Notes Payable and Long-Term Debt (Tables)

9 Months Ended

May 31, 2022

Debt Disclosure [Abstract]

Schedule of Notes Payable and Long-term Debt

Notes payable and long-term debt outstanding as of May 31, 2022 and August 31, 2021 are summarized below (in millions): 

	Maturity Date	May 31, 2022		August 31, 2021
4.700% Senior Notes(1)	Sep 15, 2022	$	—	$	499
4.900% Senior Notes	Jul 14, 2023	300		300
3.950% Senior Notes	Jan 12, 2028	497		496
3.600% Senior Notes	Jan 15, 2030	496		495
3.000% Senior Notes	Jan 15, 2031	592		591
1.700% Senior Notes	Apr 15, 2026	496		496
4.250% Senior Notes(1)	May 15, 2027	493		—
Borrowings under credit facilities(2)	Jan 22, 2024 and Jan 22, 2026	—		—
Borrowings under loans	Jul 31, 2026	1		1
Total notes payable and long-term debt		2,875		2,878
Less current installments of notes payable and long-term debt		1		—
Notes payable and long-term debt, less current installments		$	2,874	$	2,878

(1)On May 4, 2022, the Company issued $500 million of registered 4.250% Senior Notes due 2027 (the “Green Bonds” or the “4.250% Senior Notes”). On May 31, 2022, the net proceeds from the offering were used to redeem the Company’s 4.700% Senior Notes due in 2022 and pay the applicable “make-whole” premium and accrued interest. In addition, the Company intends to allocate an amount equal to the net proceeds from this offering to finance or refinance eligible expenditures under the Company’s new green financing framework.

(2)As of May 31, 2022, the Company has $3.8 billion in available unused borrowing capacity under its revolving credit facilities. The senior unsecured credit agreement dated as of January 22, 2020 and amended on April 28, 2021 (the “Credit Facility”) acts as the back-up facility for commercial paper outstanding, if any. The Company has a borrowing capacity of up to $3.2 billion under its commercial paper program, which was increased from $1.8 billion on February 18, 2022.