Subsequent event

6 Months Ended

Feb. 29, 2020

Subsequent Events [Abstract]

Subsequent event

Subsequent event

The Company is closely monitoring the impact of the pandemic of the novel strain of coronavirus COVID-19 ("COVID-19") on all aspects of its business and geographies, including how it will impact its customers, team members, suppliers, vendors, business partners and distribution channels. While the Company did not incur significant disruptions during the three and six months ended February 29, 2020 from COVID-19, it is unable to predict the impact that COVID-19 will have on its financial position and operating results due to numerous uncertainties.

The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted on March 27, 2020 in the United States. Due to the recent enactment of this legislation, the Company continues to assess the potential impacts of this legislation on its financial position and results of operations.

Recent financing actions

Subsequent to February 29, 2020, the Company has taken actions intended to increase its cash position and preserve financial flexibility in light of current uncertainty in the global markets. As of March 31, 2020, the Company has total borrowings of approximately $8.3 billion outstanding under the credit facilities and commercial paper programs described above, of which $2.0 billion was commercial paper.

On April 1, 2020, the Company entered into a revolving credit agreement for a $750 million senior unsecured revolving credit facility with the lenders from time to time party thereto. As of April 1, 2020, there were no borrowings outstanding under this facility.