Debt

6 Months Ended

Nov. 23, 2025

Debt Disclosure [Abstract]

Debt

Debt

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

	Nov. 23, 2025		May 25, 2025
In Millions	Notes Payable	Weighted- Average Interest Rate	Notes Payable	Weighted- Average Interest Rate
U.S. commercial paper	$—	—%	$669.4	4.5%
Financial institutions	16.8	6.0	7.6	5.8
Total	$16.8	6.0%	$677.0	4.5%

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 credit facilities and lines of credit we had available as of November 23, 2025:

In Millions	Borrowing Capacity	Borrowed Amount
Committed credit facility expiring October 2029	$2,700.0	$—
Uncommitted credit facilities and lines of credit	771.8	16.8
Total	$3,471.8	$16.8

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 November 23, 2025.

Long-Term Debt

The fair values and carrying amounts of long-term debt, including the current portion, were $13,390.1 million and $13,718.0 million,

respectively, as of November 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 second quarter of fiscal 2026, we repaid €500.0 million of 0.125 percent fixed-rate notes due November 15, 2025, with cash on

hand.

In the fourth quarter of fiscal 2025, we issued €750.0 million of 3.6 percent fixed-rate notes due April 17, 2032. We used the net

proceeds to repay $800.0 million of 4.0 percent fixed-rate notes due April 17, 2025 and a portion of our outstanding commercial

paper, as well as for general corporate purposes.

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.

Certain of our long-term debt agreements contain restrictive covenants. As of November 23, 2025, we were in compliance with all of

these covenants.