v3.25.2
Borrowings (Tables)
 12 Months Ended
May 31, 2025
Debt Disclosure [Abstract]  
Description of Long-Term Debt

A description of long-term debt follows:

May 31,

 

2025

 

 

2024

 

(In thousands)

 

 

 

 

 

 

Total Long-Term Debt (1)

 

 

 

 

 

 

Revolving credit facility with a syndicate of banks, through August 1, 2027 (2)

 

$

789,023

 

 

$

344,732

 

Accounts receivable securitization program with two banks, through April 30, 2028

 

 

190,000

 

 

 

130,000

 

Unsecured 3.75% notes due March 15, 2027 (3)

 

 

399,885

 

 

 

399,822

 

Unsecured 4.55% senior notes due March 1, 2029 (3)

 

 

349,782

 

 

 

349,730

 

Unsecured 2.95% notes due January 15, 2032 (3)

 

 

299,535

 

 

 

299,472

 

Unsecured 5.25% notes due June 1, 2045 (3)

 

 

301,363

 

 

 

301,404

 

Unsecured 4.25% notes due January 15, 2048 (3)

 

 

299,992

 

 

 

299,992

 

Other obligations, including finance leases and unsecured notes payable at various rates
   of interest due in installments through 2038

 

 

28,041

 

 

 

14,652

 

Unamortized debt issuance costs

 

 

(11,008

)

 

 

(12,656

)

 

 

 

2,646,613

 

 

 

2,127,148

 

Less: current portion

 

 

7,691

 

 

 

136,213

 

Total Long-Term Debt, Less Current Maturities

 

$

2,638,922

 

 

$

1,990,935

 

 

(1)
The fiscal 2024 amounts herein were reclassified to conform with the current year presentation which shows unamortized debt issuance costs as separate line item. This presentation change did not have any impact on the previously reported debt balances.
(2)
Interest as of May 31, 2025 was 5.53% for the USD denominated swingline account, which is tied to SOFR; 3.31% on EUR denominated debt which is tied to ESTR; 5.34% on GBP denominated debt, which is tied to the Sterling Overnight Index Average (SONIA); 4.15% on CAD denominated debt, which is tied to CORRA. The debt balances outstanding, excluding deferred financing fees, as of May 31, 2025 for the USD denominated swingline, EUR denominated revolver, GBP denominated revolver, and CAD denominated revolver were as follows: $17.7 million, $271.2 million, $45.1 million, and $455.1 million.

Interest as of May 31, 2024 was 6.53% for the USD denominated swingline account, which is tied to SOFR; 5.05% on EUR denominated debt which is tied to ESTR; and 6.33% on GBP denominated debt, which is tied to the SONIA. 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.

(3)
Net of bond discounts and premiums of $0.6 million and $0.4 million at May 31, 2025 and 2024, respectively.