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. The accelerated amortization expense recognized subsequent to August 31, 2020 is 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 $92.1 million for the three and nine months ended February 28, 2021, respectively, compared to $30.7 million and $95.6 million for the three and nine months ended February 29, 2020, respectively.

Goodwill and intangible assets, net of accumulated amortization: Amortization expense relating to intangible assets was $16.0 million and $52.5 million for the three and nine months ended February 28, 2021, respectively, compared to $19.4 million and $62.4 million for the three and nine months ended February 29, 2020, respectively. The Company did not recognize an impairment loss as it relates to its goodwill or intangible assets during the nine months ended February 28, 2021 or February 29, 2020.

Short-term financing: Outstanding borrowings on the Company’s credit facilities had a weighted-average interest rate of 1.17% and 1.28% as of February 28, 2021 and May 31, 2020, respectively. The unused amount available under these credit facilities as of February 28, 2021 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 February 28, 2021.

Letters of credit: The Company had irrevocable standby letters of credit available totaling $147.9 million as of February 28, 2021 and May 31, 2020, required to secure commitments for certain insurance policies. The letters of credit expire at various dates between April 1, 2021 and July 15, 2022. No amounts were outstanding on these letters of credit as of, or during the nine months ended February 28, 2021 and February 29, 2020, or as of May 31, 2020. Subsequent to February 28, 2021, the letter of credit expiring April 1, 2021 was renewed through April 1, 2022.

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 February 28, 2021.