v3.26.1
Borrowings
 3 Months Ended
May 31, 2026
Debt Disclosure [Abstract]  
BORROWINGS BORROWINGS
Borrowings consist of the following:
May 31, 2026February 28,
2026
CurrentLong-termTotalTotal
(in millions)
Short-term borrowings
Commercial paper$336.3 $272.0 
$336.3 $272.0 
Long-term debt
Senior notes$1,098.8 $9,086.4 $10,185.2 $10,285.3 
Other3.8 8.5 12.3 11.2 
$1,102.6 $9,094.9 $10,197.5 $10,296.5 

2025 Credit Agreement
The Company, CB International, the Administrative Agent, and certain other lenders are parties to the 2025 Credit Agreement. Information with respect to borrowings under the 2025 Credit Agreement is as follows:
Outstanding
borrowings		Interest
rate		SOFR
margin		Outstanding
letters of
credit
Remaining
borrowing
capacity (1)
(in millions)
May 31, 2026
Revolving credit facility (2) (3)
$— — %— %$10.9 $1,902.6 
February 28, 2026
Revolving credit facility (2) (3)
$— — %— %$11.3 $1,966.6 
(1)Net of outstanding revolving credit facility borrowings and outstanding letters of credit under the 2025 Credit Agreement, and outstanding borrowings under our commercial paper program of $336.5 million and $272.1
million (excluding unamortized discount) as of May 31, 2026, and February 28, 2026, respectively (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 28, 2030. Includes a sub-facility for letters of credit of up to $200.0 million.

We and our subsidiaries are subject to covenants that are contained in the 2025 Credit Agreement, including those restricting the incurrence of additional subsidiary indebtedness, additional liens, mergers and consolidations, transactions with affiliates, and sale and leaseback transactions, in each case subject to numerous conditions, exceptions, and thresholds. The financial covenants are limited to a minimum interest coverage ratio and a maximum net leverage ratio.

Commercial paper program
We have a commercial paper program which provides for the issuance of up to an aggregate principal amount of $2.25 billion of commercial paper. Our commercial paper program is backed by unused commitments under our revolving credit facility under our 2025 Credit Agreement. Accordingly, outstanding borrowings under our commercial paper program reduce the amount available under our revolving credit facility. Information with respect to our outstanding commercial paper borrowings is as follows:
May 31,
2026		February 28,
2026
(in millions)
Outstanding borrowings (1)
$336.3 $272.0 
Weighted average annual interest rate4.1 %3.9 %
Weighted average remaining term5 days6 days
(1)Outstanding commercial paper borrowings are net of unamortized discount.

Senior notes
In May 2026, we issued $500.0 million aggregate principal amount of 4.85% senior notes due May 2031. Proceeds from this offering, net of discount and debt issuance costs, were $496.8 million. Interest on the 4.85% May 2026 Senior Notes is payable semiannually on May 6 and November 6 of each year, beginning November 6, 2026. The 4.85% May 2026 Senior Notes are redeemable, in whole or in part, at our option at any time prior to April 6, 2031, at a redemption price equal to 100% of the outstanding principal amount, plus accrued and unpaid interest and a make-whole payment based on the present value of the future payments at the adjusted treasury rate, as defined in the applicable indenture, plus 15 basis points. On or after April 6, 2031, we may redeem the 4.85% May 2026 Senior Notes, in whole or in part, at our option at any time at a redemption price equal to 100% of the outstanding principal amount, plus accrued and unpaid interest. The 4.85% May 2026 Senior Notes are senior unsecured obligations which rank equally in right of payment to all of our existing and future senior unsecured indebtedness.

On May 18, 2026, we redeemed $600.0 million aggregate principal amount of 3.70% December 2016 Senior Notes prior to maturity using proceeds from the 4.85% May 2026 Senior Notes and commercial paper borrowings at a redemption price equal to 100% of the outstanding principal amount plus accrued and unpaid interest.
Debt payments
As of May 31, 2026, the required principal repayments under long-term debt obligations (excluding unamortized debt issuance costs and unamortized discounts of $45.2 million and $19.6 million, respectively) for the remaining nine months of Fiscal 2027 and for each of the five succeeding fiscal years and thereafter are as follows:
(in millions)
Fiscal 2027$2.8 
Fiscal 20281,803.0 
Fiscal 2029902.4 
Fiscal 2030802.0 
Fiscal 20311,101.4 
Fiscal 20321,500.6 
Thereafter4,150.1 
$10,262.3