Notes Payable, Long-Term Debt and Capital Lease Obligations (Tables)

9 Months Ended

May 31, 2016

Notes Payable, Long-Term Debt and Capital Lease Obligations [Abstract]

Notes Payable, Long-Term Debt and Capital Lease Obligations Outstanding

	Notes payable, long-term debt and capital lease obligations outstanding at May 31, 2016 and August 31, 2015 are
summarized below (in thousands):
			May 31,		August 31,
			2016		2015
	7.750% Senior Notes due 2016		$	311,667	$	310,378
	8.250% Senior Notes due 2018			399,333		399,047
	5.625% Senior Notes due 2020			400,000		400,000
	4.700% Senior Notes due 2022			500,000		500,000
	Borrowings under credit facilities			64		323
	Borrowings under loans(a)			510,794		30,410
	Capital lease obligations			28,758		28,156
	Fair value adjustment related to terminated interest rate swaps on
		the 7.750% Senior Notes		297		2,077
	Total notes payable, long-term debt and capital lease obligations			2,150,913		1,670,391
	Less current installments of notes payable, long-term debt and
		capital lease obligations		359,885		323,833
	Notes payable, long-term debt and capital lease obligations, less
		current installments	$	1,791,028	$	1,346,558

^(a)On July 6, 2015, the Company entered into an amended and restated senior unsecured five year credit agreement. The credit agreement provides for a revolving credit facility (the “Revolving Credit Facility”) in the initial amount of $1.5 billion, which may, subject to the lenders’ discretion, potentially be increased up to $2.0 billion and a $500.0 million five year delayed draw term loan facility (the “Term Loan Facility” and, together with the Revolving Credit Facility, the “Credit Facility”). On September 22, 2015, the Company borrowed $500.0 million against the Term Loan Facility.

During the third quarter of fiscal year 2012, the Company entered into a master lease agreement with a variable interest entity (the “VIE”) whereby it sells to and subsequently leases back from the VIE up to $60.0 million in certain machinery and equipment for a period of up to five years. In connection with this transaction, the Company holds a variable interest in the VIE, which was designed to hold debt obligations payable to third-party creditors. The proceeds from such debt obligations are utilized to finance the purchase of the machinery and equipment that is then leased by the Company. The Company is the primary beneficiary of the VIE as it has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Therefore, the Company consolidates the financial statements of the VIE and eliminates all intercompany transactions. At May 31,2016, the VIE had approximately $21.3 million of total assets, of which approximately $21.0 million was comprised of a note receivable due from the Company, and approximately $20.9 million of total liabilities, of which approximately $20.9 million were debt obligations to the third-party creditors (as the VIE has utilized approximately $20.9 million of the $60.0 million debt obligation capacity). The third-party creditors have recourse to the Company’s general credit only in the event that the Company defaults on its obligations under the terms of the master lease agreement. In addition, the assets held by the VIE can be used only to settle the obligations of the VIE.