Debt

3 Months Ended

Nov. 30, 2023

Debt Disclosure [Abstract]

Debt

Debt

	As of November 30, 2023										As of August 31, 2023
					Net Carrying Amount						Net Carrying Amount
	Stated Rate		Effective Rate		Current		Long-Term		Total		Current		Long-Term		Total
2024 Term Loan A	6.163	%	6.20	%	$	587	$	—	$	587	$	—	$	587	$	587
2025 Term Loan A	6.698	%	6.83	%	—		1,050		1,050		—		1,050		1,050
2026 Term Loan A	6.823	%	6.96	%	49		909		958		49		921		970
2027 Term Loan A	6.948	%	7.09	%	57		1,049		1,106		57		1,063		1,120
2026 Notes	4.975	%	5.07	%	—		499		499		—		499		499
2027 Notes(1)	4.185	%	4.27	%	—		797		797		—		798		798
2028 Notes	5.375	%	5.52	%	—		597		597		—		596		596
2029 A Notes	5.327	%	5.40	%	—		697		697		—		697		697
2029 B Notes	6.750	%	6.54	%	—		1,263		1,263		—		1,263		1,263
2030 Notes	4.663	%	4.73	%	—		847		847		—		846		846
2032 Green Bonds	2.703	%	2.77	%	—		995		995		—		995		995
2033 A Notes	5.875	%	5.96	%	—		745		745		—		745		745
2033 B Notes	5.875	%	6.01	%	—		890		890		—		890		890
2041 Notes	3.366	%	3.41	%	—		497		497		—		497		497
2051 Notes	3.477	%	3.52	%	—		496		496		—		496		496
Finance lease obligations	N/A		4.25	%	215		1,266		1,481		172		1,109		1,281
					$	908	$	12,597	$	13,505	$	278	$	13,052	$	13,330

(1) In 2021, we entered into fixed-to-floating interest rate swaps on the 2027 Notes with an aggregate $900 million notional amount equal to the principal amount of the 2027 Notes. The resulting variable interest paid is at a rate equal to SOFR plus approximately 3.33%. The fixed-to-floating interest rate swaps are accounted for as fair value hedges, and as a result, the carrying values of our 2027 Notes reflect adjustments in fair value.

Revolving Credit Facility

As of November 30, 2023, no amounts were outstanding under the Revolving Credit Facility and $2.50 billion was available to us. Under the Revolving Credit Facility, borrowings would generally bear interest at a rate equal to adjusted term SOFR plus 1.00% to 1.75%, depending on our corporate credit ratings. Adjusted term SOFR for the Revolving Credit Facility agreement is the SOFR benchmark plus a credit spread adjustment ranging from approximately 0.11% to 0.43% depending on the applicable interest period selected. Any amounts outstanding under the Revolving Credit Facility would mature in May 2026 and amounts borrowed may be prepaid without penalty.

The Revolving Credit Facility requires us to maintain, on a consolidated basis, a leverage ratio of total indebtedness to adjusted EBITDA, as defined in the Revolving Credit Facility and calculated as of the last day of each fiscal quarter, not to exceed 3.25 to 1.00. On March 27, 2023, we amended the Revolving Credit Facility to provide that in lieu of the foregoing leverage ratio, during the fourth quarter of 2023 and each quarter of 2024, we will be required to maintain, on a consolidated basis, a net leverage ratio of total net indebtedness to adjusted EBITDA, as defined in the Revolving Credit Facility and calculated as of the last day of each fiscal quarter, not to exceed 3.25 to 1.00. Alternatively, for up to three of such five quarters, we may elect to comply with a requirement of minimum liquidity, as defined in the Revolving Credit Facility, of not less than $5.0 billion. In the fourth quarter of 2023 and first quarter of 2024, we complied with the net leverage ratio requirement. Each of the leverage ratio and net leverage ratio maximums, as applicable, is subject to a temporary four quarter increase in such ratio to 3.75 to 1.00 following certain material acquisitions.

Maturities of Notes Payable

As of November 30, 2023, maturities of notes payable by fiscal year were as follows:

Remainder of 2024	$	81
2025	695
2026	1,659
2027	1,780
2028	1,492
2029 and thereafter	6,450
Unamortized issuance costs, discounts, and premium, net	(32)
Hedge accounting fair value adjustment	(101)
	$	12,024