v3.24.2
Borrowings (Tables)
 12 Months Ended
May 31, 2024
Debt Disclosure [Abstract]  
Description of Long-Term Debt

A description of long-term debt follows:

May 31,

 

2024

 

 

2023

 

(In thousands)

 

 

 

 

 

 

Revolving credit facility with a syndicate of banks, through August 1, 2027 (1)

 

$

342,630

 

 

$

610,947

 

Accounts receivable securitization program with two banks, through May 19, 2025 (2)

 

 

129,813

 

 

 

174,885

 

Unsecured term loan due August 1, 2025 (3)

 

 

-

 

 

 

249,772

 

Unsecured 3.75% notes due March 15, 2027 (4)

 

 

398,728

 

 

 

398,292

 

Unsecured 4.55% senior notes due March 1, 2029 (5)

 

 

348,082

 

 

 

347,686

 

Unsecured 2.95% notes due January 15, 2032 (6)

 

 

297,176

 

 

 

296,815

 

Unsecured 5.25% notes due June 1, 2045 (7)

 

 

298,987

 

 

 

298,913

 

Unsecured 4.25% notes due January 15, 2048 (8)

 

 

297,080

 

 

 

296,962

 

Other obligations, including finance leases and unsecured notes payable at various rates
   of interest due in installments through 2033

 

 

14,652

 

 

 

9,537

 

 

 

 

2,127,148

 

 

 

2,683,809

 

Less: current portion

 

 

136,213

 

 

 

178,588

 

Total Long-Term Debt, Less Current Maturities

 

$

1,990,935

 

 

$

2,505,221

 
(1)
Interest as of May 31, 2024 was 6.5300% for the USD denominated swingline account, which is tied to SOFR; 5.0546% on EUR denominated debt which is tied to ESTR; and 6.3326% on GBP denominated debt, which is tied to the Sterling Overnight Index Average. The debt balances outstanding, excluding deferred financing fees, as of May 31, 2024 for the USD denominated swingline, EUR denominated revolver, and GBP denominated debt were as follows: $15.8 million, $299.4 million, and $29.5 million.

Interest as of May 31, 2023 was 6.2600% for the USD denominated swingline account, which is tied to SOFR; 6.3600% for the USD denominated revolver, which is tied to SOFR; 4.2926% on EUR denominated debt which is tied to ESTR; 5.5607% on GBP denominated debt, which is tied to the Sterling Overnight Index Average; and 4.9200% on AUD denominated debt, which is tied to the Reserve Bank of Australia rate. The debt balances outstanding, excluding deferred financing fees, as of May 31, 2023 for the USD denominated swingline, USD denominated revolver, EUR denominated revolver, GBP denominated debt, and AUD denominated debt were as follows: $8.2 million, $30.0 million, $527.6 million, $46.7 million, and $1.2 million.

As of May 31, 2024 and 2023, the revolving credit facility is adjusted for debt issuance costs, net of amortization, for approximately $2.1 million and $2.8 million, respectively.

(2)
As of May 31, 2024, the accounts receivable securitization program is adjusted for debt issuance costs, net of amortization, of approximately $0.2 million.
(3)
On December 27, 2023, we prepaid the $250.0 million of principal outstanding on our term loan which had a maturity date of August 1, 2025. As of May 31, 2023, the term loan was adjusted for deferred financing fees, net of amortization, of approximately $0.2 million.
(4)
The $400.0 million face amount of the notes due 2027 is adjusted for the amortization of the original issue discount, which approximated $0.2 million at May 31, 2024 and 2023. The original issue discount effectively reduced the ultimate proceeds from the financing. The effective interest rate on the notes, including the amortization of the discount, is 3.767%. At May 31, 2024 and 2023, the notes are adjusted for debt issuance costs, net of amortization, for approximately $1.1 million and $1.5 million, respectively.
(5)
The $350.0 million aggregate principal amount of the notes due 2029 is adjusted for the amortization of the original issue discount, which approximated $0.3 million at May 31, 2024 and 2023. The original issue discount effectively reduced the ultimate proceeds from the financing. The effective interest rate on the notes, including the amortization of the discount, was 4.568%. At May 31, 2024 and 2023, the notes are adjusted for debt issuance costs, net of amortization, for approximately $1.6 million and $2.0 million, respectively.
(6)
The $300.0 million face amount of the notes due 2032 is adjusted for the amortization of the original issue discount, which approximated $0.5 million and $0.6 million at May 31, 2024 and 2023, respectively. The original issue discount effectively reduced the ultimate proceeds from the financing. The effective interest rate on the notes, including the amortization of the discount, is 2.976%. At May 31, 2024 and 2023, the notes are adjusted for debt issuance costs, net of amortization, for approximately $2.3 million and $2.6 million, respectively.
(7)
The $250.0 million face amount of the notes due 2045 is adjusted for the amortization of the original issue discount, which approximated $1.3 million at May 31, 2024 and 2023. The original issue discount effectively reduced the ultimate proceeds from the financing. The effective interest rate on the notes, including the amortization of the discount, is 5.29%. In March 2017, as a further issuance of the 5.25% notes due 2045, we closed an offering of $50.0 million aggregate principal, which is adjusted for the unamortized premium received at issuance, which approximated $2.7 million at May 31, 2024 and 2023. The premium effectively increased the proceeds from the financing. The effective interest rate on the $50.0 million notes issued March 2017 is 4.839%. At May 31, 2024 and 2023, the notes are adjusted for debt issuance costs, net of amortization, for approximately $2.4 million and $2.5 million, respectively.
(8)
The $300.0 million face amount of the notes due 2048 is adjusted for the debt issuance cost, net of amortization, which approximated $2.9 million and $3.0 million at May 31, 2024 and 2023, respectively. The effective interest rate on the notes is 4.25%.