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Financing Arrangements (Tables)
 12 Months Ended
Nov. 30, 2017
Financing Arrangements [Abstract]  
Components Of Outstanding Debt
Our outstanding debt was as follows at November 30:
(millions)
2017
2016
Short-term borrowings
 
 
Commercial paper
$
219.4

$
356.9

Other
38.2

33.4

 
$
257.6

$
390.3

Weighted-average interest rate of short-term borrowings at year-end
2.3
%
1.4
%
 
 
 
Long-term debt
 
 
5.75% notes due 12/15/2017(1)
$
250.0

$
250.0

Term loan due 8/17/2020(2)
500.0

—

3.90% notes due 7/8/2021(3)
250.0

250.0

2.70% notes due 8/15/2022
750.0

—

Term loan due 8/17/2022(2)
731.3

—

3.50% notes due 8/19/2023(4)
250.0

250.0

3.15% notes due 8/15/2024
700.0

—

3.25% notes due 11/15/2025(5)
250.0

250.0

3.40% notes due 8/15/2027(6)
750.0

—

4.20% notes due 8/15/2047
300.0

—

7.63%–8.12% notes due 2024
55.0

55.0

Other
19.6

11.1

Unamortized discounts, premiums, debt issuance costs and fair value adjustments
(36.4
)
(9.2
)
 
4,769.5

1,056.9

Less current portion
325.6

2.9

 
$
4,443.9

$
1,054.0



(1)
Interest rate swaps, settled upon the issuance of these notes in 2007, effectively set the interest rate on the $250 million notes at a weighted-average fixed rate of 6.25%.
(2)
As more fully described below, the term loans are prepayable in whole or in-part. Also, the term loan due in 2022 requires quarterly principal payments of 2.5% of the initial principal amount.
(3)
Interest rate swaps, settled upon the issuance of these notes in 2011, effectively set the interest rate on the $250 million notes at a weighted-average fixed rate of 4.01%.
(4)
Interest rate swaps, settled upon the issuance of these notes in 2013, effectively set the interest rate on the $250 million notes at a weighted-average fixed rate of 3.30%.
(5)
Interest rate swaps, settled upon the issuance of these notes in 2015, effectively set the interest rate on the $250 million notes at a weighted-average fixed rate of 3.45%. The fixed interest rate on $100 million of the 3.25% notes due in 2025 is effectively converted to a variable rate by interest rate swaps through 2025. Net interest payments are based on 3 month LIBOR plus 1.22% during this period (our effective rate as of November 30, 2017 was 2.64%).
(6)
Interest rate swaps, settled upon the issuance of these notes in 2017, effectively set the interest rate on the $750 million notes at a weighted-average fixed rate of 3.44%.
Maturities Of Long-Term Debt
Maturities of long-term debt during the fiscal years subsequent to November 30, 2018 are as follows (in millions):
2019
$
77.1

2020
576.8

2021
326.8

2022
1,182.6

Thereafter
2,317.0
Rental Expense Under Operating Leases
Future annual fixed rental payments(1) for the years ending November 30 are as follows (in millions):
2018
$
41.7

2019
33.4

2020
26.2

2021
20.4

2022
16.6

Thereafter
33.7



(1) In July 2016, we entered into a 15-year lease for a headquarters building in Hunt Valley, Maryland. The lease, which is expected to commence upon completion of building construction and fit-out, currently scheduled for the second half of 2018, requires monthly lease payments of approximately $0.9 million beginning six months after lease commencement. The $0.9 million monthly lease payment is subject to adjustment after an initial 60-month period and thereafter on an annual basis as specified in the lease agreement. In addition, the initial $0.9 million monthly lease payment is subject to increase in the event of agreed-upon changes to specifications related to the headquarters building. We expect to consolidate our Corporate staff and certain non-manufacturing U.S. employees, currently housed in four locations in the suburban Baltimore, Maryland area, to the new headquarters building. Due to uncertainty as to the exact date when the lease will commence, these lease payments are not reflected in the preceding table of annual fixed rental payments for the years ending November 30, 2018 through 2022 and thereafter.