v3.26.1
Notes Payable and Long-Term Debt
 9 Months Ended
May 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 May 31, 2026, and August 31, 2025, are summarized below (in millions): 
Maturity DateMay 31, 2026August 31, 2025
3.950% Senior Notes
Jan 12, 2028$499 $499 
3.600% Senior Notes
Jan 15, 2030498 498 
3.000% Senior Notes
Jan 15, 2031595 595 
1.700% Senior Notes(1)
Apr 15, 2026— 499 
4.250% Senior Notes
May 15, 2027499 497 
5.450% Senior Notes
Feb 1, 2029298 297 
4.200% Senior Notes(1)
Feb 1, 2029497 — 
4.750% Senior Notes(1)
Feb 1, 2033492 — 
Borrowings under credit facilities and other(2)
Jun 18, 2030— — 
Total notes payable and long-term debt3,378 2,885 
Less current installments of notes payable and long-term debt
499 499 
Notes payable and long-term debt, less current installments
$2,879 $2,386 
(1)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.
(2)As of May 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 senior unsecured credit agreement dated June 18, 2025 (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.
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 3.950%, 3.600%, 3.000%, 1.700%, 4.250%, 5.450%, 4.200% or 4.750% Senior Notes upon a change of control. As of May 31, 2026, and August 31, 2025, the Company was in compliance with its debt covenants.
Fair Value
Refer to Note 16 – “Fair Value Measurements” for the estimated fair values of the Company’s notes payable and long-term debt.