Short-Term Borrowings and Long-Term Debt (Tables)

6 Months Ended

Dec. 02, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Short-term borrowings and long-term debt as of December 2, 2023 and June 3, 2023 consisted of the following:

(In millions)	December 2, 2023		June 3, 2023
Syndicated revolving line of credit, due July 2026	$	355.0	$	426.7
Term Loan A, 7.2128%, due July 2026	360.0		370.0
Term Loan B, 7.4628%, due July 2028	612.5		615.6
Supplier financing program	2.3		2.1
Finance lease liability	1.5		—
Total debt	$	1,331.3	$	1,414.4
Less: Unamortized discount and issuance costs	(14.3)		(15.9)
Less: Current debt	(38.8)		(33.4)
Long-term debt	$	1,278.2	$	1,365.1

Schedule of Line of Credit Facilities

Available borrowings under the syndicated revolving line of credit were as follows for the periods indicated:

(In millions)	December 2, 2023		June 3, 2023
Syndicated revolving line of credit borrowing capacity	$	725.0	$	725.0
Less: Borrowings under the syndicated revolving line of credit	355.0		426.7
Less: Outstanding letters of credit	12.7		14.1
Available borrowings under the syndicated revolving line of credit	$	357.3	$	284.2