DEBT

12 Months Ended

May 29, 2022

Debt Disclosure [Abstract]

DEBT

DEBT

The components of long-term debt are as follows:

(in millions)	May 29, 2022		May 30, 2021
3.850% senior notes due May 2027	$	500.0	$	500.0
6.000% senior notes due August 2035	96.3		96.3
6.800% senior notes due October 2037	42.8		42.8
4.550% senior notes due February 2048	300.0		300.0
Total long-term debt	$	939.1	$	939.1
Fair value hedge	(28.0)		(0.2)
Less unamortized discount and issuance costs	(10.1)		(9.1)
Total long-term debt less unamortized discount and issuance costs	$	901.0	$	929.8

The aggregate contractual maturities of long-term debt for each of the five fiscal years subsequent to May 29, 2022, and thereafter are as follows:

(in millions)
Fiscal Year	2023		2024		2025		2026		2027		Thereafter
Debt repayments	$	—	$	—	$	—	$	—	$	500.0	$	439.1

On September 10, 2021, we entered into a $1 billion Revolving Credit Agreement (Revolving Credit Agreement) with Bank of America, N.A. (BOA), as administrative agent, and the lenders and other agents party thereto. The Revolving Credit Agreement is a senior unsecured credit commitment to the Company and contains customary representations and affirmative and negative covenants (including limitations on liens and subsidiary debt and a maximum consolidated lease adjusted total debt to total capitalization ratio of 0.75 to 1.00) and events of default usual for credit facilities of this type. The Revolving Credit Agreement replaced our prior $750.0 million revolving credit agreement, dated as of October 27, 2017 and amended as of March

25, 2020. As of May 29, 2022, we had no outstanding balances and we were in compliance with all covenants under the Revolving Credit Agreement.

The Revolving Credit Agreement matures on September 10, 2026, and the proceeds may be used for working capital and capital expenditures, the refinancing of certain indebtedness, certain acquisitions and general corporate purposes. Loans under the Revolving Credit Agreement bear interest at a rate of LIBOR plus a margin determined by reference to a ratings-based pricing grid (Applicable Margin), or the base rate (which is defined as the highest of the BOA prime rate, the Federal Funds rate plus 0.500 percent, and the Eurodollar Rate plus 1.000 percent) plus the Applicable Margin. Assuming a “BBB” equivalent credit rating level, the Applicable Margin under the Revolving Credit Agreement will be 1.000 percent for LIBOR loans and 0.000 percent for base rate loans.

The interest rate on our $42.8 million 6.800 percent senior notes due October 2037 is subject to adjustment from time to time if the debt rating assigned to such series of notes is downgraded below a certain rating level (or subsequently upgraded). The maximum adjustment is 2.000 percent above the initial interest rate and the interest rate cannot be reduced below the initial interest rate. As of May 29, 2022, no such adjustments are made to this rate.