Debt covenant, maximum total debt to total capitalization ratio

  
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (in millions) |  | Olive Garden | LongHorn Steakhouse | Fine Dining | Other Business | Corporate | Consolidated |
| At May 31, 2020 and for the year ended |  |
| Sales |  | $ | 4,013.8  |  | $ | 1,701.1  |  | $ | 536.9  |  | $ | 1,555.1  |  | $ | —  |  | $ | 7,806.9  |  |
| Restaurant and marketing expenses |  | 3,281.0  |  | 1,439.2  |  | 448.7  |  | 1,417.7  |  | 49.9  |  | 6,636.5  |  |
| Segment profit |  | $ | 732.8  |  | $ | 261.9  |  | $ | 88.2  |  | $ | 137.4  |  | $ | (49.9) |  | $ | 1,170.4  |  |
|  |  |  |  |  |  |  |  |
| Depreciation and amortization |  | $ | 144.2  |  | $ | 68.4  |  | $ | 33.1  |  | $ | 101.3  |  | $ | 8.9  |  | $ | 355.9  |  |
| Impairments and disposal of assets, net |  | 3.4  |  | 1.8  |  | 11.5  |  | 171.3  |  | 33.0  |  | 221.0  |  |
| Goodwill impairment |  | —  |  | —  |  | —  |  | 169.2  |  | —  |  | 169.2  |  |
| Purchases of land, buildings and equipment |  | 199.3  |  | 74.1  |  | 62.1  |  | 117.0  |  | 7.4  |  | 459.9  |  |

Reconciliation of segment profit to earnings from continuing operations before income taxes:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Fiscal Year Ended |
| (in millions) | May 29, 2022 |  | May 30, 2021 |  | May 31, 2020 |
| Segment profit | $ | 1,901.8  |  |  | $ | 1,402.4  |  |  | $ | 1,170.4  |  |
| Less general and administrative expenses | (373.2) |  |  | (396.2) |  |  | (376.4) |  |
| Less depreciation and amortization | (368.4) |  |  | (350.9) |  |  | (355.9) |  |
| Less impairments and disposal of assets, net | 2.0  |  |  | (6.6) |  |  | (221.0) |  |
| Less goodwill impairment | —  |  |  | —  |  |  | (169.2) |  |
| Less interest, net | (68.7) |  |  | (63.5) |  |  | (57.3) |  |
| Less other (income) expense, net | —  |  |  | (8.7) |  |  | (151.6) |  |
| Earnings (loss) before income taxes | $ | 1,093.5  |  |  | $ | 576.5  |  |  | $ | (161.0) |  |

  
NOTE 6 - DEBTThe components of long-term debt are as follows: 

|  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
| (in millions) | May 29, 2022 |  | May 30, 2021 |
| 3.850% senior notes due May 2027 | $ | 500.0  |  |  | $ | 500.0  |  |
| 6.000% senior notes due August 2035 | 96.3  |  |  | 96.3  |  |
| 6.800% senior notes due October 2037 | 42.8  |  |  | 42.8  |  |
| 4.550% senior notes due February 2048 | 300.0  |  |  | 300.0  |  |
| Total long-term debt | $ | 939.1  |  |  | $ | 939.1  |  |
| Fair value hedge | (28.0) |  |  | (0.2) |  |
| Less unamortized discount and issuance costs | (10.1) |  |  | (9.1) |  |
| Total long-term debt less unamortized discount and issuance costs | $ | 901.0  |  |  | $ | 929.8  |  |
|  |  |  |  |
|  |  |  |  |

  
The aggregate contractual maturities of long-term debt for each of the five fiscal years subsequent to May 29, 2022, and thereafter are as follows: 

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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (in millions) |  |  |
| Fiscal Year |  | 2023 |  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | Thereafter |
| Debt repayments |  | $ | —  |  |  | $ | —  |  |  | $ | —  |  |  | $ | —  |  |  | $ | 500.0  |  |  | $ | 439.1  |  |

On September 10, 2021, we entered into a $1 billion Revolving Credit Agreement (Revolving Credit Agreement) with Bank of America, N.A. (BOA), as administrative agent, and the lenders and other agents party thereto. The Revolving Credit Agreement is a senior unsecured credit commitment to the Company and contains customary representations and affirmative and negative covenants (including limitations on liens and subsidiary debt and a maximum consolidated lease adjusted total debt to total capitalization ratio of 0.75 to 1.00) and events of default usual for credit facilities of this type. The Revolving Credit Agreement replaced our prior $750.0 million revolving credit agreement, dated as of October 27, 2017 and amended as of March 59
