JABIL INC, 10-Q filed on 7/9/2024
Quarterly Report
v3.24.2
Cover Page - shares
 9 Months Ended
May 31, 2024
Jul. 02, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date May 31, 2024  
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, $0.001 par value per share  
Trading Symbol JBL  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   113,445,192
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Entity Central Index Key 0000898293  
Current Fiscal Year End Date --08-31  
v3.24.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
May 31, 2024
Aug. 31, 2023
Current assets:    
Cash and cash equivalents $ 2,457 $ 1,804
Accounts receivable, net of allowance for credit losses 3,382 3,647
Contract assets 1,121 1,035
Inventories, net of reserve for excess and obsolete inventory 4,439 5,206
Prepaid expenses and other current assets 1,494 1,109
Assets held for sale 0 1,929
Total current assets 12,893 14,730
Property, plant and equipment, net of accumulated depreciation of $4,668 as of May 31, 2024 and $4,512 as of August 31, 2023 2,963 3,137
Operating lease right-of-use asset 366 367
Goodwill 655 621
Intangible assets, net of accumulated amortization 155 142
Deferred income taxes 129 159
Other assets 288 268
Total assets 17,449 19,424
Current liabilities:    
Current installments of notes payable and long-term debt 0 0
Accounts payable 5,398 5,679
Accrued expenses 5,929 5,515
Current operating lease liabilities 96 104
Liabilities held for sale 0 1,397
Total current liabilities 11,423 12,695
Notes payable and long-term debt, less current installments 2,879 2,875
Other liabilities 331 319
Non-current operating lease liabilities 285 269
Income tax liabilities 112 131
Deferred income taxes 143 268
Total liabilities 15,173 16,557
Commitments and contingencies
Jabil Inc. stockholders’ equity:    
Preferred stock, $0.001 par value, authorized 10,000,000 shares; no shares issued and no shares outstanding 0 0
Common stock, $0.001 par value, authorized 500,000,000 shares; 276,079,193 and 273,949,811 shares issued and 118,720,679 and 131,294,422 shares outstanding as of May 31, 2024 and August 31, 2023, respectively 0 0
Additional paid-in capital 2,881 2,795
Retained earnings 5,632 4,412
Accumulated other comprehensive loss (18) (17)
Treasury stock at cost, 157,358,514 and 142,655,389 shares as of May 31, 2024 and August 31, 2023, respectively (6,219) (4,324)
Total Jabil Inc. stockholders’ equity 2,276 2,866
Noncontrolling interests 0 1
Total equity 2,276 2,867
Total liabilities and equity $ 17,449 $ 19,424
v3.24.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
May 31, 2024
Aug. 31, 2023
Statement of Financial Position [Abstract]    
Accumulated depreciation $ 4,668 $ 4,512
Preferred stock, par value (in usd 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 usd per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 500,000,000 500,000,000
Common stock, shares issued (in shares) 276,079,193 273,949,811
Common stock, shares outstanding (in shares) 118,720,679 131,294,422
Treasury stock at cost, shares (in shares) 157,358,514 142,655,389
v3.24.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Income Statement [Abstract]        
Net revenue $ 6,765 $ 8,475 $ 21,919 $ 26,244
Cost of revenue 6,157 7,778 19,906 24,143
Gross profit 608 697 2,013 2,101
Operating expenses:        
Selling, general and administrative 268 307 890 911
Research and development 9 8 29 25
Amortization of intangibles 12 7 27 24
Restructuring, severance and related charges 55 0 252 45
Gain from the divestiture of businesses 0 0 (944) 0
Acquisition and divestiture related charges 3 0 64 0
Operating income 261 375 1,695 1,096
Other expense 22 18 65 50
Interest expense, net 38 51 132 154
Income before income tax 201 306 1,498 892
Income tax expense 72 73 248 229
Net income 129 233 1,250 663
Net income attributable to noncontrolling interests, net of tax 0 0 0 0
Net income attributable to Jabil Inc. $ 129 $ 233 $ 1,250 $ 663
Earnings per share attributable to the stockholders of Jabil Inc.:        
Basic (in usd per share) $ 1.08 $ 1.76 $ 10.01 $ 4.96
Diluted (in usd per share) $ 1.06 $ 1.72 $ 9.86 $ 4.86
Weighted average shares outstanding:        
Basic (in shares) 119.9 132.3 124.9 133.6
Diluted (in shares) 121.7 135.1 126.9 136.4
v3.24.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Statement of Comprehensive Income [Abstract]        
Net income $ 129 $ 233 $ 1,250 $ 663
Other comprehensive income (loss):        
Change in foreign currency translation 1 3 (6) 21
Change in derivative instruments:        
Change in fair value of derivatives 0 (13) (4) (20)
Adjustment for net (gains) losses realized and included in net income (1) (8) 13 36
Total change in derivative instruments (1) (21) 9 16
Actuarial loss (2) (3) (7) (8)
Prior service credit 1 1 3 2
Total other comprehensive (loss) income (1) (20) (1) 31
Comprehensive income 128 213 1,249 694
Comprehensive income attributable to noncontrolling interests 0 0 0 0
Comprehensive income attributable to Jabil Inc. $ 128 $ 213 $ 1,249 $ 694
v3.24.2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Millions
Total
Additional paid-in capital:
Retained earnings:
Accumulated other comprehensive (loss) income:
Treasury stock:
Noncontrolling interests:
Beginning Balance at Aug. 31, 2022 $ 2,452 $ 2,655 $ 3,638 $ (42) $ (3,800) $ 1
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Shares issued under employee stock purchase plan   27        
Treasury shares purchased         (442)  
Recognition of stock-based compensation   76        
Declared dividends     (33)      
Net income attributable to Jabil Inc. 663   663      
Total other comprehensive (loss) income 31     31    
Purchases of treasury stock under employee stock plans         (36)  
Excise taxes related to treasury shares purchased         (1)  
Ending Balance at May. 31, 2023 2,737 2,758 4,268 (11) (4,279) 1
Beginning Balance at Feb. 28, 2023 2,674 2,742 4,046 9 (4,124) 1
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Treasury shares purchased         (154)  
Recognition of stock-based compensation   16        
Declared dividends     (11)      
Net income attributable to Jabil Inc. 233   233      
Total other comprehensive (loss) income (20)     (20)    
Excise taxes related to treasury shares purchased         (1)  
Ending Balance at May. 31, 2023 2,737 2,758 4,268 (11) (4,279) 1
Beginning Balance at Aug. 31, 2023 2,867 2,795 4,412 (17) (4,324) 1
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Shares issued under employee stock purchase plan   31        
Purchase of noncontrolling interest   (2)       (1)
Treasury shares purchased   (13)     (1,811)  
Recognition of stock-based compensation   70        
Declared dividends     (30)      
Net income attributable to Jabil Inc. 1,250   1,250      
Total other comprehensive (loss) income (1)     (1)    
Purchases of treasury stock under employee stock plans         (68)  
Excise taxes related to treasury shares purchased         (16)  
Ending Balance at May. 31, 2024 2,276 2,881 5,632 (18) (6,219) 0
Beginning Balance at Feb. 29, 2024 2,658 2,877 5,512 (17) (5,714) 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Treasury shares purchased         (499)  
Recognition of stock-based compensation   4        
Declared dividends     (9)      
Net income attributable to Jabil Inc. 129   129      
Total other comprehensive (loss) income (1)     (1)    
Purchases of treasury stock under employee stock plans         (1)  
Excise taxes related to treasury shares purchased         (5)  
Ending Balance at May. 31, 2024 $ 2,276 $ 2,881 $ 5,632 $ (18) $ (6,219) $ 0
v3.24.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
May 31, 2024
May 31, 2023
Cash flows provided by operating activities:    
Net income $ 1,250 $ 663
Depreciation, amortization, and other, net 557 752
Gain from the divestiture of businesses (944) 0
Change in operating assets and liabilities, exclusive of net assets acquired 318 (367)
Net cash provided by operating activities 1,181 1,048
Cash flows provided by (used in) investing activities:    
Acquisition of property, plant and equipment (660) (860)
Proceeds and advances from sale of property, plant and equipment 115 180
Cash paid for business and intangible asset acquisitions, net of cash (90) (30)
Proceeds from the divestiture of businesses, net of cash 2,108 0
Other, net (6) (28)
Net cash provided by (used in) investing activities 1,467 (738)
Cash flows used in financing activities:    
Borrowings under debt agreements 1,895 3,556
Payments toward debt agreements (1,987) (3,369)
Payments to acquire treasury stock (1,824) (442)
Dividends paid to stockholders (32) (34)
Net proceeds from exercise of stock options and issuance of common stock under employee stock purchase plan 31 27
Treasury stock minimum tax withholding related to vesting of restricted stock (68) (36)
Other, net (4) (6)
Net cash used in financing activities (1,989) (304)
Effect of exchange rate changes on cash and cash equivalents (6) (4)
Net increase in cash and cash equivalents 653 2
Cash and cash equivalents at beginning of period 1,804 1,478
Cash and cash equivalents at end of period $ 2,457 $ 1,480
v3.24.2
Basis of Presentation
 9 Months Ended
May 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation Basis of Presentation
The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary to present fairly the information set forth therein have been included. The accompanying unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and footnotes included in the Annual Report on Form 10-K of Jabil Inc. (the “Company”) for the fiscal year ended August 31, 2023. Results for the nine months ended May 31, 2024 are not necessarily an indication of the results that may be expected for the full fiscal year ending August 31, 2024.
v3.24.2
Trade Accounts Receivable Sale Programs
 9 Months Ended
May 31, 2024
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, at a discount, 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.
As of May 31, 2024, the Company may elect to sell receivables and the unaffiliated financial institutions may elect to purchase specific accounts receivable at any one time, at a discount, on an ongoing basis up to a: (i) maximum aggregate amount available of $1.9 billion under nine trade accounts receivable sale programs, (ii) maximum amount available of 100 million CHF under one trade accounts receivable sale program, (iii) maximum amount available of 8.1 billion INR under one trade accounts receivable sale program, and (iv) maximum amount available of 1.9 billion CNY under one trade accounts receivable sale program. The trade accounts receivable sale programs either expire on various dates through 2028 or do not have expiration dates and may be terminated upon election of the Company or the unaffiliated financial institutions.
The Company continues servicing the receivables sold and in exchange receives an immaterial servicing fee under each of the trade accounts receivable sale programs. The Company does not record a servicing asset or liability on the Condensed Consolidated Balance Sheets as the Company estimates that the fee it receives to service these receivables approximates the fair market compensation to provide the servicing activities.
In connection with the trade accounts receivable sale programs, the Company recognized the following (in millions):
 Three months endedNine months ended
 May 31, 2024May 31, 2023May 31, 2024May 31, 2023
Trade accounts receivable sold(1)
$2,126 $2,594 $5,980 $9,044 
Cash proceeds received$2,113 $2,583 $5,947 $9,015 
Pre-tax losses on sale of receivables(2)
$13 $11 $33 $29 
(1)Receivables sold are excluded from accounts receivable on the Condensed Consolidated Balance Sheets and are reflected as cash provided by operating activities on the Condensed Consolidated Statements of Cash Flows.
(2)Recorded to other expense within the Condensed Consolidated Statements of Operations.
Asset-Backed Securitization Program
Certain Jabil 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, a 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 Company continues servicing the receivables sold and in exchange receives an immaterial servicing fee under the global asset-backed securitization program. The Company does not record a servicing asset or liability on the Condensed Consolidated Balance Sheets as the Company estimates that the fee it receives to service these receivables approximates the fair market compensation to provide the servicing activities.
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 Condensed 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 May 31, 2024.
The global asset-backed securitization program expires on November 25, 2024. Effective February 20, 2024, the terms of the global asset-backed securitization program were amended to increase the maximum amount of net cash proceeds available at any one time from $600 million to $700 million. As of May 31, 2024, the Company had no available liquidity under its global asset-backed securitization program.
In connection with the asset-backed securitization program, the Company recognized the following (in millions):
Three months endedNine months ended
May 31, 2024May 31, 2023May 31, 2024May 31, 2023
Trade accounts receivable sold(1)
$1,006 $1,007 $2,965 $3,071 
Cash proceeds received(2)
$994 $996 $2,931 $3,043 
Pre-tax losses on sale of receivables(3)
$12 $11 $34 $28 
(1)Receivables sold are excluded from accounts receivable on the Condensed Consolidated Balance Sheets and are reflected as cash provided by operating activities on the Condensed Consolidated Statements of Cash Flows.
(2)The amounts primarily represent proceeds from collections reinvested in revolving-period transfers.
(3)Recorded to other expense within the Condensed Consolidated Statements of Operations.
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 May 31, 2024 and August 31, 2023, the Company was in compliance with all covenants under the global asset-backed securitization program.
v3.24.2
Inventories
 9 Months Ended
May 31, 2024
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories consist of the following (in millions):
May 31, 2024
August 31, 2023(1)
Raw materials$4,104 $4,804 
Work in process197 217 
Finished goods190 243 
Reserve for excess and obsolete inventory(52)(58)
Inventories, net$4,439 $5,206 
(1)Excludes $559 million of inventories, net classified as held for sale as of August 31, 2023. See Note 15 – “Business Acquisitions and Divestitures” for additional information.
v3.24.2
Notes Payable and Long-Term Debt
 9 Months Ended
May 31, 2024
Debt Disclosure [Abstract]  
Notes Payable and Long-Term Debt Notes Payable and Long-Term Debt
Notes payable and long-term debt outstanding as of May 31, 2024 and August 31, 2023 are summarized below (in millions): 
Maturity DateMay 31, 2024August 31, 2023
3.950% Senior Notes
Jan 12, 2028$498 $497 
3.600% Senior Notes
Jan 15, 2030497 496 
3.000% Senior Notes
Jan 15, 2031594 593 
1.700% Senior Notes
Apr 15, 2026498 498 
4.250% Senior Notes
May 15, 2027496 495 
5.450% Senior Notes
Feb 1, 2029296 296 
Borrowings under credit facilities(1)(2)
Jan 22, 2026 and Jan 22, 2028— — 
Borrowings under loansJul 31, 2026— — 
Total notes payable and long-term debt2,879 2,875 
Less current installments of notes payable and long-term debt
— — 
Notes payable and long-term debt, less current installments
$2,879 $2,875 
(1)On February 23, 2024, 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 Company’s 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”) and (ii) extended the termination date of the Three-Year Revolving Credit Facility (with respect to the available commitments of the extending lenders) to January 22, 2026, and of the Five-Year Revolving Credit Facility (with respect to the available commitments of the extending lenders) to January 22, 2028, in each case subject to an additional one-year extension at the option of the Company.
(2)As of May 31, 2024, the Company has $4.0 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.
Debt Covenants
Borrowings under the Company’s debt agreements are subject to various covenants that limit the Company’s ability to: incur additional indebtedness, sell assets, effect mergers and certain transactions, and effect certain transactions with subsidiaries and affiliates. In addition, the revolving credit facilities contain debt leverage and interest coverage covenants. The Company is also subject to certain covenants requiring the Company to offer to repurchase the 3.950%, 3.600%, 3.000%, 1.700%, 4.250% or 5.450% Senior Notes upon a change of control. As of May 31, 2024 and August 31, 2023, the Company was in compliance with its debt covenants.
Fair Value
Refer to Note 16 – “Fair Value Measurements” for the estimated fair values of the Company’s notes payable and long-term debt.
v3.24.2
Asset-Backed Securitization Program
 9 Months Ended
May 31, 2024
Transfers and Servicing [Abstract]  
Asset-Backed Securitization Program Trade Accounts Receivable Sale Programs
The Company regularly sells designated pools of high credit quality trade accounts receivable, at a discount, 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.
As of May 31, 2024, the Company may elect to sell receivables and the unaffiliated financial institutions may elect to purchase specific accounts receivable at any one time, at a discount, on an ongoing basis up to a: (i) maximum aggregate amount available of $1.9 billion under nine trade accounts receivable sale programs, (ii) maximum amount available of 100 million CHF under one trade accounts receivable sale program, (iii) maximum amount available of 8.1 billion INR under one trade accounts receivable sale program, and (iv) maximum amount available of 1.9 billion CNY under one trade accounts receivable sale program. The trade accounts receivable sale programs either expire on various dates through 2028 or do not have expiration dates and may be terminated upon election of the Company or the unaffiliated financial institutions.
The Company continues servicing the receivables sold and in exchange receives an immaterial servicing fee under each of the trade accounts receivable sale programs. The Company does not record a servicing asset or liability on the Condensed Consolidated Balance Sheets as the Company estimates that the fee it receives to service these receivables approximates the fair market compensation to provide the servicing activities.
In connection with the trade accounts receivable sale programs, the Company recognized the following (in millions):
 Three months endedNine months ended
 May 31, 2024May 31, 2023May 31, 2024May 31, 2023
Trade accounts receivable sold(1)
$2,126 $2,594 $5,980 $9,044 
Cash proceeds received$2,113 $2,583 $5,947 $9,015 
Pre-tax losses on sale of receivables(2)
$13 $11 $33 $29 
(1)Receivables sold are excluded from accounts receivable on the Condensed Consolidated Balance Sheets and are reflected as cash provided by operating activities on the Condensed Consolidated Statements of Cash Flows.
(2)Recorded to other expense within the Condensed Consolidated Statements of Operations.
Asset-Backed Securitization Program
Certain Jabil 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, a 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 Company continues servicing the receivables sold and in exchange receives an immaterial servicing fee under the global asset-backed securitization program. The Company does not record a servicing asset or liability on the Condensed Consolidated Balance Sheets as the Company estimates that the fee it receives to service these receivables approximates the fair market compensation to provide the servicing activities.
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 Condensed 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 May 31, 2024.
The global asset-backed securitization program expires on November 25, 2024. Effective February 20, 2024, the terms of the global asset-backed securitization program were amended to increase the maximum amount of net cash proceeds available at any one time from $600 million to $700 million. As of May 31, 2024, the Company had no available liquidity under its global asset-backed securitization program.
In connection with the asset-backed securitization program, the Company recognized the following (in millions):
Three months endedNine months ended
May 31, 2024May 31, 2023May 31, 2024May 31, 2023
Trade accounts receivable sold(1)
$1,006 $1,007 $2,965 $3,071 
Cash proceeds received(2)
$994 $996 $2,931 $3,043 
Pre-tax losses on sale of receivables(3)
$12 $11 $34 $28 
(1)Receivables sold are excluded from accounts receivable on the Condensed Consolidated Balance Sheets and are reflected as cash provided by operating activities on the Condensed Consolidated Statements of Cash Flows.
(2)The amounts primarily represent proceeds from collections reinvested in revolving-period transfers.
(3)Recorded to other expense within the Condensed Consolidated Statements of Operations.
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 May 31, 2024 and August 31, 2023, the Company was in compliance with all covenants under the global asset-backed securitization program.
v3.24.2
Accrued Expenses
 9 Months Ended
May 31, 2024
Accrued Liabilities, Current [Abstract]  
Accrued Expenses Accrued Expenses
Accrued expenses consist of the following (in millions):
May 31, 2024
August 31, 2023(2)
Inventory deposits$1,564 $1,839 
Contract liabilities(1)
977 886 
Accrued compensation and employee benefits635 743 
Other accrued expenses2,753 2,047 
Accrued expenses$5,929 $5,515 
(1)Revenue recognized during the three months and nine months ended May 31, 2024 that was included in the contract liability balance as of August 31, 2023 was $116 million and $391 million, respectively. Revenue recognized during the three months and nine months ended May 31, 2023 that was included in the contract liability balance as of August 31, 2022 was $99 million and $353 million, respectively.
(2)Excludes $364 million of accrued expenses classified as held for sale as of August 31, 2023. See Note 15 – “Business Acquisitions and Divestitures” for additional information.
v3.24.2
Postretirement and Other Employee Benefits
 9 Months Ended
May 31, 2024
Retirement Benefits [Abstract]  
Postretirement and Other Employee Benefits Postretirement and Other Employee Benefits
Net Periodic Benefit Cost
The following table provides information about the net periodic benefit cost for all plans for the three months and nine months ended May 31, 2024 and 2023 (in millions):
 Three months endedNine months ended
 May 31, 2024May 31, 2023May 31, 2024May 31, 2023
Service cost(1)
$5 $4 $15 $12 
Interest cost(2)
3 3 9 9 
Expected long-term return on plan assets(2)
(4)(4)(13)(12)
Recognized actuarial gain(2)
(1)(2)(4)(6)
Amortization of actuarial gain(2)(3)
(2)(2)(4)(5)
Amortization of prior service cost(2)
1 1 3 3 
Net periodic benefit cost$2 $— $6 $1 
(1)Service cost is recognized in cost of revenue in the Condensed Consolidated Statements of Operations.
(2)Components are recognized in other expense in the Condensed 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.
v3.24.2
Derivative Financial Instruments and Hedging Activities
 9 Months Ended
May 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments and Hedging Activities Derivative Financial Instruments and Hedging Activities
The Company is directly and indirectly affected by changes in certain market conditions. These changes in market conditions may adversely impact the Company’s financial performance and are referred to as market risks. The Company, where deemed appropriate, uses derivatives as risk management tools to mitigate the potential impact of certain market risks. The primary market risks managed by the Company through the use of derivative instruments are foreign currency risk and interest rate risk.
Foreign Currency Risk Management
Forward contracts are put in place to manage the foreign currency risk associated with the anticipated foreign currency denominated revenues and expenses. A hedging relationship existed with an aggregate notional amount outstanding of $283 million and $491 million as of May 31, 2024 and August 31, 2023, respectively. The related forward foreign exchange contracts have been designated as hedging instruments and are accounted for as cash flow hedges. The forward foreign exchange contract transactions will effectively lock in the value of anticipated foreign currency denominated revenues and expenses against foreign currency fluctuations. The anticipated foreign currency denominated revenues and expenses being hedged are expected to occur between June 1, 2024 and May 31, 2025.
In addition to derivatives that are designated as hedging instruments and qualify for hedge accounting, the Company also enters into forward contracts to economically hedge transactional exposure associated with commitments arising from trade accounts receivable, trade accounts payable, fixed purchase obligations and intercompany transactions denominated in a currency other than the functional currency of the respective operating entity. The aggregate notional amount of these outstanding contracts as of May 31, 2024 and August 31, 2023, was $2.5 billion and $4.0 billion, respectively.
The gains and losses on cash flow hedges recognized in earnings due to amounts excluded from effectiveness testing were not material for all periods presented and are included as components of net revenue, cost of revenue and selling, general and administrative expense, which are the same line items in which the hedged items are recorded.
In addition, the Company has entered into forward foreign currency exchange contracts to hedge a portion of its net investment in foreign currency denominated operations, which are designated as net investment hedges. The maturity dates and aggregate notional amount outstanding of net investment hedges are as follows (in millions):
Maturity dateMay 31, 2024August 31, 2023
September 2023$— $34 
October 2023— 96 
January 2024— 96 
April 2024— 68 
July 2024176 102 
October 2024115 — 
January 2025101 — 
Total$392 $396 
The gains and losses on net investment hedges are included in change in foreign currency translation in OCI to offset the change in the carrying value of the net investment being hedged until the complete or substantially complete liquidation of the hedged foreign operation. The amounts excluded from effectiveness testing were not material for all periods presented and are recognized in interest expense, net.
Refer to Note 16 – “Fair Value Measurements” for the fair values and classification of the Company’s derivative instruments.
The following table presents the net gains (losses) from forward contracts recorded in the Condensed Consolidated Statements of Operations for the periods indicated (in millions):
Derivatives Not Designated as Hedging Instruments Under ASC 815Location of Gain (Loss) on Derivatives Recognized in Net IncomeAmount of Gain (Loss) Recognized in Net Income on Derivatives
Three months endedNine months ended
May 31, 2024May 31, 2023May 31, 2024May 31, 2023
Forward foreign exchange contracts(1)
Cost of revenue$— $(41)$7 $(57)
(1)For the three months and nine months ended May 31, 2024, the Company recognized $1 million and $36 million, respectively, of foreign currency losses in cost of revenue, which are offset by the gains from the forward foreign exchange contracts. For the three months and nine months ended May 31, 2023, the Company recognized $24 million and $20 million, respectively, of foreign currency gains in cost of revenue, which are offset by the losses from the forward foreign exchange contracts.
Interest Rate Risk Management
The Company periodically enters into interest rate swaps to manage interest rate risk associated with the Company’s borrowings or anticipated debt issuances. As of May 31, 2024, there are no outstanding interest rate swaps.
v3.24.2
Accumulated Other Comprehensive Income
 9 Months Ended
May 31, 2024
Equity [Abstract]  
Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income
The following table sets forth the changes in AOCI, net of tax, by component for the nine months ended May 31, 2024 (in millions):
Foreign Currency
Translation Adjustment		Net Investment HedgesDerivative
Instruments		Actuarial Gain (Loss)Prior Service (Cost) CreditTotal
Balance as of August 31, 2023
$(59)$(4)$14 $46 $(14)$(17)
Other comprehensive (loss) income before reclassifications(5)5 (4)— — (4)
Amounts reclassified from AOCI(2)(4)13 (7)3 3 
Other comprehensive (loss) income(1)
(7)1 9 (7)3 (1)
Balance as of May 31, 2024
$(66)$(3)$23 $39 $(11)$(18)
(1)Amounts are net of tax, which are immaterial.
The following table sets forth the amounts reclassified from AOCI into the Condensed Consolidated Statements of Operations, and the associated financial statement line item, net of tax, for the periods indicated (in millions):
 Three months endedNine months ended
Comprehensive Income ComponentsFinancial Statement Line ItemMay 31, 2024May 31, 2023May 31, 2024May 31, 2023
Realized gains on foreign currency translationGain from the divestiture of businesses$— $— $(2)$— 
Realized gains on net investment hedgesGain from the divestiture of businesses— — (4)— 
Realized (gains) losses on derivative instruments:(1)
Foreign exchange contractsCost of revenue— (7)15 37 
Interest rate contractsInterest expense, net(1)(1)(2)(1)
Realized (gains) losses on pension and postretirement plans:
Actuarial gains
(2)
(2)(4)(7)(11)
Prior service costs
(2)
1 1 3 3 
Total amounts reclassified from AOCI(3)
$(2)$(11)$3 $28 
(1)The Company expects to reclassify $3 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 7 – “Postretirement and Other Employee Benefits” for additional information.
(3)Amounts are net of tax, which are immaterial for the three months and nine months ended May 31, 2024 and 2023.
v3.24.2
Stockholders' Equity
 9 Months Ended
May 31, 2024
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):
 Three months endedNine months ended
 May 31, 2024May 31, 2023May 31, 2024May 31, 2023
Restricted stock units(1)
$(2)$14 $58 $68 
Employee stock purchase plan5 4 14 12 
Total$3 $18 $72 $80 
(1)During the three months ended May 31, 2024, the Company recorded a $13 million reversal to stock-based compensation expense primarily due to forfeitures of time-based, performance-based and market-based restricted stock awards.
As of May 31, 2024, the shares available to be issued under the 2021 Equity Incentive Plan were 8,059,728.
Restricted Stock Units
Certain key employees have been granted time-based, performance-based and market-based restricted stock unit awards (“restricted stock units”). The time-based restricted stock units generally vest on a graded vesting schedule over three years. 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. During the nine months ended May 31, 2024 and 2023, the Company awarded approximately 0.5 million and 0.9 million time-based restricted stock units, respectively, 0.1 million and 0.2 million performance-based restricted stock units, respectively, and 0.1 million and 0.2 million market-based restricted stock units, respectively.
The following represents the stock-based compensation information as of the period indicated (in millions):
 May 31, 2024
Unrecognized stock-based compensation expense – restricted stock units$55 
Remaining weighted-average period for restricted stock units expense1.5 years
Common Stock Outstanding
The following represents the common stock outstanding for the periods indicated:
Three months endedNine months ended
May 31, 2024May 31, 2023May 31, 2024May 31, 2023
Common stock outstanding:
Beginning balances
122,440,607 133,238,368 131,294,422 135,493,980 
Shares issued under employee stock purchase plan
— 1,730 338,316 631,066 
Vesting of restricted stock
21,550 3,372 1,791,066 2,013,768 
Purchases of treasury stock under employee stock plans
(7,512)(700)(534,335)(571,349)
Treasury shares purchased(1)(2)
(3,733,966)(1,890,906)(14,168,790)(6,215,601)
Ending balances
118,720,679 131,351,864 118,720,679 131,351,864 
(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. 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. As part of the amended 2023 Share Repurchase Program, the Company entered into an accelerated share repurchase (“ASR”) agreement with a bank in September 2023 to repurchase $500 million of the Company’s common stock. During the first quarter of 2024, the ASR transaction was completed, and 3.9 million shares were delivered under the ASR agreement at an average price of $128.61. The final number of shares delivered upon settlement of the ASR agreement was determined based on a discount to the volume weighted average price of the Company’s common stock during the term of the agreement. As of May 31, 2024, 14.2 million shares had been repurchased for $1.8 billion, excluding excise tax, and $676 million remains available under the amended 2023 Share Repurchase Program.
In June 2024, as part of the amended 2023 Share Repurchase Program, the Company repurchased $121 million, excluding excise tax, and entered into ASR agreements to repurchase an additional $555 million, excluding excise tax, of the Company’s common stock. Under the ASR agreements, the Company made payments of $555 million to participating financial institutions and received an initial delivery of shares of common stock. The delivery of any remaining shares will occur at the final settlement of the transactions under the ASR agreements.
v3.24.2
Concentration of Risk and Segment Data
 9 Months Ended
May 31, 2024
Segment Reporting [Abstract]  
Concentration of Risk and Segment Data Concentration of Risk and Segment Data
Concentration of Risk
Sales of the Company’s products are concentrated among specific customers. During the nine months ended May 31, 2024, the Company’s five largest customers accounted for approximately 37% of its net revenue and 86 customers accounted for approximately 90% of its net revenue. Sales to these customers were reported in the Electronics Manufacturing Services (“EMS”) and Diversified Manufacturing Services (“DMS”) operating segments. The DMS segment included the results of the Company’s mobility business prior to the closing of its sale on December 29, 2023.
The Company procures components from a broad group of suppliers. Some of the products manufactured by the Company require one or more components that are available from only a single source.
Segment Data
Net revenue for the operating segments is attributed to the segment in which the service is performed. An operating segment’s performance is evaluated based on its pre-tax operating contribution, or segment income. Segment income is defined as net revenue less cost of revenue, segment selling, general and administrative expenses, segment research and development expenses and an allocation of corporate manufacturing expenses and selling, general and administrative expenses. Certain items are excluded from the calculation of segment income. Transactions between operating segments are generally recorded at amounts that approximate those at which we would transact with third parties.
The following table sets forth operating segment information (in millions):
 Three months endedNine months ended
 May 31, 2024May 31, 2023May 31, 2024May 31, 2023
Segment income and reconciliation of income before income tax
EMS$195 $226 $505 $629 
DMS155 178 682 627 
Total segment income$350 $404 $1,187 $1,256 
Reconciling items:
Amortization of intangibles(12)(7)(27)(24)
Stock-based compensation expense and related charges(3)(18)(72)(80)
Restructuring, severance and related charges(1)
(55)— (252)(45)
Business interruption and impairment charges, net(2)
(14)— (14)— 
Gain from the divestiture of businesses(3)
— — 944 — 
Acquisition and divestiture related charges(3)
(3)— (64)— 
Other expense (net of periodic benefit cost)(24)(22)(72)(61)
Interest expense, net(38)(51)(132)(154)
Income before income tax$201 $306 $1,498 $892 
(1)Charges recorded during the three months and nine months ended May 31, 2024, related to the 2024 Restructuring Plan. Charges recorded during the nine months ended May 31, 2023, related to headcount reduction to further optimize the Company’s business activities.
(2)Charges recorded during the three months and nine months ended May 31, 2024, related to costs associated with product quality liabilities, which is classified as a component of cost of revenue and selling, general and administrative expenses in the Condensed Consolidated Statements of Operations.
(3)The Company completed the divestiture of its mobility business and recorded a pre-tax gain of $944 million, subject to certain post-closing adjustments that are still being finalized. The Company incurred transaction and disposal costs in connection with the sale of approximately $64 million during the nine months ended May 31, 2024.
The following table presents the Company’s revenues disaggregated by segment (in millions):
Three months ended
May 31, 2024May 31, 2023
EMSDMSTotalEMSDMSTotal
Timing of transfer
Point in time$1,172 $559 $1,731 $1,120 $1,351 $2,471 
Over time2,225 2,809 5,034 3,010 2,994 6,004 
Total$3,397 $3,368 $6,765 $4,130 $4,345 $8,475 
Nine months ended
May 31, 2024May 31, 2023
EMSDMSTotalEMSDMSTotal
Timing of transfer
Point in time$3,473 $3,346 $6,819 $3,925 $5,047 $8,972 
Over time6,847 8,253 15,100 8,802 8,470 17,272 
Total$10,320 $11,599 $21,919 $12,727 $13,517 $26,244 
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 table sets forth, for the periods indicated, foreign source revenue expressed as a percentage of net revenue:
Three months endedNine months ended
 
May 31, 2024(1)
May 31, 2023
May 31, 2024(1)
May 31, 2023
Foreign source revenue80.5 %86.9 %83.4 %85.6 %
(1)Decrease from prior periods is driven by the divestiture of the mobility business during the three months ended February 29, 2024.
v3.24.2
Restructuring, Severance and Related Charges
 9 Months Ended
May 31, 2024
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):
 Three months endedNine months ended
 
May 31, 2024(1)
May 31, 2023(2)
May 31, 2024(1)
May 31, 2023(2)
Employee severance and benefit costs$33 $— $156 $36 
Lease costs1 — 2 — 
Asset write-off costs17 — 72 5 
Other costs4 — 22 4 
Total restructuring, severance and related charges(3)
$55 $— $252 $45 
(1)Primarily relates to the 2024 Restructuring Plan.
(2)Primarily relates to headcount reduction to further optimize the Company’s business activities.
(3)Includes $23 million and $0 million recorded in the EMS segment, $15 million and $0 million recorded in the DMS segment and $17 million and $0 million of non-allocated charges for the three months ended May 31, 2024 and 2023, respectively. Includes $63 million and $4 million recorded in the EMS segment, $129 million and $33 million recorded in the DMS segment and $60 million and $8 million of non-allocated charges for the nine months ended May 31, 2024 and 2023, 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. The restructuring and other related charges are expected to include $150 million to $180 million of employee severance and benefit costs; $80 million to $120 million of asset write-off costs; and $30 million to $40 million of contract termination costs and other related costs. The amount and timing of the actual charges may vary due to a variety of factors, including the finalization of timetables for the transition of functions, consultation with employees and their representatives, as well as the impact of jurisdictional statutory severance requirements. The Company’s estimates for the charges discussed above exclude any potential income tax effects.
The table below summarizes the Company’s liability activity, primarily associated with the 2024 Restructuring Plan (in millions):
Employee 
Severance
and Benefit Costs		Lease CostsAsset Write-off CostsOther Related CostsTotal
Balance as of August 31, 2023
$— $— $— $— $— 
Restructuring related charges156 2 72 22 252 
Asset write-off charge and other non-cash activity2 — (72)(5)(75)
Cash payments(91)(1)— (9)(101)
Balance as of May 31, 2024
$67 $1 $— $8 $76 
v3.24.2
Income Taxes
 9 Months Ended
May 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Effective Income Tax Rate
The U.S. federal statutory income tax rate and the Company's effective income tax rate are as follows:
Three months endedNine months ended
May 31, 2024May 31, 2023May 31, 2024May 31, 2023
U.S. federal statutory income tax rate21.0 %21.0 %21.0 %21.0 %
Effective income tax rate35.7 %24.0 %16.6 %25.7 %
The effective income tax rate differed for the three months and nine months ended May 31, 2024, compared to the three months and nine months ended May 31, 2023, primarily due to: (i) a change in the jurisdictional mix of earnings, driven in part by restructuring charges and (ii) the gain from the divestiture of the mobility business and the corresponding $58 million of income tax expense recorded during the three months ended February 29, 2024.
The effective income tax rate differed from the U.S. federal statutory income tax rate of 21.0% during the three months and nine months ended May 31, 2024 and 2023, primarily due to: (i) the jurisdictional mix of earnings, (ii) losses in tax jurisdictions with existing valuation allowances, (iii) tax incentives granted to sites in China, Malaysia, Singapore and Vietnam, and (iv) the gain from the divestiture of the mobility business and the corresponding $58 million of income tax expense recorded during the three months ended February 29, 2024.
v3.24.2
Earnings Per Share and Dividends
 9 Months Ended
May 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share and Dividends Earnings Per Share and Dividends
Earnings Per Share
The Company calculates its basic earnings per share by dividing net income attributable to the Company by the weighted average number of common shares outstanding during the period. The Company’s diluted earnings per share is calculated in a similar manner, but includes the effect of dilutive securities. The difference between the weighted average number of basic
shares outstanding and the weighted average number of diluted shares outstanding is primarily due to dilutive unvested restricted stock units.
Potential shares of common stock are excluded from the computation of diluted earnings per share when their effect would be antidilutive. Performance-based restricted stock units are considered dilutive when the related performance criteria have been met assuming the end of the reporting period represents the end of the performance period. All potential shares of common stock are antidilutive in periods of net loss. Potential shares of common stock not included in the computation of earnings per share because their effect would have been antidilutive or because the performance criterion was not met were as follows (in thousands):
 Three months endedNine months ended
 May 31, 2024May 31, 2023May 31, 2024May 31, 2023
Restricted stock units261.9 361.2 278.0 361.2 
Dividends
The following table sets forth cash dividends declared by the Company to common stockholders during the nine months ended May 31, 2024 and 2023 (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 2024:October 19, 2023$0.08 $11 November 15, 2023December 4, 2023
January 25, 2024$0.08 $10 February 15, 2024March 4, 2024
April 17, 2024$0.08 $9 May 15, 2024June 4, 2024
Fiscal Year 2023:October 20, 2022$0.08 $12 November 15, 2022December 2, 2022
January 26, 2023$0.08 $10 February 15, 2023March 2, 2023
April 20, 2023$0.08 $11 May 15, 2023June 2, 2023
v3.24.2
Business Acquisitions and Divestitures
 9 Months Ended
May 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Business Acquisitions and Divestitures Business Acquisitions and Divestitures
Acquisitions
On November 1, 2023, the Company completed the acquisition of ProcureAbility Inc. (“ProcureAbility”) for approximately $60 million in cash. ProcureAbility is a procurement services provider specializing in technology-enabled advisory, managed services, digital, staffing, and recruiting solutions.
The acquisition of ProcureAbility was accounted for as a business combination using the acquisition method of accounting. Assets acquired of $87 million, including $40 million in intangible assets and $38 million in goodwill, and liabilities assumed of $26 million were recorded at their estimated fair values as of the acquisition date. The preliminary estimates and measurements are subject to change during the measurement period for assets acquired, liabilities assumed and tax adjustments. The excess of the purchase price over the fair value of the acquired assets and assumed liabilities was recorded to goodwill and was fully allocated to the DMS segment. The majority of the goodwill is currently not expected to be deductible for income tax purposes. The results of operations were included in the Company’s condensed consolidated financial results beginning on November 1, 2023. Pro forma information has not been provided as the acquisition of ProcureAbility is not deemed to be significant.
Divestitures
The Company announced on September 26, 2023 that, through its indirect subsidiary, Jabil Circuit (Singapore) Pte. Ltd., a Singapore private limited company (“Singapore Seller”), it agreed to sell to an affiliate of 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.
As of August 31, 2023, the Company determined the Business met the criteria to be classified as held for sale. Accordingly, the Company presented the assets and liabilities of the Business as held for sale in the Condensed Consolidated Balance Sheets as of November 30, 2023 and August 31, 2023. Assets and liabilities classified as held for sale had a carrying value less than the estimated fair value less cost to sell and, thus, no adjustment to the carrying value of the disposal group was necessary. Depreciation and amortization expense for long-lived assets was not recorded for the period in which these assets were classified as held for sale. The divestiture did not meet the criteria to be reported as discontinued operations and the Company continued to report the operating results for the Business in the Company’s Condensed Consolidated Statement of Operations in the DMS segment until the Closing Date.
On December 29, 2023 (the “Closing Date”), the Company completed the sale. As a result of the transaction, the Company derecognized net assets of approximately $1.2 billion, and recorded a pre-tax gain of $944 million, subject to certain post-closing adjustments that are still being finalized. In addition, the Company agreed to indemnify the Purchaser from certain liabilities that may arise post-close that relate to periods prior to the Closing Date. The Company incurred transaction and disposal costs in connection with the sale of approximately $64 million during the nine months ended May 31, 2024, which are included in continuing operations in the Company’s Condensed Consolidated Statement of Operations.
The Company performs a goodwill impairment analysis on an annual basis and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. In connection with the preparation of the Company’s financial statements for the quarter ended February 29, 2024, the Company completed an impairment analysis for goodwill recorded within the reporting unit impacted by the divestiture of the Business. The quantitative assessment was used, and the Company determined that it is more likely than not that the fair value of the impacted reporting unit is in excess of the carrying value and that no impairment existed subsequent to the closing of the Business. The Company allocated goodwill to the disposal group based on the relative fair value of the Business as compared to the impacted reporting unit.
In the second quarter of fiscal year 2024 and in connection with the divestiture of the Business, the Company made a strategic decision that the indefinite-lived (“Green Point”) trade name valued at $51 million acquired during the acquisition of Green Point should no longer be classified as an indefinite-lived intangible asset. Accordingly, prior to reclassifying the trade name to a finite-lived intangible asset, the Company completed a quantitative assessment for impairment and determined the fair value of the asset exceeded the carrying value. As such, the trade name was assigned a two-year estimated useful life and is being amortized on a straight-line basis as of the Closing Date.
v3.24.2
Fair Value Measurements
 9 Months Ended
May 31, 2024
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 HierarchyMay 31, 2024August 31, 2023
Assets:
Cash and cash equivalents:
Cash equivalentsLevel 1
(1)
$393 $— 
Prepaid expenses and other current assets:
Short-term investmentsLevel 126 25 
Forward foreign exchange contracts:
Derivatives designated as hedging instruments (Note 8)
Level 2
(2)
9 4 
Derivatives not designated as hedging instruments (Note 8)
Level 2
(2)
14 20 
Net investment hedges:
Derivatives designated as hedging instruments (Note 8)
Level 2
(2)
8 9 
Liabilities:
Accrued expenses:
Forward foreign exchange contracts:
Derivatives designated as hedging instruments (Note 8)
Level 2
(2)
$6 $17 
Derivatives not designated as hedging instruments (Note 8)
Level 2
(2)
12 64 
Net investment hedges:
Derivatives designated as hedging instruments (Note 8)
Level 2
(2)
1 1 
(1)Consist of time deposits 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.
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 approximate fair value as interest rates on these instruments approximate current market rates.
Notes payable and long-term debt is carried at amortized cost; however, the Company estimates the fair values of notes payable and long-term debt for disclosure purposes. The following table presents the carrying amounts and fair values of the Company's notes payable and long-term debt, by hierarchy level as of the periods indicated (in millions):
May 31, 2024August 31, 2023
Fair Value HierarchyCarrying AmountFair ValueCarrying AmountFair Value
Notes payable and long-term debt: (Note 4)
3.950% Senior Notes
Level 2
(1)
$498 $473 $497 $468 
3.600% Senior Notes
Level 2
(1)
$497 $448 $496 $448 
3.000% Senior Notes
Level 2
(1)
$594 $510 $593 $502 
1.700% Senior Notes
Level 2
(1)
$498 $465 $498 $452 
4.250% Senior Notes
Level 2
(1)
$496 $482 $495 $478 
5.450% Senior Notes
Level 2
(1)
$296 $299 $296 $297 
(1)The fair value estimates are based upon observable market data.
v3.24.2
Commitments and Contingencies
 9 Months Ended
May 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Legal Proceedings
The Company is party to certain lawsuits in the ordinary course of business. The Company does not believe that these proceedings, individually or in the aggregate, will have a material adverse effect on the Company’s financial position, results of operations or cash flows.
v3.24.2
New Accounting Guidance
 9 Months Ended
May 31, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]  
New Accounting Guidance New Accounting Guidance
New accounting guidance adopted during the period did not have a material impact to the Company.
Recently issued accounting guidance is not applicable or did not have, or is not expected to have, a material impact to the Company.
v3.24.2
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Pay vs Performance Disclosure        
Net Income (Loss) Attributable to Parent $ 129 $ 233 $ 1,250 $ 663
v3.24.2
Insider Trading Arrangements
 3 Months Ended
May 31, 2024
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
v3.24.2
New Accounting Guidance (Policies)
 9 Months Ended
May 31, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]  
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.
v3.24.2
Trade Accounts Receivable Sale Programs (Tables)
 9 Months Ended
May 31, 2024
Transfers and Servicing [Abstract]  
Schedule of Trade Accounts Receivable Sale Programs Amounts Recognized
In connection with the trade accounts receivable sale programs, the Company recognized the following (in millions):
 Three months endedNine months ended
 May 31, 2024May 31, 2023May 31, 2024May 31, 2023
Trade accounts receivable sold(1)
$2,126 $2,594 $5,980 $9,044 
Cash proceeds received$2,113 $2,583 $5,947 $9,015 
Pre-tax losses on sale of receivables(2)
$13 $11 $33 $29 
(1)Receivables sold are excluded from accounts receivable on the Condensed Consolidated Balance Sheets and are reflected as cash provided by operating activities on the Condensed Consolidated Statements of Cash Flows.
(2)Recorded to other expense within the Condensed Consolidated Statements of Operations.
v3.24.2
Inventories (Tables)
 9 Months Ended
May 31, 2024
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories consist of the following (in millions):
May 31, 2024
August 31, 2023(1)
Raw materials$4,104 $4,804 
Work in process197 217 
Finished goods190 243 
Reserve for excess and obsolete inventory(52)(58)
Inventories, net$4,439 $5,206 
(1)Excludes $559 million of inventories, net classified as held for sale as of August 31, 2023. See Note 15 – “Business Acquisitions and Divestitures” for additional information.
v3.24.2
Notes Payable and Long-Term Debt (Tables)
 9 Months Ended
May 31, 2024
Debt Disclosure [Abstract]  
Schedule of Notes Payable and Long-term Debt
Notes payable and long-term debt outstanding as of May 31, 2024 and August 31, 2023 are summarized below (in millions): 
Maturity DateMay 31, 2024August 31, 2023
3.950% Senior Notes
Jan 12, 2028$498 $497 
3.600% Senior Notes
Jan 15, 2030497 496 
3.000% Senior Notes
Jan 15, 2031594 593 
1.700% Senior Notes
Apr 15, 2026498 498 
4.250% Senior Notes
May 15, 2027496 495 
5.450% Senior Notes
Feb 1, 2029296 296 
Borrowings under credit facilities(1)(2)
Jan 22, 2026 and Jan 22, 2028— — 
Borrowings under loansJul 31, 2026— — 
Total notes payable and long-term debt2,879 2,875 
Less current installments of notes payable and long-term debt
— — 
Notes payable and long-term debt, less current installments
$2,879 $2,875 
(1)On February 23, 2024, 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 Company’s 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”) and (ii) extended the termination date of the Three-Year Revolving Credit Facility (with respect to the available commitments of the extending lenders) to January 22, 2026, and of the Five-Year Revolving Credit Facility (with respect to the available commitments of the extending lenders) to January 22, 2028, in each case subject to an additional one-year extension at the option of the Company.
(2)As of May 31, 2024, the Company has $4.0 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.
v3.24.2
Asset-Backed Securitization Program (Tables)
 9 Months Ended
May 31, 2024
Transfers and Servicing [Abstract]  
Schedule of Asset-backed Securitization Programs Amounts Recognized
In connection with the asset-backed securitization program, the Company recognized the following (in millions):
Three months endedNine months ended
May 31, 2024May 31, 2023May 31, 2024May 31, 2023
Trade accounts receivable sold(1)
$1,006 $1,007 $2,965 $3,071 
Cash proceeds received(2)
$994 $996 $2,931 $3,043 
Pre-tax losses on sale of receivables(3)
$12 $11 $34 $28 
(1)Receivables sold are excluded from accounts receivable on the Condensed Consolidated Balance Sheets and are reflected as cash provided by operating activities on the Condensed Consolidated Statements of Cash Flows.
(2)The amounts primarily represent proceeds from collections reinvested in revolving-period transfers.
(3)Recorded to other expense within the Condensed Consolidated Statements of Operations.
v3.24.2
Accrued Expenses (Tables)
 9 Months Ended
May 31, 2024
Accrued Liabilities, Current [Abstract]  
Schedule of Accrued Expenses
Accrued expenses consist of the following (in millions):
May 31, 2024
August 31, 2023(2)
Inventory deposits$1,564 $1,839 
Contract liabilities(1)
977 886 
Accrued compensation and employee benefits635 743 
Other accrued expenses2,753 2,047 
Accrued expenses$5,929 $5,515 
(1)Revenue recognized during the three months and nine months ended May 31, 2024 that was included in the contract liability balance as of August 31, 2023 was $116 million and $391 million, respectively. Revenue recognized during the three months and nine months ended May 31, 2023 that was included in the contract liability balance as of August 31, 2022 was $99 million and $353 million, respectively.
(2)Excludes $364 million of accrued expenses classified as held for sale as of August 31, 2023. See Note 15 – “Business Acquisitions and Divestitures” for additional information.
v3.24.2
Postretirement and Other Employee Benefits (Tables)
 9 Months Ended
May 31, 2024
Retirement Benefits [Abstract]  
Schedule of Information about Net Periodic Benefit Cost
The following table provides information about the net periodic benefit cost for all plans for the three months and nine months ended May 31, 2024 and 2023 (in millions):
 Three months endedNine months ended
 May 31, 2024May 31, 2023May 31, 2024May 31, 2023
Service cost(1)
$5 $4 $15 $12 
Interest cost(2)
3 3 9 9 
Expected long-term return on plan assets(2)
(4)(4)(13)(12)
Recognized actuarial gain(2)
(1)(2)(4)(6)
Amortization of actuarial gain(2)(3)
(2)(2)(4)(5)
Amortization of prior service cost(2)
1 1 3 3 
Net periodic benefit cost$2 $— $6 $1 
(1)Service cost is recognized in cost of revenue in the Condensed Consolidated Statements of Operations.
(2)Components are recognized in other expense in the Condensed Consolidated Statements of Operations.
(3)Actuarial gains and losses are amortized using a corridor approach. The gain/loss corridor is equal to 10 percent of the greater of the projected benefit obligation and the fair value of plan assets. Gains and losses in excess of the corridor are generally amortized over the average future working lifetime of the plan participants.
v3.24.2
Derivative Financial Instruments and Hedging Activities (Tables)
 9 Months Ended
May 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Maturity Date and Aggregate Notional Amount Outstanding of Net Investment Hedges The maturity dates and aggregate notional amount outstanding of net investment hedges are as follows (in millions):
Maturity dateMay 31, 2024August 31, 2023
September 2023$— $34 
October 2023— 96 
January 2024— 96 
April 2024— 68 
July 2024176 102 
October 2024115 — 
January 2025101 — 
Total$392 $396 
Schedule of Net Gains (Losses) from Forward Contracts Recorded in Consolidated Statements of Operations
The following table presents the net gains (losses) from forward contracts recorded in the Condensed Consolidated Statements of Operations for the periods indicated (in millions):
Derivatives Not Designated as Hedging Instruments Under ASC 815Location of Gain (Loss) on Derivatives Recognized in Net IncomeAmount of Gain (Loss) Recognized in Net Income on Derivatives
Three months endedNine months ended
May 31, 2024May 31, 2023May 31, 2024May 31, 2023
Forward foreign exchange contracts(1)
Cost of revenue$— $(41)$7 $(57)
(1)For the three months and nine months ended May 31, 2024, the Company recognized $1 million and $36 million, respectively, of foreign currency losses in cost of revenue, which are offset by the gains from the forward foreign exchange contracts. For the three months and nine months ended May 31, 2023, the Company recognized $24 million and $20 million, respectively, of foreign currency gains in cost of revenue, which are offset by the losses from the forward foreign exchange contracts.
v3.24.2
Accumulated Other Comprehensive Income (Tables)
 9 Months Ended
May 31, 2024
Equity [Abstract]  
Schedule of Changes in AOCI
The following table sets forth the changes in AOCI, net of tax, by component for the nine months ended May 31, 2024 (in millions):
Foreign Currency
Translation Adjustment		Net Investment HedgesDerivative
Instruments		Actuarial Gain (Loss)Prior Service (Cost) CreditTotal
Balance as of August 31, 2023
$(59)$(4)$14 $46 $(14)$(17)
Other comprehensive (loss) income before reclassifications(5)5 (4)— — (4)
Amounts reclassified from AOCI(2)(4)13 (7)3 3 
Other comprehensive (loss) income(1)
(7)1 9 (7)3 (1)
Balance as of May 31, 2024
$(66)$(3)$23 $39 $(11)$(18)
(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 Condensed Consolidated Statements of Operations, and the associated financial statement line item, net of tax, for the periods indicated (in millions):
 Three months endedNine months ended
Comprehensive Income ComponentsFinancial Statement Line ItemMay 31, 2024May 31, 2023May 31, 2024May 31, 2023
Realized gains on foreign currency translationGain from the divestiture of businesses$— $— $(2)$— 
Realized gains on net investment hedgesGain from the divestiture of businesses— — (4)— 
Realized (gains) losses on derivative instruments:(1)
Foreign exchange contractsCost of revenue— (7)15 37 
Interest rate contractsInterest expense, net(1)(1)(2)(1)
Realized (gains) losses on pension and postretirement plans:
Actuarial gains
(2)
(2)(4)(7)(11)
Prior service costs
(2)
1 1 3 3 
Total amounts reclassified from AOCI(3)
$(2)$(11)$3 $28 
(1)The Company expects to reclassify $3 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 7 – “Postretirement and Other Employee Benefits” for additional information.
(3)Amounts are net of tax, which are immaterial for the three months and nine months ended May 31, 2024 and 2023.
v3.24.2
Stockholders' Equity (Tables)
 9 Months Ended
May 31, 2024
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):
 Three months endedNine months ended
 May 31, 2024May 31, 2023May 31, 2024May 31, 2023
Restricted stock units(1)
$(2)$14 $58 $68 
Employee stock purchase plan5 4 14 12 
Total$3 $18 $72 $80 
(1)During the three months ended May 31, 2024, the Company recorded a $13 million reversal to stock-based compensation expense primarily due to forfeitures of time-based, performance-based and market-based restricted stock awards.
Schedule of Share-based Compensation Information
The following represents the stock-based compensation information as of the period indicated (in millions):
 May 31, 2024
Unrecognized stock-based compensation expense – restricted stock units$55 
Remaining weighted-average period for restricted stock units expense1.5 years
Schedule of Common Stock Outstanding
The following represents the common stock outstanding for the periods indicated:
Three months endedNine months ended
May 31, 2024May 31, 2023May 31, 2024May 31, 2023
Common stock outstanding:
Beginning balances
122,440,607 133,238,368 131,294,422 135,493,980 
Shares issued under employee stock purchase plan
— 1,730 338,316 631,066 
Vesting of restricted stock
21,550 3,372 1,791,066 2,013,768 
Purchases of treasury stock under employee stock plans
(7,512)(700)(534,335)(571,349)
Treasury shares purchased(1)(2)
(3,733,966)(1,890,906)(14,168,790)(6,215,601)
Ending balances
118,720,679 131,351,864 118,720,679 131,351,864 
(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. 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. As part of the amended 2023 Share Repurchase Program, the Company entered into an accelerated share repurchase (“ASR”) agreement with a bank in September 2023 to repurchase $500 million of the Company’s common stock. During the first quarter of 2024, the ASR transaction was completed, and 3.9 million shares were delivered under the ASR agreement at an average price of $128.61. The final number of shares delivered upon settlement of the ASR agreement was determined based on a discount to the volume weighted average price of the Company’s common stock during the term of the agreement. As of May 31, 2024, 14.2 million shares had been repurchased for $1.8 billion, excluding excise tax, and $676 million remains available under the amended 2023 Share Repurchase Program.
v3.24.2
Concentration of Risk and Segment Data (Tables)
 9 Months Ended
May 31, 2024
Segment Reporting [Abstract]  
Schedule of Segment Income
The following table sets forth operating segment information (in millions):
 Three months endedNine months ended
 May 31, 2024May 31, 2023May 31, 2024May 31, 2023
Segment income and reconciliation of income before income tax
EMS$195 $226 $505 $629 
DMS155 178 682 627 
Total segment income$350 $404 $1,187 $1,256 
Reconciling items:
Amortization of intangibles(12)(7)(27)(24)
Stock-based compensation expense and related charges(3)(18)(72)(80)
Restructuring, severance and related charges(1)
(55)— (252)(45)
Business interruption and impairment charges, net(2)
(14)— (14)— 
Gain from the divestiture of businesses(3)
— — 944 — 
Acquisition and divestiture related charges(3)
(3)— (64)— 
Other expense (net of periodic benefit cost)(24)(22)(72)(61)
Interest expense, net(38)(51)(132)(154)
Income before income tax$201 $306 $1,498 $892 
(1)Charges recorded during the three months and nine months ended May 31, 2024, related to the 2024 Restructuring Plan. Charges recorded during the nine months ended May 31, 2023, related to headcount reduction to further optimize the Company’s business activities.
(2)Charges recorded during the three months and nine months ended May 31, 2024, related to costs associated with product quality liabilities, which is classified as a component of cost of revenue and selling, general and administrative expenses in the Condensed Consolidated Statements of Operations.
(3)The Company completed the divestiture of its mobility business and recorded a pre-tax gain of $944 million, subject to certain post-closing adjustments that are still being finalized. The Company incurred transaction and disposal costs in connection with the sale of approximately $64 million during the nine months ended May 31, 2024.
Schedule of Revenues Disaggregated by Segment
The following table presents the Company’s revenues disaggregated by segment (in millions):
Three months ended
May 31, 2024May 31, 2023
EMSDMSTotalEMSDMSTotal
Timing of transfer
Point in time$1,172 $559 $1,731 $1,120 $1,351 $2,471 
Over time2,225 2,809 5,034 3,010 2,994 6,004 
Total$3,397 $3,368 $6,765 $4,130 $4,345 $8,475 
Nine months ended
May 31, 2024May 31, 2023
EMSDMSTotalEMSDMSTotal
Timing of transfer
Point in time$3,473 $3,346 $6,819 $3,925 $5,047 $8,972 
Over time6,847 8,253 15,100 8,802 8,470 17,272 
Total$10,320 $11,599 $21,919 $12,727 $13,517 $26,244 
Schedule of Foreign Source Revenue The following table sets forth, for the periods indicated, foreign source revenue expressed as a percentage of net revenue:
Three months endedNine months ended
 
May 31, 2024(1)
May 31, 2023
May 31, 2024(1)
May 31, 2023
Foreign source revenue80.5 %86.9 %83.4 %85.6 %
(1)Decrease from prior periods is driven by the divestiture of the mobility business during the three months ended February 29, 2024.
v3.24.2
Restructuring, Severance and Related Charges (Tables)
 9 Months Ended
May 31, 2024
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring, Severance and Related Charges and Liability Activity
Following is a summary of the Company’s restructuring, severance and related charges (in millions):
 Three months endedNine months ended
 
May 31, 2024(1)
May 31, 2023(2)
May 31, 2024(1)
May 31, 2023(2)
Employee severance and benefit costs$33 $— $156 $36 
Lease costs1 — 2 — 
Asset write-off costs17 — 72 5 
Other costs4 — 22 4 
Total restructuring, severance and related charges(3)
$55 $— $252 $45 
(1)Primarily relates to the 2024 Restructuring Plan.
(2)Primarily relates to headcount reduction to further optimize the Company’s business activities.
(3)Includes $23 million and $0 million recorded in the EMS segment, $15 million and $0 million recorded in the DMS segment and $17 million and $0 million of non-allocated charges for the three months ended May 31, 2024 and 2023, respectively. Includes $63 million and $4 million recorded in the EMS segment, $129 million and $33 million recorded in the DMS segment and $60 million and $8 million of non-allocated charges for the nine months ended May 31, 2024 and 2023, respectively. Except for asset write-off costs, all restructuring, severance and related charges are cash costs.
The table below summarizes the Company’s liability activity, primarily associated with the 2024 Restructuring Plan (in millions):
Employee 
Severance
and Benefit Costs		Lease CostsAsset Write-off CostsOther Related CostsTotal
Balance as of August 31, 2023
$— $— $— $— $— 
Restructuring related charges156 2 72 22 252 
Asset write-off charge and other non-cash activity2 — (72)(5)(75)
Cash payments(91)(1)— (9)(101)
Balance as of May 31, 2024
$67 $1 $— $8 $76 
v3.24.2
Income Taxes (Tables)
 9 Months Ended
May 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of U.S. Federal Statutory Income Tax Rate Compared to Actual Income Tax Expense
The U.S. federal statutory income tax rate and the Company's effective income tax rate are as follows:
Three months endedNine months ended
May 31, 2024May 31, 2023May 31, 2024May 31, 2023
U.S. federal statutory income tax rate21.0 %21.0 %21.0 %21.0 %
Effective income tax rate35.7 %24.0 %16.6 %25.7 %
v3.24.2
Earnings Per Share and Dividends (Tables)
 9 Months Ended
May 31, 2024
Earnings Per Share [Abstract]  
Schedule 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):
 Three months endedNine months ended
 May 31, 2024May 31, 2023May 31, 2024May 31, 2023
Restricted stock units261.9 361.2 278.0 361.2 
Schedule of Cash Dividends Declared by the Company to Common Stockholders
The following table sets forth cash dividends declared by the Company to common stockholders during the nine months ended May 31, 2024 and 2023 (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 2024:October 19, 2023$0.08 $11 November 15, 2023December 4, 2023
January 25, 2024$0.08 $10 February 15, 2024March 4, 2024
April 17, 2024$0.08 $9 May 15, 2024June 4, 2024
Fiscal Year 2023:October 20, 2022$0.08 $12 November 15, 2022December 2, 2022
January 26, 2023$0.08 $10 February 15, 2023March 2, 2023
April 20, 2023$0.08 $11 May 15, 2023June 2, 2023
v3.24.2
Fair Value Measurements (Tables)
 9 Months Ended
May 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Financial Assets and Liabilities
The following table presents the fair value of the Company's financial assets and liabilities measured at fair value by hierarchy level on a recurring basis as of the periods indicated (in millions):    
Fair Value HierarchyMay 31, 2024August 31, 2023
Assets:
Cash and cash equivalents:
Cash equivalentsLevel 1
(1)
$393 $— 
Prepaid expenses and other current assets:
Short-term investmentsLevel 126 25 
Forward foreign exchange contracts:
Derivatives designated as hedging instruments (Note 8)
Level 2
(2)
9 4 
Derivatives not designated as hedging instruments (Note 8)
Level 2
(2)
14 20 
Net investment hedges:
Derivatives designated as hedging instruments (Note 8)
Level 2
(2)
8 9 
Liabilities:
Accrued expenses:
Forward foreign exchange contracts:
Derivatives designated as hedging instruments (Note 8)
Level 2
(2)
$6 $17 
Derivatives not designated as hedging instruments (Note 8)
Level 2
(2)
12 64 
Net investment hedges:
Derivatives designated as hedging instruments (Note 8)
Level 2
(2)
1 1 
(1)Consist of time deposits 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.
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):
May 31, 2024August 31, 2023
Fair Value HierarchyCarrying AmountFair ValueCarrying AmountFair Value
Notes payable and long-term debt: (Note 4)
3.950% Senior Notes
Level 2
(1)
$498 $473 $497 $468 
3.600% Senior Notes
Level 2
(1)
$497 $448 $496 $448 
3.000% Senior Notes
Level 2
(1)
$594 $510 $593 $502 
1.700% Senior Notes
Level 2
(1)
$498 $465 $498 $452 
4.250% Senior Notes
Level 2
(1)
$496 $482 $495 $478 
5.450% Senior Notes
Level 2
(1)
$296 $299 $296 $297 
(1)The fair value estimates are based upon observable market data.
v3.24.2
Trade Accounts Receivable Sale Programs - Additional Information (Details) - 9 months ended May 31, 2024
USD ($)
program
CHF (SFr)
INR (₨)
CNY (¥)
USD        
Trade Accounts Receivable Securitization and Sale Program [Line Items]        
Maximum amount | $ $ 1,900,000,000      
Number of programs 9      
CHF        
Trade Accounts Receivable Securitization and Sale Program [Line Items]        
Maximum amount | SFr   SFr 100,000,000    
Number of programs 1      
INR        
Trade Accounts Receivable Securitization and Sale Program [Line Items]        
Maximum amount | ₨     ₨ 8,100,000,000  
Number of programs 1      
CNY        
Trade Accounts Receivable Securitization and Sale Program [Line Items]        
Maximum amount | ¥       ¥ 1,900,000,000
Number of programs 1      
v3.24.2
Trade Accounts Receivable Sale Programs - Trade Accounts Receivable Sale Programs Amounts Recognized (Details) - Trade Accounts Receivable Sale Programs - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Trade Accounts Receivable Securitization and Sale Program [Line Items]        
Trade accounts receivable sold $ 2,126 $ 2,594 $ 5,980 $ 9,044
Cash proceeds received 2,113 2,583 5,947 9,015
Pre-tax losses on sale of receivables $ 13 $ 11 $ 33 $ 29
v3.24.2
Inventories (Details) - USD ($)
$ in Millions
May 31, 2024
Aug. 31, 2023
Inventory [Line Items]    
Raw materials $ 4,104 $ 4,804
Work in process 197 217
Finished goods 190 243
Reserve for excess and obsolete inventory (52) (58)
Inventories, net $ 4,439 5,206
Product Manufacturing Business | Held for sale    
Inventory [Line Items]    
Inventories, net classified as held for sale   $ 559
v3.24.2
Notes Payable and Long-Term Debt - Schedule of Notes Payable and Long-term Debt (Details) - USD ($)
Feb. 23, 2024
May 31, 2024
Aug. 31, 2023
Debt Instrument [Line Items]      
Total notes payable and long-term debt   $ 2,879,000,000 $ 2,875,000,000
Less current installments of notes payable and long-term debt   0 0
Notes payable and long-term debt, less current installments   $ 2,879,000,000 2,875,000,000
Senior Notes | 3.950% Senior Notes      
Debt Instrument [Line Items]      
Stated interest rate   3.95%  
Total notes payable and long-term debt   $ 498,000,000 497,000,000
Senior Notes | 3.600% Senior Notes      
Debt Instrument [Line Items]      
Stated interest rate   3.60%  
Total notes payable and long-term debt   $ 497,000,000 496,000,000
Senior Notes | 3.000% Senior Notes      
Debt Instrument [Line Items]      
Stated interest rate   3.00%  
Total notes payable and long-term debt   $ 594,000,000 593,000,000
Senior Notes | 1.700% Senior Notes      
Debt Instrument [Line Items]      
Stated interest rate   1.70%  
Total notes payable and long-term debt   $ 498,000,000 498,000,000
Senior Notes | 4.250% Senior Notes      
Debt Instrument [Line Items]      
Stated interest rate   4.25%  
Total notes payable and long-term debt   $ 496,000,000 495,000,000
Senior Notes | 5.450% Senior Notes      
Debt Instrument [Line Items]      
Stated interest rate   5.45%  
Total notes payable and long-term debt   $ 296,000,000 296,000,000
Line of Credit | Revolving Credit Facility      
Debt Instrument [Line Items]      
Total notes payable and long-term debt   0 0
Available unused borrowing capacity   4,000,000,000  
Line of Credit | Revolving Credit Facility | Credit Facility Due      
Debt Instrument [Line Items]      
Debt term 1 year    
Line of Credit | Revolving Credit Facility | Credit Facility Due January 2026      
Debt Instrument [Line Items]      
Debt term 3 years    
Line of Credit | Revolving Credit Facility | Credit Facility Due January 2028      
Debt Instrument [Line Items]      
Debt term 5 years    
Line of Credit | Term Loan Facility      
Debt Instrument [Line Items]      
Total notes payable and long-term debt   0 $ 0
Line of Credit | Commercial Paper      
Debt Instrument [Line Items]      
Maximum borrowing capacity   $ 3,200,000,000  
v3.24.2
Notes Payable and Long-Term Debt - Additional Information (Details) - Senior Notes
May 31, 2024
3.950% Senior Notes  
Debt Instrument [Line Items]  
Stated interest rate 3.95%
3.600% Senior Notes  
Debt Instrument [Line Items]  
Stated interest rate 3.60%
3.000% Senior Notes  
Debt Instrument [Line Items]  
Stated interest rate 3.00%
1.700% Senior Notes  
Debt Instrument [Line Items]  
Stated interest rate 1.70%
4.250% Senior Notes  
Debt Instrument [Line Items]  
Stated interest rate 4.25%
5.450% Senior Notes  
Debt Instrument [Line Items]  
Stated interest rate 5.45%
v3.24.2
Asset-Backed Securitization Program - Additional Information (Details) - USD ($)
May 31, 2024
Feb. 20, 2024
Feb. 19, 2024
Transfers and Servicing [Abstract]      
Maximum amount of net cash proceeds   $ 700,000,000 $ 600,000,000
Available liquidity under its asset-backed securitization programs (up to) $ 0    
v3.24.2
Asset-Backed Securitization Program - Securitization Activity (Details) - Asset-Backed Securitization Program - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Trade Accounts Receivable Securitization and Sale Program [Line Items]        
Trade accounts receivable sold $ 1,006 $ 1,007 $ 2,965 $ 3,071
Cash proceeds received 994 996 2,931 3,043
Pre-tax losses on sale of receivables $ 12 $ 11 $ 34 $ 28
v3.24.2
Accrued Expenses (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Aug. 31, 2023
Supplier Finance Program [Line Items]          
Inventory deposits $ 1,564   $ 1,564   $ 1,839
Contract liabilities 977   977   886
Accrued compensation and employee benefits 635   635   743
Other accrued expenses 2,753   2,753   2,047
Accrued expenses 5,929   5,929   5,515
Revenue recognized during period that was included in contract liability balance $ 116 $ 99 $ 391 $ 353  
Held for sale | Product Manufacturing Business          
Supplier Finance Program [Line Items]          
Accrued expenses classified as held for sale         $ 364
v3.24.2
Postretirement and Other Employee Benefits (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Retirement Benefits [Abstract]        
Service cost $ 5 $ 4 $ 15 $ 12
Interest cost 3 3 9 9
Expected long-term return on plan assets (4) (4) (13) (12)
Recognized actuarial gain (1) (2) (4) (6)
Amortization of actuarial gain (2) (2) (4) (5)
Amortization of prior service cost 1 1 3 3
Net periodic benefit cost $ 2 $ 0 $ 6 $ 1
Percentage of gain (loss) corridor 10.00%   10.00%  
v3.24.2
Derivative Financial Instruments and Hedging Activities - Additional Information (Details) - Forward contracts - Forward foreign exchange contracts - Cash flow hedging - USD ($)
$ in Millions
May 31, 2024
Aug. 31, 2023
Designated as hedging instruments    
Derivative [Line Items]    
Aggregate notional amount $ 283 $ 491
Not designated as hedging instruments    
Derivative [Line Items]    
Aggregate notional amount $ 2,500 $ 4,000
v3.24.2
Derivative Financial Instruments and Hedging Activities - Schedule of Maturity Date and Aggregate Notional Amount Outstanding of Net Investment Hedges (Details) - Net investment hedges - Forward contracts - Designated as hedging instruments - USD ($)
$ in Millions
May 31, 2024
Aug. 31, 2023
September 2023    
Derivative [Line Items]    
Aggregate notional amount $ 0 $ 34
October 2023    
Derivative [Line Items]    
Aggregate notional amount 0 96
January 2024    
Derivative [Line Items]    
Aggregate notional amount 0 96
April 2024    
Derivative [Line Items]    
Aggregate notional amount 0 68
July 2024    
Derivative [Line Items]    
Aggregate notional amount 176 102
October 2024    
Derivative [Line Items]    
Aggregate notional amount 115 0
January 2025    
Derivative [Line Items]    
Aggregate notional amount 101 0
Foreign exchange contracts    
Derivative [Line Items]    
Aggregate notional amount $ 392 $ 396
v3.24.2
Derivative Financial Instruments and Hedging Activities - Fair Value of Derivative Instruments Recorded on Consolidated Statements of Operations (Details) - Forward foreign exchange contracts - Cost of revenue - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of Gain (Loss) Recognized in Net Income on Derivatives $ 0 $ (41) $ 7 $ (57)
Foreign currency gains (losses) $ (1) $ 24 $ (36) $ 20
v3.24.2
Accumulated Other Comprehensive Income - Change in AOCI, Net of Tax (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning Balance $ 2,658 $ 2,674 $ 2,867 $ 2,452
Other comprehensive (loss) income before reclassifications     (4)  
Amounts reclassified from AOCI     3  
Total other comprehensive (loss) income (1) (20) (1) 31
Ending Balance 2,276 2,737 2,276 2,737
AOCI Attributable to Parent        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning Balance (17) 9 (17) (42)
Total other comprehensive (loss) income (1) (20) (1) 31
Ending Balance (18) $ (11) (18) $ (11)
Foreign Currency Translation Adjustment        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning Balance     (59)  
Other comprehensive (loss) income before reclassifications     (5)  
Amounts reclassified from AOCI     (2)  
Total other comprehensive (loss) income     (7)  
Ending Balance (66)   (66)  
Net Investment Hedges        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning Balance     (4)  
Other comprehensive (loss) income before reclassifications     5  
Amounts reclassified from AOCI     (4)  
Total other comprehensive (loss) income     1  
Ending Balance (3)   (3)  
Derivative Instruments        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning Balance     14  
Other comprehensive (loss) income before reclassifications     (4)  
Amounts reclassified from AOCI     13  
Total other comprehensive (loss) income     9  
Ending Balance 23   23  
Actuarial Gain (Loss)        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning Balance     46  
Other comprehensive (loss) income before reclassifications     0  
Amounts reclassified from AOCI     (7)  
Total other comprehensive (loss) income     (7)  
Ending Balance 39   39  
Prior Service (Cost) Credit        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning Balance     (14)  
Other comprehensive (loss) income before reclassifications     0  
Amounts reclassified from AOCI     3  
Total other comprehensive (loss) income     3  
Ending Balance $ (11)   $ (11)  
v3.24.2
Accumulated Other Comprehensive Income - Reclassification from AOCI (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]        
Gain from the divestiture of businesses $ 0 $ 0 $ (944) $ 0
Cost of revenue 6,157 7,778 19,906 24,143
Other expense (income) 22 18 65 50
Total amounts reclassified from AOCI (129) (233) (1,250) (663)
Reclassified in next 12 months (less than)     3  
Reclassification out of AOCI        
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]        
Total amounts reclassified from AOCI (2) (11) 3 28
Reclassification out of AOCI | Foreign Currency Translation Adjustment        
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]        
Gain from the divestiture of businesses 0 0 (2) 0
Reclassification out of AOCI | Net Investment Hedges        
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]        
Gain from the divestiture of businesses 0 0 (4) 0
Reclassification out of AOCI | Realized (gains) losses on derivative instruments | Foreign exchange contracts        
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]        
Cost of revenue 0 (7) 15 37
Reclassification out of AOCI | Realized (gains) losses on derivative instruments | Interest rate contracts        
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]        
Interest rate contracts (1) (1) (2) (1)
Reclassification out of AOCI | Actuarial gains        
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]        
Other expense (income) (2) (4) (7) (11)
Reclassification out of AOCI | Prior service costs        
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]        
Other expense (income) $ 1 $ 1 $ 3 $ 3
v3.24.2
Stockholders' Equity - Recognized Stock-Based Compensation (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total $ 3 $ 18 $ 72 $ 80
Restricted stock units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total (2) 14 58 68
Reversal of stock-based compensation expense 13      
Employee stock purchase plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total $ 5 $ 4 $ 14 $ 12
v3.24.2
Stockholders' Equity - Additional Information (Details) - USD ($)
 1 Months Ended 9 Months Ended 12 Months Ended
Jun. 30, 2024
May 31, 2024
May 31, 2023
Aug. 31, 2023
Sep. 30, 2023
Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Payments for repurchase of common stock   $ 1,824,000,000 $ 442,000,000      
2023 Share Repurchase Program            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Value of shares repurchased   $ 1,800,000,000   $ 224,000,000    
Stock repurchase program, authorized amount         $ 2,500,000,000 $ 1,000,000,000
2023 Share Repurchase Program | Subsequent event            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Value of shares repurchased $ 121,000,000          
Accelerated Share Repurchase Program            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock repurchase program, authorized amount         $ 500,000,000  
Accelerated Share Repurchase Program | Subsequent event            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock repurchase program, authorized amount 555,000,000          
Payments for repurchase of common stock $ 555,000,000          
Time-based restricted stock units            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Award vesting period   3 years        
Restricted stock units awarded (in shares)   500,000 900,000      
Performance-based restricted stock units            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Award vesting period   3 years        
Restricted stock units awarded (in shares)   100,000 200,000      
Performance-based restricted stock units | Maximum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Award vesting percentage   150.00%        
Market-based restricted stock units            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Award vesting period   3 years        
Restricted stock units awarded (in shares)   100,000 200,000      
Market-based restricted stock units | Maximum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Award vesting percentage   200.00%        
2021 Equity Incentive Plan            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of shares available to be issued (in shares)   8,059,728        
v3.24.2
Stockholders' Equity - Stock-based Compensation Information (Details)
$ in Millions
 9 Months Ended
May 31, 2024
USD ($)
Share-Based Payment Arrangement [Abstract]  
Unrecognized stock-based compensation expense – restricted stock units $ 55
Remaining weighted-average period for restricted stock units expense 1 year 6 months
v3.24.2
Stockholders' Equity - Common Stock Outstanding (Details) - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended 20 Months Ended
May 31, 2024
Nov. 30, 2023
May 31, 2023
May 31, 2024
May 31, 2023
Aug. 31, 2023
Feb. 28, 2023
Sep. 30, 2023
Sep. 30, 2022
Jul. 31, 2021
Common stock outstanding:                    
Common stock outstanding, beginning balances (in shares)   131,294,422   131,294,422            
Common stock outstanding, ending balance (in shares) 118,720,679     118,720,679   131,294,422        
2022 Share Repurchase Program                    
Common stock outstanding:                    
Share repurchase program, amount authorized                   $ 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                    
Common stock outstanding:                    
Share repurchase program, amount authorized               $ 2,500,000,000 $ 1,000,000,000  
Number of shares repurchased (in shares)       14,200,000   2,700,000        
Value of shares repurchased       $ 1,800,000,000   $ 224,000,000        
Share repurchase program, remaining amount available $ 676,000,000     $ 676,000,000            
Accelerated Share Repurchase Program                    
Common stock outstanding:                    
Share repurchase program, amount authorized               $ 500,000,000    
Number of shares repurchased (in shares)   3,900,000                
Average price (in usd per share)   $ 128.61                
Common stock:                    
Common stock outstanding:                    
Common stock outstanding, beginning balances (in shares) 122,440,607 131,294,422 133,238,368 131,294,422 135,493,980 135,493,980        
Shares issued under employee stock purchase plan (in shares) 0   1,730 338,316 631,066          
Vesting of restricted stock (in shares) 21,550   3,372 1,791,066 2,013,768          
Purchases of treasury stock under employee stock plans (in shares) (7,512)   (700) (534,335) (571,349)          
Treasury shares purchased (in shares) (3,733,966)   (1,890,906) (14,168,790) (6,215,601)          
Common stock outstanding, ending balance (in shares) 118,720,679   131,351,864 118,720,679 131,351,864 131,294,422 133,238,368      
v3.24.2
Concentration of Risk and Segment Data - Additional Information (Details)
 9 Months Ended
May 31, 2024
country
Revenue, Major Customer [Line Items]  
Number of operating countries (more than) 30
Five Largest Customers | Net revenue | Customer Concentration  
Revenue, Major Customer [Line Items]  
Concentration risk 37.00%
Eighty Six Customers | Net revenue | Customer Concentration  
Revenue, Major Customer [Line Items]  
Concentration risk 90.00%
v3.24.2
Concentration of Risk and Segment Data - Segment Income (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Dec. 29, 2023
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]          
Income   $ 201 $ 306 $ 1,498 $ 892
Reconciling items:          
Amortization of intangibles   (12) (7) (27) (24)
Stock-based compensation expense and related charges   (3) (18) (72) (80)
Restructuring, severance and related charges   (55) 0 (252) (45)
Gain from the divestiture of businesses   0 0 944 0
Acquisition and divestiture related charges   (3) 0 (64) 0
Held for sale | Product Manufacturing Business          
Reconciling items:          
Gain from the divestiture of businesses $ 944     944  
Transaction, exit and disposal costs       64  
Operating Segments          
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]          
Income   350 404 1,187 1,256
Operating Segments | EMS          
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]          
Income   195 226 505 629
Reconciling items:          
Restructuring, severance and related charges   (23) 0 (63) (4)
Operating Segments | DMS          
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]          
Income   155 178 682 627
Reconciling items:          
Restructuring, severance and related charges   (15) 0 (129) (33)
Segment Reconciling Items          
Reconciling items:          
Amortization of intangibles   (12) (7) (27) (24)
Stock-based compensation expense and related charges   (3) (18) (72) (80)
Restructuring, severance and related charges   (55) 0 (252) (45)
Business interruption and impairment charges, net   (14) 0 (14) 0
Gain from the divestiture of businesses   0 0 944 0
Acquisition and divestiture related charges   (3) 0 (64) 0
Other expense (net of periodic benefit cost)   (24) (22) (72) (61)
Interest expense, net   $ (38) $ (51) $ (132) $ (154)
v3.24.2
Concentration of Risk and Segment Data - Revenues Disaggregated by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Disaggregation of Revenue [Line Items]        
Net revenue $ 6,765 $ 8,475 $ 21,919 $ 26,244
Point in time        
Disaggregation of Revenue [Line Items]        
Net revenue 1,731 2,471 6,819 8,972
Over time        
Disaggregation of Revenue [Line Items]        
Net revenue 5,034 6,004 15,100 17,272
EMS        
Disaggregation of Revenue [Line Items]        
Net revenue 3,397 4,130 10,320 12,727
EMS | Point in time        
Disaggregation of Revenue [Line Items]        
Net revenue 1,172 1,120 3,473 3,925
EMS | Over time        
Disaggregation of Revenue [Line Items]        
Net revenue 2,225 3,010 6,847 8,802
DMS        
Disaggregation of Revenue [Line Items]        
Net revenue 3,368 4,345 11,599 13,517
DMS | Point in time        
Disaggregation of Revenue [Line Items]        
Net revenue 559 1,351 3,346 5,047
DMS | Over time        
Disaggregation of Revenue [Line Items]        
Net revenue $ 2,809 $ 2,994 $ 8,253 $ 8,470
v3.24.2
Concentration of Risk and Segment Data - Foreign Source Revenue (Details)
 3 Months Ended 9 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Foreign source revenue | Net revenue | Foreign source revenue        
Concentration Risk [Line Items]        
Concentration risk 80.50% 86.90% 83.40% 85.60%
v3.24.2
Restructuring, Severance and Related Charges - Schedule of Restructuring, Severance and Related Charges (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Restructuring Cost and Reserve [Line Items]        
Restructuring, severance and related charges $ 55 $ 0 $ 252 $ 45
Operating Segments | EMS        
Restructuring Cost and Reserve [Line Items]        
Restructuring, severance and related charges 23 0 63 4
Operating Segments | DMS        
Restructuring Cost and Reserve [Line Items]        
Restructuring, severance and related charges 15 0 129 33
Non-allocated charges        
Restructuring Cost and Reserve [Line Items]        
Restructuring, severance and related charges 17 0 60 8
Employee severance and benefit costs        
Restructuring Cost and Reserve [Line Items]        
Restructuring, severance and related charges 33 0 156 36
Asset write-off costs        
Restructuring Cost and Reserve [Line Items]        
Restructuring, severance and related charges 17 0 72 5
Other costs        
Restructuring Cost and Reserve [Line Items]        
Restructuring, severance and related charges $ 4 $ 0 $ 22 $ 4
v3.24.2
Restructuring, Severance and Related Charges - Additional Information (Details) - 2024 Restructuring Plan
$ in Millions
May 31, 2024
USD ($)
Restructuring Cost and Reserve [Line Items]  
Total pre-tax restructuring and other related costs expected to be recognized $ 300
Employee severance and benefit costs | Minimum  
Restructuring Cost and Reserve [Line Items]  
Total pre-tax restructuring and other related costs expected to be recognized 150
Employee severance and benefit costs | Maximum  
Restructuring Cost and Reserve [Line Items]  
Total pre-tax restructuring and other related costs expected to be recognized 180
Asset write-off costs | Minimum  
Restructuring Cost and Reserve [Line Items]  
Total pre-tax restructuring and other related costs expected to be recognized 80
Asset write-off costs | Maximum  
Restructuring Cost and Reserve [Line Items]  
Total pre-tax restructuring and other related costs expected to be recognized 120
Contract Termination | Minimum  
Restructuring Cost and Reserve [Line Items]  
Total pre-tax restructuring and other related costs expected to be recognized 30
Contract Termination | Maximum  
Restructuring Cost and Reserve [Line Items]  
Total pre-tax restructuring and other related costs expected to be recognized $ 40
v3.24.2
Restructuring, Severance and Related Charges - Liability Activity (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Restructuring Reserve [Roll Forward]        
Restructuring related charges $ 55 $ 0 $ 252 $ 45
Employee  Severance and Benefit Costs        
Restructuring Reserve [Roll Forward]        
Restructuring related charges 33 0 156 36
Lease Costs        
Restructuring Reserve [Roll Forward]        
Restructuring related charges 1 0 2 0
Asset Write-off Costs        
Restructuring Reserve [Roll Forward]        
Restructuring related charges 17 0 72 5
Other Related Costs        
Restructuring Reserve [Roll Forward]        
Restructuring related charges 4 $ 0 22 $ 4
2024 Restructuring Plan        
Restructuring Reserve [Roll Forward]        
Beginning balance     0  
Restructuring related charges     252  
Asset write-off charge and other non-cash activity     (75)  
Cash payments     (101)  
Ending balance 76   76  
2024 Restructuring Plan | Employee  Severance and Benefit Costs        
Restructuring Reserve [Roll Forward]        
Beginning balance     0  
Restructuring related charges     156  
Asset write-off charge and other non-cash activity     2  
Cash payments     (91)  
Ending balance 67   67  
2024 Restructuring Plan | Lease Costs        
Restructuring Reserve [Roll Forward]        
Beginning balance     0  
Restructuring related charges     2  
Asset write-off charge and other non-cash activity     0  
Cash payments     (1)  
Ending balance 1   1  
2024 Restructuring Plan | Asset Write-off Costs        
Restructuring Reserve [Roll Forward]        
Beginning balance     0  
Restructuring related charges     72  
Asset write-off charge and other non-cash activity     (72)  
Cash payments     0  
Ending balance 0   0  
2024 Restructuring Plan | Other Related Costs        
Restructuring Reserve [Roll Forward]        
Beginning balance     0  
Restructuring related charges     22  
Asset write-off charge and other non-cash activity     (5)  
Cash payments     (9)  
Ending balance $ 8   $ 8  
v3.24.2
Income Taxes - Schedule of U.S. Federal Statutory Income Tax Rate Compared to Actual Income Tax Expense (Details)
 3 Months Ended 9 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Income Tax Disclosure [Abstract]        
U.S. federal statutory income tax rate 21.00% 21.00% 21.00% 21.00%
Effective income tax rate 35.70% 24.00% 16.60% 25.70%
v3.24.2
Income Taxes - Additional Information (Details)
$ in Millions
 3 Months Ended
Feb. 29, 2024
USD ($)
Income Tax Disclosure [Abstract]  
Gain on divestiture of the mobility business $ 58
v3.24.2
Earnings Per Share and Dividends - Earnings Per Share (Details) - shares
 3 Months Ended 9 Months Ended
May 31, 2024
May 31, 2023
May 31, 2024
May 31, 2023
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) 261,900 361,200 278,000.0 361,200
v3.24.2
Earnings Per Share and Dividends - Cash Dividends Declared by the Company to Common Stockholders (Details) - USD ($)
$ / shares in Units, $ in Millions
Apr. 17, 2024
Jan. 25, 2024
Oct. 19, 2023
Apr. 20, 2023
Jan. 26, 2023
Oct. 20, 2022
Earnings Per Share [Abstract]            
Dividends per Share (in usd per share) $ 0.08 $ 0.08 $ 0.08 $ 0.08 $ 0.08 $ 0.08
Total of Cash Dividends Declared $ 9 $ 10 $ 11 $ 11 $ 10 $ 12
v3.24.2
Business Acquisitions and Divestitures (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Dec. 29, 2023
Nov. 01, 2023
May 31, 2024
Feb. 29, 2024
May 31, 2023
May 31, 2024
May 31, 2023
Sep. 26, 2023
Aug. 31, 2023
Business Acquisition [Line Items]                  
Goodwill     $ 655     $ 655     $ 621
Gain from the divestiture of businesses     $ 0   $ 0 944 $ 0    
Trade Names                  
Business Acquisition [Line Items]                  
Indefinite-lived intangible asset       $ 51          
Estimated useful life       2 years          
Held for sale | Product Manufacturing Business                  
Business Acquisition [Line Items]                  
Consideration for the sale of a business               $ 2,200  
Derecognized net assets $ 1,200                
Gain from the divestiture of businesses $ 944         944      
Transaction, exit and disposal costs           $ 64      
ProcureAbility Inc.                  
Business Acquisition [Line Items]                  
Amount of cash paid for business acquisitions   $ 60              
Assets acquired   87              
Intangible assets   40              
Goodwill   38              
Liabilities assumed   $ 26              
v3.24.2
Fair Value Measurements - Fair Value Measurements on a Recurring Basis (Details) - Recurring - USD ($)
$ in Millions
May 31, 2024
Aug. 31, 2023
Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash equivalents $ 393 $ 0
Short-term investments 26 25
Level 2 | Designated as hedging instruments | Foreign exchange contracts    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative assets 9 4
Derivative liability 6 17
Level 2 | Designated as hedging instruments | Net investment hedges    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative assets 8 9
Derivative liability 1 1
Level 2 | Not designated as hedging instruments | Foreign exchange contracts    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative assets 14 20
Derivative liability $ 12 $ 64
v3.24.2
Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($)
$ in Millions
May 31, 2024
Aug. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Carrying Amount $ 2,879 $ 2,875
Senior Notes | 3.950% Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Stated interest rate 3.95%  
Carrying Amount $ 498 497
Senior Notes | 3.600% Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Stated interest rate 3.60%  
Carrying Amount $ 497 496
Senior Notes | 3.000% Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Stated interest rate 3.00%  
Carrying Amount $ 594 593
Senior Notes | 1.700% Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Stated interest rate 1.70%  
Carrying Amount $ 498 498
Senior Notes | 4.250% Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Stated interest rate 4.25%  
Carrying Amount $ 496 495
Senior Notes | 5.450% Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Stated interest rate 5.45%  
Carrying Amount $ 296 296
Senior Notes | Carrying Amount | Level 2 | 3.950% Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Carrying Amount 498 497
Senior Notes | Carrying Amount | Level 2 | 3.600% Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Carrying Amount 497 496
Senior Notes | Carrying Amount | Level 2 | 3.000% Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Carrying Amount 594 593
Senior Notes | Carrying Amount | Level 2 | 1.700% Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Carrying Amount 498 498
Senior Notes | Carrying Amount | Level 2 | 4.250% Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Carrying Amount 496 495
Senior Notes | Carrying Amount | Level 2 | 5.450% Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Carrying Amount 296 296
Senior Notes | Fair Value | Level 2 | 3.950% Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 473 468
Senior Notes | Fair Value | Level 2 | 3.600% Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 448 448
Senior Notes | Fair Value | Level 2 | 3.000% Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 510 502
Senior Notes | Fair Value | Level 2 | 1.700% Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 465 452
Senior Notes | Fair Value | Level 2 | 4.250% Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 482 478
Senior Notes | Fair Value | Level 2 | 5.450% Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value $ 299 $ 297