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Notes Payable and Long-Term Debt

3 Months Ended

Nov. 30, 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 November 30, 2019 and August 31, 2019 are summarized below (in thousands): 

		Maturity Date		November 30, 2019				August 31, 2019
5.625% Senior Notes		Dec 15, 2020		399,109				398,886
4.700% Senior Notes		Sep 15, 2022		498,169				498,004
4.900% Senior Notes		Jul 14, 2023		299,118				299,057
3.950% Senior Notes		Jan 12, 2028		494,978				494,825
Borrowings under credit facilities(1)		Nov 8, 2022 and Aug 24, 2020		—				—
Borrowings under loans		Nov 8, 2022 and Aug 24, 2020		799,521				805,693
Total notes payable and long-term debt				2,490,895				2,496,465
Less current installments of notes payable and long-term debt				375,180				375,181
Notes payable and long-term debt, less current installments				$	2,115,715			$	2,121,284

⁽¹⁾  As of November 30, 2019, the Company has $2.6 billion in available unused borrowing capacity under its revolving credit facilities. The revolving credit facility supports commercial paper outstanding, if any. The Company has a borrowing capacity of up to $1.8 billion under its commercial paper program.

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 November 30, 2019 and August 31, 2019, the Company was in compliance with its debt covenants.

Fair Value

Refer to Note 16 – “Fair Value Measurements” for the estimated fair values of the Company’s notes payable and long-term debt.

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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

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