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Stockholders' Equity | 9 Months Ended
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May 31, 2024
Share-Based Payment Arrangement [Abstract] |
Stockholders' Equity | Stockholders’ Equity The Company recognized stock-based compensation expense within selling, general and administrative expense as follows (in millions):
| Three months ended |  | Nine months ended
| May 31, 2024 |  | May 31, 2023 |  | May 31, 2024 |  | May 31, 2023
Restricted stock units(1) | $ | (2) |  |  | $ | 14 |  |  | $ | 58 |  |  | $ | 68 |
Employee stock purchase plan | 5 |  |  | 4 |  |  | 14 |  |  | 12 |
Total | $ | 3 |  |  | $ | 18 |  |  | $ | 72 |  |  | $ | 80 |
(1)During the three months ended May 31, 2024, the Company recorded a $13 million reversal to stock-based compensation expense primarily due to forfeitures of time-based, performance-based and market-based restricted stock awards. As of May 31, 2024, the shares available to be issued under t he 2021 Equity Incentive Plan were 8,059,728. Restricted Stock Units Certain key employees have been granted time-based, performance-based and market-based restricted stock unit awards (“restricted stock units”). The time-based restricted stock units generally vest on a graded vesting schedule over three years. The performance-based restricted stock units generally vest on a cliff vesting schedule over three years and up to a maximum of 150%, depending on the specified performance condition and the level of achievement obtained. The performance-based restricted stock units have a vesting condition that is based upon the Company’s cumulative adjusted core earnings per share during the performance period. The market-based restricted stock units generally vest on a cliff vesting schedule over three years and up to a maximum of 200%, depending on the specified performance condition and the level of achievement obtained. The market-based restricted stock units have a vesting condition that is tied to the Company’s total shareholder return based on the Company’s stock performance in relation to the companies in the Standard and Poor’s (S&P) Super Composite Technology Hardware and Equipment Index excluding the Company. During the nine months ended May 31, 2024 and 2023, the Company awarded approximately 0.5 million and 0.9 million time-based restricted stock units, respectively, 0.1 million and 0.2 million performance-based restricted stock units, respectively, and 0.1 million and 0.2 million market-based restricted stock units, respectively. The following represents the stock-based compensation information as of the period indicated (in millions):
| May 31, 2024
Unrecognized stock-based compensation expense – restricted stock units | $ | 55 |
Remaining weighted-average period for restricted stock units expense | 1.5 years
Common Stock Outstanding The following represents the common stock outstanding for the periods indicated:
| Three months ended |  | Nine months ended
| May 31, 2024 |  | May 31, 2023 |  | May 31, 2024 |  | May 31, 2023
Common stock outstanding: |  |  |  |  |  |  |
Beginning balances | 122,440,607 |  |  | 133,238,368 |  |  | 131,294,422 |  |  | 135,493,980 |
Shares issued under employee stock purchase plan | — |  |  | 1,730 |  |  | 338,316 |  |  | 631,066 |
Vesting of restricted stock | 21,550 |  |  | 3,372 |  |  | 1,791,066 |  |  | 2,013,768 |
Purchases of treasury stock under employee stock plans | (7,512) |  |  | (700) |  |  | (534,335) |  |  | (571,349) |
Treasury shares purchased(1)(2) | (3,733,966) |  |  | (1,890,906) |  |  | (14,168,790) |  |  | (6,215,601) |
Ending balances | 118,720,679 |  |  | 131,351,864 |  |  | 118,720,679 |  |  | 131,351,864 |
(1)In July 2021, the Board of Directors approved an authorization for the repurchase of up to $1.0 billion of the Company’s common stock (the “2022 Share Repurchase Program”). As of February 28, 2023, 16.5 million shares had been repurchased for $1.0 billion and no authorization remained under the 2022 Share Repurchase Program. (2)In September 2022, the Board of Directors approved an authorization for the repurchase of up to $1.0 billion of the Company’s common stock (the “2023 Share Repurchase Program”). As of August 31, 2023, 2.7 million shares had been repurchased for $224 million, excluding excise tax. In September 2023, the Board of Directors amended and increased the 2023 Share Repurchase Program to allow for the repurchase of up to $2.5 billion of the Company’s common stock. As part of the amended 2023 Share Repurchase Program, the Company entered into an accelerated share repurchase (“ASR”) agreement with a bank in September 2023 to repurchase $500 million of the Company’s common stock. During the first quarter of 2024, the ASR transaction was completed, and 3.9 million shares were delivered under the ASR agreement at an average price of $128.61. The final number of shares delivered upon settlement of the ASR agreement was determined based on a discount to the volume weighted average price of the Company’s common stock during the term of the agreement. As of May 31, 2024, 14.2 million shares had been repurchased for $1.8 billion, excluding excise tax, and $676 million remains available under the amended 2023 Share Repurchase Program. In June 2024, as part of the amended 2023 Share Repurchase Program, the Company repurchased $121 million, excluding excise tax, and entered into ASR agreements to repurchase an additional $555 million, excluding excise tax, of the Company’s common stock. Under the ASR agreements, the Company made payments of $555 million to participating financial institutions and received an initial delivery of shares of common stock. The delivery of any remaining shares will occur at the final settlement of the transactions under the ASR agreements.

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