Quarterly report pursuant to Section 13 or 15(d)

Borrowings (Tables)

v3.21.4
Borrowings (Tables)
 9 Months Ended
Nov. 30, 2021
Debt Disclosure [Abstract]  
Borrowings
Borrowings consist of the following:
November 30, 2021 February 28,
2021
Current Long-term Total Total
(in millions)
Short-term borrowings
Commercial paper $ 243.0  $ — 
$ 243.0  $ — 
Long-term debt
Term loan credit facilities $ —  $ 300.0  $ 300.0  $ 454.4 
Senior notes —  9,771.0  9,771.0  9,972.4 
Other 5.7  12.8  18.5  15.5 
$ 5.7  $ 10,083.8  $ 10,089.5  $ 10,442.3 
As of November 30, 2021, aggregate credit facilities under the 2020 Credit Agreement and the June 2021 Term Credit Agreement consist of the following:
Amount Maturity
(in millions)
2020 Credit Agreement
Revolving credit facility (1) (2)
$ 2,000.0  Sept 14, 2023
June 2021 Term Credit Agreement
2019 Five-Year Term Facility (1) (3)
$ 491.3  Jun 28, 2024
(1)Contractual interest rate varies based on our debt rating (as defined in the respective agreement) and is a function of LIBOR plus a margin, or the base rate plus a margin, or, in certain circumstances where LIBOR cannot be adequately ascertained or available, an alternative benchmark rate plus a margin.
(2)We and/or CB International are the borrower under the $2,000.0 million revolving credit facility. Includes a sub-facility for letters of credit of up to $200.0 million.
(3)We are the borrower under the 2019 Five-Year Term Facility.
As of November 30, 2021, information with respect to borrowings under the 2020 Credit Agreement and the June 2021 Term Credit Agreement is as follows:
Outstanding
borrowings		 Interest
rate		 LIBOR
margin		 Outstanding
letters of
credit
Remaining
borrowing
capacity (1)
(in millions)
2020 Credit Agreement
Revolving credit facility $ —  —  % —  % $ 12.2  $ 1,744.8 
June 2021 Term Credit Agreement
2019 Five-Year Term Facility (2) (3)
$ 300.0  0.7  % 0.63  %
(1)Net of outstanding revolving credit facility borrowings, outstanding letters of credit under the 2020 Credit Agreement, and outstanding borrowings under our commercial paper program of $243.0 million (excluding unamortized discount) (see “Commercial paper program” below).
(2)Outstanding term loan facilities borrowings are net of unamortized debt issuance costs.
(3)Outstanding borrowings reflect a $142.1 million partial prepayment of the 2019 Five-Year Term Facility under our June 2021 Term Credit Agreement.
Schedule of maturities of long-term debt
As of November 30, 2021, the required principal repayments under long-term debt obligations (excluding unamortized debt issuance costs and unamortized discounts of $59.9 million and $19.1 million, respectively) for the remaining three months of Fiscal 2022 and for each of the five succeeding fiscal years and thereafter are as follows:
(in millions)
2022 $ 1.6 
2023 606.3 
2024 1,055.6 
2025 703.3 
2026 901.3 
2027 600.3 
Thereafter 6,300.1 
$ 10,168.5