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Debt (Tables)
 9 Months Ended
May 31, 2021
Debt Disclosure [Abstract]  
Short-Term Borrowings Debt consists 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):
 May 31, 2021August 31, 2020
Short-term debt   
Commercial paper$2,390 $1,517 
Credit facilities 5
4,198 1,071 
£700 million note issuance 1
2.875% unsecured Pound sterling notes due 2020
— 533 
$8 billion note issuance 1
3.300% unsecured notes due 2021
1,249 — 
Other 2
126 144 
Total short-term debt$7,963 $3,265 
Long-term debt   
$1.5 billion note issuance 1
3.200% unsecured notes due 2030
$497 $497 
4.100% unsecured notes due 2050 5
792 990 
$6 billion note issuance 1
  
3.450% unsecured notes due 2026 5
1,442 1,891 
4.650% unsecured notes due 2046 5
318 591 
$8 billion note issuance 1
3.300% unsecured notes due 2021
— 1,248 
3.800% unsecured notes due 2024 5
1,154 1,993 
4.500% unsecured notes due 2034 5
301 496 
4.800% unsecured notes due 2044 5
868 1,493 
£700 million note issuance 1
3.600% unsecured Pound sterling notes due 2025
423 398 
€750 million note issuance 1
2.125% unsecured Euro notes due 2026
913 891 
$4 billion note issuance 3
3.100% unsecured notes due 2022 5
731 1,198 
4.400% unsecured notes due 2042 5
263 493 
Other 4
31 24 
Total long-term debt, less current portion$7,732 $12,203 

1Notes are unsubordinated debt obligations of the Company and rank equally in right of payment with all other unsecured and unsubordinated indebtedness of the Company from time to time outstanding. On October 20, 2020, the Company redeemed in full the £400 million aggregate principal amount outstanding of its 2.875% unsecured Pound sterling notes due 2020 issued by the Company on November 20, 2014.
2Other short-term debt represents a mix of fixed and variable rate debt with various maturities and working capital facilities denominated in various currencies.
3Notes are senior debt obligations of Walgreen Co. and rank equally with all other unsecured and unsubordinated indebtedness of Walgreen Co. On December 31, 2014, the Company 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 the Company and will rank equally in right of payment with all other unsecured and unsubordinated indebtedness of the Company.
4Other long-term debt represents a mix of fixed and variable rate debt in various currencies with various maturities.
5On April 26, 2021, the Company entered into a cash tender offer to partially purchase and retire $3.3 billion of long term U.S. dollar denominated notes with a weighted average interest rate of 4.02%, using funds drawn down from the $3.8 billion April 2021 Credit Agreement (as defined below). The Company recognized a loss of $419 million related to the early extinguishment of debt, within Interest expense, which includes $386 million of redemption premium paid in cash. The cash payments related to the early extinguishment of debt are classified as cash outflows from financing activities in the consolidated statement of cash flows. On June 1, 2021, the Company completed the previously announced sale of the Company’s Alliance Healthcare business and used a portion of the Transaction proceeds to repay all of the outstanding amount owed on the April 2021 Credit Agreement that funded the bond tender completed by the Company on April 26, 2021.
Long-Term Debt Debt consists 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):
 May 31, 2021August 31, 2020
Short-term debt   
Commercial paper$2,390 $1,517 
Credit facilities 5
4,198 1,071 
£700 million note issuance 1
2.875% unsecured Pound sterling notes due 2020
— 533 
$8 billion note issuance 1
3.300% unsecured notes due 2021
1,249 — 
Other 2
126 144 
Total short-term debt$7,963 $3,265 
Long-term debt   
$1.5 billion note issuance 1
3.200% unsecured notes due 2030
$497 $497 
4.100% unsecured notes due 2050 5
792 990 
$6 billion note issuance 1
  
3.450% unsecured notes due 2026 5
1,442 1,891 
4.650% unsecured notes due 2046 5
318 591 
$8 billion note issuance 1
3.300% unsecured notes due 2021
— 1,248 
3.800% unsecured notes due 2024 5
1,154 1,993 
4.500% unsecured notes due 2034 5
301 496 
4.800% unsecured notes due 2044 5
868 1,493 
£700 million note issuance 1
3.600% unsecured Pound sterling notes due 2025
423 398 
€750 million note issuance 1
2.125% unsecured Euro notes due 2026
913 891 
$4 billion note issuance 3
3.100% unsecured notes due 2022 5
731 1,198 
4.400% unsecured notes due 2042 5
263 493 
Other 4
31 24 
Total long-term debt, less current portion$7,732 $12,203 

1Notes are unsubordinated debt obligations of the Company and rank equally in right of payment with all other unsecured and unsubordinated indebtedness of the Company from time to time outstanding. On October 20, 2020, the Company redeemed in full the £400 million aggregate principal amount outstanding of its 2.875% unsecured Pound sterling notes due 2020 issued by the Company on November 20, 2014.
2Other short-term debt represents a mix of fixed and variable rate debt with various maturities and working capital facilities denominated in various currencies.
3Notes are senior debt obligations of Walgreen Co. and rank equally with all other unsecured and unsubordinated indebtedness of Walgreen Co. On December 31, 2014, the Company 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 the Company and will rank equally in right of payment with all other unsecured and unsubordinated indebtedness of the Company.
4Other long-term debt represents a mix of fixed and variable rate debt in various currencies with various maturities.
5On April 26, 2021, the Company entered into a cash tender offer to partially purchase and retire $3.3 billion of long term U.S. dollar denominated notes with a weighted average interest rate of 4.02%, using funds drawn down from the $3.8 billion April 2021 Credit Agreement (as defined below). The Company recognized a loss of $419 million related to the early extinguishment of debt, within Interest expense, which includes $386 million of redemption premium paid in cash. The cash payments related to the early extinguishment of debt are classified as cash outflows from financing activities in the consolidated statement of cash flows. On June 1, 2021, the Company completed the previously announced sale of the Company’s Alliance Healthcare business and used a portion of the Transaction proceeds to repay all of the outstanding amount owed on the April 2021 Credit Agreement that funded the bond tender completed by the Company on April 26, 2021.