DEBT

12 Months Ended

May 31, 2020

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 31, 2020				May 26, 2019
In Millions		Notes Payable	Weighted- Average Interest Rate			Notes Payable	Weighted- Average Interest Rate
U.S. commercial paper	$	99.9	3.6	%	$	1,298.5	2.7	%
Financial institutions		179.1	5.1			170.2	9.0
Total	$	279.0	4.6	%	$	1,468.7	3.4	%

To ensure availability of funds, we maintain bank credit lines and have commercial paper programs available to us in the United States and Europe. We also have uncommitted and asset-backed credit lines that support our foreign operations.

The following table details the fee-paid committed and uncommitted credit lines we had available as of May 31, 2020:

In Billions		Facility Amount		Borrowed Amount
Credit facility expiring:
May 2022	$	2.7	$	-
September 2022		0.2		-
Total committed credit facilities		2.9		-
Uncommitted credit facilities		0.6		0.2
Total committed and uncommitted credit facilities	$	3.5	$	0.2

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 31, 2020. LONG-TERM DEBT

In April 2020, we issued $750.0 million of 2.875 percent fixed-rate notes due April 15, 2030. We used the net proceeds to repay a portion of our outstanding commercial paper and for general corporate purposes.

In January 2020, we issued €600.0 million of 0.45 percent fixed-rate notes due January 15, 2026 and €200.0 million of 0.0 percent fixed-rate notes due November 16, 2020. We used the net proceeds, together with cash on hand, to repay €500.0 million of floating rate notes and €300.0 million of 0.0 percent fixed-rate notes.

In October 2019, we repaid $500.0 million of 2.20 percent fixed-rate notes with proceeds from commercial paper.

In March 2019, we issued €300.0 million of 0.0 percent fixed-rate notes due January 15, 2020. We used the net proceeds, together with cash on hand, to repay our €300.0 million floating rate notes.

In February 2019, we repaid $1,150.0 million of 5.65 percent fixed-rate notes with proceeds from commercial paper.

A summary of our long-term debt is as follows:

In Millions		May 31, 2020		May 26, 2019
4.2% notes due April 17, 2028	$	1,400.0	$	1,400.0
3.15% notes due December 15, 2021		1,000.0		1,000.0
3.7% notes due October 17, 2023		850.0		850.0
Floating-rate notes due April 16, 2021		850.0		850.0
4.0% notes due April 17, 2025		800.0		800.0
3.2% notes due February 10, 2027		750.0		750.0
2.875% notes due April 15, 2030		750.0		-
Euro-denominated 0.45% notes due January 15, 2026		666.1		-
4.7% notes due April 17, 2048		650.0		650.0
3.2% notes due April 16, 2021		600.0		600.0
Euro-denominated 2.1% notes due November 16, 2020		555.1		560.1
Euro-denominated 1.0% notes due April 27, 2023		555.1		560.1
Euro-denominated floating-rate notes due January 15, 2020		-		560.1
4.55% notes due April 17, 2038		500.0		500.0
2.6% notes due October 12, 2022		500.0		500.0
5.4% notes due June 15, 2040		500.0		500.0
4.15% notes due February 15, 2043		500.0		500.0
3.65% notes due February 15, 2024		500.0		500.0
2.2% notes due October 21, 2019		-		500.0
Euro-denominated 1.5% notes due April 27, 2027		444.0		448.1
Floating-rate notes due October 17, 2023		400.0		400.0
Euro-denominated 0.0% notes due January 15, 2020		-		336.1
Euro-denominated 2.2% notes due June 24, 2021		222.0		224.0
Euro-denominated 0.0% notes due November 16, 2020		222.0		-
Medium-term notes, 0.56% to 6.61%, due fiscal 2021 or later		104.2		104.2
Other, including debt issuance costs and finance leases		(58.0)		(71.4)
		13,260.5		13,021.3
Less amount due within one year		(2,331.5)		(1,396.5)
Total long-term debt	$	10,929.0	$	11,624.8

Principal payments due on long-term debt and finance leases in the next five fiscal years based on stated contractual maturities, our intent to redeem, or put rights of certain note holders are as follows:

In Millions
Fiscal 2021	$	2,331.5
Fiscal 2022		1,222.1
Fiscal 2023		1,055.1
Fiscal 2024		1,750.0
Fiscal 2025		800.0

Certain of our long-term debt agreements contain restrictive covenants. As of May 31, 2020, we were in compliance with all of these covenants.As of May 31, 2020, the $35.7 million pre-tax loss recorded in AOCI 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 2021 is a $9.4 million pre-tax loss.