Note H: Supplemental Information

Property and equipment, net of accumulated depreciation: Depreciation expense was $32.3 million and $94.7 million for the three and nine months ended February 29, 2024, compared to $32.7 million and $95.8 million for the three and nine months ended February 28, 2023.

Goodwill and intangible assets, net of accumulated amortization: Amortization expense relating to intangible assets was $12.5 million and $36.2 million for the three and nine months ended February 29, 2024, compared to $11.5 million and $36.7 million for the three and nine months ended February 28, 2023. Goodwill and intangible assets were recorded during the nine months ended February 29, 2024 related to the acquisition of Alterna. The goodwill related to this acquisition is included in the Purchased Receivable reporting unit for goodwill impairment testing. Refer to Note D for additional information regarding this acquisition and the impact it had on goodwill and intangible assets. The Company did not recognize an impairment loss as it relates to its goodwill or intangible assets during the nine months ended February 29, 2024 or February 28, 2023.

Short-term financing: Outstanding borrowings on the Company’s credit facilities had a weighted-average interest rate of 6.20% and 5.83% as of February 29, 2024 and May 31, 2023, respectively. The unused amount available under these credit facilities as of February 29, 2024 was approximately $2.0 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 February 29, 2024.

Letters of credit: The Company had irrevocable standby letters of credit available totaling $170.8 million and $141.7 million as of February 29, 2024 and May 31, 2023, respectively, required to secure commitments for certain insurance policies. The letters of credit expire at various dates between March 03, 2024 and October 09, 2025. No amounts were outstanding on these letters of credit as of, or during the nine months ended February 29, 2024 and February 28, 2023, or as of May 31, 2023.

Long-term debt: There have been no material changes to the Company's long-term debt agreement or balances subsequent to May 31, 2023. 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 February 29, 2024.