v3.25.2
Debt
 12 Months Ended
May 25, 2025
Debt [Abstract]  
Debt
NOTE 9. DEBT
NOTES PAYABLE
The components of notes payable and their respective weighted-average
 
interest rates at the end of the periods were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
May 25, 2025
May 26, 2024
In Millions
Notes Payable
Weighted-
Average
Interest Rate
Notes Payable
Weighted-
Average
Interest Rate
U.S. commercial paper
$
669.4
4.5
%
$
-
-
%
Financial institutions
7.6
5.8
11.8
8.8
Total
$
677.0
4.5
%
$
11.8
8.8
%
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 25, 2025:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
Borrowing
Capacity
Borrowed
Amount
Committed credit facility expiring October 2029
$
2,700.0
$
-
Uncommitted credit facilities and lines of credit
703.7
7.6
Total
$
3,403.7
$
7.6
In
 
the
 
second
 
quarter
 
of fiscal
 
2025,
 
we
 
entered
 
into
 
a
 
$
2.7
 
billion
 
fee-paid
 
committed
 
credit
 
facility
 
that
 
is
 
scheduled
 
to
 
expire
 
in
October 2029. Concurrent with the execution of this credit facility,
 
we terminated our existing $
2.7
 
billion credit facility.
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 May 25, 2025.
LONG-TERM DEBT
 
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
.
 
In the
 
fourth quarter
 
of fiscal 2024,
 
we issued €
500.0
 
million of
3.65
 
percent fixed-rate
 
notes due
October 23, 2030
. We
 
used the
 
net
proceeds for general corporate purposes.
In
 
the fourth
 
quarter
 
of fiscal
 
2024,
 
we issued
 
€
500.0
 
million
 
of
3.85
 
percent
 
fixed-rate notes
 
due
April 23, 2034
.
 
We
 
used
 
the net
proceeds for general corporate purposes.
In
 
the
 
third
 
quarter of
 
fiscal
 
2024,
 
we
 
issued
 
$
500.0
 
million
 
of
4.7
 
percent
 
fixed-rate
 
notes due
January 30, 2027
. We
 
used
 
the
 
net
proceeds to repay $
500.0
 
million of
3.65
 
percent fixed-rate notes due
February 15, 2024
.
 
In the second
 
quarter of fiscal 2024,
 
we issued €
250.0
 
million of floating-rate
 
notes due
November 8, 2024
. We
 
used the net proceeds
to repay €
250.0
 
million of floating-rate notes due
November 10, 2023
.
 
In the
 
second quarter
 
of fiscal
 
2024, we
 
issued $
500.0
 
million of
5.5
 
percent fixed-rate
 
notes due
October 17, 2028
. We
 
used the
 
net
proceeds to repay $
400.0
 
million of floating-rate notes due
October 17, 2023
, and for general corporate purposes.
 
In the first
 
quarter of fiscal
 
2024, we issued
 
€
500.0
 
million of floating-rate
 
notes due
November 8, 2024
. We
 
used the net proceeds
 
to
repay €
500.0
 
million of floating-rate notes due
July 27, 2023
.
A summary of our long-term debt is as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions, Except Weighted-Average
 
Interest Data
Weighted-Average
Interest Rate (a)
May 25, 2025
May 26, 2024
Notes due fiscal 2025
-
%
$
-
$
1,613.5
Notes due fiscal 2026
0.8
1,533.9
1,693.2
Notes due fiscal 2027
3.1
2,276.5
1,687.8
Notes due fiscal 2028
4.2
1,400.0
1,400.0
Notes due fiscal 2029
4.5
1,352.2
1,313.5
Notes due fiscal 2030
3.9
1,500.0
750.0
Notes due fiscal 2031 - 2051
4.1
6,389.7
4,736.1
Net impact of unamortized debt discounts, debt issuance
 
costs, interest rate swaps, and finance leases
(250.7)
(275.8)
14,201.6
12,918.3
Less amount due within one year
(1,528.4)
(1,614.1)
Total long-term debt
$
12,673.2
$
11,304.2
(a)
 
Weighted average
 
interest rates as of May 25, 2025.
The following table details the currency of our outstanding bonds:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
May 25, 2025
May 26, 2024
US Dollar
$
9,055.3
$
8,855.3
Euro
$
5,397.0
$
4,338.8
Certain of our
 
long-term debt agreements
 
contain restrictive
 
covenants.
As of May 25, 2025, we were in compliance with all of these
covenants.
 
The $
11.8
 
million pre-tax loss recorded in AOCI as of May 25, 2025 associated
 
with our previously designated interest rate swaps will
be reclassified
 
to net
 
interest over
 
the remaining
 
lives of
 
the hedged
 
transactions. The
 
amount expected
 
to be reclassified
 
from AOCI
to net interest in fiscal 2026 is a $
0.1
 
million pre-tax gain.