Stockholders' Equity (Tables)

12 Months Ended

Aug. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Recognized Stock-based Compensation Expense

The Company recognized stock-based compensation expense within selling, general and administrative expense as follows (in millions):

	Fiscal Year Ended August 31,
	2023		2022		2021
Restricted stock units	$	81	$	67	$	91
Employee stock purchase plan	14		14		11
Total	$	95	$	81	$	102

Schedule of Shares Available for Issuance

Following is a reconciliation of the shares available to be issued under the 2021 EIP as of August 31, 2023:

	Shares Available for Grant
Balance as of August 31, 2022	9,974,294
Restricted stock units granted, net of forfeitures(1)	(1,510,561)
Balance as of August 31, 2023	8,463,733

(1)Represents the maximum number of shares that can be issued based on the achievement of certain performance criteria.

Schedule of Restricted Stock Activity

The following table summarizes restricted stock units activity from August 31, 2022 through August 31, 2023:

	Shares	Weighted-Average Grant-Date Fair Value
Outstanding as of August 31, 2022	4,412,994	$	49.87
Changes during the period
Shares granted(1)	1,673,925	$	66.33
Shares vested	(2,014,802)	$	45.98
Shares forfeited	(163,364)	$	56.92
Outstanding as of August 31, 2023	3,908,753	$	58.70

(1)For those shares granted that are based on the achievement of certain performance criteria, the amount represents the maximum number of shares that can vest. During the fiscal year ended August 31, 2023, the Company awarded approximately 0.9 million time-based restricted stock units, 0.2 million performance-based restricted stock units and 0.2 million market-based restricted stock units based on target performance criteria.

Schedule of Share-based Compensation Information

The following table represents the restricted stock units stock-based compensation information for the periods indicated (in millions):

	Fiscal Year Ended August 31,
	2023		2022		2021
Fair value of restricted stock units vested	$	93	$	72	$	69
Tax benefit for stock compensation expense(1)	$	2	$	2	$	1
Unrecognized stock-based compensation expense — restricted stock units	$	43
Remaining weighted-average period for restricted stock units expense	1.4 years

(1)Classified as income tax expense within the Consolidated Statements of Operations.

Schedule of Weighted Average Assumptions Used in Black-Scholes Option Pricing Model

The fair value of shares issued under the ESPP was estimated on the commencement date of each offering period using the Black-Scholes option pricing model. The following weighted-average assumptions were used in the model for each respective period:

	Fiscal Year Ended August 31,
	2023		2022		2021
Expected dividend yield	0.3	%	0.3	%	0.5	%
Risk-free interest rate	3.4	%	0.1	%	0.1	%
Expected volatility(1)	37.4	%	29.6	%	32.9	%
Expected life	0.5 years		0.5 years		0.5 years

(1)The expected volatility was estimated using the historical volatility derived from the Company’s common stock.

Schedule of Cash Dividends Declared to Common Stockholders

The following table sets forth certain information relating to the Company’s cash dividends declared to common stockholders during fiscal years 2023 and 2022:

(in millions, except for per share data)	Dividend Declaration Date	Dividend per Share		Total of Cash Dividends Declared		Date of Record for Dividend Payment	Dividend Cash Payment Date
Fiscal Year 2023	October 20, 2022	$	0.08	$	12	November 15, 2022	December 2, 2022
	January 26, 2023	$	0.08	$	10	February 15, 2023	March 2, 2023
	April 20, 2023	$	0.08	$	11	May 15, 2023	June 2, 2023
	July 20, 2023	$	0.08	$	11	August 15, 2023	September 5, 2023
Fiscal Year 2022	October 21, 2021	$	0.08	$	12	November 15, 2021	December 1, 2021
	January 20, 2022	$	0.08	$	12	February 15, 2022	March 2, 2022
	April 21, 2022	$	0.08	$	12	May 16, 2022	June 2, 2022
	July 21, 2022	$	0.08	$	11	August 15, 2022	September 2, 2022

Schedule of Common Stock Outstanding

The following represents the common stock outstanding for the fiscal year ended:

	Fiscal Year Ended August 31,
	2023	2022	2021
Common stock outstanding:
Beginning balances	135,493,980	144,496,077	150,330,358
Shares issued upon exercise of stock options	—	—	9,321
Shares issued under employee stock purchase plan	1,043,294	970,480	1,288,397
Vesting of restricted stock	2,014,802	2,503,143	2,290,104
Purchases of treasury stock under employee stock plans	(571,606)	(713,667)	(622,703)
Treasury shares purchased(1)(2)	(6,686,048)	(11,762,053)	(8,799,400)
Ending balances	131,294,422	135,493,980	144,496,077

 

(1)In July 2021, the Board of Directors approved an authorization for the repurchase of up to $1.0 billion of the Company’s common stock (the “2022 Share Repurchase Program”). As of February 28, 2023, 16.5 million shares had been repurchased for $1.0 billion and no authorization remained under the 2022 Share Repurchase Program.

(2)In September 2022, the Board of Directors approved an authorization for the repurchase of up to $1.0 billion of the Company’s common stock (the “2023 Share Repurchase Program”). As of August 31, 2023, 2.7 million shares had been repurchased for $224 million, excluding excise tax, and $776 million remains available under the 2023 Share Repurchase Program. In September 2023, the Board of Directors amended and increased the 2023 Share Repurchase Program to allow for the repurchase of up to $2.5 billion of the Company’s common stock.