Quarterly report pursuant to Section 13 or 15(d)

Borrowings (Tables)

v3.23.2
Borrowings (Tables)
 3 Months Ended
May 31, 2023
Debt Disclosure [Abstract]  
Borrowings
Borrowings consist of the following:
May 31, 2023 February 28,
2023
Current Long-term Total Total
(in millions)
Short-term borrowings
Commercial paper $ 819.1  $ 1,165.3 
$ 819.1  $ 1,165.3 
Long-term debt
Term loan credit facilities $ —  $ 300.0  $ 300.0  $ 799.2 
Senior notes 548.8  10,664.6  11,213.4  10,470.6 
Other 9.3  15.2  24.5  26.2 
$ 558.1  $ 10,979.8  $ 11,537.9  $ 11,296.0 
As of May 31, 2023, aggregate credit facilities under the 2022 Credit Agreement and the April 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
(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 agreement.
As of May 31, 2023, information with respect to borrowings under the 2022 Credit Agreement and the April 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 $ —  —  % —  % $ 11.6  $ 1,418.0 
April 2022 Term Credit Agreement
Five-Year Term Facility $ 300.0  6.0  % 0.88  %
(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 $820.4 million (excluding unamortized discount) (see “Commercial paper program” below).
Schedule of maturities of long-term debt
As of May 31, 2023, the required principal repayments under long-term debt obligations (excluding unamortized debt issuance costs and unamortized discounts of $61.4 million and $25.2 million, respectively) for the remaining nine months of Fiscal 2024 and for each of the five succeeding fiscal years and thereafter are as follows:
(in millions)
Fiscal 2024 $ 8.0 
Fiscal 2025 956.5 
Fiscal 2026 1,704.8 
Fiscal 2027 603.7 
Fiscal 2028 1,801.5 
Fiscal 2029 500.0 
Thereafter 6,050.0 
$ 11,624.5