Notes Payable and Long-Term Debt (Tables)

12 Months Ended

Aug. 31, 2023

Schedule of Notes Payable and Long-Term Debt

Notes payable and long-term debt outstanding as of August 31, 2023 and 2022 are summarized below (in millions):


	Maturity Date	August 31, 2023		August 31, 2022
4.900% Senior Notes(1)(3)	Jul 14, 2023	$	—	$	300
3.950% Senior Notes(1)(2)	Jan 12, 2028	497		497
3.600% Senior Notes(1)(2)	Jan 15, 2030	496		496
3.000% Senior Notes(1)(2)	Jan 15, 2031	593		592
1.700% Senior Notes(1)(2)	Apr 15, 2026	498		497
4.250% Senior Notes(1)(2)(5)	May 15, 2027	495		493
5.450% Senior Notes(1)(2)(3)	Feb 1, 2029	296		—
Borrowings under credit facilities(4)(6)	Jan 22, 2025 and Jan 22, 2027	—		—

Borrowings under loans	Jul 31, 2026	—		—
Total notes payable and long-term debt		2,875		2,875
Less current installments of notes payable and long-term debt		—		300
Notes payable and long-term debt, less current installments		$	2,875	$	2,575

(1)The notes are carried at the principal amount of each note, less any unamortized discount and unamortized debt issuance costs.

(2)The Senior Notes are the Company’s senior unsecured obligations and rank equally with all other existing and future senior unsecured debt obligations.

(3)On April 13, 2023, the Company issued $300 million of publicly registered 5.450% Senior Notes due 2029 (the “5.450% Senior Notes”). The Company used the net proceeds for general corporate purposes, including, together with available cash, repayment of the $300 million aggregate principal amount of the Company’s 4.900% Senior Notes due in July 2023.

(4)On February 10, 2023, the Company entered into an amendment (the “Amendment”) to its senior unsecured credit agreement dated as of January 22, 2020 (as amended, the “Credit Facility”). The Amendment, among other things, (i) instituted certain amendments to the sustainability-linked adjustments to the interest rates applicable to borrowings under the three-year revolving credit facility (the “Three-Year Revolving Credit Facility”) and the Company’s five-year revolving credit facility (the “Five-Year Revolving Credit Facility”), (ii) established customary SOFR, CDOR, EURIBOR and TIBOR provisions, which replaced the LIBOR provisions set forth in the existing agreement, and (iii) extended the termination date of the Three-Year Revolving Credit Facility to January 22, 2025, and of the Five-Year Revolving Credit Facility to January 22, 2027.

(5)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.

(6)As of August 31, 2023, the Company has $3.8 billion in available unused borrowing capacity under its revolving credit facilities. 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.

Schedule of Debt Maturities

Debt maturities as of August 31, 2023 are as follows (in millions):


Fiscal Year Ended August 31,
2024	$	—
2025	—
2026	498
2027	495
2028	497
Thereafter	1,385
Total	$	2,875