Financing Arrangements (Tables)

12 Months Ended

Nov. 30, 2021

Financing Arrangements [Abstract]

Components Of Outstanding Debt

Our outstanding debt, including finance leases, was as follows at November 30:

(millions)	2021			2020
Short-term borrowings
Commercial paper	$	530.8		$	845.8
Other	8.3			40.9
	$	539.1		$	886.7
Weighted-average interest rate of short-term borrowings at year-end	0.2		%	0.3		%
Long-term debt
3.90% notes due 7/8/2021	$	—		$	250.0
2.70% notes due 8/15/2022	750.0			750.0
3.50% notes due 8/19/2023(1)	250.0			250.0
3.15% notes due 8/15/2024	700.0			700.0
3.25% notes due 11/15/2025(2)	250.0			250.0
0.90% notes due 2/15/2026	500.0			—
3.40% notes due 8/15/2027(3)	750.0			750.0
2.50% notes due 4/15/2030	500.0			500.0
1.85% notes due 2/15/2031	500.0			—
4.20% notes due 8/15/2047	300.0			300.0
7.63%–8.12% notes due 2024	55.0			55.0
Other, including finance leases	199.2			195.8
Unamortized discounts, premiums, debt issuance costs and fair value adjustments(4)	(10.6)			16.9
	4,743.6			4,017.7
Less current portion	770.3			263.9
	$	3,973.3		$	3,753.8

(1)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%.

(2)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%. Our effective rate as of November 30, 2021 was 1.38%.

(3)Interest rate swaps, settled upon the issuance of these notes in 2017, effectively set the interest rate on the $750 million notes at a weighted-average fixed rate of 3.44%. The fixed interest rate on $250 million of the 3.40% notes due in 2027 is effectively converted to a variable rate by interest rate swaps through 2027. Net interest payments are based on 3-month LIBOR plus 0.685%. Our effective rate as of November 30, 2021 was 0.84%.

(4)Includes unamortized discounts, premiums and debt issuance costs of $(31.8) million and $(24.4) million as of November 30, 2021 and 2020, respectively.  Includes fair value adjustment associated with interest rate swaps designated as fair value hedges of $21.2 million and $41.3 million as of November 30, 2021 and 2020, respectively.

Maturities Of Long-Term Debt

Maturities of long-term debt, including finance leases, during the fiscal years subsequent to November 30, 2021 are as follows (in millions):

2022	$	770.3
2023	264.5
2024	797.2
2025	278.0
2026	509.2
Thereafter	2,135.0