Financing Arrangements (Tables)

12 Months Ended

Nov. 30, 2019

Financing Arrangements [Abstract]

Components Of Outstanding Debt

Our outstanding debt, including capital leases, was as follows at November 30:

(millions)	2019			2018
Short-term borrowings
Commercial paper	$	575.3		$	509.9
Other	25.4			50.1
	$	600.7		$	560.0
Weighted-average interest rate of short-term borrowings at year-end	2.5		%	2.9		%
Long-term debt
Term loan due 8/17/2020(1)	$	—		$	130.0
3.90% notes due 7/8/2021(2)	250.0			250.0
2.70% notes due 8/15/2022	750.0			750.0
Term loan due 8/17/2022(1)	250.0			556.3
3.50% notes due 8/19/2023(3)	250.0			250.0
3.15% notes due 8/15/2024	700.0			700.0
3.25% notes due 11/15/2025(4)	250.0			250.0
3.40% notes due 8/15/2027(5)	750.0			750.0
4.20% notes due 8/15/2047	300.0			300.0
7.63%–8.12% notes due 2024	55.0			55.0
Other, including capital leases	171.6			180.5
Unamortized discounts, premiums, debt issuance costs and fair value adjustments(6)	(3.1		)	(35.4		)
	3,723.5			4,136.4
Less current portion	97.7			83.5
	$	3,625.8		$	4,052.9

(1) 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.

(2) 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%.

(3) 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%.

(4) 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, 2019 was 3.13%).

(5)

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%. The fixed interest rate on $250 million of the 3.40% notes due in 2027 is effectively converted to a variable rate by interest rate swaps through 2027. Net interest payments are based on 3-month LIBOR plus 0.685% during this period (our effective rate as of November 30, 2019 was

Maturities Of Long-Term Debt

Maturities of long-term debt, including capital leases, during the fiscal years subsequent to November 30, 2019 are as follows (in millions):

2020	$	97.7
2021	341.1
2022	864.2
2023	257.8
2024	763.1
Thereafter	1,402.7

Rental Expense Under Operating Leases

Future annual fixed rental payments under operating leases for the years ended November 30 are as follows (in millions):

2020	$	41.8
2021	35.7
2022	25.8
2023	16.0
2024	10.6
Thereafter	32.3