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Notes Payable and Long-Term Debt

3 Months Ended

Nov. 30, 2020

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, 2020 and August 31, 2020 are summarized below (in thousands): 

						Maturity Date						November 30, 2020						August 31, 2020
4.700% Senior Notes						Sep 15, 2022						$	498,823					$	498,659
4.900% Senior Notes						Jul 14, 2023						299,361						299,300
3.950% Senior Notes						Jan 12, 2028						495,594						495,440
3.600% Senior Notes						Jan 15, 2030						494,896						494,756
3.000% Senior Notes						Jan 15, 2031						590,400						590,162
Borrowings under credit facilities(1)						Apr 23, 2021, Jan 22, 2023 and Jan 22, 2025						—						—
Borrowings under loans						Jan 22, 2025						350,126						350,165
Total notes payable and long-term debt												2,729,200						2,728,482
Less current installments of notes payable and long-term debt												50,195						50,194
Notes payable and long-term debt, less current installments												$	2,679,005					$	2,678,288

(1)As of November 30, 2020, the Company has $3.8 billion in available unused borrowing capacity under its revolving credit facilities. The Revolving Credit Facility under the five-year unsecured credit facility entered into on January 22, 2020 (the “Credit Facility”) acts as the back-up facility for 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 4.700%, 4.900%, 3.950%, 3.600% or 3.000% Senior Notes upon a change of control. As of November 30, 2020 and August 31, 2020, 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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