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Notes Payable, Long-Term Debt and Capital Lease Obligations | 12 Months Ended
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Aug. 31, 2017
Notes Payable, Long-Term Debt and Capital Lease Obligations [Abstract] |
Notes Payable, Long-Term Debt and Capital Lease Obligations | 9. Notes Payable, Long-Term Debt and Capital Lease Obligations
| Notes payable, long-term debt and capital lease obligations outstanding as of August 31, 2017 and 2016 are
summarized below (in thousands):
|  |  |  | Maturity |  | August 31, |  | August 31, |
|  |  |  | Date |  | 2017 |  | 2016 |
| 8.250% Senior Notes(1)(2)(3) | March 15, 2018 |  | $ | 399,506 |  | $ | 398,552 |
| 5.625% Senior Notes(1)(2) | Dec. 15, 2020 |  |  | 397,104 |  |  | 396,212 |
| 4.700% Senior Notes(1)(2) | Sept. 15, 2022 |  |  | 496,696 |  |  | 496,041 |
| 4.900% Senior Notes(1)(4) | July 14, 2023 |  |  | 298,571 |  |  | 298,329 |
| Borrowings under credit facilities(5) | July 6, 2020 |  |  | ― |  |  | ― |
| Borrowings under loans(6) | July 6, 2020 |  |  | 458,395 |  |  | 502,210 |
| Capital lease obligations |  |  |  | 27,818 |  |  | 28,478 |
| Total notes payable, long-term debt and capital lease obligations |  |  |  | 2,078,090 |  |  | 2,119,822 |
| Less current installments of notes payable, long-term debt and |  |  |  |  |  |  |  |
|  | capital lease obligations |  |  |  | 445,498 |  |  | 45,810 |
| Notes payable, long-term debt and capital lease obligations, less |  |  |  |  |  |  |  |
|  | current installments |  |  | $ | 1,632,592 |  | $ | 2,074,012 |
(1) The notes are carried at the principal amount of each note, less any unamortized discount and unamortized debt issuance costs. (2) The S enior Notes are the Company’s senior unsecured obligations and rank equally with all other existing and future senior unsecured debt obligations. (3) The interest rate payable on the 8.250% Senior Notes is subject to adjustment from time to time if the credit ratings assigned to the 8.250% Senior Notes increase or decrease. (4) On May 19, 2016, the Company ent ered into a note purchase agreement with certain third parties, which closed on July 14, 2016, for a private placement of $300.0 million of senior unsecured notes (the “4.900% Senior Notes”). The proceeds from the sale of the notes were used to repay debt maturities. (5) On July 6, 2015, the Company entered into an amended and restated senior unsecured five-year credit agreement. The credit agreement provides for: (i) the Revolving Credit Facility in the initial amount of $1.5 billion, which may, subject to the lenders’ discretion, potentially be increased up to $2.0 billion and (ii) a $500.0 million five-year delayed draw Term Loan Facility, (collectively the “Credit Facility”). The Credit Facility expire s on July 6, 2020. The Revolving Credit Facility is subject to two whole or partial one-year extensions, at the lender’s discretion. As of August 31, 2017, the interest rate s on the Revolving Credit Facility ranged from 2.4% to 4.4% and the Term Loan Facility was 2.6%. Inte rest is charged at a rate equal to (a) for the Revolving Credit Facility, either 0.000% to 0.650% above the base rate or 1.000% to 1.650% above the Eurocurrency rate and (b) for the Term Loan Facility, either 0.125% to 1.000% above the base rate or 1.125% to 2.000% above the Eurocurrency rate. T he base rate represents the greatest of: (i) Citibank, N.A.’s base rate, (ii) 0.50% above the federal funds rate, and (iii) 1.0% above one-month LIBOR, but not less than zero. T he Eurocurrency rate represents adjusted LIBOR or adjusted CDOR, as applicable, for the applicable interest period, but not less than zero. As of August 31, 2017, the Company’s foreign subsidiaries had various additional credit facilities that finance their future growth and any corre sponding working capital needs. The foreign subsidiary credit facilities incur interest at fixed and variable rates ranging from 1.2% to 3.5% As of August 31, 2017, the Company has $1.9 billion in available unu sed borrowing capacity under its revolving credit facilities. (6) In addition to the Term L oan Facility described above, as of August 31, 2017, the Company has borrowings outstanding to fund working capital needs. These additional loans were approximately $2.1 million and have interest rate s ranging from 0.0% to 10.0%. Debt M aturities Debt maturities as of August 31, 2017 are as follows (in thousands):
|  | Fiscal Year Ended August 31, |  | Amount |
|  | 2018 |  | $ | 445,498 |
|  | 2019 |  |  | 51,538 |
|  | 2020 |  |  | 364,151 |
|  | 2021 |  |  | 398,877 |
|  | 2022 |  |  | 1,993 |
|  | Thereafter |  |  | 816,033 |
|  |  | Total |  | $ | 2,078,090 |
Debt Covenants Borrowings under the Company’s debt agreements are subject to various covenants that limit the Company’s ability to: incur additional indebtedness, sell assets, effect mergers and certain transactions, and effect certain transactions with subsidiaries and affiliates. In addition, the Revolving Credit Facility and 4.900% Senior Notes contain debt leverage and interest coverage covenants. The Company is also subject to a covenant requiring the repurchase of the 8.250%, 5.625%, or 4.700% Senior Notes upon a c hange of control. As of August 31, 2017 and 2016, the Company was in compliance with its debt covenants. Fair Value The estimated fair values of the Company's publicly traded debt, including the 8.250%, 5.625% and 4.700% senior notes, were approximately $414.0 million, $433.6 million and $530.6 million respectively, a s of August 31, 2017. The fair value estimates are based upon observable market data (Level 2 criteria). The estimated fair value of the Company's private debt, the 4.900% senior notes, was approximately $316.6 million, a s of August 31, 2017. This fair value estim ate is based on the Company's indicative borrowing cost derived from discounted cash flows (Level 3 criteria). The carrying amounts of borrowings under credit facilities and under lo ans approximates fair value as interest rates on these instruments approximates current market rates.

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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