DEBT AND FINANCING OBLIGATIONS

9 Months Ended

Feb. 25, 2024

Debt Disclosure [Abstract]

DEBT AND FINANCING OBLIGATIONS

DEBT AND FINANCING OBLIGATIONS

The components of our debt, including financing obligations, were as follows:

(in millions)	February 25, 2024				May 28, 2023
	Amount		Interest Rate		Amount		Interest Rate
Short-term borrowings:
U.S. revolving credit facility	$	405.0	6.681	%	$	—	7.710	%
Euro revolving credit facility	113.6		4.772		149.2		4.230
Other credit facilities	22.2		(a)		11.4		(a)
	540.8				160.6
Long-term debt:
Term A-1 loan facility, due June 2026 (b)	232.5		7.233		243.8		5.210
Term A-2 loan facility, due April 2025 (b)	268.1		7.233		280.3		5.380
Term A-3 loan facility, due January 2030 (b)	433.1		7.383		450.0		6.850
RMB loan facility, due February 2027	143.1		4.528		94.7		4.600
Euro loan facility, due December 2024	81.2		4.184		80.4		2.010
4.875% senior notes, due May 2028	500.0		4.875		500.0		4.875
4.125% senior notes, due January 2030	970.0		4.125		970.0		4.125
4.375% senior notes, due January 2032	700.0		4.375		700.0		4.375
	3,328.0				3,319.2
Financing obligations:
Lease financing obligations due on various dates through 2040	6.0				7.7
Total debt and financing obligations	3,874.8				3,487.5
Debt issuance costs and debt discounts (c)	(22.2)				(25.3)
Short-term borrowings, net of debt discounts	(538.4)				(158.5)
Current portion of long-term debt and financing obligations	(139.1)				(55.3)
Long-term debt and financing obligations, excluding current portion	$	3,175.1			$	3,248.4

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(a)Other credit facilities consist of several short-term facilities at one of our subsidiaries used for working capital purposes and have various interest rates.

(b)The interest rates applicable to the Term A-1, A-2, and A-3 loans do not include anticipated patronage dividends. We have received and expect to continue receiving patronage dividends under all three term loan facilities.

(c)Excludes debt issuance costs of $1.9 million and $2.5 million as of February 25, 2024 and May 28, 2023, respectively, related to our U.S. revolving credit facility, which are recorded in “Other assets” on our Consolidated Balance Sheets.

As of February 25, 2024, we had $908.8 million of available liquidity under our committed revolving credit facilities in the U.S. and LW EMEA.

For the thirty-nine weeks ended February 25, 2024 and February 26, 2023, we paid $151.3 million and $120.6 million of interest on debt, respectively.

For more information about our debt and financing obligations, interest rates, and debt covenants, see Note 8, Debt and Financing Obligations, of the Notes to Consolidated Financial Statements in “Part II, Item 8. Financial Statements and Supplementary Data” of the Form 10-K.