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v3.24.2

Borrowings - Description of Long Term Debt (Detail) - USD ($) $ in Thousands | May 31, 2024 | May 31, 2023
--- | --- | ---
Debt Instrument [Line Items] |  |  |
Long-term debt including finance lease |  | $ 2,127,148 | $ 2,683,809
Less: current portion |  | 136,213 | 178,588
Long-term debt, less current maturities |  | 1,990,935 | 2,505,221
Revolving Credit Facility |  |  |
Debt Instrument [Line Items] |  |  |
Debt | [1] | 342,630 | 610,947
Accounts Receivable Securitization Program with Two Banks, through May 19, 2025 |  |  |
Debt Instrument [Line Items] |  |  |
Debt | [2] | 129,813 | 174,885
Unsecured Term Loan due August 1, 2025 |  |  |
Debt Instrument [Line Items] |  |  |
Debt | [3] |  | 249,772
Unsecured 3.75% notes due March 15, 2027 |  |  |
Debt Instrument [Line Items] |  |  |
Debt | [4] | 398,728 | 398,292
Unsecured 4.55% senior notes due March 1, 2029 |  |  |
Debt Instrument [Line Items] |  |  |
Debt | [5] | 348,082 | 347,686
Unsecured 2.95% notes due January 15, 2032 |  |  |
Debt Instrument [Line Items] |  |  |
Debt | [6] | 297,176 | 296,815
Unsecured 5.25% notes due June 1, 2045 |  |  |
Debt Instrument [Line Items] |  |  |
Debt | [7] | 298,987 | 298,913
Unsecured 4.25% notes due January 15, 2048 |  |  |
Debt Instrument [Line Items] |  |  |
Debt | [8] | 297,080 | 296,962
Other Borrowings |  |  |
Debt Instrument [Line Items] |  |  |
Long-term debt including finance lease |  | $ 14,652 | $ 9,537
[1] | Interest as of May 31, 2024 was 6.5300% for the USD denominated swingline account, which is tied to SOFR; 5.0546% on EUR denominated debt which is tied to ESTR; and 6.3326% on GBP denominated debt, which is tied to the Sterling Overnight Index Average. The debt balances outstanding, excluding deferred financing fees, as of May 31, 2024 for the USD denominated swingline, EUR denominated revolver, and GBP denominated debt were as follows: $15.8 million, $299.4 million, and $29.5 million. Interest as of May 31, 2023 was 6.2600% for the USD denominated swingline account, which is tied to SOFR; 6.3600% for the USD denominated revolver, which is tied to SOFR; 4.2926% on EUR denominated debt which is tied to ESTR; 5.5607% on GBP denominated debt, which is tied to the Sterling Overnight Index Average; and 4.9200% on AUD denominated debt, which is tied to the Reserve Bank of Australia rate. The debt balances outstanding, excluding deferred financing fees, as of May 31, 2023 for the USD denominated swingline, USD denominated revolver, EUR denominated revolver, GBP denominated debt, and AUD denominated debt were as follows: $8.2 million, $30.0 million, $527.6 million, $46.7 million, and $1.2 million. As of May 31, 2024 and 2023, the revolving credit facility is adjusted for debt issuance costs, net of amortization, for approximately $2.1 million and $2.8 million, respectively.
[2] | As of May 31, 2024, the accounts receivable securitization program is adjusted for debt issuance costs, net of amortization, of approximately $0.2 million.
[3] | On December 27, 2023, we prepaid the $250.0 million of principal outstanding on our term loan which had a maturity date of August 1, 2025. As of May 31, 2023, the term loan was adjusted for deferred financing fees, net of amortization, of approximately $0.2 million.
[4] | The $400.0 million face amount of the notes due 2027 is adjusted for the amortization of the original issue discount, which approximated $0.2 million at May 31, 2024 and 2023. 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, 2024 and 2023, the notes are adjusted for debt issuance costs, net of amortization, for approximately $1.1 million and $1.5 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 $0.3 million at May 31, 2024 and 2023. 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, 2024 and 2023, the notes are adjusted for debt issuance costs, net of amortization, for approximately $1.6 million and $2.0 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 $0.5 million and $0.6 million at May 31, 2024 and 2023, 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 2.976%. At May 31, 2024 and 2023, the notes are adjusted for debt issuance costs, net of amortization, for approximately $2.3 million and $2.6 million, respectively.
[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 at May 31, 2024 and 2023. 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 $2.7 million at May 31, 2024 and 2023. 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, 2024 and 2023, the notes are adjusted for debt issuance costs, net of amortization, for approximately $2.4 million and $2.5 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 $2.9 million and $3.0 million at May 31, 2024 and 2023, respectively. The effective interest rate on the notes is 4.25%.

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