XML 36 R21.htm IDEA: XBRL DOCUMENT
v3.20.2

Short-term Financing | 12 Months Ended
--- | ---
May 31, 2020
Financing [Abstract] |
Short-term Financing | Note N — Short-term Financing The Company maintains committed and unsecured credit facilities and irrevocable letters of credit as part of its normal and recurring business operations. The purpose of these credit facilities is to meet short-term funding requirements, finance working capital needs and for general corporate purposes. The Company typically borrows on an overnight or short-term basis on its credit facilities. Details of the Company’s credit facilities are as follows:
|  |  |  | Maximum |  | Amount Outstanding
|  |  |  | Amount |  | May 31,
$ in millions |  | Expiration Date |  | Available |  | 2020 |  | 2019
Credit facilities: |  |  |  |  |  |  |  |  |  |  |
JP Morgan Chase Bank, N.A. ("JPM")(1)(2) |  | July 31, 2024 |  | $ | 1,000.0 |  | $ | - |  | $ | -
JPM (1) |  | August 17, 2022 |  | $ | 500.0 |  |  | - |  |  | -
PNC Bank, National Association (“PNC”) (weighted-average interest rate of 1.28% at May 31, 2020 (3) |  | February 6, 2023 |  | $ | 250.0 |  |  | 5.1 |  |  | -
Outstanding short-term financing (4) |  |  |  |  |  |  | $ | 5.1 |  | $ | -
(1)JPM acts as the administrative agent for this syndicated credit facility. (2)This agreement replaced the Company’s predecessor five-year unsecured $1.0 billion credit facility dated August 5, 2015, which was terminated on July 31, 2019. (3)This agreement replaced the Company’s predecessor four-year unsecured $150.0 million credit facility dated March 17, 2016, which was terminated on February 6, 2020. (4)The total amount available under these credit facilities as of May 31, 2020 was approximately $1.8 billion. Amounts under the PNC credit facility remain outstanding as of the date of this report. Subsequent to May 31, 2020, the Company borrowed twice on an overnight basis, $89.5 million on a weighted-average basis under its PNC credit facility. Upon the expiration date of any credit facility, any borrowings outstanding under that facility will mature and be payable on such date. Interest rates on each of the Company’s credit facilities can be based upon (1) an alternate base rate that is established by the lending institution at the highest of several publicly available interest rates, plus an applicable interest rate margin, or (2) at our election, the adjusted London Interbank Offered Rate (“LIBOR”) or an alternate interest rate as determined by the administrative agent, plus an applicable interest rate margin. The Company is also required to pay a commitment fee, ranging from 0.05% to 0.15%, related to the unutilized portion of each credit facility. The commitment fee is determined on a sliding-scale basis based upon the Company’s consolidated leverage ratio. Obligations under the credit facilities are guaranteed by the Company and certain of its subsidiaries. The credit facilities contain financial and operational covenants with which the Company must maintain compliance. The Company’s ability to borrow under the credit facilities may be restricted in the event of certain covenant breaches or events of default. In addition, the terms of the credit facilities could restrict the Company’s ability to engage in certain business transactions. The Company was in compliance with all of these covenants as of May 31, 2020. Certain lenders under these credit facilities, and their respective affiliates, have performed, and may in the future perform for the Company, various commercial banking, investment banking, underwriting, and other financial advisory services, for which they have received, and will continue to receive in the future, customary fees and expenses. Letters of credit: The Company had irrevocable standby letters of credit outstanding totaling $147.9 million and $148.9 million as of May 31, 2020 and May 31, 2019, respectively, required to secure commitments for certain insurance policies. The letters of credit expire at various dates between June 2020 and January 2022. No amounts were outstanding on these letters of credit during fiscal 2020 or fiscal 2019, or as of May 31, 2020 and May 31, 2019. Subsequent to May 31, 2020, letters of credit expiring in June and July 2020 were renewed through June and July 20 21, respectively.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for short-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_ShortTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration