Annual report pursuant to Section 13 and 15(d)

Borrowings (Tables)

v3.23.1
Borrowings (Tables)
 12 Months Ended
Feb. 28, 2023
Debt Disclosure [Abstract]  
Borrowings
Borrowings consist of the following:
February 28, 2023 February 28,
2022
Current Long-term Total Total
(in millions)
Short-term borrowings
Commercial paper $ 1,165.3  $ 323.0 
$ 1,165.3  $ 323.0 
Long-term debt
Term loan credit facilities $ —  $ 799.2  $ 799.2  $ 300.0 
Senior notes —  10,470.6  10,470.6  9,773.6 
Other 9.5  16.7  26.2  19.9 
$ 9.5  $ 11,286.5  $ 11,296.0  $ 10,093.5 
As of February 28, 2023, aggregate credit facilities under the 2022 Credit Agreement, the April 2022 Term Credit Agreement, and the August 2022 Term Credit Agreement consist of the following:
Initial
borrowing
capacity		 Maturity
(in millions)
2022 Credit Agreement
Revolving credit facility (1) (2)
$ 2,250.0  Apr 14, 2027
April 2022 Term Credit Agreement
Five-Year Term Facility (1) (3)
$ 491.3  Jun 28, 2024
August 2022 Term Credit Agreement
Three-year term facility (1) (3)
$ 1,000.0 
Nov 10, 2025
(1)Contractual interest rate varies based on our debt rating (as defined in the respective agreement) and is a function of SOFR plus a margin and a credit spread adjustment, or the base rate plus a margin, or, in certain circumstances where SOFR cannot be adequately ascertained or available, an alternative benchmark rate plus a margin.
(2)We and/or CB International are the borrower under the $2,250.0 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 term loan credit agreements.

As of February 28, 2023, information with respect to borrowings under the 2022 Credit Agreement, the April 2022 Term Credit Agreement, and the August 2022 Term Credit Agreement is as follows:
Outstanding
borrowings		 Interest
rate		 SOFR
margin		 Outstanding
letters of
credit
Remaining
borrowing
capacity (1)
(in millions)
2022 Credit Agreement
Revolving credit facility $ —  —  % —  % $ 12.0  $ 1,068.5 
April 2022 Term Credit Agreement
Five-Year Term Facility (2)
$ 300.0  5.5  % 0.88  %
August 2022 Term Credit Agreement
Three-year term facility (3)
$ 500.0  5.8  % 1.13  %
(1)Net of outstanding revolving credit facility borrowings and outstanding letters of credit under the 2022 Credit Agreement and outstanding borrowings under our commercial paper program of $1,169.5 million (excluding unamortized discount) (see “Commercial paper program” below).
(2)Outstanding term loan facility borrowings reflect a partial repayment of $142.1 million made in June 2021.
(3)Outstanding term loan facility borrowings are net of unamortized debt issuance costs and unamortized discount and reflect a partial repayment of $500.0 million made in February 2023.
Information with respect to our outstanding commercial paper borrowings is as follows:
February 28,
2023		 February 28,
2022
(in millions)
Outstanding borrowings (1)
$ 1,165.3  $ 323.0 
Weighted average annual interest rate 5.3  % 0.5  %
Weighted average remaining term 25 days 4 days
(1)Outstanding commercial paper borrowings are net of unamortized discount.
Our outstanding senior notes are as follows:
Date of
Outstanding Balance (1)
Principal Issuance Maturity Interest
Payments		 February 28,
2023		 February 28,
2022
(in millions)
4.25% Senior Notes (2) (3) (4)
$ 1,050.0  May 2013 May 2023 May/Nov —  1,048.6 
4.75% Senior Notes (2) (3)
$ 400.0  Nov 2014 Nov 2024 May/Nov 398.9  398.2 
4.75% Senior Notes (2) (3)
$ 400.0  Dec 2015 Dec 2025 Jun/Dec 398.2  397.5 
3.70% Senior Notes (2) (5)
$ 600.0  Dec 2016 Dec 2026 Jun/Dec 597.7  597.1 
3.50% Senior Notes (2) (5)
$ 500.0  May 2017 May 2027 May/Nov 497.7  497.2 
4.50% Senior Notes (2) (5)
$ 500.0  May 2017 May 2047 May/Nov 493.6  493.4 
3.20% Senior Notes (2) (5) (6)
$ 600.0  Feb 2018 Feb 2023 Feb/Aug —  599.0 
3.60% Senior Notes (2) (5)
$ 700.0  Feb 2018 Feb 2028 Feb/Aug 696.4  695.7 
4.10% Senior Notes (2) (5)
$ 600.0  Feb 2018 Feb 2048 Feb/Aug 592.9  592.6 
4.40% Senior Notes (2) (5)
$ 500.0  Oct 2018 Nov 2025 May/Nov 498.0  497.3 
4.65% Senior Notes (2) (5)
$ 500.0  Oct 2018 Nov 2028 May/Nov 496.8  496.2 
5.25% Senior Notes (2) (5)
$ 500.0  Oct 2018 Nov 2048 May/Nov 493.6  493.3 
3.15% Senior Notes (2) (5)
$ 800.0  Jul 2019 Aug 2029 Feb/Aug 795.4  794.7 
2.875% Senior Notes (2) (5)
$ 600.0  Apr 2020 May 2030 May/Nov 595.5  594.9 
3.75% Senior Notes (2) (5)
$ 600.0  Apr 2020 May 2050 May/Nov 590.3  589.9 
2.25% Senior Notes (2) (5)
$ 1,000.0  Jul 2021 Aug 2031 Feb/Aug 989.2  988.0 
3.60% Senior Notes (2) (7)
$ 550.0  May 2022 May 2024 May/Nov 548.5  — 
4.35% Senior Notes (2) (5)
$ 600.0  May 2022 May 2027 May/Nov 597.1  — 
4.75% Senior Notes (2) (5)
$ 700.0  May 2022 May 2032 May/Nov 693.7  — 
5.00% Senior Notes (2) (8)
$ 500.0  Feb 2023 Feb 2026 Feb/Aug 497.1  — 
$ 10,470.6  $ 9,773.6 
(1)Amounts are net of unamortized debt issuance costs and unamortized discounts, where applicable.
(2)Senior unsecured obligations which rank equally in right of payment to all of our existing and future senior unsecured indebtedness.
(3)Redeemable, in whole or in part, at our option at any time at a redemption price equal to 100% of the outstanding principal amount, plus accrued and unpaid interest and a make-whole payment based on the present value of the future payments at the applicable treasury rate plus 50 basis points.
(4)In May 2022, we completed a series of cash tender offers. Cash consideration paid for these purchases was $690.6 million and the carrying amount of the notes was $679.4 million, resulting in a loss on extinguishment of debt of $11.2 million (including an immaterial amount of fees and other costs associated with the tender offers), which is included within our consolidated results. In June 2022, we redeemed the remaining outstanding principal balances prior to maturity, plus accrued and unpaid interest and a make-whole payment of $5.7 million. The make-whole payment is included in loss on extinguishment of debt within our consolidated results of operations.
(5)Redeemable, in whole or in part, at our option at any time prior to the stated redemption date as defined in the indenture, at a redemption price equal to 100% of the outstanding principal amount, plus accrued and unpaid interest and a make-whole payment based on the present value of the future payments at the applicable treasury rate plus the stated basis points as defined in the indenture. On or after the stated redemption date, redeemable, in whole or in part, at our option at any time at a redemption price equal to 100% of the outstanding principal amount, plus accrued and unpaid interest.
Redemption
Stated
Redemption
Date		 Stated
Basis
Points
3.70% Senior Notes due December 2026 Sept 2026 25
3.50% Senior Notes due May 2027 Feb 2027 20
4.50% Senior Notes due May 2047 Nov 2046 25
3.20% Senior Notes due February 2023 Jan 2023 13
3.60% Senior Notes due February 2028 Nov 2027 15
4.10% Senior Notes due February 2048 Aug 2047 20
4.40% Senior Notes due November 2025 Sept 2025 20
4.65% Senior Notes due November 2028 Aug 2028 25
5.25% Senior Notes due November 2048 May 2048 30
3.15% Senior Notes due August 2029 May 2029 20
2.875% Senior Notes due May 2030 Feb 2030 35
3.75% Senior Notes due May 2050 Nov 2049 40
2.25% Senior Notes due August 2031 May 2031 15
4.35% Senior Notes due May 2027 Apr 2027 25
4.75% Senior Notes due May 2032 Feb 2032 30
(6)In May 2022, we completed a series of cash tender offers. Cash consideration paid for these purchases was $405.3 million and the carrying amount of the notes was $401.2 million, resulting in a loss on extinguishment of debt of $4.1 million (including an immaterial amount of fees and other costs associated with the tender offers), which is included within our consolidated results. In June 2022, we redeemed the remaining outstanding principal balance prior to maturity, plus accrued and unpaid interest and a make-whole payment of $1.8 million. The make-whole payment is included in loss on extinguishment of debt within our consolidated results of operations.
(7)Redeemable, in whole or in part, at our option at any time at a redemption price equal to 100% of the outstanding principal amount, plus accrued and unpaid interest and a make-whole payment based on the present value of the future payments at the applicable treasury rate plus 15 basis points.
(8)Redeemable, in whole or in part, at our option at any time prior to February 2, 2024, (two years before the maturity date as defined in the indenture), at a redemption price equal to 100% of the outstanding principal
amount, plus accrued and unpaid interest and a make-whole payment based on the present value of the future payments at the applicable treasury rate plus 20 basis points. On or after February 2, 2024, redeemable, in whole or in part, at our option at any time at a redemption price equal to 100% of the outstanding principal amount, plus accrued and unpaid interest.
Schedule of maturities of long-term debt
As of February 28, 2023, the required principal repayments under long-term debt obligations (excluding unamortized debt issuance costs and unamortized discounts of $59.0 million and $21.2 million, respectively) for each of the five succeeding fiscal years and thereafter are as follows:
(in millions)
Fiscal 2024 $ 10.4 
Fiscal 2025 1,256.3 
Fiscal 2026 1,904.5 
Fiscal 2027 603.5 
Fiscal 2028 1,801.4 
Thereafter 5,800.1 
$ 11,376.2