Financing Arrangements (Tables)

12 Months Ended

Nov. 30, 2025

Financing Arrangements [Abstract]

Components Of Outstanding Debt

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

(millions)	2025			2024
Short-term borrowings
Commercial paper	$	351.8		$	431.3
Other	29.6			51.8
	$	381.4		$	483.1
Weighted-average interest rate of short-term borrowings at year-end	4.1		%	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 leases	104.7			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 portion	509.1			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

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
2027	759.8
2028	10.4
2029	20.7
2030	511.6
Thereafter	1,843.1