XML 92 R76.htm IDEA: XBRL DOCUMENT v3.21.2
Borrowings - Additional Information (Detail) - USD ($)
3 Months Ended 12 Months Ended
Mar. 18, 2021
Apr. 30, 2020
Feb. 21, 2020
Dec. 20, 2017
May 09, 2014
Oct. 23, 2012
Nov. 30, 2018
May 31, 2021
May 31, 2020
May 31, 2015
Aug. 31, 2021
May 22, 2020
Feb. 27, 2019
Mar. 02, 2017
May 29, 2015
Debt Instrument [Line Items]                              
Maturities of long-term debt in 2022               $ 1,400,000              
Maturities of long-term debt in 2023               701,500,000              
Maturities of long-term debt in 2024               340,200,000              
Maturities of long-term debt in 2025               500,000              
Maturities of long-term debt in 2026               300,000              
Maturities of long-term debt thereafter               1,350,900,000              
Credit facility, available liquidity               1,200,000,000              
Liquidity available               $ 1,457,100,000              
Consolidated indebtedness               57.80% 66.80%            
Credit facility borrowing potential maximum capacity               $ 1,500,000,000              
Issuance of Debt                              
Debt Instrument [Line Items]                              
Covenant leverage ratio               425.00%              
Issuance of Debt | Scenario Forecast                              
Debt Instrument [Line Items]                              
Covenant leverage ratio                     425.00%        
Accounts Receivable Securitization Program with Two Banks, through May 21, 2024                              
Debt Instrument [Line Items]                              
Credit facility borrowing maximum capacity $ 250,000,000       $ 200,000,000.0     $ 250,000,000.0       $ 250,000,000.0      
Credit facility expiration date May 21, 2024       May 21, 2021                    
Percentage of indirect economic interest held in SPE         100.00%                    
Outstanding balance               0              
Unsecured senior notes, maturity date [1]                 May 21, 2024            
Unsecured 3.45% senior notes due November 15, 2022                              
Debt Instrument [Line Items]                              
Issuance of note           $ 300,000,000   $ 300,000,000.0 $ 300,000,000.0            
Debt, interest rate           3.45%   3.45% [2] 3.45% [2]            
Proceeds from issuance of note           $ 297,700,000                  
Unsecured senior notes, maturity date [2]               Nov. 15, 2022 Nov. 15, 2022            
Unsecured 5.25% notes due June 1, 2045                              
Debt Instrument [Line Items]                              
Issuance of note                           $ 50,000,000.0 $ 250,000,000
Debt, interest rate               5.25% [3] 5.25% [3]         5.25% 5.25%
Note Interest payment frequency, term               Interest on the 2045 Notes is payable semiannually in arrears on June 1st and December 1st of each year at a rate of 5.250% per year              
Unsecured senior notes, maturity date [3]               Jun. 01, 2045 Jun. 01, 2045            
Unsecured 3.75% notes due March 15, 2027                              
Debt Instrument [Line Items]                              
Issuance of note               $ 400,000,000.0 $ 400,000,000.0         $ 400,000,000.0  
Debt, interest rate               3.75% [4] 3.75% [4]         3.75%  
Note Interest payment frequency, term               Interest on the 2027 Notes is payable semiannually in arrears on March 15th and September 15th of each year, at a rate of 3.750% per year              
Unsecured senior notes, maturity date [4]               Mar. 15, 2027 Mar. 15, 2027            
Unsecured 4.55% senior notes due March 1, 2029                              
Debt Instrument [Line Items]                              
Issuance of note               $ 350,000,000.0 $ 350,000,000.0       $ 350,000,000.0    
Debt, interest rate               4.55% [5] 4.55% [5]       4.55%    
Note Interest payment frequency, term               Interest on the 2029 Notes accrues from February 27, 2019 and is payable semiannually in arrears on March 1st and September 1st of each year, beginning September 1, 2019, at a rate of 4.550% per year.              
Unsecured senior notes, maturity date [5]               Mar. 01, 2029 Mar. 01, 2029            
Unsecured 4.25% notes due January 15, 2048                              
Debt Instrument [Line Items]                              
Issuance of note       $ 300,000,000.0       $ 300,000,000.0 $ 300,000,000.0            
Debt, interest rate       4.25%       4.25% [6] 4.25% [6]            
Note Interest payment frequency, term               Interest on the 2048 Notes accrues from December 20, 2017 and is payable semiannually in arrears on January 15th and July 15th of each year, beginning July 15, 2018, at a rate of 4.250% per year.              
Unsecured senior notes, maturity date [6]               Jan. 15, 2048 Jan. 15, 2048            
Unsecured 6.50% senior notes due February 15, 2018                              
Debt Instrument [Line Items]                              
Debt, interest rate       6.50%                      
Unsecured senior notes, maturity date               Feb. 15, 2018              
Repayments of unsecured senior notes       $ 250,000,000.0                      
Minimum | Issuance of Debt                              
Debt Instrument [Line Items]                              
Covenant leverage ratio               375.00%              
Interest coverage ratio               350.00%              
Minimum | Accounts Receivable Securitization Program with Two Banks, through May 21, 2024                              
Debt Instrument [Line Items]                              
Monthly unused commitment fee               0.30%              
Maximum | Accounts Receivable Securitization Program with Two Banks, through May 21, 2024                              
Debt Instrument [Line Items]                              
Monthly unused commitment fee               0.50%              
Margin                              
Debt Instrument [Line Items]                              
Basis spread on variable rate               0.85%              
Revolving Credit Facility                              
Debt Instrument [Line Items]                              
Credit facility, available liquidity               $ 960,400,000              
Credit facility borrowing maximum capacity             $ 1,300,000,000     $ 800,000,000.0          
Credit facility expiration date             Oct. 31, 2023     Dec. 05, 2019          
Payment of basis point fee   0.10%                          
Interest coverage ratio               1224.00%              
Leverage ratio                 217.00%            
Unsecured senior notes, maturity date [7]               Oct. 31, 2023 Oct. 31, 2023            
Revolving Credit Facility | Minimum                              
Debt Instrument [Line Items]                              
Covenant leverage ratio   375.00%                          
Acquisition aggregate consideration   $ 100,000,000.0                          
Revolving Credit Facility | Maximum                              
Debt Instrument [Line Items]                              
Covenant leverage ratio   425.00%                          
Revolving Credit Facility | Euro-Rate | Investment Grade                              
Debt Instrument [Line Items]                              
Basis spread on variable rate   1.75%                          
Revolving Credit Facility | Euro-Rate | Non-Investment Grade                              
Debt Instrument [Line Items]                              
Basis spread on variable rate   2.00%                          
Revolving Credit Facility | Base Rate | Investment Grade                              
Debt Instrument [Line Items]                              
Basis spread on variable rate   0.75%                          
Revolving Credit Facility | Base Rate | Non-Investment Grade                              
Debt Instrument [Line Items]                              
Basis spread on variable rate   1.00%                          
New Credit Facility                              
Debt Instrument [Line Items]                              
Credit facility expiration date     Feb. 21, 2023                        
Debt, interest rate     0.612%                        
New Credit Facility | Foreign Borrower                              
Debt Instrument [Line Items]                              
Debt, interest rate     0.558%                        
New Credit Facility | Issuance of Debt                              
Debt Instrument [Line Items]                              
Covenant leverage ratio               375.00%              
New Credit Facility | Term Loan                              
Debt Instrument [Line Items]                              
Credit facility borrowing maximum capacity     $ 300,000,000                        
New Credit Facility | Term Loan | Foreign Borrower                              
Debt Instrument [Line Items]                              
Credit facility borrowing maximum capacity     $ 100,000,000                        
New Credit Facility | Minimum | Issuance of Debt                              
Debt Instrument [Line Items]                              
Interest coverage ratio               350.00%              
Aggregate consideration for acquisition               $ 50,000,000              
New Credit Facility | Maximum | Issuance of Debt                              
Debt Instrument [Line Items]                              
Covenant leverage ratio   425.00%           425.00%              
[1] At May 31, 2020, the accounts receivable securitization program is adjusted for debt issuance costs, net of amortization, of approximately $0.2 million, respectively.
[2] 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.
[3] 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.
[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 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.
[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 $0.4 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.
[6] 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%.
[7] 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.