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v3.25.1

Debt | 6 Months Ended
--- | ---
Feb. 27, 2025
Debt Disclosure [Abstract] |
Debt | Debt
| As of February 27, 2025 |  | As of August 29, 2024
|  |  | Net Carrying Amount |  | Net Carrying Amount
| Stated Rate | Effective Rate | Current | Long-Term | Total |  | Current | Long-Term | Total
2027 Notes(1) | 4.185 | % | 4.27 | % | $ | — |  | $ | 846 |  | $ | 846 |  |  | $ | — |  | $ | 838 |  | $ | 838 |
2028 Notes | 5.375 | % | 5.52 | % | — |  | 597 |  | 597 |  |  | — |  | 597 |  | 597 |
2029 Term Loan A | 5.445 | % | 5.48 | % | — |  | 1,681 |  | 1,681 |  |  | — |  | — |  | — |
2029 A Notes | 5.327 | % | 5.40 | % | — |  | 698 |  | 698 |  |  | — |  | 698 |  | 698 |
2029 B Notes | 6.750 | % | 6.54 | % | — |  | 1,260 |  | 1,260 |  |  | — |  | 1,261 |  | 1,261 |
2030 Notes | 4.663 | % | 4.73 | % | — |  | 847 |  | 847 |  |  | — |  | 847 |  | 847 |
2031 Notes | 5.300 | % | 5.41 | % | — |  | 994 |  | 994 |  |  | — |  | 994 |  | 994 |
2032 Green Bonds | 2.703 | % | 2.77 | % | — |  | 996 |  | 996 |  |  | — |  | 996 |  | 996 |
2033 A Notes | 5.875 | % | 5.96 | % | — |  | 746 |  | 746 |  |  | — |  | 745 |  | 745 |
2033 B Notes | 5.875 | % | 6.01 | % | — |  | 891 |  | 891 |  |  | — |  | 891 |  | 891 |
2035 Notes | 5.800 | % | 5.90 | % | — |  | 992 |  | 992 |  |  | — |  | — |  | — |
2041 Notes | 3.366 | % | 3.41 | % | — |  | 497 |  | 497 |  |  | — |  | 497 |  | 497 |
2051 Notes | 3.477 | % | 3.52 | % | — |  | 496 |  | 496 |  |  | — |  | 496 |  | 496 |
2026 Term Loan A | N/A | N/A | — |  | — |  | — |  |  | 49 |  | 872 |  | 921 |
2027 Term Loan A | N/A | N/A | — |  | — |  | — |  |  | 57 |  | 1,006 |  | 1,063 |
2026 Notes | N/A | N/A | — |  | — |  | — |  |  | — |  | 499 |  | 499 |
Finance lease obligations | N/A | 5.11 | % | 504 |  | 2,310 |  | 2,814 |  |  | 325 |  | 1,729 |  | 2,054 |
|  |  | $ | 504 |  | $ | 13,851 |  | $ | 14,355 |  |  | $ | 431 |  | $ | 12,966 |  | $ | 13,397 |
(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 six months of 2025:
| Transaction Date | Increase (Decrease) in Principal | Increase (Decrease) in Carrying Value | Increase (Decrease) in Cash
Issuances |  |  |  |
2035 Notes | January 16, 2025 | $ | 1,000 |  | $ | 992 |  | $ | 992 |
2029 Term Loan A | January 17, 2025 | 1,684 |  | 1,681 |  | 1,681 |
Prepayments |  |  |  |
2026 Notes | February 12, 2025 | (500) |  | (499) |  | (501) |
2026 Term Loan A | January 17, 2025 | (897) |  | (896) |  | (897) |
2027 Term Loan A | January 17, 2025 | (1,037) |  | (1,035) |  | (1,037) |
|  | $ | 250 |  | $ | 243 |  | $ | 238 |
2035 Notes On January 16, 2025, we issued $1.00 billion principal amount of senior unsecured 2035 Notes in a public offering. The 2035 Notes bear interest at a rate of 5.80% per year and will mature on January 15, 2035. Prior to October 15, 2034 (the “Par Call Date”), we may redeem the 2035 Notes, in whole or in part, 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, in each case, accrued interest. On or after the Par Call Date, we may redeem the 2035 Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the 2035 Notes to be redeemed plus accrued interest. The 2035 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 2035 Notes) to (1) create or incur certain liens; (2) enter into certain sale and lease-back transactions with respect to any principal property; 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 2035 Notes, we will be required to offer to repurchase the 2035 Notes at a price equal to 101% of the principal amount plus accrued interest up to the repurchase date. 2029 Term Loan A On January 17, 2025, we entered into a term loan agreement and borrowed $1.68 billion in principal amount due January 17, 2029 (the “Term Loan Agreement”). Borrowings under the Term Loan Agreement will generally bear interest at adjusted term SOFR plus an applicable interest rate margin ranging from 0.875% to 1.50%, depending on our corporate credit ratings. The Term Loan Agreement requires us to maintain, on a consolidated basis, a net leverage ratio of total net indebtedness to adjusted EBITDA, as defined in the Term Loan Agreement and calculated as of the last day of each fiscal quarter, not to exceed 3.25 to 1.00, subject to a temporary four fiscal quarter increase in such maximum ratio to 3.75 to 1.00 following certain material acquisitions. Our obligations under the Term Loan Agreement are unsecured. Revolving Credit Facility On March 12, 2025, we terminated our existing undrawn credit facility and entered into a new five-year unsecured Revolving Credit Facility. Under the Revolving Credit Facility, we can draw up to $3.50 billion which would generally bear interest at a rate equal to adjusted term SOFR plus 0.875% to 1.50%, depending on our corporate credit ratings. Any amounts outstanding under the Revolving Credit Facility would mature on March 12, 2030 and amounts borrowed may be prepaid without penalty. The Revolving Credit Facility contains the same net leverage ratio and substantially the same other covenants as the Term Loan Agreement. Maturities of Notes Payable and Term Loans As of February 27, 2025, maturities of notes payable and term loans by fiscal year were as follows:
Remainder of 2025 | $ | — |
2026 | — |
2027 | 900 |
2028 | 600 |
2029 | 2,384 |
2030 and thereafter | 7,750 |
Unamortized issuance costs, discounts, and premium, net | (41) |
Hedge accounting fair value adjustment | (52) |
| $ | 11,541 |

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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 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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