Leases: During the three months ended August 31, 2020, the Company ceased the use of certain leased property and accelerated the amortization resulting in a $24.4 million reduction of the operating lease right-of-use assets. The accelerated amortization expense recognized during the three months ended November 30, 2020 was immaterial. This expense was included in selling, general and administrative expenses on the Consolidated Statements of Income and Comprehensive Income. The related lease liabilities will be satisfied under the original terms of the lease arrangements, unless buy-outs can be negotiated.

Property and equipment, net of accumulated depreciation: Depreciation expense was $30.4 million and $61.7 million for the three and six months ended November 30, 2020, respectively, compared to $33.1 million and $64.9 million for the three and six months ended November 30, 2019, respectively.

Goodwill and intangible assets, net of accumulated amortization: Amortization expense relating to intangible assets was $18.2 million and $36.5 million for the three and six months ended November 30, 2020, respectively, compared to $21.9 million and $43.0 million for the three and six months ended November 30, 2019, respectively. The Company did not recognize an impairment loss as it relates to its goodwill or intangible assets during the six months ended November 30, 2020 or November 30, 2019.

Short-term financing: Outstanding borrowings on the Company’s credit facilities had a weighted-average interest rate of 1.22% and 1.28% as of November 30, 2020 and May 31, 2020, respectively. The unused amount available under these credit facilities as of November 30, 2020 was approximately $1.7 billion. The credit facilities contain various financial and operational covenants that are usual and customary for such arrangements. The Company was in compliance with all of these covenants as of November 30, 2020.

Letters of credit: The Company had irrevocable standby letters of credit available totaling $147.9 million as of November 30, 2020 and May 31, 2020, required to secure commitments for certain insurance policies. The letters of credit expire at various dates between December 5, 2020 and July 15, 2022. No amounts were outstanding on these letters of credit as of, or during the six months ended November 30, 2020 and November 30, 2019, or as of May 31, 2020. Subsequent to November 30, 2020, the letter of credit expiring December 5, 2020 was renewed through December 5, 2021.

Long-term debt: The Company’s long-term debt agreement contains customary representations, warranties, affirmative and negative covenants, including financial covenants that are usual and customary for such arrangements. The Company was in compliance with all of these covenants as of November 30, 2020.