Debt

9 Months Ended

Feb. 28, 2022

Debt Disclosure [Abstract]

Debt

NOTE J – Debt

We maintain a $500,000,000 multi-year revolving credit facility (the “Credit Facility”) with a group of lenders.  On August 20, 2021, the Company amended and restated the Credit Facility, extending the final maturity from February 16, 2023 to August 20, 2026 while keeping in place the $500,000,000 aggregate commitments under the Credit Facility. Borrowings under the Credit Facility have maturities of up to one year.  We have the option to borrow at rates equal to an applicable margin over the Daily LIBOR Rate, the Prime Rate of PNC Bank, National Association or the Overnight Bank Funding Rate.  The Credit Facility contains customary LIBOR benchmark replacement language.  The applicable margin is determined by our credit rating.  Borrowings outstanding under the Credit Facility totaled $104,000,000 at February 28, 2022, leaving $396,000,000 available for future use.