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Borrowings (Tables) | 12 Months Ended
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May 31, 2019
Debt Disclosure [Abstract] |
Description of Long-Term Debt | A description of long-term debt follows:
May 31, |  | 2019 |  |  | 2018 |
(In thousands) |  |  |  |  |  |  |  |
Revolving credit facility with a syndicate of banks, through October 31, 2023(1) |  | $ | 336,442 |  |  | $ | 235,774 |
Accounts receivable securitization program with two banks, through May 8, 2020 (2) |  |  | 99,887 |  |  |  | - |
Unsecured 6.125% senior notes due October 15, 2019(3) |  |  | 450,454 |  |  |  | 451,658 |
Unsecured $205,000 face value at maturity 2.25% senior convertible notes due December 15, 2020 |  |  | - |  |  |  | 196,865 |
Unsecured 3.45% senior notes due November 15, 2022 |  |  | 299,257 |  |  |  | 295,596 |
Unsecured 3.75% notes due March 15, 2027 (4) |  |  | 396,586 |  |  |  | 396,110 |
Unsecured 4.55% senior notes due March 1, 2029(5) |  |  | 346,006 |  |  |  | - |
Unsecured 5.25% notes due June 1, 2045(6) |  |  | 298,589 |  |  |  | 298,514 |
Unsecured 4.25% notes due January 15, 2048 (7) |  |  | 296,467 |  |  |  | 296,344 |
Other obligations, including capital leases and unsecured notes payable at various rates of interest due in installments through 2021 |  |  | 2,220 |  |  |  | 3,283 |
|  |  | 2,525,908 |  |  |  | 2,174,144 |
Less: current portion |  |  | 552,446 |  |  |  | 3,501 |
Total Long-Term Debt, Less Current Maturities |  | $ | 1,973,462 |  |  | $ | 2,170,643 |
(1) | Interest at May 31, 2019 was tied to LIBOR and averaged 3.6805% for USD denominated debt ($14,268), 2.69% for AUD denominated debt ($34,558), 3.23% on CAD denominated debt ($131,738) and 1.25% on EUR denominated debt ($159,745). Interest was tied to AUD at May 31, 2018, and averaged 2.925% for AUD denominated debt ($23,309) and 0.675% on EUR denominated debt ($213,708). At May 31, 2019 and 2018, the revolving credit facility is adjusted for debt issuance costs, net of amortization, for approximately $3.9 million and $1.2 million, respectively.
(2) | At May 31, 2019, the accounts receivable securitization program is adjusted for debt issuance cost, net of amortization, for approximately $0.1 million.
(3) | Includes the combination of the October 2009 initial issuance of $300.0 million aggregate principal amount and the May 2011 issuance of an additional $150.0 million aggregate principal amount of these notes. The effective interest rate on the notes issued in October 2009, including the amortization of the discount, is 6.139%. The additional $150.0 million aggregate principal amount of the notes due 2019 issued in May 2011 is adjusted for the unamortized premium received at issuance, which approximated $0.7 million and $2.3 million at May 31, 2019 and 2018, respectively. The premium effectively increased the proceeds from the financing. The effective interest rate on the $150.0 million notes issued in May 2011 is 4.934%. At May 31, 2019 and 2018, the notes are adjusted for debt issuance costs, net of amortization, for approximately $0.2 million and $0.6 million, respectively.
(4) | The $400.0 million face amount of the notes due 2027 is adjusted for the amortization of the original issue discount, which approximated $0.4 million and $0.5 million at May 31, 2019 and 2018, 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 3.767%. At May 31, 2019 and 2018, the notes are adjusted for debt issuance costs, net of amortization, for approximately $3.0 million and $3.4 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 $0.5 million at May 31, 2019. 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, 2019, the notes were adjusted for debt issuance costs, net of amortization, for approximately $3.5 million.
(6) | The $250.0 million face amount of the notes due 2045 is adjusted for the amortization of the original issue discount, which approximated $1.4 million at May 31, 2019 and 2018. 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 $3.0 million at May 31, 2019 and 2018. 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, 2019 and 2018, the notes are adjusted for debt issuance costs, net of amortization, for approximately $3.0 million and $3.1 million, respectively.
(7) | The $300.0 million face amount of the notes due 2048 is adjusted for the debt issuance cost, net of amortization, which approximated $3.5 million and $3.6 million at May 31, 2019 and 2018, respectively. The effective interest rate on the notes is 4.25%.

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