Borrowings (Tables)

3 Months Ended

May 31, 2022

Debt Disclosure [Abstract]

Borrowings

Borrowings consist of the following:

	May 31, 2022						February 28, 2022
	Current		Long-term		Total		Total
(in millions)
Short-term borrowings
Commercial paper	$	124.0					$	323.0
	$	124.0					$	323.0
Long-term debt
Term loan credit facilities	$	—	$	300.0	$	300.0	$	300.0
Senior notes	567.4		9,965.7		10,533.1		9,773.6
Other	7.7		12.5		20.2		19.9
	$	575.1	$	10,278.2	$	10,853.3	$	10,093.5

As of May 31, 2022, aggregate credit facilities under the 2022 Credit Agreement and the 2022 Term Credit Agreement consist of the following:

	Amount		Maturity
(in millions)
2022 Credit Agreement
Revolving credit facility (1) (2)	$	2,250.0	Apr 14, 2027
2022 Term Credit Agreement
Five-Year Term Facility (1) (3)	$	491.3	Jun 28, 2024

(1)Contractual interest rate varies based on our debt rating (as defined in the respective 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.

(2)We and/or CB International are the borrower under the $2,250.0 million revolving credit facility. Includes a sub-facility for letters of credit of up to $200.0 million.

(3)We are the borrower under the Five-Year Term Facility.

As of May 31, 2022, information with respect to borrowings under the 2022 Credit Agreement and the 2022 Term Credit Agreement is as follows:

	Outstanding borrowings		Interest rate		SOFR margin		Outstanding letters of credit		Remaining borrowing capacity (1)
(in millions)
2022 Credit Agreement
Revolving credit facility	$	—	—	%	—	%	$	12.0	$	2,114.0
2022 Term Credit Agreement
Five-Year Term Facility	$	300.0	1.7	%	0.88	%

(1)Net of outstanding revolving credit facility borrowings and outstanding letters of credit under the 2022 Credit Agreement and outstanding borrowings under our commercial paper program of $124.0 million (excluding unamortized discount) (see “Commercial paper program” below).

The May 2022 Senior Notes consist of:

			Date of		Redemption
	Principal		Maturity	Interest Payments	Stated Redemption Date	Stated Basis Points
(in millions, except basis points)
3.60% Senior Notes (1)	$	550.0	May 2024	May/Nov	(2)	15
4.35% Senior Notes (1) (3)	$	600.0	May 2027	May/Nov	Apr 2027	25
4.75% Senior Notes (1) (3)	$	700.0	May 2032	May/Nov	Feb 2032	30

(1)Senior unsecured obligations which rank equally in right of payment to all of our existing and future senior unsecured indebtedness.

(2)Redeemable, 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 and a make-whole payment based on the present value of the future payments at the applicable treasury rate plus the stated basis points.

(3)Redeemable, in whole or in part, at our option at any time prior to the stated redemption date as defined in the indenture, 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 applicable treasury rate plus the stated basis points as defined in the indenture. On or after the stated redemption date, redeemable, 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.

Schedule of maturities of long-term debt

As of May 31, 2022, the required principal repayments under long-term debt obligations (excluding unamortized debt issuance costs and unamortized discounts of $63.6 million and $21.3 million, respectively) for the remaining nine months of Fiscal 2023 and for each of the five succeeding fiscal years and thereafter are as follows:

(in millions)
Fiscal 2023 (1)	$	574.1
Fiscal 2024	7.0
Fiscal 2025	1,254.0
Fiscal 2026	902.1
Fiscal 2027	600.9
Fiscal 2028	1,800.0
Thereafter	5,800.1
	$	10,938.2

(1)Includes $568.0 million remaining principal amount of the 3.20% February 2018 Senior Notes and 4.25% May 2013 Senior Notes, fully redeemed in June 2022.