JABIL INC, 10-K filed on 10/20/2023
Annual Report
v3.23.3
Cover - USD ($)
$ in Billions
 12 Months Ended
Aug. 31, 2023
Oct. 12, 2023
Feb. 28, 2023
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Aug. 31, 2023    
Current Fiscal Year End Date --08-31    
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 10800 Roosevelt Boulevard 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 Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 9.6
Entity Common Stock, Shares Outstanding   127,945,064  
Documents Incorporated by Reference
DOCUMENTS INCORPORATED BY REFERENCE
We have incorporated by reference portions of our Proxy Statement for our annual meeting of shareholders expected to be held on January 25, 2024, into Part III hereof, to the extent indicated herein.
    
Amendment Flag false    
Document Fiscal Year Focus 2023    
Document Fiscal Period Focus FY    
Entity Central Index Key 0000898293    
v3.23.3
Audit Information
 12 Months Ended
Aug. 31, 2023
Auditor Information [Abstract]  
Auditor Name ERNST & YOUNG LLP
Auditor Location Tampa, Florida
Auditor Firm ID 42
v3.23.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Aug. 31, 2023
Aug. 31, 2022
Current assets:    
Cash and cash equivalents $ 1,804 $ 1,478
Accounts receivable, net of allowance for credit losses 3,647 3,995
Contract assets 1,035 1,196
Inventories, net of reserve for excess and obsolete inventory 5,206 6,128
Prepaid expenses and other current assets 1,109 1,111
Assets held for sale 1,929 0
Total current assets 14,730 13,908
Property, plant and equipment, net of accumulated depreciation 3,137 3,954
Operating lease right-of-use asset 367 500
Goodwill 621 704
Intangible assets, net of accumulated amortization 142 158
Deferred income taxes 159 199
Other assets 268 294
Total assets 19,424 19,717
Current liabilities:    
Current installments of notes payable and long-term debt 0 300
Accounts payable 5,679 8,006
Accrued expenses 5,515 5,272
Current operating lease liabilities 104 119
Liabilities held for sale 1,397 0
Total current liabilities 12,695 13,697
Notes payable and long-term debt, less current installments 2,875 2,575
Other liabilities 319 272
Non-current operating lease liabilities 269 417
Income tax liabilities 131 182
Deferred income taxes 268 122
Total liabilities 16,557 17,265
Commitments and contingencies
Jabil Inc. stockholders’ equity:    
Preferred stock, $0.001 par value, authorized 10,000,000 shares; no shares issued and outstanding 0 0
Common stock, $0.001 par value, authorized 500,000,000 shares; 273,949,811 and 270,891,715 shares issued and 131,294,422 and 135,493,980 shares outstanding at August 31, 2023 and August 31, 2022, respectively 0 0
Additional paid-in capital 2,795 2,655
Retained earnings 4,412 3,638
Accumulated other comprehensive loss (17) (42)
Treasury stock at cost, 142,655,389 and 135,397,735 shares as of August 31, 2023 and August 31, 2022, respectively (4,324) (3,800)
Total Jabil Inc. stockholders’ equity 2,866 2,451
Noncontrolling interests 1 1
Total equity 2,867 2,452
Total liabilities and equity $ 19,424 $ 19,717
v3.23.3
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Aug. 31, 2023
Aug. 31, 2022
Statement of Financial Position [Abstract]    
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Preferred stock, shares authorized (in shares) 10,000,000 10,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 500,000,000 500,000,000
Common stock, shares issued (in shares) 273,949,811 270,891,715
Common stock, shares outstanding (in shares) 131,294,422 135,493,980
Treasury stock at cost (in shares) 142,655,389 135,397,735
v3.23.3
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Aug. 31, 2021
Income Statement [Abstract]      
Net revenue $ 34,702 $ 33,478 $ 29,285
Cost of revenue 31,835 30,846 26,926
Gross profit 2,867 2,632 2,359
Operating expenses:      
Selling, general and administrative 1,206 1,154 1,213
Research and development 34 33 34
Amortization of intangibles 33 34 47
Restructuring, severance and related charges 57 18 10
Operating income 1,537 1,393 1,055
Loss on debt extinguishment 0 4 0
Gain on securities 0 0 (2)
Other expense (income) 69 12 (11)
Interest expense, net 206 146 124
Income before income tax 1,262 1,231 944
Income tax expense 444 235 246
Net income 818 996 698
Net income attributable to noncontrolling interests, net of tax 0 0 2
Net income attributable to Jabil Inc. $ 818 $ 996 $ 696
Earnings per share attributable to the stockholders of Jabil Inc.:      
Basic (in dollars per share) $ 6.15 $ 7.06 $ 4.69
Diluted (in dollars per share) $ 6.02 $ 6.90 $ 4.58
Weighted average shares outstanding:      
Basic (in shares) 133.0 141.2 148.5
Diluted (in shares) 135.9 144.4 152.1
v3.23.3
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 12 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Aug. 31, 2021
Statement of Comprehensive Income [Abstract]      
Net income $ 818 $ 996 $ 698
Other comprehensive income (loss):      
Change in foreign currency translation 25 (68) 17
Change in derivative instruments:      
Change in fair value of derivatives (25) 1 35
Adjustment for net losses (gains) realized and included in net income 42 32 (41)
Total change in derivative instruments 17 33 (6)
Actuarial (loss) gain (19) 14 17
Prior service credit (cost) 2 4 (19)
Total other comprehensive income (loss) 25 (17) 9
Comprehensive income 843 979 707
Comprehensive income attributable to noncontrolling interests 0 0 2
Comprehensive income attributable to Jabil Inc. $ 843 $ 979 $ 705
v3.23.3
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Millions
Total
Common Stock
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss
Treasury stock
Noncontrolling interests
Beginning Balance at Aug. 31, 2020 $ 1,825   $ 2,414 $ 2,041 $ (34) $ (2,610) $ 14
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Shares issued under employee stock purchase plan     39        
Recognition of stock-based compensation     94        
Declared dividends       (49)      
Net income 698     696     2
Total other comprehensive income (loss) 9       9    
Purchases of treasury stock under employee stock plans           (22)  
Treasury shares purchased           (428)  
Purchase of noncontrolling interests     (14)       (12)
Declared dividends to noncontrolling interests             (3)
Ending Balance at Aug. 31, 2021 2,137 $ 0 2,533 2,688 (25) (3,060) 1
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Shares issued under employee stock purchase plan     45        
Recognition of stock-based compensation     77        
Declared dividends       (46)      
Net income 996     996      
Total other comprehensive income (loss) (17)       (17)    
Purchases of treasury stock under employee stock plans           (44)  
Treasury shares purchased           (696)  
Ending Balance at Aug. 31, 2022 2,452 0 2,655 3,638 (42) (3,800) 1
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Shares issued under employee stock purchase plan     51        
Recognition of stock-based compensation     89        
Declared dividends       (44)      
Net income 818     818      
Total other comprehensive income (loss) 25       25    
Purchases of treasury stock under employee stock plans           (36)  
Treasury shares purchased           (487)  
Excise taxes related to treasury shares purchased           (1)  
Ending Balance at Aug. 31, 2023 $ 2,867 $ 0 $ 2,795 $ 4,412 $ (17) $ (4,324) $ 1
v3.23.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Aug. 31, 2021
Cash flows provided by operating activities:      
Net income $ 818 $ 996 $ 698
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 924 925 876
Restructuring and related charges 5 (1) 5
Recognition of stock-based compensation expense and related charges 95 81 102
Deferred income taxes 85 (13) (13)
Loss on sale of property, plant and equipment 0 0 14
Other, net 13 10 17
Change in operating assets and liabilities, exclusive of net assets acquired:      
Accounts receivable 267 (878) (283)
Contract assets 171 (214) 116
Inventories 370 (1,725) (1,276)
Prepaid expenses and other current assets (214) (367) (90)
Other assets 53 (29) (43)
Accounts payable, accrued expenses and other liabilities (853) 2,866 1,310
Net cash provided by operating activities 1,734 1,651 1,433
Cash flows used in investing activities:      
Acquisition of property, plant and equipment (1,030) (1,385) (1,159)
Proceeds and advances from sale of property, plant and equipment 322 544 366
Cash paid for business and intangible asset acquisitions, net of cash (29) (18) (50)
Proceeds from the divestiture of businesses 50 0 0
Repurchase of sold receivables 0 0 (99)
Cash receipts on repurchased receivables 0 4 95
Other, net (36) (3) (4)
Net cash used in investing activities (723) (858) (851)
Cash flows used in financing activities:      
Borrowings under debt agreements 4,047 3,767 1,724
Payments toward debt agreements (4,204) (3,890) (1,613)
Payments to acquire treasury stock (487) (696) (428)
Dividends paid to stockholders (45) (48) (50)
Net proceeds from exercise of stock options and issuance of common stock under employee stock purchase plan 51 45 39
Treasury stock minimum tax withholding related to vesting of restricted stock (36) (44) (22)
Other, net (6) (22) (63)
Net cash used in financing activities (680) (888) (413)
Effect of exchange rate changes on cash and cash equivalents (5) 6 4
Net increase (decrease) in cash and cash equivalents 326 (89) 173
Cash and cash equivalents at beginning of period 1,478 1,567 1,394
Cash and cash equivalents at end of period 1,804 1,478 1,567
Supplemental disclosure information:      
Interest paid, net of capitalized interest 211 150 124
Income taxes paid, net of refunds received $ 319 $ 209 $ 211
v3.23.3
Description of Business and Summary of Significant Accounting Policies
 12 Months Ended
Aug. 31, 2023
Accounting Policies [Abstract]  
Description of Business and Summary of Significant Accounting Policies Description of Business and Summary of Significant Accounting Policies
Jabil Inc. (together with its subsidiaries, herein referred to as the “Company”) is one of the leading providers of manufacturing services and solutions. The Company provides comprehensive electronics design, production and product management services to companies in various industries and end markets. The Company’s services combine a highly automated, continuous flow manufacturing approach with advanced electronic design and design for manufacturability technologies. The Company is headquartered in St. Petersburg, Florida and has manufacturing operations principally in the Americas, Europe and Asia.
Significant accounting policies followed by the Company are as follows:
Principles of Consolidation and Basis of Presentation
The consolidated financial statements include the accounts and operations of the Company, and its wholly-owned and majority-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in preparing the consolidated financial statements. The Company has made certain reclassification adjustments to conform prior periods’ Consolidated Financial Statements and Notes to the Consolidated Financial Statements to the current presentation.
Use of Accounting Estimates
Management is required to make estimates and assumptions during the preparation of the consolidated financial statements and accompanying notes in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from these estimates and assumptions.
Assets Held for Sale
The Company classifies assets and related liabilities as held for sale when: (i) management has committed to a plan to sell the net assets, (ii) the net assets are available for immediate sale, (iii) there is an active program to locate a buyer, (iv) the sale and transfer of the net assets is probable within one year, (v) the net assets are being actively marketed for sale at price that is reasonable in relation to its current fair value, and (vi) it is unlikely that significant changes will be made to the plan to sell the net assets. Assets and liabilities held for sale are presented separately on our consolidated balance sheets at the lower of cost or fair value, less costs to sell. Depreciation and amortization expense for long-lived assets are not recorded while these assets are classified as held for sale. For each period that assets are classified as being held for sale, they are tested for recoverability. See Note 16 – “Business Acquisitions and Divestitures” for additional information.
Cash and Cash Equivalents
Cash equivalents consist of investments that are readily convertible to cash with original maturities of 90 days or less.
Accounts Receivable
Accounts receivable consist of trade receivables and other miscellaneous receivables. The Company maintains an allowance for credit losses based on historical losses, the age of past due receivables, credit quality of our customers, current economic conditions, and other factors that may affect our ability to collect from customers. Bad debts are charged to this allowance after all attempts to collect the balance are exhausted. As the financial condition and circumstances of the Company’s customers change, adjustments to the allowance for credit losses are made as necessary.
Contract Balances
Timing of revenue recognition may differ from the timing of invoicing to customers. The Company records an asset when revenue is recognized prior to invoicing a customer (“contract assets”) while a liability is recognized when a customer provides consideration prior to the Company transferring control of the goods or services (“contract liabilities”). Amounts recognized as contract assets are generally transferred to receivables in the succeeding quarter due to the short-term nature of the manufacturing cycle. Contract assets are classified separately on the Consolidated Balance Sheets and transferred to receivables when right to payment becomes unconditional.
The Company maintains an allowance for credit losses related to contract assets based on historical losses, credit quality of our customers, current economic conditions, and other factors that may affect our ability to collect from our customers.
Inventories
Inventories are stated at the lower of cost (on a first in, first out (FIFO) basis) and net realizable value. Inventory is valued based on current and forecasted usage, customer inventory-related contractual obligations and other lower of cost and net realizable value considerations. If actual market conditions or customer product demands are less favorable than those projected, additional valuation adjustments may be necessary.
Fulfillment Costs    
The Company capitalizes costs incurred to fulfill its contracts that i) relate directly to the contract or anticipated contracts, ii) are expected to generate or enhance the Company’s resources that will be used to satisfy the performance obligation under the contract, and iii) are expected to be recovered through revenue generated from the contract. Capitalized fulfillment costs are amortized to cost of revenue as the Company satisfies the related performance obligations under the contract with approximate lives ranging from 1 year to 3 years. These costs, which are included in prepaid expenses and other current assets and other assets on the Consolidated Balance Sheets, generally represent upfront costs incurred to prepare for manufacturing activities.
The Company assesses the capitalized fulfillment costs for impairment at the end of each reporting period. The Company will recognize an impairment loss to the extent the carrying amount of the capitalized costs exceeds the recoverable amount. Recoverability is assessed by considering the capitalized fulfillment costs in relation to the forecasted profitability of the related manufacturing performance obligations.
As of August 31, 2023 and 2022, capitalized costs to fulfill were $203 million and $175 million, respectively. Amortization of fulfillment costs were $91 million, $74 million and $58 million during the fiscal years ended August 31, 2023, 2022 and 2021, respectively. Immaterial impairments for fulfillment costs were recognized during the fiscal years ended August 31, 2023, 2022, and 2021, respectively.
Property, Plant and Equipment, net
Property, plant and equipment is capitalized at cost and depreciated using the straight-line depreciation method over the estimated useful lives of the respective assets. Estimated useful lives for major classes of depreciable assets are as follows:
Asset Class Estimated Useful Life
Buildings
Up to 35 years
Leasehold improvements Shorter of lease term or useful life of the improvement
Machinery and equipment
2 to 10 years
Furniture, fixtures and office equipment 5 years
Computer hardware and software
3 to 7 years
Transportation equipment 3 years
Maintenance and repairs are expensed as incurred. The cost and related accumulated depreciation of assets sold or retired is removed from the accounts and any resulting gain or loss is reflected in the Consolidated Statements of Operations as a component of operating income.
Leases
The Company primarily has leases for buildings, machinery and equipment with lease terms ranging from 1 year to 33 years. Leases for other classes of assets are not significant. For any leases with an initial term in excess of 12 months, the Company determines whether an arrangement is a lease at contract inception by evaluating if the contract conveys the right to use and control the specific property or equipment. Certain lease agreements contain purchase or renewal options. These options are included in the lease term when it is reasonably certain that the Company will exercise that option. Generally, the Company’s lease agreements do not contain material restrictive covenants.
Right-of-use assets represent the right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized based on the present value of future lease payments over the lease term at the lease commencement date. When determining the present value of future payment, the Company uses the incremental borrowing rate when the implicit rate is not readily determinable. Any payment deemed probable under residual value guarantees is included in lease payments. Any variable payments, other than those that depend on an index or rate, are excluded from right-of-use assets and lease liabilities.
Leases with an initial term of 12 months or less are not recorded as right-of-use assets and lease liabilities in the Consolidated Balance Sheets. Lease expense for these leases is recognized on a straight-line basis over the lease term. The Company has elected the practical expedient to combine lease and non-lease components for building and real estate leases.
Certain equipment and buildings held under finance leases are classified as property, plant and equipment and the related obligation is recorded as accrued expenses and other liabilities on the Consolidated Balance Sheets. Amortization of assets held under finance leases is included in depreciation expense in the Consolidated Statements of Operations.
Goodwill and Other Intangible Assets
The Company accounts for goodwill in a business combination as the excess of the cost over the fair value of net assets acquired and is assigned to the reporting unit in which the acquired business will operate. The Company tests goodwill and indefinite-lived intangible assets for impairment during the fourth quarter of each fiscal year or whenever events or changes in circumstances indicate the carrying amount may not be recoverable.
The recoverability of goodwill is measured at the reporting unit level by comparing the reporting unit’s carrying amount, including goodwill, to the fair value of the reporting unit. The Company may elect to perform a qualitative assessment to determine whether it is more likely than not that a reporting unit is impaired. If the qualitative assessment is not performed or if the Company determines that it is not more likely than not that the fair value of the reporting unit exceeds the carrying value, the Company determines the fair value of its reporting units based on an average weighting of both projected discounted future results and the use of comparative market multiples. If the carrying amount of the reporting unit exceeds its fair value, goodwill is considered impaired and a loss recognized in the amount equal to that excess.
The recoverability of indefinite-lived intangible assets is measured by comparing the carrying amount to the fair value. The Company may elect to perform a qualitative assessment to determine whether it is more likely than not that an indefinite-lived intangible is impaired. If the qualitative assessment is not performed or if the Company determines that it is not more likely than not that the fair value of an indefinite-lived intangible exceeds the carrying value, the Company determines the fair value principally based on a variation of the income approach, known as the relief from royalty method. If the carrying amount of the indefinite-lived intangible asset exceeds its fair value, the indefinite-lived intangible asset is considered impaired.
Business combinations can also result in other intangible assets being recognized. Finite-lived intangible assets are amortized on either a straight-line or accelerated basis over their estimated useful life and include contractual agreements and customer relationships, tradenames and intellectual property. No significant residual values are estimated for the amortizable intangible assets.
Long-lived Assets
Long-lived assets, such as property, plant and equipment, and finite-lived intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability of the asset or asset group is measured by comparing its carrying amount to the undiscounted future net cash flows the asset is expected to generate. If the carrying amount of an asset or asset group is not recoverable, the Company recognizes an impairment loss based on the excess of the carrying amount of the long-lived asset or asset group over its respective fair value, which is generally determined as the present value of estimated future cash flows or as the appraised value.
Derivative Instruments
All derivative instruments are recorded gross on the Consolidated Balance Sheets at their respective fair values. The accounting for changes in the fair value of a derivative instrument depends on the intended use and designation of the derivative instrument. For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative and the offsetting gain or loss on the hedged item attributable to the hedged risk are recognized in current earnings. For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is initially reported as a component of accumulated other comprehensive income (“AOCI”), net of tax, and is subsequently reclassified into the line item within the Consolidated Statements of Operations in which the hedged items are recorded in the same period in which the hedged item affects earnings. The ineffective portion of the gain or loss is recognized immediately in current earnings. For derivative instruments that are designated and qualify as a net investment hedge, the effective portion of the gain or loss on the derivative instrument is included in change in foreign currency translation in OCI to offset the change in the carrying value of the net investment being hedged until the complete or substantially complete liquidation of the hedged foreign operation. The ineffective portion of the gain or loss is recognized immediately in current earnings. For derivative instruments that are not designated as hedging instruments, gains and losses from changes in
fair values are recognized in earnings. Cash receipts and cash payments related to derivative instruments are recorded in the same category as the cash flows from the items being hedged on the Consolidated Statements of Cash Flows.
Accumulated Other Comprehensive Income
The following table sets forth the changes in AOCI, net of tax, by component during the fiscal year ended August 31, 2023 (in millions):
Foreign Currency
Translation Adjustment		 Net Investment Hedges Derivative
Instruments		 Actuarial Gain (Loss) Prior Service (Cost) Credit Total
Balance as of August 31, 2022
 $ (88) $ —  $ (3) $ 65  $ (16) $ (42)
Other comprehensive income (loss) before reclassifications 29  (4)

(25) (5) (2) (7)
Amounts reclassified from AOCI —  — 

42  (14)

4  32 
Other comprehensive income (loss)(1)
 29  (4) 17  (19) 2  25 
Balance as of August 31, 2023
 $ (59) $ (4) $ 14  $ 46  $ (14) $ (17)
(1)Amounts are net of tax, which are immaterial.
The following table sets forth the amounts reclassified from AOCI into the Consolidated Statements of Operations, and the associated financial statement line item, net of tax, for the periods indicated (in millions):
Fiscal Year Ended August 31,
Comprehensive Income Components Financial Statement Line Item 2023 2022 2021
Realized losses (gains) on derivative instruments:(1)
Foreign exchange contracts Cost of revenue $ 44  $ 30  $ (44)
Interest rate contracts Interest expense, net (2) 2  $ 3 
Actuarial gains
(2)
 (14) (14) (16)
Prior service costs
(2)
 4  4  1 
Total amounts reclassified from AOCI(3)
 $ 32  $ 22  $ (56)
(1)The Company expects to reclassify $9 million into earnings during the next twelve months, which will primarily be classified as a component of cost of revenue.
(2)Amounts are included in the computation of net periodic benefit cost. Refer to Note 10 – “Postretirement and Other Employee Benefits” for additional information.
(3)Amounts are net of tax, which are immaterial for the fiscal years ended August 31, 2023, 2022 and 2021.
Foreign Currency Transactions
For the Company’s foreign subsidiaries that use a currency other than the U.S. dollar as their functional currency, the assets and liabilities are translated at exchange rates in effect at the balance sheet date, and revenues and expenses are translated at the average exchange rate for the period. The effects of these translation adjustments are reported in accumulated other comprehensive income. Gains and losses arising from transactions denominated in a currency other than the functional currency of the entity involved are included in operating income.
Revenue Recognition
The Company provides comprehensive electronics design, production and product management services to companies in various industries and end markets. The Company derives substantially all of its revenue from production and product management services (collectively referred to as “manufacturing services”), which encompasses the act of producing tangible products that are built to customer specifications, which are then provided to the customer.
The Company generally enters into manufacturing service contracts with its customers that provide the framework under which business will be conducted and customer purchase orders will be received for specific quantities and with predominantly fixed pricing. As a result, the Company considers its contract with a customer to be the combination of the manufacturing service contract and the purchase order, or any agreements or other similar documents.
The majority of the Company's manufacturing service contracts relate to manufactured products which have no alternative use and for which the Company has an enforceable right to payment for the work completed to date. As a result, revenue is recognized over time when or as the Company transfers control of the promised products or services (known as performance obligations) to its customers. For certain other contracts with customers that do not meet the over time revenue recognition criteria, transfer of control occurs at a point in time which generally occurs upon delivery and transfer of risk and title to the customer.
Most of the Company's contracts have a single performance obligation as the promise to transfer the individual manufactured product or service is capable of being distinct and is distinct within the context of the contract. For the majority of customers, performance obligations are satisfied over time based on the continuous transfer of control as manufacturing services are performed and are generally completed in less than one year.
The Company also derives revenue to a lesser extent from electronic design services to certain customers. Revenue from electronic design services is generally recognized over time as the services are performed.
For the Company’s over time customers, it believes the measure of progress which best depicts the transfer of control is based on costs incurred to date, relative to total estimated cost at completion (i.e., an input method). This method is a faithful depiction of the transfer of goods or services because it results in the recognition of revenue on the basis of the Company's to-date efforts in the satisfaction of a performance obligation relative to the total expected efforts in the satisfaction of the performance obligation. The Company believes that the use of an input method best depicts the transfer of control to the customer, which occurs as the Company incurs costs on its contracts. The transaction price of each performance obligation is generally based upon the contractual stand-alone selling price of the product or service.
Certain contracts with customers include variable consideration, such as periodic cost of materials adjustments, rebates, discounts, or returns. The Company recognizes estimates of this variable consideration that are not expected to result in a significant revenue reversal in the future, primarily based on the most likely level of consideration to be paid to the customer under the specific terms of the underlying programs.
The Company is responsible for procuring certain components from suppliers for the manufacturing of finished goods at the direction of certain customers. If the Company does not obtain control of these components before they are transferred to the customer, the Company accounts for revenue associated with such components on a net basis. Revenue associated with components procured directly from customers is accounted for on a net basis if the components do not constitute a distinct good or service from the customer.
Taxes collected from the Company’s customers and remitted to governmental authorities are presented within the Company’s Consolidated Statements of Operations on a net basis and are excluded from the transaction price. The Company has elected to account for shipping and handling activities related to contracts with customers as costs to fulfill the promise to transfer the goods. Accordingly, the Company records customer payments of shipping and handling costs as a component of net revenue, and classifies such costs as a component of cost of revenue.
Stock-Based Compensation
The Company recognizes stock-based compensation expense, reduced for estimated forfeitures, on a straight-line basis over the requisite service period of the award, which is generally the vesting period for outstanding stock awards.
The stock-based compensation expense for time-based and performance-based restricted stock unit awards (“restricted stock units”) is measured at fair value on the date of grant based on the number of shares expected to vest and the quoted market price of the Company’s common stock. For restricted stock units with performance conditions, stock-based compensation expense is originally based on the number of shares that would vest if the Company achieved 100% of the performance goal, which is the intended outcome at the grant date. Throughout the requisite service period, management monitors the probability of achievement of the performance condition. If it becomes probable, based on the Company’s performance, that more or less than the current estimate of the awarded shares will vest, an adjustment to stock-based compensation expense will be recognized as a change in accounting estimate in the period that such probability changes.
The stock-based compensation expense for market-based restricted stock units is measured at fair value on the date of grant. The market conditions are considered in the grant date fair value using a Monte Carlo valuation model, which utilizes multiple input variables to determine the probability of the Company achieving the specified market conditions. Stock-based compensation expense related to an award with a market condition will be recognized over the requisite service period regardless of whether the market condition is satisfied, provided that the requisite service period has been completed.
The Company currently expects to satisfy share-based awards with registered shares available to be issued.
See Note 12 – “Stockholders’ Equity” for further discussion of stock-based compensation expense.
Income Taxes
Deferred tax assets (“DTAs”) and liabilities (“DTLs”) are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. DTAs and DTLs are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on DTAs and DTLs of a change in the tax rate is recognized in income in the period that includes the enactment date of the rate change. The Company records a valuation allowance to reduce its DTAs to the amount that is more likely than not to be realized. The Company considers future taxable income and ongoing feasible tax planning strategies in assessing the need for the valuation allowance.
The Company records the effects of the Global Intangible Low-Taxed Income (“GILTI”) as a period cost and applies the incremental cash tax savings approach when analyzing the impact GILTI could have on its U.S. valuation allowance.  The incremental cash tax savings approach considers the realizable benefit of a net operating loss and deferred tax assets by comparing the incremental cash taxes in the calculation of GILTI with and without the net operating loss and other DTAs.
Earnings Per Share
The Company calculates its basic earnings per share by dividing net income attributable to Jabil Inc. by the weighted average number of shares of common stock 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.
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 criterion 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):
  Fiscal Year Ended August 31,
  2023 2022 2021
Restricted stock units 383.1  209.4  655.0 
Fair Value of Financial Instruments
Fair value is categorized in one of three levels based on the lowest level of significant input used. Level 1 – quoted market prices in active markets for identical assets and liabilities; Level 2 – inputs other than quoted market prices included in Level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3 – unobservable inputs for the asset or liability.
v3.23.3
Trade Accounts Receivable Sale Programs
 12 Months Ended
Aug. 31, 2023
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 fiscal years ended August 31, 2023, 2022 and 2021 were not material. The Company does not record a servicing asset or liability on the 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 Consolidated Balance Sheets and are reflected as cash provided by operating activities on the 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 (in millions):
Program
Maximum
Amount(1)
 Type of
Facility		 Expiration
Date
A
 $ 700 
Uncommitted
December 5, 2025(2)
B
 $ 120 
Uncommitted
(2)
C
 400 
CNY
Uncommitted
August 31, 2023(2)
D
 $ 150 
Uncommitted
May 4, 2028(2)
E
 $ 150 
Uncommitted
(3)
F
 $ 50 
Uncommitted
(3)
G
 $ 100 
Uncommitted
(2)
H
 $ 600 
Uncommitted
December 5, 2024(2)
I
 $ 135 
Uncommitted
April 11, 2025(2)
J
 100 
CHF
Uncommitted
December 5, 2025(2)
K
 8,100 
INR
Uncommitted
(2)
(1)Maximum amount of trade accounts receivable that may be sold under a facility at any one time.
(2)Any party may elect to terminate the agreement upon 30 days prior notice.
(3)Any party may elect to terminate the agreement upon 15 days prior notice.
In connection with the trade accounts receivable sale programs, the Company recognized the following (in millions):
Fiscal Year Ended August 31,
2023 2022 2021
Trade accounts receivable sold $ 10,784  $ 8,513  $ 4,654 
Cash proceeds received $ 10,748  $ 8,504  $ 4,651 
Pre-tax losses on sale of receivables(1)
 $ 36  $ 9  $ 3 
(1)Recorded to other expense within the Consolidated Statements of Operations.
Asset-Backed Securitization Programs
Global asset-backed securitization program - Effective August 20, 2021, the global securitization program (formerly referred to as the North American asset-backed securitization program) terms were amended to: (i) add a foreign entity to the program, (ii) increase the maximum amount of net cash proceeds available at any one time from $390 million to $600 million and (iii) extend the expiration date of the program to November 25, 2024. The facility limit was increased to $700 million for the month of August 2023. As of August 31, 2023, the Company had no available liquidity under its global asset-backed securitization program.

Certain entities participating in the global asset-backed securitization program continuously sell designated pools of trade accounts receivable to a special purpose entity, which in turn sells certain of the receivables at a discount to conduits administered by an unaffiliated financial institution on a monthly basis. In addition, the foreign entity participating in the global asset-backed securitization program sells certain receivables at a discount to conduits administered by an unaffiliated financial institution on a daily basis.

The special purpose entity in the global asset-backed securitization program is a wholly-owned subsidiary of the Company and is included in the Company’s Consolidated Financial Statements. Certain unsold receivables covering up to the maximum amount of net cash proceeds available under the domestic, or U.S., portion of the global asset-backed securitization program are pledged as collateral to the unaffiliated financial institution as of August 31, 2023.

Foreign asset-backed securitization program - The Company terminated the foreign asset-backed securitization program on June 28, 2021. In connection with the termination, the Company paid approximately $167 million in cash, which consisted of: (i) $68 million for the remittance of collections received prior to June 28, 2021, in the Company’s role as servicer of sold receivables and (ii) a repurchase of $99 million of all previously sold receivables, at fair value, that remained outstanding as of June 28, 2021. As of August 31, 2021, the Company had substantially collected the repurchased receivables from customers.

Global and foreign asset-backed securitization programs- The Company continues servicing the receivables sold and in exchange receives a servicing fee under the global asset-backed securitization programs. Servicing fees related to each of the asset-backed securitization programs recognized during the fiscal years ended August 31, 2023, 2022 and 2021 were not material. The Company does not record a servicing asset or liability on the 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 Consolidated Balance Sheets and are reflected as cash provided by operating activities on the Consolidated Statements of Cash Flows.
In connection with the asset-backed securitization programs, the Company recognized the following (in millions):
Fiscal Year Ended August 31,
2023 2022
2021(3)
Trade accounts receivable sold $ 4,101  $ 3,932  $ 4,222 
Cash proceeds received(1)
 $ 4,061  $ 3,919  $ 4,202 
Proceeds due from bank $ —  $ —  $ 10 
Pre-tax losses on sale of receivables(2)
 $ 40  $ 13  $ 10 
(1)The amounts primarily represent proceeds from collections reinvested in revolving-period transfers.
(2)Recorded to other expense within the Consolidated Statements of Operations.
(3)Includes trade accounts receivable sold and cash proceeds received under the foreign asset-backed securitization program through June 28, 2021, except for $99 million of previously sold receivables that were repurchased.
The global asset-backed securitization program requires compliance with several covenants including compliance with the interest ratio and debt to EBITDA ratio of the Credit Facility. As of August 31, 2023 and 2022, the Company was in compliance with all covenants under the global asset-backed securitization program. As of August 31, 2021, the Company was in compliance with all covenants under the global and foreign asset-backed securitization programs.
v3.23.3
Inventories
 12 Months Ended
Aug. 31, 2023
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories consist of the following (in millions):
August 31, 2023(1)
 August 31, 2022
Raw materials $ 4,804  $ 4,918 
Work in process 217  687 
Finished goods 243  605 
Reserve for excess and obsolete inventory (58) (82)
Inventories, net $ 5,206  $ 6,128 
(1)Excludes $559 million of inventories, net classified as held for sale. See Note 16 – “Business Acquisitions and Divestitures” for additional information.
v3.23.3
Property, Plant and Equipment
 12 Months Ended
Aug. 31, 2023
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Property, Plant and Equipment
Property, plant and equipment consists of the following (in millions):
 
August 31, 2023(1)
 August 31, 2022
Land and improvements $ 107  $ 108 
Buildings 1,281  1,191 
Leasehold improvements 676  1,362 
Machinery and equipment 4,362  5,627 
Furniture, fixtures and office equipment 229  241 
Computer hardware and software 840  860 
Transportation equipment 7  10 
Construction in progress 147  179 
Property, plant and equipment 7,649  9,578 
Less accumulated depreciation and amortization 4,512  5,624 
Property, plant and equipment, net $ 3,137  $ 3,954 
(1)Excludes $724 million of property, plant and equipment, net classified as held for sale. See Note 16 – “Business Acquisitions and Divestitures” for additional information.
Depreciation and maintenance and repair expenses were as follows for the periods indicated (in millions):
  Fiscal Year Ended August 31,
  2023 2022 2021
Depreciation expense $ 891  $ 891  $ 828 
Maintenance and repair expense $ 431  $ 395  $ 381 
As of August 31, 2023 and 2022, the Company had $357 million and $472 million, respectively, included in accounts payable for the acquisition of property, plant and equipment, which is considered a non-cash investing activity in the Consolidated Statements of Cash Flows.
v3.23.3
Leases
 12 Months Ended
Aug. 31, 2023
Leases [Abstract]  
Leases Leases
The following table sets forth the amount of lease assets and lease liabilities included on the Company's Consolidated Balance Sheets, as of the periods indicated (in millions):
Financial Statement Line Item
August 31, 2023(1)
 August 31, 2022
Assets
Operating lease assets(2)
 Operating lease right-of-use assets $ 367  $ 500 
Finance lease assets(3)
 Property, plant and equipment, net 310  368 
Total lease assets $ 677  $ 868 
Liabilities
Current
Operating lease liabilities Current operating lease liabilities $ 104  $ 119 
Finance lease liabilities Accrued expenses 74  120 
Non-current
Operating lease liabilities Non-current operating lease liabilities 269  417 
Finance lease liabilities Other liabilities 212  198 
Total lease liabilities $ 659  $ 854 
(1)Excludes operating lease and finance lease assets and liabilities classified as held for sale. See Note 16 – “Business Acquisitions and Divestitures” for additional information.
(2)Net of accumulated amortization of $309 million and $249 million as of August 31, 2023 and 2022, respectively.
(3)Net of accumulated amortization of $199 million and $110 million as of August 31, 2023 and 2022, respectively.
The following table is a summary of expenses related to leases included on the Company's Consolidated Statements of Operations, for the periods indicated (in millions):
Fiscal Year Ended August 31,
  2023 2022
Operating lease cost $ 147  $ 143 
Finance lease cost
Amortization of leased assets 89  70 
Interest on lease liabilities 9  6 
Other 15  22 
Net lease cost(1)
 $ 260  $ 241 
(1)Lease costs are primarily recognized in cost of revenue.
The following table is a summary of the weighted-average remaining lease terms and weighted-average discount rates of the Company's leases, as of the periods indicated:
August 31, 2023 August 31, 2022
Weighted-average remaining lease term Weighted-average discount rate Weighted-average remaining lease term Weighted-average discount rate
Operating leases 5.2 years 3.55  % 5.3 years 3.19  %
Finance leases 2.1 years 3.84  % 2.6 years 2.84  %
The following table sets forth other supplemental information related to the Company's lease portfolio (in millions):
Fiscal Year Ended August 31,
  2023 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases(1)
 $ 135  $ 123 
Operating cash flows for finance leases(1)
 $ 9  $ 6 
Financing activities for finance leases(2)
 $ 157  $ 120 
Non-cash right-of-use assets obtained in exchange for new lease liabilities:
Operating leases $ 110  $ 229 
Finance leases $ 131  $ 127 
(1)Included in accounts payable, accrued expenses and other liabilities in Operating Activities of the Company's Consolidated Statements of Cash Flows.
(2)Included in payments toward debt agreements in Financing Activities of the Company's Consolidated Statements of Cash Flows.
The future minimum lease payments under operating and finance leases as of August 31, 2023 were as follows (in millions):
Fiscal Year Ended August 31,
Operating Leases(1)
Finance Leases(1)(2)
 Total
2024
 $ 138  $ 93  $ 231 
2025
 101  102  203 
2026
 77  101  178 
2027
 58  6  64 
2028
 42  2  44 
Thereafter 116  10  126 
Total minimum lease payments $ 532  $ 314  $ 846 
Less: Interest (56) (17) (73)
Present value of lease liabilities $ 476  $ 297  $ 773 
(1)Excludes $214 million of payments related to leases signed but not yet commenced. Of these excluded payments, $163 million relates to a variable interest entity (“VIE”), for which the Company is not the primary beneficiary. This is
also the Company’s maximum exposure to loss related to the VIE. The Company expects the lease related to the VIE to commence in fiscal year 2024. Additionally, certain leases signed but not yet commenced contain residual value guarantees and purchase options not deemed probable.
(2)Excludes $194 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.
Leases Leases
The following table sets forth the amount of lease assets and lease liabilities included on the Company's Consolidated Balance Sheets, as of the periods indicated (in millions):
Financial Statement Line Item
August 31, 2023(1)
 August 31, 2022
Assets
Operating lease assets(2)
 Operating lease right-of-use assets $ 367  $ 500 
Finance lease assets(3)
 Property, plant and equipment, net 310  368 
Total lease assets $ 677  $ 868 
Liabilities
Current
Operating lease liabilities Current operating lease liabilities $ 104  $ 119 
Finance lease liabilities Accrued expenses 74  120 
Non-current
Operating lease liabilities Non-current operating lease liabilities 269  417 
Finance lease liabilities Other liabilities 212  198 
Total lease liabilities $ 659  $ 854 
(1)Excludes operating lease and finance lease assets and liabilities classified as held for sale. See Note 16 – “Business Acquisitions and Divestitures” for additional information.
(2)Net of accumulated amortization of $309 million and $249 million as of August 31, 2023 and 2022, respectively.
(3)Net of accumulated amortization of $199 million and $110 million as of August 31, 2023 and 2022, respectively.
The following table is a summary of expenses related to leases included on the Company's Consolidated Statements of Operations, for the periods indicated (in millions):
Fiscal Year Ended August 31,
  2023 2022
Operating lease cost $ 147  $ 143 
Finance lease cost
Amortization of leased assets 89  70 
Interest on lease liabilities 9  6 
Other 15  22 
Net lease cost(1)
 $ 260  $ 241 
(1)Lease costs are primarily recognized in cost of revenue.
The following table is a summary of the weighted-average remaining lease terms and weighted-average discount rates of the Company's leases, as of the periods indicated:
August 31, 2023 August 31, 2022
Weighted-average remaining lease term Weighted-average discount rate Weighted-average remaining lease term Weighted-average discount rate
Operating leases 5.2 years 3.55  % 5.3 years 3.19  %
Finance leases 2.1 years 3.84  % 2.6 years 2.84  %
The following table sets forth other supplemental information related to the Company's lease portfolio (in millions):
Fiscal Year Ended August 31,
  2023 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases(1)
 $ 135  $ 123 
Operating cash flows for finance leases(1)
 $ 9  $ 6 
Financing activities for finance leases(2)
 $ 157  $ 120 
Non-cash right-of-use assets obtained in exchange for new lease liabilities:
Operating leases $ 110  $ 229 
Finance leases $ 131  $ 127 
(1)Included in accounts payable, accrued expenses and other liabilities in Operating Activities of the Company's Consolidated Statements of Cash Flows.
(2)Included in payments toward debt agreements in Financing Activities of the Company's Consolidated Statements of Cash Flows.
The future minimum lease payments under operating and finance leases as of August 31, 2023 were as follows (in millions):
Fiscal Year Ended August 31,
Operating Leases(1)
Finance Leases(1)(2)
 Total
2024
 $ 138  $ 93  $ 231 
2025
 101  102  203 
2026
 77  101  178 
2027
 58  6  64 
2028
 42  2  44 
Thereafter 116  10  126 
Total minimum lease payments $ 532  $ 314  $ 846 
Less: Interest (56) (17) (73)
Present value of lease liabilities $ 476  $ 297  $ 773 
(1)Excludes $214 million of payments related to leases signed but not yet commenced. Of these excluded payments, $163 million relates to a variable interest entity (“VIE”), for which the Company is not the primary beneficiary. This is
also the Company’s maximum exposure to loss related to the VIE. The Company expects the lease related to the VIE to commence in fiscal year 2024. Additionally, certain leases signed but not yet commenced contain residual value guarantees and purchase options not deemed probable.
(2)Excludes $194 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.
v3.23.3
Goodwill and Other Intangible Assets
 12 Months Ended
Aug. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
The Company completed its annual impairment analysis for goodwill and indefinite-lived intangible assets during the fourth quarter of fiscal year 2023. The qualitative assessment was performed and the Company determined that it is more likely than not that the fair values of the reporting units and the indefinite-lived intangible assets were in excess of the carrying values and that no impairment existed as of the date of the impairment analysis.
The following table presents the changes in goodwill allocated to the Company’s reportable segments, Electronics Manufacturing Services (“EMS”) and Diversified Manufacturing Services (“DMS”), during the fiscal years ended August 31, 2023 and 2022 (in millions):
EMS DMS Total
Balance as of August 31, 2021
 $ 74  $ 641  $ 715 
Acquisitions and adjustments 6  1  7 
Change in foreign currency exchange rates (1) (17) (18)
Balance as of August 31, 2022
 79  625  704 
Acquisitions and adjustments —  24  24 
Change in foreign currency exchange rates 1  9  10 
Goodwill classified as held for sale —  (117) (117)
Balance as of August 31, 2023
 $ 80  $ 541  $ 621 

The following table is a summary of the Company’s gross goodwill balances and accumulated impairments as of the periods indicated (in millions):
  August 31, 2023 August 31, 2022
Gross
Carrying
Amount(1)
 Accumulated
Impairment		 Gross
Carrying
Amount		 Accumulated
Impairment
Goodwill $ 1,641  $ 1,020  $ 1,724  $ 1,020 
(1)Excludes $117 million of goodwill classified as held for sale. See Note 16 – “Business Acquisitions and Divestitures” for additional information.
The following table presents the Company’s total purchased intangible assets as of August 31, 2023 and 2022 (in millions):
  Weighted
Average
Amortization
Period
(in years)		 August 31, 2023 August 31, 2022
Gross
Carrying
Amount		 Accumulated
Amortization		 Net
Carrying
Amount		 Gross
Carrying
Amount		 Accumulated
Amortization		 Net
Carrying
Amount
Contractual agreements and customer relationships
 12 $ 320  $ (251) $ 69  $ 302  $ (231) $ 71 
Intellectual property 9 198  (177) 21  198  (173) 25 
Finite-lived trade names Not applicable 79  (78) 1  78  (67) 11 
Trade names Indefinite 51  —  51  51  —  51 
Total intangible assets 11 $ 648  $ (506) $ 142  $ 629  $ (471) $ 158 
Intangible asset amortization for fiscal years 2023, 2022 and 2021 was approximately $33 million, $34 million and $47 million, respectively. The estimated future amortization expense is as follows (in millions):
Fiscal Year Ended August 31,
2024
 $ 20 
2025
 17 
2026
 14 
2027
 14 
2028
 12 
Thereafter 14 
Total $ 91 
v3.23.3
Notes Payable and Long-Term Debt
 12 Months Ended
Aug. 31, 2023
Debt Disclosure [Abstract]  
Notes Payable and Long-Term Debt Notes Payable and Long-Term Debt
Notes payable and long-term debt outstanding as of August 31, 2023 and 2022 are summarized below (in millions):
Maturity Date August 31, 2023 August 31, 2022
4.900% Senior Notes(1)(3)
 Jul 14, 2023 $ —  $ 300 
3.950% Senior Notes(1)(2)
 Jan 12, 2028 497  497 
3.600% Senior Notes(1)(2)
 Jan 15, 2030 496  496 
3.000% Senior Notes(1)(2)
 Jan 15, 2031 593  592 
1.700% Senior Notes(1)(2)
 Apr 15, 2026 498  497 
4.250% Senior Notes(1)(2)(5)
 May 15, 2027 495  493 
5.450% Senior Notes(1)(2)(3)
 Feb 1, 2029 296  — 
Borrowings under credit facilities(4)(6)
 Jan 22, 2025 and Jan 22, 2027 —  — 
Borrowings under loans Jul 31, 2026 —  — 
Total notes payable and long-term debt 2,875  2,875 
Less current installments of notes payable and long-term debt
 —  300 
Notes payable and long-term debt, less current installments
 $ 2,875  $ 2,575 
(1)The notes are carried at the principal amount of each note, less any unamortized discount and unamortized debt issuance costs.
(2)The Senior Notes are the Company’s senior unsecured obligations and rank equally with all other existing and future senior unsecured debt obligations.
(3)On April 13, 2023, the Company issued $300 million of publicly registered 5.450% Senior Notes due 2029 (the “5.450% Senior Notes”). The Company used the net proceeds for general corporate purposes, including, together with available cash, repayment of the $300 million aggregate principal amount of the Company’s 4.900% Senior Notes due in July 2023.
(4)On February 10, 2023, the Company entered into an amendment (the “Amendment”) to its senior unsecured credit agreement dated as of January 22, 2020 (as amended, the “Credit Facility”). The Amendment, among other things, (i) instituted certain amendments to the sustainability-linked adjustments to the interest rates applicable to borrowings under the three-year revolving credit facility (the “Three-Year Revolving Credit Facility”) and the Company’s five-year revolving credit facility (the “Five-Year Revolving Credit Facility”), (ii) established customary SOFR, CDOR, EURIBOR and TIBOR provisions, which replaced the LIBOR provisions set forth in the existing agreement, and (iii) extended the termination date of the Three-Year Revolving Credit Facility to January 22, 2025, and of the Five-Year Revolving Credit Facility to January 22, 2027.
(5)On May 4, 2022, the Company issued $500 million of registered 4.250% Senior Notes due 2027 (the “Green Bonds” or the “4.250% Senior Notes”). On May 31, 2022, the net proceeds from the offering were used to redeem the Company’s 4.700% Senior Notes due in 2022 and pay the applicable “make-whole” premium and accrued interest. In addition, the Company intends to allocate an amount equal to the net proceeds from this offering to finance or refinance eligible expenditures under the Company’s new green financing framework.
(6)As of August 31, 2023, 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 $3.2 billion under its commercial paper program.
In the ordinary course of business, the Company has letters of credit and surety bonds with banks and insurance companies outstanding of $66 million as of August 31, 2023. Unused letters of credit were $68 million as of August 31, 2023. Letters of credit and surety bonds are generally available for draw down in the event the Company does not perform.
Debt Maturities
Debt maturities as of August 31, 2023 are as follows (in millions):
Fiscal Year Ended August 31,
2024
 $ — 
2025
 — 
2026
 498 
2027
 495 
2028
 497 
Thereafter 1,385 
Total $ 2,875 
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 4.900%, 3.950%, 3.600%, 3.000%, 1.700%, 4.250% or 5.450% Senior Notes upon a change of control. As of August 31, 2023 and 2022, the Company was in compliance with its debt covenants.
Fair Value
Refer to Note 17 – “Fair Value Measurements” for the estimated fair values of the Company’s notes payable and long-term debt.
v3.23.3
Asset-Backed Securitization Programs
 12 Months Ended
Aug. 31, 2023
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 fiscal years ended August 31, 2023, 2022 and 2021 were not material. The Company does not record a servicing asset or liability on the 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 Consolidated Balance Sheets and are reflected as cash provided by operating activities on the 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 (in millions):
Program
Maximum
Amount(1)
 Type of
Facility		 Expiration
Date
A
 $ 700 
Uncommitted
December 5, 2025(2)
B
 $ 120 
Uncommitted
(2)
C
 400 
CNY
Uncommitted
August 31, 2023(2)
D
 $ 150 
Uncommitted
May 4, 2028(2)
E
 $ 150 
Uncommitted
(3)
F
 $ 50 
Uncommitted
(3)
G
 $ 100 
Uncommitted
(2)
H
 $ 600 
Uncommitted
December 5, 2024(2)
I
 $ 135 
Uncommitted
April 11, 2025(2)
J
 100 
CHF
Uncommitted
December 5, 2025(2)
K
 8,100 
INR
Uncommitted
(2)
(1)Maximum amount of trade accounts receivable that may be sold under a facility at any one time.
(2)Any party may elect to terminate the agreement upon 30 days prior notice.
(3)Any party may elect to terminate the agreement upon 15 days prior notice.
In connection with the trade accounts receivable sale programs, the Company recognized the following (in millions):
Fiscal Year Ended August 31,
2023 2022 2021
Trade accounts receivable sold $ 10,784  $ 8,513  $ 4,654 
Cash proceeds received $ 10,748  $ 8,504  $ 4,651 
Pre-tax losses on sale of receivables(1)
 $ 36  $ 9  $ 3 
(1)Recorded to other expense within the Consolidated Statements of Operations.
Asset-Backed Securitization Programs
Global asset-backed securitization program - Effective August 20, 2021, the global securitization program (formerly referred to as the North American asset-backed securitization program) terms were amended to: (i) add a foreign entity to the program, (ii) increase the maximum amount of net cash proceeds available at any one time from $390 million to $600 million and (iii) extend the expiration date of the program to November 25, 2024. The facility limit was increased to $700 million for the month of August 2023. As of August 31, 2023, the Company had no available liquidity under its global asset-backed securitization program.

Certain entities participating in the global asset-backed securitization program continuously sell designated pools of trade accounts receivable to a special purpose entity, which in turn sells certain of the receivables at a discount to conduits administered by an unaffiliated financial institution on a monthly basis. In addition, the foreign entity participating in the global asset-backed securitization program sells certain receivables at a discount to conduits administered by an unaffiliated financial institution on a daily basis.

The special purpose entity in the global asset-backed securitization program is a wholly-owned subsidiary of the Company and is included in the Company’s Consolidated Financial Statements. Certain unsold receivables covering up to the maximum amount of net cash proceeds available under the domestic, or U.S., portion of the global asset-backed securitization program are pledged as collateral to the unaffiliated financial institution as of August 31, 2023.

Foreign asset-backed securitization program - The Company terminated the foreign asset-backed securitization program on June 28, 2021. In connection with the termination, the Company paid approximately $167 million in cash, which consisted of: (i) $68 million for the remittance of collections received prior to June 28, 2021, in the Company’s role as servicer of sold receivables and (ii) a repurchase of $99 million of all previously sold receivables, at fair value, that remained outstanding as of June 28, 2021. As of August 31, 2021, the Company had substantially collected the repurchased receivables from customers.

Global and foreign asset-backed securitization programs- The Company continues servicing the receivables sold and in exchange receives a servicing fee under the global asset-backed securitization programs. Servicing fees related to each of the asset-backed securitization programs recognized during the fiscal years ended August 31, 2023, 2022 and 2021 were not material. The Company does not record a servicing asset or liability on the 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 Consolidated Balance Sheets and are reflected as cash provided by operating activities on the Consolidated Statements of Cash Flows.
In connection with the asset-backed securitization programs, the Company recognized the following (in millions):
Fiscal Year Ended August 31,
2023 2022
2021(3)
Trade accounts receivable sold $ 4,101  $ 3,932  $ 4,222 
Cash proceeds received(1)
 $ 4,061  $ 3,919  $ 4,202 
Proceeds due from bank $ —  $ —  $ 10 
Pre-tax losses on sale of receivables(2)
 $ 40  $ 13  $ 10 
(1)The amounts primarily represent proceeds from collections reinvested in revolving-period transfers.
(2)Recorded to other expense within the Consolidated Statements of Operations.
(3)Includes trade accounts receivable sold and cash proceeds received under the foreign asset-backed securitization program through June 28, 2021, except for $99 million of previously sold receivables that were repurchased.
The global asset-backed securitization program requires compliance with several covenants including compliance with the interest ratio and debt to EBITDA ratio of the Credit Facility. As of August 31, 2023 and 2022, the Company was in compliance with all covenants under the global asset-backed securitization program. As of August 31, 2021, the Company was in compliance with all covenants under the global and foreign asset-backed securitization programs.
v3.23.3
Accrued Expenses
 12 Months Ended
Aug. 31, 2023
Accrued Liabilities, Current [Abstract]  
Accrued Expenses Accrued Expenses
Accrued expenses consist of the following (in millions):
August 31, 2023(1)
 August 31, 2022
Inventory deposits $ 1,839  $ 1,586 
Contract liabilities(2)
 886  796 
Accrued compensation and employee benefits 743  806 
Other accrued expenses 2,047  2,084 
Accrued expenses $ 5,515  $ 5,272 
(1)Excludes $364 million of accrued expenses classified as held for sale. See Note 16 – “Business Acquisitions and Divestitures” for additional information.
(2)Revenue recognized during the fiscal years ended August 31, 2023 and 2022 that was included in the contract liability balance as of August 31, 2022 and 2021 was $539 million and $312 million, respectively.
v3.23.3
Postretirement and Other Employee Benefits
 12 Months Ended
Aug. 31, 2023
Retirement Benefits [Abstract]  
Postretirement and Other Employee Benefits Postretirement and Other Employee Benefits
Postretirement Benefits
The Company has a qualified defined benefit pension plan for employees of Jabil Circuit UK Limited (the “UK plan”). The UK plan, which is closed to new participants, provides benefits based on average employee earnings over a three-year service period preceding retirement and length of employee service. The Company’s policy is to contribute amounts sufficient to meet minimum funding requirements as set forth in UK employee benefit and tax laws plus such additional amounts as are deemed appropriate by the Company.
The Company also has a qualified defined benefit pension plan for employees in Switzerland (the “Switzerland plan”). The Switzerland plan provides benefits based on average employee earnings over an approximately 8 year service period preceding retirement and length of employee service. The Company’s policy is to contribute amounts sufficient to meet minimum funding requirements as set forth in Switzerland employee benefit and tax laws plus such additional amounts as are deemed appropriate by the Company.
Additionally, as a result of acquiring various other operations in Europe, Asia and Mexico the Company assumed both qualified and unfunded nonqualified retirement benefits covering eligible employees who meet age and service requirements (the “other plans”).
The UK plan, Switzerland plan and other plans are collectively referred to herein as the “plans.”
Benefit Obligation and Plan Assets
The projected benefit obligations (“PBO”) and plan assets, changes to the PBO and plan assets and the funded status of the plans as of and for the fiscal years ended August 31 are as follows (in millions):
  Fiscal Year Ended August 31,
  2023 2022
Change in PBO
Beginning PBO $ 432  $ 587 
Service cost 18  25 
Interest cost 12  4 
Actuarial gain
 (23) (119)
Settlements paid from plan assets(1)
 (27) (28)
Total benefits paid (16) (13)
Plan participants’ contributions 22  21 
Effect of conversion to U.S. dollars 43  (45)
Ending PBO $ 461  $ 432 
Change in plan assets
Beginning fair value of plan assets 459  576 
Actual return on plan assets (16) (68)
Settlements paid from plan assets(1)
 (27) (28)
Employer contributions 18  16 
Benefits paid from plan assets (15) (12)
Plan participants’ contributions 22  21 
Effect of conversion to U.S. dollars 45  (46)
Ending fair value of plan assets $ 486  $ 459 
Funded status $ 25  $ 27 
Amounts recognized in the Consolidated Balance Sheets
Accrued benefit liability, current $ 1  $ 1 
Accrued benefit asset, noncurrent $ 26  $ 28 
Accumulated other comprehensive loss(2)
Actuarial gain, before tax
 $ (71) $ (85)
Prior service cost, before tax
 $ 16  $ 18 
(1)The settlements recognized during fiscal years 2023 and 2022 relate primarily to the Switzerland plan.
(2)The Company anticipates amortizing $10 million and $4 million, before tax, of net actuarial gain and prior service costs balances, respectively, to net periodic cost in fiscal year 2024.
Accumulated Benefit Obligation
The following table summarizes the total accumulated benefit obligations (“ABO”), the ABO and fair value of plan assets for defined benefit pension plans with ABO in excess of plan assets, and the PBO and fair value of plan assets for defined benefit pension plans with PBO in excess of plan assets for fiscal years 2023 and 2022 (in millions):
  August 31, 2023 August 31, 2022
ABO $ 441  $ 417 
Plans with ABO in excess of plan assets
ABO $ 41  $ 41 
Fair value of plan assets $ 15  $ 19 
Plans with PBO in excess of plan assets
PBO $ 52  $ 51 
Fair value of plan assets $ 15  $ 19 
Net Periodic Benefit Cost
The following table provides information about the net periodic benefit cost for the plans for fiscal years 2023, 2022 and 2021 (in millions):
  Fiscal Year Ended August 31,
  2023 2022 2021
Service cost(1)
 $ 18  $ 25  $ 25 
Interest cost(2)
 12  4  5 
Expected long-term return on plan assets(2)
 (17) (17) (16)
Recognized actuarial gain(2)
 (7) (6) (10)
Amortization of actuarial gains(2)(3)
 (7) (8) (6)
Net settlement loss(2)
 —  1  1 
Amortization of prior service costs(2)
 4  4  1 
Net periodic benefit cost
 $ 3  $ 3  $ — 
(1)Service cost is recognized in cost of revenue in the Consolidated Statements of Operations.
(2)Components are recognized in other expense in the Consolidated Statements of Operations.
(3)Actuarial gains and losses are amortized using a corridor approach. The gain/loss corridor is equal to 10 percent of the greater of the projected benefit obligation and the fair value of plan assets. Gains and losses in excess of the corridor are generally amortized over the average future working lifetime of the plan participants.
Assumptions
Weighted-average actuarial assumptions used to determine net periodic benefit cost and PBO for the plans for the fiscal years 2023, 2022 and 2021 were as follows:
  Fiscal Year Ended August 31,
  2023 2022 2021
Net periodic benefit cost:
       Expected long-term return on plan assets(1)
 3.6  % 3.0  % 2.9  %
Rate of compensation increase 2.1  % 2.2  % 2.1  %
Discount rate 2.6  % 0.7  % 0.8  %
PBO:
Expected long-term return on plan assets 3.7  % 3.6  % 3.0  %
Rate of compensation increase 1.9  % 2.1  % 2.2  %
       Discount rate(2)
 2.8  % 2.6  % 0.7  %
(1)The expected return on plan assets assumption used in calculating net periodic benefit cost is based on historical return experience and estimates of future long-term performance with consideration to the expected investment mix of the plan.
(2)The discount rate is used to state expected cash flows relating to future benefits at a present value on the measurement date. This rate represents the market rate for high-quality fixed income investments whose timing would match the cash outflow of retirement benefits. Other assumptions include demographic factors such as retirement, mortality and turnover.
Plan Assets
The Company has adopted an investment policy for a majority of plan assets, which was set by plan trustees who have the responsibility for making investment decisions related to the plan assets. The plan trustees oversee the investment allocation, including selecting professional investment managers and setting strategic targets. The investment objectives for the assets are (1) to acquire suitable assets that hold the appropriate liquidity in order to generate income and capital growth that, along with new contributions, will meet the cost of current and future benefits under the plan, (2) to limit the risk of the plan assets from failing to meet the plan liabilities over the long-term and (3) to minimize the long-term costs under the plan by maximizing the return on the plan assets.
Investment policies and strategies governing the assets of the plans are designed to achieve investment objectives with prudent risk parameters. Risk management practices include the use of external investment managers; the maintenance of a portfolio diversified by asset class, investment approach and security holdings; and the maintenance of sufficient liquidity to meet benefit obligations as they come due. Within the equity securities class, the investment policy provides for investments in a broad range of publicly traded securities including both domestic and international stocks. Within the debt securities class, the investment policy provides for investments in corporate bonds as well as fixed and variable interest debt instruments. The Company currently expects to achieve a target mix of 40% equity and 60% debt securities in fiscal year 2024.
Fair Value
The fair values of the plan assets held by the Company by asset category are as follows (in millions):
    August 31, 2023 August 31, 2022
  Fair Value
Hierarchy		 Fair Value Asset
Allocation		 Fair Value Asset
Allocation
Asset Category
Cash and cash equivalents(1)
 Level 1 $ 17  3  % $ 13  3  %
Equity Securities:
Global equity securities(2)(3)
 Level 2 213  44  % 197  43  %
Debt Securities:
Corporate bonds(3)
 Level 2 216  45  % 203  44  %
Government bonds(3)
 Level 2 30  6  % 34  7  %
Other Investments:
Insurance contracts(4)
 Level 3 10  2  % 12  3  %
Fair value of plan assets
 $ 486  100  % $ 459  100  %
 
(1)Carrying value approximates fair value.
(2)Investments in equity securities by companies incorporated, listed or domiciled in developed and/or emerging market countries.
(3)Investments in global equity securities, corporate bonds, government securities and government bonds are valued using the quoted prices of securities with similar characteristics.
(4)Consist of an insurance contract that guarantees the payment of the funded pension entitlements, as well as provides a profit share to the Company. The profit share in this contract is not based on actual investments, but, instead on a notional investment portfolio that is expected to return a pre-defined rate. Insurance contract assets are recorded at fair value and is determined based on the cash surrender value of the insured benefits which is the present value of the guaranteed funded benefits. Insurance contracts are valued using unobservable inputs (Level 3 inputs), primarily by discounting expected future cash flows relating to benefits paid from a notional investment portfolio in order to determine the cash surrender value of the policy. The unobservable inputs consist of estimated future benefits to be paid throughout the duration of the policy and estimated discount rates, which both have an immaterial impact on the fair value estimate of the contract.
Cash Flows
The Company expects to make cash contributions between $25 million and $30 million to its funded pension plans during fiscal year 2024. The estimated future benefit payments, which reflect expected future service, are as follows (in millions):
Fiscal Year Ended August 31, Amount
2024
 $ 34 
2025
 $ 29 
2026
 $ 29 
2027
 $ 33 
2028
 $ 31 
2029 through 2033
 $ 156 
Profit Sharing, 401(k) Plan and Defined Contribution Plans
The Company provides retirement benefits to its domestic employees who have completed a 30-day period of service through a 401(k) plan that provides a matching contribution by the Company. The Company also has defined contribution benefit plans for certain of its international employees. The Company contributed approximately $74 million, $63 million and $56 million for defined contribution plans for the fiscal years ended August 31, 2023, 2022 and 2021, respectively.
v3.23.3
Derivative Financial Instruments and Hedging Activities
 12 Months Ended
Aug. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments and Hedging Activities Derivative Financial Instruments and Hedging ActivitiesThe 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 $491 million and $1.4 billion as of August 31, 2023 and 2022, 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 September 1, 2023 and August 31, 2024.
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 August 31, 2023 and 2022, was $4.0 billion and $3.4 billion, respectively.
The gains and losses on cash flow hedges recognized in earnings due to amounts 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.
In addition, the Company has entered into forward foreign currency exchange contracts to hedge a portion of its net investment in foreign currency denominated operations, which are designated as net investment hedges. The maturity dates and aggregate notional amount outstanding of net investment hedges are as follows (in millions):
Maturity date August 31, 2023 August 31, 2022
September 2023 $ 34  $ — 
October 2023 96  — 
January 2024 96  — 
April 2024 68  — 
July 2024 102  — 
Total $ 396  $ — 
The gains and losses on net investment hedges are included in change in foreign currency translation in OCI to offset the change in the carrying value of the net investment being hedged until the complete or substantially complete liquidation of the hedged foreign operation. The amounts excluded from effectiveness testing were not material for all periods presented and are recognized in interest expense, net.
Refer to Note 17 – “Fair Value Measurements” for the fair values and classification of the Company’s derivative instruments.
The following table presents the net (losses) gains from forward contracts recorded in the Consolidated Statements of Operations for the periods indicated (in millions):
Derivatives Not Designated as Hedging Instruments Under ASC 815 Location of (Loss) Gain on Derivatives Recognized in Net Income Amount of (Loss) Gain Recognized in Net Income on Derivatives
Fiscal Year Ended August 31,
2023 2022 2021
Forward foreign exchange contracts(1)
 Cost of revenue $ (111) $ (71) $ 140 
(1)For the fiscal years ended August 31, 2023 and 2022, the Company recognized $58 million and $87 million, respectively, of foreign currency gains in cost of revenue, which are offset by the losses from the forward foreign exchange contracts. For the fiscal year ended August 31, 2021, the Company recognized $105 million of foreign currency losses in cost of revenue, which are offset by gains from the forward foreign contracts.
Interest Rate Risk Management
The Company periodically enters into interest rate swaps to manage interest rate risk associated with the Company’s borrowings or anticipated debt issuances.
Contemporaneously with the issuance of the 5.450% Senior Notes in April 2023, the Company settled cash flow hedges with an aggregate notional amount of $150 million and $100 million, with effective dates of May 2021 and August 2022, respectively. The cash received for the cash flow hedges at settlement was $15 million. The settled cash flow hedges are recorded in the Consolidated Balance Sheets as a component of AOCI and are amortized to interest expense, net in the Consolidated Statements of Operations. As of August 31, 2023, there are no outstanding interest rate swaps.
Contemporaneously with the issuance of the 4.250% Senior Notes in April 2022, the Company settled cash flow hedges with an aggregate notional amount of $250 million and $170 million, with effective dates of November 2020 and March 2022, respectively. The cash received for the cash flow hedges at settlement was $46 million. The settled cash flow hedges are recorded in the Consolidated Balance Sheets as a component of AOCI and are amortized to interest expense, net in the Statements of Operations.
Contemporaneously with the issuance of the 3.000% Senior Notes in July 2020, the Company amended interest rate swap agreements with a notional amount of $200 million, with mandatory termination dates from August 15, 2020 through February 15, 2022 (the “2020 Extended Interest Rate Swaps”). In addition, the Company entered into interest rate swaps to offset future exposures of fluctuations in the fair value of the 2020 Extended Interest Rate Swaps (the “Offsetting Interest Rate Swaps”). The change in fair value of the 2020 Extended Interest Rate Swaps and Offsetting Interest Rate Swaps was recorded in the Consolidated Statements of Operations through the maturity date of February 15, 2022, as an adjustment to interest expense, net.
v3.23.3
Stockholders' Equity
 12 Months Ended
Aug. 31, 2023
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 millions):
  Fiscal Year Ended August 31,
  2023 2022 2021
Restricted stock units $ 81  $ 67  $ 91 
Employee stock purchase plan 14  14  11 
Total $ 95  $ 81  $ 102 
Equity Compensation Plan
The 2021 Equity Incentive Plan (the “2021 EIP”) provides for the grant of restricted stock awards, restricted stock unit awards and other stock-based awards. The maximum aggregate number of shares that are available for issuance under the 2021 EIP is 11,000,000.
Following is a reconciliation of the shares available to be issued under the 2021 EIP as of August 31, 2023:
  Shares Available for Grant
Balance as of August 31, 2022
 9,974,294 
Restricted stock units granted, net of forfeitures(1)
 (1,510,561)
Balance as of August 31, 2023
 8,463,733 
 
(1)Represents the maximum number of shares that can be issued based on the achievement of certain performance criteria.
Restricted Stock Units
Certain key employees have been granted time-based, performance-based and market-based restricted stock units. The time-based restricted stock units granted generally vest on a graded vesting schedule over three years. The 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 have 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.
The following table summarizes restricted stock units activity from August 31, 2022 through August 31, 2023:
Shares Weighted-Average
Grant-Date
Fair Value
Outstanding as of August 31, 2022
 4,412,994  $ 49.87 
Changes during the period
Shares granted(1)
 1,673,925  $ 66.33 
Shares vested (2,014,802) $ 45.98 
Shares forfeited (163,364) $ 56.92 
Outstanding as of August 31, 2023
 3,908,753  $ 58.70 
(1)For those shares granted that are based on the achievement of certain performance criteria, the amount represents the maximum number of shares that can vest. During the fiscal year ended August 31, 2023, the Company awarded approximately 0.9 million time-based restricted stock units, 0.2 million performance-based restricted stock units and 0.2 million market-based restricted stock units based on target performance criteria.
The following table represents the restricted stock units stock-based compensation information for the periods indicated (in millions):
  Fiscal Year Ended August 31,
  2023 2022 2021
Fair value of restricted stock units vested $ 93  $ 72  $ 69 
Tax benefit for stock compensation expense(1)
 $ 2  $ 2  $ 1 
Unrecognized stock-based compensation expense — restricted stock units $ 43 
Remaining weighted-average period for restricted stock units expense 1.4 years
 
(1)Classified as income tax expense within the Consolidated Statements of Operations.
Employee Stock Purchase Plan
The maximum aggregate number of shares available for issuance under the 2011 Employee Stock Purchase Plan (the “ESPP”) is 23,000,000.
Employees are eligible to participate in the ESPP after 90 days of employment with the Company. The ESPP permits eligible employees to purchase common stock through payroll deductions, which may not exceed 10% of an employee’s compensation, as defined in the ESPP, at a price equal to 85% of the fair value of the common stock at the beginning or end of the offering period, whichever is lower. The ESPP is intended to qualify under Section 423 of the Internal Revenue Code. As of August 31, 2023, 9,987,996 shares remained available for issue under the 2011 ESPP.
The fair value of shares issued under the ESPP was estimated on the commencement date of each offering period using the Black-Scholes option pricing model. The following weighted-average assumptions were used in the model for each respective period:
  Fiscal Year Ended August 31,
  2023 2022 2021
Expected dividend yield 0.3  % 0.3  % 0.5  %
Risk-free interest rate 3.4  % 0.1  % 0.1  %
Expected volatility(1)
 37.4  % 29.6  % 32.9  %
Expected life 0.5 years 0.5 years 0.5 years
(1)The expected volatility was estimated using the historical volatility derived from the Company’s common stock.

Dividends
The following table sets forth certain information relating to the Company’s cash dividends declared to common stockholders during fiscal years 2023 and 2022:
(in millions, except for per share data) Dividend
Declaration Date		 Dividend
per Share		 Total of Cash
Dividends
Declared		 Date of Record for
Dividend Payment		 Dividend Cash
Payment Date
Fiscal Year 2023
 October 20, 2022 $ 0.08  $ 12  November 15, 2022 December 2, 2022
January 26, 2023 $ 0.08  $ 10  February 15, 2023 March 2, 2023
April 20, 2023 $ 0.08  $ 11  May 15, 2023 June 2, 2023
July 20, 2023 $ 0.08  $ 11  August 15, 2023 September 5, 2023
Fiscal Year 2022
 October 21, 2021 $ 0.08  $ 12  November 15, 2021 December 1, 2021
January 20, 2022 $ 0.08  $ 12  February 15, 2022 March 2, 2022
April 21, 2022 $ 0.08  $ 12  May 16, 2022 June 2, 2022
July 21, 2022 $ 0.08  $ 11  August 15, 2022 September 2, 2022
Common Stock Outstanding
The following represents the common stock outstanding for the fiscal year ended:
Fiscal Year Ended August 31,
2023 2022 2021
Common stock outstanding:
Beginning balances
 135,493,980  144,496,077  150,330,358 
Shares issued upon exercise of stock options
 —  —  9,321 
Shares issued under employee stock purchase plan
 1,043,294  970,480  1,288,397 
Vesting of restricted stock
 2,014,802  2,503,143  2,290,104 
Purchases of treasury stock under employee stock plans
 (571,606) (713,667) (622,703)
Treasury shares purchased(1)(2)
 (6,686,048) (11,762,053) (8,799,400)
Ending balances
 131,294,422  135,493,980  144,496,077 
 
(1)In July 2021, the Board of Directors approved an authorization for the repurchase of up to $1.0 billion of the Company’s common stock (the “2022 Share Repurchase Program”). As of February 28, 2023, 16.5 million shares had been repurchased for $1.0 billion and no authorization remained under the 2022 Share Repurchase Program.
(2)In September 2022, the Board of Directors approved an authorization for the repurchase of up to $1.0 billion of the Company’s common stock (the “2023 Share Repurchase Program”). As of August 31, 2023, 2.7 million shares had been repurchased for $224 million, excluding excise tax, and $776 million remains available under the 2023 Share Repurchase Program. In September 2023, the Board of Directors amended and increased the 2023 Share Repurchase Program to allow for the repurchase of up to $2.5 billion of the Company’s common stock.
v3.23.3
Concentration of Risk and Segment Data
 12 Months Ended
Aug. 31, 2023
Segment Reporting [Abstract]  
Concentration of Risk and Segment Data Concentration of Risk and Segment Data
Concentration of Risk
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and trade receivables. The Company maintains cash and cash equivalents with various domestic and foreign financial institutions. Deposits held with the financial institutions may exceed the amount of insurance provided on such deposits, but may generally be redeemed upon demand. The Company performs periodic evaluations of the relative credit standing of the financial institutions and attempts to limit exposure with any one institution. For trade receivables, the Company performs ongoing credit evaluations of its customers and generally does not require collateral. The Company maintains an allowance for expected credit losses on trade receivables.
Sales of the Company’s products are concentrated among specific customers. For fiscal year 2023, the Company’s five largest customers accounted for approximately 42% of its net revenue and 84 customers accounted for approximately 90% of its net revenue. As the Company is a provider of manufacturing services and solutions and products are built based on customer specifications, it is impracticable to provide revenues from external customers for each product and service. Sales to the following customers that accounted for 10% or more of the Company’s net revenues, expressed as a percentage of consolidated net revenue, and the percentage of accounts receivable for the customers, were as follows:
  Percentage of Net Revenue
Fiscal Year Ended August 31,		 Percentage of Accounts Receivable
as of August 31,
  2023 2022 2021 2023 2022
Apple, Inc.(1)
 17  % 19  % 22  % * *
*  Amount was less than 10% of total.
(1)Sales to this customer were reported in the DMS operating segment.
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
Operating segments are defined as components of an enterprise that engage in business activities from which they may earn revenues and incur expenses; for which separate financial information is available; and whose operating results are regularly reviewed by the chief operating decision maker (“CODM”) to assess the performance of the individual segment and make decisions about resources to be allocated to the segment.
The Company derives its revenue from providing comprehensive electronics design, production and product management services. The CODM evaluates performance and allocates resources on a segment basis. The Company’s operating segments consist of two segments – EMS and DMS, which are also the Company’s reportable segments. The segments are organized based on the economic profiles of the services performed, including manufacturing capabilities, market strategy, margins, return on capital and risk profiles.
The EMS segment is focused around leveraging IT, supply chain design and engineering, technologies largely centered on core electronics, utilizing the Company’s large scale manufacturing infrastructure and the ability to serve a broad range of end markets. The EMS segment is a high volume business that produces product at a quicker rate (i.e. cycle time) and in larger quantities and includes customers primarily in the 5G, wireless and cloud, digital print and retail, industrial and semi-capital equipment, and networking and storage industries.
The DMS segment is focused on providing engineering solutions, with an emphasis on material sciences, technologies and healthcare. The DMS segment includes customers primarily in the automotive and transportation, connected devices, healthcare and packaging, and mobility industries.
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, loss on disposal of subsidiaries, settlement of receivables and related charges, impairment of notes receivable and related charges, goodwill impairment charges, business interruption and impairment charges, net, loss on debt extinguishment, (gain) loss on securities, income (loss) from discontinued operations, gain (loss) on sale of discontinued operations, other expense (excluding certain components of net periodic benefit cost), interest expense, net, income tax expense or adjustment for net income (loss) attributable to noncontrolling interests.
Total segment assets are defined as accounts receivable, contract assets, inventories, net, customer-related property, plant and equipment, intangible assets net of accumulated amortization and goodwill. All other non-segment assets are reviewed on a global basis by management. Transactions between operating segments are generally recorded at amounts that approximate those at which we would transact with third parties.
The following table presents the Company’s revenues disaggregated by segment (in millions):
Fiscal Year Ended August 31,
2023 2022 2021
EMS DMS Total EMS DMS Total EMS DMS Total
Timing of transfer
Point in time $ 5,094  $ 6,453  $ 11,547  $ 6,112  $ 6,818  $ 12,930  $ 4,464  $ 7,183  $ 11,647 
Over time 11,655  11,500  23,155  10,625  9,923  20,548  9,440  8,198  17,638 
Total $ 16,749  $ 17,953  $ 34,702  $ 16,737  $ 16,741  $ 33,478  $ 13,904  $ 15,381  $ 29,285 
The following tables set forth operating segment information (in millions):
  Fiscal Year Ended August 31,
  2023 2022 2021
Segment income and reconciliation of income before income tax
EMS $ 837  $ 727  $ 509 
DMS 896  816  732 
Total segment income $ 1,733  $ 1,543  $ 1,241 
Reconciling items:
Amortization of intangibles (33) (34) (47)
Stock-based compensation expense and related charges (95) (81) (102)
Restructuring, severance and related charges (57) (18) (10)
Business interruption and impairment charges, net
—  —  1 
Acquisition and integration charges —  —  (4)
Loss on debt extinguishment —  (4) — 
Gain on securities
 —  —  2 
Other expense (net of periodic benefit cost) (80) (29) (13)
Interest expense, net (206) (146) (124)
Income before income tax $ 1,262  $ 1,231  $ 944 
August 31, 2023 August 31, 2022
Total assets:
EMS $ 4,859  $ 5,402 
DMS 6,802  8,881 
Assets held for sale(1)
 1,929  — 
Other non-allocated assets 5,834  5,434 
Total $ 19,424  $ 19,717 
(1)Assets held for sale were reported in the DMS operating segment.
The Company operates in more than 30 countries worldwide. Sales to unaffiliated customers are based on the Company location that maintains the customer relationship and transacts the external sale. The following tables set forth external net revenue, net of intercompany eliminations, and long-lived asset information where individual countries represent a material portion of the total (in millions):
  Fiscal Year Ended August 31,
  2023 2022 2021
External net revenue:
Singapore
 $ 7,385  $ 7,916  $ 7,943 
Mexico
 6,083  5,630  4,323 
China
 5,868  5,272  4,666 
Malaysia
 2,779  2,709  2,121 
India
 1,596  591  549 
Other
 6,056  5,971  4,868 
Foreign source revenue 29,767  28,089  24,470 
U.S. 4,935  5,389  4,815 
Total $ 34,702  $ 33,478  $ 29,285 
    
  August 31, 2023 August 31, 2022
Long-lived assets:
China(1)
 $ 684  $ 1,758 
Mexico
 574  492 
Malaysia
 358  328 
Switzerland
 238  208 
Singapore
 131  138 
Hungary
 109  114 
Taiwan
 97  101 
Vietnam
 88  104 
Other
 628  553 
Long-lived assets related to foreign operations 2,907  3,796 
U.S.
 993  1,020 
Total $ 3,900  $ 4,816 
(1)Excludes long-lived assets of $841 million classified as held for sale. See Note 16 – “Business Acquisitions and Divestitures” for additional information.
v3.23.3
Restructuring, Severance and Related Charges
 12 Months Ended
Aug. 31, 2023
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 millions):
  Fiscal Year Ended August 31,
 
2023(1)
2022(1)
2021(2)
Employee severance and benefit costs $ 48  $ 18  $ 5 
Lease costs —  —  (1)
Asset write-off costs 5  —  5 
Other costs 4  —  1 
Total restructuring, severance and related charges(3)
 $ 57  $ 18  $ 10 
(1)Primarily relates to headcount reduction to further optimize the Company’s business activities.
(2)The 2020 Restructuring Plan, totaling $86 million in restructuring and other related costs, was complete as of August 31, 2021.
(3)Includes $10 million, $1 million and $0 million recorded in the EMS segment, $35 million, $10 million and $9 million recorded in the DMS segment and $12 million, $7 million and $1 million of non-allocated charges for the fiscal years ended August 31, 2023, 2022 and 2021, respectively. Except for asset write-off costs, all restructuring, severance and related charges are cash costs.
2024 Restructuring Plan

On September 26, 2023, the Company’s Board of Directors approved a restructuring plan to (i) realign the Company’s cost base for stranded costs associated with the Company’s sale and realignment of its mobility business and (ii) optimize the Company’s
global footprint. This action includes headcount reductions across our Selling, General and Administrative (“SG&A”) cost base and capacity realignment (the “2024 Restructuring Plan”). The 2024 Restructuring Plan reflects the Company’s intention only and restructuring decisions, and the timing of such decisions, at certain locations are still subject to consultation with the Company’s employees and their representatives.
The Company currently expects to recognize approximately $300 million in pre-tax restructuring and other related costs over the course of the Company’s 2024 fiscal year. This information will be subject to the finalization of timetables for the transition of functions, consultation with employees and their representatives as well as the statutory severance requirements of the jurisdictions impacted, and the amount and timing of the actual charges may vary due to a variety of factors. The Company’s estimates for the charges discussed above exclude any potential income tax effects.
v3.23.3
Income Taxes
 12 Months Ended
Aug. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Provision for Income Taxes
Income (loss) before income tax expense is summarized below (in millions):
  Fiscal Year Ended August 31,
  2023 2022 2021
Domestic $ (315) $ (116) $ (271)
Foreign 1,577  1,347  1,215 
Total $ 1,262  $ 1,231  $ 944 

Income tax expense (benefit) is summarized below (in millions):
  Fiscal Year Ended August 31,
  2023 2022 2021
Current:
Domestic - federal $ 1  $ 7  $ 7 
Domestic - state 2  2  3 
Foreign 350  239  252 
Total current 353  248  262 
Deferred:
Domestic - federal (2) (25) 2 
Domestic - state 4  —  — 
Foreign
 89  12  (18)
Total deferred 91  (13) (16)
Total income tax expense $ 444  $ 235  $ 246 
 
Reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is summarized below:
  Fiscal Year Ended August 31,
  2023 2022 2021
U.S. federal statutory income tax rate 21.0  % 21.0  % 21.0  %
State income taxes, net of federal tax benefit 0.2  0.7  0.2 
Impact of foreign tax rates(1)
 (1.8) (4.0) (4.6)
Permanent differences (0.5) 1.2  (0.4)
Income tax credits(1)
 (0.5) (0.5) (0.4)
Valuation allowance(2)
 1.1  (3.3) 1.3 
Equity compensation 0.5  (0.5) 0.6 
Impact of intercompany charges and dividends 2.4  3.6  4.4 
Global Intangible Low-Taxed Income 0.8  1.1  3.0 
Change in indefinite reinvestment assertion(3)
 11.7  —  — 
Other, net 0.3  (0.2) 0.9 
Effective income tax rate 35.2  % 19.1  % 26.0  %
(1)The Company has been granted tax incentives for various subsidiaries in China, Malaysia, Singapore, Vietnam and Israel, which primarily expire at various dates through fiscal year 2031 and are subject to certain conditions with which
the Company expects to comply. These tax incentives resulted in a tax benefit of approximately $74 million ($0.56 per basic weighted average shares outstanding), $80 million ($0.57 per basic weighted average shares outstanding) and $51 million ($0.34 per basic weighted average shares outstanding) during the fiscal years ended August 31, 2023, 2022 and 2021, respectively.
(2)For the fiscal year ended August 31, 2022, the valuation allowance change was primarily due to an income tax benefit of $26 million for the reversal of a portion of the U.S. valuation allowance and decreased deferred tax assets with corresponding valuation allowances due to the liquidation of certain non-U.S. subsidiaries.
(3)As a result of certain operations being classified as held for sale, the Company made a change to its indefinite reinvestment assertions for the fiscal year ended August 31, 2023.
Deferred Tax Assets and Liabilities
Significant components of the deferred tax assets and liabilities are summarized below (in millions):
 
August 31, 2023(1)
 August 31, 2022
Deferred tax assets:
Net operating loss carryforwards $ 196  $ 176 
Receivables 4  4 
Inventories 16  16 
Compensated absences 16  13 
Accrued expenses 116  106 
Property, plant and equipment 17  66 
Domestic tax credits 22  11 
Foreign jurisdiction tax credits 4  4 
Equity compensation 8  10 
Domestic interest carryforwards 10  4 
Capital loss carryforwards 19  20 
Revenue recognition 29  32 
Operating and finance lease liabilities 39  72 
Other 24  27 
Total deferred tax assets before valuation allowances 520  561 
Less valuation allowances (303) (281)
Net deferred tax assets $ 217  $ 280 
Deferred tax liabilities:
Unremitted earnings of foreign subsidiaries $ 201  $ 57 
Intangible assets 24  25 
Operating lease assets 85  111 
Other 16  10 
Total deferred tax liabilities $ 326  $ 203 
Net deferred tax (liabilities) assets $ (109) $ 77 
(1)Excludes $96 million classified as held for sale. See Note 16 – “Business Acquisitions and Divestitures” for additional information.
Based on the Company’s historical operating income, projection of future taxable income, scheduled reversal of taxable temporary differences, and tax planning strategies, management believes it is more likely than not that the Company will realize the benefit of its deferred tax assets, net of valuation allowances recorded.
As of August 31, 2023, the Company intends to indefinitely reinvest the remaining earnings from its foreign subsidiaries for which a deferred tax liability has not already been recorded. The accumulated earnings are the most significant component of the basis difference which is indefinitely reinvested. As of August 31, 2023, the indefinitely reinvested earnings in foreign subsidiaries upon which taxes had not been provided were approximately $0.9 billion. The estimated amount of the unrecognized deferred tax liability on these reinvested earnings was approximately $0.1 billion.
Tax Carryforwards
The amount and expiration dates of income tax net operating loss carryforwards, tax credit carryforwards, and tax capital loss carryforwards, which are available to reduce future taxes, if any, as of August 31, 2023 are as follows (in millions):
Last Fiscal Year of Expiration Amount
Income tax net operating loss carryforwards:(1)
Domestic - federal 2038 or indefinite $ 11 
Domestic - state 2042 or indefinite $ 55 
Foreign 2038 or indefinite $ 646 
Tax credit carryforwards:(1)
Domestic - federal 2043 $ 18 
Domestic - state 2027 or indefinite $ 4 
Foreign(2)
 Indefinite $ 4 
Tax capital loss carryforwards:
Domestic - federal 2028 $ 75 
(1)Net of unrecognized tax benefits.
(2)Calculated based on the deferral method and includes foreign investment tax credits.
Unrecognized Tax Benefits
Reconciliation of the unrecognized tax benefits is summarized below (in millions):
  Fiscal Year Ended August 31,
  2023 2022 2021
Beginning balance $ 253  $ 241  $ 190 
Additions for tax positions of prior years 1  22  15 
Reductions for tax positions of prior years (7) (21) (3)
Additions for tax positions related to current year(1)
 23  36  36 
Cash settlements (3) (3) — 
Reductions from lapses in statutes of limitations (8) (3) (2)
Reductions from non-cash settlements with taxing authorities (2) (9) — 
Foreign exchange rate adjustment —  (10) 5 
Ending balance $ 257  $ 253  $ 241 
Unrecognized tax benefits that would affect the effective tax rate (if recognized)
 $ 150  $ 150  $ 139 
(1)The additions for the fiscal years ended August 31, 2023, 2022 and 2021 are primarily related to taxation of certain intercompany transactions.
The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense. The Company’s accrued interest and penalties were approximately $31 million and $30 million as of August 31, 2023 and 2022, respectively. The Company recognized interest and penalties of approximately $3 million, $0 million and $7 million during the fiscal years ended August 31, 2023, 2022 and 2021, respectively.
It is reasonably possible that the August 31, 2023 unrecognized tax benefits could decrease during the next 12 months by $150 million, primarily related to taxing authority agreements associated with intercompany transactions.
The Company is no longer subject to U.S. federal tax examinations for fiscal years before August 31, 2018. In major non-U.S. and state jurisdictions, the Company is no longer subject to income tax examinations for fiscal years before August 31, 2013 and August 31, 2009, respectively.
v3.23.3
Business Acquisitions and Divestitures
 12 Months Ended
Aug. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]  
Business Acquisitions and Divestitures Business Acquisitions and DivestituresThe Company announced on September 26, 2023 that, through its indirect subsidiary, Jabil Circuit (Singapore) Pte. Ltd., a Singapore private limited company (“Singapore Seller”), it has agreed to sell to BYD Electronic (International) Co. Ltd., a Hong Kong limited liability company (“Purchaser” or “BYDE”), its product manufacturing business in Chengdu, including its supporting component manufacturing in Wuxi (the “Business”) for cash consideration of approximately $2.2 billion, subject to certain customary purchase price adjustments. The sale is being made pursuant to a definitive agreement (the “Purchase
Agreement”) for the sale and purchase of certain assets of Singapore Seller and the shares of Juno Singapore Target Newco Pte. Ltd. (the “Target”). Following a pre-closing reorganization (the “Reorganization”), the Target will hold, indirectly or directly, the Business.
Pursuant to the Preliminary Acquisition Agreement, dated August 26, 2023, by and between Purchaser and Singapore Seller and the Purchase Agreement, Purchaser paid an aggregate deposit in the amount of $440 million, of which $132 million was paid to an escrow agent and $308 million was paid to the Company. Singapore Seller is entitled to retain the deposits in all circumstances, except in the event of a termination of the Purchase Agreement by Purchaser due to Singapore Seller’s breach of any warranty or failure to comply with any covenant applicable to it that would cause any closing condition of Purchaser to not be satisfied. Purchaser is entitled to repayment of $390 million of the deposit if on April 1, 2024 (i) the Reorganization has not been completed in all material respects, other than as a result of the failure to obtain regulatory approvals in the People’s Republic of China, and (ii) all other mutual conditions and conditions of Singapore Seller to closing have been satisfied.
The transaction is anticipated to close within the first two quarters of the Company’s current fiscal year 2024 (which is the period from September 1, 2023 through February 29, 2024). The closing of the transaction is subject to certain customary closing conditions set forth in the Purchase Agreement that include, among other things, receipt of regulatory approvals, accuracy of the warranties of the parties (subject to certain materiality standards set forth in the Purchase Agreement), completion of the Reorganization in all material respects, and material performance of certain respective obligations. The closing of the transaction is not conditioned on the receipt of financing.
As of August 31, 2023, the assets and liabilities of the Business were classified as held for sale and the carrying value is less than the estimated fair value less cost to sell and, thus, no adjustment to the carrying value of the disposal group is necessary. The planned divestiture did not meet the criteria to be reported as discontinued operations and the Company will continue to report the operating results for the Business in the Company’s Consolidated Statement of Operations in the DMS segment until the transaction is closed.
Following is a summary of the carrying amounts of the major classes of assets and liabilities that were classified as held for sale (in millions):
  August 31, 2023
Assets held for sale:
Accounts receivable, net of allowance for credit losses $ 96 
Inventories, net of reserve for excess and obsolete inventory 559 
Prepaid expenses and other current assets 220 
Property, plant and equipment, net of accumulated depreciation 724 
Operating lease right-of-use asset 112 
Goodwill 117 
Deferred income taxes 96 
Liabilities held for sale:
Accounts payable $ 876 
Accrued expenses 364 
Non-current operating lease liabilities 83 
v3.23.3
Fair Value Measurements
 12 Months Ended
Aug. 31, 2023
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 millions):
Fair Value Hierarchy August 31, 2023 August 31, 2022
Assets:
Cash and cash equivalents:
Cash equivalents Level 1
(1)
 $ —  $ 14 
Prepaid expenses and other current assets:
Short-term investments Level 1 25  16 
Forward foreign exchange contracts:
Derivatives designated as hedging instruments (Note 11)
 Level 2
(2)
 4  3 
Derivatives not designated as hedging instruments (Note 11)
 Level 2
(2)
 20  13 
Net investment hedges:
Derivatives designated as hedging instruments (Note 11)
 Level 2
(2)
 9  — 
Other assets:
Forward interest rate swap:
Derivatives designated as hedging instruments (Note 11)
 Level 2
(3)
 —  13 
Liabilities:
Accrued expenses:
Forward foreign exchange contracts:
Derivatives designated as hedging instruments (Note 11)
 Level 2
(2)
 $ 17  $ 32 
Derivatives not designated as hedging instruments (Note 11)
 Level 2
(2)
 64  76 
Net investment hedges:
Derivatives designated as hedging instruments (Note 11)
 Level 2
(2)
 1  — 
(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, including cash flow hedges and net investment hedges 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.
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 value of notes payable and long-term debt for disclosure purposes. The following table presents the carrying amounts and fair values of the Company's notes payable and long-term debt, by hierarchy level as of the periods indicated (in millions):
August 31, 2023 August 31, 2022
Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value
Notes payable and long-term debt: (Note 7)
4.900% Senior Notes
 Level 3
(1)
 $ —  $ —  $ 300  $ 300 
3.950% Senior Notes
 Level 2
(2)
 $ 497  $ 468  $ 497  $ 471 
3.600% Senior Notes
 Level 2
(2)
 $ 496  $ 448  $ 496  $ 440 
3.000% Senior Notes
 Level 2
(2)
 $ 593  $ 502  $ 592  $ 500 
1.700% Senior Notes
 Level 2
(2)
 $ 498  $ 452  $ 497  $ 446 
4.250% Senior Notes
 Level 2
(2)
 $ 495  $ 478  $ 493  $ 483 
5.450% Senior Notes
 Level 2
(2)
 $ 296  $ 297  $ —  $ — 
(1)This fair value estimate is based on the Company’s indicative borrowing cost derived from discounted cash flows.
(2)The fair value estimates are based upon observable market data.
Refer to Note 10 - “Postretirement and Other Employee Benefits” for disclosure surrounding the fair value of the Company’s pension plan assets.
v3.23.3
Commitments and Contingencies
 12 Months Ended
Aug. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
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.
v3.23.3
New Accounting Guidance
 12 Months Ended
Aug. 31, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]  
New Accounting Guidance New Accounting Guidance
New accounting guidance adopted during the period did not have a material impact to the Company.
Recently issued accounting guidance is not applicable or did not have, or is not expected to have, a material impact to the Company.
v3.23.3
Schedule of Valuation and Qualifying Accounts
 12 Months Ended
Aug. 31, 2023
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
Schedule of Valuation and Qualifying Accounts
SCHEDULE II
JABIL INC. AND SUBSIDIARIES
SCHEDULE OF VALUATION AND QUALIFYING ACCOUNTS
(in millions)
 
Balance at
Beginning
of Period		 Additions and
Adjustments
Charged to Costs
and Expenses
Additions/
(Reductions)
Charged
to Other Accounts(1)
 Write-offs Balance at
End of Period
Reserve for excess and obsolete inventory:
Fiscal year ended August 31, 2023 $ 82  $ 34  $ (27) $ (31) $ 58 
Fiscal year ended August 31, 2022 $ 85  $ 23  $ —  $ (26) $ 82 
Fiscal year ended August 31, 2021 $ 85  $ 33  $ —  $ (33) $ 85 
(1)During the fiscal year ended August 31, 2023 the reductions charged to other accounts relates to inventory reserves for excess and obsolete inventory classified as held for sale.

Balance at
Beginning
of Period		 Additions
Charged to
Costs and
Expenses		 Additions/
(Reductions)
Charged
to Other Accounts		 Reductions
Charged to
Costs and
Expenses		 Balance at
End of Period
Valuation allowance for deferred taxes:
Fiscal year ended August 31, 2023 $ 281  $ 28  $ 9  $ (15) $ 303 
Fiscal year ended August 31, 2022 $ 353  $ 19  $ (31) $ (60) $ 281 
Fiscal year ended August 31, 2021 $ 341  $ 18  $ —  $ (6) $ 353 
v3.23.3
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Aug. 31, 2021
Pay vs Performance Disclosure      
Net Income (Loss) Attributable to Parent $ 818 $ 996 $ 696
v3.23.3
Insider Trading Arrangements
 3 Months Ended
Aug. 31, 2023
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.23.3
Description of Business and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Aug. 31, 2023
Accounting Policies [Abstract]  
Principles of Consolidation and Basis of Presentation
Principles of Consolidation and Basis of Presentation
The consolidated financial statements include the accounts and operations of the Company, and its wholly-owned and majority-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in preparing the consolidated financial statements. The Company has made certain reclassification adjustments to conform prior periods’ Consolidated Financial Statements and Notes to the Consolidated Financial Statements to the current presentation.
Use of Accounting Estimates
Use of Accounting Estimates
Management is required to make estimates and assumptions during the preparation of the consolidated financial statements and accompanying notes in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from these estimates and assumptions.
Assets Held for Sale Assets Held for SaleThe Company classifies assets and related liabilities as held for sale when: (i) management has committed to a plan to sell the net assets, (ii) the net assets are available for immediate sale, (iii) there is an active program to locate a buyer, (iv) the sale and transfer of the net assets is probable within one year, (v) the net assets are being actively marketed for sale at price that is reasonable in relation to its current fair value, and (vi) it is unlikely that significant changes will be made to the plan to sell the net assets. Assets and liabilities held for sale are presented separately on our consolidated balance sheets at the lower of cost or fair value, less costs to sell. Depreciation and amortization expense for long-lived assets are not recorded while these assets are classified as held for sale. For each period that assets are classified as being held for sale, they are tested for recoverability.
Cash and Cash Equivalents Cash and Cash EquivalentsCash equivalents consist of investments that are readily convertible to cash with original maturities of 90 days or less.
Accounts Receivable
Accounts Receivable
Accounts receivable consist of trade receivables and other miscellaneous receivables. The Company maintains an allowance for credit losses based on historical losses, the age of past due receivables, credit quality of our customers, current economic conditions, and other factors that may affect our ability to collect from customers. Bad debts are charged to this allowance after all attempts to collect the balance are exhausted. As the financial condition and circumstances of the Company’s customers change, adjustments to the allowance for credit losses are made as necessary.
Contract Balances and Revenue Recognition
Contract Balances
Timing of revenue recognition may differ from the timing of invoicing to customers. The Company records an asset when revenue is recognized prior to invoicing a customer (“contract assets”) while a liability is recognized when a customer provides consideration prior to the Company transferring control of the goods or services (“contract liabilities”). Amounts recognized as contract assets are generally transferred to receivables in the succeeding quarter due to the short-term nature of the manufacturing cycle. Contract assets are classified separately on the Consolidated Balance Sheets and transferred to receivables when right to payment becomes unconditional.
The Company maintains an allowance for credit losses related to contract assets based on historical losses, credit quality of our customers, current economic conditions, and other factors that may affect our ability to collect from our customers.
Revenue Recognition
The Company provides comprehensive electronics design, production and product management services to companies in various industries and end markets. The Company derives substantially all of its revenue from production and product management services (collectively referred to as “manufacturing services”), which encompasses the act of producing tangible products that are built to customer specifications, which are then provided to the customer.
The Company generally enters into manufacturing service contracts with its customers that provide the framework under which business will be conducted and customer purchase orders will be received for specific quantities and with predominantly fixed pricing. As a result, the Company considers its contract with a customer to be the combination of the manufacturing service contract and the purchase order, or any agreements or other similar documents.
The majority of the Company's manufacturing service contracts relate to manufactured products which have no alternative use and for which the Company has an enforceable right to payment for the work completed to date. As a result, revenue is recognized over time when or as the Company transfers control of the promised products or services (known as performance obligations) to its customers. For certain other contracts with customers that do not meet the over time revenue recognition criteria, transfer of control occurs at a point in time which generally occurs upon delivery and transfer of risk and title to the customer.
Most of the Company's contracts have a single performance obligation as the promise to transfer the individual manufactured product or service is capable of being distinct and is distinct within the context of the contract. For the majority of customers, performance obligations are satisfied over time based on the continuous transfer of control as manufacturing services are performed and are generally completed in less than one year.
The Company also derives revenue to a lesser extent from electronic design services to certain customers. Revenue from electronic design services is generally recognized over time as the services are performed.
For the Company’s over time customers, it believes the measure of progress which best depicts the transfer of control is based on costs incurred to date, relative to total estimated cost at completion (i.e., an input method). This method is a faithful depiction of the transfer of goods or services because it results in the recognition of revenue on the basis of the Company's to-date efforts in the satisfaction of a performance obligation relative to the total expected efforts in the satisfaction of the performance obligation. The Company believes that the use of an input method best depicts the transfer of control to the customer, which occurs as the Company incurs costs on its contracts. The transaction price of each performance obligation is generally based upon the contractual stand-alone selling price of the product or service.
Certain contracts with customers include variable consideration, such as periodic cost of materials adjustments, rebates, discounts, or returns. The Company recognizes estimates of this variable consideration that are not expected to result in a significant revenue reversal in the future, primarily based on the most likely level of consideration to be paid to the customer under the specific terms of the underlying programs.
The Company is responsible for procuring certain components from suppliers for the manufacturing of finished goods at the direction of certain customers. If the Company does not obtain control of these components before they are transferred to the customer, the Company accounts for revenue associated with such components on a net basis. Revenue associated with components procured directly from customers is accounted for on a net basis if the components do not constitute a distinct good or service from the customer.
Taxes collected from the Company’s customers and remitted to governmental authorities are presented within the Company’s Consolidated Statements of Operations on a net basis and are excluded from the transaction price. The Company has elected to account for shipping and handling activities related to contracts with customers as costs to fulfill the promise to transfer the goods. Accordingly, the Company records customer payments of shipping and handling costs as a component of net revenue, and classifies such costs as a component of cost of revenue.
Inventories
Inventories
Inventories are stated at the lower of cost (on a first in, first out (FIFO) basis) and net realizable value. Inventory is valued based on current and forecasted usage, customer inventory-related contractual obligations and other lower of cost and net realizable value considerations. If actual market conditions or customer product demands are less favorable than those projected, additional valuation adjustments may be necessary.
Fulfillment Costs
Fulfillment Costs    
The Company capitalizes costs incurred to fulfill its contracts that i) relate directly to the contract or anticipated contracts, ii) are expected to generate or enhance the Company’s resources that will be used to satisfy the performance obligation under the contract, and iii) are expected to be recovered through revenue generated from the contract. Capitalized fulfillment costs are amortized to cost of revenue as the Company satisfies the related performance obligations under the contract with approximate lives ranging from 1 year to 3 years. These costs, which are included in prepaid expenses and other current assets and other assets on the Consolidated Balance Sheets, generally represent upfront costs incurred to prepare for manufacturing activities.
The Company assesses the capitalized fulfillment costs for impairment at the end of each reporting period. The Company will recognize an impairment loss to the extent the carrying amount of the capitalized costs exceeds the recoverable amount. Recoverability is assessed by considering the capitalized fulfillment costs in relation to the forecasted profitability of the related manufacturing performance obligations.
Property, Plant and Equipment, net
Property, Plant and Equipment, net
Property, plant and equipment is capitalized at cost and depreciated using the straight-line depreciation method over the estimated useful lives of the respective assets. Estimated useful lives for major classes of depreciable assets are as follows:
Asset Class Estimated Useful Life
Buildings
Up to 35 years
Leasehold improvements Shorter of lease term or useful life of the improvement
Machinery and equipment
2 to 10 years
Furniture, fixtures and office equipment 5 years
Computer hardware and software
3 to 7 years
Transportation equipment 3 years
Maintenance and repairs are expensed as incurred. The cost and related accumulated depreciation of assets sold or retired is removed from the accounts and any resulting gain or loss is reflected in the Consolidated Statements of Operations as a component of operating income.
Leases
Leases
The Company primarily has leases for buildings, machinery and equipment with lease terms ranging from 1 year to 33 years. Leases for other classes of assets are not significant. For any leases with an initial term in excess of 12 months, the Company determines whether an arrangement is a lease at contract inception by evaluating if the contract conveys the right to use and control the specific property or equipment. Certain lease agreements contain purchase or renewal options. These options are included in the lease term when it is reasonably certain that the Company will exercise that option. Generally, the Company’s lease agreements do not contain material restrictive covenants.
Right-of-use assets represent the right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized based on the present value of future lease payments over the lease term at the lease commencement date. When determining the present value of future payment, the Company uses the incremental borrowing rate when the implicit rate is not readily determinable. Any payment deemed probable under residual value guarantees is included in lease payments. Any variable payments, other than those that depend on an index or rate, are excluded from right-of-use assets and lease liabilities.
Leases with an initial term of 12 months or less are not recorded as right-of-use assets and lease liabilities in the Consolidated Balance Sheets. Lease expense for these leases is recognized on a straight-line basis over the lease term. The Company has elected the practical expedient to combine lease and non-lease components for building and real estate leases.
Certain equipment and buildings held under finance leases are classified as property, plant and equipment and the related obligation is recorded as accrued expenses and other liabilities on the Consolidated Balance Sheets. Amortization of assets held under finance leases is included in depreciation expense in the Consolidated Statements of Operations.
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets
The Company accounts for goodwill in a business combination as the excess of the cost over the fair value of net assets acquired and is assigned to the reporting unit in which the acquired business will operate. The Company tests goodwill and indefinite-lived intangible assets for impairment during the fourth quarter of each fiscal year or whenever events or changes in circumstances indicate the carrying amount may not be recoverable.
The recoverability of goodwill is measured at the reporting unit level by comparing the reporting unit’s carrying amount, including goodwill, to the fair value of the reporting unit. The Company may elect to perform a qualitative assessment to determine whether it is more likely than not that a reporting unit is impaired. If the qualitative assessment is not performed or if the Company determines that it is not more likely than not that the fair value of the reporting unit exceeds the carrying value, the Company determines the fair value of its reporting units based on an average weighting of both projected discounted future results and the use of comparative market multiples. If the carrying amount of the reporting unit exceeds its fair value, goodwill is considered impaired and a loss recognized in the amount equal to that excess.
The recoverability of indefinite-lived intangible assets is measured by comparing the carrying amount to the fair value. The Company may elect to perform a qualitative assessment to determine whether it is more likely than not that an indefinite-lived intangible is impaired. If the qualitative assessment is not performed or if the Company determines that it is not more likely than not that the fair value of an indefinite-lived intangible exceeds the carrying value, the Company determines the fair value principally based on a variation of the income approach, known as the relief from royalty method. If the carrying amount of the indefinite-lived intangible asset exceeds its fair value, the indefinite-lived intangible asset is considered impaired.
Business combinations can also result in other intangible assets being recognized. Finite-lived intangible assets are amortized on either a straight-line or accelerated basis over their estimated useful life and include contractual agreements and customer relationships, tradenames and intellectual property. No significant residual values are estimated for the amortizable intangible assets.
Long-lived Assets
Long-lived Assets
Long-lived assets, such as property, plant and equipment, and finite-lived intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability of the asset or asset group is measured by comparing its carrying amount to the undiscounted future net cash flows the asset is expected to generate. If the carrying amount of an asset or asset group is not recoverable, the Company recognizes an impairment loss based on the excess of the carrying amount of the long-lived asset or asset group over its respective fair value, which is generally determined as the present value of estimated future cash flows or as the appraised value.
Derivative Instruments
Derivative Instruments
All derivative instruments are recorded gross on the Consolidated Balance Sheets at their respective fair values. The accounting for changes in the fair value of a derivative instrument depends on the intended use and designation of the derivative instrument. For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative and the offsetting gain or loss on the hedged item attributable to the hedged risk are recognized in current earnings. For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is initially reported as a component of accumulated other comprehensive income (“AOCI”), net of tax, and is subsequently reclassified into the line item within the Consolidated Statements of Operations in which the hedged items are recorded in the same period in which the hedged item affects earnings. The ineffective portion of the gain or loss is recognized immediately in current earnings. For derivative instruments that are designated and qualify as a net investment hedge, the effective portion of the gain or loss on the derivative instrument is included in change in foreign currency translation in OCI to offset the change in the carrying value of the net investment being hedged until the complete or substantially complete liquidation of the hedged foreign operation. The ineffective portion of the gain or loss is recognized immediately in current earnings. For derivative instruments that are not designated as hedging instruments, gains and losses from changes in
fair values are recognized in earnings. Cash receipts and cash payments related to derivative instruments are recorded in the same category as the cash flows from the items being hedged on the Consolidated Statements of Cash Flows.
Foreign Currency Transactions
Foreign Currency Transactions
For the Company’s foreign subsidiaries that use a currency other than the U.S. dollar as their functional currency, the assets and liabilities are translated at exchange rates in effect at the balance sheet date, and revenues and expenses are translated at the average exchange rate for the period. The effects of these translation adjustments are reported in accumulated other comprehensive income. Gains and losses arising from transactions denominated in a currency other than the functional currency of the entity involved are included in operating income.
Stock-Based Compensation
Stock-Based Compensation
The Company recognizes stock-based compensation expense, reduced for estimated forfeitures, on a straight-line basis over the requisite service period of the award, which is generally the vesting period for outstanding stock awards.
The stock-based compensation expense for time-based and performance-based restricted stock unit awards (“restricted stock units”) is measured at fair value on the date of grant based on the number of shares expected to vest and the quoted market price of the Company’s common stock. For restricted stock units with performance conditions, stock-based compensation expense is originally based on the number of shares that would vest if the Company achieved 100% of the performance goal, which is the intended outcome at the grant date. Throughout the requisite service period, management monitors the probability of achievement of the performance condition. If it becomes probable, based on the Company’s performance, that more or less than the current estimate of the awarded shares will vest, an adjustment to stock-based compensation expense will be recognized as a change in accounting estimate in the period that such probability changes.
The stock-based compensation expense for market-based restricted stock units is measured at fair value on the date of grant. The market conditions are considered in the grant date fair value using a Monte Carlo valuation model, which utilizes multiple input variables to determine the probability of the Company achieving the specified market conditions. Stock-based compensation expense related to an award with a market condition will be recognized over the requisite service period regardless of whether the market condition is satisfied, provided that the requisite service period has been completed.
The Company currently expects to satisfy share-based awards with registered shares available to be issued.
Income Taxes
Income Taxes
Deferred tax assets (“DTAs”) and liabilities (“DTLs”) are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. DTAs and DTLs are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on DTAs and DTLs of a change in the tax rate is recognized in income in the period that includes the enactment date of the rate change. The Company records a valuation allowance to reduce its DTAs to the amount that is more likely than not to be realized. The Company considers future taxable income and ongoing feasible tax planning strategies in assessing the need for the valuation allowance.
The Company records the effects of the Global Intangible Low-Taxed Income (“GILTI”) as a period cost and applies the incremental cash tax savings approach when analyzing the impact GILTI could have on its U.S. valuation allowance.  The incremental cash tax savings approach considers the realizable benefit of a net operating loss and deferred tax assets by comparing the incremental cash taxes in the calculation of GILTI with and without the net operating loss and other DTAs.
Earnings Per Share
Earnings Per Share
The Company calculates its basic earnings per share by dividing net income attributable to Jabil Inc. by the weighted average number of shares of common stock 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.
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 criterion 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.
Fair Value of Financial Instruments Fair Value of Financial InstrumentsFair value is categorized in one of three levels based on the lowest level of significant input used. Level 1 – quoted market prices in active markets for identical assets and liabilities; Level 2 – inputs other than quoted market prices included in Level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3 – unobservable inputs for the asset or liability.
New Accounting Guidance
New accounting guidance adopted during the period did not have a material impact to the Company.
Recently issued accounting guidance is not applicable or did not have, or is not expected to have, a material impact to the Company.
v3.23.3
Description of Business and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Aug. 31, 2023
Accounting Policies [Abstract]  
Schedule of Estimated Useful Lives for Major Classes of Depreciable Assets Estimated useful lives for major classes of depreciable assets are as follows:
Asset Class Estimated Useful Life
Buildings
Up to 35 years
Leasehold improvements Shorter of lease term or useful life of the improvement
Machinery and equipment
2 to 10 years
Furniture, fixtures and office equipment 5 years
Computer hardware and software
3 to 7 years
Transportation equipment 3 years
Property, plant and equipment consists of the following (in millions):
 
August 31, 2023(1)
 August 31, 2022
Land and improvements $ 107  $ 108 
Buildings 1,281  1,191 
Leasehold improvements 676  1,362 
Machinery and equipment 4,362  5,627 
Furniture, fixtures and office equipment 229  241 
Computer hardware and software 840  860 
Transportation equipment 7  10 
Construction in progress 147  179 
Property, plant and equipment 7,649  9,578 
Less accumulated depreciation and amortization 4,512  5,624 
Property, plant and equipment, net $ 3,137  $ 3,954 
(1)Excludes $724 million of property, plant and equipment, net classified as held for sale. See Note 16 – “Business Acquisitions and Divestitures” for additional information.
Schedule of Changes in AOCI, Net of Tax
The following table sets forth the changes in AOCI, net of tax, by component during the fiscal year ended August 31, 2023 (in millions):
Foreign Currency
Translation Adjustment		 Net Investment Hedges Derivative
Instruments		 Actuarial Gain (Loss) Prior Service (Cost) Credit Total
Balance as of August 31, 2022
 $ (88) $ —  $ (3) $ 65  $ (16) $ (42)
Other comprehensive income (loss) before reclassifications 29  (4)

(25) (5) (2) (7)
Amounts reclassified from AOCI —  — 

42  (14)

4  32 
Other comprehensive income (loss)(1)
 29  (4) 17  (19) 2  25 
Balance as of August 31, 2023
 $ (59) $ (4) $ 14  $ 46  $ (14) $ (17)
(1)Amounts are net of tax, which are immaterial.
Schedule of Reclassification from AOCI
The following table sets forth the amounts reclassified from AOCI into the Consolidated Statements of Operations, and the associated financial statement line item, net of tax, for the periods indicated (in millions):
Fiscal Year Ended August 31,
Comprehensive Income Components Financial Statement Line Item 2023 2022 2021
Realized losses (gains) on derivative instruments:(1)
Foreign exchange contracts Cost of revenue $ 44  $ 30  $ (44)
Interest rate contracts Interest expense, net (2) 2  $ 3 
Actuarial gains
(2)
 (14) (14) (16)
Prior service costs
(2)
 4  4  1 
Total amounts reclassified from AOCI(3)
 $ 32  $ 22  $ (56)
(1)The Company expects to reclassify $9 million into earnings during the next twelve months, which will primarily be classified as a component of cost of revenue.
(2)Amounts are included in the computation of net periodic benefit cost. Refer to Note 10 – “Postretirement and Other Employee Benefits” for additional information.
(3)Amounts are net of tax, which are immaterial for the fiscal years ended August 31, 2023, 2022 and 2021.
Schedule of Potential Shares of Common Stock not included in the Computation of Earnings Per Share 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):
  Fiscal Year Ended August 31,
  2023 2022 2021
Restricted stock units 383.1  209.4  655.0 
v3.23.3
Trade Accounts Receivable Sale Programs (Tables)
 12 Months Ended
Aug. 31, 2023
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 (in millions):
Program
Maximum
Amount(1)
 Type of
Facility		 Expiration
Date
A
 $ 700 
Uncommitted
December 5, 2025(2)
B
 $ 120 
Uncommitted
(2)
C
 400 
CNY
Uncommitted
August 31, 2023(2)
D
 $ 150 
Uncommitted
May 4, 2028(2)
E
 $ 150 
Uncommitted
(3)
F
 $ 50 
Uncommitted
(3)
G
 $ 100 
Uncommitted
(2)
H
 $ 600 
Uncommitted
December 5, 2024(2)
I
 $ 135 
Uncommitted
April 11, 2025(2)
J
 100 
CHF
Uncommitted
December 5, 2025(2)
K
 8,100 
INR
Uncommitted
(2)
(1)Maximum amount of trade accounts receivable that may be sold under a facility at any one time.
(2)Any party may elect to terminate the agreement upon 30 days prior notice.
(3)Any party may elect to terminate the agreement upon 15 days prior notice.
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):
Fiscal Year Ended August 31,
2023 2022 2021
Trade accounts receivable sold $ 10,784  $ 8,513  $ 4,654 
Cash proceeds received $ 10,748  $ 8,504  $ 4,651 
Pre-tax losses on sale of receivables(1)
 $ 36  $ 9  $ 3 
(1)Recorded to other expense within the Consolidated Statements of Operations.
v3.23.3
Inventories (Tables)
 12 Months Ended
Aug. 31, 2023
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories consist of the following (in millions):
August 31, 2023(1)
 August 31, 2022
Raw materials $ 4,804  $ 4,918 
Work in process 217  687 
Finished goods 243  605 
Reserve for excess and obsolete inventory (58) (82)
Inventories, net $ 5,206  $ 6,128 
(1)Excludes $559 million of inventories, net classified as held for sale. See Note 16 – “Business Acquisitions and Divestitures” for additional information.
v3.23.3
Property, Plant and Equipment (Tables)
 12 Months Ended
Aug. 31, 2023
Property, Plant and Equipment [Abstract]  
Schedule of Components of Property, Plant and Equipment Estimated useful lives for major classes of depreciable assets are as follows:
Asset Class Estimated Useful Life
Buildings
Up to 35 years
Leasehold improvements Shorter of lease term or useful life of the improvement
Machinery and equipment
2 to 10 years
Furniture, fixtures and office equipment 5 years
Computer hardware and software
3 to 7 years
Transportation equipment 3 years
Property, plant and equipment consists of the following (in millions):
 
August 31, 2023(1)
 August 31, 2022
Land and improvements $ 107  $ 108 
Buildings 1,281  1,191 
Leasehold improvements 676  1,362 
Machinery and equipment 4,362  5,627 
Furniture, fixtures and office equipment 229  241 
Computer hardware and software 840  860 
Transportation equipment 7  10 
Construction in progress 147  179 
Property, plant and equipment 7,649  9,578 
Less accumulated depreciation and amortization 4,512  5,624 
Property, plant and equipment, net $ 3,137  $ 3,954 
(1)Excludes $724 million of property, plant and equipment, net classified as held for sale. See Note 16 – “Business Acquisitions and Divestitures” for additional information.
Schedule of Depreciation and Maintenance and Repair Expenses
Depreciation and maintenance and repair expenses were as follows for the periods indicated (in millions):
  Fiscal Year Ended August 31,
  2023 2022 2021
Depreciation expense $ 891  $ 891  $ 828 
Maintenance and repair expense $ 431  $ 395  $ 381 
v3.23.3
Leases (Tables)
 12 Months Ended
Aug. 31, 2023
Leases [Abstract]  
Schedule of Lease Assets and Lease Liabilities included on Consolidated Balance Sheets
The following table sets forth the amount of lease assets and lease liabilities included on the Company's Consolidated Balance Sheets, as of the periods indicated (in millions):
Financial Statement Line Item
August 31, 2023(1)
 August 31, 2022
Assets
Operating lease assets(2)
 Operating lease right-of-use assets $ 367  $ 500 
Finance lease assets(3)
 Property, plant and equipment, net 310  368 
Total lease assets $ 677  $ 868 
Liabilities
Current
Operating lease liabilities Current operating lease liabilities $ 104  $ 119 
Finance lease liabilities Accrued expenses 74  120 
Non-current
Operating lease liabilities Non-current operating lease liabilities 269  417 
Finance lease liabilities Other liabilities 212  198 
Total lease liabilities $ 659  $ 854 
(1)Excludes operating lease and finance lease assets and liabilities classified as held for sale. See Note 16 – “Business Acquisitions and Divestitures” for additional information.
(2)Net of accumulated amortization of $309 million and $249 million as of August 31, 2023 and 2022, respectively.
(3)Net of accumulated amortization of $199 million and $110 million as of August 31, 2023 and 2022, respectively.
Schedule of Expenses related to Leases included on Consolidated Statements of Operations, Lease Term and Discount Rate and Other Supplemental Information related to Lease Portfolio
The following table is a summary of expenses related to leases included on the Company's Consolidated Statements of Operations, for the periods indicated (in millions):
Fiscal Year Ended August 31,
  2023 2022
Operating lease cost $ 147  $ 143 
Finance lease cost
Amortization of leased assets 89  70 
Interest on lease liabilities 9  6 
Other 15  22 
Net lease cost(1)
 $ 260  $ 241 
(1)Lease costs are primarily recognized in cost of revenue.
The following table is a summary of the weighted-average remaining lease terms and weighted-average discount rates of the Company's leases, as of the periods indicated:
August 31, 2023 August 31, 2022
Weighted-average remaining lease term Weighted-average discount rate Weighted-average remaining lease term Weighted-average discount rate
Operating leases 5.2 years 3.55  % 5.3 years 3.19  %
Finance leases 2.1 years 3.84  % 2.6 years 2.84  %
The following table sets forth other supplemental information related to the Company's lease portfolio (in millions):
Fiscal Year Ended August 31,
  2023 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases(1)
 $ 135  $ 123 
Operating cash flows for finance leases(1)
 $ 9  $ 6 
Financing activities for finance leases(2)
 $ 157  $ 120 
Non-cash right-of-use assets obtained in exchange for new lease liabilities:
Operating leases $ 110  $ 229 
Finance leases $ 131  $ 127 
(1)Included in accounts payable, accrued expenses and other liabilities in Operating Activities of the Company's Consolidated Statements of Cash Flows.
(2)Included in payments toward debt agreements in Financing Activities of the Company's Consolidated Statements of Cash Flows.
Schedule of Future Minimum Lease Payments Under Operating Leases
The future minimum lease payments under operating and finance leases as of August 31, 2023 were as follows (in millions):
Fiscal Year Ended August 31,
Operating Leases(1)
Finance Leases(1)(2)
 Total
2024
 $ 138  $ 93  $ 231 
2025
 101  102  203 
2026
 77  101  178 
2027
 58  6  64 
2028
 42  2  44 
Thereafter 116  10  126 
Total minimum lease payments $ 532  $ 314  $ 846 
Less: Interest (56) (17) (73)
Present value of lease liabilities $ 476  $ 297  $ 773 
(1)Excludes $214 million of payments related to leases signed but not yet commenced. Of these excluded payments, $163 million relates to a variable interest entity (“VIE”), for which the Company is not the primary beneficiary. This is
also the Company’s maximum exposure to loss related to the VIE. The Company expects the lease related to the VIE to commence in fiscal year 2024. Additionally, certain leases signed but not yet commenced contain residual value guarantees and purchase options not deemed probable.
(2)Excludes $194 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 operating and finance leases as of August 31, 2023 were as follows (in millions):
Fiscal Year Ended August 31,
Operating Leases(1)
Finance Leases(1)(2)
 Total
2024
 $ 138  $ 93  $ 231 
2025
 101  102  203 
2026
 77  101  178 
2027
 58  6  64 
2028
 42  2  44 
Thereafter 116  10  126 
Total minimum lease payments $ 532  $ 314  $ 846 
Less: Interest (56) (17) (73)
Present value of lease liabilities $ 476  $ 297  $ 773 
(1)Excludes $214 million of payments related to leases signed but not yet commenced. Of these excluded payments, $163 million relates to a variable interest entity (“VIE”), for which the Company is not the primary beneficiary. This is
also the Company’s maximum exposure to loss related to the VIE. The Company expects the lease related to the VIE to commence in fiscal year 2024. Additionally, certain leases signed but not yet commenced contain residual value guarantees and purchase options not deemed probable.
(2)Excludes $194 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.
v3.23.3
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Aug. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in Goodwill Allocated to Reportable Segments and Gross Goodwill Balances and Accumulated Impairments
The following table presents the changes in goodwill allocated to the Company’s reportable segments, Electronics Manufacturing Services (“EMS”) and Diversified Manufacturing Services (“DMS”), during the fiscal years ended August 31, 2023 and 2022 (in millions):
EMS DMS Total
Balance as of August 31, 2021
 $ 74  $ 641  $ 715 
Acquisitions and adjustments 6  1  7 
Change in foreign currency exchange rates (1) (17) (18)
Balance as of August 31, 2022
 79  625  704 
Acquisitions and adjustments —  24  24 
Change in foreign currency exchange rates 1  9  10 
Goodwill classified as held for sale —  (117) (117)
Balance as of August 31, 2023
 $ 80  $ 541  $ 621 

The following table is a summary of the Company’s gross goodwill balances and accumulated impairments as of the periods indicated (in millions):
  August 31, 2023 August 31, 2022
Gross
Carrying
Amount(1)
 Accumulated
Impairment		 Gross
Carrying
Amount		 Accumulated
Impairment
Goodwill $ 1,641  $ 1,020  $ 1,724  $ 1,020 
(1)Excludes $117 million of goodwill classified as held for sale. See Note 16 – “Business Acquisitions and Divestitures” for additional information.
Schedule of Indefinite-Lived Intangible Assets
The following table presents the Company’s total purchased intangible assets as of August 31, 2023 and 2022 (in millions):
  Weighted
Average
Amortization
Period
(in years)		 August 31, 2023 August 31, 2022
Gross
Carrying
Amount		 Accumulated
Amortization		 Net
Carrying
Amount		 Gross
Carrying
Amount		 Accumulated
Amortization		 Net
Carrying
Amount
Contractual agreements and customer relationships
 12 $ 320  $ (251) $ 69  $ 302  $ (231) $ 71 
Intellectual property 9 198  (177) 21  198  (173) 25 
Finite-lived trade names Not applicable 79  (78) 1  78  (67) 11 
Trade names Indefinite 51  —  51  51  —  51 
Total intangible assets 11 $ 648  $ (506) $ 142  $ 629  $ (471) $ 158 
Schedule of Finite-Lived Intangible Assets
The following table presents the Company’s total purchased intangible assets as of August 31, 2023 and 2022 (in millions):
  Weighted
Average
Amortization
Period
(in years)		 August 31, 2023 August 31, 2022
Gross
Carrying
Amount		 Accumulated
Amortization		 Net
Carrying
Amount		 Gross
Carrying
Amount		 Accumulated
Amortization		 Net
Carrying
Amount
Contractual agreements and customer relationships
 12 $ 320  $ (251) $ 69  $ 302  $ (231) $ 71 
Intellectual property 9 198  (177) 21  198  (173) 25 
Finite-lived trade names Not applicable 79  (78) 1  78  (67) 11 
Trade names Indefinite 51  —  51  51  —  51 
Total intangible assets 11 $ 648  $ (506) $ 142  $ 629  $ (471) $ 158 
Schedule of Estimated Future Amortization Expense The estimated future amortization expense is as follows (in millions):
Fiscal Year Ended August 31,
2024
 $ 20 
2025
 17 
2026
 14 
2027
 14 
2028
 12 
Thereafter 14 
Total $ 91 
v3.23.3
Notes Payable and Long-Term Debt (Tables)
 12 Months Ended
Aug. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Notes Payable and Long-Term Debt
Notes payable and long-term debt outstanding as of August 31, 2023 and 2022 are summarized below (in millions):
Maturity Date August 31, 2023 August 31, 2022
4.900% Senior Notes(1)(3)
 Jul 14, 2023 $ —  $ 300 
3.950% Senior Notes(1)(2)
 Jan 12, 2028 497  497 
3.600% Senior Notes(1)(2)
 Jan 15, 2030 496  496 
3.000% Senior Notes(1)(2)
 Jan 15, 2031 593  592 
1.700% Senior Notes(1)(2)
 Apr 15, 2026 498  497 
4.250% Senior Notes(1)(2)(5)
 May 15, 2027 495  493 
5.450% Senior Notes(1)(2)(3)
 Feb 1, 2029 296  — 
Borrowings under credit facilities(4)(6)
 Jan 22, 2025 and Jan 22, 2027 —  — 
Borrowings under loans Jul 31, 2026 —  — 
Total notes payable and long-term debt 2,875  2,875 
Less current installments of notes payable and long-term debt
 —  300 
Notes payable and long-term debt, less current installments
 $ 2,875  $ 2,575 
(1)The notes are carried at the principal amount of each note, less any unamortized discount and unamortized debt issuance costs.
(2)The Senior Notes are the Company’s senior unsecured obligations and rank equally with all other existing and future senior unsecured debt obligations.
(3)On April 13, 2023, the Company issued $300 million of publicly registered 5.450% Senior Notes due 2029 (the “5.450% Senior Notes”). The Company used the net proceeds for general corporate purposes, including, together with available cash, repayment of the $300 million aggregate principal amount of the Company’s 4.900% Senior Notes due in July 2023.
(4)On February 10, 2023, the Company entered into an amendment (the “Amendment”) to its senior unsecured credit agreement dated as of January 22, 2020 (as amended, the “Credit Facility”). The Amendment, among other things, (i) instituted certain amendments to the sustainability-linked adjustments to the interest rates applicable to borrowings under the three-year revolving credit facility (the “Three-Year Revolving Credit Facility”) and the Company’s five-year revolving credit facility (the “Five-Year Revolving Credit Facility”), (ii) established customary SOFR, CDOR, EURIBOR and TIBOR provisions, which replaced the LIBOR provisions set forth in the existing agreement, and (iii) extended the termination date of the Three-Year Revolving Credit Facility to January 22, 2025, and of the Five-Year Revolving Credit Facility to January 22, 2027.
(5)On May 4, 2022, the Company issued $500 million of registered 4.250% Senior Notes due 2027 (the “Green Bonds” or the “4.250% Senior Notes”). On May 31, 2022, the net proceeds from the offering were used to redeem the Company’s 4.700% Senior Notes due in 2022 and pay the applicable “make-whole” premium and accrued interest. In addition, the Company intends to allocate an amount equal to the net proceeds from this offering to finance or refinance eligible expenditures under the Company’s new green financing framework.
(6)As of August 31, 2023, 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 $3.2 billion under its commercial paper program.
Schedule of Debt Maturities
Debt maturities as of August 31, 2023 are as follows (in millions):
Fiscal Year Ended August 31,
2024
 $ — 
2025
 — 
2026
 498 
2027
 495 
2028
 497 
Thereafter 1,385 
Total $ 2,875 
v3.23.3
Asset-Backed Securitization Programs (Tables)
 12 Months Ended
Aug. 31, 2023
Transfers and Servicing [Abstract]  
Schedule of Asset-Backed Securitization Programs Amount Recognized
In connection with the asset-backed securitization programs, the Company recognized the following (in millions):
Fiscal Year Ended August 31,
2023 2022
2021(3)
Trade accounts receivable sold $ 4,101  $ 3,932  $ 4,222 
Cash proceeds received(1)
 $ 4,061  $ 3,919  $ 4,202 
Proceeds due from bank $ —  $ —  $ 10 
Pre-tax losses on sale of receivables(2)
 $ 40  $ 13  $ 10 
(1)The amounts primarily represent proceeds from collections reinvested in revolving-period transfers.
(2)Recorded to other expense within the Consolidated Statements of Operations.
(3)Includes trade accounts receivable sold and cash proceeds received under the foreign asset-backed securitization program through June 28, 2021, except for $99 million of previously sold receivables that were repurchased.
v3.23.3
Accrued Expenses (Tables)
 12 Months Ended
Aug. 31, 2023
Accrued Liabilities, Current [Abstract]  
Schedule of Accrued Expenses
Accrued expenses consist of the following (in millions):
August 31, 2023(1)
 August 31, 2022
Inventory deposits $ 1,839  $ 1,586 
Contract liabilities(2)
 886  796 
Accrued compensation and employee benefits 743  806 
Other accrued expenses 2,047  2,084 
Accrued expenses $ 5,515  $ 5,272 
(1)Excludes $364 million of accrued expenses classified as held for sale. See Note 16 – “Business Acquisitions and Divestitures” for additional information.
(2)Revenue recognized during the fiscal years ended August 31, 2023 and 2022 that was included in the contract liability balance as of August 31, 2022 and 2021 was $539 million and $312 million, respectively.
v3.23.3
Postretirement and Other Employee Benefits (Tables)
 12 Months Ended
Aug. 31, 2023
Retirement Benefits [Abstract]  
Schedule of Reconciliation of Change in Benefit Obligations for Plans
The projected benefit obligations (“PBO”) and plan assets, changes to the PBO and plan assets and the funded status of the plans as of and for the fiscal years ended August 31 are as follows (in millions):
  Fiscal Year Ended August 31,
  2023 2022
Change in PBO
Beginning PBO $ 432  $ 587 
Service cost 18  25 
Interest cost 12  4 
Actuarial gain
 (23) (119)
Settlements paid from plan assets(1)
 (27) (28)
Total benefits paid (16) (13)
Plan participants’ contributions 22  21 
Effect of conversion to U.S. dollars 43  (45)
Ending PBO $ 461  $ 432 
Change in plan assets
Beginning fair value of plan assets 459  576 
Actual return on plan assets (16) (68)
Settlements paid from plan assets(1)
 (27) (28)
Employer contributions 18  16 
Benefits paid from plan assets (15) (12)
Plan participants’ contributions 22  21 
Effect of conversion to U.S. dollars 45  (46)
Ending fair value of plan assets $ 486  $ 459 
Funded status $ 25  $ 27 
Amounts recognized in the Consolidated Balance Sheets
Accrued benefit liability, current $ 1  $ 1 
Accrued benefit asset, noncurrent $ 26  $ 28 
Accumulated other comprehensive loss(2)
Actuarial gain, before tax
 $ (71) $ (85)
Prior service cost, before tax
 $ 16  $ 18 
(1)The settlements recognized during fiscal years 2023 and 2022 relate primarily to the Switzerland plan.
(2)The Company anticipates amortizing $10 million and $4 million, before tax, of net actuarial gain and prior service costs balances, respectively, to net periodic cost in fiscal year 2024.
Schedule of Reconciliation of Changes in Pension Plan Assets
The projected benefit obligations (“PBO”) and plan assets, changes to the PBO and plan assets and the funded status of the plans as of and for the fiscal years ended August 31 are as follows (in millions):
  Fiscal Year Ended August 31,
  2023 2022
Change in PBO
Beginning PBO $ 432  $ 587 
Service cost 18  25 
Interest cost 12  4 
Actuarial gain
 (23) (119)
Settlements paid from plan assets(1)
 (27) (28)
Total benefits paid (16) (13)
Plan participants’ contributions 22  21 
Effect of conversion to U.S. dollars 43  (45)
Ending PBO $ 461  $ 432 
Change in plan assets
Beginning fair value of plan assets 459  576 
Actual return on plan assets (16) (68)
Settlements paid from plan assets(1)
 (27) (28)
Employer contributions 18  16 
Benefits paid from plan assets (15) (12)
Plan participants’ contributions 22  21 
Effect of conversion to U.S. dollars 45  (46)
Ending fair value of plan assets $ 486  $ 459 
Funded status $ 25  $ 27 
Amounts recognized in the Consolidated Balance Sheets
Accrued benefit liability, current $ 1  $ 1 
Accrued benefit asset, noncurrent $ 26  $ 28 
Accumulated other comprehensive loss(2)
Actuarial gain, before tax
 $ (71) $ (85)
Prior service cost, before tax
 $ 16  $ 18 
(1)The settlements recognized during fiscal years 2023 and 2022 relate primarily to the Switzerland plan.
(2)The Company anticipates amortizing $10 million and $4 million, before tax, of net actuarial gain and prior service costs balances, respectively, to net periodic cost in fiscal year 2024.
Schedule of Amounts Recognized in Balance Sheet
The projected benefit obligations (“PBO”) and plan assets, changes to the PBO and plan assets and the funded status of the plans as of and for the fiscal years ended August 31 are as follows (in millions):
  Fiscal Year Ended August 31,
  2023 2022
Change in PBO
Beginning PBO $ 432  $ 587 
Service cost 18  25 
Interest cost 12  4 
Actuarial gain
 (23) (119)
Settlements paid from plan assets(1)
 (27) (28)
Total benefits paid (16) (13)
Plan participants’ contributions 22  21 
Effect of conversion to U.S. dollars 43  (45)
Ending PBO $ 461  $ 432 
Change in plan assets
Beginning fair value of plan assets 459  576 
Actual return on plan assets (16) (68)
Settlements paid from plan assets(1)
 (27) (28)
Employer contributions 18  16 
Benefits paid from plan assets (15) (12)
Plan participants’ contributions 22  21 
Effect of conversion to U.S. dollars 45  (46)
Ending fair value of plan assets $ 486  $ 459 
Funded status $ 25  $ 27 
Amounts recognized in the Consolidated Balance Sheets
Accrued benefit liability, current $ 1  $ 1 
Accrued benefit asset, noncurrent $ 26  $ 28 
Accumulated other comprehensive loss(2)
Actuarial gain, before tax
 $ (71) $ (85)
Prior service cost, before tax
 $ 16  $ 18 
(1)The settlements recognized during fiscal years 2023 and 2022 relate primarily to the Switzerland plan.
(2)The Company anticipates amortizing $10 million and $4 million, before tax, of net actuarial gain and prior service costs balances, respectively, to net periodic cost in fiscal year 2024.
Schedule of Accumulated Benefit Obligations
The following table summarizes the total accumulated benefit obligations (“ABO”), the ABO and fair value of plan assets for defined benefit pension plans with ABO in excess of plan assets, and the PBO and fair value of plan assets for defined benefit pension plans with PBO in excess of plan assets for fiscal years 2023 and 2022 (in millions):
  August 31, 2023 August 31, 2022
ABO $ 441  $ 417 
Plans with ABO in excess of plan assets
ABO $ 41  $ 41 
Fair value of plan assets $ 15  $ 19 
Plans with PBO in excess of plan assets
PBO $ 52  $ 51 
Fair value of plan assets $ 15  $ 19 
Schedule of Information About Net Periodic Benefit Cost for Plans The following table provides information about the net periodic benefit cost for the plans for fiscal years 2023, 2022 and 2021 (in millions):
  Fiscal Year Ended August 31,
  2023 2022 2021
Service cost(1)
 $ 18  $ 25  $ 25 
Interest cost(2)
 12  4  5 
Expected long-term return on plan assets(2)
 (17) (17) (16)
Recognized actuarial gain(2)
 (7) (6) (10)
Amortization of actuarial gains(2)(3)
 (7) (8) (6)
Net settlement loss(2)
 —  1  1 
Amortization of prior service costs(2)
 4  4  1 
Net periodic benefit cost
 $ 3  $ 3  $ — 
(1)Service cost is recognized in cost of revenue in the Consolidated Statements of Operations.
(2)Components are recognized in other expense in the Consolidated Statements of Operations.
(3)Actuarial gains and losses are amortized using a corridor approach. The gain/loss corridor is equal to 10 percent of the greater of the projected benefit obligation and the fair value of plan assets. Gains and losses in excess of the corridor are generally amortized over the average future working lifetime of the plan participants.
Schedule of Weighted-Average Actuarial Assumptions
Weighted-average actuarial assumptions used to determine net periodic benefit cost and PBO for the plans for the fiscal years 2023, 2022 and 2021 were as follows:
  Fiscal Year Ended August 31,
  2023 2022 2021
Net periodic benefit cost:
       Expected long-term return on plan assets(1)
 3.6  % 3.0  % 2.9  %
Rate of compensation increase 2.1  % 2.2  % 2.1  %
Discount rate 2.6  % 0.7  % 0.8  %
PBO:
Expected long-term return on plan assets 3.7  % 3.6  % 3.0  %
Rate of compensation increase 1.9  % 2.1  % 2.2  %
       Discount rate(2)
 2.8  % 2.6  % 0.7  %
(1)The expected return on plan assets assumption used in calculating net periodic benefit cost is based on historical return experience and estimates of future long-term performance with consideration to the expected investment mix of the plan.
(2)The discount rate is used to state expected cash flows relating to future benefits at a present value on the measurement date. This rate represents the market rate for high-quality fixed income investments whose timing would match the cash outflow of retirement benefits. Other assumptions include demographic factors such as retirement, mortality and turnover.
Schedule of Fair Values of Plan Assets by Asset Category
The fair values of the plan assets held by the Company by asset category are as follows (in millions):
    August 31, 2023 August 31, 2022
  Fair Value
Hierarchy		 Fair Value Asset
Allocation		 Fair Value Asset
Allocation
Asset Category
Cash and cash equivalents(1)
 Level 1 $ 17  3  % $ 13  3  %
Equity Securities:
Global equity securities(2)(3)
 Level 2 213  44  % 197  43  %
Debt Securities:
Corporate bonds(3)
 Level 2 216  45  % 203  44  %
Government bonds(3)
 Level 2 30  6  % 34  7  %
Other Investments:
Insurance contracts(4)
 Level 3 10  2  % 12  3  %
Fair value of plan assets
 $ 486  100  % $ 459  100  %
 
(1)Carrying value approximates fair value.
(2)Investments in equity securities by companies incorporated, listed or domiciled in developed and/or emerging market countries.
(3)Investments in global equity securities, corporate bonds, government securities and government bonds are valued using the quoted prices of securities with similar characteristics.
(4)Consist of an insurance contract that guarantees the payment of the funded pension entitlements, as well as provides a profit share to the Company. The profit share in this contract is not based on actual investments, but, instead on a notional investment portfolio that is expected to return a pre-defined rate. Insurance contract assets are recorded at fair value and is determined based on the cash surrender value of the insured benefits which is the present value of the guaranteed funded benefits. Insurance contracts are valued using unobservable inputs (Level 3 inputs), primarily by discounting expected future cash flows relating to benefits paid from a notional investment portfolio in order to determine the cash surrender value of the policy. The unobservable inputs consist of estimated future benefits to be paid throughout the duration of the policy and estimated discount rates, which both have an immaterial impact on the fair value estimate of the contract.
Schedule of Estimated Future Benefit Payments
The Company expects to make cash contributions between $25 million and $30 million to its funded pension plans during fiscal year 2024. The estimated future benefit payments, which reflect expected future service, are as follows (in millions):
Fiscal Year Ended August 31, Amount
2024
 $ 34 
2025
 $ 29 
2026
 $ 29 
2027
 $ 33 
2028
 $ 31 
2029 through 2033
 $ 156 
v3.23.3
Derivative Financial Instruments and Hedging Activities (Tables)
 12 Months Ended
Aug. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Maturity Date and Aggregate Notional Amount Outstanding of Net Investment Hedges The maturity dates and aggregate notional amount outstanding of net investment hedges are as follows (in millions):
Maturity date August 31, 2023 August 31, 2022
September 2023 $ 34  $ — 
October 2023 96  — 
January 2024 96  — 
April 2024 68  — 
July 2024 102  — 
Total $ 396  $ — 
Schedule of Net (Losses) Gains from Forward Contracts Recorded in Consolidated Statements of Operations
The following table presents the net (losses) gains from forward contracts recorded in the Consolidated Statements of Operations for the periods indicated (in millions):
Derivatives Not Designated as Hedging Instruments Under ASC 815 Location of (Loss) Gain on Derivatives Recognized in Net Income Amount of (Loss) Gain Recognized in Net Income on Derivatives
Fiscal Year Ended August 31,
2023 2022 2021
Forward foreign exchange contracts(1)
 Cost of revenue $ (111) $ (71) $ 140 
(1)For the fiscal years ended August 31, 2023 and 2022, the Company recognized $58 million and $87 million, respectively, of foreign currency gains in cost of revenue, which are offset by the losses from the forward foreign exchange contracts. For the fiscal year ended August 31, 2021, the Company recognized $105 million of foreign currency losses in cost of revenue, which are offset by gains from the forward foreign contracts.
v3.23.3
Stockholders' Equity (Tables)
 12 Months Ended
Aug. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Recognized Stock-based Compensation Expense
The Company recognized stock-based compensation expense within selling, general and administrative expense as follows (in millions):
  Fiscal Year Ended August 31,
  2023 2022 2021
Restricted stock units $ 81  $ 67  $ 91 
Employee stock purchase plan 14  14  11 
Total $ 95  $ 81  $ 102 
Schedule of Shares Available for Issuance
Following is a reconciliation of the shares available to be issued under the 2021 EIP as of August 31, 2023:
  Shares Available for Grant
Balance as of August 31, 2022
 9,974,294 
Restricted stock units granted, net of forfeitures(1)
 (1,510,561)
Balance as of August 31, 2023
 8,463,733 
 
(1)Represents the maximum number of shares that can be issued based on the achievement of certain performance criteria.
Schedule of Restricted Stock Activity The following table summarizes restricted stock units activity from August 31, 2022 through August 31, 2023:
Shares Weighted-Average
Grant-Date
Fair Value
Outstanding as of August 31, 2022
 4,412,994  $ 49.87 
Changes during the period
Shares granted(1)
 1,673,925  $ 66.33 
Shares vested (2,014,802) $ 45.98 
Shares forfeited (163,364) $ 56.92 
Outstanding as of August 31, 2023
 3,908,753  $ 58.70 
(1)For those shares granted that are based on the achievement of certain performance criteria, the amount represents the maximum number of shares that can vest. During the fiscal year ended August 31, 2023, the Company awarded approximately 0.9 million time-based restricted stock units, 0.2 million performance-based restricted stock units and 0.2 million market-based restricted stock units based on target performance criteria.
Schedule of Share-based Compensation Information
The following table represents the restricted stock units stock-based compensation information for the periods indicated (in millions):
  Fiscal Year Ended August 31,
  2023 2022 2021
Fair value of restricted stock units vested $ 93  $ 72  $ 69 
Tax benefit for stock compensation expense(1)
 $ 2  $ 2  $ 1 
Unrecognized stock-based compensation expense — restricted stock units $ 43 
Remaining weighted-average period for restricted stock units expense 1.4 years
 
(1)Classified as income tax expense within the Consolidated Statements of Operations.
Schedule of Weighted Average Assumptions Used in Black-Scholes Option Pricing Model
The fair value of shares issued under the ESPP was estimated on the commencement date of each offering period using the Black-Scholes option pricing model. The following weighted-average assumptions were used in the model for each respective period:
  Fiscal Year Ended August 31,
  2023 2022 2021
Expected dividend yield 0.3  % 0.3  % 0.5  %
Risk-free interest rate 3.4  % 0.1  % 0.1  %
Expected volatility(1)
 37.4  % 29.6  % 32.9  %
Expected life 0.5 years 0.5 years 0.5 years
(1)The expected volatility was estimated using the historical volatility derived from the Company’s common stock.
Schedule of Cash Dividends Declared to Common Stockholders The following table sets forth certain information relating to the Company’s cash dividends declared to common stockholders during fiscal years 2023 and 2022:
(in millions, except for per share data) Dividend
Declaration Date		 Dividend
per Share		 Total of Cash
Dividends
Declared		 Date of Record for
Dividend Payment		 Dividend Cash
Payment Date
Fiscal Year 2023
 October 20, 2022 $ 0.08  $ 12  November 15, 2022 December 2, 2022
January 26, 2023 $ 0.08  $ 10  February 15, 2023 March 2, 2023
April 20, 2023 $ 0.08  $ 11  May 15, 2023 June 2, 2023
July 20, 2023 $ 0.08  $ 11  August 15, 2023 September 5, 2023
Fiscal Year 2022
 October 21, 2021 $ 0.08  $ 12  November 15, 2021 December 1, 2021
January 20, 2022 $ 0.08  $ 12  February 15, 2022 March 2, 2022
April 21, 2022 $ 0.08  $ 12  May 16, 2022 June 2, 2022
July 21, 2022 $ 0.08  $ 11  August 15, 2022 September 2, 2022
Schedule of Common Stock Outstanding
The following represents the common stock outstanding for the fiscal year ended:
Fiscal Year Ended August 31,
2023 2022 2021
Common stock outstanding:
Beginning balances
 135,493,980  144,496,077  150,330,358 
Shares issued upon exercise of stock options
 —  —  9,321 
Shares issued under employee stock purchase plan
 1,043,294  970,480  1,288,397 
Vesting of restricted stock
 2,014,802  2,503,143  2,290,104 
Purchases of treasury stock under employee stock plans
 (571,606) (713,667) (622,703)
Treasury shares purchased(1)(2)
 (6,686,048) (11,762,053) (8,799,400)
Ending balances
 131,294,422  135,493,980  144,496,077 
 
(1)In July 2021, the Board of Directors approved an authorization for the repurchase of up to $1.0 billion of the Company’s common stock (the “2022 Share Repurchase Program”). As of February 28, 2023, 16.5 million shares had been repurchased for $1.0 billion and no authorization remained under the 2022 Share Repurchase Program.
(2)In September 2022, the Board of Directors approved an authorization for the repurchase of up to $1.0 billion of the Company’s common stock (the “2023 Share Repurchase Program”). As of August 31, 2023, 2.7 million shares had been repurchased for $224 million, excluding excise tax, and $776 million remains available under the 2023 Share Repurchase Program. In September 2023, the Board of Directors amended and increased the 2023 Share Repurchase Program to allow for the repurchase of up to $2.5 billion of the Company’s common stock.
v3.23.3
Concentration of Risk and Segment Data (Tables)
 12 Months Ended
Aug. 31, 2023
Segment Reporting [Abstract]  
Schedule of Sales to Customers Who Accounted for 10 Percent or More of Net Revenues, Expressed as Percentage of Consolidated Net Revenue and Accounts Receivable for Each Customer Sales to the following customers that accounted for 10% or more of the Company’s net revenues, expressed as a percentage of consolidated net revenue, and the percentage of accounts receivable for the customers, were as follows:
  Percentage of Net Revenue
Fiscal Year Ended August 31,		 Percentage of Accounts Receivable
as of August 31,
  2023 2022 2021 2023 2022
Apple, Inc.(1)
 17  % 19  % 22  % * *
*  Amount was less than 10% of total.
(1)Sales to this customer were reported in the DMS operating segment.
Schedule of Revenues Disaggregated by Segment The following table presents the Company’s revenues disaggregated by segment (in millions):
Fiscal Year Ended August 31,
2023 2022 2021
EMS DMS Total EMS DMS Total EMS DMS Total
Timing of transfer
Point in time $ 5,094  $ 6,453  $ 11,547  $ 6,112  $ 6,818  $ 12,930  $ 4,464  $ 7,183  $ 11,647 
Over time 11,655  11,500  23,155  10,625  9,923  20,548  9,440  8,198  17,638 
Total $ 16,749  $ 17,953  $ 34,702  $ 16,737  $ 16,741  $ 33,478  $ 13,904  $ 15,381  $ 29,285 
Schedule of Segment Income and Reconciliation of Income Before Income Tax
The following tables set forth operating segment information (in millions):
  Fiscal Year Ended August 31,
  2023 2022 2021
Segment income and reconciliation of income before income tax
EMS $ 837  $ 727  $ 509 
DMS 896  816  732 
Total segment income $ 1,733  $ 1,543  $ 1,241 
Reconciling items:
Amortization of intangibles (33) (34) (47)
Stock-based compensation expense and related charges (95) (81) (102)
Restructuring, severance and related charges (57) (18) (10)
Business interruption and impairment charges, net
—  —  1 
Acquisition and integration charges —  —  (4)
Loss on debt extinguishment —  (4) — 
Gain on securities
 —  —  2 
Other expense (net of periodic benefit cost) (80) (29) (13)
Interest expense, net (206) (146) (124)
Income before income tax $ 1,262  $ 1,231  $ 944 
Schedule of Segment Assets
August 31, 2023 August 31, 2022
Total assets:
EMS $ 4,859  $ 5,402 
DMS 6,802  8,881 
Assets held for sale(1)
 1,929  — 
Other non-allocated assets 5,834  5,434 
Total $ 19,424  $ 19,717 
(1)Assets held for sale were reported in the DMS operating segment.
Schedule of Revenue from External Customers by Geographic Areas The following tables set forth external net revenue, net of intercompany eliminations, and long-lived asset information where individual countries represent a material portion of the total (in millions):
  Fiscal Year Ended August 31,
  2023 2022 2021
External net revenue:
Singapore
 $ 7,385  $ 7,916  $ 7,943 
Mexico
 6,083  5,630  4,323 
China
 5,868  5,272  4,666 
Malaysia
 2,779  2,709  2,121 
India
 1,596  591  549 
Other
 6,056  5,971  4,868 
Foreign source revenue 29,767  28,089  24,470 
U.S. 4,935  5,389  4,815 
Total $ 34,702  $ 33,478  $ 29,285 
    
  August 31, 2023 August 31, 2022
Long-lived assets:
China(1)
 $ 684  $ 1,758 
Mexico
 574  492 
Malaysia
 358  328 
Switzerland
 238  208 
Singapore
 131  138 
Hungary
 109  114 
Taiwan
 97  101 
Vietnam
 88  104 
Other
 628  553 
Long-lived assets related to foreign operations 2,907  3,796 
U.S.
 993  1,020 
Total $ 3,900  $ 4,816 
(1)Excludes long-lived assets of $841 million classified as held for sale. See Note 16 – “Business Acquisitions and Divestitures” for additional information.
v3.23.3
Restructuring, Severance and Related Charges (Tables)
 12 Months Ended
Aug. 31, 2023
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring, Severance and Related Charges
Following is a summary of the Company’s restructuring, severance and related charges (in millions):
  Fiscal Year Ended August 31,
 
2023(1)
2022(1)
2021(2)
Employee severance and benefit costs $ 48  $ 18  $ 5 
Lease costs —  —  (1)
Asset write-off costs 5  —  5 
Other costs 4  —  1 
Total restructuring, severance and related charges(3)
 $ 57  $ 18  $ 10 
(1)Primarily relates to headcount reduction to further optimize the Company’s business activities.
(2)The 2020 Restructuring Plan, totaling $86 million in restructuring and other related costs, was complete as of August 31, 2021.
(3)Includes $10 million, $1 million and $0 million recorded in the EMS segment, $35 million, $10 million and $9 million recorded in the DMS segment and $12 million, $7 million and $1 million of non-allocated charges for the fiscal years ended August 31, 2023, 2022 and 2021, respectively. Except for asset write-off costs, all restructuring, severance and related charges are cash costs.
v3.23.3
Income Taxes (Tables)
 12 Months Ended
Aug. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Income (Loss) Before Income Tax Expense
Income (loss) before income tax expense is summarized below (in millions):
  Fiscal Year Ended August 31,
  2023 2022 2021
Domestic $ (315) $ (116) $ (271)
Foreign 1,577  1,347  1,215 
Total $ 1,262  $ 1,231  $ 944 
Schedule of Income Tax Expense (Benefit) Income tax expense (benefit) is summarized below (in millions):
  Fiscal Year Ended August 31,
  2023 2022 2021
Current:
Domestic - federal $ 1  $ 7  $ 7 
Domestic - state 2  2  3 
Foreign 350  239  252 
Total current 353  248  262 
Deferred:
Domestic - federal (2) (25) 2 
Domestic - state 4  —  — 
Foreign
 89  12  (18)
Total deferred 91  (13) (16)
Total income tax expense $ 444  $ 235  $ 246 
Schedule of Reconciliations of Income Tax Expense at U.S. Federal Statutory Income Tax Rate
Reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is summarized below:
  Fiscal Year Ended August 31,
  2023 2022 2021
U.S. federal statutory income tax rate 21.0  % 21.0  % 21.0  %
State income taxes, net of federal tax benefit 0.2  0.7  0.2 
Impact of foreign tax rates(1)
 (1.8) (4.0) (4.6)
Permanent differences (0.5) 1.2  (0.4)
Income tax credits(1)
 (0.5) (0.5) (0.4)
Valuation allowance(2)
 1.1  (3.3) 1.3 
Equity compensation 0.5  (0.5) 0.6 
Impact of intercompany charges and dividends 2.4  3.6  4.4 
Global Intangible Low-Taxed Income 0.8  1.1  3.0 
Change in indefinite reinvestment assertion(3)
 11.7  —  — 
Other, net 0.3  (0.2) 0.9 
Effective income tax rate 35.2  % 19.1  % 26.0  %
(1)The Company has been granted tax incentives for various subsidiaries in China, Malaysia, Singapore, Vietnam and Israel, which primarily expire at various dates through fiscal year 2031 and are subject to certain conditions with which
the Company expects to comply. These tax incentives resulted in a tax benefit of approximately $74 million ($0.56 per basic weighted average shares outstanding), $80 million ($0.57 per basic weighted average shares outstanding) and $51 million ($0.34 per basic weighted average shares outstanding) during the fiscal years ended August 31, 2023, 2022 and 2021, respectively.
(2)For the fiscal year ended August 31, 2022, the valuation allowance change was primarily due to an income tax benefit of $26 million for the reversal of a portion of the U.S. valuation allowance and decreased deferred tax assets with corresponding valuation allowances due to the liquidation of certain non-U.S. subsidiaries.
(3)As a result of certain operations being classified as held for sale, the Company made a change to its indefinite reinvestment assertions for the fiscal year ended August 31, 2023.
Schedule of Deferred Tax Assets and Liabilities
Significant components of the deferred tax assets and liabilities are summarized below (in millions):
 
August 31, 2023(1)
 August 31, 2022
Deferred tax assets:
Net operating loss carryforwards $ 196  $ 176 
Receivables 4  4 
Inventories 16  16 
Compensated absences 16  13 
Accrued expenses 116  106 
Property, plant and equipment 17  66 
Domestic tax credits 22  11 
Foreign jurisdiction tax credits 4  4 
Equity compensation 8  10 
Domestic interest carryforwards 10  4 
Capital loss carryforwards 19  20 
Revenue recognition 29  32 
Operating and finance lease liabilities 39  72 
Other 24  27 
Total deferred tax assets before valuation allowances 520  561 
Less valuation allowances (303) (281)
Net deferred tax assets $ 217  $ 280 
Deferred tax liabilities:
Unremitted earnings of foreign subsidiaries $ 201  $ 57 
Intangible assets 24  25 
Operating lease assets 85  111 
Other 16  10 
Total deferred tax liabilities $ 326  $ 203 
Net deferred tax (liabilities) assets $ (109) $ 77 
(1)Excludes $96 million classified as held for sale. See Note 16 – “Business Acquisitions and Divestitures” for additional information.
Schedule of Tax Carryforwards The amount and expiration dates of income tax net operating loss carryforwards, tax credit carryforwards, and tax capital loss carryforwards, which are available to reduce future taxes, if any, as of August 31, 2023 are as follows (in millions):
Last Fiscal Year of Expiration Amount
Income tax net operating loss carryforwards:(1)
Domestic - federal 2038 or indefinite $ 11 
Domestic - state 2042 or indefinite $ 55 
Foreign 2038 or indefinite $ 646 
Tax credit carryforwards:(1)
Domestic - federal 2043 $ 18 
Domestic - state 2027 or indefinite $ 4 
Foreign(2)
 Indefinite $ 4 
Tax capital loss carryforwards:
Domestic - federal 2028 $ 75 
(1)Net of unrecognized tax benefits.
(2)Calculated based on the deferral method and includes foreign investment tax credits.
Schedule of Operating Loss Carryforwards The amount and expiration dates of income tax net operating loss carryforwards, tax credit carryforwards, and tax capital loss carryforwards, which are available to reduce future taxes, if any, as of August 31, 2023 are as follows (in millions):
Last Fiscal Year of Expiration Amount
Income tax net operating loss carryforwards:(1)
Domestic - federal 2038 or indefinite $ 11 
Domestic - state 2042 or indefinite $ 55 
Foreign 2038 or indefinite $ 646 
Tax credit carryforwards:(1)
Domestic - federal 2043 $ 18 
Domestic - state 2027 or indefinite $ 4 
Foreign(2)
 Indefinite $ 4 
Tax capital loss carryforwards:
Domestic - federal 2028 $ 75 
(1)Net of unrecognized tax benefits.
(2)Calculated based on the deferral method and includes foreign investment tax credits.
Schedule of Reconciliations of Unrecognized Tax Benefits
Reconciliation of the unrecognized tax benefits is summarized below (in millions):
  Fiscal Year Ended August 31,
  2023 2022 2021
Beginning balance $ 253  $ 241  $ 190 
Additions for tax positions of prior years 1  22  15 
Reductions for tax positions of prior years (7) (21) (3)
Additions for tax positions related to current year(1)
 23  36  36 
Cash settlements (3) (3) — 
Reductions from lapses in statutes of limitations (8) (3) (2)
Reductions from non-cash settlements with taxing authorities (2) (9) — 
Foreign exchange rate adjustment —  (10) 5 
Ending balance $ 257  $ 253  $ 241 
Unrecognized tax benefits that would affect the effective tax rate (if recognized)
 $ 150  $ 150  $ 139 
(1)The additions for the fiscal years ended August 31, 2023, 2022 and 2021 are primarily related to taxation of certain intercompany transactions.
v3.23.3
Business Acquisitions and Divestitures (Tables)
 12 Months Ended
Aug. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Assets and Liabilities Held For Sale Following is a summary of the carrying amounts of the major classes of assets and liabilities that were classified as held for sale (in millions):
  August 31, 2023
Assets held for sale:
Accounts receivable, net of allowance for credit losses $ 96 
Inventories, net of reserve for excess and obsolete inventory 559 
Prepaid expenses and other current assets 220 
Property, plant and equipment, net of accumulated depreciation 724 
Operating lease right-of-use asset 112 
Goodwill 117 
Deferred income taxes 96 
Liabilities held for sale:
Accounts payable $ 876 
Accrued expenses 364 
Non-current operating lease liabilities 83 
v3.23.3
Fair Value Measurements (Tables)
 12 Months Ended
Aug. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Financial Assets and Liabilities Measured at Fair Value 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 millions):
Fair Value Hierarchy August 31, 2023 August 31, 2022
Assets:
Cash and cash equivalents:
Cash equivalents Level 1
(1)
 $ —  $ 14 
Prepaid expenses and other current assets:
Short-term investments Level 1 25  16 
Forward foreign exchange contracts:
Derivatives designated as hedging instruments (Note 11)
 Level 2
(2)
 4  3 
Derivatives not designated as hedging instruments (Note 11)
 Level 2
(2)
 20  13 
Net investment hedges:
Derivatives designated as hedging instruments (Note 11)
 Level 2
(2)
 9  — 
Other assets:
Forward interest rate swap:
Derivatives designated as hedging instruments (Note 11)
 Level 2
(3)
 —  13 
Liabilities:
Accrued expenses:
Forward foreign exchange contracts:
Derivatives designated as hedging instruments (Note 11)
 Level 2
(2)
 $ 17  $ 32 
Derivatives not designated as hedging instruments (Note 11)
 Level 2
(2)
 64  76 
Net investment hedges:
Derivatives designated as hedging instruments (Note 11)
 Level 2
(2)
 1  — 
(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, including cash flow hedges and net investment hedges 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.
Schedule of Carrying Amounts and Fair Values of Notes Payable and Long-term Debt The following table presents the carrying amounts and fair values of the Company's notes payable and long-term debt, by hierarchy level as of the periods indicated (in millions):
August 31, 2023 August 31, 2022
Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value
Notes payable and long-term debt: (Note 7)
4.900% Senior Notes
 Level 3
(1)
 $ —  $ —  $ 300  $ 300 
3.950% Senior Notes
 Level 2
(2)
 $ 497  $ 468  $ 497  $ 471 
3.600% Senior Notes
 Level 2
(2)
 $ 496  $ 448  $ 496  $ 440 
3.000% Senior Notes
 Level 2
(2)
 $ 593  $ 502  $ 592  $ 500 
1.700% Senior Notes
 Level 2
(2)
 $ 498  $ 452  $ 497  $ 446 
4.250% Senior Notes
 Level 2
(2)
 $ 495  $ 478  $ 493  $ 483 
5.450% Senior Notes
 Level 2
(2)
 $ 296  $ 297  $ —  $ — 
(1)This fair value estimate is based on the Company’s indicative borrowing cost derived from discounted cash flows.
(2)The fair value estimates are based upon observable market data.
v3.23.3
Description of Business and Summary of Significant Accounting Policies - Fulfillment Costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Aug. 31, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Capitalized costs $ 203 $ 175  
Amortization of fulfillment cost $ 91 $ 74 $ 58
Minimum      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Performance obligation, period 1 year    
Maximum      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Performance obligation, period 3 years    
v3.23.3
Description of Business and Summary of Significant Accounting Policies - Estimated Useful Lives for Major Classes of Depreciable Assets (Details)
Aug. 31, 2023
Buildings  
Property, Plant and Equipment [Line Items]  
Estimated Useful Life 35 years
Machinery and equipment | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated Useful Life 2 years
Machinery and equipment | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated Useful Life 10 years
Furniture, fixtures and office equipment  
Property, Plant and Equipment [Line Items]  
Estimated Useful Life 5 years
Computer hardware and software | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated Useful Life 3 years
Computer hardware and software | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated Useful Life 7 years
Transportation equipment  
Property, Plant and Equipment [Line Items]  
Estimated Useful Life 3 years
v3.23.3
Description of Business and Summary of Significant Accounting Policies - Leases (Details) - Buildings, real estate, machinery and equipment
Aug. 31, 2023
Minimum  
Lessee, Lease, Description [Line Items]  
Lease term 1 year
Maximum  
Lessee, Lease, Description [Line Items]  
Lease term 33 years
v3.23.3
Description of Business and Summary of Significant Accounting Policies - Changes in AOCI, Net of Tax (Details) - USD ($)
$ in Millions
 12 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Aug. 31, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Beginning Balance $ 2,452 $ 2,137 $ 1,825
Other comprehensive income (loss) before reclassifications (7)    
Amounts reclassified from AOCI 32    
Total other comprehensive income (loss) 25 (17) 9
Ending Balance 2,867 2,452 2,137
Foreign Currency Translation Adjustment      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Beginning Balance (88)    
Other comprehensive income (loss) before reclassifications 29    
Amounts reclassified from AOCI 0    
Total other comprehensive income (loss) 29    
Ending Balance (59) (88)  
Net Investment Hedges      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Beginning Balance 0    
Other comprehensive income (loss) before reclassifications (4)    
Amounts reclassified from AOCI 0    
Total other comprehensive income (loss) (4)    
Ending Balance (4) 0  
Derivative Instruments      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Beginning Balance (3)    
Other comprehensive income (loss) before reclassifications (25)    
Amounts reclassified from AOCI 42    
Total other comprehensive income (loss) 17    
Ending Balance 14 (3)  
Actuarial Gain (Loss)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Beginning Balance 65    
Other comprehensive income (loss) before reclassifications (5)    
Amounts reclassified from AOCI (14)    
Total other comprehensive income (loss) (19)    
Ending Balance 46 65  
Prior Service (Cost) Credit      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Beginning Balance (16)    
Other comprehensive income (loss) before reclassifications (2)    
Amounts reclassified from AOCI 4    
Total other comprehensive income (loss) 2    
Ending Balance (14) (16)  
AOCI Attributable to Parent      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Beginning Balance (42) (25) (34)
Total other comprehensive income (loss) 25 (17) 9
Ending Balance $ (17) $ (42) $ (25)
v3.23.3
Description of Business and Summary of Significant Accounting Policies - Reclassification from AOCI (Details) - USD ($)
$ in Millions
 12 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Aug. 31, 2021
Realized losses (gains) on derivative instruments:      
Foreign exchange contracts $ 31,835 $ 30,846 $ 26,926
Interest rate contracts 206 146 124
Actuarial gains (7) (6) (10)
Prior service costs 4 4 1
Total amounts reclassified from AOCI (1,262) (1,231) (944)
Reclassification out of AOCI      
Realized losses (gains) on derivative instruments:      
Total amounts reclassified from AOCI 32 22 (56)
Reclassification out of AOCI | Realized losses (gains) on derivative instruments      
Realized losses (gains) on derivative instruments:      
Loss to be reclassified in next 12 months 9    
Reclassification out of AOCI | Realized losses (gains) on derivative instruments | Foreign exchange contracts      
Realized losses (gains) on derivative instruments:      
Foreign exchange contracts 44 30 (44)
Reclassification out of AOCI | Realized losses (gains) on derivative instruments | Interest rate contracts      
Realized losses (gains) on derivative instruments:      
Interest rate contracts (2) 2 3
Reclassification out of AOCI | Actuarial gains      
Realized losses (gains) on derivative instruments:      
Actuarial gains (14) (14) (16)
Reclassification out of AOCI | Prior service costs      
Realized losses (gains) on derivative instruments:      
Prior service costs $ 4 $ 4 $ 1
v3.23.3
Description of Business and Summary of Significant Accounting Policies - Stock-Based Compensation (Details)
 12 Months Ended
Aug. 31, 2023
Accounting Policies [Abstract]  
Performance goal vesting percentage 100.00%
v3.23.3
Description of Business and Summary of Significant Accounting Policies - Potential Shares of Common Stock not included in the Computation of Earnings Per Share (Details) - shares
 12 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Aug. 31, 2021
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) 383,100 209,400 655,000.0
v3.23.3
Trade Accounts Receivable Sale Programs - Trade Accounts Receivable Sale Programs Key Terms (Details) - 12 months ended Aug. 31, 2023
USD ($)
CNY (¥)
CHF (SFr)
INR (₨)
A        
Trade Accounts Receivable Securitization and Sale Program [Line Items]        
Maximum amount $ 700,000,000      
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 $ 120,000,000      
Threshold period to cancel trade accounts receivable sale agreement before automatic extension 30 days      
C        
Trade Accounts Receivable Securitization and Sale Program [Line Items]        
Maximum amount | ¥   ¥ 400,000,000    
Threshold period to cancel trade accounts receivable sale agreement before automatic extension 30 days      
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 15 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 $ 600,000,000      
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 $ 135,000,000      
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 | SFr     SFr 100,000,000  
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 | ₨       ₨ 8,100,000,000
Threshold period to cancel trade accounts receivable sale agreement before automatic extension 30 days      
v3.23.3
Trade Accounts Receivable Sale Programs - Trade Accounts Receivable Sale Programs Amounts Recognized (Details) - Trade Accounts Receivable Sale Programs - USD ($)
$ in Millions
 12 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Aug. 31, 2021
Trade Accounts Receivable Securitization and Sale Program [Line Items]      
Trade accounts receivable sold $ 10,784 $ 8,513 $ 4,654
Cash proceeds received 10,748 8,504 4,651
Pre-tax losses on sale of receivables $ 36 $ 9 $ 3
v3.23.3
Inventories (Details) - USD ($)
$ in Millions
Aug. 31, 2023
Aug. 31, 2022
Inventory [Line Items]    
Raw materials $ 4,804 $ 4,918
Work in process 217 687
Finished goods 243 605
Reserve for excess and obsolete inventory (58) (82)
Inventories, net 5,206 $ 6,128
Held for sale | Product Manufacturing Business    
Inventory [Line Items]    
Inventories, net classified as held for sale $ 559  
v3.23.3
Property, Plant and Equipment - Components (Details) - USD ($)
$ in Millions
Aug. 31, 2023
Aug. 31, 2022
Property, Plant and Equipment [Line Items]    
Property, plant and equipment $ 7,649 $ 9,578
Less accumulated depreciation and amortization 4,512 5,624
Property, plant and equipment, net 3,137 3,954
Held for sale | Product Manufacturing Business    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, net classified as held for sale 724  
Land and improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment 107 108
Buildings    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment 1,281 1,191
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment 676 1,362
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment 4,362 5,627
Furniture, fixtures and office equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment 229 241
Computer hardware and software    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment 840 860
Transportation equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment 7 10
Construction in progress    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment $ 147 $ 179
v3.23.3
Property, Plant and Equipment - Depreciation and Maintenance and Repair Expenses (Details) - USD ($)
$ in Millions
 12 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Aug. 31, 2021
Property, Plant and Equipment [Abstract]      
Depreciation expense $ 891 $ 891 $ 828
Maintenance and repair expense $ 431 $ 395 $ 381
v3.23.3
Property, Plant and Equipment - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Property, Plant and Equipment [Abstract]    
Acquisition of property, plant and equipment considered a non-cash investing activity $ 357 $ 472
v3.23.3
Leases - Schedule of Lease Assets and Lease Liabilities included on Consolidated Balance Sheets (Details) - USD ($)
$ in Millions
Aug. 31, 2023
Aug. 31, 2022
Assets    
Operating lease assets $ 367 $ 500
Finance lease assets 310 368
Total lease assets 677 868
Current    
Operating lease liabilities $ 104 $ 119
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued expenses Accrued expenses
Finance lease liabilities $ 74 $ 120
Non-current    
Operating lease liabilities $ 269 $ 417
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other liabilities Other liabilities
Finance lease liabilities $ 212 $ 198
Total lease liabilities 659 854
Operating lease assets, accumulated amortization 309 249
Finance lease assets, accumulated amortization $ 199 $ 110
v3.23.3
Leases - Expenses related to Leases included on Consolidated Statements of Operations (Details) - USD ($)
$ in Millions
 12 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Leases [Abstract]    
Operating lease cost $ 147 $ 143
Finance lease cost    
Amortization of leased assets 89 70
Interest on lease liabilities 9 6
Other 15 22
Net lease cost $ 260 $ 241
v3.23.3
Leases - Lease Term and Discount Rate (Details)
Aug. 31, 2023
Aug. 31, 2022
Weighted-average remaining lease term    
Operating leases 5 years 2 months 12 days 5 years 3 months 18 days
Finance leases 2 years 1 month 6 days 2 years 7 months 6 days
Weighted-average discount rate    
Operating leases 3.55% 3.19%
Finance leases 3.84% 2.84%
v3.23.3
Leases - Other Supplemental Information related to Lease Portfolio (Details) - USD ($)
$ in Millions
 12 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows for operating leases $ 135 $ 123
Operating cash flows for finance leases 9 6
Financing activities for finance leases 157 120
Non-cash right-of-use assets obtained in exchange for new lease liabilities:    
Operating leases 110 229
Finance leases $ 131 $ 127
v3.23.3
Leases - Future Minimum Lease Payments under Operating and Finance Leases (Details)
$ in Millions
Aug. 31, 2023
USD ($)
Operating Leases  
2024 $ 138
2025 101
2026 77
2027 58
2028 42
Thereafter 116
Total minimum lease payments 532
Less: Interest (56)
Present value of lease liabilities 476
Finance Leases  
2024 93
2025 102
2026 101
2027 6
2028 2
Thereafter 10
Total minimum lease payments 314
Less: Interest (17)
Present value of lease liabilities 297
Total  
2024 231
2025 203
2026 178
2027 64
2028 44
Thereafter 126
Total minimum lease payments 846
Less: Interest (73)
Present value of lease liabilities 773
Leases signed but not yet commenced 214
Residual value guarantees 194
VIE  
Total  
Operating and finance leases signed but not yet commenced $ 163
v3.23.3
Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($)
 3 Months Ended 12 Months Ended
Aug. 31, 2023
Aug. 31, 2023
Aug. 31, 2022
Aug. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]        
Impairment of indefinite-lived intangible assets $ 0      
Amortization of intangibles   $ 33,000,000 $ 34,000,000 $ 47,000,000
v3.23.3
Goodwill and Other Intangible Assets - Changes in Goodwill Allocated to Reportable Segments (Details) - USD ($)
$ in Millions
 12 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Goodwill [Roll Forward]    
Beginning balance $ 704 $ 715
Acquisitions and adjustments 24 7
Change in foreign currency exchange rates 10 (18)
Ending balance 621 704
Held for sale    
Goodwill [Roll Forward]    
Goodwill classified as held for sale (117)  
EMS    
Goodwill [Roll Forward]    
Beginning balance 79 74
Acquisitions and adjustments 0 6
Change in foreign currency exchange rates 1 (1)
Ending balance 80 79
EMS | Held for sale    
Goodwill [Roll Forward]    
Goodwill classified as held for sale 0  
DMS    
Goodwill [Roll Forward]    
Beginning balance 625 641
Acquisitions and adjustments 24 1
Change in foreign currency exchange rates 9 (17)
Ending balance 541 $ 625
DMS | Held for sale    
Goodwill [Roll Forward]    
Goodwill classified as held for sale $ (117)  
v3.23.3
Goodwill and Other Intangible Assets - Gross Goodwill Balances and Accumulated Impairments (Details) - USD ($)
$ in Millions
Aug. 31, 2023
Aug. 31, 2022
Goodwill [Line Items]    
Gross Carrying Amount $ 1,641 $ 1,724
Accumulated Impairment 1,020 $ 1,020
Held for sale | Product Manufacturing Business    
Goodwill [Line Items]    
Goodwill $ 117  
v3.23.3
Goodwill and Other Intangible Assets - Purchased Intangible Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Acquired Intangible Assets by Major Class [Line Items]    
Weighted Average Amortization Period (in years) 11 years  
Gross Carrying Amount $ 648 $ 629
Accumulated Amortization (506) (471)
Net Carrying Amount 142 158
Trade names    
Acquired Intangible Assets by Major Class [Line Items]    
Gross Carrying Amount 51 51
Net Carrying Amount $ 51 51
Contractual agreements and customer relationships    
Acquired Intangible Assets by Major Class [Line Items]    
Weighted Average Amortization Period (in years) 12 years  
Gross Carrying Amount $ 320 302
Accumulated Amortization (251) (231)
Net Carrying Amount $ 69 71
Intellectual property    
Acquired Intangible Assets by Major Class [Line Items]    
Weighted Average Amortization Period (in years) 9 years  
Gross Carrying Amount $ 198 198
Accumulated Amortization (177) (173)
Net Carrying Amount 21 25
Trade names    
Acquired Intangible Assets by Major Class [Line Items]    
Gross Carrying Amount 79 78
Accumulated Amortization (78) (67)
Net Carrying Amount $ 1 $ 11
v3.23.3
Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Details)
$ in Millions
Aug. 31, 2023
USD ($)
Fiscal Year Ended August 31,  
2024 $ 20
2025 17
2026 14
2027 14
2028 12
Thereafter 14
Total $ 91
v3.23.3
Notes Payable and Long-Term Debt - Schedule of Notes Payable and Long-Term Debt (Details) - USD ($)
Feb. 10, 2023
Aug. 31, 2023
Apr. 30, 2023
Apr. 13, 2023
Aug. 31, 2022
May 31, 2022
May 04, 2022
Apr. 30, 2022
Jul. 01, 2020
Debt Instrument [Line Items]                  
Long-term debt   $ 2,875,000,000     $ 2,875,000,000        
Less current installments of notes payable and long-term debt   0     300,000,000        
Notes payable and long-term debt, less current installments   $ 2,875,000,000     2,575,000,000        
Senior Notes | 4.900% Senior Notes                  
Debt Instrument [Line Items]                  
Stated interest rate (as a percent)   4.90%   4.90%          
Long-term debt   $ 0     300,000,000        
Debt issued       $ 300,000,000          
Senior Notes | 3.950% Senior Notes                  
Debt Instrument [Line Items]                  
Stated interest rate (as a percent)   3.95%              
Long-term debt   $ 497,000,000     497,000,000        
Senior Notes | 3.600% Senior Notes                  
Debt Instrument [Line Items]                  
Stated interest rate (as a percent)   3.60%              
Long-term debt   $ 496,000,000     496,000,000        
Senior Notes | 3.000% Senior Notes                  
Debt Instrument [Line Items]                  
Stated interest rate (as a percent)   3.00%             3.00%
Long-term debt   $ 593,000,000     592,000,000        
Senior Notes | 1.700% Senior Notes                  
Debt Instrument [Line Items]                  
Stated interest rate (as a percent)   1.70%              
Long-term debt   $ 498,000,000     497,000,000        
Senior Notes | 4.250% Senior Notes                  
Debt Instrument [Line Items]                  
Stated interest rate (as a percent)   4.25%         4.25% 4.25%  
Long-term debt   $ 495,000,000     493,000,000        
Debt issued             $ 500,000,000    
Senior Notes | 5.450% Senior Notes                  
Debt Instrument [Line Items]                  
Stated interest rate (as a percent)   5.45% 5.45% 5.45%          
Long-term debt   $ 296,000,000     0        
Debt issued       $ 300,000,000          
Senior Notes | Senior Notes Due September 2022                  
Debt Instrument [Line Items]                  
Stated interest rate (as a percent)           4.70%      
Line of Credit | Revolving Credit Facility                  
Debt Instrument [Line Items]                  
Long-term debt   0     0        
Unused borrowing capacity   3,800,000,000              
Line of Credit | Revolving Credit Facility | Credit Facility Due January 2025                  
Debt Instrument [Line Items]                  
Credit agreement term 3 years                
Line of Credit | Revolving Credit Facility | Credit Facility Due January 2027                  
Debt Instrument [Line Items]                  
Credit agreement term 5 years                
Line of Credit | Term Loan Facility                  
Debt Instrument [Line Items]                  
Long-term debt   0     $ 0        
Line of Credit | Commercial Paper                  
Debt Instrument [Line Items]                  
Maximum borrowing capacity   $ 3,200,000,000              
v3.23.3
Notes Payable and Long-Term Debt - Additional Information (Details) - USD ($)
$ in Millions
Aug. 31, 2023
Apr. 30, 2023
Apr. 13, 2023
May 04, 2022
Apr. 30, 2022
Jul. 01, 2020
Debt Instrument [Line Items]            
Letters of credit and surety bonds $ 66          
Unused letters of credit $ 68          
Senior Notes | 4.900% Senior Notes            
Debt Instrument [Line Items]            
Stated interest rate (as a percent) 4.90%   4.90%      
Senior Notes | 3.950% Senior Notes            
Debt Instrument [Line Items]            
Stated interest rate (as a percent) 3.95%          
Senior Notes | 3.600% Senior Notes            
Debt Instrument [Line Items]            
Stated interest rate (as a percent) 3.60%          
Senior Notes | 3.000% Senior Notes            
Debt Instrument [Line Items]            
Stated interest rate (as a percent) 3.00%         3.00%
Senior Notes | 1.700% Senior Notes            
Debt Instrument [Line Items]            
Stated interest rate (as a percent) 1.70%          
Senior Notes | 4.250% Senior Notes            
Debt Instrument [Line Items]            
Stated interest rate (as a percent) 4.25%     4.25% 4.25%  
Senior Notes | 5.450% Senior Notes            
Debt Instrument [Line Items]            
Stated interest rate (as a percent) 5.45% 5.45% 5.45%      
v3.23.3
Notes Payable and Long-Term Debt - Debt Maturities (Details) - USD ($)
$ in Millions
Aug. 31, 2023
Aug. 31, 2022
Fiscal Year Ended August 31,    
2024 $ 0  
2025 0  
2026 498  
2027 495  
2028 497  
Thereafter 1,385  
Long-term debt $ 2,875 $ 2,875
v3.23.3
Asset-Backed Securitization Programs - Additional Information (Details) - USD ($)
Jun. 28, 2021
Aug. 31, 2023
Aug. 20, 2021
Aug. 19, 2021
Trade Accounts Receivable Securitization and Sale Program [Line Items]        
Available liquidity under its asset-backed securitization programs   $ 0    
Payment for previously transferred receivables including remittances $ 167,000,000      
Asset-backed Securities        
Trade Accounts Receivable Securitization and Sale Program [Line Items]        
Remittance of collections received 68,000,000      
Payment for previously transferred receivables $ 99,000,000      
Global asset-backed securitization program        
Trade Accounts Receivable Securitization and Sale Program [Line Items]        
Maximum amount of net cash proceeds   $ 700,000,000 $ 600,000,000 $ 390,000,000
v3.23.3
Asset-Backed Securitization Programs - Securitization Activity (Details) - Asset-Backed Securitization Programs - USD ($)
$ in Millions
 12 Months Ended
Jun. 28, 2021
Aug. 31, 2023
Aug. 31, 2022
Aug. 31, 2021
Trade Accounts Receivable Securitization and Sale Program [Line Items]        
Trade accounts receivable sold   $ 4,101 $ 3,932 $ 4,222
Cash proceeds received   4,061 3,919 4,202
Proceeds due from bank   0 0 10
Pre-tax losses on sale of receivables   $ 40 $ 13 $ 10
Payment for previously transferred receivables $ 99      
v3.23.3
Accrued Expenses (Details) - USD ($)
$ in Millions
 12 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Accrued Liabilities, Current [Abstract]    
Inventory deposits $ 1,839 $ 1,586
Contract liabilities 886 796
Accrued compensation and employee benefits 743 806
Other accrued expenses 2,047 2,084
Accrued expenses 5,515 5,272
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Revenue recognized during period that was included in contract liability balance 539 $ 312
Held for sale | Product Manufacturing Business    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Accrued expenses classified as held for sale $ 364  
v3.23.3
Postretirement and Other Employee Benefits - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Aug. 31, 2021
Aug. 31, 2024
Pension and Other Postretirement Benefits Disclosure [Line Items]        
Service period 30 days      
Company contributions $ 74 $ 63 $ 56  
Minimum        
Pension and Other Postretirement Benefits Disclosure [Line Items]        
Funded pension plans 25      
Maximum        
Pension and Other Postretirement Benefits Disclosure [Line Items]        
Funded pension plans $ 30      
Global equity securities | Minimum | Expected        
Pension and Other Postretirement Benefits Disclosure [Line Items]        
Target allocation percentage       40.00%
Debt securities | Minimum | Expected        
Pension and Other Postretirement Benefits Disclosure [Line Items]        
Target allocation percentage       60.00%
Foreign Plan        
Pension and Other Postretirement Benefits Disclosure [Line Items]        
Service period 3 years      
Foreign Plan | Switzerland Plan        
Pension and Other Postretirement Benefits Disclosure [Line Items]        
Service period 8 years      
v3.23.3
Postretirement and Other Employee Benefits - Benefit Obligations and Plan Assets, Changes in Benefit Obligation and Plan Assets and Funded Status of Plans (Details) - USD ($)
$ in Millions
 12 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Aug. 31, 2021
Change in PBO      
Beginning PBO $ 432 $ 587  
Service cost 18 25 $ 25
Interest cost 12 4 5
Actuarial gain (23) (119)  
Settlements paid from plan assets (27) (28)  
Total benefits paid (16) (13)  
Plan participants’ contributions 22 21  
Effect of conversion to U.S. dollars 43 (45)  
Ending PBO 461 432 587
Change in plan assets      
Beginning fair value of plan assets 459 576  
Actual return on plan assets (16) (68)  
Settlements paid from plan assets (27) (28)  
Employer contributions 18 16  
Benefits paid from plan assets (15) (12)  
Plan participants’ contributions 22 21  
Effect of conversion to U.S. dollars 45 (46)  
Ending fair value of plan assets 486 459 $ 576
Funded status 25 27  
Amounts recognized in the Consolidated Balance Sheets      
Accrued benefit liability, current 1 1  
Accrued benefit asset, noncurrent 26 28  
Accumulated other comprehensive loss      
Actuarial gain, before tax (71) (85)  
Prior service cost, before tax 16 $ 18  
Net actuarial gain expected to be amortized to net period benefit cost in next fiscal year 10    
Prior service cost expected to be amortized to net periodic benefit cost in next fiscal year $ 4    
v3.23.3
Postretirement and Other Employee Benefits - Accumulated Benefit Obligation (Details) - USD ($)
$ in Millions
Aug. 31, 2023
Aug. 31, 2022
Retirement Benefits [Abstract]    
ABO $ 441 $ 417
Plans with ABO in excess of plan assets    
ABO 41 41
Fair value of plan assets 15 19
Plans with PBO in excess of plan assets    
PBO 52 51
Fair value of plan assets $ 15 $ 19
v3.23.3
Postretirement and Other Employee Benefits - Net Periodic Benefit Cost (Details) - USD ($)
$ in Millions
 12 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Aug. 31, 2021
Retirement Benefits [Abstract]      
Service cost $ 18 $ 25 $ 25
Interest cost 12 4 5
Expected long-term return on plan assets (17) (17) (16)
Recognized actuarial gain (7) (6) (10)
Amortization of actuarial gains (7) (8) (6)
Net settlement loss 0 1 1
Amortization of prior service costs 4 4 1
Net periodic benefit cost $ 3 $ 3 $ 0
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Nonoperating Income (Expense) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Nonoperating Income (Expense) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] Other Nonoperating Income (Expense) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense)
Gain (loss) corridor 10.00% 10.00% 10.00%
v3.23.3
Postretirement and Other Employee Benefits - Weighted-Average Actuarial Assumptions (Details)
 12 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Aug. 31, 2021
Net periodic benefit cost:      
Expected long-term return on plan assets 3.60% 3.00% 2.90%
Rate of compensation increase 2.10% 2.20% 2.10%
Discount rate 2.60% 0.70% 0.80%
PBO:      
Expected long-term return on plan assets 3.70% 3.60% 3.00%
Rate of compensation increase 1.90% 2.10% 2.20%
Discount rate 2.80% 2.60% 0.70%
v3.23.3
Postretirement and Other Employee Benefits - Fair Value of Plan Assets (Details) - USD ($)
$ in Millions
Aug. 31, 2023
Aug. 31, 2022
Aug. 31, 2021
Defined Benefit Plan Disclosure [Line Items]      
Fair Value $ 486 $ 459 $ 576
Asset Allocation 100.00% 100.00%  
Cash and cash equivalents | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair Value $ 17 $ 13  
Asset Allocation 3.00% 3.00%  
Global equity securities | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair Value $ 213 $ 197  
Asset Allocation 44.00% 43.00%  
Corporate bonds | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair Value $ 216 $ 203  
Asset Allocation 45.00% 44.00%  
Government bonds | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair Value $ 30 $ 34  
Asset Allocation 6.00% 7.00%  
Insurance contracts | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair Value $ 10 $ 12  
Asset Allocation 2.00% 3.00%  
v3.23.3
Postretirement and Other Employee Benefits - Estimated Future Benefit Payments (Details)
$ in Millions
Aug. 31, 2023
USD ($)
Fiscal Year Ended August 31,  
2024 $ 34
2025 29
2026 29
2027 33
2028 31
2029 through 2033 $ 156
v3.23.3
Derivative Financial Instruments and Hedging Activities - Additional Information (Details) - USD ($)
 1 Months Ended
Apr. 30, 2023
Apr. 30, 2022
Aug. 31, 2023
Apr. 13, 2023
Aug. 31, 2022
May 04, 2022
Jul. 01, 2020
5.450% Senior Notes | Senior Notes              
Derivative [Line Items]              
Stated interest rate (as a percent) 5.45%   5.45% 5.45%      
4.250% Senior Notes | Senior Notes              
Derivative [Line Items]              
Stated interest rate (as a percent)   4.25% 4.25%     4.25%  
3.000% Senior Notes | Senior Notes              
Derivative [Line Items]              
Stated interest rate (as a percent)     3.00%       3.00%
Cash flow hedging              
Derivative [Line Items]              
Cash received at settlement $ 15,000,000 $ 46,000,000          
Settled Cash Flow Hedge Effective Date May2021 | Cash flow hedging              
Derivative [Line Items]              
Aggregate notional amount 150,000,000            
Settled Cash Flow Hedge Effective Date August 2022 | Cash flow hedging              
Derivative [Line Items]              
Aggregate notional amount $ 100,000,000            
Settled cash flow hedge, effective date November 2020 | Cash flow hedging              
Derivative [Line Items]              
Aggregate notional amount   250,000,000          
Settled cash flow hedge, effective date March 2022 | Cash flow hedging              
Derivative [Line Items]              
Aggregate notional amount   $ 170,000,000          
Interest rate swaps | Cash flow hedging | 3.000% Senior Notes              
Derivative [Line Items]              
Aggregate notional amount             $ 200,000,000
Forward contracts | Forward foreign exchange contracts | Cash flow hedging | Designated as Hedging Instruments              
Derivative [Line Items]              
Aggregate notional amount     $ 491,000,000   $ 1,400,000,000    
Forward contracts | Forward foreign exchange contracts | Cash flow hedging | Not Designated as Hedging Instruments              
Derivative [Line Items]              
Aggregate notional amount     $ 4,000,000,000   $ 3,400,000,000    
v3.23.3
Derivative Financial Instruments and Hedging Activities - Schedule of Maturity Date and Aggregate Notional Amount Outstanding of Net Investment Hedges (Details) - Net investment hedges: - Designated as Hedging Instruments - Forward contracts - USD ($)
$ in Millions
Aug. 31, 2023
Aug. 31, 2022
September 2023    
Derivative [Line Items]    
Aggregate notional amount $ 34 $ 0
October 2023    
Derivative [Line Items]    
Aggregate notional amount 96 0
January 2024    
Derivative [Line Items]    
Aggregate notional amount 96 0
April 2024    
Derivative [Line Items]    
Aggregate notional amount 68 0
July 2024    
Derivative [Line Items]    
Aggregate notional amount 102 0
Foreign exchange contracts    
Derivative [Line Items]    
Aggregate notional amount $ 396 $ 0
v3.23.3
Derivative Financial Instruments and Hedging Activities - Derivatives Not Designated As Hedging Instruments (Details) - Cost of revenue - Forward foreign exchange contracts - USD ($)
$ in Millions
 12 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Aug. 31, 2021
Derivative [Line Items]      
Amount of (Loss) Gain Recognized in Net Income on Derivatives $ (111) $ (71) $ 140
Foreign currency gain (loss) $ 58 $ 87 $ (105)
v3.23.3
Stockholders' Equity - Recognized Stock-Based Compensation (Details) - USD ($)
$ in Millions
 12 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Aug. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation expense $ 95 $ 81 $ 102
Restricted stock units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation expense 81 67 91
Employee stock purchase plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation expense $ 14 $ 14 $ 11
v3.23.3
Stockholders' Equity - Equity Compensation Plan, Additional Information (Details)
Aug. 31, 2023
shares
2021 EIP  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Maximum aggregate number of shares authorized (in shares) 11,000,000
v3.23.3
Stockholders' Equity - Shares Available for Grant (Details)
 12 Months Ended
Aug. 31, 2023
shares
Reconciliation of Shares Available to be Issued [Roll Forward]  
Balance as of beginning of period (in shares) 9,974,294
Restricted stock units granted, net of forfeitures (in shares) (1,510,561)
Balance as of end of period (in shares) 8,463,733
v3.23.3
Stockholders' Equity - Restricted Stock Units, Additional Information (Details)
 12 Months Ended
Aug. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Award vesting percentage (up to) 100.00%
Time-based restricted stock units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Award vesting period 3 years
Performance-based restricted stock units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Award vesting period 3 years
Performance-based restricted stock units | Maximum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Award vesting percentage (up to) 150.00%
Market-based restricted stock units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Award vesting period 3 years
Market-based restricted stock units | Maximum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Award vesting percentage (up to) 200.00%
v3.23.3
Stockholders' Equity - Restricted Stock Activity (Details)
 12 Months Ended
Aug. 31, 2023
$ / shares
shares
Shares  
Outstanding as of beginning of period (in shares) 4,412,994
Changes during the period  
Shares granted (in shares) 1,673,925
Shares vested (in shares) (2,014,802)
Shares forfeited (in shares) (163,364)
Outstanding as of end of period (in shares) 3,908,753
Weighted-Average Grant-Date Fair Value  
Outstanding as of beginning of period (in dollars per share) | $ / shares $ 49.87
Changes during the period  
Shares granted (in dollars per share) | $ / shares 66.33
Shares vested (in dollars per share) | $ / shares 45.98
Shares forfeited (in dollars per share) | $ / shares 56.92
Outstanding as of end of period (in dollars per share) | $ / shares $ 58.70
Time-based restricted stock units  
Changes during the period  
Restricted stock units awarded (in shares) 900,000
Performance-based restricted stock units  
Changes during the period  
Restricted stock units awarded (in shares) 200,000
Market-based restricted stock units  
Changes during the period  
Restricted stock units awarded (in shares) 200,000
v3.23.3
Stockholders' Equity - Restricted Stock Stock-based Compensation Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Aug. 31, 2021
Share-Based Payment Arrangement [Abstract]      
Fair value of restricted stock units vested $ 93 $ 72 $ 69
Tax benefit for stock compensation expense 2 $ 2 $ 1
Unrecognized stock-based compensation expense — restricted stock units $ 43    
Remaining weighted-average period for restricted stock units expense 1 year 4 months 24 days    
v3.23.3
Stockholders' Equity - Employee Stock Purchase Plan, Additional Information (Details) - shares
 12 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares available for issuance under share based compensation plan (in shares) 8,463,733 9,974,294
ESPP | Employee stock purchase plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Maximum aggregate number of shares authorized (in shares) 23,000,000  
Eligibility period for employees to participate in ESPP 90 days  
Maximum percentage of an employees salary that can be used to purchase shares under the ESPP 10.00%  
Percentage for fair market value fixed for pricing 85.00%  
Shares available for issuance under share based compensation plan (in shares) 9,987,996  
v3.23.3
Stockholders' Equity - Black-Scholes Option Pricing Model (Details)
 12 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Aug. 31, 2021
Share-Based Payment Arrangement [Abstract]      
Expected dividend yield 0.30% 0.30% 0.50%
Risk-free interest rate 3.40% 0.10% 0.10%
Expected volatility 37.40% 29.60% 32.90%
Expected life 6 months 6 months 6 months
v3.23.3
Stockholders' Equity - Dividends (Details) - USD ($)
$ / shares in Units, $ in Millions
Jul. 20, 2023
Apr. 20, 2023
Jan. 26, 2023
Oct. 20, 2022
Jul. 21, 2022
Apr. 21, 2022
Jan. 20, 2022
Oct. 21, 2021
Share-Based Payment Arrangement [Abstract]                
Dividend per Share (in dollars per share) $ 0.08 $ 0.08 $ 0.08 $ 0.08 $ 0.08 $ 0.08 $ 0.08 $ 0.08
Total of Cash Dividends Declared $ 11 $ 11 $ 10 $ 12 $ 11 $ 12 $ 12 $ 12
v3.23.3
Stockholders' Equity - Common Stock Outstanding (Details) - USD ($)
 12 Months Ended 20 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Aug. 31, 2021
Feb. 28, 2023
Sep. 30, 2023
Sep. 30, 2022
Jul. 31, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Common stock outstanding, beginning balances (in shares) 135,493,980            
Common stock outstanding, ending balance (in shares) 131,294,422 135,493,980          
2022 Share Repurchase Program              
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Authorized repurchase of common stock under share repurchase programs             $ 1,000,000,000
Number of shares repurchased (in shares)       16,500,000      
Value of shares repurchased       $ 1,000,000,000      
Share repurchase program, remaining amount available       $ 0      
2023 Share Repurchase Program              
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Authorized repurchase of common stock under share repurchase programs           $ 1,000,000,000  
Number of shares repurchased (in shares) 2,700,000            
Value of shares repurchased $ 224,000,000            
Share repurchase program, remaining amount available $ 776,000,000            
2023 Share Repurchase Program | Subsequent Event              
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Authorized repurchase of common stock under share repurchase programs         $ 2,500,000,000    
Common Stock              
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Common stock outstanding, beginning balances (in shares) 135,493,980 144,496,077 150,330,358        
Shares issued upon exercise of stock options (in shares) 0 0 9,321        
Shares issued under employee stock purchase plan (in shares) 1,043,294 970,480 1,288,397        
Vesting of restricted stock (in shares) 2,014,802 2,503,143 2,290,104        
Purchases of treasury stock under employee stock plans (in shares) (571,606) (713,667) (622,703)        
Treasury shares purchased (in shares) (6,686,048) (11,762,053) (8,799,400)        
Common stock outstanding, ending balance (in shares) 131,294,422 135,493,980 144,496,077        
v3.23.3
Concentration of Risk and Segment Data - Additional Information (Details)
 12 Months Ended
Aug. 31, 2023
country
segment
Revenue, Major Customer [Line Items]  
Number of operating segments | segment 2
Number of operating countries | country 30
Customer concentration | Net Revenue | Five Largest Customers  
Revenue, Major Customer [Line Items]  
Concentration of risk percentage 42.00%
Customer concentration | Net Revenue | 84 Customers  
Revenue, Major Customer [Line Items]  
Concentration of risk percentage 90.00%
v3.23.3
Concentration of Risk and Segment Data - Concentration of Risk (Details)
 12 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Aug. 31, 2021
Net Revenue | Apple, Inc. | Customer concentration      
Revenue, Major Customer [Line Items]      
Concentration of risk percentage 17.00% 19.00% 22.00%
v3.23.3
Concentration of Risk and Segment Data - Revenues Disaggregated by Segment (Details) - USD ($)
$ in Millions
 12 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Aug. 31, 2021
Disaggregation of Revenue [Line Items]      
Net revenue $ 34,702 $ 33,478 $ 29,285
Point in time      
Disaggregation of Revenue [Line Items]      
Net revenue 11,547 12,930 11,647
Over time      
Disaggregation of Revenue [Line Items]      
Net revenue 23,155 20,548 17,638
EMS      
Disaggregation of Revenue [Line Items]      
Net revenue 16,749 16,737 13,904
EMS | Point in time      
Disaggregation of Revenue [Line Items]      
Net revenue 5,094 6,112 4,464
EMS | Over time      
Disaggregation of Revenue [Line Items]      
Net revenue 11,655 10,625 9,440
DMS      
Disaggregation of Revenue [Line Items]      
Net revenue 17,953 16,741 15,381
DMS | Point in time      
Disaggregation of Revenue [Line Items]      
Net revenue 6,453 6,818 7,183
DMS | Over time      
Disaggregation of Revenue [Line Items]      
Net revenue $ 11,500 $ 9,923 $ 8,198
v3.23.3
Concentration of Risk and Segment Data - Segment Income and Reconciliation of Income Before Income Tax (Details) - USD ($)
$ in Millions
 12 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Aug. 31, 2021
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Income $ 1,262 $ 1,231 $ 944
Reconciling items:      
Amortization of intangibles (33) (34) (47)
Stock-based compensation expense and related charges (95) (81) (102)
Restructuring, severance and related charges (57) (18) (10)
Loss on debt extinguishment 0 (4) 0
Gain on securities 0 0 (2)
Interest expense, net 206 146 124
Operating Segments      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Income 1,733 1,543 1,241
Segment Reconciling Items      
Reconciling items:      
Amortization of intangibles (33) (34) (47)
Stock-based compensation expense and related charges (95) (81) (102)
Restructuring, severance and related charges (57) (18) (10)
Business interruption and impairment charges, net 0 0 1
Acquisition and integration charges 0 0 (4)
Loss on debt extinguishment 0 (4) 0
Gain on securities 0 0 2
Other expense (net of periodic benefit cost) (80) (29) (13)
Interest expense, net 206 146 124
EMS | Operating Segments      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Income 837 727 509
Reconciling items:      
Restructuring, severance and related charges (10) (1) 0
DMS | Operating Segments      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Income 896 816 732
Reconciling items:      
Restructuring, severance and related charges $ (35) $ (10) $ (9)
v3.23.3
Concentration of Risk and Segment Data - Segment Assets (Details) - USD ($)
$ in Millions
Aug. 31, 2023
Aug. 31, 2022
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets $ 19,424 $ 19,717
Assets held for sale 1,929 0
Operating Segments | EMS    
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets 4,859 5,402
Operating Segments | DMS    
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets 6,802 8,881
Assets held for sale and Other non-allocated assets    
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets 5,834 5,434
Segment Reconciling Items | Held for sale    
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets held for sale $ 1,929 $ 0
v3.23.3
Concentration of Risk and Segment Data - External Net Revenue (Details) - USD ($)
$ in Millions
 12 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Aug. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net revenue $ 34,702 $ 33,478 $ 29,285
Foreign source revenue      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net revenue 29,767 28,089 24,470
Singapore      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net revenue 7,385 7,916 7,943
Mexico      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net revenue 6,083 5,630 4,323
China      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net revenue 5,868 5,272 4,666
Malaysia      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net revenue 2,779 2,709 2,121
India      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net revenue 1,596 591 549
Other      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net revenue 6,056 5,971 4,868
U.S.      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net revenue $ 4,935 $ 5,389 $ 4,815
v3.23.3
Concentration of Risk and Segment Data - Long-lived Assets (Details) - USD ($)
$ in Millions
Aug. 31, 2023
Aug. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets $ 3,900 $ 4,816
Long-lived assets related to foreign operations    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets 2,907 3,796
China    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets 684 1,758
China | Held for sale | Product Manufacturing Business    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets classified as held for sale 841  
Mexico    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets 574 492
Malaysia    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets 358 328
Switzerland    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets 238 208
Singapore    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets 131 138
Hungary    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets 109 114
Taiwan    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets 97 101
Vietnam    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets 88 104
Other    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets 628 553
U.S.    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets $ 993 $ 1,020
v3.23.3
Restructuring, Severance and Related Charges - Schedule of Restructuring, Severance and Related Charges (Details) - USD ($)
$ in Millions
 12 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Aug. 31, 2021
Restructuring Cost and Reserve [Line Items]      
Restructuring, severance and related charges $ 57 $ 18 $ 10
2020 Restructuring Plan      
Restructuring Cost and Reserve [Line Items]      
Restructuring, severance and related charges     86
Operating Segments | EMS      
Restructuring Cost and Reserve [Line Items]      
Restructuring, severance and related charges 10 1 0
Operating Segments | DMS      
Restructuring Cost and Reserve [Line Items]      
Restructuring, severance and related charges 35 10 9
Non-allocated Charges      
Restructuring Cost and Reserve [Line Items]      
Restructuring, severance and related charges 12 7 1
Employee severance and benefit costs      
Restructuring Cost and Reserve [Line Items]      
Restructuring, severance and related charges 48 18 5
Lease costs      
Restructuring Cost and Reserve [Line Items]      
Restructuring, severance and related charges 0 0 (1)
Asset write-off costs      
Restructuring Cost and Reserve [Line Items]      
Restructuring, severance and related charges 5 0 5
Other costs      
Restructuring Cost and Reserve [Line Items]      
Restructuring, severance and related charges $ 4 $ 0 $ 1
v3.23.3
Restructuring, Severance and Related Charges - Additional Information (Details)
$ in Millions
Aug. 31, 2023
USD ($)
2024 Restructuring Plan  
Restructuring Cost and Reserve [Line Items]  
Total pre-tax restructuring and other related costs expected to be recognized $ 300
v3.23.3
Income Taxes - Income (Loss) Before Income Tax Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Aug. 31, 2021
Income Tax Disclosure [Abstract]      
Domestic $ (315) $ (116) $ (271)
Foreign 1,577 1,347 1,215
Income before income tax $ 1,262 $ 1,231 $ 944
v3.23.3
Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($)
$ in Millions
 12 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Aug. 31, 2021
Current:      
Domestic - federal $ 1 $ 7 $ 7
Domestic - state 2 2 3
Foreign 350 239 252
Total current 353 248 262
Deferred:      
Domestic - federal (2) (25) 2
Domestic - state 4 0 0
Foreign 89 12 (18)
Total deferred 91 (13) (16)
Total income tax expense $ 444 $ 235 $ 246
v3.23.3
Income Taxes - Reconciliation of Income Tax Rate (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Aug. 31, 2021
Income Tax Disclosure [Abstract]      
U.S. federal statutory income tax rate 21.00% 21.00% 21.00%
State income taxes, net of federal tax benefit 0.20% 0.70% 0.20%
Impact of foreign tax rates (1.80%) (4.00%) (4.60%)
Permanent differences (0.50%) 1.20% (0.40%)
Income tax credits (0.50%) (0.50%) (0.40%)
Valuation allowance 1.10% (3.30%) 1.30%
Equity compensation 0.50% (0.50%) 0.60%
Impact of intercompany charges and dividends 2.40% 3.60% 4.40%
Global Intangible Low-Taxed Income 0.80% 1.10% 3.00%
Change in indefinite reinvestment assertion 11.70% 0.00% 0.00%
Other, net 0.30% (0.20%) 0.90%
Effective income tax rate 35.20% 19.10% 26.00%
Income tax benefit on income from subsidiaries $ 74 $ 80 $ 51
Per basic share income tax benefit on income from subsidiaries (in dollars per share) $ 0.56 $ 0.57 $ 0.34
Income tax expense associated with remeasurement of referred tax assets   $ 26  
v3.23.3
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Aug. 31, 2023
Aug. 31, 2022
Deferred tax assets:    
Net operating loss carryforwards $ 196 $ 176
Receivables 4 4
Inventories 16 16
Compensated absences 16 13
Accrued expenses 116 106
Property, plant and equipment 17 66
Domestic tax credits 22 11
Foreign jurisdiction tax credits 4 4
Equity compensation 8 10
Domestic interest carryforwards 10 4
Capital loss carryforwards 19 20
Revenue recognition 29 32
Operating and finance lease liabilities 39 72
Other 24 27
Total deferred tax assets before valuation allowances 520 561
Less valuation allowances (303) (281)
Net deferred tax assets 217 280
Deferred tax liabilities:    
Unremitted earnings of foreign subsidiaries 201 57
Intangible assets 24 25
Operating lease assets 85 111
Other 16 10
Total deferred tax liabilities 326 203
Net deferred tax liabilities (109)  
Net deferred tax assets   $ 77
Held for sale | Product Manufacturing Business    
Deferred tax liabilities:    
Total deferred tax assets before valuation allowances classified as held for sale $ 96  
v3.23.3
Income Taxes - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Aug. 31, 2021
Income Tax Disclosure [Abstract]      
Undistributed earnings of foreign subsidiaries $ 900    
Unrecognized deferred tax liability 100    
Accrued interest and penalties related to unrecognized tax benefits included in income tax provision 31 $ 30  
Recognized (derecognized) tax benefit, accrued interest and penalties 3 $ 0 $ 7
Possible adjustments for transfer pricing and certain inclusions in taxable income $ 150    
v3.23.3
Income Taxes - Tax Carryforwards (Details)
$ in Millions
Aug. 31, 2023
USD ($)
Domestic - federal  
Operating Loss Carryforwards [Line Items]  
Income tax net operating loss carryforwards $ 11
Tax credit carryforwards 18
Domestic - federal | Tax capital loss carryforwards:  
Operating Loss Carryforwards [Line Items]  
Tax credit carryforwards 75
Domestic - state  
Operating Loss Carryforwards [Line Items]  
Income tax net operating loss carryforwards 55
Tax credit carryforwards 4
Foreign  
Operating Loss Carryforwards [Line Items]  
Income tax net operating loss carryforwards 646
Tax credit carryforwards $ 4
v3.23.3
Income Taxes - Reconciliations of Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Aug. 31, 2021
Reconciliation of Unrecognized Tax Benefits [Roll Forward]      
Beginning balance $ 253 $ 241 $ 190
Additions for tax positions of prior years 1 22 15
Reductions for tax positions of prior years (7) (21) (3)
Additions for tax positions related to current year 23 36 36
Cash settlements (3) (3) 0
Reductions from lapses in statutes of limitations (8) (3) (2)
Reductions from non-cash settlements with taxing authorities (2) (9) 0
Foreign exchange rate adjustment 0 (10) 5
Ending balance 257 253 241
Unrecognized tax benefits that would affect the effective tax rate (if recognized) $ 150 $ 150 $ 139
v3.23.3
Business Acquisitions and Divestitures - Additional Information (Details) - Held for sale - Product Manufacturing Business - USD ($)
$ in Millions
Aug. 26, 2023
Sep. 26, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Total deposit paid, amount $ 440  
Escrow deposit 132  
Payments for deposits with other institutions 308  
Repayment of deposit, amount $ 390  
Subsequent Event    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Consideration for the sale of a business   $ 2,200
v3.23.3
Business Acquisitions and Divestitures - Schedule of Assets and Liabilities Held For Sale (Details) - Held for sale - Product Manufacturing Business
$ in Millions
Aug. 31, 2023
USD ($)
Assets held for sale:  
Accounts receivable, net of allowance for credit losses $ 96
Inventories, net of reserve for excess and obsolete inventory 559
Prepaid expenses and other current assets 220
Property, plant and equipment, net of accumulated depreciation 724
Operating lease right-of-use asset 112
Goodwill 117
Deferred income taxes 96
Liabilities held for sale:  
Accounts payable 876
Accrued expenses 364
Non-current operating lease liabilities $ 83
v3.23.3
Fair Value Measurements - Schedule of Fair Value of Financial Assets and Liabilities Measured at Fair Value (Details) - Recurring - USD ($)
$ in Millions
Aug. 31, 2023
Aug. 31, 2022
Level 1    
Assets:    
Cash equivalents $ 0 $ 14
Short-term investments 25 16
Level 2 | Designated as Hedging Instruments | Net investment hedges:    
Assets:    
Forward foreign exchange contracts and net investment hedges 9 0
Liabilities:    
Forward foreign exchange contracts and net investment hedges $ 1 $ 0
Level 2 | Designated as Hedging Instruments | Forward foreign exchange contracts    
Assets:    
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] Prepaid expenses and other current assets Prepaid expenses and other current assets
Forward foreign exchange contracts and net investment hedges $ 4 $ 3
Liabilities:    
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Accrued expenses Accrued expenses
Forward foreign exchange contracts and net investment hedges $ 17 $ 32
Level 2 | Designated as Hedging Instruments | Interest rate swaps    
Assets:    
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
Forward interest rate swap $ 0 $ 13
Level 2 | Not Designated as Hedging Instruments | Forward foreign exchange contracts    
Assets:    
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] Prepaid expenses and other current assets Prepaid expenses and other current assets
Forward foreign exchange contracts and net investment hedges $ 20 $ 13
Liabilities:    
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Accrued expenses Accrued expenses
Forward foreign exchange contracts and net investment hedges $ 64 $ 76
Level 2 | Not Designated as Hedging Instruments | Interest rate swaps    
Liabilities:    
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Accrued expenses Accrued expenses
v3.23.3
Fair Value Measurements - Schedule of Carrying Amounts and Fair Values of Notes Payable and Long-term Debt (Details) - USD ($)
$ in Millions
Aug. 31, 2023
Apr. 30, 2023
Apr. 13, 2023
Aug. 31, 2022
May 04, 2022
Apr. 30, 2022
Jul. 01, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Carrying Amount $ 2,875     $ 2,875      
Senior Notes | 4.900% Senior Notes              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Stated interest rate (as a percent) 4.90%   4.90%        
Carrying Amount $ 0     300      
Senior Notes | 4.900% Senior Notes | Level 3 | Carrying Amount              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Carrying Amount 0     300      
Senior Notes | 4.900% Senior Notes | Level 3 | Fair Value              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Fair Value $ 0     300      
Senior Notes | 3.950% Senior Notes              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Stated interest rate (as a percent) 3.95%            
Carrying Amount $ 497     497      
Senior Notes | 3.950% Senior Notes | Level 2 | Carrying Amount              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Carrying Amount 497     497      
Senior Notes | 3.950% Senior Notes | Level 2 | Fair Value              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Fair Value $ 468     471      
Senior Notes | 3.600% Senior Notes              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Stated interest rate (as a percent) 3.60%            
Carrying Amount $ 496     496      
Senior Notes | 3.600% Senior Notes | Level 2 | Carrying Amount              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Carrying Amount 496     496      
Senior Notes | 3.600% Senior Notes | Level 2 | Fair Value              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Fair Value $ 448     440      
Senior Notes | 3.000% Senior Notes              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Stated interest rate (as a percent) 3.00%           3.00%
Carrying Amount $ 593     592      
Senior Notes | 3.000% Senior Notes | Level 2 | Carrying Amount              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Carrying Amount 593     592      
Senior Notes | 3.000% Senior Notes | Level 2 | Fair Value              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Fair Value $ 502     500      
Senior Notes | 1.700% Senior Notes              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Stated interest rate (as a percent) 1.70%            
Carrying Amount $ 498     497      
Senior Notes | 1.700% Senior Notes | Level 2 | Carrying Amount              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Carrying Amount 498     497      
Senior Notes | 1.700% Senior Notes | Level 2 | Fair Value              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Fair Value $ 452     446      
Senior Notes | 4.250% Senior Notes              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Stated interest rate (as a percent) 4.25%       4.25% 4.25%  
Carrying Amount $ 495     493      
Senior Notes | 4.250% Senior Notes | Level 2 | Carrying Amount              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Carrying Amount 495     493      
Senior Notes | 4.250% Senior Notes | Level 2 | Fair Value              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Fair Value $ 478     483      
Senior Notes | 5.450% Senior Notes              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Stated interest rate (as a percent) 5.45% 5.45% 5.45%        
Carrying Amount $ 296     0      
Senior Notes | 5.450% Senior Notes | Level 2 | Carrying Amount              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Carrying Amount 296     0      
Senior Notes | 5.450% Senior Notes | Level 2 | Fair Value              
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]              
Fair Value $ 297     $ 0      
v3.23.3
Schedule of Valuation and Qualifying Accounts (Details) - USD ($)
$ in Millions
 12 Months Ended
Aug. 31, 2023
Aug. 31, 2022
Aug. 31, 2021
Reserve for excess and obsolete inventory      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period $ 82 $ 85 $ 85
Additions and Adjustments Charged to Costs and Expenses 34 23 33
Additions/ (Reductions) Charged to Other Accounts (27) 0 0
Write-offs (31) (26) (33)
Balance at End of Period 58 82 85
Valuation allowance for deferred taxes      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period 281 353 341
Additions and Adjustments Charged to Costs and Expenses 28 19 18
Additions/ (Reductions) Charged to Other Accounts 9 (31) 0
Write-offs (15) (60) (6)
Balance at End of Period $ 303 $ 281 $ 353