Financing Arrangements (Tables)

12 Months Ended

Nov. 30, 2016

Our outstanding debt was as follows at November 30:



(millions)	2016			2015
Short-term borrowings
Commercial paper	$	356.9		$	107.5
Other	33.4			32.0
	$	390.3		$	139.5
Weighted-average interest rate of short-term borrowings at year-end	1.4		%	2.2		%

Long-term debt
5.20% notes due 12/15/2015	$	—		$	200.0
5.75% notes due 12/15/2017⁽¹⁾	250.0			250.0
3.90% notes due 7/8/2021⁽²⁾	250.0			250.0
3.50% notes due 8/19/2023⁽³⁾	250.0			250.0
3.25% notes due 11/15/2025⁽⁴⁾	250.0			250.0
7.63%–8.12% notes due 2024	55.0			55.0
Other	11.1			7.4
Unamortized discounts, premiums, debt issuance costs and fair value adjustments	(9.2		)	(7.5		)
	1,056.9			1,254.9
Less current portion	2.9			203.5
	$	1,054.0		$	1,051.4


(1)	Interest rate swaps, settled upon the issuance of these notes in 2007, effectively set the interest rate on the $250 million notes at a weighted-average fixed rate of 6.25%.


(2)	Interest rate swaps, settled upon the issuance of these notes in 2011, effectively set the interest rate on the $250 million notes at a weighted-average fixed rate of 4.01%.


(3)	Interest rate swaps, settled upon the issuance of these notes in 2013, effectively set the interest rate on the $250 million notes at a weighted-average fixed rate of 3.30%.

(4)

Interest rate swaps, settled upon the issuance of these notes in 2015, effectively set the interest rate on the $250 million notes at a weighted-average fixed rate of 3.45%. The fixed interest rate on $100 million of the 3.25% notes due in 2025 is effectively converted to a variable rate by interest rate swaps through 2025. Net interest payments are based on 3 month LIBOR plus 1.22% during this period (our effective rate as of November 30, 2016 was 2.13%).

Maturities Of Long-Term Debt

Maturities of long-term debt during the fiscal years subsequent to November 30, 2016 are as follows (in millions):



2018	$	250.6
2019	0.4
2020	0.2
2021	250.2
Thereafter	561.8

Rental Expense Under Operating Leases

Future annual fixed rental payments⁽¹⁾ for the years ending November 30 are as follows (in millions):



2017	$	27.8
2018	21.3
2019	14.8
2020	11.6
2021	9.4
Thereafter	23.8