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Credit Facilities and Borrowings	12 Months Ended
May 27, 2012
Credit Facilities and Borrowings [Abstract]
CREDIT FACILITIES AND BORROWINGS	11. CREDIT FACILITIES AND BORROWINGS At May 27, 2012, we had a $1.50 billion multi-year revolving credit facility with a syndicate of financial institutions that matures in September 2016. The multi-year facility has historically been used principally as a back-up facility for our commercial paper program. As of May 27, 2012, there were no outstanding borrowings under the credit facility. Borrowings under the multi-year facility bear interest at 1.1% over LIBOR and may be prepaid without penalty. The multi-year revolving credit facility requires us to repay borrowings if our consolidated funded debt exceeds 65% of our consolidated capital base, or if our fixed charges coverage ratio, each as defined in the credit agreement, is less than 1.75 to 1.0 on a four-quarter rolling basis. As of May 27, 2012, we were in compliance with the credit agreement’s financial covenants. We finance our short-term liquidity needs with bank borrowings, commercial paper borrowings, and bankers’ acceptances. As of May 27, 2012, we had $40 million outstanding under our commercial paper program at an average weighted interest rate of 0.26%. We had no material short-term borrowings outstanding in fiscal 2011.

Credit Facilities and Borrowings

12 Months Ended

May 27, 2012

Credit Facilities and Borrowings [Abstract]

11. CREDIT FACILITIES AND BORROWINGS

At May 27, 2012, we had a $1.50 billion multi-year revolving credit facility with a syndicate of financial institutions that matures in September 2016. The multi-year facility has historically been used principally as a back-up facility for our commercial paper program. As of May 27, 2012, there were no outstanding borrowings under the credit facility. Borrowings under the multi-year facility bear interest at 1.1% over LIBOR and may be prepaid without penalty. The multi-year revolving credit facility requires us to repay borrowings if our consolidated funded debt exceeds 65% of our consolidated capital base, or if our fixed charges coverage ratio, each as defined in the credit agreement, is less than 1.75 to 1.0 on a four-quarter rolling basis. As of May 27, 2012, we were in compliance with the credit agreement’s financial covenants.

We finance our short-term liquidity needs with bank borrowings, commercial paper borrowings, and bankers’ acceptances. As of May 27, 2012, we had $40 million outstanding under our commercial paper program at an average weighted interest rate of 0.26%. We had no material short-term borrowings outstanding in fiscal 2011.