DEBT AND FINANCING OBLIGATIONS (Tables)

12 Months Ended

May 29, 2022

Schedule of debt, including financing obligations


	May 29,		May 30,
(in millions)	2022		2021
Long-term debt:
Term A-1 loan facility, due June 2024	$	258.7	$	273.8
Term A-2 loan facility, due April 2025		296.6		312.8
RMB loan facility, due February 2027		19.7		—
4.625% senior notes, due November 2024		—		833.0
4.875% senior notes, due November 2026		—		833.0
4.875% senior notes, due May 2028		500.0		500.0
4.125% senior notes, due January 2030		970.0		—
4.375% senior notes, due January 2032		700.0		—
		2,745.0		2,752.6
Financing obligations:
Lease financing obligations due on various dates through 2040 (a)		7.0		7.3

Total debt and financing obligations		2,752.0		2,759.9
Debt issuance costs (b)		(24.0)		(22.5)
Current portion of long-term debt and financing obligations		(32.2)		(32.0)
Long-term debt and financing obligations, excluding current portion	$	2,695.8	$	2,705.4

(a)	The interest rates on our lease financing obligations ranged from 2.08% to 3.32% at May 29, 2022 and 2.49% to 4.10% at May 30, 2021, respectively. For more information on our lease financing obligations, see Note 8, Leases.

(b)

Excludes debt issuance costs of $3.3 million and $2.1 million as of May 29, 2022 and May 30, 2021, respectively, related to our Amended Revolving Credit Facility, which are recorded in “Other assets” on our Consolidated Balance Sheets. In fiscal 2022, 2021, and 2020, we recorded $4.8 million, $6.1 million, and $6.2 million, respectively, of amortization expense in “Interest expense” in our Consolidated Statements of Earnings. Fiscal 2022 also included a $13.7 million write-off of debt issuance costs associated with our senior notes due 2024 and 2026 which were redeemed.

Schedule of aggregate minimum principal maturities of long term debt



(in millions)	Debt (a)
2023	$	31.3
2024		31.3
2025		493.5
2026		1.6
2027		17.3
Thereafter		2,170.0
	$	2,745.0

(a)	See Note 8, Leases, for maturities of our lease financing obligations.

- Definition

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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+ Details