Leases: During the three months ended August 31, 2020, the Company ceased the use of certain leased property and accelerated the amortization of related operating lease right-of-use assets, resulting in an additional $24.4 million of expense. This expense was included in the prior year period 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 have been or can be negotiated.

Property and equipment, net of accumulated depreciation: Depreciation expense was $32.5 million and $63.2 million for the three and six months ended November 30, 2021, compared to $30.4 million and $61.7 million for the three and six months ended November 30, 2020. During the three months ended August 31, 2020, the Company disposed of certain furniture and fixtures associated with abandoned leased property and recorded a loss on disposal of $5.1 million. The loss was recorded in the prior year period in selling, general and administrative expenses on the Consolidated Statements of Income and Comprehensive Income.

Goodwill and intangible assets, net of accumulated amortization: Amortization expense relating to intangible assets was $16.1 and $31.1 million for the three and six months ended November 30, 2021, compared to $18.2 million and $36.5 million for the three and six months ended November 30, 2020. The Company did not recognize an impairment loss as it relates to its goodwill or intangible assets during the six months ended November 30, 2021 or November 30, 2020.

Short-term financing: Outstanding borrowings on the Company’s credit facilities had a weighted-average interest rate of 1.19% and 1.16% as of November 30, 2021 and May 31, 2021, respectively. The unused amount available under these credit facilities as of November 30, 2021 was approximately $2.0 billion.

On September 17, 2021, the Company amended its $500.0 million credit facility with JP Morgan Chase Bank, N.A. (“JPM”). The amendment increases the credit facility’s maximum borrowing capacity to $750.0 million, extends the term through September 17, 2026 with the option to extend for two additional one-year periods, and amends interest rate provisions to phase out the use of the London Interbank Offered Rate (“LIBOR”). In addition, the Company amended its $1.0 billion credit facility with JPM. The amendment phases out the use of LIBOR and adopts other administrative changes to maintain consistency with the Company’s other credit facilities.

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, 2021.

Letters of credit: The Company had irrevocable standby letters of credit available totaling $149.7 million and $180.4 million as of November 30, 2021 and May 31, 2021, respectively, required to secure commitments for certain insurance policies. The letters of credit expire at various dates between approximately December 23, 2021 and December 5, 2022. No amounts were outstanding on these letters of credit as of, or during the six months ended November 30, 2021 and November 30, 2020, or as of May 31, 2021.