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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DEBT | DEBT NOTES PAYABLE The components of notes payable and their respective weighted-average interest rates at the end of the periods 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 May 31, 2026:
We are in compliance with all credit facility covenants. LONG-TERM DEBT In the fourth quarter of fiscal 2026, we issued €1.0 billion of 4.75 percent fixed-to-fixed reset rate Series A junior subordinated notes and €700.0 million of 5.25 percent fixed-to-fixed reset rate Series B junior subordinated notes, each due July 16, 2056. The interest rate of the Series A and Series B junior subordinated notes will reset on July 16, 2031 and July 16, 2034, respectively, and every fifth year thereafter. The Series A and Series B junior subordinated notes pay interest annually and may be redeemed at any time during the 90 days prior to their respective first interest reset date and on any interest payment date thereafter, in whole or in part at the principal amount thereof, and at certain other times at a defined redemption price, in each case plus accrued interest. We used the net proceeds to repay €250.0 million of floating-rate senior notes due April 22, 2026, $750.0 million of 3.2 percent fixed-rate senior notes due February 10, 2027, $500.0 million of 4.7 percent fixed-rate senior notes due January 30, 2027, a portion of our outstanding commercial paper, and for other general corporate purposes. The early redemption of certain senior notes resulted in a net $2.0 million loss, which was recorded in Interest, net in the Consolidated Statements of (Loss) Earnings. In the third quarter of fiscal 2026, we repaid €600.0 million of 0.45 percent fixed-rate senior notes due January 15, 2026, using proceeds from the issuance of commercial paper and cash on hand. In the second quarter of fiscal 2026, we repaid €500.0 million of 0.125 percent fixed-rate senior 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 senior notes due April 17, 2032. We used the net proceeds to repay $800.0 million of 4.0 percent fixed-rate senior 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 senior 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 senior 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 senior 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 senior notes due April 22, 2026. We used the net proceeds to repay €250.0 million of floating-rate senior notes due November 8, 2024. In the second quarter of fiscal 2025, we issued €500.0 million of floating-rate senior notes due October 22, 2026. We used the net proceeds to repay €500.0 million of floating-rate senior notes due November 8, 2024. A summary of our long-term debt is as follows:
(a) Weighted average interest rates as of May 31, 2026. (b) The junior subordinated notes rank junior in right of payment to all of our existing senior notes. The following table details the currency of our outstanding bonds:
Certain of our long-term debt agreements contain restrictive covenants. We are in compliance with all long-term debt covenants. Interest payments for fiscal 2026, fiscal 2025, and fiscal 2024 were as follows:
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