Short-Term Borrowings and Long-Term Debt (Tables)

9 Months Ended

Mar. 02, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Short-term borrowings and long-term debt as of March 2, 2024 and June 3, 2023 consisted of the following:

(In millions)	March 2, 2024		June 3, 2023
Syndicated revolving line of credit, due July 2026	$	377.9	$	426.7
Term Loan A, 6.9407%, due July 2026	352.5		370.0
Term Loan B, 7.4407%, due July 2028	610.9		615.6
Supplier financing program	1.9		2.1
Finance lease liability	1.4		—
Total debt	$	1,344.6	$	1,414.4
Less: Unamortized discount and issuance costs	(13.3)		(15.9)
Less: Current debt	(40.9)		(33.4)
Long-term debt	$	1,290.4	$	1,365.1

Schedule of Line of Credit Facilities

Available borrowings under the syndicated revolving line of credit were as follows for the periods indicated:

(In millions)	March 2, 2024		June 3, 2023
Syndicated revolving line of credit borrowing capacity	$	725.0	$	725.0
Less: Borrowings under the syndicated revolving line of credit	377.9		426.7
Less: Outstanding letters of credit	12.7		14.1
Available borrowings under the syndicated revolving line of credit	$	334.4	$	284.2