Borrowings (Tables)

12 Months Ended

May 31, 2021

Debt Disclosure [Abstract]

Description of Long-Term Debt

A description of long-term debt follows:

May 31,	2021		2020
(In thousands)
Revolving credit facility with a syndicate of banks, through October 31, 2023(1)	$	336,996	$	419,317
Accounts receivable securitization program with two banks, through May 21, 2024 (2)		-		79,756
Unsecured 3.45% senior notes due November 15, 2022 (3)		300,387		300,615
Unsecured $100M Term Loan due February 21, 2023 (4)		99,880		99,810
Unsecured $300M Term Loan due February 21, 2023 (4)		299,640		299,431
Unsecured 3.75% notes due March 15, 2027 (5)		397,527		397,058
Unsecured 4.55% senior notes due March 1, 2029 (6)		346,904		346,514
Unsecured 5.25% notes due June 1, 2045 (7)		298,745		298,668
Unsecured 4.25% notes due January 15, 2048 (8)		296,714		296,590
Other obligations, including finance leases and unsecured notes payable at various rates    of interest due in installments through 2027		3,033		1,421
		2,379,826		2,539,180
Less:  current portion		1,282		80,890
Total Long-Term Debt, Less Current Maturities	$	2,378,544	$	2,458,290

(1) 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).  Interest at May 31, 2020 was tied to LIBOR and averaged 1.5505% for USD denominated debt ($218.3 million), 1.4650% for AUD denominated debt ($37.2 million) and 1.3750% on EUR denominated debt ($167.5 million).  At May 31, 2021 and 2020, the revolving credit facility is adjusted for debt issuance costs, net of amortization, for approximately $2.6 million and $3.7 million, respectively.

(2) At May 31, 2020, the accounts receivable securitization program is adjusted for debt issuance costs, net of amortization, of approximately $0.2 million, respectively.

(3) The $300.0 million face amount of the notes due 2022 is adjusted for the amortization of the original issue discount and mark-to-market derivative asset of approximated $0.1 million and ($0.8 million) at May 31, 2021 and approximated $0.1 million and ($1.3 million) at May 31, 2020, 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, 2021 and 2020, the notes are reduced by debt issuance costs, net of amortization, for approximately $0.4 million and $0.6 million, respectively.

(4) At May 31, 2021 and 2020, the Term Loan is adjusted for deferred financing fees, net of amortization, of approximately $0.5 million and $0.8 million, respectively.

(5) 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 and $0.3 million at May 31, 2021 and 2020, 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, 2021 and 2020, the notes are adjusted for debt issuance costs, net of amortization, for approximately $2.3 million and $2.6 million, respectively.

(6) 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 and $0.5 million at May 31, 2021 and 2020, 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, was 4.568%.  At May 31, 2021 and 2020, the notes were adjusted for debt issuance costs, net of amortization, for approximately $2.7 million and $3.0 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 $1.4 million at May 31, 2021 and 2020. 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 $2.9 million at May 31, 2021 and 2020.  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, 2021 and 2020, the notes are adjusted for debt issuance costs, net of amortization, for approximately $2.8 million and $2.9 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 $3.3 million and $3.4 million at May 31, 2021 and 2020, respectively. The effective interest rate on the notes is 4.25%.