v3.24.2
Borrowings - Additional Information (Detail) - USD ($)
 3 Months Ended 12 Months Ended
May 20, 2024
Dec. 27, 2023
Mar. 18, 2021
Nov. 30, 2018
Dec. 20, 2017
May 09, 2014
Aug. 31, 2022
May 31, 2024
May 31, 2023
Aug. 01, 2022
May 31, 2022
Jan. 25, 2022
Feb. 21, 2020
Feb. 27, 2019
Mar. 02, 2017
May 29, 2015
Debt Instrument [Line Items]                                
Maturities of long-term debt in 2025               $ 136,200,000                
Maturities of long-term debt in 2026               4,200,000                
Maturities of long-term debt in 2027               402,200,000                
Maturities of long-term debt in 2028               345,600,000                
Maturities of long-term debt in 2029               350,400,000                
Maturities of long-term debt thereafter               901,200,000                
Credit facility, available liquidity               1,125,300,000                
Liquidity available               $ 1,362,600,000                
Consolidated indebtedness               45.90% 55.50%              
Issuance of Debt                                
Debt Instrument [Line Items]                                
Covenant leverage ratio               4.25%                
Accounts Receivable Securitization Program with Two Banks, through May 19, 2025                                
Debt Instrument [Line Items]                                
Credit facility borrowing maximum capacity     $ 250,000,000     $ 200,000,000   $ 250,000,000                
Credit facility expiration date May 19, 2025   May 21, 2024                          
Percentage of indirect economic interest held in SPE           100.00%                    
Outstanding balance               $ 130,000,000                
Maturity date [1]               May 19, 2025 May 19, 2025              
Term Loan                                
Debt Instrument [Line Items]                                
Outstanding balance                   $ 250,000,000            
Maturity date   Aug. 01, 2025           Aug. 01, 2025                
Repayment of aggregate principal amount outstanding   $ 250,000,000                            
Unsecured 5.25% notes due June 1, 2045                                
Debt Instrument [Line Items]                                
Issuance of note                             $ 50,000,000 $ 250,000,000
Debt, interest rate               5.25% [2] 5.25% [2]           5.25% 5.25%
Note Interest payment frequency, term               Interest on the 2045 Notes is payable semiannually in arrears on June 1st and December 1st of each year at a rate of 5.250% per year                
Maturity date [2]               Jun. 01, 2045 Jun. 01, 2045              
Unsecured 3.75% notes due March 15, 2027                                
Debt Instrument [Line Items]                                
Issuance of note               $ 400,000,000 $ 400,000,000           $ 400,000,000  
Debt, interest rate               3.75% [3] 3.75% [3]           3.75%  
Note Interest payment frequency, term               Interest on the 2027 Notes is payable semiannually in arrears on March 15th and September 15th of each year, at a rate of 3.750% per year                
Maturity date [3]               Mar. 15, 2027 Mar. 15, 2027              
2.950% Notes due 2032                                
Debt Instrument [Line Items]                                
Interest payment terms               Interest on the Notes accrues from January 25, 2022 and will be payable semiannually in arrears on January 15 and July 15 of each year, beginning July 15, 2022, at a rate of 2.950% per year.                
Interest frequency of payment term               semiannually                
Issuance of note                       $ 300,000,000        
Debt, interest rate                       2.95%        
Maturity date               Jan. 15, 2032                
Unsecured 4.55% senior notes due March 1, 2029                                
Debt Instrument [Line Items]                                
Issuance of note               $ 350,000,000 $ 350,000,000         $ 350,000,000    
Debt, interest rate               4.55% [4] 4.55% [4]         4.55%    
Note Interest payment frequency, term               Interest on the 2029 Notes accrues from February 27, 2019 and is payable semiannually in arrears on March 1st and September 1st of each year, beginning September 1, 2019, at a rate of 4.550% per year.                
Maturity date [4]               Mar. 01, 2029 Mar. 01, 2029              
Unsecured 4.25% notes due January 15, 2048                                
Debt Instrument [Line Items]                                
Issuance of note         $ 300,000,000     $ 300,000,000 $ 300,000,000              
Debt, interest rate         4.25%     4.25% [5] 4.25% [5]              
Note Interest payment frequency, term               Interest on the 2048 Notes accrues from December 20, 2017 and is payable semiannually in arrears on January 15th and July 15th of each year, beginning July 15, 2018, at a rate of 4.250% per year.                
Maturity date [5]               Jan. 15, 2048 Jan. 15, 2048              
Unsecured 6.50% senior notes due February 15, 2018                                
Debt Instrument [Line Items]                                
Debt, interest rate         6.50%                      
Maturity date               Feb. 15, 2018                
Repayment of aggregate principal amount outstanding         $ 250,000,000                      
Minimum | Issuance of Debt                                
Debt Instrument [Line Items]                                
Covenant leverage ratio               3.75%                
Interest coverage ratio               3.50%                
Minimum | Accounts Receivable Securitization Program with Two Banks, through May 19, 2025                                
Debt Instrument [Line Items]                                
Monthly unused commitment fee                 0.30%              
Maximum | Accounts Receivable Securitization Program with Two Banks, through May 19, 2025                                
Debt Instrument [Line Items]                                
Monthly unused commitment fee                 0.50%              
Margin                                
Debt Instrument [Line Items]                                
Basis spread on variable rate                 85.00%              
Revolving Credit Facility                                
Debt Instrument [Line Items]                                
Credit facility, available liquidity               $ 1,005,300,000                
Credit facility borrowing maximum capacity       $ 1,300,000,000     $ 1,350,000,000                  
Credit facility expiration date       Oct. 31, 2023     Aug. 01, 2027                  
Interest coverage ratio               10.18%                
Leverage ratio               1.61%                
Maturity date [6]               Aug. 01, 2027 Aug. 01, 2027              
New Credit Facility | Term Loan                                
Debt Instrument [Line Items]                                
Credit facility borrowing maximum capacity                         $ 300,000,000      
New Credit Facility | Term Loan | Foreign Borrower                                
Debt Instrument [Line Items]                                
Credit facility borrowing maximum capacity                         $ 100,000,000      
New Credit Facility | Interest Rate Swap Agreements | Term Loan | Foreign Borrower                                
Debt Instrument [Line Items]                                
Credit facility borrowing maximum capacity                     $ 100,000,000          
[1] As of May 31, 2024, the accounts receivable securitization program is adjusted for debt issuance costs, net of amortization, of approximately $0.2 million.
[2] 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.
[3] 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.
[4] 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.
[5] 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%.
[6] 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.