LONG-TERM DEBT

12 Months Ended

May 25, 2025

Long-Term Debt, Unclassified [Abstract]

LONG-TERM DEBT

4. LONG-TERM DEBT

	May 25, 2025		May 26, 2024
5.4% senior debt due November 2048	$	1,000.0	$	1,000.0
4.65% senior debt due January 2043		176.7		176.7
6.625% senior debt due August 2039		91.4		91.4
5.3% senior debt due November 2038		1,000.0		1,000.0
8.25% senior debt due September 2030		300.0		300.0
4.85% senior debt due November 2028		1,300.0		1,300.0
7.0% senior debt due October 2028		382.2		382.2
1.375% senior debt due November 2027		1,000.0		1,000.0
6.7% senior debt due August 2027		9.2		9.2
7.125% senior debt due October 2026		262.5		262.5
5.3% senior debt due October 2026		500.0		500.0
4.6% senior debt due November 2025		1,000.0		1,000.0
SOFR plus 1.35% term loan due August 2025		—		250.0
0.79% to 13.22% lease financing obligations due on various dates through 2043		267.2		273.7
Total face value of debt		7,289.2		7,545.7
Unamortized fair value adjustment		16.9		17.7
Unamortized discounts		(14.7)		(17.7)
Unamortized debt issuance costs		(28.5)		(32.8)
Less current installments		(1,028.8)		(20.3)
Total long-term debt	$	6,234.1	$	7,492.6

The aggregate minimum principal maturities of the long-term debt for each of the five fiscal years following May 25, 2025 are as follows:

2026	$	1,029.6
2027		776.9
2028		1,023.8
2029		1,697.1
2030		17.1

Senior Notes

In the fourth quarter of fiscal 2024, we repaid the entire outstanding $1.00 billion aggregate principal amount of our 4.30% senior notes on their maturity date of May 1, 2024. The repayment was funded using the net proceeds from the 2024 Term Loan in the principal amount of $300.0 million (see Note 5), along with the issuance of commercial paper and operating cash flows.

In the first quarter of fiscal 2024, we repaid the entire outstanding $500.0 million aggregate principal amount of our 0.50% senior notes on their maturity date of August 11, 2023. The repayment was primarily funded using the net proceeds from the issuance of $500.0 million aggregate principal amount of 5.30% senior notes due October 1, 2026.

In the third quarter of fiscal 2023, we repaid the remaining outstanding $437.0 million aggregate principal amount of our 3.20% senior notes on their maturity date of January 25, 2023. The repayment was primarily funded by the issuance of commercial paper.

In the second quarter of fiscal 2023, we repaid the entire outstanding $250.0 million aggregate principal amount of our 3.25% senior notes on their maturity date of September 15, 2022. The repayment was primarily funded using the net proceeds of the 2023 Term Loan discussed below.

2023 Term Loan

We prepaid the $500.0 million aggregate principal amount unsecured term loan entered into during the second quarter of fiscal 2023 with a syndicate of financial institutions through a prepayment of $250.0 million of the aggregate principal amount outstanding during the second quarter of fiscal 2024, utilizing operating cash flow and the issuance of commercial paper and, during the second quarter of fiscal 2025, a prepayment of the remaining $250.0 million aggregate principal amount outstanding, utilizing primarily operating cash flow.

Interest Expense

Net interest expense consists of:

		2025		2024		2023
Long-term debt	$	367.1	$	419.2	$	402.1
Short-term debt		60.4		25.8		18.8
Interest income		(2.5)		(5.7)		(3.9)
Interest capitalized		(8.3)		(8.8)		(7.4)
	$	416.7	$	430.5	$	409.6

In the first quarter of fiscal 2019, we entered into deal-contingent forward starting interest rate swap contracts to hedge a portion of the interest rate risk related to our anticipated issuance of long-term debt to help finance the Pinnacle acquisition. During the second quarter of fiscal 2019, we terminated the interest rate swap contracts and received proceeds of $47.5 million. This gain was deferred in accumulated other comprehensive income and is being amortized as a reduction of interest expense over the lives of the related debt instruments. Our net interest expense was reduced by $2.7 million, $3.5 million, and $3.4 million in fiscal 2025, 2024, and 2023, respectively, due to the impact of these interest rate swap contracts.

Interest paid was $426.7 million, $444.2 million, and $416.3 million in fiscal 2025, 2024, and 2023, respectively.