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Notes Payable and Long-Term Debt
 12 Months Ended
Aug. 31, 2026
Debt Disclosure [Abstract]  
Notes Payable and Long-Term Debt Notes Payable and Long-Term Debt
Notes payable and long-term debt outstanding as of August 31, 2026, and 2025 are summarized below (in millions):
Maturity DateAugust 31, 2026August 31, 2025
1.700% Senior Notes(1)(2)(3)
Apr 15, 2026$— $499 
4.250% Senior Notes(1)(2)
May 15, 2027499 497 
3.950% Senior Notes(1)(2)
Jan 12, 2028499 499 
5.450% Senior Notes(1)(2)
Feb 1, 2029298 297 
4.200% Senior Notes(1)(2)(3)
Feb 1, 2029497 — 
3.600% Senior Notes(1)(2)
Jan 15, 2030498 498 
3.000% Senior Notes(1)(2)
Jan 15, 2031596 595 
4.750% Senior Notes(1)(2)(3)
Feb 1, 2033492 — 
Borrowings under credit facilities and other(4)(5)
Jun 18, 2030— — 
Total notes payable and long-term debt3,379 2,885 
Less current installments of notes payable and long-term debt
499 499 
Notes payable and long-term debt, less current installments
$2,880 $2,386 
(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 January 23, 2026, the Company issued $500 million aggregate principal amount of 4.200% Senior Notes due 2029 (the “4.200% Senior Notes”) and $500 million aggregate principal amount of 4.750% Senior Notes due 2033 (the “4.750% Senior Notes”) in an underwritten public offering. The Company used the net proceeds for general corporate purposes, including the repayment of the $500 million aggregate principal amount of 1.700% Senior Notes due in April 2026.
(4)On June 18, 2025, the Company entered into a senior unsecured credit agreement (the “Agreement”). The Agreement provides for a five-year revolving credit facility in the initial amount of $3.2 billion (the “Revolving Credit Facility”), which may, subject to the lender’s discretion, potentially be increased by up to an aggregate amount of $1.0 billion. The Revolving Credit Facility expires on June 18, 2030, subject to unlimited successive one-year extension options (subject to the lenders’ discretion), provided that the tenor of the Revolving Credit Facility shall at no time exceed five-years.
(5)As of August 31, 2026, the Company had $4.4 billion in available unused borrowing capacity under its revolving credit facilities and receivables financing facility, of which $3.2 billion was available under the Revolving Credit Facility. The Revolving 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. Under the receivables financing facility, the Company receives cash advances from an unaffiliated financial institution in exchange for rights to designated pools of trade accounts receivable.
In the ordinary course of business, the Company has letters of credit and surety bonds with banks and insurance companies outstanding of $137 million as of August 31, 2026. Unused letters of credit were immaterial as of August 31, 2026. Letters of credit and surety bonds are generally available for draw down in the event the Company does not perform.
Debt Maturities
Debt maturities as of August 31, 2026 are as follows (in millions):
Fiscal Year Ended August 31,
2027
$499 
2028
499 
2029
795 
2030
498 
2031
596 
Thereafter492 
Total$3,379 
Debt Covenants
Borrowings under the Company’s debt agreements are subject to various covenants that limit the Company’s ability to: incur additional indebtedness, sell assets, effect mergers and certain transactions, and effect certain transactions with subsidiaries and affiliates. In addition, the revolving credit facilities contain debt leverage and interest coverage covenants. The Company is also subject to certain covenants requiring the Company to offer to repurchase the 1.700%, 4.250%, 3.950%, 5.450%, 4.200%, 3.600%, 3.000%, or 4.750% Senior Notes upon a change of control. As of August 31, 2026, and 2025, the Company was in compliance with its debt covenants.
Fair Value
See Note 17 – “Fair Value Measurements” for the estimated fair values of the Company’s notes payable and long-term debt.