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Borrowings (Tables) | 12 Months Ended
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May 31, 2022
Debt Disclosure [Abstract] |
Description of Long-Term Debt | A description of long-term debt follows:
May 31, |  | 2022 |  |  | 2021 |
(In thousands) |  |  |  |  |  |
Revolving credit facility with a syndicate of banks, through October 31, 2023(1) |  | $ | 442,249 |  |  | $ | 336,996 |
Accounts receivable securitization program with two banks, through May 21, 2024 |  |  | - |  |  |  | - |
Unsecured 3.45% senior notes due November 15, 2022 (2) |  |  | 300,119 |  |  |  | 300,387 |
Unsecured $100 M Term Loan due February 21, 2023 |  |  | - |  |  |  | 99,880 |
Unsecured $300 M Term Loan due February 21, 2023 (3) |  |  | 299,798 |  |  |  | 299,640 |
Unsecured 3.75% notes due March 15, 2027 (4) |  |  | 397,842 |  |  |  | 397,527 |
Unsecured 4.55% senior notes due March 1, 2029 (5) |  |  | 347,295 |  |  |  | 346,904 |
Unsecured 2.95% notes due January 15, 2032 (6) |  |  | 296,455 |  |  |  | - |
Unsecured 5.25% notes due June 1, 2045 (7) |  |  | 298,836 |  |  |  | 298,745 |
Unsecured 4.25% notes due January 15, 2048 (8) |  |  | 296,836 |  |  |  | 296,714 |
Other obligations, including finance leases and unsecured notes payable at various rates of interest due in installments through 2027 |  |  | 7,179 |  |  |  | 3,033 |
|  |  | 2,686,609 |  |  |  | 2,379,826 |
Less: current portion |  |  | 603,454 |  |  |  | 1,282 |
Total Long-Term Debt, Less Current Maturities |  | $ | 2,083,155 |  |  | $ | 2,378,544 |
(1) Interest at May 31, 2022 was tied to LIBOR and averaged 2.3699% for the USD denominated swingline account ($37.7 million), 2.3096% for the USD denominated revolver ($60.0 million), and 1.25% on EUR denominated debt ($346.1 million). Interest at May 31, 2021 was tied to LIBOR and averaged 1.4609% for USD denominated debt ($37.7 million), 1.3950% for AUD denominated debt ($44.0 million) and 1.3750% on EUR denominated debt ($257.9 million). At May 31, 2022 and 2021, the revolving credit facility is adjusted for debt issuance costs, net of amortization, for approximately $1.5 million and $2.6 million, respectively. (2) The $300.0 million face amount of the notes due 2022 is adjusted for the mark-to-market derivative asset of approximated ($0.3 million) and ($0.8 million) at May 31, 2022 and 2021, 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 3.465%. At May 31, 2022 and 2021, the notes are reduced by debt issuance costs, net of amortization, for approximately $0.1 million and $0.4 million, respectively. (3) At May 31, 2022 and 2021, the Term Loan is adjusted for deferred financing fees, net of amortization, of approximately $0.2 million and $0.5 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 $0.3 million and $0.2 million at May 31, 2022 and 2021, 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, 2022 and 2021, the notes are adjusted for debt issuance costs, net of amortization, for approximately $1.9 million and $2.3 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 $0.4 million at both May 31, 2022 and 2021. 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, 2022 and 2021, the notes were adjusted for debt issuance costs, net of amortization, for approximately $2.3 million and $2.7 million, respectively. (6) The $300.0 million face amount of the notes due 2032 is adjusted for the amortization of the original issue discount, which approximated $0.6 million at May 31, 2022. 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 2.976%. At May 31, 2022, the notes are adjusted for debt issuance costs, net of amortization, for approximately $2.9 million. (7) 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 and $1.4 million at May 31, 2022 and 2021, 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 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 $2.8 million and $2.9 million at May 31, 2022 and 2021, respectively. 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, 2022 and 2021, the notes are adjusted for debt issuance costs, net of amortization, for approximately $2.6 million and $2.8 million, respectively. (8) The $300.0 million face amount of the notes due 2048 is adjusted for the debt issuance cost, net of amortization, which approximated $3.2 million and $3.3 million at May 31, 2022 and 2021, respectively. The effective interest rate on the notes is 4.25%.

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