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

12 Months Ended

Jun. 01, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long-term debt consisted of the following obligations:

(In millions)						June 1, 2024						June 3, 2023
Syndicated revolving line of credit, due July 2026						$	390.0					$	426.7
Term Loan A, 7.1937%, due July 2026						345.0						370.0
Term Loan B, 7.4437% due July 2028						609.4						615.6
Supplier financing program						2.0						2.1
Finance lease liability						1.4						—
Total debt						$	1,347.8					$	1,414.4
Less: Unamortized discount and issuance costs						(12.6)						(15.9)
Less: Current debt						(43.5)						(33.4)
Long-term debt						$	1,291.7					$	1,365.1

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 1, 2024						June 3, 2023
Syndicated revolving line of credit borrowing capacity						$	725.0					$	725.0
Less: Borrowings under the syndicated revolving line of credit						390.0						426.7
Less: Outstanding letters of credit						12.7						14.1
Available borrowings under the syndicated revolving line of credit						$	322.3					$	284.2

Schedule of Maturities of Long-term Debt

Annual maturities of debt for the five fiscal years subsequent to June 1, 2024 are as shown in the table below.

(In millions)
2025			$	43.6
2026			46.8
2027			666.4
2028			6.4
2029			584.6
Thereafter			—
Total			$	1,347.8

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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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