Item 3. Quantitative and Qualitative Disclosures About Market Risk.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk.

For a discussion of our hedging strategies and market risks, see the discussion below and Note 10 - “Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks” in our consolidated financial statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations within our Form 10-K.

Interest Rate Risks

The composition of our debt, after the effect of cross currency swaps (designated as hedges of net investments) and interest rate swaps, was as follows:


	May 31, 2022
Fixed rate	44	%
EUR fixed rate	16	%
Floating rate	24	%
EUR floating rate	14	%
GBP floating rate	1	%

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