Cover Page
Cover Page - shares | 9 Months Ended | |
May 31, 2021 | Jun. 24, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | May 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-14063 | |
Entity Registrant Name | JABIL INC | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 38-1886260 | |
Entity Address, Address Line One | 10560 Dr. Martin Luther King, Jr. Street North | |
Entity Address, City or Town | St. Petersburg | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33716 | |
City Area Code | 727 | |
Local Phone Number | 577-9749 | |
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Trading Symbol | JBL | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 145,829,630 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0000898293 | |
Current Fiscal Year End Date | --08-31 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | May 31, 2021 | Aug. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 1,240,729 | $ 1,393,557 |
Accounts receivable, net of allowance for doubtful accounts of $26,939 as of May 31, 2021 and $25,827 as of August 31, 2020 | 3,227,627 | 2,847,743 |
Contract assets | 1,070,606 | 1,104,700 |
Inventories, net | 3,979,329 | 3,131,783 |
Prepaid expenses and other current assets | 741,223 | 657,102 |
Total current assets | 10,259,514 | 9,134,885 |
Property, plant and equipment, net of accumulated depreciation of $4,922,191 as of May 31, 2021 and $4,525,758 as of August 31, 2020 | 3,812,159 | 3,665,312 |
Operating lease right-of-use asset | 360,938 | 362,847 |
Goodwill | 719,473 | 696,853 |
Intangible assets, net of accumulated amortization of $430,994 as of May 31, 2021 and $395,074 as of August 31, 2020 | 194,780 | 209,870 |
Deferred income taxes | 165,612 | 165,407 |
Other assets | 228,232 | 162,242 |
Total assets | 15,740,708 | 14,397,416 |
Current liabilities: | ||
Current installments of notes payable and long-term debt | 50,168 | 50,194 |
Accounts payable | 6,193,198 | 5,687,038 |
Accrued expenses | 3,490,480 | 3,211,528 |
Current operating lease liabilities | 113,150 | 110,723 |
Total current liabilities | 9,846,996 | 9,059,483 |
Notes payable and long-term debt, less current installments | 2,876,599 | 2,678,288 |
Other liabilities | 302,602 | 268,925 |
Non-current operating lease liabilities | 303,703 | 302,035 |
Income tax liabilities | 169,593 | 148,629 |
Deferred income taxes | 102,255 | 114,657 |
Total liabilities | 13,601,748 | 12,572,017 |
Commitments and contingencies | ||
Jabil Inc. stockholders’ equity: | ||
Preferred stock, $0.001 par value, authorized 10,000,000 shares; no shares issued and no shares outstanding | 0 | 0 |
Common stock, $0.001 par value, authorized 500,000,000 shares; 266,865,062 and 263,830,270 shares issued and 146,837,466 and 150,330,358 shares outstanding as of May 31, 2021 and August 31, 2020, respectively | 267 | 264 |
Additional paid-in capital | 2,490,892 | 2,413,616 |
Retained earnings | 2,525,323 | 2,040,922 |
Accumulated other comprehensive loss | 14,722 | (34,168) |
Treasury stock at cost, 120,027,596 and 113,499,912 shares as of May 31, 2021 and August 31, 2020, respectively | (2,893,193) | (2,609,250) |
Total Jabil Inc. stockholders’ equity | 2,138,011 | 1,811,384 |
Noncontrolling interests | 949 | 14,015 |
Total equity | 2,138,960 | 1,825,399 |
Total liabilities and equity | $ 15,740,708 | $ 14,397,416 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | May 31, 2021 | Aug. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 26,939 | $ 25,827 |
Property, plant and equipment, accumulated depreciation | 4,922,191 | 4,525,758 |
Intangible assets, accumulated amortization | $ 430,994 | $ 395,074 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 266,865,062 | 263,830,270 |
Common stock, shares outstanding | 146,837,466 | 150,330,358 |
Treasury stock at cost, shares | 120,027,596 | 113,499,912 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2021 | May 31, 2020 | May 31, 2021 | May 31, 2020 | |
Income Statement [Abstract] | ||||
Net revenue | $ 7,214,645 | $ 6,335,642 | $ 21,875,721 | $ 19,966,423 |
Cost of revenue | 6,646,845 | 5,879,494 | 20,103,436 | 18,526,311 |
Gross profit | 567,800 | 456,148 | 1,772,285 | 1,440,112 |
Operating expenses: | ||||
Selling, general and administrative | 305,559 | 302,849 | 914,253 | 916,772 |
Research and development | 9,657 | 11,587 | 27,143 | 33,647 |
Amortization of intangibles | 12,066 | 13,178 | 35,160 | 42,895 |
Restructuring, severance and related charges | 744 | 69,150 | 5,655 | 144,005 |
Operating income | 239,774 | 59,384 | 790,074 | 302,793 |
(Gain) impairment on securities | (2,409) | 0 | (2,409) | 12,205 |
Other (income) expense | (3,352) | 5,602 | (6,833) | 25,275 |
Interest income | (1,563) | (1,864) | (5,099) | (13,144) |
Interest expense | 33,803 | 41,873 | 97,175 | 132,967 |
Income before income tax | 213,295 | 13,773 | 707,240 | 145,490 |
Income tax expense | 43,277 | 64,036 | 183,861 | 157,620 |
Net income (loss) | 170,018 | (50,263) | 523,379 | (12,130) |
Net income attributable to noncontrolling interests, net of tax | 538 | 695 | 1,803 | 1,689 |
Net income (loss) attributable to Jabil Inc. | $ 169,480 | $ (50,958) | $ 521,576 | $ (13,819) |
Earnings (loss) per share attributable to the stockholders of Jabil Inc.: | ||||
Basic (in dollars per share) | $ 1.14 | $ (0.34) | $ 3.49 | $ (0.09) |
Diluted (in dollars per share) | $ 1.12 | $ (0.34) | $ 3.41 | $ (0.09) |
Weighted average shares outstanding: | ||||
Basic (in shares) | 148,110 | 150,723 | 149,500 | 151,956 |
Diluted (in shares) | 151,976 | 150,723 | 152,838 | 151,956 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2021 | May 31, 2020 | May 31, 2021 | May 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 170,018 | $ (50,263) | $ 523,379 | $ (12,130) |
Other comprehensive income (loss): | ||||
Change in foreign currency translation | 14,609 | (32,135) | 25,613 | (43,010) |
Change in derivative instruments: | ||||
Change in fair value of derivatives | 7,878 | (22,862) | 64,113 | (21,391) |
Adjustment for net (gains) losses realized and included in net income | (3,495) | 16,020 | (40,580) | 19,355 |
Total change in derivative instruments | 4,383 | (6,842) | 23,533 | (2,036) |
Unrealized loss on available for sale securities | 0 | (7,483) | 0 | (21,563) |
Actuarial loss | 0 | 0 | (256) | 0 |
Total other comprehensive income (loss) | 18,992 | (46,460) | 48,890 | (66,609) |
Comprehensive income (loss) | 189,010 | (96,723) | 572,269 | (78,739) |
Comprehensive income attributable to noncontrolling interests | 538 | 695 | 1,803 | 1,689 |
Comprehensive income (loss) attributable to Jabil Inc. | $ 188,472 | $ (97,418) | $ 570,466 | $ (80,428) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Treasury stock | Noncontrolling interests |
Beginning Balance at Aug. 31, 2019 | $ 1,900,758 | $ 260 | $ 2,304,552 | $ 2,037,037 | $ (82,794) | $ (2,371,612) | $ 13,315 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Shares issued under employee stock purchase plan | 1 | 16,179 | |||||
Vesting of restricted stock | 2 | (2) | |||||
Purchase of noncontrolling interest | 0 | 0 | |||||
Recognition of stock-based compensation | 59,365 | ||||||
Declared dividends | (37,672) | ||||||
Net income (loss) | (12,130) | (13,819) | 1,689 | ||||
Other comprehensive income (loss) | (66,609) | (66,609) | |||||
Purchases of treasury stock under employee stock plans | (23,086) | ||||||
Treasury shares purchased | (189,500) | ||||||
Declared dividends to noncontrolling interests | (2,002) | ||||||
Ending Balance at May. 31, 2020 | 1,645,304 | 263 | 2,380,094 | 1,985,546 | (149,403) | (2,584,198) | 13,002 |
Beginning Balance at Feb. 29, 2020 | 1,759,140 | 263 | 2,363,839 | 2,048,954 | (102,943) | (2,563,282) | 12,309 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Shares issued under employee stock purchase plan | 0 | 0 | |||||
Vesting of restricted stock | 0 | 0 | |||||
Purchase of noncontrolling interest | 0 | 0 | |||||
Recognition of stock-based compensation | 16,255 | ||||||
Declared dividends | (12,450) | ||||||
Net income (loss) | (50,263) | (50,958) | 695 | ||||
Other comprehensive income (loss) | (46,460) | (46,460) | |||||
Purchases of treasury stock under employee stock plans | (75) | ||||||
Treasury shares purchased | (20,841) | ||||||
Declared dividends to noncontrolling interests | (2) | ||||||
Ending Balance at May. 31, 2020 | 1,645,304 | 263 | 2,380,094 | 1,985,546 | (149,403) | (2,584,198) | 13,002 |
Beginning Balance at Aug. 31, 2020 | 1,825,399 | 264 | 2,413,616 | 2,040,922 | (34,168) | (2,609,250) | 14,015 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Shares issued under employee stock purchase plan | 1 | 20,354 | |||||
Vesting of restricted stock | 2 | (2) | |||||
Purchase of noncontrolling interest | (13,869) | (12,370) | |||||
Recognition of stock-based compensation | 70,793 | ||||||
Declared dividends | (37,175) | ||||||
Net income (loss) | 523,379 | 521,576 | 1,803 | ||||
Other comprehensive income (loss) | 48,890 | 48,890 | |||||
Purchases of treasury stock under employee stock plans | (22,155) | ||||||
Treasury shares purchased | (261,788) | ||||||
Declared dividends to noncontrolling interests | (2,499) | ||||||
Ending Balance at May. 31, 2021 | 2,138,960 | 267 | 2,490,892 | 2,525,323 | 14,722 | (2,893,193) | 949 |
Beginning Balance at Feb. 28, 2021 | 2,101,942 | 267 | 2,488,366 | 2,368,012 | (4,270) | (2,763,214) | 12,781 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Shares issued under employee stock purchase plan | 0 | 0 | |||||
Vesting of restricted stock | 0 | 0 | |||||
Purchase of noncontrolling interest | (13,869) | (12,370) | |||||
Recognition of stock-based compensation | 16,395 | ||||||
Declared dividends | (12,169) | ||||||
Net income (loss) | 170,018 | 169,480 | 538 | ||||
Other comprehensive income (loss) | 18,992 | 18,992 | |||||
Purchases of treasury stock under employee stock plans | (187) | ||||||
Treasury shares purchased | (129,792) | ||||||
Declared dividends to noncontrolling interests | 0 | ||||||
Ending Balance at May. 31, 2021 | $ 2,138,960 | $ 267 | $ 2,490,892 | $ 2,525,323 | $ 14,722 | $ (2,893,193) | $ 949 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
May 31, 2021 | May 31, 2020 | |
Cash flows provided by operating activities: | ||
Net income (loss) | $ 523,379 | $ (12,130) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 644,743 | 600,692 |
Restructuring and related charges | 3,043 | 39,292 |
Recognition of stock-based compensation expense and related charges | 76,119 | 62,214 |
Deferred income taxes | (15,933) | 18,279 |
Provision for allowance for doubtful accounts | 5,395 | 14,636 |
Other, net | 16,217 | 20,979 |
Change in operating assets and liabilities, exclusive of net assets acquired: | ||
Accounts receivable | (365,061) | 142,470 |
Contract assets | 47,135 | (92,574) |
Inventories | (839,570) | (229,398) |
Prepaid expenses and other current assets | (73,024) | (44,331) |
Other assets | (32,220) | (9,089) |
Accounts payable, accrued expenses and other liabilities | 680,637 | 59,686 |
Net cash provided by operating activities | 670,860 | 570,726 |
Cash flows used in investing activities: | ||
Acquisition of property, plant and equipment | (878,020) | (648,945) |
Proceeds and advances from sale of property, plant and equipment | 286,702 | 93,679 |
Cash paid for business and intangible asset acquisitions, net of cash | (49,833) | (145,595) |
Other, net | (3,081) | 21,398 |
Net cash used in investing activities | (644,232) | (679,463) |
Cash flows used in financing activities: | ||
Borrowings under debt agreements | 1,081,486 | 9,521,853 |
Payments toward debt agreements | (908,265) | (9,533,522) |
Payments to acquire treasury stock | (261,788) | (189,500) |
Dividends paid to stockholders | (37,872) | (38,411) |
Net proceeds from exercise of stock options and issuance of common stock under employee stock purchase plan | 20,354 | 16,179 |
Treasury stock minimum tax withholding related to vesting of restricted stock | (22,155) | (23,085) |
Other, net | (48,901) | (13,106) |
Net cash used in financing activities | (177,141) | (259,592) |
Effect of exchange rate changes on cash and cash equivalents | (2,315) | (31,677) |
Net decrease in cash and cash equivalents | (152,828) | (400,006) |
Cash and cash equivalents at beginning of period | 1,393,557 | 1,163,343 |
Cash and cash equivalents at end of period | $ 1,240,729 | $ 763,337 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
May 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of PresentationThe accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary to present fairly the information set forth therein have been included. The accompanying unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and footnotes included in the Annual Report on Form 10-K of Jabil Inc. (the “Company”) for the fiscal year ended August 31, 2020. Results for the nine months ended May 31, 2021 are not necessarily an indication of the results that may be expected for the full fiscal year ending August 31, 2021. |
Trade Accounts Receivable Sale
Trade Accounts Receivable Sale Programs | 9 Months Ended |
May 31, 2021 | |
Transfers and Servicing [Abstract] | |
Trade Accounts Receivable Sale Programs | Trade Accounts Receivable Sale Programs The Company regularly sells designated pools of high credit quality trade accounts receivable under uncommitted trade accounts receivable sale programs to unaffiliated financial institutions without recourse. As these accounts receivable are sold without recourse, the Company does not retain the associated risks following the transfer of such accounts receivable to the respective financial institutions. The Company continues servicing the receivables sold and in exchange receives a servicing fee under each of the trade accounts receivable sale programs. Servicing fees related to each of the trade accounts receivable sale programs recognized during the three months and nine months ended May 31, 2021 and 2020 were not material. The Company does not record a servicing asset or liability on the Condensed Consolidated Balance Sheets as the Company estimates that the fee it receives to service these receivables approximates the fair market compensation to provide the servicing activities. Transfers of the receivables under the trade accounts receivable sale programs are accounted for as sales and, accordingly, net receivables sold under the trade accounts receivable sale programs are excluded from accounts receivable on the Condensed Consolidated Balance Sheets and are reflected as cash provided by operating activities on the Condensed Consolidated Statements of Cash Flows. The following is a summary of the trade accounts receivable sale programs with unaffiliated financial institutions where the Company may elect to sell receivables and the unaffiliated financial institution may elect to purchase, at a discount, on an ongoing basis: Program Maximum (1) Type of Expiration A $ 600.0 Uncommitted December 5, 2021 (2) B $ 150.0 Uncommitted November 30, 2021 C 400.0 CNY Uncommitted August 31, 2023 D $ 150.0 Uncommitted May 4, 2023 (3) E $ 150.0 Uncommitted January 25, 2022 (4) F $ 50.0 Uncommitted February 23, 2023 (5) G $ 100.0 Uncommitted August 10, 2021 (6) H $ 100.0 Uncommitted July 21, 2021 (7) I $ 550.0 Uncommitted December 4, 2021 (8) J $ 135.0 Uncommitted April 11, 2022 (9) K 100.0 CHF Uncommitted December 5, 2021 (2) (1) Maximum amount of trade accounts receivable that may be sold under a facility at any one time. (2) The program will be automatically extended through December 5, 2025 unless either party provides 30 days’ notice of termination. (3) Any party may elect to terminate the agreement upon 30 days’ prior notice. (4) The program will be automatically extended through January 25, 2023 unless either party provides 30 days’ notice of termination. (5) Any party may elect to terminate the agreement upon 15 days’ prior notice. (6) The program will be automatically extended through August 10, 2023 unless either party provides 30 days’ notice of termination. (7) The program will be automatically extended through August 21, 2023 unless either party provides 30 days’ notice of termination. (8) The program will be automatically extended through December 5, 2024 unless either party provides 30 days’ notice of termination. (9) The program will be automatically extended through April 11, 2025 unless either party provides 30 days’ notice of termination. In connection with the trade accounts receivable sale programs, the Company recognized the following (in millions): Three months ended Nine months ended May 31, 2021 May 31, 2020 May 31, 2021 May 31, 2020 Trade accounts receivable sold $ 1,016 $ 2,162 $ 3,567 $ 6,325 Cash proceeds received $ 1,015 $ 2,158 $ 3,565 $ 6,311 Pre-tax losses on sale of receivables (1) $ 1 $ 4 $ 2 $ 14 (1) Recorded to other expense within the Condensed Consolidated Statement of Operations. The Company continuously sells designated pools of trade accounts receivable, at a discount, under its foreign asset-backed securitization program and its North American asset-backed securitization program to special purpose entities, which in turn sell certain of the receivables under the foreign program to an unaffiliated financial institution and a conduit administered by an unaffiliated financial institution and certain of the receivables under the North American program to conduits administered by an unaffiliated financial institution on a monthly basis. The Company continues servicing the receivables sold and in exchange receives a servicing fee under each of the asset-backed securitization programs. Servicing fees related to each of the asset-backed securitization programs recognized during the three months and nine months ended May 31, 2021 and 2020 were not material. The Company does not record a servicing asset or liability on the Condensed Consolidated Balance Sheets as the Company estimates that the fee it receives to service these receivables approximates the fair market compensation to provide the servicing activities. Transfers of the receivables under the asset-backed securitization programs are accounted for as sales and, accordingly, net receivables sold under the asset-backed securitization programs are excluded from accounts receivable on the Condensed Consolidated Balance Sheets and are reflected as cash provided by operating activities on the Condensed Consolidated Statements of Cash Flows. The special purpose entity in the foreign asset-backed securitization program is a separate bankruptcy-remote entity whose assets would be first available to satisfy the creditor claims of the unaffiliated financial institution. The Company is deemed the primary beneficiary of this special purpose entity as the Company has both the power to direct the activities of the entity that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive the benefits that could potentially be significant to the entity from the transfer of the trade accounts receivable into the special purpose entity. Accordingly, the special purpose entity associated with the foreign asset-backed securitization program is included in the Company’s Condensed Consolidated Financial Statements. As of May 31, 2021, the special purpose entity has liabilities for which creditors do not have recourse to the general credit of the Company (primary beneficiary). The liabilities cannot exceed the maximum amount of net cash proceeds under the foreign asset-backed securitization program. The foreign asset-backed securitization program contains a guarantee of payment by the special purpose entity, in an amount approximately equal to the net cash proceeds under the program. No liability has been recorded for obligations under the guarantee as of May 31, 2021. The special purpose entity in the North American asset-backed securitization program is a wholly-owned subsidiary of the Company and is included in the Company’s Condensed Consolidated Financial Statements. Certain unsold receivables covering the maximum amount of net cash proceeds available under the North American asset-backed securitization program are pledged as collateral to the unaffiliated financial institution as of May 31, 2021. Following is a summary of the asset-backed securitization programs and key terms: Maximum Amount of (1)(2) Expiration North American $ 390.0 November 22, 2021 Foreign $ 400.0 (3) (1) Maximum amount available at any one time. (2) As of May 31, 2021, the Company had up to $148.5 million in available liquidity under its asset-backed securitization programs, of which all available liquidity related to the foreign asset-backed securitization program. (3) The Company terminated the foreign asset-backed securitization program on June 28, 2021. In connection with the termination, the Company paid approximately $167.0 million in cash, which consisted of a remittance of collections received prior to that date in the Company’s role as servicer of sold receivables, and a repurchase at fair value of all previously sold receivables that remained outstanding as of that date. The Company expects to receive payment on the repurchased receivables from the related customers during the fourth quarter of fiscal year 2021. In connection with the asset-backed securitization programs, the Company recognized the following (in millions): Three months ended Nine months ended May 31, 2021 May 31, 2020 May 31, 2021 May 31, 2020 Trade accounts receivable sold $ 1,074 $ 948 $ 3,388 $ 3,205 Cash proceeds received (1) $ 1,072 $ 944 $ 3,381 $ 3,189 Pre-tax losses on sale of receivables (2) $ 2 $ 4 $ 7 $ 16 (1) The amounts primarily represent proceeds from collections reinvested in revolving-period transfers. (2) Recorded to other expense within the Condensed Consolidated Statements of Operations. The asset-backed securitization programs require compliance with several covenants. The North American asset-backed securitization program covenants include compliance with the interest ratio and debt to EBITDA ratio of the Credit Facility. The foreign asset-backed securitization program covenants include limitations on certain corporate actions such as mergers and |
Inventories
Inventories | 9 Months Ended |
May 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of the following (in thousands): May 31, 2021 August 31, 2020 Raw materials $ 2,806,761 $ 2,389,719 Work in process 646,132 450,781 Finished goods 598,976 376,542 Reserve for excess and obsolete inventory (72,540) (85,259) Inventories, net $ 3,979,329 $ 3,131,783 |
Notes Payable and Long-Term Deb
Notes Payable and Long-Term Debt | 9 Months Ended |
May 31, 2021 | |
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, 2021 and August 31, 2020 are summarized below (in thousands): Maturity Date May 31, 2021 August 31, 2020 4.700% Senior Notes Sep 15, 2022 $ 499,150 $ 498,659 4.900% Senior Notes Jul 14, 2023 299,482 299,300 3.950% Senior Notes Jan 12, 2028 495,902 495,440 3.600% Senior Notes Jan 15, 2030 495,146 494,756 3.000% Senior Notes Jan 15, 2031 590,944 590,162 1.700% Senior Notes (1) Apr 15, 2026 495,560 — Borrowings under credit facilities (2)(3) Jan 22, 2024 and Jan 22, 2026 — — Borrowings under loans (1) Jun 23, 2021 50,583 350,165 Total notes payable and long-term debt 2,926,767 2,728,482 Less current installments of notes payable and long-term debt 50,168 50,194 Notes payable and long-term debt, less current installments $ 2,876,599 $ 2,678,288 (1) On April 14, 2021, the Company issued $500.0 million of publicly registered 1.700% Senior Notes due 2026 (the “1.700% Senior Notes”). The Company used the net proceeds for general corporate purposes, including repayment of the prior $300.0 million Term Loan Facility. (2) On April 28, 2021, the Company entered into an amendment (the “Amendment”) to its senior unsecured credit agreement dated as of January 22, 2020 (the “Credit Facility”). The Amendment, among other things, (i) increased the commitments available under the three-year revolving credit facility (the “Three-Year Revolving Credit Facility”) from $700.0 million to $1.2 billion, (ii) instituted certain sustainability-linked adjustments to the interest rates applicable to borrowings under the Credit Facility and (iii) extended the termination date of the Three-Year Revolving Credit Facility to January 22, 2024, and of the Five-Year Revolving Credit Facility of $2.0 billion to January 22, 2026. (3) As of May 31, 2021, 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 $1.8 billion under its commercial paper program. 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 and the 4.900% Senior Notes contain debt leverage and interest coverage covenants. The Company is also subject to certain covenants requiring the Company to offer to repurchase the 4.700%, 4.900%, 3.950%, 3.600%, 3.000% or 1.700% Senior Notes upon a change of control. As of May 31, 2021 and August 31, 2020, the Company was in compliance with its debt covenants. Fair Value |
Asset-Backed Securitization Pro
Asset-Backed Securitization Programs | 9 Months Ended |
May 31, 2021 | |
Transfers and Servicing [Abstract] | |
Asset-Backed Securitization Programs | Trade Accounts Receivable Sale Programs The Company regularly sells designated pools of high credit quality trade accounts receivable under uncommitted trade accounts receivable sale programs to unaffiliated financial institutions without recourse. As these accounts receivable are sold without recourse, the Company does not retain the associated risks following the transfer of such accounts receivable to the respective financial institutions. The Company continues servicing the receivables sold and in exchange receives a servicing fee under each of the trade accounts receivable sale programs. Servicing fees related to each of the trade accounts receivable sale programs recognized during the three months and nine months ended May 31, 2021 and 2020 were not material. The Company does not record a servicing asset or liability on the Condensed Consolidated Balance Sheets as the Company estimates that the fee it receives to service these receivables approximates the fair market compensation to provide the servicing activities. Transfers of the receivables under the trade accounts receivable sale programs are accounted for as sales and, accordingly, net receivables sold under the trade accounts receivable sale programs are excluded from accounts receivable on the Condensed Consolidated Balance Sheets and are reflected as cash provided by operating activities on the Condensed Consolidated Statements of Cash Flows. The following is a summary of the trade accounts receivable sale programs with unaffiliated financial institutions where the Company may elect to sell receivables and the unaffiliated financial institution may elect to purchase, at a discount, on an ongoing basis: Program Maximum (1) Type of Expiration A $ 600.0 Uncommitted December 5, 2021 (2) B $ 150.0 Uncommitted November 30, 2021 C 400.0 CNY Uncommitted August 31, 2023 D $ 150.0 Uncommitted May 4, 2023 (3) E $ 150.0 Uncommitted January 25, 2022 (4) F $ 50.0 Uncommitted February 23, 2023 (5) G $ 100.0 Uncommitted August 10, 2021 (6) H $ 100.0 Uncommitted July 21, 2021 (7) I $ 550.0 Uncommitted December 4, 2021 (8) J $ 135.0 Uncommitted April 11, 2022 (9) K 100.0 CHF Uncommitted December 5, 2021 (2) (1) Maximum amount of trade accounts receivable that may be sold under a facility at any one time. (2) The program will be automatically extended through December 5, 2025 unless either party provides 30 days’ notice of termination. (3) Any party may elect to terminate the agreement upon 30 days’ prior notice. (4) The program will be automatically extended through January 25, 2023 unless either party provides 30 days’ notice of termination. (5) Any party may elect to terminate the agreement upon 15 days’ prior notice. (6) The program will be automatically extended through August 10, 2023 unless either party provides 30 days’ notice of termination. (7) The program will be automatically extended through August 21, 2023 unless either party provides 30 days’ notice of termination. (8) The program will be automatically extended through December 5, 2024 unless either party provides 30 days’ notice of termination. (9) The program will be automatically extended through April 11, 2025 unless either party provides 30 days’ notice of termination. In connection with the trade accounts receivable sale programs, the Company recognized the following (in millions): Three months ended Nine months ended May 31, 2021 May 31, 2020 May 31, 2021 May 31, 2020 Trade accounts receivable sold $ 1,016 $ 2,162 $ 3,567 $ 6,325 Cash proceeds received $ 1,015 $ 2,158 $ 3,565 $ 6,311 Pre-tax losses on sale of receivables (1) $ 1 $ 4 $ 2 $ 14 (1) Recorded to other expense within the Condensed Consolidated Statement of Operations. The Company continuously sells designated pools of trade accounts receivable, at a discount, under its foreign asset-backed securitization program and its North American asset-backed securitization program to special purpose entities, which in turn sell certain of the receivables under the foreign program to an unaffiliated financial institution and a conduit administered by an unaffiliated financial institution and certain of the receivables under the North American program to conduits administered by an unaffiliated financial institution on a monthly basis. The Company continues servicing the receivables sold and in exchange receives a servicing fee under each of the asset-backed securitization programs. Servicing fees related to each of the asset-backed securitization programs recognized during the three months and nine months ended May 31, 2021 and 2020 were not material. The Company does not record a servicing asset or liability on the Condensed Consolidated Balance Sheets as the Company estimates that the fee it receives to service these receivables approximates the fair market compensation to provide the servicing activities. Transfers of the receivables under the asset-backed securitization programs are accounted for as sales and, accordingly, net receivables sold under the asset-backed securitization programs are excluded from accounts receivable on the Condensed Consolidated Balance Sheets and are reflected as cash provided by operating activities on the Condensed Consolidated Statements of Cash Flows. The special purpose entity in the foreign asset-backed securitization program is a separate bankruptcy-remote entity whose assets would be first available to satisfy the creditor claims of the unaffiliated financial institution. The Company is deemed the primary beneficiary of this special purpose entity as the Company has both the power to direct the activities of the entity that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive the benefits that could potentially be significant to the entity from the transfer of the trade accounts receivable into the special purpose entity. Accordingly, the special purpose entity associated with the foreign asset-backed securitization program is included in the Company’s Condensed Consolidated Financial Statements. As of May 31, 2021, the special purpose entity has liabilities for which creditors do not have recourse to the general credit of the Company (primary beneficiary). The liabilities cannot exceed the maximum amount of net cash proceeds under the foreign asset-backed securitization program. The foreign asset-backed securitization program contains a guarantee of payment by the special purpose entity, in an amount approximately equal to the net cash proceeds under the program. No liability has been recorded for obligations under the guarantee as of May 31, 2021. The special purpose entity in the North American asset-backed securitization program is a wholly-owned subsidiary of the Company and is included in the Company’s Condensed Consolidated Financial Statements. Certain unsold receivables covering the maximum amount of net cash proceeds available under the North American asset-backed securitization program are pledged as collateral to the unaffiliated financial institution as of May 31, 2021. Following is a summary of the asset-backed securitization programs and key terms: Maximum Amount of (1)(2) Expiration North American $ 390.0 November 22, 2021 Foreign $ 400.0 (3) (1) Maximum amount available at any one time. (2) As of May 31, 2021, the Company had up to $148.5 million in available liquidity under its asset-backed securitization programs, of which all available liquidity related to the foreign asset-backed securitization program. (3) The Company terminated the foreign asset-backed securitization program on June 28, 2021. In connection with the termination, the Company paid approximately $167.0 million in cash, which consisted of a remittance of collections received prior to that date in the Company’s role as servicer of sold receivables, and a repurchase at fair value of all previously sold receivables that remained outstanding as of that date. The Company expects to receive payment on the repurchased receivables from the related customers during the fourth quarter of fiscal year 2021. In connection with the asset-backed securitization programs, the Company recognized the following (in millions): Three months ended Nine months ended May 31, 2021 May 31, 2020 May 31, 2021 May 31, 2020 Trade accounts receivable sold $ 1,074 $ 948 $ 3,388 $ 3,205 Cash proceeds received (1) $ 1,072 $ 944 $ 3,381 $ 3,189 Pre-tax losses on sale of receivables (2) $ 2 $ 4 $ 7 $ 16 (1) The amounts primarily represent proceeds from collections reinvested in revolving-period transfers. (2) Recorded to other expense within the Condensed Consolidated Statements of Operations. The asset-backed securitization programs require compliance with several covenants. The North American asset-backed securitization program covenants include compliance with the interest ratio and debt to EBITDA ratio of the Credit Facility. The foreign asset-backed securitization program covenants include limitations on certain corporate actions such as mergers and |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
May 31, 2021 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Expenses | Accrued Expenses Accrued expenses consist of the following (in thousands): May 31, 2021 August 31, 2020 Contract liabilities (1) $ 512,131 $ 496,219 Accrued compensation and employee benefits 762,551 703,250 Other accrued expenses 2,215,798 2,012,059 Accrued expenses $ 3,490,480 $ 3,211,528 (1) Revenue recognized during the nine months ended May 31, 2021 and 2020 that was included in the contract liability balance as of August 31, 2020 and 2019 was $306.0 million and $260.9 million , respectively. |
Postretirement and Other Employ
Postretirement and Other Employee Benefits | 9 Months Ended |
May 31, 2021 | |
Retirement Benefits [Abstract] | |
Postretirement and Other Employee Benefits | Postretirement and Other Employee Benefits Net Periodic Benefit Cost The following table provides information about the net periodic benefit cost for all plans for the three months and nine months ended May 31, 2021 and 2020 (in thousands): Three months ended Nine months ended May 31, 2021 May 31, 2020 May 31, 2021 May 31, 2020 Service cost (1) $ 6,278 $ 6,701 $ 18,809 $ 17,802 Interest cost (2) 1,172 755 3,469 2,327 Expected long-term return on plan assets (2) (3,897) (3,741) (11,746) (10,316) Recognized actuarial (gain) loss (2) (1,230) 225 (3,743) 674 Amortization of actuarial gain (2) (1,715) — (5,205) — Amortization of prior service credit (2) (13) (11) (39) (33) Net periodic benefit cost $ 595 $ 3,929 $ 1,545 $ 10,454 (1) Service cost is recognized in cost of revenue in the Condensed Consolidated Statement of Operations. (2) Components are recognized in other expense in the Condensed Consolidated Statement of Operations. |
Derivative Financial Instrument
Derivative Financial Instruments and Hedging Activities | 9 Months Ended |
May 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments and Hedging Activities | Derivative Financial Instruments and Hedging Activities The Company is directly and indirectly affected by changes in certain market conditions. These changes in market conditions may adversely impact the Company’s financial performance and are referred to as market risks. The Company, where deemed appropriate, uses derivatives as risk management tools to mitigate the potential impact of certain market risks. The primary market risks managed by the Company through the use of derivative instruments are foreign currency risk and interest rate risk. Foreign Currency Risk Management Forward contracts are put in place to manage the foreign currency risk associated with the anticipated foreign currency denominated revenues and expenses. A hedging relationship existed with an aggregate notional amount outstanding of $1.0 billion and $355.2 million as of May 31, 2021 and August 31, 2020, respectively. The related forward foreign exchange contracts have been designated as hedging instruments and are accounted for as cash flow hedges. The forward foreign exchange contract transactions will effectively lock in the value of anticipated foreign currency denominated revenues and expenses against foreign currency fluctuations. The anticipated foreign currency denominated revenues and expenses being hedged are expected to occur between June 1, 2021 and May 31, 2022. In addition to derivatives that are designated as hedging instruments and qualify for hedge accounting, the Company also enters into forward contracts to economically hedge transactional exposure associated with commitments arising from trade accounts receivable, trade accounts payable, fixed purchase obligations and intercompany transactions denominated in a currency other than the functional currency of the respective operating entity. The aggregate notional amount of these outstanding contracts as of May 31, 2021 and August 31, 2020, was $3.3 billion and $2.9 billion, respectively. Refer to Note 16 – “Fair Value Measurements” for the fair values and classification of the Company’s derivative instruments. The gains and losses recognized in earnings due to hedge ineffectiveness and the amount excluded from effectiveness testing were not material for all periods presented and are included as components of net revenue, cost of revenue and selling, general and administrative expense, which are the same line items in which the hedged items are recorded. The following table presents the gains and losses from forward contracts recorded in the Condensed Consolidated Statements of Operations for the periods indicated (in thousands): Derivatives Not Designated as Hedging Instruments Under ASC 815 Location of Gain (Loss) on Derivatives Recognized in Net Income Amount of Gain (Loss) Recognized in Net Income on Derivatives Three months ended Nine months ended May 31, 2021 May 31, 2020 May 31, 2021 May 31, 2020 Forward foreign exchange contracts (1) Cost of revenue $ 27,212 $ (36,955) $ 147,655 $ (3,436) (1) For the three months and nine months ended May 31, 2021, the Company recognized $21.5 million and $120.6 million, respectively, of foreign currency losses in cost of revenue, which are offset by the gains from the forward foreign exchange contracts. During the three months and nine months ended May 31, 2020, the Company recognized $36.9 million and $0.4 million, respectively, of foreign currency gains in cost revenue, which are offset by the losses from the forward foreign exchange contracts. Interest Rate Risk Management The Company periodically enters into interest rate swaps to manage interest rate risk associated with the Company’s borrowings. Cash Flow Hedges The following table presents the interest rate swaps outstanding as of May 31, 2021, which have been designated as hedging instruments and accounted for as cash flow hedges: Interest Rate Swap Summary Hedged Interest Rate Payments Aggregate Notional Amount (in millions) Effective Date Expiration Date (1) Forward Interest Rate Swap Anticipated Debt Issuance Fixed $ 250.0 November 2, 2020 July 31, 2024 (2) Anticipated Debt Issuance Fixed $ 150.0 May 24, 2021 July 31, 2024 (2) (1) The contracts will be settled with the respective counterparties on a net basis at the expiration date for the forward interest rate swap. (2) If the anticipated debt issuance occurs before July 31, 2024, the contracts will be terminated simultaneously with the debt issuance. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 9 Months Ended |
May 31, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive (Loss) IncomeThe following table sets forth the changes in accumulated other comprehensive (loss) income (“AOCI”), net of tax, by component for the nine months ended May 31, 2021 (in thousands): Foreign Derivative Actuarial Prior Total Balance as of August 31, 2020 $ (36,595) $ (30,996) $ 34,093 $ (670) $ (34,168) Other comprehensive income (loss) before reclassifications 25,613 64,113 (256) — 89,470 Amounts reclassified from AOCI — (40,580) — — (40,580) Other comprehensive income (loss) (1) 25,613 23,533 (256) — 48,890 Balance as of May 31, 2021 $ (10,982) $ (7,463) $ 33,837 $ (670) $ 14,722 (1) Amounts are net of tax, which are immaterial. The following table sets forth the amounts reclassified from AOCI into the Condensed Consolidated Statements of Operations, and the associated financial statement line item, net of tax, for the periods indicated (in thousands): Three months ended Nine months ended Comprehensive Income Components Financial Statement Line Item May 31, 2021 May 31, 2020 May 31, 2021 May 31, 2020 Realized (gains) losses on derivative instruments: (1) Foreign exchange contracts Cost of revenue $ (4,309) $ 16,451 $ (43,021) $ 20,648 Interest rate contracts Interest expense 814 (431) 2,441 (1,293) Total amounts reclassified from AOCI (2) $ (3,495) $ 16,020 $ (40,580) $ 19,355 (1) The Company expects to reclassify $7.9 million into earnings during the next twelve months, which will primarily be classified as a component of cost of revenue. (2) Amounts are net of tax, which are immaterial for the three months and nine months ended May 31, 2021 and 2020. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
May 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stockholders' Equity | Stockholders’ Equity The Company recognized stock-based compensation expense within selling, general and administrative expense as follows (in thousands): Three months ended Nine months ended May 31, 2021 May 31, 2020 May 31, 2021 May 31, 2020 Restricted stock units $ 15,956 $ 14,299 $ 67,553 $ 54,783 Employee stock purchase plan 2,809 2,583 8,566 7,431 Total $ 18,765 $ 16,882 $ 76,119 $ 62,214 On January 21, 2021, the 2021 Equity Incentive Plan (the “2021 EIP”) was approved by the shareholders of the Company. The 2021 EIP replaced the Company’s 2011 Stock Award and Incentive Plan, which terminated on October 21, 2020. As of May 31, 2021, the shares available to be issued under the 2021 EIP w ere 10,965,250. Restricted Stock Units Certain key employees have been granted time-based, performance-based and market-based restricted stock unit awards (“restricted stock units”). The time-based restricted stock units generally vest on a graded vesting schedule over three years. T he performance-based restricted stock units generally vest on a cliff vesting schedule over three years and up to a maximum of 150%, depending on the specified performance condition and the level of achievement obtained. The performance-based restricted stock units have a vesting condition that is based upon the Company’s cumulative adjusted core earnings per share during the performance period. The market-based restricted stock units generally vest on a cliff vesting schedule over three years and up to a maximum of 200% , depending on the specified performance condition and the level of achievement obtained. The market-based restricted stock units ha ve a vesting condition that is tied to the Company’s total shareholder return based on the Company’s stock performance in relation to the companies in the Standard and Poor’s (S&P) Super Composite Technology Hardware and Equipment Index excluding the Company. During the nine months ended May 31, 2021 and 2020, the Company awarded approximately 1.2 million and 1.1 million time-based restricted stock units, respectively, 0.4 million and 0.3 million performance-based restricted stock units, respectively, and 0.3 million and 0.3 million market-based restricted stock units, respectively. The following represents the stock-based compensation information as of the period indicated (in thousands): May 31, 2021 Unrecognized stock-based compensation expense—restricted stock units $ 45,840 Remaining weighted-average period for restricted stock units expense 1.4 years Common Stock Outstanding The following represents the common stock outstanding for the periods indicated: Three months ended Nine months ended May 31, 2021 May 31, 2020 May 31, 2021 May 31, 2020 Common stock outstanding: Beginning balances 149,366,501 151,407,526 150,330,358 153,520,380 Shares issued upon exercise of stock options 9,321 — 9,321 56,999 Shares issued under employee stock purchase plan — — 771,548 595,717 Vesting of restricted stock 12,787 13,234 2,253,923 2,252,846 Purchases of treasury stock under employee stock plans (3,436) (2,808) (613,715) (619,931) Treasury shares purchased (1) (2,547,707) (843,916) (5,913,969) (5,231,975) Ending balances 146,837,466 150,574,036 146,837,466 150,574,036 (1) In September 2019, the Company’s Board of Directors authorized the repurchase of up to $600.0 million of the Company’s common stock as part of a two-year capital allocation framework (the “2020 Share Repurchase Program”). As of May 31, 2021, 11.9 million shares had been repurchased for $475.6 million and $124.4 million remains available under the 2020 Share Repurchase Program. The 2020 Share Repurchase Program authorization expires at the end of fiscal year 2021. |
Concentration of Risk and Segme
Concentration of Risk and Segment Data | 9 Months Ended |
May 31, 2021 | |
Segment Reporting [Abstract] | |
Concentration of Risk and Segment Data | Concentration of Risk and Segment Data Concentration of Risk Sales of the Company’s products are concentrated among specific customers. During the nine months ended May 31, 2021, the Company’s five largest customers accounted for approximately 47% of its net revenue and 79 customers accounted for approximately 90% of its net revenue. Sales to these customers were reported in the Electronics Manufacturing Services (“EMS”) and Diversified Manufacturing Services (“DMS”) operating segments. The Company procures components from a broad group of suppliers. Some of the products manufactured by the Company require one or more components that are available from only a single source. Segment Data Net revenue for the operating segments is attributed to the segment in which the service is performed. An operating segment’s performance is evaluated based on its pre-tax operating contribution, or segment income. Segment income is defined as net revenue less cost of revenue, segment selling, general and administrative expenses, segment research and development expenses and an allocation of corporate manufacturing expenses and selling, general and administrative expenses. Segment income does not include amortization of intangibles, stock-based compensation expense and related charges, restructuring, severance and related charges, distressed customer charges, acquisition and integration charges, (gain) impairment on securities, loss on disposal of subsidiaries, settlement of receivables and related charges, impairment of notes receivable and related charges, restructuring of securities loss, goodwill impairment charges, business interruption and impairment charges, net, income (loss) from discontinued operations, gain (loss) on sale of discontinued operations, other expense (excluding certain components of net periodic benefit cost), interest income, interest expense, income tax expense or adjustment for net income (loss) attributable to noncontrolling interests. Transactions between operating segments are generally recorded at amounts that approximate those at which we would transact with third parties. As of September 1, 2020, certain customers have been realigned within the Company’s operating segments. As there have been no changes to how the Company’s chief operating decision maker assesses operating performance and allocates resources, the Company’s operating segments which are the reporting segments continue to consist of the DMS and EMS segments. Customers within the automotive and transportation and smart home and appliances industries are now presented within the DMS segment. Prior period disclosures are restated to reflect the realignment. The following table presents the Company’s revenues disaggregated by segment (in thousands): Three months ended May 31, 2021 May 31, 2020 EMS DMS Total EMS DMS Total Timing of transfer Point in time $ 1,346,207 $ 1,441,135 $ 2,787,342 $ 958,786 $ 1,385,203 $ 2,343,989 Over time 2,296,785 2,130,518 4,427,303 2,428,503 1,563,150 3,991,653 Total $ 3,642,992 $ 3,571,653 $ 7,214,645 $ 3,387,289 $ 2,948,353 $ 6,335,642 Nine months ended May 31, 2021 May 31, 2020 EMS DMS Total EMS DMS Total Timing of transfer Point in time $ 3,222,365 $ 5,463,053 $ 8,685,418 $ 3,323,119 $ 4,409,710 $ 7,732,829 Over time 7,193,156 5,997,147 13,190,303 7,043,921 5,189,673 12,233,594 Total $ 10,415,521 $ 11,460,200 $ 21,875,721 $ 10,367,040 $ 9,599,383 $ 19,966,423 The following tables set forth operating segment information (in thousands): Three months ended Nine months ended May 31, 2021 May 31, 2020 May 31, 2021 May 31, 2020 Segment income and reconciliation of income before income tax EMS $ 137,119 $ 97,824 $ 357,214 $ 259,679 DMS 139,764 74,260 569,212 349,168 Total segment income $ 276,883 $ 172,084 $ 926,426 $ 608,847 Reconciling items: Amortization of intangibles (12,066) (13,178) (35,160) (42,895) Stock-based compensation expense and related charges (18,765) (16,882) (76,119) (62,214) Restructuring, severance and related charges (744) (69,150) (5,655) (144,005) Distressed customer charge — — — (14,963) Business interruption and impairment charges, net — (4,574) 806 (4,574) Acquisition and integration charges — (6,119) (3,374) (30,005) Gain (impairment) on securities 2,409 — 2,409 (12,205) Other expense (net of periodic benefit cost) (2,182) (8,399) (10,017) (32,673) Interest income 1,563 1,864 5,099 13,144 Interest expense (33,803) (41,873) (97,175) (132,967) Income before income tax $ 213,295 $ 13,773 $ 707,240 $ 145,490 May 31, 2021 August 31, 2020 Total assets EMS $ 3,900,421 $ 3,233,681 DMS 7,261,735 6,641,764 Other non-allocated assets 4,578,552 4,521,971 $ 15,740,708 $ 14,397,416 As of May 31, 2021, the Company operated in 31 countries worldwide. Sales to unaffiliated customers are based on the Company location that maintains the customer relationship and transacts the external sale. The following table sets forth, for the periods indicated, foreign source revenue expressed as a percentage of net revenue: Three months ended Nine months ended May 31, 2021 May 31, 2020 May 31, 2021 May 31, 2020 Foreign source revenue 82.7 % 83.4 % 83.6 % 82.6 % |
Restructuring, Severance and Re
Restructuring, Severance and Related Charges | 9 Months Ended |
May 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring, Severance and Related Charges | Restructuring, Severance and Related Charges Following is a summary of the Company’s restructuring, severance and related charges (in thousands): Three months ended Nine months ended May 31, 2021 May 31, 2020 May 31, 2021 May 31, 2020 Employee severance and benefit costs $ 483 $ 56,891 $ 3,191 $ 83,684 Lease costs — 402 (2,873) 6,870 Asset write-off costs 8 6,253 4,598 31,678 Other costs 253 5,604 739 21,773 Total restructuring, severance and related charges (1) $ 744 $ 69,150 $ 5,655 $ 144,005 (1) Primarily relates to the 2020 Restructuring Plan, and includes $0.0 million and $23.7 million recorded in the EMS segment, $0.6 million and $29.3 million recorded in the DMS segment and $0.1 million and $16.2 million of non-allocated charges for the three months ended May 31, 2021 and 2020, respectively. Includes $(0.4) million and $55.8 million recorded in the EMS segment, $5.5 million and $69.0 million recorded in the DMS segment and $0.6 million and $19.2 million of non-allocated charges for the nine months ended May 31, 2021 and 2020, respectively. Except for asset write-off costs, all restructuring, severance and related charges are cash costs. 2020 Restructuring Plan On September 20, 2019, the Company’s Board of Directors formally approved a restructuring plan to realign the Company’s global capacity support infrastructure, particularly in the Company’s mobility footprint in China, in order to optimize organizational effectiveness. This action includes headcount reductions and capacity realignment (the “2020 Restructuring Plan”). The 2020 Restructuring Plan, totaling $85.0 million in restructuring and other related costs, is substantially complete as of May 31, 2021. The table below summarizes the Company’s liability activity, primarily associated with the 2020 Restructuring Plan (in thousands): Employee Severance Lease Costs Asset Write-off Costs Other Related Costs Total Balance as of August 31, 2020 $ 8,143 $ 2,316 $ — $ 426 $ 10,885 Restructuring related charges 2,722 (2,873) 4,352 733 4,934 Asset write-off charge and other non-cash activity 12 1,554 (4,352) (142) (2,928) Cash payments (7,102) (170) — (763) (8,035) Balance as of May 31, 2021 $ 3,775 $ 827 $ — $ 254 $ 4,856 |
Income Taxes
Income Taxes | 9 Months Ended |
May 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Effective Income Tax Rate The U.S. federal statutory income tax rate and the Company's effective income tax rate are as follows: Three months ended Nine months ended May 31, 2021 May 31, 2020 May 31, 2021 May 31, 2020 U.S. federal statutory income tax rate 21.0 % 21.0 % 21.0 % 21.0 % Effective income tax rate 20.3 % 465.0 % 26.0 % 108.3 % The effective income tax rate decreased for the three months and nine months ended May 31, 2021, compared to the three months and nine months ended May 31, 2020, primarily due to: (i) increased income for the three months and nine months ended May 31, 2021, driven in part by decreased restructuring charges in tax jurisdictions with minimal related income tax benefit and (ii) a $21.2 million income tax expense associated with the re-measurement of deferred tax assets related to an extension of a non-U.S. tax incentive recorded during the three months ended May 31, 2020. The effective income tax rate differed from the U.S. federal statutory income tax rate of 21.0% during the three months and nine months ended May 31, 2021 and 2020, primarily due to: (i) losses in tax jurisdictions with existing valuation allowances, (ii) tax incentives granted to sites in Brazil, China, Malaysia, Singapore and Vietnam and (iii) a $21.2 million income tax expense associated with the re-measurement of deferred tax assets related to an extension of a non-U.S. tax incentive recorded during the three months ended May 31, 2020. |
Earnings Per Share and Dividend
Earnings Per Share and Dividends | 9 Months Ended |
May 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share and Dividends | Earnings Per Share and Dividends Earnings Per Share The Company calculates its basic earnings per share by dividing net income attributable to the Company by the weighted average number of common shares outstanding during the period. The Company’s diluted earnings per share is calculated in a similar manner, but includes the effect of dilutive securities. The difference between the weighted average number of basic shares outstanding and the weighted average number of diluted shares outstanding is primarily due to dilutive unvested restricted stock units and dilutive stock appreciation rights. Potential shares of common stock are excluded from the computation of diluted earnings per share when their effect would be antidilutive. Performance-based restricted stock units are considered dilutive when the related performance criteria have been met assuming the end of the reporting period represents the end of the performance period. All potential shares of common stock are antidilutive in periods of net loss. Potential shares of common stock not included in the computation of earnings per share because their effect would have been antidilutive or because the performance criterion was not met were as follows (in thousands): Three months ended Nine months ended May 31, 2021 May 31, 2020 May 31, 2021 May 31, 2020 Restricted stock units 665 3,717 665 3,379 Employee stock purchase plan — 57 — 92 Stock appreciation rights — 5 — 28 Dividends The following table sets forth cash dividends declared by the Company to common stockholders during the nine months ended May 31, 2021 and 2020 (in thousands, except for per share data): Dividend Dividend Total of Cash Date of Record for Dividend Cash Fiscal Year 2021: October 15, 2020 $ 0.08 $ 12,417 November 16, 2020 December 2, 2020 January 21, 2021 $ 0.08 $ 12,371 February 15, 2021 March 2, 2021 April 22, 2021 $ 0.08 $ 12,169 May 14, 2021 June 2, 2021 Fiscal Year 2020: October 17, 2019 $ 0.08 $ 12,647 November 15, 2019 December 2, 2019 January 23, 2020 $ 0.08 $ 12,517 February 14, 2020 March 4, 2020 April 15, 2020 $ 0.08 $ 12,452 May 15, 2020 June 3, 2020 |
Business Acquisitions
Business Acquisitions | 9 Months Ended |
May 31, 2021 | |
Business Combinations [Abstract] | |
Business Acquisitions | Business Acquisitions During fiscal year 2018, the Company and Johnson & Johnson Medical Devices Companies (“JJMD”) entered into a framework agreement to form a strategic collaboration and expand its existing relationship. The strategic collaboration expands the Company’s medical device manufacturing portfolio, diversification and capabilities. On October 26, 2020, under the terms of the framework agreement, the Company completed the fourth closing of its acquisition of certain assets of JJMD. The aggregate purchase price paid for the fourth closing was approximately $18.9 million in cash. Total assets acquired of $29.8 million and total liabilities assumed of $10.9 million were recorded at their estimated fair values as of the acquisition date. The acquisition of the JJMD assets was accounted for as a business combination using the acquisition method of accounting. The Company is currently evaluating the fair value of the assets and liabilities related to the fourth closing. The preliminary estimates and measurements are, therefore, subject to change during the measurement period for assets acquired, liabilities assumed and tax adjustments. The results of operations were included in the Company’s condensed consolidated financial results beginning on October 26, 2020 for the fourth closing. The Company believes it is impracticable to provide pro forma information for the acquisition of the JJMD assets. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
May 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair Value Measurements on a Recurring Basis The following table presents the fair value of the Company's financial assets and liabilities measured at fair value by hierarchy level on a recurring basis as of the periods indicated: (in thousands) Fair Value Hierarchy May 31, 2021 August 31, 2020 Assets: Cash and cash equivalents: Cash equivalents Level 1 (1) $ 17,839 $ 33,869 Prepaid expenses and other current assets: Short-term investments Level 1 17,216 16,556 Forward foreign exchange contracts: Derivatives designated as hedging instruments (Note 8) Level 2 (2) 19,089 11,201 Derivatives not designated as hedging instruments (Note 8) Level 2 (2) 60,944 58,893 Other assets: Forward interest rate swap: Derivatives designated as hedging instruments (Note 8) Level 2 (3) 18,772 — Liabilities: Accrued expenses: Forward foreign exchange contracts: Derivatives designated as hedging instruments (Note 8) Level 2 (2) $ 1,527 $ 1,522 Derivatives not designated as hedging instruments (Note 8) Level 2 (2) 8,023 9,100 Interest rate swaps: Derivatives not designated as hedging instruments (Note 8) Level 2 (3) 8,276 540 Extended interest rate swap not designated as a hedging instrument (Note 8) Level 2 (4) 17,809 26,492 Other liabilities: Interest rate swaps: Derivatives not designated as hedging instruments (Note 8) Level 2 (3) — 329 Extended interest rate swap not designated as a hedging instrument (Note 8) Level 2 (4) — 13,111 Forward interest rate swaps: Derivatives designated as hedging instruments (Note 8) Level 2 (3) 546 — (1) Consist of investments that are readily convertible to cash with original maturities of 90 days or less. (2) The Company’s forward foreign exchange contracts are measured on a recurring basis at fair value, based on foreign currency spot rates and forward rates quoted by banks or foreign currency dealers. (3) Fair value measurements are based on the contractual terms of the derivatives and use observable market-based inputs. The interest rate swaps are valued using a discounted cash flow analysis on the expected cash flows of each derivative using observable inputs including interest rate curves and credit spreads. (4) The 2020 Extended Interest Rate Swaps are considered a hybrid instrument and the Company elected the fair value option for reporting. Fair value measurements are based on the contractual terms of the contract and use observable market-based inputs. The interest rate swaps are valued using a discounted cash flow analysis of the expected cash flows using observable inputs including interest rate curves and credit spreads. Assets Held for Sale The following table presents the assets held for sale: May 31, 2021 August 31, 2020 (in thousands) Carrying Amount Carrying Amount Assets held for sale (1) $ 60,580 $ 67,380 (1) The fair value of assets held for sale exceeds the carrying value for $30.1 million of assets held for sale. For $30.5 million of assets held for sale, the carrying value approximates the fair value with the asset value measured using Level 2 inputs. Fair Value of Financial Instruments 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. The carrying amounts of borrowings under credit facilities and under loans approximates fair value as interest rates on these instruments approximates 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: May 31, 2021 August 31, 2020 (in thousands) Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value Notes payable and long-term debt: 4.700% Senior Notes Level 2 (1) $ 499,150 $ 527,780 $ 498,659 $ 537,180 4.900% Senior Notes Level 3 (2) $ 299,482 $ 325,411 $ 299,300 $ 329,435 3.950% Senior Notes Level 2 (1) $ 495,902 $ 555,460 $ 495,440 $ 551,930 3.600% Senior Notes Level 2 (1) $ 495,146 $ 538,850 $ 494,756 $ 536,110 3.000% Senior Notes Level 2 (1) $ 590,944 $ 610,830 $ 590,162 $ 611,616 1.700% Senior Notes Level 2 (1) $ 495,560 $ 502,340 $ — $ — (1) The fair value estimates are based upon observable market data. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
May 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Leases During fiscal year 2021, the Company entered into new operating and finance leases. The future minimum lease payments under these new leases as of May 31, 2021 are summarized below. Payments due by period (in thousands) Total Less than 1 1-3 years 3-5 years After 5 years Operating lease obligations $ 92,963 $ 20,728 $ 38,034 $ 23,929 $ 10,272 Finance lease obligations (1) $ 83,737 $ 44,759 $ 29,230 $ 7,397 $ 2,351 (1) As of May 31, 2021 , the future minimum lease payments exclude $154.9 million of residual value guarantees that could potentially come due in future periods. The Company does not believe it is probable that any amounts will be owed under these guarantees. Therefore, no amounts related to the residual value guarantees are included in the lease payments used to measure the right-of-use assets and lease liabilities . Legal Proceedings The Company is party to certain lawsuits in the ordinary course of business. The Company does not believe that these proceedings, individually or in the aggregate, will have a material adverse effect on the Company’s financial position, results of operations or cash flows. |
New Accounting Guidance
New Accounting Guidance | 9 Months Ended |
May 31, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Guidance | New Accounting Guidance Recently Adopted Accounting Guidance During fiscal year 2016, the FASB issued an accounting standard, which replaces the existing incurred loss impairment model with an expected credit loss model and requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected. The Company adopted the guidance during the first quarter of fiscal year 2021. The adoption of this standard did not have a material impact on the Company’s Consolidated Financial Statements. During fiscal year 2018, the FASB issued a new accounting standard which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This guidance was effective for the Company beginning in the first quarter of fiscal year 2021. The adoption of this standard did not have a material impact on the Company’s Consolidated Financial Statements. Recently Issued Accounting Guidance Recently issued accounting guidance is not applicable or did not have, or is not expected to have, a material impact to the Company. |
New Accounting Guidance (Polici
New Accounting Guidance (Policies) | 9 Months Ended |
May 31, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recently Adopted Accounting Guidance and Recently Issued Accounting Guidance | Recently Adopted Accounting Guidance During fiscal year 2016, the FASB issued an accounting standard, which replaces the existing incurred loss impairment model with an expected credit loss model and requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected. The Company adopted the guidance during the first quarter of fiscal year 2021. The adoption of this standard did not have a material impact on the Company’s Consolidated Financial Statements. During fiscal year 2018, the FASB issued a new accounting standard which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This guidance was effective for the Company beginning in the first quarter of fiscal year 2021. The adoption of this standard did not have a material impact on the Company’s Consolidated Financial Statements. Recently Issued Accounting Guidance Recently issued accounting guidance is not applicable or did not have, or is not expected to have, a material impact to the Company. |
Trade Accounts Receivable Sal_2
Trade Accounts Receivable Sale Programs (Tables) | 9 Months Ended |
May 31, 2021 | |
Transfers and Servicing [Abstract] | |
Schedule of Trade Accounts Receivable Sale Programs Key Terms | The following is a summary of the trade accounts receivable sale programs with unaffiliated financial institutions where the Company may elect to sell receivables and the unaffiliated financial institution may elect to purchase, at a discount, on an ongoing basis: Program Maximum (1) Type of Expiration A $ 600.0 Uncommitted December 5, 2021 (2) B $ 150.0 Uncommitted November 30, 2021 C 400.0 CNY Uncommitted August 31, 2023 D $ 150.0 Uncommitted May 4, 2023 (3) E $ 150.0 Uncommitted January 25, 2022 (4) F $ 50.0 Uncommitted February 23, 2023 (5) G $ 100.0 Uncommitted August 10, 2021 (6) H $ 100.0 Uncommitted July 21, 2021 (7) I $ 550.0 Uncommitted December 4, 2021 (8) J $ 135.0 Uncommitted April 11, 2022 (9) K 100.0 CHF Uncommitted December 5, 2021 (2) (1) Maximum amount of trade accounts receivable that may be sold under a facility at any one time. (2) The program will be automatically extended through December 5, 2025 unless either party provides 30 days’ notice of termination. (3) Any party may elect to terminate the agreement upon 30 days’ prior notice. (4) The program will be automatically extended through January 25, 2023 unless either party provides 30 days’ notice of termination. (5) Any party may elect to terminate the agreement upon 15 days’ prior notice. (6) The program will be automatically extended through August 10, 2023 unless either party provides 30 days’ notice of termination. (7) The program will be automatically extended through August 21, 2023 unless either party provides 30 days’ notice of termination. (8) The program will be automatically extended through December 5, 2024 unless either party provides 30 days’ notice of termination. (9) The program will be automatically extended through April 11, 2025 unless either party provides 30 days’ notice of termination. |
Schedule of Trade Accounts Receivable Sale Programs Amounts Recognized | In connection with the trade accounts receivable sale programs, the Company recognized the following (in millions): Three months ended Nine months ended May 31, 2021 May 31, 2020 May 31, 2021 May 31, 2020 Trade accounts receivable sold $ 1,016 $ 2,162 $ 3,567 $ 6,325 Cash proceeds received $ 1,015 $ 2,158 $ 3,565 $ 6,311 Pre-tax losses on sale of receivables (1) $ 1 $ 4 $ 2 $ 14 (1) Recorded to other expense within the Condensed Consolidated Statement of Operations. |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
May 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consist of the following (in thousands): May 31, 2021 August 31, 2020 Raw materials $ 2,806,761 $ 2,389,719 Work in process 646,132 450,781 Finished goods 598,976 376,542 Reserve for excess and obsolete inventory (72,540) (85,259) Inventories, net $ 3,979,329 $ 3,131,783 |
Notes Payable and Long-Term D_2
Notes Payable and Long-Term Debt (Tables) | 9 Months Ended |
May 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Notes Payable and Long-term Debt | Notes payable and long-term debt outstanding as of May 31, 2021 and August 31, 2020 are summarized below (in thousands): Maturity Date May 31, 2021 August 31, 2020 4.700% Senior Notes Sep 15, 2022 $ 499,150 $ 498,659 4.900% Senior Notes Jul 14, 2023 299,482 299,300 3.950% Senior Notes Jan 12, 2028 495,902 495,440 3.600% Senior Notes Jan 15, 2030 495,146 494,756 3.000% Senior Notes Jan 15, 2031 590,944 590,162 1.700% Senior Notes (1) Apr 15, 2026 495,560 — Borrowings under credit facilities (2)(3) Jan 22, 2024 and Jan 22, 2026 — — Borrowings under loans (1) Jun 23, 2021 50,583 350,165 Total notes payable and long-term debt 2,926,767 2,728,482 Less current installments of notes payable and long-term debt 50,168 50,194 Notes payable and long-term debt, less current installments $ 2,876,599 $ 2,678,288 (1) On April 14, 2021, the Company issued $500.0 million of publicly registered 1.700% Senior Notes due 2026 (the “1.700% Senior Notes”). The Company used the net proceeds for general corporate purposes, including repayment of the prior $300.0 million Term Loan Facility. (2) On April 28, 2021, the Company entered into an amendment (the “Amendment”) to its senior unsecured credit agreement dated as of January 22, 2020 (the “Credit Facility”). The Amendment, among other things, (i) increased the commitments available under the three-year revolving credit facility (the “Three-Year Revolving Credit Facility”) from $700.0 million to $1.2 billion, (ii) instituted certain sustainability-linked adjustments to the interest rates applicable to borrowings under the Credit Facility and (iii) extended the termination date of the Three-Year Revolving Credit Facility to January 22, 2024, and of the Five-Year Revolving Credit Facility of $2.0 billion to January 22, 2026. |
Asset-Backed Securitization P_2
Asset-Backed Securitization Programs (Tables) | 9 Months Ended |
May 31, 2021 | |
Transfers and Servicing [Abstract] | |
Schedule of Asset-backed Securitization Programs and Key Terms | Following is a summary of the asset-backed securitization programs and key terms: Maximum Amount of (1)(2) Expiration North American $ 390.0 November 22, 2021 Foreign $ 400.0 (3) (1) Maximum amount available at any one time. (2) As of May 31, 2021, the Company had up to $148.5 million in available liquidity under its asset-backed securitization programs, of which all available liquidity related to the foreign asset-backed securitization program. (3) The Company terminated the foreign asset-backed securitization program on June 28, 2021. In connection with the termination, the Company paid approximately $167.0 million in cash, which consisted of a remittance of collections received prior to that date in the Company’s role as servicer of sold receivables, and a repurchase at fair value of all previously sold receivables that remained outstanding as of that date. The Company expects to receive payment on the repurchased receivables from the related customers during the fourth quarter of fiscal year 2021. |
Schedule of Asset-backed Securitization Programs Amounts Recognized | In connection with the asset-backed securitization programs, the Company recognized the following (in millions): Three months ended Nine months ended May 31, 2021 May 31, 2020 May 31, 2021 May 31, 2020 Trade accounts receivable sold $ 1,074 $ 948 $ 3,388 $ 3,205 Cash proceeds received (1) $ 1,072 $ 944 $ 3,381 $ 3,189 Pre-tax losses on sale of receivables (2) $ 2 $ 4 $ 7 $ 16 (1) The amounts primarily represent proceeds from collections reinvested in revolving-period transfers. (2) Recorded to other expense within the Condensed Consolidated Statements of Operations. |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
May 31, 2021 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consist of the following (in thousands): May 31, 2021 August 31, 2020 Contract liabilities (1) $ 512,131 $ 496,219 Accrued compensation and employee benefits 762,551 703,250 Other accrued expenses 2,215,798 2,012,059 Accrued expenses $ 3,490,480 $ 3,211,528 (1) Revenue recognized during the nine months ended May 31, 2021 and 2020 that was included in the contract liability balance as of August 31, 2020 and 2019 was $306.0 million and $260.9 million , respectively. |
Postretirement and Other Empl_2
Postretirement and Other Employee Benefits (Tables) | 9 Months Ended |
May 31, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Information about Net Periodic Benefit Cost for Plans | The following table provides information about the net periodic benefit cost for all plans for the three months and nine months ended May 31, 2021 and 2020 (in thousands): Three months ended Nine months ended May 31, 2021 May 31, 2020 May 31, 2021 May 31, 2020 Service cost (1) $ 6,278 $ 6,701 $ 18,809 $ 17,802 Interest cost (2) 1,172 755 3,469 2,327 Expected long-term return on plan assets (2) (3,897) (3,741) (11,746) (10,316) Recognized actuarial (gain) loss (2) (1,230) 225 (3,743) 674 Amortization of actuarial gain (2) (1,715) — (5,205) — Amortization of prior service credit (2) (13) (11) (39) (33) Net periodic benefit cost $ 595 $ 3,929 $ 1,545 $ 10,454 (1) Service cost is recognized in cost of revenue in the Condensed Consolidated Statement of Operations. (2) Components are recognized in other expense in the Condensed Consolidated Statement of Operations. |
Derivative Financial Instrume_2
Derivative Financial Instruments and Hedging Activities (Tables) | 9 Months Ended |
May 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Net Gains from Forward Contracts Recorded in Consolidated Statements of Operations | The following table presents the gains and losses from forward contracts recorded in the Condensed Consolidated Statements of Operations for the periods indicated (in thousands): Derivatives Not Designated as Hedging Instruments Under ASC 815 Location of Gain (Loss) on Derivatives Recognized in Net Income Amount of Gain (Loss) Recognized in Net Income on Derivatives Three months ended Nine months ended May 31, 2021 May 31, 2020 May 31, 2021 May 31, 2020 Forward foreign exchange contracts (1) Cost of revenue $ 27,212 $ (36,955) $ 147,655 $ (3,436) (1) For the three months and nine months ended May 31, 2021, the Company recognized $21.5 million and $120.6 million, respectively, of foreign currency losses in cost of revenue, which are offset by the gains from the forward foreign exchange contracts. During the three months and nine months ended May 31, 2020, the Company recognized $36.9 million and $0.4 million, respectively, of foreign currency gains in cost revenue, which are offset by the losses from the forward foreign exchange contracts. |
Schedule of Notional Amounts of Outstanding Derivative Positions | The following table presents the interest rate swaps outstanding as of May 31, 2021, which have been designated as hedging instruments and accounted for as cash flow hedges: Interest Rate Swap Summary Hedged Interest Rate Payments Aggregate Notional Amount (in millions) Effective Date Expiration Date (1) Forward Interest Rate Swap Anticipated Debt Issuance Fixed $ 250.0 November 2, 2020 July 31, 2024 (2) Anticipated Debt Issuance Fixed $ 150.0 May 24, 2021 July 31, 2024 (2) (1) The contracts will be settled with the respective counterparties on a net basis at the expiration date for the forward interest rate swap. (2) If the anticipated debt issuance occurs before July 31, 2024, the contracts will be terminated simultaneously with the debt issuance. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) Income (Tables) | 9 Months Ended |
May 31, 2021 | |
Equity [Abstract] | |
Summary of Changes in Accumulated Other Comprehensive (Loss) Income | The following table sets forth the changes in accumulated other comprehensive (loss) income (“AOCI”), net of tax, by component for the nine months ended May 31, 2021 (in thousands): Foreign Derivative Actuarial Prior Total Balance as of August 31, 2020 $ (36,595) $ (30,996) $ 34,093 $ (670) $ (34,168) Other comprehensive income (loss) before reclassifications 25,613 64,113 (256) — 89,470 Amounts reclassified from AOCI — (40,580) — — (40,580) Other comprehensive income (loss) (1) 25,613 23,533 (256) — 48,890 Balance as of May 31, 2021 $ (10,982) $ (7,463) $ 33,837 $ (670) $ 14,722 (1) Amounts are net of tax, which are immaterial. |
Summary of Reclassification from AOCI | The following table sets forth the amounts reclassified from AOCI into the Condensed Consolidated Statements of Operations, and the associated financial statement line item, net of tax, for the periods indicated (in thousands): Three months ended Nine months ended Comprehensive Income Components Financial Statement Line Item May 31, 2021 May 31, 2020 May 31, 2021 May 31, 2020 Realized (gains) losses on derivative instruments: (1) Foreign exchange contracts Cost of revenue $ (4,309) $ 16,451 $ (43,021) $ 20,648 Interest rate contracts Interest expense 814 (431) 2,441 (1,293) Total amounts reclassified from AOCI (2) $ (3,495) $ 16,020 $ (40,580) $ 19,355 (1) The Company expects to reclassify $7.9 million into earnings during the next twelve months, which will primarily be classified as a component of cost of revenue. (2) Amounts are net of tax, which are immaterial for the three months and nine months ended May 31, 2021 and 2020. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
May 31, 2021 | |
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 thousands): Three months ended Nine months ended May 31, 2021 May 31, 2020 May 31, 2021 May 31, 2020 Restricted stock units $ 15,956 $ 14,299 $ 67,553 $ 54,783 Employee stock purchase plan 2,809 2,583 8,566 7,431 Total $ 18,765 $ 16,882 $ 76,119 $ 62,214 |
Schedule of Share-based Compensation Information | The following represents the stock-based compensation information as of the period indicated (in thousands): May 31, 2021 Unrecognized stock-based compensation expense—restricted stock units $ 45,840 Remaining weighted-average period for restricted stock units expense 1.4 years |
Schedule of Common Stock Outstanding | The following represents the common stock outstanding for the periods indicated: Three months ended Nine months ended May 31, 2021 May 31, 2020 May 31, 2021 May 31, 2020 Common stock outstanding: Beginning balances 149,366,501 151,407,526 150,330,358 153,520,380 Shares issued upon exercise of stock options 9,321 — 9,321 56,999 Shares issued under employee stock purchase plan — — 771,548 595,717 Vesting of restricted stock 12,787 13,234 2,253,923 2,252,846 Purchases of treasury stock under employee stock plans (3,436) (2,808) (613,715) (619,931) Treasury shares purchased (1) (2,547,707) (843,916) (5,913,969) (5,231,975) Ending balances 146,837,466 150,574,036 146,837,466 150,574,036 (1) In September 2019, the Company’s Board of Directors authorized the repurchase of up to $600.0 million of the Company’s common stock as part of a two-year capital allocation framework (the “2020 Share Repurchase Program”). As of May 31, 2021, 11.9 million shares had been repurchased for $475.6 million and $124.4 million remains available under the 2020 Share Repurchase Program. The 2020 Share Repurchase Program authorization expires at the end of fiscal year 2021. |
Concentration of Risk and Seg_2
Concentration of Risk and Segment Data (Tables) | 9 Months Ended |
May 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Revenues Disaggregated by Segment | The following table presents the Company’s revenues disaggregated by segment (in thousands): Three months ended May 31, 2021 May 31, 2020 EMS DMS Total EMS DMS Total Timing of transfer Point in time $ 1,346,207 $ 1,441,135 $ 2,787,342 $ 958,786 $ 1,385,203 $ 2,343,989 Over time 2,296,785 2,130,518 4,427,303 2,428,503 1,563,150 3,991,653 Total $ 3,642,992 $ 3,571,653 $ 7,214,645 $ 3,387,289 $ 2,948,353 $ 6,335,642 Nine months ended May 31, 2021 May 31, 2020 EMS DMS Total EMS DMS Total Timing of transfer Point in time $ 3,222,365 $ 5,463,053 $ 8,685,418 $ 3,323,119 $ 4,409,710 $ 7,732,829 Over time 7,193,156 5,997,147 13,190,303 7,043,921 5,189,673 12,233,594 Total $ 10,415,521 $ 11,460,200 $ 21,875,721 $ 10,367,040 $ 9,599,383 $ 19,966,423 |
Schedule of Reconciliation of Income from Segments to Consolidated | The following tables set forth operating segment information (in thousands): Three months ended Nine months ended May 31, 2021 May 31, 2020 May 31, 2021 May 31, 2020 Segment income and reconciliation of income before income tax EMS $ 137,119 $ 97,824 $ 357,214 $ 259,679 DMS 139,764 74,260 569,212 349,168 Total segment income $ 276,883 $ 172,084 $ 926,426 $ 608,847 Reconciling items: Amortization of intangibles (12,066) (13,178) (35,160) (42,895) Stock-based compensation expense and related charges (18,765) (16,882) (76,119) (62,214) Restructuring, severance and related charges (744) (69,150) (5,655) (144,005) Distressed customer charge — — — (14,963) Business interruption and impairment charges, net — (4,574) 806 (4,574) Acquisition and integration charges — (6,119) (3,374) (30,005) Gain (impairment) on securities 2,409 — 2,409 (12,205) Other expense (net of periodic benefit cost) (2,182) (8,399) (10,017) (32,673) Interest income 1,563 1,864 5,099 13,144 Interest expense (33,803) (41,873) (97,175) (132,967) Income before income tax $ 213,295 $ 13,773 $ 707,240 $ 145,490 |
Schedule of Reconciliation of Assets from Segment to Consolidated | May 31, 2021 August 31, 2020 Total assets EMS $ 3,900,421 $ 3,233,681 DMS 7,261,735 6,641,764 Other non-allocated assets 4,578,552 4,521,971 $ 15,740,708 $ 14,397,416 |
Schedule of Revenue from External Customers by Geographic Areas | The following table sets forth, for the periods indicated, foreign source revenue expressed as a percentage of net revenue: Three months ended Nine months ended May 31, 2021 May 31, 2020 May 31, 2021 May 31, 2020 Foreign source revenue 82.7 % 83.4 % 83.6 % 82.6 % |
Restructuring, Severance and _2
Restructuring, Severance and Related Charges (Tables) | 9 Months Ended |
May 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Summary of Restructuring and Related Charges | Following is a summary of the Company’s restructuring, severance and related charges (in thousands): Three months ended Nine months ended May 31, 2021 May 31, 2020 May 31, 2021 May 31, 2020 Employee severance and benefit costs $ 483 $ 56,891 $ 3,191 $ 83,684 Lease costs — 402 (2,873) 6,870 Asset write-off costs 8 6,253 4,598 31,678 Other costs 253 5,604 739 21,773 Total restructuring, severance and related charges (1) $ 744 $ 69,150 $ 5,655 $ 144,005 |
Summary of Liability Activity Associated with Restructuring Plan | The table below summarizes the Company’s liability activity, primarily associated with the 2020 Restructuring Plan (in thousands): Employee Severance Lease Costs Asset Write-off Costs Other Related Costs Total Balance as of August 31, 2020 $ 8,143 $ 2,316 $ — $ 426 $ 10,885 Restructuring related charges 2,722 (2,873) 4,352 733 4,934 Asset write-off charge and other non-cash activity 12 1,554 (4,352) (142) (2,928) Cash payments (7,102) (170) — (763) (8,035) Balance as of May 31, 2021 $ 3,775 $ 827 $ — $ 254 $ 4,856 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
May 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Summary of U.S. Federal Statutory Income Tax Rate Compared to Actual Income Tax Expense | The U.S. federal statutory income tax rate and the Company's effective income tax rate are as follows: Three months ended Nine months ended May 31, 2021 May 31, 2020 May 31, 2021 May 31, 2020 U.S. federal statutory income tax rate 21.0 % 21.0 % 21.0 % 21.0 % Effective income tax rate 20.3 % 465.0 % 26.0 % 108.3 % |
Earnings Per Share and Divide_2
Earnings Per Share and Dividends (Tables) | 9 Months Ended |
May 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Dilutive Shares Outstanding Not Included in the Computation of EPS | Potential shares of common stock not included in the computation of earnings per share because their effect would have been antidilutive or because the performance criterion was not met were as follows (in thousands): Three months ended Nine months ended May 31, 2021 May 31, 2020 May 31, 2021 May 31, 2020 Restricted stock units 665 3,717 665 3,379 Employee stock purchase plan — 57 — 92 Stock appreciation rights — 5 — 28 |
Schedule of Cash Dividends Declared to Common Stockholders | The following table sets forth cash dividends declared by the Company to common stockholders during the nine months ended May 31, 2021 and 2020 (in thousands, except for per share data): Dividend Dividend Total of Cash Date of Record for Dividend Cash Fiscal Year 2021: October 15, 2020 $ 0.08 $ 12,417 November 16, 2020 December 2, 2020 January 21, 2021 $ 0.08 $ 12,371 February 15, 2021 March 2, 2021 April 22, 2021 $ 0.08 $ 12,169 May 14, 2021 June 2, 2021 Fiscal Year 2020: October 17, 2019 $ 0.08 $ 12,647 November 15, 2019 December 2, 2019 January 23, 2020 $ 0.08 $ 12,517 February 14, 2020 March 4, 2020 April 15, 2020 $ 0.08 $ 12,452 May 15, 2020 June 3, 2020 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
May 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Financial Assets and Liabilities | The following table presents the fair value of the Company's financial assets and liabilities measured at fair value by hierarchy level on a recurring basis as of the periods indicated: (in thousands) Fair Value Hierarchy May 31, 2021 August 31, 2020 Assets: Cash and cash equivalents: Cash equivalents Level 1 (1) $ 17,839 $ 33,869 Prepaid expenses and other current assets: Short-term investments Level 1 17,216 16,556 Forward foreign exchange contracts: Derivatives designated as hedging instruments (Note 8) Level 2 (2) 19,089 11,201 Derivatives not designated as hedging instruments (Note 8) Level 2 (2) 60,944 58,893 Other assets: Forward interest rate swap: Derivatives designated as hedging instruments (Note 8) Level 2 (3) 18,772 — Liabilities: Accrued expenses: Forward foreign exchange contracts: Derivatives designated as hedging instruments (Note 8) Level 2 (2) $ 1,527 $ 1,522 Derivatives not designated as hedging instruments (Note 8) Level 2 (2) 8,023 9,100 Interest rate swaps: Derivatives not designated as hedging instruments (Note 8) Level 2 (3) 8,276 540 Extended interest rate swap not designated as a hedging instrument (Note 8) Level 2 (4) 17,809 26,492 Other liabilities: Interest rate swaps: Derivatives not designated as hedging instruments (Note 8) Level 2 (3) — 329 Extended interest rate swap not designated as a hedging instrument (Note 8) Level 2 (4) — 13,111 Forward interest rate swaps: Derivatives designated as hedging instruments (Note 8) Level 2 (3) 546 — (1) Consist of investments that are readily convertible to cash with original maturities of 90 days or less. (2) The Company’s forward foreign exchange contracts are measured on a recurring basis at fair value, based on foreign currency spot rates and forward rates quoted by banks or foreign currency dealers. (3) Fair value measurements are based on the contractual terms of the derivatives and use observable market-based inputs. The interest rate swaps are valued using a discounted cash flow analysis on the expected cash flows of each derivative using observable inputs including interest rate curves and credit spreads. (4) The 2020 Extended Interest Rate Swaps are considered a hybrid instrument and the Company elected the fair value option for reporting. Fair value measurements are based on the contractual terms of the contract and use observable market-based inputs. The interest rate swaps are valued using a discounted cash flow analysis of the expected cash flows using observable inputs including interest rate curves and credit spreads. |
Schedule of Carrying Amounts and Fair Values of Notes Payable and Long-term Debt | The following table presents the assets held for sale: May 31, 2021 August 31, 2020 (in thousands) Carrying Amount Carrying Amount Assets held for sale (1) $ 60,580 $ 67,380 (1) The fair value of assets held for sale exceeds the carrying value for $30.1 million of assets held for sale. For $30.5 million of assets held for sale, the carrying value approximates the fair value with the asset value measured using Level 2 inputs. May 31, 2021 August 31, 2020 (in thousands) Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value Notes payable and long-term debt: 4.700% Senior Notes Level 2 (1) $ 499,150 $ 527,780 $ 498,659 $ 537,180 4.900% Senior Notes Level 3 (2) $ 299,482 $ 325,411 $ 299,300 $ 329,435 3.950% Senior Notes Level 2 (1) $ 495,902 $ 555,460 $ 495,440 $ 551,930 3.600% Senior Notes Level 2 (1) $ 495,146 $ 538,850 $ 494,756 $ 536,110 3.000% Senior Notes Level 2 (1) $ 590,944 $ 610,830 $ 590,162 $ 611,616 1.700% Senior Notes Level 2 (1) $ 495,560 $ 502,340 $ — $ — (1) The fair value estimates are based upon observable market data. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
May 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments under Operating Leases | The future minimum lease payments under these new leases as of May 31, 2021 are summarized below. Payments due by period (in thousands) Total Less than 1 1-3 years 3-5 years After 5 years Operating lease obligations $ 92,963 $ 20,728 $ 38,034 $ 23,929 $ 10,272 Finance lease obligations (1) $ 83,737 $ 44,759 $ 29,230 $ 7,397 $ 2,351 (1) As of May 31, 2021 , the future minimum lease payments exclude $154.9 million of residual value guarantees that could potentially come due in future periods. The Company does not believe it is probable that any amounts will be owed under these guarantees. Therefore, no amounts related to the residual value guarantees are included in the lease payments used to measure the right-of-use assets and lease liabilities . |
Schedule of Future Minimum Lease Payments under Finance Leases | The future minimum lease payments under these new leases as of May 31, 2021 are summarized below. Payments due by period (in thousands) Total Less than 1 1-3 years 3-5 years After 5 years Operating lease obligations $ 92,963 $ 20,728 $ 38,034 $ 23,929 $ 10,272 Finance lease obligations (1) $ 83,737 $ 44,759 $ 29,230 $ 7,397 $ 2,351 (1) As of May 31, 2021 , the future minimum lease payments exclude $154.9 million of residual value guarantees that could potentially come due in future periods. The Company does not believe it is probable that any amounts will be owed under these guarantees. Therefore, no amounts related to the residual value guarantees are included in the lease payments used to measure the right-of-use assets and lease liabilities . |
Trade Accounts Receivable Sal_3
Trade Accounts Receivable Sale Programs (Trade Accounts Receivable Sale Programs Key Terms) (Details) - 9 months ended May 31, 2021 | USD ($) | CNY (¥) | CHF (SFr) |
A | |||
Trade Accounts Receivable Securitization and Sale Program [Line Items] | |||
Maximum amount | $ 600,000,000 | ||
Threshold period to cancel trade accounts receivable sale agreement before automatic extension | 30 days | ||
B | |||
Trade Accounts Receivable Securitization and Sale Program [Line Items] | |||
Maximum amount | $ 150,000,000 | ||
C | |||
Trade Accounts Receivable Securitization and Sale Program [Line Items] | |||
Maximum amount | ¥ | ¥ 400,000,000 | ||
D | |||
Trade Accounts Receivable Securitization and Sale Program [Line Items] | |||
Maximum amount | $ 150,000,000 | ||
Threshold period to cancel trade accounts receivable sale agreement before automatic extension | 30 days | ||
E | |||
Trade Accounts Receivable Securitization and Sale Program [Line Items] | |||
Maximum amount | $ 150,000,000 | ||
Threshold period to cancel trade accounts receivable sale agreement before automatic extension | 30 days | ||
F | |||
Trade Accounts Receivable Securitization and Sale Program [Line Items] | |||
Maximum amount | $ 50,000,000 | ||
Threshold period to cancel trade accounts receivable sale agreement before automatic extension | 15 days | ||
G | |||
Trade Accounts Receivable Securitization and Sale Program [Line Items] | |||
Maximum amount | $ 100,000,000 | ||
Threshold period to cancel trade accounts receivable sale agreement before automatic extension | 30 days | ||
H | |||
Trade Accounts Receivable Securitization and Sale Program [Line Items] | |||
Maximum amount | $ 100,000,000 | ||
Threshold period to cancel trade accounts receivable sale agreement before automatic extension | 30 days | ||
I | |||
Trade Accounts Receivable Securitization and Sale Program [Line Items] | |||
Maximum amount | $ 550,000,000 | ||
Threshold period to cancel trade accounts receivable sale agreement before automatic extension | 30 days | ||
J | |||
Trade Accounts Receivable Securitization and Sale Program [Line Items] | |||
Maximum amount | $ 135,000,000 | ||
Threshold period to cancel trade accounts receivable sale agreement before automatic extension | 30 days | ||
K | |||
Trade Accounts Receivable Securitization and Sale Program [Line Items] | |||
Maximum amount | SFr | SFr 100,000,000 | ||
Threshold period to cancel trade accounts receivable sale agreement before automatic extension | 30 days |
Trade Accounts Receivable Sal_4
Trade Accounts Receivable Sale Programs (Trade Accounts Receivable Sale Programs Amounts Recognized) (Details) - Trade Accounts Receivable Sale Programs - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
May 31, 2021 | May 31, 2020 | May 31, 2021 | May 31, 2020 | |
Trade Accounts Receivable Securitization and Sale Program [Line Items] | ||||
Trade accounts receivable sold | $ 1,016 | $ 2,162 | $ 3,567 | $ 6,325 |
Cash proceeds received | 1,015 | 2,158 | 3,565 | 6,311 |
Pre-tax losses on sale of receivables | $ 1 | $ 4 | $ 2 | $ 14 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | May 31, 2021 | Aug. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 2,806,761 | $ 2,389,719 |
Work in process | 646,132 | 450,781 |
Finished goods | 598,976 | 376,542 |
Reserve for excess and obsolete inventory | (72,540) | (85,259) |
Inventories, net | $ 3,979,329 | $ 3,131,783 |
Notes Payable and Long-Term D_3
Notes Payable and Long-Term Debt (Schedule of Notes Payable and Long-term Debt) (Details) - USD ($) | Apr. 28, 2021 | Apr. 14, 2021 | May 31, 2021 | Apr. 27, 2021 | Aug. 31, 2020 |
Debt Instrument [Line Items] | |||||
Long-term debt | $ 2,926,767,000 | $ 2,728,482,000 | |||
Less current installments of notes payable and long-term debt | 50,168,000 | 50,194,000 | |||
Notes payable and long-term debt, less current installments | $ 2,876,599,000 | 2,678,288,000 | |||
Senior Notes | 4.700% Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Senior notes, stated interest rate (as a percent) | 4.70% | ||||
Long-term debt | $ 499,150,000 | 498,659,000 | |||
Senior Notes | 4.900% Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Senior notes, stated interest rate (as a percent) | 4.90% | ||||
Long-term debt | $ 299,482,000 | 299,300,000 | |||
Senior Notes | 3.950% Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Senior notes, stated interest rate (as a percent) | 3.95% | ||||
Long-term debt | $ 495,902,000 | 495,440,000 | |||
Senior Notes | 3.600% Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Senior notes, stated interest rate (as a percent) | 3.60% | ||||
Long-term debt | $ 495,146,000 | 494,756,000 | |||
Senior Notes | 3.000% Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Senior notes, stated interest rate (as a percent) | 3.00% | ||||
Long-term debt | $ 590,944,000 | 590,162,000 | |||
Senior Notes | 1.700% Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Senior notes, stated interest rate (as a percent) | 1.70% | 1.70% | |||
Long-term debt | $ 495,560,000 | 0 | |||
Debt issuance | $ 500,000,000 | ||||
Senior Notes | Repayment Of The Term Loan Facility | |||||
Debt Instrument [Line Items] | |||||
Repayments of term loan facility | $ 300,000,000 | ||||
Line of Credit | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 0 | 0 | |||
Debt term | 3 years | ||||
Maximum borrowing capacity | $ 1,200,000,000 | $ 700,000,000 | |||
Unused borrowing capacity | 3,800,000,000 | ||||
Line of Credit | Revolving Credit Facility | Credit Facility Expires On January 2024 | |||||
Debt Instrument [Line Items] | |||||
Debt term | 3 years | ||||
Line of Credit | Revolving Credit Facility | Credit Facility Expires On January 2026 | |||||
Debt Instrument [Line Items] | |||||
Debt term | 5 years | ||||
Maximum borrowing capacity | $ 2,000,000,000 | ||||
Line of Credit | Term Loan Facility | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 50,583,000 | $ 350,165,000 | |||
Line of Credit | Commercial Paper | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 1,800,000,000 |
Notes Payable and Long-Term D_4
Notes Payable and Long-Term Debt (Additional Information) (Details) - Senior Notes | May 31, 2021 | Apr. 14, 2021 |
4.900% Senior Notes | ||
Debt Instrument [Line Items] | ||
Senior notes, stated interest rate (as a percent) | 4.90% | |
4.700% Senior Notes | ||
Debt Instrument [Line Items] | ||
Senior notes, stated interest rate (as a percent) | 4.70% | |
3.950% Senior Notes | ||
Debt Instrument [Line Items] | ||
Senior notes, stated interest rate (as a percent) | 3.95% | |
3.600% Senior Notes | ||
Debt Instrument [Line Items] | ||
Senior notes, stated interest rate (as a percent) | 3.60% | |
3.000% Senior Notes | ||
Debt Instrument [Line Items] | ||
Senior notes, stated interest rate (as a percent) | 3.00% | |
1.700% Senior Notes | ||
Debt Instrument [Line Items] | ||
Senior notes, stated interest rate (as a percent) | 1.70% | 1.70% |
Asset-Backed Securitization P_3
Asset-Backed Securitization Programs (Additional Information) (Details) | May 31, 2021USD ($) |
Non-US | Asset-backed Securities | |
Trade Accounts Receivable Securitization and Sale Program [Line Items] | |
Liability obligations under the guarantee | $ 0 |
Asset-Backed Securitization P_4
Asset-Backed Securitization Programs (Asset-Backed Securitization Programs and Key Terms) (Details) - USD ($) | Jun. 28, 2021 | May 31, 2021 |
Asset-Backed Securitization Programs [Line Items] | ||
Available liquidity under its asset-backed securitization programs (up to) | $ 148,500,000 | |
Subsequent event | ||
Asset-Backed Securitization Programs [Line Items] | ||
Payment for previously transferred receivables | $ 167,000,000 | |
North American | ||
Asset-Backed Securitization Programs [Line Items] | ||
Maximum amount of net cash proceeds | 390,000,000 | |
Foreign | ||
Asset-Backed Securitization Programs [Line Items] | ||
Maximum amount of net cash proceeds | $ 400,000,000 |
Asset-Backed Securitization P_5
Asset-Backed Securitization Programs (Securitization Activity) (Details) - Asset-Backed Securitization Programs - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
May 31, 2021 | May 31, 2020 | May 31, 2021 | May 31, 2020 | |
Trade Accounts Receivable Securitization and Sale Program [Line Items] | ||||
Trade accounts receivable sold | $ 1,074 | $ 948 | $ 3,388 | $ 3,205 |
Cash proceeds received | 1,072 | 944 | 3,381 | 3,189 |
Pre-tax losses on sale of receivables | $ 2 | $ 4 | $ 7 | $ 16 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
May 31, 2021 | May 31, 2020 | Aug. 31, 2020 | |
Accrued Liabilities, Current [Abstract] | |||
Contract liabilities | $ 512,131 | $ 496,219 | |
Accrued compensation and employee benefits | 762,551 | 703,250 | |
Other accrued expenses | 2,215,798 | 2,012,059 | |
Accrued expenses | 3,490,480 | $ 3,211,528 | |
Revenue recognized during period that was included in contract liability balance | $ 306,000 | $ 260,900 |
Postretirement and Other Empl_3
Postretirement and Other Employee Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2021 | May 31, 2020 | May 31, 2021 | May 31, 2020 | |
Retirement Benefits [Abstract] | ||||
Service cost | $ 6,278 | $ 6,701 | $ 18,809 | $ 17,802 |
Interest cost | 1,172 | 755 | 3,469 | 2,327 |
Expected long-term return on plan assets | (3,897) | (3,741) | (11,746) | (10,316) |
Recognized actuarial (gain) loss | (1,230) | 225 | (3,743) | 674 |
Amortization of actuarial gains | (1,715) | 0 | (5,205) | 0 |
Amortization of prior service credit | (13) | (11) | (39) | (33) |
Net periodic benefit cost | $ 595 | $ 3,929 | $ 1,545 | $ 10,454 |
Derivative Financial Instrume_3
Derivative Financial Instruments and Hedging Activities (Additional Information) (Details) - USD ($) | May 31, 2021 | Aug. 31, 2020 |
3.000% Senior Notes | Senior Notes | ||
Derivative [Line Items] | ||
Senior notes, stated interest rate (as a percent) | 3.00% | |
Interest rate swaps | Cash flow hedging | 3.000% Senior Notes | ||
Derivative [Line Items] | ||
Aggregate notional amount | $ 200,000,000 | |
Forward contracts | Cash flow hedging | ||
Derivative [Line Items] | ||
Aggregate notional amount | 3,300,000,000 | $ 2,900,000,000 |
Forward contracts | Forward foreign exchange contracts | ||
Derivative [Line Items] | ||
Aggregate notional amount | $ 1,000,000,000 | $ 355,200,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments and Hedging Activities (Fair Value of Derivative Instruments Recorded on Consolidated Statements of Operations) (Details) - Cost of revenue - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2021 | May 31, 2020 | May 31, 2021 | May 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Foreign currency (losses) gains | $ (21,500) | $ 36,900 | $ (120,600) | $ 400 |
Forward foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Net Income on Derivatives | $ 27,212 | $ (36,955) | $ 147,655 | $ (3,436) |
Derivative Financial Instrume_5
Derivative Financial Instruments and Hedging Activities (Cash Flow Hedges) (Details) - Cash flow hedging - Forward contracts - USD ($) | May 31, 2021 | Aug. 31, 2020 |
Derivative [Line Items] | ||
Aggregate notional amount | $ 3,300,000,000 | $ 2,900,000,000 |
Interest rate swaps | Debt obligation one | ||
Derivative [Line Items] | ||
Aggregate notional amount | 250,000,000 | |
Interest rate swaps | Debt obligation two | ||
Derivative [Line Items] | ||
Aggregate notional amount | $ 150,000,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (Loss) Income (Change in AOCI, Net of Tax) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2021 | May 31, 2020 | May 31, 2021 | May 31, 2020 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning Balance | $ 2,101,942 | $ 1,759,140 | $ 1,825,399 | $ 1,900,758 |
Other comprehensive income (loss) before reclassifications | 89,470 | |||
Amounts reclassified from AOCI | (40,580) | |||
Total other comprehensive income (loss) | 18,992 | (46,460) | 48,890 | (66,609) |
Ending Balance | 2,138,960 | 1,645,304 | 2,138,960 | 1,645,304 |
Foreign Currency Translation Adjustment | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning Balance | (36,595) | |||
Other comprehensive income (loss) before reclassifications | 25,613 | |||
Amounts reclassified from AOCI | 0 | |||
Total other comprehensive income (loss) | 25,613 | |||
Ending Balance | (10,982) | (10,982) | ||
Derivative Instruments | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning Balance | (30,996) | |||
Other comprehensive income (loss) before reclassifications | 64,113 | |||
Amounts reclassified from AOCI | (40,580) | |||
Total other comprehensive income (loss) | 23,533 | |||
Ending Balance | (7,463) | (7,463) | ||
Actuarial Loss | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning Balance | 34,093 | |||
Other comprehensive income (loss) before reclassifications | (256) | |||
Amounts reclassified from AOCI | 0 | |||
Total other comprehensive income (loss) | (256) | |||
Ending Balance | 33,837 | 33,837 | ||
Prior Service Cost | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning Balance | (670) | |||
Other comprehensive income (loss) before reclassifications | 0 | |||
Amounts reclassified from AOCI | 0 | |||
Total other comprehensive income (loss) | 0 | |||
Ending Balance | (670) | (670) | ||
AOCI Attributable to Parent | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning Balance | (4,270) | (102,943) | (34,168) | (82,794) |
Total other comprehensive income (loss) | 18,992 | (46,460) | 48,890 | (66,609) |
Ending Balance | $ 14,722 | $ (149,403) | $ 14,722 | $ (149,403) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive (Loss) Income (Reclassification from AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2021 | May 31, 2020 | May 31, 2021 | May 31, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Cost of revenue | $ (6,646,845) | $ (5,879,494) | $ (20,103,436) | $ (18,526,311) |
Interest expense | (33,803) | (41,873) | (97,175) | (132,967) |
Income before income tax | 213,295 | 13,773 | 707,240 | 145,490 |
Gain (loss) to be reclassified in next 12 months | 7,900 | |||
Income tax expense | 43,277 | 64,036 | 183,861 | 157,620 |
Reclassification out of AOCI | Realized losses (gain) on derivative instruments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Income before income tax | (3,495) | 16,020 | (40,580) | 19,355 |
Reclassification out of AOCI | Realized losses (gain) on derivative instruments | Foreign exchange contracts | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Cost of revenue | (4,309) | 16,451 | (43,021) | 20,648 |
Reclassification out of AOCI | Realized losses (gain) on derivative instruments | Interest rate contracts | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Interest expense | 814 | (431) | 2,441 | (1,293) |
Reclassification out of AOCI | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Income tax expense | $ 0 | $ 0 | $ 0 | $ 0 |
Stockholders' Equity (Recognize
Stockholders' Equity (Recognized Stock-Based Compensation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2021 | May 31, 2020 | May 31, 2021 | May 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 18,765 | $ 16,882 | $ 76,119 | $ 62,214 |
Restricted stock units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 15,956 | 14,299 | 67,553 | 54,783 |
Employee stock purchase plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 2,809 | $ 2,583 | $ 8,566 | $ 7,431 |
Stockholders' Equity (Additiona
Stockholders' Equity (Additional Information) (Details) - shares | 9 Months Ended | |
May 31, 2021 | May 31, 2020 | |
Time-based restricted stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 3 years | |
Restricted stock units awarded (in shares) | 1,200,000 | 1,100,000 |
Performance-based restricted stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 3 years | |
Restricted stock units awarded (in shares) | 400,000 | 300,000 |
Performance-based restricted stock units | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting percentage | 150.00% | |
Market-based restricted stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 3 years | |
Restricted stock units awarded (in shares) | 300,000 | 300,000 |
Market-based restricted stock units | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting percentage | 200.00% | |
2021 EIP | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares available to be issued | 10,965,250 |
Stockholders' Equity (Stock-bas
Stockholders' Equity (Stock-based Compensation Information) (Details) $ in Thousands | 9 Months Ended |
May 31, 2021USD ($) | |
Share-based Payment Arrangement [Abstract] | |
Unrecognized stock-based compensation expense—restricted stock units | $ 45,840,000 |
Remaining weighted-average period for restricted stock units expense | 1 year 4 months 24 days |
Stockholders' Equity (Common St
Stockholders' Equity (Common Stock Outstanding) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | May 31, 2021 | May 31, 2020 | May 31, 2021 | May 31, 2020 | |
Common stock outstanding: | |||||
Common stock outstanding, beginning balances (in shares) | 150,330,358 | ||||
Common stock outstanding, ending balance (in shares) | 146,837,466 | 146,837,466 | |||
2020 Share Repurchase Program | |||||
Common stock outstanding: | |||||
Share repurchase program, amount authorized | $ 600,000,000 | ||||
Capital allocation framework period | 2 years | ||||
Number of shares repurchased (in shares) | 11,900,000 | ||||
Value of shares repurchased | $ 475,600,000 | ||||
Share repurchase program, remaining amount available | $ 124,400,000 | $ 124,400,000 | |||
Common stock | |||||
Common stock outstanding: | |||||
Common stock outstanding, beginning balances (in shares) | 153,520,380 | 149,366,501 | 151,407,526 | 150,330,358 | 153,520,380 |
Shares issued upon exercise of stock options (in shares) | 9,321 | 0 | 9,321 | 56,999 | |
Shares issued under employee stock purchase plan (in shares) | 0 | 0 | 771,548 | 595,717 | |
Vesting of restricted stock (in shares) | 12,787 | 13,234 | 2,253,923 | 2,252,846 | |
Purchases of treasury stock under employee stock plans (in shares) | (3,436) | (2,808) | (613,715) | (619,931) | |
Treasury shares purchased (in shares) | (2,547,707) | (843,916) | (5,913,969) | (5,231,975) | |
Common stock outstanding, ending balance (in shares) | 146,837,466 | 150,574,036 | 146,837,466 | 150,574,036 |
Concentration of Risk and Seg_3
Concentration of Risk and Segment Data (Additional Information) (Details) | 9 Months Ended |
May 31, 2021country | |
Revenue, Major Customer [Line Items] | |
Number of operating countries | 31 |
Net Revenue | Customer Concentration Risk | Five Largest Customers | |
Revenue, Major Customer [Line Items] | |
Concentration risk, percentage | 47.00% |
Net Revenue | Customer Concentration Risk | 75 Customers | |
Revenue, Major Customer [Line Items] | |
Concentration risk, percentage | 90.00% |
Concentration of Risk and Seg_4
Concentration of Risk and Segment Data (Revenues Disaggregated by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2021 | May 31, 2020 | May 31, 2021 | May 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Net revenue | $ 7,214,645 | $ 6,335,642 | $ 21,875,721 | $ 19,966,423 |
Point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 2,787,342 | 2,343,989 | 8,685,418 | 7,732,829 |
Over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 4,427,303 | 3,991,653 | 13,190,303 | 12,233,594 |
EMS | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 3,642,992 | 3,387,289 | 10,415,521 | 10,367,040 |
EMS | Point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 1,346,207 | 958,786 | 3,222,365 | 3,323,119 |
EMS | Over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 2,296,785 | 2,428,503 | 7,193,156 | 7,043,921 |
DMS | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 3,571,653 | 2,948,353 | 11,460,200 | 9,599,383 |
DMS | Point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 1,441,135 | 1,385,203 | 5,463,053 | 4,409,710 |
DMS | Over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | $ 2,130,518 | $ 1,563,150 | $ 5,997,147 | $ 5,189,673 |
Concentration of Risk and Seg_5
Concentration of Risk and Segment Data (Segment Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2021 | May 31, 2020 | May 31, 2021 | May 31, 2020 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income | $ 213,295 | $ 13,773 | $ 707,240 | $ 145,490 |
Reconciling items: | ||||
Amortization of intangibles | (12,066) | (13,178) | (35,160) | (42,895) |
Stock-based compensation expense and related charges | (18,765) | (16,882) | (76,119) | (62,214) |
Restructuring, severance and related charges | (744) | (69,150) | (5,655) | (144,005) |
Interest income | 1,563 | 1,864 | 5,099 | 13,144 |
Interest expense | (33,803) | (41,873) | (97,175) | (132,967) |
Operating Segments | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income | 276,883 | 172,084 | 926,426 | 608,847 |
Operating Segments | EMS | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income | 137,119 | 97,824 | 357,214 | 259,679 |
Reconciling items: | ||||
Restructuring, severance and related charges | 0 | (23,700) | 400 | (55,800) |
Operating Segments | DMS | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income | 139,764 | 74,260 | 569,212 | 349,168 |
Reconciling items: | ||||
Restructuring, severance and related charges | (600) | (29,300) | (5,500) | (69,000) |
Reconciling items: | ||||
Reconciling items: | ||||
Amortization of intangibles | (12,066) | (13,178) | (35,160) | (42,895) |
Stock-based compensation expense and related charges | (18,765) | (16,882) | (76,119) | (62,214) |
Restructuring, severance and related charges | (744) | (69,150) | (5,655) | (144,005) |
Distressed customer charge | 0 | 0 | 0 | (14,963) |
Business interruption and impairment charges, net | 0 | (4,574) | 806 | (4,574) |
Acquisition and integration charges | 0 | (6,119) | (3,374) | (30,005) |
Gain (impairment) on securities | 2,409 | 0 | 2,409 | (12,205) |
Other expense (net of periodic benefit cost) | (2,182) | (8,399) | (10,017) | (32,673) |
Interest income | 1,563 | 1,864 | 5,099 | 13,144 |
Interest expense | $ (33,803) | $ (41,873) | $ (97,175) | $ (132,967) |
Concentration of Risk and Seg_6
Concentration of Risk and Segment Data (Segment Assets) (Details) - USD ($) $ in Thousands | May 31, 2021 | Aug. 31, 2020 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 15,740,708 | $ 14,397,416 |
Operating Segments | EMS | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 3,900,421 | 3,233,681 |
Operating Segments | DMS | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 7,261,735 | 6,641,764 |
Other non-allocated assets | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 4,578,552 | $ 4,521,971 |
Concentration of Risk and Seg_7
Concentration of Risk and Segment Data (Foreign Source Revenue) (Details) | 3 Months Ended | 9 Months Ended | ||
May 31, 2021 | May 31, 2020 | May 31, 2021 | May 31, 2020 | |
Foreign source revenue | Net Revenue | Geographic Concentration Risk | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 82.70% | 83.40% | 83.60% | 82.60% |
Restructuring, Severance and _3
Restructuring, Severance and Related Charges (Summary) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2021 | May 31, 2020 | May 31, 2021 | May 31, 2020 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, severance and related charges | $ 744 | $ 69,150 | $ 5,655 | $ 144,005 |
Operating Segments | EMS | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, severance and related charges | 0 | 23,700 | (400) | 55,800 |
Operating Segments | DMS | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, severance and related charges | 600 | 29,300 | 5,500 | 69,000 |
Other non-allocated assets | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, severance and related charges | 100 | 16,200 | 600 | 19,200 |
Employee severance and benefit costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, severance and related charges | 483 | 56,891 | 3,191 | 83,684 |
Lease costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, severance and related charges | 0 | 402 | (2,873) | 6,870 |
Asset write-off costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, severance and related charges | 8 | 6,253 | 4,598 | 31,678 |
Other costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, severance and related charges | $ 253 | $ 5,604 | $ 739 | $ 21,773 |
Restructuring, Severance and _4
Restructuring, Severance and Related Charges (Additional Information) (Details) - USD ($) $ in Thousands | May 31, 2021 | Aug. 31, 2020 |
Reduction of Worldwide Workforce | Employee severance and benefit costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring liability | $ 14,000 | |
2020 Restructuring Plan | ||
Restructuring Cost and Reserve [Line Items] | ||
Total pre-tax restructuring and other related costs expected to be recognized | 85,000 | |
Restructuring liability | 4,856 | $ 10,885 |
2020 Restructuring Plan | Employee severance and benefit costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring liability | $ 3,775 | $ 8,143 |
Restructuring, Severance and _5
Restructuring, Severance and Related Charges (Liability Activity) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2021 | May 31, 2020 | May 31, 2021 | May 31, 2020 | |
Restructuring Reserve [Roll Forward] | ||||
Restructuring related charges | $ 744 | $ 69,150 | $ 5,655 | $ 144,005 |
Employee Severance and Benefit Costs | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring related charges | 483 | 56,891 | 3,191 | 83,684 |
Lease Costs | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring related charges | 0 | 402 | (2,873) | 6,870 |
Asset Write-off Costs | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring related charges | 8 | 6,253 | 4,598 | 31,678 |
Other Related Costs | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring related charges | 253 | $ 5,604 | 739 | $ 21,773 |
2020 Restructuring Plan | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance as of August 31, 2020 | 10,885 | |||
Restructuring related charges | 4,934 | |||
Asset write-off charge and other non-cash activity | (2,928) | |||
Cash payments | (8,035) | |||
Balance as of May 31, 2021 | 4,856 | 4,856 | ||
2020 Restructuring Plan | Employee Severance and Benefit Costs | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance as of August 31, 2020 | 8,143 | |||
Restructuring related charges | 2,722 | |||
Asset write-off charge and other non-cash activity | 12 | |||
Cash payments | (7,102) | |||
Balance as of May 31, 2021 | 3,775 | 3,775 | ||
2020 Restructuring Plan | Lease Costs | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance as of August 31, 2020 | 2,316 | |||
Restructuring related charges | (2,873) | |||
Asset write-off charge and other non-cash activity | 1,554 | |||
Cash payments | (170) | |||
Balance as of May 31, 2021 | 827 | 827 | ||
2020 Restructuring Plan | Asset Write-off Costs | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance as of August 31, 2020 | 0 | |||
Restructuring related charges | 4,352 | |||
Asset write-off charge and other non-cash activity | (4,352) | |||
Cash payments | 0 | |||
Balance as of May 31, 2021 | 0 | 0 | ||
2020 Restructuring Plan | Other Related Costs | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance as of August 31, 2020 | 426 | |||
Restructuring related charges | 733 | |||
Asset write-off charge and other non-cash activity | (142) | |||
Cash payments | (763) | |||
Balance as of May 31, 2021 | $ 254 | $ 254 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
May 31, 2021 | May 31, 2020 | May 31, 2021 | May 31, 2020 | |
Income Tax Disclosure [Abstract] | ||||
U.S. federal statutory income tax rate | 21.00% | 21.00% | 21.00% | 21.00% |
Effective income tax rate | 20.30% | 465.00% | 26.00% | 108.30% |
Income tax expense associated with remeasurement of referred tax assets | $ 21.2 |
Earnings Per Share and Divide_3
Earnings Per Share and Dividends (Earnings Per Share) (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2021 | May 31, 2020 | May 31, 2021 | May 31, 2020 | |
Restricted stock units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Common shares excluded from computation of diluted earnings per share (in shares) | 665 | 3,717 | 665 | 3,379 |
Employee stock purchase plan | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Common shares excluded from computation of diluted earnings per share (in shares) | 0 | 57 | 0 | 92 |
Stock appreciation rights | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Common shares excluded from computation of diluted earnings per share (in shares) | 0 | 5 | 0 | 28 |
Earnings Per Share and Divide_4
Earnings Per Share and Dividends (Dividends) (Details) - USD ($) $ / shares in Units, $ in Thousands | Apr. 22, 2021 | Jan. 21, 2021 | Oct. 15, 2020 | Apr. 15, 2020 | Jan. 23, 2020 | Oct. 17, 2019 |
Earnings Per Share [Abstract] | ||||||
Dividend per Share (in dollars per share) | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 |
Total of Cash Dividends Declared | $ 12,169 | $ 12,371 | $ 12,417 | $ 12,452 | $ 12,517 | $ 12,647 |
Business Acquisitions (Details)
Business Acquisitions (Details) - JJMD $ in Millions | Oct. 26, 2020USD ($) |
Business Acquisition [Line Items] | |
Amount of cash paid for business acquisitions | $ 18.9 |
Assets acquired | 29.8 |
Liabilities assumed | $ 10.9 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurements on a Recurring Basis) (Details) - Recurring - USD ($) $ in Thousands | May 31, 2021 | Aug. 31, 2020 |
Level 1 | Cash equivalents | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | $ 17,839 | $ 33,869 |
Level 1 | Prepaid expenses and other current assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 17,216 | 16,556 |
Level 2 | Prepaid expenses and other current assets | Designated as Hedging Instruments | Foreign exchange contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative asset | 19,089 | 11,201 |
Level 2 | Prepaid expenses and other current assets | Not Designated as Hedging Instruments | Foreign exchange contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative asset | 60,944 | 58,893 |
Level 2 | Other assets | Designated as Hedging Instruments | Interest rate swaps | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative asset | 18,772 | 0 |
Level 2 | Accrued expenses | Designated as Hedging Instruments | Foreign exchange contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liability | 1,527 | 1,522 |
Level 2 | Accrued expenses | Not Designated as Hedging Instruments | Foreign exchange contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liability | 8,023 | 9,100 |
Level 2 | Accrued expenses | Not Designated as Hedging Instruments | Interest rate swaps | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liability | 8,276 | 540 |
Extended interest rate swap not designated as a hedging instrument | 17,809 | 26,492 |
Level 2 | Other liabilities | Designated as Hedging Instruments | Interest rate swaps | Forward contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liability | 546 | 0 |
Level 2 | Other liabilities | Not Designated as Hedging Instruments | Interest rate swaps | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liability | 0 | 329 |
Extended interest rate swap not designated as a hedging instrument | $ 0 | $ 13,111 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets Held For Sale Measured At Fair Value) (Details) - Nonrecurring - USD ($) $ in Thousands | May 31, 2021 | Aug. 31, 2020 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets held for sale, assets with fair value exceeding carrying value | $ 30,100 | |
Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets held for sale, assets with carrying value approximating fair value | 30,500 | |
Carrying Amount | Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets held for sale | $ 60,580 | $ 67,380 |
Fair Value Measurements (Fair_2
Fair Value Measurements (Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands | May 31, 2021 | Apr. 14, 2021 | Aug. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes payable and long-term debt | $ 2,926,767 | $ 2,728,482 | |
Senior Notes | 4.700% Senior Notes | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior notes, stated interest rate (as a percent) | 4.70% | ||
Notes payable and long-term debt | $ 499,150 | 498,659 | |
Senior Notes | 4.700% Senior Notes | Level 2 | Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes payable and long-term debt | 499,150 | 498,659 | |
Senior Notes | 4.700% Senior Notes | Level 2 | Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes payable and long-term debt | $ 527,780 | 537,180 | |
Senior Notes | 4.900% Senior Notes | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior notes, stated interest rate (as a percent) | 4.90% | ||
Notes payable and long-term debt | $ 299,482 | 299,300 | |
Senior Notes | 4.900% Senior Notes | Level 3 | Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes payable and long-term debt | 299,482 | 299,300 | |
Senior Notes | 4.900% Senior Notes | Level 3 | Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes payable and long-term debt | $ 325,411 | 329,435 | |
Senior Notes | 3.950% Senior Notes | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior notes, stated interest rate (as a percent) | 3.95% | ||
Notes payable and long-term debt | $ 495,902 | 495,440 | |
Senior Notes | 3.950% Senior Notes | Level 2 | Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes payable and long-term debt | 495,902 | 495,440 | |
Senior Notes | 3.950% Senior Notes | Level 2 | Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes payable and long-term debt | $ 555,460 | 551,930 | |
Senior Notes | 3.600% Senior Notes | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior notes, stated interest rate (as a percent) | 3.60% | ||
Notes payable and long-term debt | $ 495,146 | 494,756 | |
Senior Notes | 3.600% Senior Notes | Level 2 | Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes payable and long-term debt | 495,146 | 494,756 | |
Senior Notes | 3.600% Senior Notes | Level 2 | Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes payable and long-term debt | $ 538,850 | 536,110 | |
Senior Notes | 3.000% Senior Notes | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior notes, stated interest rate (as a percent) | 3.00% | ||
Notes payable and long-term debt | $ 590,944 | 590,162 | |
Senior Notes | 3.000% Senior Notes | Level 2 | Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes payable and long-term debt | 590,944 | 590,162 | |
Senior Notes | 3.000% Senior Notes | Level 2 | Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes payable and long-term debt | $ 610,830 | 611,616 | |
Senior Notes | 1.700% Senior Notes | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior notes, stated interest rate (as a percent) | 1.70% | 1.70% | |
Notes payable and long-term debt | $ 495,560 | 0 | |
Senior Notes | 1.700% Senior Notes | Level 2 | Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes payable and long-term debt | 495,560 | 0 | |
Senior Notes | 1.700% Senior Notes | Level 2 | Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes payable and long-term debt | $ 502,340 | $ 0 |
Commitments and Contingencies_2
Commitments and Contingencies (Future Minimum Lease Payments under Operating and Finance Leases) (Details) $ in Thousands | May 31, 2021USD ($) |
Operating Leases | |
Minimum lease payments | $ 92,963 |
Less than 1 year | 20,728 |
1-3 years | 38,034 |
3-5 years | 23,929 |
After 5 years | 10,272 |
Finance Leases | |
Minimum lease payments | 83,737 |
Less than 1 year | 44,759 |
1-3 years | 29,230 |
3-5 years | 7,397 |
After 5 years | 2,351 |
Residual value guarantees | $ 154,900 |