Financing Arrangements (Tables)

12 Months Ended

Nov. 30, 2023

Financing Arrangements [Abstract]

Components Of Outstanding Debt

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

(millions)	2023			2022
Short-term borrowings
Commercial paper	$	269.4		$	1,224.6
Other	2.8			12.1
	$	272.2		$	1,236.7
Weighted-average interest rate of short-term borrowings at year-end	5.5		%	4.2		%
Long-term debt
3.50% notes due 9/1/2023	—			250.0
3.15% notes due 8/15/2024	700.0			700.0
3.25% notes due 11/15/2025(1)	250.0			250.0
0.90% notes due 2/15/2026	500.0			500.0
3.40% notes due 8/15/2027(2)	750.0			750.0
2.50% notes due 4/15/2030(3)	500.0			500.0
1.85% notes due 2/15/2031	500.0			500.0
4.95% notes due 4/15/2033(4)	500.0			—
4.20% notes due 8/15/2047	300.0			300.0
7.63%–8.12% notes due 2024	55.0			55.0
Other, including finance leases	159.1			176.1
Unamortized discounts, premiums, debt issuance costs and fair value adjustments(5)	(74.9)			(68.2)
	4,139.2			3,912.9
Less current portion	799.3			270.6
	$	3,339.9		$	3,642.3

(1)Interest rate swaps, settled upon the issuance of these notes, effectively set the interest rate on the $250 million notes at a weighted-average fixed rate of 3.45%. Separately, 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 USD SOFR plus 1.487% (previously U.S. three-month LIBOR plus 1.22%) with an effective variable rate of 6.94% as of November 30, 2023.

(2)Interest rate swaps, settled upon the issuance of these notes, effectively set the interest rate on the $750 million notes at a weighted-average fixed rate of 3.44%. Separately, 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 USD SOFR plus 0.907% (previously U.S. three-month LIBOR plus 0.685%) with an effective rate of 6.32% as of November 30, 2023.

(3)Interest rate swaps, settled upon the issuance of these notes, effectively set the interest rate on the $500 million notes at a weighted-average fixed rate of 2.62%. Separately, the fixed interest rate on $250 million of the 2.50% notes due in 2030 is effectively converted to a variable rate by interest rate swaps through 2030. Net interest payments are based on USD SOFR plus 0.684% with an effective rate of 6.13% as of November 30, 2023.

(4)Treasury lock agreements, settled upon issuance of these notes, effectively set the interest rate on these $500 million notes at a weighted-average fixed rate of 5.00%.

(5)Includes unamortized discounts, premiums and debt issuance costs of $(25.4) million and $(25.9) million as of November 30, 2023 and 2022, respectively.  Includes fair value adjustment associated with interest rate swaps designated as fair value hedges of $(49.5) million and $(42.3) million as of November 30, 2023 and 2022, respectively.

Maturities Of Long-Term Debt

Maturities of long-term debt, including finance leases, during the fiscal years subsequent to November 30, 2023 are as follows (in millions):

2024	$	799.3
2025	269.8
2026	509.3
2027	759.7
2028	10.4
Thereafter	1,865.6