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Long-Term Financing (Tables) | 12 Months Ended
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May 31, 2021
Financing [Abstract] |
Schedule of Long-Term Debt | Long-term debt, at amortized cost, consisted of the following as of:
|  | May 31,
In millions |  | 2021 |  | 2020
Senior Notes, Series A |  | $ | 400.0 |  | $ | 400.0
Senior Notes, Series B |  |  | 400.0 |  |  | 400.0
Total long-term borrowings |  |  | 800.0 |  |  | 800.0
Less: Debt issuance costs, net of accumulated amortization |  |  | (2.7) |  |  | (3.2)
Long-term borrowings, net of debt issuance costs |  | $ | 797.3 |  | $ | 796.8
Certain information related to the Senior Notes, Series A and Senior Notes, Series B (collectively the “Notes”) issued pursuant to the Note Purchase and Guarantee Agreement (the “Agreement”) for fiscal 2021 and fiscal 2020 are as follows:
|  |  | Senior Notes | Senior Notes
|  |  | Series A | Series B
Stated interest rate |  |  | 4.07% | 4.25%
Effective interest rate |  |  | 4.15% | 4.31%
Interest rate type |  |  | Fixed | Fixed
Interest payment dates |  |  | Semi-annual, in arrears | Semi-annual, in arrears
Principal payment dates |  |  | March 13, 2026 | March 13, 2029
Note type |  |  | Unsecured | Unsecured

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