Debt

9 Months Ended

May 31, 2025

Debt Disclosure [Abstract]

Debt

Debt

Debt carrying values are presented net of unamortized discount and debt issuance costs, where applicable, and foreign currency denominated debt is translated to the U.S. dollar using the spot rates as of the balance sheet date (all amounts are presented in millions of U.S. dollars and debt issuances are denominated in U.S. dollars, unless otherwise noted).

	Current portion		Non-current portion		Total
Long-term debt balances as of August 31, 2024	$	1,505	$	8,044	$	9,549
Repayments of long-term debt	(2,447)		(1,000)		(3,447)
Reclassifications of long-term debt	1,379		(1,379)		—
Exchange rate changes and other	(8)		4		(4)
Long-term debt balances as of May 31, 2025, excluding revolving credit facilities	$	429	$	5,669	$	6,098
Accounts Receivable Facility	$	—	$	1,268	$	1,268
Total long-term debt balances as of May 31, 2025	$	429	$	6,937	$	7,366

Long-term debt

The Company’s long-term debt balances include bonds, notes, amounts borrowed under the accounts receivable securitization facility and delayed draw term credit facilities (“DDTL facilities”), and certain other balances. Amounts borrowed under DDTL facilities that are repaid or prepaid may not be reborrowed.

April 2025 Accounts receivable revolving credit facility

On April 24, 2025, the SPE entered into an accounts receivable securitization facility with an initial borrowing capacity of $2.5 billion (“Accounts Receivable Facility”).

The Accounts Receivable Facility consists of certain of the Company’s wholly owned subsidiaries selling or contributing on an on-going basis the accounts receivables generated by them, together with all related security and interests in the proceeds thereof (the “Pool Receivables”), without recourse, to the SPE. Other than during an event of default or specified downgrade in rating, collections remitted may be fully commingled with the other cash and cash equivalents of the Company.

The SPE’s sole business is to conduct its obligations in connection with the Accounts Receivable Facility. Based on its structure, the SPE is considered a variable interest entity (“VIE”) and the most significant activities that impact its economic performance are decisions made to manage its Pool Receivables. The Company is considered the primary beneficiary and consolidates the SPE as it makes those decisions as the servicer. Although the SPE is included in the Company’s Consolidated Condensed Financial Statements, it is a separate legal entity and the assets of the SPE are not available to satisfy the claims of other creditors of the Company.

Interest on borrowings under the Accounts Receivable Facility accrues at applicable margins based on the Company’s Index Debt Rating by Moody’s or Standard and Poor (“S&P”) and ranges from 95 basis points to 125 basis points over specified benchmark rates for Secured Overnight Financing Rate (“SOFR”) loans, as applicable. Additionally, the Company pays commitment fees to maintain the availability under the Revolving Accounts Receivable Facility at applicable fee rates based upon certain criteria at an annual rate on the unutilized portion of the total credit commitment. Absent an event of default, including if the debt is not repaid upon a change of control event, the Accounts Receivable Facility will terminate on April 24, 2028. As of May 31, 2025, the Company had a remaining borrowing capacity of $1.2 billion under the Accounts Receivable Facility.

Other credit facilities

As of May 31, 2025, the Company had an aggregate borrowing capacity under other committed revolving credit facilities of $5.8 billion. The Company utilizes its revolving credit facilities for short term working capital and general corporate purposes. As of May 31, 2025, there were no borrowings outstanding under the Company’s other revolving credit facilities.

Repayments of debt

During the three months ended November 30, 2024 the Company repaid in full the $1.2 billion of principal and interest on the 3.800% unsecured notes due 2024 which matured on November 18, 2024. During the same period, the Company also repaid $290 million of principal and interest on the final tranche of a $5.0 billion senior unsecured multi-tranche delayed draw term loan credit facility (the “November 2021 DDTL”) that matured on November 24, 2024. As of November 30, 2024, all tranches available under the November 2021 DDTL have matured and been repaid in full.

During the three months ended May 31, 2025, the Company used net proceeds from its Accounts Receivable Facility to repay in full all amounts outstanding under the Company’s $1.0 billion senior unsecured delayed draw term loan credit agreement due January 2026, dated as of December 19, 2022 (the “December 2022 DDTL”), and the Company’s $1.0 billion senior unsecured delayed draw term loan credit agreement due November 2026, dated as of August 9, 2023 (the “August 2023 DDTL”). As of May 31, 2025, all tranches available under the December 2022 DDTL and August 2023 DDTL have been repaid in full, and all commitments under the December 2022 DDTL and August 2023 DDTL were terminated in accordance with their terms on April 24, 2025.

Debt covenants

Each of the Company’s credit facilities contains a covenant to maintain, as of the last day of each fiscal quarter, a ratio of consolidated debt to total capitalization not to exceed 0.60:1.00, subject to increase in certain circumstances set forth in the applicable credit agreement. The credit facilities contain various other customary financial covenants. As of May 31, 2025, the Company was in compliance with all such applicable financial covenants.

Commercial paper

The Company periodically borrows under its commercial paper program and may borrow under it in future periods. As of May 31, 2025 and August 31, 2024, the Company had no borrowings outstanding under the commercial paper program.