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Debt | 9 Months Ended
--- | ---
May 30, 2024
Debt Disclosure [Abstract] |
Debt |
| As of May 30, 2024 |  | As of August 31, 2023
|  |  | Net Carrying Amount |  | Net Carrying Amount
| Stated Rate | Effective Rate | Current | Long-Term | Total |  | Current | Long-Term | Total
2026 Term Loan A | 6.791 | % | 6.93 | % | $ | 49 |  | $ | 884 |  | $ | 933 |  |  | $ | 49 |  | $ | 921 |  | $ | 970 |
2027 Term Loan A | 6.916 | % | 7.05 | % | 57 |  | 1,021 |  | 1,078 |  |  | 57 |  | 1,063 |  | 1,120 |
2026 Notes | 4.975 | % | 5.07 | % | — |  | 499 |  | 499 |  |  | — |  | 499 |  | 499 |
2027 Notes(1) | 4.185 | % | 4.27 | % | — |  | 800 |  | 800 |  |  | — |  | 798 |  | 798 |
2028 Notes | 5.375 | % | 5.52 | % | — |  | 597 |  | 597 |  |  | — |  | 596 |  | 596 |
2029 A Notes | 5.327 | % | 5.40 | % | — |  | 698 |  | 698 |  |  | — |  | 697 |  | 697 |
2029 B Notes | 6.750 | % | 6.54 | % | — |  | 1,262 |  | 1,262 |  |  | — |  | 1,263 |  | 1,263 |
2030 Notes | 4.663 | % | 4.73 | % | — |  | 847 |  | 847 |  |  | — |  | 846 |  | 846 |
2031 Notes | 5.300 | % | 5.41 | % | — |  | 994 |  | 994 |  |  | — |  | — |  | — |
2032 Green Bonds | 2.703 | % | 2.77 | % | — |  | 995 |  | 995 |  |  | — |  | 995 |  | 995 |
2033 A Notes | 5.875 | % | 5.96 | % | — |  | 745 |  | 745 |  |  | — |  | 745 |  | 745 |
2033 B Notes | 5.875 | % | 6.01 | % | — |  | 891 |  | 891 |  |  | — |  | 890 |  | 890 |
2041 Notes | 3.366 | % | 3.41 | % | — |  | 497 |  | 497 |  |  | — |  | 497 |  | 497 |
2051 Notes | 3.477 | % | 3.52 | % | — |  | 496 |  | 496 |  |  | — |  | 496 |  | 496 |
2024 Term Loan A | N/A | N/A | — |  | — |  | — |  |  | — |  | 587 |  | 587 |
2025 Term Loan A | N/A | N/A | — |  | — |  | — |  |  | — |  | 1,050 |  | 1,050 |
Finance lease obligations | N/A | 4.78 | % | 292 |  | 1,634 |  | 1,926 |  |  | 172 |  | 1,109 |  | 1,281 |
|  |  | $ | 398 |  | $ | 12,860 |  | $ | 13,258 |  |  | $ | 278 |  | $ | 13,052 |  | $ | 13,330 |
(1) In 2021, we entered into fixed-to-floating interest rate swaps on the 2027 Notes with an aggregate $900 million notional amount equal to the principal amount of the 2027 Notes. The resulting variable interest paid is at a rate equal to SOFR plus approximately 3.33%. The fixed-to-floating interest rate swaps are accounted for as fair value hedges, and as a result, the carrying values of our 2027 Notes reflect adjustments in fair value. Debt Activity The table below presents the effects of debt financing and prepayment activities in the first nine months of 2024:
| Transaction Date | Increase (Decrease) in Principal | Increase (Decrease) in Carrying Value | Increase (Decrease) in Cash
Issuance |  |  |  |
2031 Notes | January 12, 2024 | $ | 1,000 |  | $ | 993 |  | $ | 993 |
Prepayments |  |  |  |
2024 Term Loan A | January 12, 2024 | (588) |  | (587) |  | (588) |
2025 Term Loan A | January 12, 2024 | (402) |  | (401) |  | (402) |
2025 Term Loan A | May 29, 2024 | (650) |  | (649) |  | (650) |
|  | $ | (640) |  | $ | (644) |  | $ | (647) |
2031 Notes On January 12, 2024, we issued $1.00 billion principal amount of senior unsecured 2031 Notes in a public offering. The 2031 Notes bear interest at a rate of 5.300% per year and will mature on January 15, 2031. Issuance costs and debt discount for the 2031 Notes were $7 million. We may redeem the 2031 Notes, in whole or in part, at our option prior to their maturity dates at a redemption price equal to the greater of (i) 100% of the principal amount of the notes to be redeemed and (ii) the present value of the remaining scheduled payments of principal and interest, plus accrued interest in each case. We may also redeem the 2031 Notes, in whole or in part, at a price equal to par two months prior to maturity in accordance with the terms of the 2031 Notes. The 2031 Notes contain covenants that, among other things, limit, in certain circumstances, our ability and/or the ability of our restricted subsidiaries (which are generally domestic subsidiaries in which we own at least 80% of the voting stock and which own principal property, as defined in the indenture governing the 2031 Notes) to (1) create or incur certain liens; (2) enter into certain sale and lease-back transactions; and (3) consolidate with or merge with or into, or convey, transfer, or lease all or substantially all of our properties and assets, to another entity. These covenants are subject to a number of limitations and exceptions. Additionally, if a change of control triggering event occurs, as defined in the indenture governing the 2031 Notes, we will be required to offer to purchase the 2031 Notes at 101% of the outstanding aggregate principal amount plus accrued interest up to the purchase date. Revolving Credit Facility As of May 30, 2024, no amounts were outstanding under the Revolving Credit Facility and $2.50 billion was available to us. Under the Revolving Credit Facility, borrowings would generally bear interest at a rate equal to adjusted term SOFR plus 1.00% to 1.75%, depending on our corporate credit ratings. Adjusted term SOFR for the Revolving Credit Facility agreement is the SOFR benchmark plus a credit spread adjustment ranging from approximately 0.11% to 0.43% depending on the applicable interest period selected. Any amounts outstanding under the Revolving Credit Facility would mature in May 2026 and amounts borrowed may be prepaid without penalty. The Revolving Credit Facility requires us to maintain, on a consolidated basis, a leverage ratio of total indebtedness to adjusted EBITDA, as defined in the Revolving Credit Facility and calculated as of the last day of each fiscal quarter, not to exceed 3.25 to 1.00. On March 27, 2023, we amended the Revolving Credit Facility to provide that in lieu of the foregoing leverage ratio, during the fourth quarter of 2023 and each quarter of 2024, we will be required to maintain, on a consolidated basis, a net leverage ratio of total net indebtedness to adjusted EBITDA, as defined in the Revolving Credit Facility and calculated as of the last day of each fiscal quarter, not to exceed 3.25 to 1.00. Alternatively, for up to three of such five quarters, we may elect to comply with a requirement of minimum liquidity, as defined in the Revolving Credit Facility, of not less than $5.0 billion. Each of the leverage ratio and net leverage ratio maximums, as applicable, is subject to a temporary four quarter increase in such ratio to 3.75 to 1.00 following certain material acquisitions. Through the third quarter of 2024, we complied with these requirements under the Revolving Credit Facility. Maturities of Notes Payable As of May 30, 2024, maturities of notes payable by fiscal year were as follows:
Remainder of 2024 | $ | 27 |
2025 | 107 |
2026 | 607 |
2027 | 1,780 |
2028 | 1,493 |
2029 and thereafter | 7,450 |
Unamortized issuance costs, discounts, and premium, net | (34) |
Hedge accounting fair value adjustment | (98) |
| $ | 11,332 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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