v3.25.2
Debt
 3 Months Ended
Aug. 24, 2025
Debt [Abstract]  
Debt
 
(7) Debt
The components of notes payable and their respective weighted-average
 
interest rates 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 credit facilities and lines of credit we had available
 
as of August 24, 2025:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
Borrowing
Capacity
Borrowed
Amount
Committed credit facility expiring October 2029
$
2,700.0
$
-
Uncommitted credit facilities and lines of credit
774.8
22.1
Total
$
3,474.8
$
22.1
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 August 24, 2025.
Long-Term
 
Debt
 
The
 
fair
 
values
 
and
 
carrying
 
amounts
 
of
 
long-term
 
debt,
 
including
 
the
 
current
 
portion,
 
were
 
$
13,991.3
 
and
 
$
14,384.9
 
million,
respectively,
 
as
 
of
 
August
 
24,
 
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
 
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 August 24, 2025, we were in compliance with all of
these covenants.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Aug. 24, 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
22.1
6.0
7.6
5.8
Total
$
22.1
6.0
%
$
677.0
4.5
%