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Financing Arrangements
 12 Months Ended
Nov. 30, 2025
Financing Arrangements [Abstract]  
Financing Arrangements FINANCING ARRANGEMENTS
Our outstanding debt, including finance leases, was as follows at November 30:
(millions)20252024
Short-term borrowings  
Commercial paper$351.8 $431.3 
Other29.6 51.8 
 $381.4 $483.1 
Weighted-average interest rate of short-term borrowings at year-end4.1 %4.7 %
Long-term debt
3.25% notes due 11/15/2025
$— $250.0 
0.90% notes due 2/15/2026
500.0 500.0 
3.40% notes due 8/15/2027(1)
750.0 750.0 
2.50% notes due 4/15/2030(2)
500.0 500.0 
1.85% notes due 2/15/2031
500.0 500.0 
4.95% notes due 4/15/2033(3)
500.0 500.0 
4.70% notes due 10/15/2034(4)
500.0 500.0 
4.20% notes due 8/15/2047
300.0 300.0 
Other, including finance leases104.7 119.8 
Unamortized discounts, premiums, debt issuance costs and fair value adjustments(5)
(39.8)(61.0)
3,614.9 3,858.8 
Less current portion509.1 265.2 
 $3,105.8 $3,593.6 

(1)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 4.98% as of November 30, 2025.
(2)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 4.53% as of November 30, 2025.
(3)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%.
(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 4.68%.
(5)Includes unamortized discounts, premiums, and debt issuance costs of $(21.1) million and $(26.0) million as of November 30, 2025 and 2024, respectively. Includes fair value adjustment associated with interest rate swaps designated as fair value hedges of $(18.7) million and $(35.0) million as of November 30, 2025 and 2024, respectively.
Maturities of long-term debt, including finance leases, during the fiscal years subsequent to November 30, 2025 are as follows (in millions):
2026$509.1 
2027759.8 
202810.4 
202920.7 
2030511.6 
Thereafter1,843.1 
In October 2024, we issued $500 million aggregate principal amount of 4.70% unsecured senior notes due 2034. Interest is payable semi-annually in April and October each year, beginning on April 15, 2025. As part of the issuance of new debt, we entered and settled treasury locks in a notional amount of $150 million to manage our interest rate risk associated with the issuance of the unsecured senior notes. We designated the treasury lock arrangements as cash flow hedges with the realized gain of $0.9 million to be amortized to interest expense over the life of the underlying debt.
We have available credit facilities with domestic and foreign banks for various purposes. Some of these lines are committed lines and others are uncommitted lines and could be withdrawn at various times.
In May 2025, we entered into a five-year $2.0 billion revolving credit facility which will expire in May 2030. The current pricing for the five-year credit facility, on a fully drawn basis, is Term Secured Overnight Financing Rate (SOFR) plus 1.125%. The pricing of the revolving credit facility is based on a credit rating grid that contains a fully drawn maximum pricing of the credit facility equal to Term SOFR plus 1.50%. Upon entering into the May 2025 five-year $2.0 billion revolving credit facility, we simultaneously cancelled our existing five-year $1.5 billion revolving credit facility which was set to expire in June 2026 and the 364-day $500 million revolving credit facility which was set to expire in August 2025. We previously maintained a 364-day $500 million revolving credit facility that was entered into in June 2023 and expired in June 2024. In the second quarter of 2023, we amended our five-year revolving credit facility expiring in June 2026 to no longer use LIBOR. The pricing for the five-year credit facility, on a fully drawn basis, was Term SOFR plus 1.25% (previously LIBOR plus 1.25%). The pricing of that credit facility was based on a credit rating grid that contains a fully drawn maximum pricing of the credit facility equal to Term SOFR plus 1.75% (previously LIBOR plus 1.75%). The pricing for the 364-day credit facility, on a fully drawn basis, was Term SOFR plus 1.23%. The pricing of that 364-day credit facility was also based on a credit rating grid that contained a fully drawn maximum pricing of Term SOFR plus 1.60%. These credit facilities require a fee, and commitment fees were $2.2 million, $2.3 million and $2.4 million for 2025, 2024, and 2023, respectively.
Our revolving credit facilities support our commercial paper program and, after $351.8 million was used to support issued commercial paper, we have $1,648.2 million of capacity at November 30, 2025. The provisions of our revolving credit facilities restrict subsidiary indebtedness and require us to maintain a minimum interest coverage ratio. As of November 30, 2025, our capacity under our revolving credit facility was not affected by these covenants. We do not expect that these covenants would limit our access to our revolving credit facility for the foreseeable future.
In addition, we have several uncommitted lines totaling $346.9 million, which have a total unused capacity at November 30, 2025 of $346.9 million. These lines, by their nature, can be withdrawn based on the lenders’ discretion.
In January 2026, we entered into a 364-day $500 million revolving credit facility, which will expire in January 2027. The current pricing for the 364-day credit facility, on a fully drawn basis, is Term SOFR plus 1.125%. The pricing of the credit facility is based on a credit rating grid that contains a fully drawn maximum pricing of the credit facility equal to Term SOFR plus 1.50%.

We maintain a nonrecourse accounts receivable sale program whereby certain eligible U.S. receivables are sold to third party financial institution in exchange for cash. The program provides us with an additional means for managing liquidity. We account for the transfer of receivables as a sale at the point control is transferred and remove the sold receivables from our consolidated balance sheet. The proceeds from the sales of receivables are included in cash from operating activities in the consolidated cash flow statement. The outstanding amount of receivables sold under this program were approximately $430.0 million and $106.9 million as of November 30, 2025 and 2024, respectively. As collecting agent on the sold receivables, we had $45.4 million and $9.6 million of cash collected that was not yet remitted to the third party financial institution as of November 30, 2025 and 2024, respectively. This obligation is reported within other accrued liabilities on the consolidated balance sheet and within
cash flows from financing activities on the consolidated cash flow statement. The incremental costs of factoring receivables under this arrangement were insignificant in 2025, 2024, and 2023.
As of November 30, 2025 and 2024, we had outstanding letters of credit of $64.2 million and $61.5 million, respectively. These letters of credit typically act as a guarantee of payment to certain third parties in accordance with specified terms and conditions. At November 30, 2025, we had no other outstanding guarantees. The unused portion of our letter of credit facility was $13.8 million at November 30, 2025.