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Borrowings (Tables) | 6 Months Ended
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Aug. 31, 2023
Debt Disclosure [Abstract] |
Borrowings | Borrowings consist of the following:
| August 31, 2023 |  | February 28, 2023
| Current |  | Long-term |  | Total |  | Total
(in millions) |  |  |  |  |  |  |
Short-term borrowings |  |  |  |  |  |  |
Commercial paper | $ | 467.4 |  |  |  |  |  |  | $ | 1,165.3 |
| $ | 467.4 |  |  |  |  |  |  | $ | 1,165.3 |
Long-term debt |  |  |  |  |  |  |
Term loan credit facilities | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 799.2 |
Senior notes | 549.2 |  |  | 10,667.2 |  |  | 11,216.4 |  |  | 10,470.6 |
Other | 9.1 |  |  | 13.6 |  |  | 22.7 |  |  | 26.2 |
| $ | 558.3 |  |  | $ | 10,680.8 |  |  | $ | 11,239.1 |  |  | $ | 11,296.0 |
As of August 31, 2023, information with respect to borrowings under the 2022 Credit Agreement is as follows:
| Outstanding borrowings |  | Interest rate |  | SOFR margin |  | Outstanding letters of credit |  | Remaining borrowing capacity (1)
(in millions) |  |  |  |  |  |  |  |  |
2022 Credit Agreement |  |  |  |  |  |  |  |  |
Revolving credit facility (2) (3) | $ | — |  |  | — | % |  | — | % |  | $ | 11.5 |  |  | $ | 1,770.5 |
(1)Net of outstanding revolving credit facility borrowings and outstanding letters of credit under the 2022 Credit Agreement and outstanding borrowings under our commercial paper program of $468.0 million (excluding unamortized discount) (see “Commercial paper program” below). (2)Contractual interest rate varies based on our debt rating (as defined in the agreement) and is a function of SOFR plus a margin and a credit spread adjustment, or the base rate plus a margin, or, in certain circumstances where SOFR cannot be adequately ascertained or available, an alternative benchmark rate plus a margin. (3)We and/or CB International are the borrower under the $2,250.0 million revolving credit facility with a maturity date of April 14, 2027. Includes a sub-facility for letters of credit of up to $200.0 million.
Schedule of maturities of long-term debt | As of August 31, 2023, the required principal repayments under long-term debt obligations (excluding unamortized debt issuance costs and unamortized discounts of $59.1 million and $24.5 million, respectively) for the remaining six months of Fiscal 2024 and for each of the five succeeding fiscal years and thereafter are as follows:
(in millions) |
Fiscal 2024 | $ | 5.6 |
Fiscal 2025 | 956.6 |
Fiscal 2026 | 1,405.0 |
Fiscal 2027 | 603.8 |
Fiscal 2028 | 1,801.6 |
Fiscal 2029 | 500.0 |
Thereafter | 6,050.1 |
| $ | 11,322.7 |

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