Borrowings (Tables)

12 Months Ended

Aug. 31, 2016

Borrowings [Abstract]

Short-Term Borrowings

Borrowings consist of the following (all amounts are presented in millions of U.S. dollars and debt issuances are denominated in U.S. dollars, unless otherwise noted)

	August 31, 2016		August 31, 2015
Short-Term Borrowings(1)
Unsecured Pound Sterling variable rate term loan due 2019	$	63	$	-
Unsecured variable rate notes due 2016		-		747
Other(2)		260		321
Total short-term borrowings	$	323	$	1,068

Long-Term Debt

Long-Term Debt(1)
Unsecured Pound Sterling variable rate term loan due 2019	$	1,833	$	2,229
$6 Billion Note Issuance(7)(9)
1.750% unsecured notes due 2018		1,246		-
2.600% unsecured notes due 2021		1,493		-
3.100% unsecured notes due 2023		744		-
3.450% unsecured notes due 2026		1,885		-
4.650% unsecured notes due 2046		590		-
$8 Billion Note Issuance(7)(9)
1.750% unsecured notes due 2017		746		746
2.700% unsecured notes due 2019		1,244		1,243
3.300% unsecured notes due 2021		1,242		1,241
3.800% unsecured notes due 2024		1,987		1,985
4.500% unsecured notes due 2034		494		494
4.800% unsecured notes due 2044		1,492		1,491
£700 Million Note Issuance(3)(7)(9)
2.875% unsecured Pound Sterling notes due 2020		521		612
3.600% unsecured Pound Sterling notes due 2025		391		459
€750 Million Note Issuance(5)(7)(9)
2.125% unsecured Euro notes due 2026		830		836
$4 Billion Note Issuance(7)(8)(9)
3.100% unsecured notes due 2022		1,194		1,193
4.400% unsecured notes due 2042		492		492
$1 Billion Note Issuance(8)(9)
5.250% unsecured notes due 2019(4)		249		250
Other(6)		32		44
Total long-term debt, less current portion	$	18,705	$	13,315

⁽¹⁾ All notes are presented net of unamortized discount and debt issuance costs, where applicable.

⁽²⁾ Other short-term borrowings represent a mix of fixed and variable rate borrowings with various maturities and working capital facilities denominated in various foreign currencies including bank overdrafts.

⁽³⁾ Pound Sterling denominated notes are translated at the spot rates at August 31, 2016 and 2015, respectively.

⁽⁴⁾ Includes interest rate swap fair market value adjustments. See Note 11, Fair Value Measurements for additional fair value disclosures.

⁽⁵⁾ Euro denominated notes are translated at the spot rate at August 31, 2016 and 2015.

⁽⁶⁾ Other long-term debt represents a mix of fixed and variable rate borrowings in various foreign currencies with various maturities.

⁽⁷⁾ Notes are unsubordinated debt obligations of Walgreens Boots Alliance and rank equally in right of payment with all other unsecured and unsubordinated indebtedness of Walgreens Boots Alliance from time to time outstanding.

⁽⁸⁾ Notes are senior debt obligations of Walgreens and rank equally with all other unsecured and unsubordinated indebtedness of Walgreens. On December 31, 2014, Walgreens Boots Alliance fully and unconditionally guaranteed the outstanding notes on an unsecured and unsubordinated basis. The guarantee, for so long as it is in place, is an unsecured, unsubordinated debt obligation of Walgreens Boots Alliance and will rank equally in right of payment with all other unsecured and unsubordinated indebtedness of Walgreens Boots Alliance.

⁽⁹⁾ The fair value of the $6 billion, $8 billion, £0.7 billion, €0.75 billion, $4 billion and $1 billion note issuances as of August 31, 2016 was $6.2 billion, $7.7 billion, $1.0 billion, $0.9 billion, $1.8 billion and $0.3 billion, respectively. The fair values of the notes outstanding are Level 1 fair value measures and determined based on quoted market price and translated at the August 31, 2016 spot rate, as applicable.

Future Maturities of Long-Term Debt

At August 31, 2016, the future maturities of long-term debt, excluding debt discounts and issuance costs and financing and capital lease obligations (see Note 4,Leases, for the future lease obligation maturities), consisted of the following ($ in millions):

Year ended August 31,	Amount
2017	$	323
2018		2,137
2019		416
2020		2,808
2021		2,024
Later		11,442
Total estimated future maturities	$	19,150