375.0						390.0
Term Loan B, 6.7321%, due July 2028			617.2						621.8
Supplier financing program			2.1						3.1
Total debt			$	1,462.8					$	1,427.9
Less: Unamortized discount and issuance costs			(16.8)						(19.4)
Less: Current debt			(30.9)						(29.3)
Long-term debt			$	1,415.1					$	1,379.2

Schedule of Line of Credit Facilities

(In millions)						March 4, 2023						May 28, 2022
Syndicated revolving line of credit borrowing capacity						$	725.0					$	725.0
Less: Borrowings under the syndicated revolving line of credit						468.5						413.0
Less: Outstanding letters of credit						14.1						15.4
Available borrowings under the syndicated revolving line of credit						$	242.4					$	296.6

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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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