v3.26.1
DEBT AND FINANCING OBLIGATIONS (Tables)
 12 Months Ended
May 31, 2026
Debt Disclosure [Abstract]  
Schedule of Debt, Including Financing Obligations
The components of our debt, including financing obligations, were as follows:
(in millions)May 31, 2026May 25, 2025
AmountInterest RateAmountInterest Rate
Short-term borrowings:
Revolving credit facility$215.7 3.830 %$333.2 5.940 %
Other credit facilities (a)33.7 (a)37.6 (a)
249.4 370.8 
Long-term debt:
Term A-3 loan facility, due January 2030 (b)382.5 6.060 405.0 6.900 
Term A-4 loan facility, due May 2029 (b)296.6 6.690 312.8 6.630 
Term A-5 loan facility, due September 2031 (b)468.8 5.660 493.8 5.650 
RMB loan facility, due February 2027 (c)— — 143.8 4.040 
RMB loan facility, due August 202920.7 3.800 19.6 3.960 
RMB loan facility, due May 2031 (c)103.5 3.800 — — 
Euro term loan facility, due May 2029233.2 3.430 227.2 4.510 
4.875% senior notes, due May 2028
500.0 4.875 500.0 4.875 
4.125% senior notes, due January 2030
970.0 4.125 970.0 4.125 
4.375% senior notes, due January 2032
700.0 4.375 700.0 4.375 
3,675.3 3,772.2 
Financing obligations:
Lease financing obligations due on various dates through 2040 (d)4.0 5.2 
Total debt and financing obligations3,928.7 4,148.2 
Debt issuance costs (e)(13.5)(16.8)
Short-term borrowings(249.4)(370.8)
Current portion of long-term debt and financing obligations(70.6)(77.8)
Long-term debt and financing obligations, excluding current portion$3,595.2 $3,682.8 
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(a)Other credit facilities consist of short-term facilities at our subsidiaries used for working capital purposes. Borrowings under these facilities bear interest at various rates.
(b)The interest rates applicable to the Term A-3, A-4, and A-5 loans do not include anticipated patronage dividends. We have received and expect to continue receiving patronage dividends under these term loan facilities.
(c)In May 2026, our subsidiary entered into a new RMB loan facility, due May 2031. The existing RMB loan facility, due February 2027 was repaid in full and terminated in connection with our subsidiary’s borrowing under the new RMB loan facility. See “RMB Loan Facilities” below for further information.
(d)The interest rates on our lease financing obligations ranged from 2.49% to 6.19% at May 31, 2026 and May 25, 2025. For more information on our lease financing obligations, see Note 9, Leases.
(e)Excludes debt issuance costs of $2.9 million and $3.9 million as of May 31, 2026 and May 25, 2025, respectively, related to our Revolving Credit Facility, which are recorded in “Other assets” on our Consolidated Balance Sheets. In fiscal 2026, 2025, and 2024, we recorded $5.1 million, $4.8 million, and $4.5 million, respectively, of amortization expense in “Interest expense” in our Consolidated Statements of Earnings.
Schedule of Additional Information Regarding Our Variable Rate Debt
Additional information regarding our variable rate debt modifiers is shown below:
Fixed Rate LoansReference Rate-Based LoansBase Rate-Based Loans
Revolving credit facility (a)N/A
1.125 - 1.750%
0.125 - 0.750%
Term A-3 loan facilityN/A
2.000 - 2.750%
1.000 - 1.750%
Term A-4 loan facility (b)
1.850 - 2.850%
1.850 - 2.850%
0.850 - 1.850%
Term A-5 loan facility (c)
1.850 - 2.850%
1.850 - 2.850%
0.850 - 1.850%
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(a)Borrowings under the Revolving Credit Facility have the same margin whether loans are denominated in U.S. dollars or non-U.S. currencies.
(b)The Term A-4 Loan Facility is considered fixed-rate debt. Under the terms of the facility, on May 1, 2028, we may make an election to treat the remaining year of the term loan as a fixed or variable rate loan. The election can be made for a period that is less than twelve months, which would then initiate a separate election at the end of the period.
(c)The Term A-5 Loan Facility is considered fixed-rate debt. Under the terms of the facility, on October 1, 2026, we may make an election to treat the term loan as a fixed or variable rate loan. The election can be made for a period that is less than the remainder of the term loan, which would then initiate a separate election at the end of the period.
Reference Rate-Based LoansPRC Prime Rate-Based Loans
RMB loan facility, due February 2027 (a)N/A
Prime + 0.300%
RMB loan facility, due August 2029N/A
Prime + 0.300%
RMB loan facility, due May 2031N/A
Prime + 0.300%
Euro term loan facility, due May 2029
1.125 - 1.750%
N/A
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(a)The RMB loan facility due February 2027 was repaid in full in connection with our entry into the RMB loan facility due May 2031.
Schedule of Aggregate Minimum Principal Maturities of Long-term Debt
The aggregate minimum principal maturities of our long-term debt, including current portion of long-term debt, for the next five fiscal years and thereafter, are as follows:
(in millions)Debt (a)
202769.9 
2028570.5 
2029551.9 
20301,331.5 
2031107.8 
Thereafter1,043.7 
$3,675.3 
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(a)See Note 9, Leases, for maturities of our lease financing obligations.