v3.26.1
Fair Value Measurements
 9 Months Ended
May 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair Value Measurements on a Recurring Basis
The carrying amounts of cash and cash equivalents, trade accounts receivable, prepaid expenses, and other current assets, accounts payable and accrued expenses approximate fair value because of the short-term nature of these financial instruments. Cash equivalents consist of investments that are readily convertible to cash with original maturities of 90 days or less and are classified within Level 1 of the fair value hierarchy. As of May 31, 2026 and August 31, 2025, there were $341 million and $392 million of cash equivalents, respectively.
The fair value of forward foreign exchange contracts were not material to the Company’s Condensed Consolidated Balance Sheets as of May 31, 2026 and August 31, 2025.
Fair Value of Financial Instruments
The carrying amounts of borrowings under credit facilities and under loans approximate fair value as interest rates on these instruments approximate current market rates. Notes payable and long-term debt is carried at amortized cost; however, the Company estimates the fair values of notes payable and long-term debt for disclosure purposes. The following table presents the carrying amounts and fair values of the Company's notes payable and long-term debt, by hierarchy level as of the periods indicated (in millions):
May 31, 2026August 31, 2025
Fair Value HierarchyCarrying AmountFair ValueCarrying AmountFair Value
Notes payable and long-term debt: (Note 6)
3.950% Senior Notes
Level 2
(1)
$499 $495 $499 $496 
3.600% Senior Notes
Level 2
(1)
$498 $480 $498 $480 
3.000% Senior Notes
Level 2
(1)
$595 $553 $595 $551 
1.700% Senior Notes
Level 2
(1)
$— $— $499 $492 
4.250% Senior Notes
Level 2
(1)
$499 $500 $497 $500 
5.450% Senior Notes
Level 2
(1)
$298 $305 $297 $308 
4.200% Senior Notes
Level 2
(1)
$497 $494 $— $— 
4.750% Senior Notes
Level 2
(1)
$492 $489 $— $— 
(1)The fair value estimates are based upon observable market data.