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Notes Payable and Long-Term Debt | 9 Months Ended
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May 31, 2019
Debt Disclosure [Abstract] |
Notes Payable and Long-Term Debt | Notes Payable and Long-Term Debt Notes payable and long-term debt outstanding as of May 31, 2019 and August 31, 2018 are summarized below (in thousands):
|  | Maturity Date |  | May 31, 2019 |  | August 31, 2018
5.625% Senior Notes |  | Dec 15, 2020 |  | $ | 398,663 |  |  | $ | 397,995 |
4.700% Senior Notes |  | Sep 15, 2022 |  | 497,841 |  |  | 497,350 |
4.900% Senior Notes |  | Jul 14, 2023 |  | 298,996 |  |  | 298,814 |
3.950% Senior Notes |  | Jan 12, 2028 |  | 494,670 |  |  | 494,208 |
Borrowings under credit facilities(1) |  | Nov 8, 2022 and Aug 24, 2020 |  | 429,648 |  |  | — |
Borrowings under loans |  | Nov 8, 2022 and Aug 24, 2020 |  | 811,854 |  |  | 830,332 |
Total notes payable and long-term debt |  |  |  | 2,931,672 |  |  | 2,518,699 |
Less current installments of notes payable and long-term debt |  |  |  | 454,830 |  |  | 25,197 |
Notes payable and long-term debt, less current installments |  |  |  | $ | 2,476,842 |  |  | $ | 2,493,502 |
(1) | As of May 31, 2019, the Company has $2.0 billion in available unused borrowing capacity under its revolving credit facilities.
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 facilities and the 4.900% Senior Notes contain debt leverage and interest coverage covenants. The Company is also subject to certain covenants requiring the Company to offer to repurchase the 5.625%, 4.700%, 4.900% or 3.950% Senior Notes upon a change of control. As of May 31, 2019 and August 31, 2018, the Company was in compliance with its debt covenants. Fair Value The estimated fair values of the Company’s publicly traded debt, including the 5.625%, 4.700% and 3.950% Senior Notes, were approximately $416.5 million, $517.9 million and $480.1 million, respectively, as of May 31, 2019. 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 $311.2 million, as of May 31, 2019. This fair value estimate 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 loans approximate fair value as interest rates on these instruments approximate 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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