Debt

9 Months Ended

Aug. 31, 2025

Debt Disclosure [Abstract]

DEBT

DEBT 

The following table presents the Company’s debt: 

	August 31, 2025		December 1, 2024
	(Dollars in millions)
Long-term debt
3.375% senior notes due 2027	$	—	$	498.8
4.000% senior notes due 2030	547.1		—
3.50% senior notes due 2031	495.7		495.2
Total long-term debt	$	1,042.8	$	994.0
Short-term debt
Short-term borrowings	5.7		5.5
Total debt	$	1,048.5	$	999.5

Senior Revolving Credit Facility

As of August 31, 2025, the Company had no borrowings under the Credit Facility. The Company’s unused availability under the Credit Facility was $743.1 million at August 31, 2025, as the total availability of $762.1 million was reduced by $19.0 million of letters of credit and other credit usage allocated under the Credit Facility.

Interest Rates on Borrowings

The Company’s weighted-average interest rate on average borrowings outstanding during the three and nine months ended August 31, 2025 was 4.43% and 4.32%, respectively, as compared to 3.97% and 3.98%, respectively, during the same periods of 2024.

Issuance of Senior Notes due 2030 and Redemption of Senior Notes due 2027

In July 2025, the Company issued €475.0 million in aggregate principal amount of 4.000% senior notes due 2030 (the “Senior Notes due 2030”) to qualified institutional buyers and to purchasers outside the U.S. The Company used the net proceeds of the Notes, together with cash on hand, to redeem all €475.0 million in aggregate principal amount of its outstanding 3.375% Senior Notes due 2027.

Principal, interest and maturity. The Senior Notes due 2030 will mature on August 15, 2030. Interest on the Senior Notes due 2030 is payable semi-annually in arrears on February 15 and August 15.

Ranking. The Senior Notes due 2030 are not guaranteed by any of the Company's subsidiaries and are unsecured obligations. Accordingly, they:

•rank equal in right of payment with all of the Company's other existing and future unsecured and unsubordinated debt;

•rank senior in right of payment to the Company's future debt and other obligations that are, by their terms, expressly subordinated in right of payment to the Senior Notes due 2030;

•are effectively subordinated in right of payment to all of the Company's existing and future senior secured debt and other obligations (including the Credit Facility) to the extent of the value of the collateral securing such debt; and

•are structurally subordinated to all obligations of each of the Company's subsidiaries.

Optional redemption. The Company may redeem some or all of the Senior Notes due 2030, at once or over time, at redemption prices specified in the indenture governing the Senior Notes due 2030 (the “2030 indenture”), plus accrued and unpaid interest, if any, to the date of redemption.

Mandatory redemption, offer to purchase and open market purchases. The Company is not required to make any sinking fund payments with respect to the Senior Notes due 2030. However, under certain circumstances as described under “Change of control” below, the Company may be required to offer to purchase the Senior Notes due 2030. The Company may from time to time purchase the Senior Notes due 2030 in the open market or otherwise.

Covenants. The 2030 indenture contains covenants that limit, among other things, the Company’s ability to incur liens, enter into sale and leaseback transactions and merge or consolidate with another person. The 2030 indenture also limits the ability of the Company’s subsidiaries to incur additional debt, incur liens and enter into sale and leaseback transactions. The 2030 indenture provides for customary events of default (subject in certain cases to customary grace and cure periods), which include nonpayment, breach of covenants, payment defaults or acceleration of certain other indebtedness, a failure to pay certain judgments and certain events of bankruptcy and insolvency. Generally, if an event of default occurs, the trustee under the 2030 indenture or the holders of at least 25% in aggregate principal amount of the then outstanding Senior Notes due 2030 may declare all the Senior Notes due 2030 to be due and payable immediately. As of August 31, 2025, the Company was in compliance with these covenants.

Change of control. Upon the occurrence of a change of control triggering event (as defined in the 2030 indenture), each holder of the Senior Notes due 2030 may require the Company to repurchase all or a portion of the Senior Notes due 2030 in cash at a price equal to 101% of the principal amount of the Senior Notes due 2030 to be repurchased, plus accrued and unpaid interest, if any, to the date of purchase.