Debt

9 Months Ended

Feb. 23, 2025

Debt [Abstract]

Debt

(7) Debt

The components of notes payable were as follows:

To ensure availability of funds, we maintain bank credit lines and have commercial paper programs available to us in the United States

and Europe.

The following table details the fee-paid committed and uncommitted credit lines we had available as of February 23, 2025:

In Billions

Facility 

Amount

Borrowed

Amount

Committed credit facility expiring October 2029

$

2.7

$

-

Uncommitted credit facilities

0.7

-

Total committed and uncommitted credit facilities

$

3.4

$

-

In the second quarter of fiscal 2025, we entered into a $

2.7

 billion fee-paid committed credit facility that is scheduled to expire in

October 2029

. Concurrent with the execution of this credit facility, we terminated our existing $

2.7

 billion credit facility. 

The credit facilities contain covenants, including a requirement to maintain a fixed charge coverage ratio of at least

2.5

 times.

We

were in compliance with all credit facility covenants as of February 23, 2025.

Long-Term Debt 

The fair values and carrying amounts of long-term debt, including the current portion, were $

13,233.5

 and $

13,780.6

 million,

respectively, as of February 23, 2025. The fair value of long-term debt was estimated using market quotations and discounted cash

flows based on our current incremental borrowing rates for similar types of instruments. Long -term debt is a Level 2 liability in the

fair value hierarchy. 

In the third quarter of fiscal 2025, we repaid $

500.0

 million of

5.241

 percent fixed-rate notes due

November 18, 2025

, using proceeds

from the issuance of commercial paper.

In the second quarter of fiscal 2025, we issued $

750.0

 million of

4.875

 percent fixed-rate notes due

January 30, 2030

. We used the net

proceeds to fund the Whitebridge Pet Brands acquisition.

In the second quarter of fiscal 2025, we issued $

750.0

 million of

5.25

 percent fixed-rate notes due

January 30, 2035

. We used the net

proceeds to fund the Whitebridge Pet Brands acquisition. 

In the second quarter of fiscal 2025, we issued €

250.0

 million of floating-rate notes due

April 22, 2026

. We used the net proceeds to

repay €

250.0

 million of floating-rate notes due

November 8, 2024

. 

In the second quarter of fiscal 2025, we issued €

500.0

 million of floating-rate notes due

October 22, 2026

. We used the net proceeds

to repay €

500.0

 million of floating-rate notes due

November 8, 2024

. 

In the fourth quarter of fiscal 2024, we issued €

500.0

 million of

3.65

 percent fixed-rate notes due

October 23, 2030

. We used the net

proceeds for general corporate purposes.

In the fourth quarter of fiscal 2024, we issued €

500.0

 million of

3.85

 percent fixed-rate notes due

April 23, 2034

. We used the net

proceeds for general corporate purposes.

In the third quarter of fiscal 2024, we issued $

500.0

 million of

4.7

 percent fixed-rate notes due

January 30, 2027

. We used the net

proceeds to repay $

500.0

 million of

3.65

 percent fixed-rate notes due

February 15, 2024

. 

In the second quarter of fiscal 2024, we issued €

250.0

 million of floating-rate notes due

November 8, 2024

. We used the net proceeds

to repay €

250.0

 million of floating-rate notes due

November 10, 2023

. 

In the second quarter of fiscal 2024, we issued $

500.0

 million of

5.5

 percent fixed-rate notes due

October 17, 2028

. We used the net

proceeds to repay $

400.0

 million of floating-rate notes due

October 17, 2023

, and for general corporate purposes. 

In the first quarter of fiscal 2024, we issued €

500.0

 million of floating-rate notes due

November 8, 2024

. We used the net proceeds to

repay €

500.0

 million of floating-rate notes due

July 27, 2023

.

Certain of our long-term debt agreements contain restrictive covenants.

As of February 23, 2025, we were in compliance with all of

these covenants.

Feb. 23, 2025

May 26, 2024

In Millions

Notes Payable

Weighted-

Average

Interest Rate

Notes Payable

Weighted-

Average

Interest Rate

U.S. commercial paper

$

403.0

4.4

%

$

-

-

%

Financial institutions

3.7

4.3

11.8

8.8

Total

$

406.7

4.4

%

$

11.8

8.8

%