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Notes Payable and Long-Term Debt (Tables) | 6 Months Ended
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Feb. 29, 2020
Debt Disclosure [Abstract] |
Schedule of Notes Payable and Long-term Debt | Notes payable and long-term debt outstanding as of February 29, 2020 and August 31, 2019 are summarized below (in thousands):
|  | Maturity Date |  | February 29, 2020 |  | August 31, 2019
5.625% Senior Notes |  | Dec 15, 2020 |  | $ | 399,332 |  |  | $ | 398,886 |
4.700% Senior Notes |  | Sep 15, 2022 |  | 498,332 |  |  | 498,004 |
4.900% Senior Notes |  | Jul 14, 2023 |  | 299,178 |  |  | 299,057 |
3.950% Senior Notes |  | Jan 12, 2028 |  | 495,132 |  |  | 494,825 |
3.600% Senior Notes(1) |  | Jan 15, 2030 |  | 494,470 |  |  | — |
Borrowings under credit facilities(2)(3) |  | Jan 22, 2023 and Jan 22, 2025 |  | — |  |  | — |
Borrowings under commercial paper program(4) |  | (4) |  | 237,661 |  |  | — |
Borrowings under loans(2) |  | Jan 22, 2025 |  | 300,095 |  |  | 805,693 |
Total notes payable and long-term debt |  |  |  | 2,724,200 |  |  | 2,496,465 |
Less current installments of notes payable and long-term debt |  |  |  | 637,841 |  |  | 375,181 |
Notes payable and long-term debt, less current installments |  |  |  | $ | 2,086,359 |  |  | $ | 2,121,284 |
(1) | On January 15, 2020, the Company issued $500.0 million of publicly registered 3.600% Senior Notes due 2030 (the “3.600% Senior Notes”). The net proceeds from the offering were used for the repayment of term loan indebtedness.
(2) | On January 22, 2020, the Company entered into a senior unsecured credit agreement which provides for: (i) a Revolving Credit Facility in the initial amount of $2.7 billion, of which $700.0 million expires on January 22, 2023 and $2.0 billion expires on January 22, 2025 and (ii) a $300.0 million Term Loan Facility which expires on January 22, 2025, (collectively the “Credit Facility”). Interest and fees on the Credit Facility advances are based on the Company’s non-credit enhanced long-term senior unsecured debt rating as determined by Standard & Poor’s Ratings Service, Moody’s Investors Service and Fitch Ratings. In connection with the Company’s entry into the Credit Facility, the Company terminated the Company’s amended and restated five-year credit agreement dated November 8, 2017 and the credit agreement dated August 24, 2018.
During the three months ended February 29, 2020, the interest rates on the Revolving Credit Facility ranged from 2.5% to 3.0% and the Term Loan Facility ranged from 2.9% to 3.2%. Interest is charged at a rate equal to (a) for the Revolving Credit Facility, either 0.000% to 0.450% above the base rate or 0.975% to 1.450% above the Eurocurrency rate and (b) for the Term Loan Facility, either 0.125% to 0.750% above the base rate or 1.125% to 1.750% above the Eurocurrency rate. The base rate represents the greatest of: (i) Citibank, N.A.’s prime rate, (ii) 0.50% above the federal funds rate, and (iii) 1.0% above one-month LIBOR, but not less than zero. The Eurocurrency rate represents adjusted LIBOR or adjusted CDOR, as applicable, for the applicable interest period, but not less than zero. Fees include a facility fee based on the revolving credit commitments of the lenders and a letter of credit fee based on the amount of outstanding letters of credit.
(3) | As of February 29, 2020, the Company has $3.1 billion in available unused borrowing capacity under its revolving credit facilities, net of outstanding commercial paper borrowings.
(4) The Company has a borrowing capacity of up to $1.8 billion under its commercial paper program. The revolving credit facility supports commercial paper outstanding, if any. As of February 29, 2020, the outstanding commercial paper has maturities of 90 days or less. During the three months ended February 29, 2020, the interest rates on the commercial paper program ranged from 2.0% to 2.6%.

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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