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Notes Payable and Long-Term Debt | 12 Months Ended
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Aug. 31, 2025
Debt Disclosure [Abstract] |
Notes Payable and Long-Term Debt | Notes Payable and Long-Term Debt Notes payable and long-term debt outstanding as of August 31, 2025, and 2024 are summarized below (in millions):
| Maturity Date |  | August 31, 2025 |  | August 31, 2024
3.950% Senior Notes(1)(2) | Jan 12, 2028 |  | $ | 499 |  |  | $ | 498 |
3.600% Senior Notes(1)(2) | Jan 15, 2030 |  | 498 |  |  | 497 |
3.000% Senior Notes(1)(2) | Jan 15, 2031 |  | 595 |  |  | 594 |
1.700% Senior Notes(1)(2) | Apr 15, 2026 |  | 499 |  |  | 499 |
4.250% Senior Notes(1)(2) | May 15, 2027 |  | 497 |  |  | 496 |
5.450% Senior Notes(1)(2) | Feb 1, 2029 |  | 297 |  |  | 296 |
Borrowings under credit facilities(3)(4) | Jun 18, 2030 |  | — |  |  | — |
Total notes payable and long-term debt |  |  | 2,885 |  |  | 2,880 |
Less current installments of notes payable and long-term debt |  |  | 499 |  |  | — |
Notes payable and long-term debt, less current installments |  |  | $ | 2,386 |  |  | $ | 2,880 |
(1)The notes are carried at the principal amount of each note, less any unamortized discount and unamortized debt issuance costs. (2)The Senior Notes are the Company’s senior unsecured obligations and rank equally with all other existing and future senior unsecured debt obligations. (3)On June 18, 2025, the Company entered into a senior unsecured credit agreement (the “Agreement”). The Agreement provides for a five-year revolving credit facility in the initial amount of $3.2 billion (the “Revolving Credit Facility”), which may, subject to the lender’s discretion, potentially be increased by up to an aggregate amount of $1.0 billion. The Revolving Credit Facility expires on June 18, 2030, subject to unlimited successive one-year extension options (subject to the lenders’ discretion), provided that the tenor of the Revolving Credit Facility shall at no time exceed five-years. Interest and fees on advances under the Revolving Credit Facility are based on the Company’s non-credit enhanced long-term senior unsecured debt rating as determined by S&P Global Ratings, Moody’s Ratings and Fitch Ratings. In connection with the Company’s entry into the Agreement, the Company terminated its $3.2 billion credit agreement dated January 22, 2020. Interest for borrowings under the Revolving Credit Facility is charged at a rate equal to either 0.00% to 0.45% above the base rate or 0.90% to 1.45% above the benchmark rate, as applicable, based on the Company’s credit ratings. 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 Term SOFR, but not less than zero. The benchmark rate represents Term SOFR, EURIBOR, TIBOR or Daily Simple SOFR, 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. (4)As of August 31, 2025, the Company had $4.0 billion in available unused borrowing capacity under its existing revolving credit facilities, of which $3.2 billion was available under the Revolving Credit Facility. The Revolving Credit Facility acts as the back-up facility for commercial paper outstanding, if any. The Company has a borrowing capacity of up to $3.2 billion under its commercial paper program. In the ordinary course of business, the Company has letters of credit and surety bonds with banks and insurance companies outstanding of $92 million as of August 31, 2025. Unused letters of credit were $67 million as of August 31, 2025. Letters of credit and surety bonds are generally available for draw down in the event the Company does not perform. Debt Maturities Debt maturities as of August 31, 2025 are as follows (in millions):
Fiscal Year Ended August 31, |
2026 | $ | 499 |
2027 | 497 |
2028 | 499 |
2029 | 297 |
2030 | 498 |
Thereafter | 595 |
Total | $ | 2,885 |
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 contain debt leverage and interest coverage covenants. The Company is also subject to certain covenants requiring the Company to offer to repurchase the 3.950%, 3.600%, 3.000%, 1.700%, 4.250% or 5.450% Senior Notes upon a change of control. As of August 31, 2025, and 2024, the Company was in compliance with its debt covenants. Fair Value Refer to Note 18 – “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://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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