The components of notes payable and their respective weighted-average interest rates at the end of the periods were as follows:

		May 29, 2011				May 30, 2010
In Millions		Notes Payable	Weighted- Average Interest Rate			Notes Payable	Weighted- Average Interest Rate
U.S. commercial paper	$	192.5	0.2	%	$	973.0	0.3	%
Financial institutions		118.8	11.5			77.1	10.6
Total	$	311.3	4.5	%	$	1,050.1	1.1	%

To ensure availability of funds, we maintain bank credit lines sufficient to cover our outstanding short-term borrowings. Commercial paper is a continuing source of short-term financing. We issue commercial paper in the United States and Europe. Our commercial paper borrowings are supported by $2.9 billion of fee-paid committed credit lines, consisting of a $1.8 billion facility expiring in October 2012 and a $1.1 billion facility expiring in October 2013. We also have $311.8 million in uncommitted credit lines that support our foreign operations. As of May 29, 2011, there were no amounts outstanding on the fee-paid committed credit lines and $118.8 million was drawn on the uncommitted lines. The credit facilities contain several covenants, including a requirement to maintain a fixed charge coverage ratio of at least 2.5. We were in compliance with all credit facility covenants as of May 29, 2011.

In May 2011, we issued $300.0 million aggregate principal amount of 1.55 percent fixed-rate notes and $400.0 million aggregate principal amount of floating-rate notes, both due May 16, 2014. The proceeds of these notes were used to repay a portion of our outstanding commercial paper. The floating-rate notes bear interest equal to three-month LIBOR plus 35 basis points, subject to quarterly reset. Interest on the floating-rate notes is payable quarterly in arrears. Interest on the fixed-rate notes is payable semi-annually in arrears. The fixed-rate notes may be redeemed at our option at any time for a specified make whole amount. These notes are senior unsecured, unsubordinated obligations that include a change of control repurchase provision.

In June 2010, we issued $500.0 million aggregate principal amount of 5.4 percent notes due 2040. The proceeds of these notes were used to repay a portion of our outstanding commercial paper. Interest on these notes is payable semi-annually in arrears. These notes may be redeemed at our option at any time for a specified make whole amount. These notes are senior unsecured, unsubordinated obligations that include a change of control repurchase provision.

In May 2010, we paid $437.0 million to repurchase in a cash tender offer $400.0 million of our previously issued debt. We repurchased $220.8 million of our 6.0 percent notes due 2012 and $179.2 million of our 5.65 percent notes due 2012. We issued commercial paper to fund the repurchase.

In January 2009, we issued $1.2 billion aggregate principal amount of 5.65 percent notes due 2019. In August 2008, we issued $700.0 million aggregate principal amount of 5.25 percent notes due 2013. The proceeds of these notes were used to repay a portion of our outstanding commercial paper. Interest on these notes is payable semi-annually in arrears. These notes may be redeemed at our option at any time for a specified make whole amount. These notes are senior unsecured, unsubordinated obligations that include a change of control repurchase provision.

Certain of our long-term debt agreements contain restrictive covenants. As of May 29, 2011, we were in compliance with all of these covenants.

As of May 29, 2011, the $48.4 million pre-tax loss recorded in AOCI associated with our previously designated interest rate swaps will be reclassified to net interest over the remaining lives of the hedged transactions. The amount expected to be reclassified from AOCI to net interest in fiscal 2012 is $4.3 million pre-tax.

In Millions		May 29, 2011		May 30, 2010
5.65% notes due February 15, 2019	$	1,150.0	$	1,150.0
6% notes due February 15, 2012		1,019.5		1,019.5
5.7% notes due February 15, 2017		1,000.0		1,000.0
5.2% notes due March 17, 2015		750.0		750.0
5.25% notes due August 15, 2013		700.0		700.0
5.65% notes due September 10, 2012		520.8		520.8
5.4% notes due June 15, 2040		500.0		-
1.55% notes due May 16, 2014		300.0		-
Floating-rate notes due May 16, 2014		400.0		-
Medium-term notes, 0.1% to 6.5%, due fiscal 2012 or later		204.4		204.4
Debt of consolidated contract manufacturer		15.0		20.9
Other, including capital leases		14.1		10.2
		6,573.8		5,375.8
Less amount due within one year		(1,031.3)		(107.3)
Total long-term debt	$	5,542.5	$	5,268.5

Principal payments due on long-term debt in the next five years based on stated contractual maturities, our intent to redeem, or put rights of certain note holders are $1,031.3 million in fiscal 2012, $733.6 million in fiscal 2013, $1,402.6 million in fiscal 2014, $750.1 million in fiscal 2015, and less than $1 million in fiscal 2016.