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Financing Arrangements
 12 Months Ended
Nov. 30, 2022
Financing Arrangements [Abstract]  
Financing Arrangements FINANCING ARRANGEMENTS
Our outstanding debt, including finance leases, was as follows at November 30:
(millions)20222021
Short-term borrowings  
Commercial paper$1,224.6 $530.8 
Other12.1 8.3 
 $1,236.7 $539.1 
Weighted-average interest rate of short-term borrowings at year-end4.2 %0.2 %
Long-term debt
2.70% notes due 8/15/2022$— $750.0 
3.50% notes due 9/1/2023(1)
250.0 250.0 
3.15% notes due 8/15/2024700.0 700.0 
3.25% notes due 11/15/2025(2)
250.0 250.0 
0.90% notes due 2/15/2026 500.0 500.0 
3.40% notes due 8/15/2027(3)
750.0 750.0 
2.50% notes due 4/15/2030(4)
500.0 500.0 
1.85% notes due 2/15/2031500.0 500.0 
4.20% notes due 8/15/2047300.0 300.0 
7.63%–8.12% notes due 202455.0 55.0 
Other, including finance leases176.1 199.2 
Unamortized discounts, premiums, debt issuance costs and fair value adjustments(5)
(68.2)(10.6)
3,912.9 4,743.6 
Less current portion270.6 770.3 
 $3,642.3 $3,973.3 

(1)Interest rate swaps, settled upon the issuance of these notes, 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, 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% with an effective variable rate of 5.83% as of November 30, 2022.
(3)Interest rate swaps, settled upon the issuance of these notes, 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% with an effective rate of 5.29% as of November 30, 2022.
(4)Interest rate swaps, settled upon the issuance of these notes, effectively set the interest rate on the $500 million notes at a weighted-average fixed rate of 2.62%. The fixed interest rate on $250 million of the 2.50% notes due in 2030 is effectively converted to a variable rate by interest rate swaps through 2030. Net interest payments are based on USD SOFR plus 0.684% with an effective rate of 4.94% as of November 30, 2022.
(5)Includes unamortized discounts, premiums and debt issuance costs of $(25.9) million and $(31.8) million as of November 30, 2022 and 2021, respectively.  Includes fair value adjustment associated with interest rate swaps designated as fair value hedges of $(42.3) million and $21.2 million as of November 30, 2022 and 2021, respectively.
Maturities of long-term debt, including finance leases, during the fiscal years subsequent to November 30, 2022 are as follows (in millions):
2023$270.6 
2024796.9 
2025269.7 
2026509.2 
2027759.6 
Thereafter1,375.1 
In February 2021, we issued $500.0 million of 0.90% notes due February 15, 2026, with cash proceeds received of $495.7 million, net of discounts and underwriters' fees. Also in February 2021, we issued $500.0 million of 1.85% notes due February 15, 2031, with cash proceeds received of $492.8 million, net of discounts and underwriters' fees. The net proceeds from these issuances were used to pay down short-term borrowings, including a portion of the $1,443.0 million of commercial paper issued to finance our acquisitions of Cholula and FONA, and for general corporate purposes.
We have available credit facilities with domestic and foreign banks for various purposes. Some of these lines are committed lines and others are uncommitted lines and could be withdrawn at various times. Our committed lines include a five-year $1.5 billion revolving credit facility, which will expire in June 2026 and a 364-day $500 million revolving credit facility, which was entered into in July 2022 and will expire in July 2023. The current pricing for the five-year credit facility, on a fully drawn basis, is LIBOR plus 1.25%. The pricing of that credit facility is based on a credit rating grid that contains a fully drawn maximum pricing of the credit facility equal to LIBOR plus 1.75%. The current pricing for the 364-day credit facility, on a fully drawn basis, is Secured Overnight Financing Rate (SOFR) plus 1.23%. The pricing of that credit facility is based on a credit rating grid that contains a fully drawn maximum pricing of the credit facility equal to SOFR plus 1.60%. These credit facilities require a fee, and commitment fees were $2.1 million, $2.0 million and $1.3 million for 2022, 2021, and 2020, respectively.
These credit facilities support our commercial paper program and, after $1,224.6 million was used to support issued commercial paper, we have $775.4 million of capacity at November 30, 2022. The provisions of these revolving credit facilities restrict subsidiary indebtedness and require us to maintain a minimum interest coverage ratio. As of November 30, 2022, our capacity under both revolving credit facilities was not affected by these covenants. We do not expect that these covenants would limit our access to our revolving credit facilities for the foreseeable future.
In addition, we have several uncommitted lines totaling $302.5 million, which have a total unused capacity at November 30, 2022 of $232.6 million. These lines, by their nature, can be withdrawn based on the lenders’ discretion.
At November 30, 2022, we had no outstanding guarantees with terms of one year or less. As of November 30, 2022 and 2021, we had outstanding letters of credit of $60.8 million and $63.7 million, respectively. These letters of credit typically act as a guarantee of payment to certain third parties in accordance with specified terms and conditions. The unused portion of our letter of credit facility was $13.6 million at November 30, 2022.