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Notes Payable and Long-Term Debt | 9 Months Ended
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May 31, 2021
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, 2021 and August 31, 2020 are summarized below (in thousands):
|  | Maturity Date |  | May 31, 2021 |  | August 31, 2020
4.700% Senior Notes |  | Sep 15, 2022 |  | $ | 499,150 |  |  | $ | 498,659 |
4.900% Senior Notes |  | Jul 14, 2023 |  | 299,482 |  |  | 299,300 |
3.950% Senior Notes |  | Jan 12, 2028 |  | 495,902 |  |  | 495,440 |
3.600% Senior Notes |  | Jan 15, 2030 |  | 495,146 |  |  | 494,756 |
3.000% Senior Notes |  | Jan 15, 2031 |  | 590,944 |  |  | 590,162 |
1.700% Senior Notes (1) |  | Apr 15, 2026 |  | 495,560 |  |  | — |
Borrowings under credit facilities (2)(3) |  | Jan 22, 2024 and Jan 22, 2026 |  | — |  |  | — |
Borrowings under loans (1) |  | Jun 23, 2021 |  | 50,583 |  |  | 350,165 |
Total notes payable and long-term debt |  |  |  | 2,926,767 |  |  | 2,728,482 |
Less current installments of notes payable and long-term debt |  |  |  | 50,168 |  |  | 50,194 |
Notes payable and long-term debt, less current installments |  |  |  | $ | 2,876,599 |  |  | $ | 2,678,288 |
(1)On April 14, 2021, the Company issued $500.0 million of publicly registered 1.700% Senior Notes due 2026 (the “1.700% Senior Notes”). The Company used the net proceeds for general corporate purposes, including repayment of the prior $300.0 million Term Loan Facility. (2)On April 28, 2021, the Company entered into an amendment (the “Amendment”) to its senior unsecured credit agreement dated as of January 22, 2020 (the “Credit Facility”). The Amendment, among other things, (i) increased the commitments available under the three-year revolving credit facility (the “Three-Year Revolving Credit Facility”) from $700.0 million to $1.2 billion, (ii) instituted certain sustainability-linked adjustments to the interest rates applicable to borrowings under the Credit Facility and (iii) extended the termination date of the Three-Year Revolving Credit Facility to January 22, 2024, and of the Five-Year Revolving Credit Facility of $2.0 billion to January 22, 2026. (3)As of May 31, 2021, the Company has $3.8 billion in available unused borrowing capacity under its revolving credit facilities. 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%, 3.000% or 1.700% Senior Notes upon a change of control. As of May 31, 2021 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 + Details
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