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v3.25.2

Debt | 9 Months Ended
--- | ---
May 29, 2025
Debt Disclosure [Abstract] |
Debt | Debt
| As of May 29, 2025 |  | As of August 29, 2024
|  |  | Net Carrying Amount |  | Net Carrying Amount
| Stated Rate | Effective Rate | Current | Long-Term | Total |  | Current | Long-Term | Total
2028 Notes | 5.375 | % | 5.52 | % | $ | — |  | $ | 598 |  | $ | 598 |  |  | $ | — |  | $ | 597 |  | $ | 597 |
2029 Term Loan A | 5.455 | % | 5.49 | % | — |  | 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 |
2032 Notes | 5.650 | % | 5.79 | % | — |  | 496 |  | 496 |  |  | — |  | — |  | — |
2033 A Notes | 5.875 | % | 5.96 | % | — |  | 746 |  | 746 |  |  | — |  | 745 |  | 745 |
2033 B Notes | 5.875 | % | 6.01 | % | — |  | 892 |  | 892 |  |  | — |  | 891 |  | 891 |
2035 A Notes | 5.800 | % | 5.90 | % | — |  | 992 |  | 992 |  |  | — |  | — |  | — |
2035 B Notes | 6.050 | % | 6.14 | % | — |  | 1,241 |  | 1,241 |  |  | — |  | — |  | — |
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 |
2026 Notes | N/A | N/A | — |  | — |  | — |  |  | — |  | 499 |  | 499 |
2027 Term Loan A | N/A | N/A | — |  | — |  | — |  |  | 57 |  | 1,006 |  | 1,063 |
2027 Notes | N/A | N/A | — |  | — |  | — |  |  | — |  | 838 |  | 838 |
Finance lease obligations | N/A | 5.30 | % | 538 |  | 2,569 |  | 3,107 |  |  | 325 |  | 1,729 |  | 2,054 |
|  |  | $ | 538 |  | $ | 15,003 |  | $ | 15,541 |  |  | $ | 431 |  | $ | 12,966 |  | $ | 13,397 |
Debt Activity The table below presents the effects of debt issuances and prepayment activities in the first nine months of 2025:
| Transaction Date | Increase (Decrease) in Principal | Increase (Decrease) in Carrying Value | Increase (Decrease) in Cash
Issuances |  |  |  |
2035 A Notes | January 16, 2025 | $ | 1,000 |  | $ | 992 |  | $ | 992 |
2029 Term Loan A | January 17, 2025 | 1,684 |  | 1,681 |  | 1,681 |
2032 Notes | April 29, 2025 | 500 |  | 496 |  | 496 |
2035 B Notes | April 29, 2025 | 1,250 |  | 1,241 |  | 1,241 |
Prepayments |  |  |  |
2026 Term Loan A | January 17, 2025 | (897) |  | (896) |  | (897) |
2027 Term Loan A | January 17, 2025 | (1,037) |  | (1,035) |  | (1,037) |
2026 Notes | February 12, 2025 | (500) |  | (499) |  | (501) |
2027 Notes | May 27, 2025 | (900) |  | (854) |  | (900) |
|  | $ | 1,100 |  | $ | 1,126 |  | $ | 1,075 |
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 fixed-to-floating interest rate swaps were accounted for as fair value hedges, and as a result, the carrying value of our 2027 Notes reflected adjustments in fair value. In the third quarter of 2025, we settled these fixed-to-floating interest rate swaps in connection with the prepayment of the 2027 Notes. In the third quarter of 2025, we recognized a $46 million loss in other non-operating income (expense) on prepayment of the 2027 Notes. Senior Unsecured Notes On January 16, 2025, we issued $1.00 billion in aggregate principal amount of senior unsecured 2035 A Notes in a public offering. The 2035 A Notes bear interest at a rate of 5.80% per year and will mature on January 15, 2035. On April 29, 2025, we issued $500 million in aggregate principal amount of senior unsecured 2032 Notes and $1.25 billion in aggregate principal amount of senior unsecured 2035 B Notes in a public offering. The 2032 Notes bear interest at a rate of 5.65% per year and will mature on November 1, 2032. The 2035 B Notes bear interest at a rate of 6.05% per year and will mature on November 1, 2035. We may redeem each series of the 2032 Notes, the 2035 A Notes, and the 2035 B Notes (the “Senior Unsecured 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. We may also redeem any series of the Senior Unsecured Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the notes to be redeemed plus accrued interest either two or three months prior to the applicable maturity date, in accordance with the respective terms of such series. The Senior Unsecured 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 Senior Unsecured 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 each series of the Senior Unsecured Notes, we will be required to offer to repurchase the Senior Unsecured Notes of such series 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 Loan As of May 29, 2025, maturities of notes payable and the term loan by fiscal year were as follows:
Remainder of 2025 | $ | — |
2026 | — |
2027 | — |
2028 | 600 |
2029 | 2,384 |
2030 and thereafter | 9,500 |
Unamortized issuance costs, discounts, and premium, net | (50) |
| $ | 12,434 |

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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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