DEBT AND FINANCING OBLIGATIONS (Tables)

12 Months Ended

May 31, 2020

DEBT AND FINANCING OBLIGATIONS

Schedule of debt, including financing obligations

	May 31,		May 26,
	2020		2019
Short-term borrowings:
Revolving credit facility	$	495.0	$	7.2
Other credit facilities		3.7		1.2
		498.7		8.4
Long-term debt:
Term loan facility, due 2021		276.6		599.1
Term A-1 loan facility, due 2024		288.7		—
Term A-2 loan facility, due 2025		325.0		—
4.625% senior notes, due 2024		833.0		833.0
4.875% senior notes, due 2026		833.0		833.0
4.875% senior notes, due 2028		500.0		—
		3,056.3		2,265.1
Financing obligations:
4.35% lease financing obligation due May 2030 (a)		—		65.3
Lease financing obligations due on various dates through 2040 (b)		13.3		13.6
		13.3		78.9
Total debt and financing obligations		3,568.3		2,352.4
Debt issuance costs (c)		(28.2)		(25.8)
Short-term borrowings		(498.7)		(8.4)
Current portion of long-term debt and financing obligations		(48.8)		(38.0)
Long-term debt and financing obligations, excluding current portion	$	2,992.6	$	2,280.2

(a) On May 27, 2019, we adopted ASC 842 and we eliminated this financing obligation, related to a sale leaseback, as part of the cumulative-effect transition adjustment. See Note 1, Nature of Operations and Summary of Significant Accounting Policies, for more information.

(b) The interest rates on our lease financing obligations ranged from 2.31% to 4.10% at May 31, 2020 and 2.72% to 4.33% at May 26, 2019, respectively. For more information on our lease financing obligations, see Note 4, Leases.

(c) We amortize debt issuance costs into interest expense using the effective interest method over the life of the loan facilities. In fiscal 2020, 2019, and 2018, we recorded $6.2 million, $4.7 million, and $4.6 million, respectively, of amortization expense in “Interest expense” in our Consolidated Statements of Earnings. Fiscal 2020 included a $1.7 million write-off of debt issuance costs in connection with the $300.0 million payment on the Term loan facility due in 2021.

Schedule of aggregate minimum principal maturities of long term debt

	Debt (a)
2021	$	544.6
2022		289.0
2023		31.3
2024		31.3
2025		1,325.8
Thereafter		1,333.0
	$	3,555.0

(a) Debt includes $495.0 million of borrowings on the Revolving Credit Facility which we fully repaid in July 2020 (discussed above) and $3.7 million of expected payments on our other credit facilities in 2021. See Note 4, Leases, for maturities of our lease financing obligations.