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Leases
9 Months Ended
May 31, 2023
Leases [Abstract]  
Leases Leases
During fiscal year 2023, the Company entered into new operating and finance leases. The future minimum lease payments under these new leases as of May 31, 2023 were as follows (in millions):
Payments due by period
Total Less than 1
year
1-3 years 3-5 years After 5 years
Operating lease obligations(1)
$ 85  $ 25  $ 34  $ 17  $
Finance lease obligations(1)
$ 88  $ 47  $ 41  $ —  $ — 
(1)Excludes $224 million of payments related to operating and finance leases signed but not yet commenced. Of these excluded payments, $163 million relates to a variable interest entity (“VIE”), for which the Company is not the primary beneficiary. This is also the Company’s maximum exposure to loss related to the VIE. The Company expects the lease related to the VIE to commence in fiscal year 2024. Additionally, certain leases signed but not yet commenced contain residual value guarantees and purchase options not deemed probable.
Leases Leases
During fiscal year 2023, the Company entered into new operating and finance leases. The future minimum lease payments under these new leases as of May 31, 2023 were as follows (in millions):
Payments due by period
Total Less than 1
year
1-3 years 3-5 years After 5 years
Operating lease obligations(1)
$ 85  $ 25  $ 34  $ 17  $
Finance lease obligations(1)
$ 88  $ 47  $ 41  $ —  $ — 
(1)Excludes $224 million of payments related to operating and finance leases signed but not yet commenced. Of these excluded payments, $163 million relates to a variable interest entity (“VIE”), for which the Company is not the primary beneficiary. This is also the Company’s maximum exposure to loss related to the VIE. The Company expects the lease related to the VIE to commence in fiscal year 2024. Additionally, certain leases signed but not yet commenced contain residual value guarantees and purchase options not deemed probable.