JABIL INC, 10-Q filed on 1/9/2024
Quarterly Report
v3.23.4
Cover Page - shares
 3 Months Ended
Nov. 30, 2023
Jan. 02, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Nov. 30, 2023  
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, $0.001 par value per share  
Trading Symbol JBL  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   127,545,611
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0000898293  
Current Fiscal Year End Date --08-31  
v3.23.4
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Nov. 30, 2023
Aug. 31, 2023
Current assets:    
Cash and cash equivalents $ 1,550 $ 1,804
Accounts receivable, net of allowance for credit losses 3,693 3,647
Contract assets 1,090 1,035
Inventories, net of reserve for excess and obsolete inventory 5,124 5,206
Prepaid expenses and other current assets 1,235 1,109
Assets held for sale 1,962 1,929
Total current assets 14,654 14,730
Property, plant and equipment, net of accumulated depreciation of $4,612 as of November 30, 2023 and $4,512 as of August 31, 2023 3,134 3,137
Operating lease right-of-use asset 354 367
Goodwill 661 621
Intangible assets, net of accumulated amortization 177 142
Deferred income taxes 155 159
Other assets 279 268
Total assets 19,414 19,424
Current liabilities:    
Current installments of notes payable and long-term debt 0 0
Accounts payable 5,630 5,679
Accrued expenses 5,840 5,515
Current operating lease liabilities 96 104
Liabilities held for sale 1,464 1,397
Total current liabilities 13,030 12,695
Notes payable and long-term debt, less current installments 2,876 2,875
Other liabilities 342 319
Non-current operating lease liabilities 269 269
Income tax liabilities 118 131
Deferred income taxes 243 268
Total liabilities 16,878 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; 275,716,586 and 273,949,811 shares issued and 128,647,431 and 131,294,422 shares outstanding as of November 30, 2023 and August 31, 2023, respectively 0 0
Additional paid-in capital 2,827 2,795
Retained earnings 4,595 4,412
Accumulated other comprehensive loss (6) (17)
Treasury stock at cost, 147,069,155 and 142,655,389 shares as of November 30, 2023 and August 31, 2023, respectively (4,881) (4,324)
Total Jabil Inc. stockholders’ equity 2,535 2,866
Noncontrolling interests 1 1
Total equity 2,536 2,867
Total liabilities and equity $ 19,414 $ 19,424
v3.23.4
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Nov. 30, 2023
Aug. 31, 2023
Statement of Financial Position [Abstract]    
Accumulated depreciation $ 4,612 $ 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) 275,716,586 273,949,811
Common stock, shares outstanding (in shares) 128,647,431 131,294,422
Treasury stock at cost, shares (in shares) 147,069,155 142,655,389
v3.23.4
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Nov. 30, 2023
Nov. 30, 2022
Income Statement [Abstract]    
Net revenue $ 8,387 $ 9,635
Cost of revenue 7,612 8,892
Gross profit 775 743
Operating expenses:    
Selling, general and administrative 314 319
Research and development 10 9
Amortization of intangibles 6 8
Restructuring, severance and related charges 127 45
Costs from the divestiture of businesses 15 0
Operating income 303 362
Other expense 21 15
Interest expense, net 47 48
Income before income tax 235 299
Income tax expense 41 76
Net income 194 223
Net income attributable to noncontrolling interests, net of tax 0 0
Net income attributable to Jabil Inc. $ 194 $ 223
Earnings per share attributable to the stockholders of Jabil Inc.:    
Basic (in usd per share) $ 1.49 $ 1.65
Diluted (in usd per share) $ 1.47 $ 1.61
Weighted average shares outstanding:    
Basic (in shares) 129.6 134.8
Diluted (in shares) 132.1 138.0
v3.23.4
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended
Nov. 30, 2023
Nov. 30, 2022
Statement of Comprehensive Income [Abstract]    
Net income $ 194 $ 223
Other comprehensive income (loss):    
Change in foreign currency translation 0 4
Change in derivative instruments:    
Change in fair value of derivatives (3) (25)
Adjustment for net losses realized and included in net income 16 43
Total change in derivative instruments 13 18
Actuarial loss (3) (3)
Prior service credit 1 1
Total other comprehensive income 11 20
Comprehensive income 205 243
Comprehensive income attributable to noncontrolling interests 0 0
Comprehensive income attributable to Jabil Inc. $ 205 $ 243
v3.23.4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Millions
Total
Common stock:
Additional paid-in capital:
Retained earnings:
Accumulated other comprehensive loss:
Treasury stock:
Noncontrolling interests:
Beginning Balance at Aug. 31, 2022 $ 2,452   $ 2,655 $ 3,638 $ (42) $ (3,800) $ 1
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Recognition of stock-based compensation     41        
Declared dividends       (12)      
Net income attributable to Jabil Inc. 223     223      
Total other comprehensive income 20       20    
Purchases of treasury stock under employee stock plans           (33)  
Treasury shares purchased           (161)  
Ending Balance at Nov. 30, 2022 2,530 $ 0 2,696 3,849 (22) (3,994) 1
Beginning Balance at Aug. 31, 2023 2,867   2,795 4,412 (17) (4,324) 1
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Recognition of stock-based compensation     45        
Declared dividends       (11)      
Net income attributable to Jabil Inc. 194     194      
Total other comprehensive income 11       11    
Purchases of treasury stock under employee stock plans           (67)  
Treasury shares purchased     (13)     (487)  
Excise taxes related to treasury shares purchased           (3)  
Ending Balance at Nov. 30, 2023 $ 2,536 $ 0 $ 2,827 $ 4,595 $ (6) $ (4,881) $ 1
v3.23.4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Nov. 30, 2023
Nov. 30, 2022
Cash flows provided by operating activities:    
Net income $ 194 $ 223
Depreciation, amortization, and other, net 206 263
Change in operating assets and liabilities, exclusive of net assets acquired 48 (320)
Net cash provided by operating activities 448 166
Cash flows used in investing activities:    
Acquisition of property, plant and equipment (288) (314)
Proceeds and advances from sale of property, plant and equipment 13 150
Cash paid for business and intangible asset acquisitions, net of cash (59) 0
Proceeds from the divestiture of businesses 258 0
Other, net 1 (12)
Net cash used in investing activities (75) (176)
Cash flows used in financing activities:    
Borrowings under debt agreements 395 1,026
Payments toward debt agreements (436) (1,061)
Payments to acquire treasury stock (500) (161)
Dividends paid to stockholders (12) (12)
Treasury stock minimum tax withholding related to vesting of restricted stock (67) (33)
Net cash used in financing activities (620) (241)
Effect of exchange rate changes on cash and cash equivalents (7) (10)
Net decrease in cash and cash equivalents (254) (261)
Cash and cash equivalents at beginning of period 1,804 1,478
Cash and cash equivalents at end of period $ 1,550 $ 1,217
v3.23.4
Basis of Presentation
 3 Months Ended
Nov. 30, 2023
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 three months ended November 30, 2023 are not necessarily an indication of the results that may be expected for the full fiscal year ending August 31, 2024.
v3.23.4
Trade Accounts Receivable Sale Programs
 3 Months Ended
Nov. 30, 2023
Transfers and Servicing [Abstract]  
Trade Accounts Receivable Sale Programs Trade Accounts Receivable Sale Programs
The Company regularly sells designated pools of high credit quality trade accounts receivable, 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 November 30, 2023, 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 $2.3 billion under nine trade accounts receivable sale programs, (ii) maximum amount available of 100 million CHF under one trade accounts receivable sale program, and (iii) maximum amount available of 8.1 billion INR 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 a servicing fee under each of the trade accounts receivable sale programs. Servicing fees related to the trade accounts receivable sale programs recognized during the three months ended November 30, 2023 and 2022 were not material. The Company does not record a servicing asset or liability on the Condensed Consolidated Balance Sheets as the Company estimates that the fee it receives to service these receivables approximates the fair market compensation to provide the servicing activities.
In connection with the trade accounts receivable sale programs, the Company recognized the following (in millions):
  Three months ended
  November 30, 2023 November 30, 2022
Trade accounts receivable sold(1)
 $ 2,036  $ 3,528 
Cash proceeds received $ 2,025  $ 3,518 
Pre-tax losses on sale of receivables(2)
 $ 11  $ 10 
(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 a servicing fee under the global asset-backed securitization program. Servicing fees related to the global asset-backed securitization program recognized during the three months ended November 30, 2023 and 2022 were not material. The Company does not record a servicing asset or liability on the Condensed Consolidated Balance Sheets as the Company estimates that the fee it receives to service these receivables approximates the fair market compensation to provide the servicing activities.
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 November 30, 2023.
The global asset-backed securitization program expires on November 25, 2024 and the maximum amount of net cash proceeds available at any one time is $600 million. As of November 30, 2023, the Company had no available liquidity under its global asset-backed securitization program.
In connection with the asset-backed securitization programs, the Company recognized the following (in millions):
Three months ended
November 30, 2023 November 30, 2022
Trade accounts receivable sold(1)
 $ 989  $ 1,066 
Cash proceeds received(2)
 $ 979  $ 1,058 
Pre-tax losses on sale of receivables(3)
 $ 10  $ 8 
(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 November 30, 2023 and August 31, 2023, the Company was in compliance with all covenants under the global asset-backed securitization program.
v3.23.4
Inventories
 3 Months Ended
Nov. 30, 2023
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories consist of the following (in millions):
November 30, 2023 August 31, 2023
Raw materials $ 4,733  $ 4,804 
Work in process 241  217 
Finished goods 205  243 
Reserve for excess and obsolete inventory (55) (58)
Inventories, net(1)
 $ 5,124  $ 5,206 
(1)Excludes $354 million and $559 million of inventories, net classified as held for sale as of November 30, 2023 and August 31, 2023, respectively. See Note 15 – “Business Acquisitions and Divestitures” for additional information.
v3.23.4
Notes Payable and Long-Term Debt
 3 Months Ended
Nov. 30, 2023
Debt Disclosure [Abstract]  
Notes Payable and Long-Term Debt Notes Payable and Long-Term Debt
Notes payable and long-term debt outstanding as of November 30, 2023 and August 31, 2023 are summarized below (in millions): 
Maturity Date November 30, 2023 August 31, 2023
3.950% Senior Notes
 Jan 12, 2028 497  497 
3.600% Senior Notes
 Jan 15, 2030 497  496 
3.000% Senior Notes
 Jan 15, 2031 593  593 
1.700% Senior Notes
 Apr 15, 2026 498  498 
4.250% Senior Notes
 May 15, 2027 495  495 
5.450% Senior Notes
 Feb 1, 2029 296  296 
Borrowings under credit facilities(1)
 Jan 22, 2025 and Jan 22, 2027 —  — 
Borrowings under loans Jul 31, 2026 —  — 
Total notes payable and long-term debt 2,876  2,875 
Less current installments of notes payable and long-term debt
 —  — 
Notes payable and long-term debt, less current installments
 $ 2,876  $ 2,875 
(1)As of November 30, 2023, the Company has $3.8 billion in available unused borrowing capacity under its revolving credit facilities. The senior unsecured credit agreement dated as of January 22, 2020 and amended on February 10, 2023 (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 November 30, 2023 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.
v3.23.4
Asset-Backed Securitization Program
 3 Months Ended
Nov. 30, 2023
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 November 30, 2023, 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 $2.3 billion under nine trade accounts receivable sale programs, (ii) maximum amount available of 100 million CHF under one trade accounts receivable sale program, and (iii) maximum amount available of 8.1 billion INR 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 a servicing fee under each of the trade accounts receivable sale programs. Servicing fees related to the trade accounts receivable sale programs recognized during the three months ended November 30, 2023 and 2022 were not material. The Company does not record a servicing asset or liability on the Condensed Consolidated Balance Sheets as the Company estimates that the fee it receives to service these receivables approximates the fair market compensation to provide the servicing activities.
In connection with the trade accounts receivable sale programs, the Company recognized the following (in millions):
  Three months ended
  November 30, 2023 November 30, 2022
Trade accounts receivable sold(1)
 $ 2,036  $ 3,528 
Cash proceeds received $ 2,025  $ 3,518 
Pre-tax losses on sale of receivables(2)
 $ 11  $ 10 
(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 a servicing fee under the global asset-backed securitization program. Servicing fees related to the global asset-backed securitization program recognized during the three months ended November 30, 2023 and 2022 were not material. The Company does not record a servicing asset or liability on the Condensed Consolidated Balance Sheets as the Company estimates that the fee it receives to service these receivables approximates the fair market compensation to provide the servicing activities.
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 November 30, 2023.
The global asset-backed securitization program expires on November 25, 2024 and the maximum amount of net cash proceeds available at any one time is $600 million. As of November 30, 2023, the Company had no available liquidity under its global asset-backed securitization program.
In connection with the asset-backed securitization programs, the Company recognized the following (in millions):
Three months ended
November 30, 2023 November 30, 2022
Trade accounts receivable sold(1)
 $ 989  $ 1,066 
Cash proceeds received(2)
 $ 979  $ 1,058 
Pre-tax losses on sale of receivables(3)
 $ 10  $ 8 
(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 November 30, 2023 and August 31, 2023, the Company was in compliance with all covenants under the global asset-backed securitization program.
v3.23.4
Accrued Expenses
 3 Months Ended
Nov. 30, 2023
Accrued Liabilities, Current [Abstract]  
Accrued Expenses Accrued Expenses
Accrued expenses consist of the following (in millions):
November 30, 2023 August 31, 2023
Inventory deposits $ 1,656  $ 1,839 
Contract liabilities(1)
 906  886 
Accrued compensation and employee benefits 683  743 
Other accrued expenses 2,595  2,047 
Accrued expenses(2)
 $ 5,840  $ 5,515 
(1)Revenue recognized during the three months ended November 30, 2023 and 2022 that was included in the contract liability balance as of August 31, 2023 and 2022 was $161 million and $139 million, respectively.
(2)Excludes $304 million and $364 million of accrued expenses classified as held for sale as of November 30, 2023 and August 31, 2023, respectively. See Note 15 – “Business Acquisitions and Divestitures” for additional information.
v3.23.4
Postretirement and Other Employee Benefits
 3 Months Ended
Nov. 30, 2023
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 ended November 30, 2023 and 2022 (in millions):
  Three months ended
  November 30, 2023 November 30, 2022
Service cost(1)
 $ 5  $ 4 
Interest cost(2)
 3  3 
Expected long-term return on plan assets(2)
 (4) (5)
Recognized actuarial gain(2)
 (2) (2)
Amortization of actuarial gain(2)(3)
 (1) (1)
Amortization of prior service cost(2)
 1  1 
Net periodic benefit cost $ 2  $ — 
(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.
v3.23.4
Derivative Financial Instruments and Hedging Activities
 3 Months Ended
Nov. 30, 2023
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 $153 million and $491 million as of November 30, 2023 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 December 1, 2023 and August 31, 2024.
In addition to derivatives that are designated as hedging instruments and qualify for hedge accounting, the Company also enters into forward contracts to economically hedge transactional exposure associated with commitments arising from trade accounts receivable, trade accounts payable, fixed purchase obligations and intercompany transactions denominated in a currency other than the functional currency of the respective operating entity. The aggregate notional amount of these outstanding contracts as of November 30, 2023 and August 31, 2023, was $4.3 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 date November 30, 2023 August 31, 2023
September 2023 $ —  $ 34 
October 2023 —  96 
January 2024 97  96 
April 2024 104  68 
July 2024 174  102 
Total $ 375  $ 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 815 Location of Gain (Loss) on Derivatives Recognized in Net Income Amount of Gain (Loss) Recognized in Net Income on Derivatives
Three months ended
November 30, 2023 November 30, 2022
Forward foreign exchange contracts(1)
 Cost of revenue $ 18  $ (46)
(1)For the three months ended November 30, 2023, the Company recognized $38 million of foreign currency losses in cost of revenue, which are offset by the gains from the forward foreign exchange contracts. For the three months ended November 30, 2022, the Company recognized $49 million 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 November 30, 2023, there are no outstanding interest rate swaps.
v3.23.4
Accumulated Other Comprehensive Income
 3 Months Ended
Nov. 30, 2023
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 three months ended November 30, 2023 (in millions):
Foreign Currency
Translation Adjustment		 Net Investment Hedges Derivative
Instruments		 Actuarial Gain (Loss) Prior Service (Cost) Credit Total
Balance as of August 31, 2023
 $ (59) $ (4) $ 14  $ 46  $ (14) $ (17)
Other comprehensive income (loss) before reclassifications 4  (4) (3) —  —  (3)
Amounts reclassified from AOCI —  —  16  (3) 1  14 
Other comprehensive income (loss)(1)
 4  (4) 13  (3) 1  11 
Balance as of November 30, 2023
 $ (55) $ (8) $ 27  $ 43  $ (13) $ (6)
(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 ended
Comprehensive Income Components Financial Statement Line Item November 30, 2023 November 30, 2022
Realized losses (gains) on derivative instruments:(1)
Foreign exchange contracts Cost of revenue $ 17  $ 43 
Interest rate contracts Interest expense, net (1) — 
Actuarial gains
(2)
 (3) (3)
Prior service costs
(2)
 1  1 
Total amounts reclassified from AOCI(3)
 $ 14  $ 41 
(1)The Company expects to reclassify $5 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 ended November 30, 2023 and 2022.
v3.23.4
Stockholders' Equity
 3 Months Ended
Nov. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Stockholders' Equity Stockholders’ Equity
The Company recognized stock-based compensation expense within selling, general and administrative expense as follows (in millions):
  Three months ended
  November 30, 2023 November 30, 2022
Restricted stock units
 $ 42  $ 38 
Employee stock purchase plan 4  4 
Total $ 46  $ 42 
As of November 30, 2023, the shares available to be issued under the 2021 Equity Incentive Plan were 7,738,300.
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 three months ended November 30, 2023 and 2022, the Company awarded approximately 0.4 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):
  November 30, 2023
Unrecognized stock-based compensation expense – restricted stock units $ 82 
Remaining weighted-average period for restricted stock units expense 1.5 years
Common Stock Outstanding
The following represents the common stock outstanding for the periods indicated:
Three months ended
November 30, 2023 November 30, 2022
Common stock outstanding:
Beginning balances
 131,294,422  135,493,980 
Vesting of restricted stock
 1,766,775  1,861,678 
Purchases of treasury stock under employee stock plans
 (526,028) (523,407)
Treasury shares purchased(1)(2)
 (3,887,738) (2,600,951)
Ending balances
 128,647,431  134,231,300 
(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 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 November 30, 2023, 3.9 million shares had been repurchased for $500 million, excluding excise tax, and $2.0 billion remains available under the 2023 Share Repurchase Program approved in September 2023.
v3.23.4
Concentration of Risk and Segment Data
 3 Months Ended
Nov. 30, 2023
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 three months ended November 30, 2023, the Company’s five largest customers accounted for approximately 44% of its net revenue and 76 customers accounted for approximately 90% of its net revenue. Sales to these customers were reported in the Electronics Manufacturing Services (“EMS”) and Diversified Manufacturing Services (“DMS”) operating segments.
The Company procures components from a broad group of suppliers. Some of the products manufactured by the Company require one or more components that are available from only a single source.
Segment Data
Net revenue for the operating segments is attributed to the segment in which the service is performed. An operating segment’s performance is evaluated based on its pre-tax operating contribution, or segment income. Segment income is defined as net revenue less cost of revenue, segment selling, general and administrative expenses, segment research and development expenses and an allocation of corporate manufacturing expenses and selling, general and administrative expenses. 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 ended
  November 30, 2023 November 30, 2022
Segment income and reconciliation of income before income tax
EMS $ 165  $ 198 
DMS 334  263 
Total segment income $ 499  $ 461 
Reconciling items:
Amortization of intangibles (6) (8)
Stock-based compensation expense and related charges (46) (42)
Restructuring, severance and related charges (127) (45)
Costs from the divestiture of businesses (15) — 
Other expense (net of periodic benefit cost) (23) (19)
Interest expense, net (47) (48)
Income before income tax $ 235  $ 299 
The following table presents the Company’s revenues disaggregated by segment (in millions):
Three months ended
November 30, 2023 November 30, 2022
EMS DMS Total EMS DMS Total
Timing of transfer
Point in time $ 1,095  $ 2,014  $ 3,109  $ 1,538  $ 2,280  $ 3,818 
Over time 2,497  2,781  5,278  3,008  2,809  5,817 
Total $ 3,592  $ 4,795  $ 8,387  $ 4,546  $ 5,089  $ 9,635 
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 ended
  November 30, 2023 November 30, 2022
Foreign source revenue 86.4  % 85.7  %
v3.23.4
Restructuring, Severance and Related Charges
 3 Months Ended
Nov. 30, 2023
Restructuring and Related Activities [Abstract]  
Restructuring, Severance and Related Charges Restructuring, Severance and Related Charges
Following is a summary of the Company’s restructuring, severance and related charges (in millions):
  Three months ended
 
November 30, 2023
 November 30, 2022
Employee severance and benefit costs $ 95  $ 40 
Asset write-off costs 22  1 
Other costs 10  4 
Total restructuring, severance and related charges(1)
 $ 127  $ 45 
(1)Charges for the three months ended November 30, 2023, related to the 2024 Restructuring Plan and included $29 million recorded in the EMS segment, $79 million recorded in the DMS segment and $19 million of non-allocated charges. Charges for the three months ended November 30, 2022, related to headcount reduction to further optimize the Company’s business activities and included $4 million recorded in the EMS segment, $33 million recorded in the DMS segment and $8 million of non-allocated charges. Except for asset write-off costs, all restructuring, severance and related charges are cash costs.
2024 Restructuring Plan
On September 26, 2023, the Company’s Board of Directors approved a restructuring plan to (i) realign the Company’s cost base for stranded costs associated with the Company’s sale and realignment of its mobility business and (ii) optimize the Company’s global footprint. This action includes headcount reductions across our Selling, General and Administrative (“SG&A”) cost base and capacity realignment (the “2024 Restructuring Plan”). The 2024 Restructuring Plan reflects the Company’s intention only and restructuring decisions, and the timing of such decisions, at certain locations, are still subject to consultation with the Company’s employees and their representatives.
The Company currently expects to recognize approximately $300 million in pre-tax restructuring and other related costs over the course of the Company’s 2024 fiscal year. This information will be subject to the finalization of timetables for the transition of functions, consultation with employees and their representatives as well as the statutory severance requirements of the jurisdictions impacted, and the amount and timing of the actual charges may vary due to a variety of factors. The Company’s estimates for the charges discussed above exclude any potential income tax effects.
The table below summarizes the Company’s liability activity, primarily associated with the 2024 Restructuring Plan (in millions):
Employee 
Severance
and Benefit Costs		 Lease Costs Asset Write-off Costs Other Related Costs Total
Balance as of August 31, 2023
 $ —  $ —  $ —  $ —  $ — 
Restructuring related charges 95  —  22  10  127 
Asset write-off charge and other non-cash activity —  —  (22) (5) (27)
Cash payments (14) —  —  —  (14)
Balance as of November 30, 2023
 $ 81  $ —  $ —  $ 5  $ 86 
v3.23.4
Income Taxes
 3 Months Ended
Nov. 30, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Effective Income Tax Rate
The U.S. federal statutory income tax rate and the Company's effective income tax rate are as follows:
Three months ended
November 30, 2023 November 30, 2022
U.S. federal statutory income tax rate 21.0  % 21.0  %
Effective income tax rate 17.6  % 25.6  %
The effective income tax rate differed for the three months ended November 30, 2023, compared to the three months ended November 30, 2022, primarily due to: (i) a change in the jurisdictional mix of earnings, driven in part by restructuring charges, (ii) a $19 million income tax benefit for the reversal of a non-U.S. unrecognized tax benefit due to audit closure for the three months ended November 30, 2023, and (iii) an $11 million income tax benefit for the reversal of a portion of the U.S. valuation allowance related to an acquisition for the three months ended November 30, 2023.
The effective income tax rate differed from the U.S. federal statutory income tax rate of 21.0% during the three months ended November 30, 2023 and 2022, 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, (iv) a $19 million income tax benefit associated with the reversal of a non-U.S. unrecognized tax benefit due to audit closure for the three months ended November 30, 2023, and (v) an $11 million income tax benefit for the reversal of a portion of the U.S. valuation allowance related to an acquisition for the three months ended November 30, 2023
v3.23.4
Earnings Per Share and Dividends
 3 Months Ended
Nov. 30, 2023
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 ended
  November 30, 2023 November 30, 2022
Restricted stock units 654.4  365.9 
Dividends
The following table sets forth cash dividends declared by the Company to common stockholders during the three months ended November 30, 2023 and 2022 (in millions, except for per share data):
Dividend
Declaration Date		 Dividend
per Share		 Total of Cash
Dividends
Declared		 Date of Record for
Dividend Payment		 Dividend Cash
Payment Date
Fiscal Year 2024: October 19, 2023 $ 0.08  $ 11  November 15, 2023 December 4, 2023
Fiscal Year 2023: October 20, 2022 $ 0.08  $ 12  November 15, 2022 December 2, 2022
v3.23.4
Business Acquisitions and Divestitures
 3 Months Ended
Nov. 30, 2023
Business Combination and Asset Acquisition [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 assets was accounted for as a business combination using the acquisition method of accounting. Assets acquired of $86 million, including $40 million in intangible assets and $38 million in goodwill, and liabilities assumed of $25 million were recorded at their estimated fair values as of the acquisition date. The allocation of the purchase price is considered preliminary pending final valuation for the Company. 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. On December 29, 2023 (the “Closing Date”), the Company completed the sale.
As of November 30, 2023, and August 31, 2023, the assets and liabilities of the Business were classified as held for sale and the carrying value is less than the estimated fair value less cost to sell and, thus, no adjustment to the carrying value of the disposal group is necessary. For the three months ended November 30, 2023, depreciation and amortization expense for long-lived assets are not recorded while these assets are 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.
Following is a summary of the carrying amounts of the major classes of assets and liabilities that were classified as held for sale (in millions):
  November 30, 2023 August 31, 2023
Assets held for sale:
Accounts receivable, net of allowance for credit losses $ 315  $ 96 
Inventories, net of reserve for excess and obsolete inventory 354  559 
Prepaid expenses and other current assets 153  220 
Property, plant and equipment, net of accumulated depreciation 812  724 
Operating lease right-of-use asset 119  112 
Goodwill 117  117 
Deferred income taxes 86  96 
Liabilities held for sale:
Accounts payable $ 992  $ 876 
Accrued expenses 304  364 
Non-current operating lease liabilities 86  83 
v3.23.4
Fair Value Measurements
 3 Months Ended
Nov. 30, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair Value Measurements on a Recurring Basis
The following table presents the fair value of the Company's financial assets and liabilities measured at fair value by hierarchy level on a recurring basis as of the periods indicated (in millions):    
Fair Value Hierarchy November 30, 2023 August 31, 2023
Assets:
Prepaid expenses and other current assets:
Short-term investments Level 1 $ 25  $ 25 
Forward foreign exchange contracts:
Derivatives designated as hedging instruments (Note 8)
 Level 2
(1)
 10  4 
Derivatives not designated as hedging instruments (Note 8)
 Level 2
(1)
 18  20 
Net investment hedges:
Derivatives designated as hedging instruments (Note 8)
 Level 2
(1)
 5  9 
Liabilities:
Accrued expenses:
Forward foreign exchange contracts:
Derivatives designated as hedging instruments (Note 8)
 Level 2
(1)
 $ 5  $ 17 
Derivatives not designated as hedging instruments (Note 8)
 Level 2
(1)
 17  64 
Net investment hedges:
Derivatives designated as hedging instruments (Note 8)
 Level 2
(1)
 3  1 
(1)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 approximates fair value as interest rates on these instruments approximates current market rates.
Notes payable and long-term debt is carried at amortized cost; however, the Company estimates the fair values of notes payable and long-term debt for disclosure purposes. The following table presents the carrying amounts and fair values of the Company's notes payable and long-term debt, by hierarchy level as of the periods indicated (in millions):
November 30, 2023 August 31, 2023
Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value
Notes payable and long-term debt: (Note 4)
3.950% Senior Notes
Level 2
(1)
 $ 497  $ 469  $ 497  $ 468 
3.600% Senior Notes
 Level 2
(1)
 $ 497  $ 444  $ 496  $ 448 
3.000% Senior Notes
 Level 2
(1)
 $ 593  $ 505  $ 593  $ 502 
1.700% Senior Notes
 Level 2
(1)
 $ 498  $ 459  $ 498  $ 452 
4.250% Senior Notes
 Level 2
(1)
 $ 495  $ 481  $ 495  $ 478 
5.450% Senior Notes
 Level 2
(1)
 $ 296  $ 298  $ 296  $ 297 
(1)The fair value estimates are based upon observable market data.
v3.23.4
Commitments and Contingencies
 3 Months Ended
Nov. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Legal Proceedings
The Company is party to certain lawsuits in the ordinary course of business. The Company does not believe that these proceedings, individually or in the aggregate, will have a material adverse effect on the Company’s financial position, results of operations or cash flows.
v3.23.4
New Accounting Guidance
 3 Months Ended
Nov. 30, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]  
New Accounting Guidance New Accounting Guidance
New accounting guidance adopted during the period did not have a material impact to the Company.
Recently issued accounting guidance is not applicable or did not have, or is not expected to have, a material impact to the Company.
v3.23.4
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Nov. 30, 2023
Nov. 30, 2022
Pay vs Performance Disclosure    
Net Income (Loss) Attributable to Parent $ 194 $ 223
v3.23.4
Insider Trading Arrangements
 3 Months Ended
Nov. 30, 2023
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.23.4
New Accounting Guidance (Policies)
 3 Months Ended
Nov. 30, 2023
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.
v3.23.4
Trade Accounts Receivable Sale Programs (Tables)
 3 Months Ended
Nov. 30, 2023
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 ended
  November 30, 2023 November 30, 2022
Trade accounts receivable sold(1)
 $ 2,036  $ 3,528 
Cash proceeds received $ 2,025  $ 3,518 
Pre-tax losses on sale of receivables(2)
 $ 11  $ 10 
(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.
v3.23.4
Inventories (Tables)
 3 Months Ended
Nov. 30, 2023
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories consist of the following (in millions):
November 30, 2023 August 31, 2023
Raw materials $ 4,733  $ 4,804 
Work in process 241  217 
Finished goods 205  243 
Reserve for excess and obsolete inventory (55) (58)
Inventories, net(1)
 $ 5,124  $ 5,206 
(1)Excludes $354 million and $559 million of inventories, net classified as held for sale as of November 30, 2023 and August 31, 2023, respectively. See Note 15 – “Business Acquisitions and Divestitures” for additional information.
v3.23.4
Notes Payable and Long-Term Debt (Tables)
 3 Months Ended
Nov. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Notes Payable and Long-term Debt
Notes payable and long-term debt outstanding as of November 30, 2023 and August 31, 2023 are summarized below (in millions): 
Maturity Date November 30, 2023 August 31, 2023
3.950% Senior Notes
 Jan 12, 2028 497  497 
3.600% Senior Notes
 Jan 15, 2030 497  496 
3.000% Senior Notes
 Jan 15, 2031 593  593 
1.700% Senior Notes
 Apr 15, 2026 498  498 
4.250% Senior Notes
 May 15, 2027 495  495 
5.450% Senior Notes
 Feb 1, 2029 296  296 
Borrowings under credit facilities(1)
 Jan 22, 2025 and Jan 22, 2027 —  — 
Borrowings under loans Jul 31, 2026 —  — 
Total notes payable and long-term debt 2,876  2,875 
Less current installments of notes payable and long-term debt
 —  — 
Notes payable and long-term debt, less current installments
 $ 2,876  $ 2,875 
(1)As of November 30, 2023, the Company has $3.8 billion in available unused borrowing capacity under its revolving credit facilities. The senior unsecured credit agreement dated as of January 22, 2020 and amended on February 10, 2023 (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.
v3.23.4
Asset-Backed Securitization Program (Tables)
 3 Months Ended
Nov. 30, 2023
Transfers and Servicing [Abstract]  
Schedule of Asset-backed Securitization Programs Amounts Recognized
In connection with the asset-backed securitization programs, the Company recognized the following (in millions):
Three months ended
November 30, 2023 November 30, 2022
Trade accounts receivable sold(1)
 $ 989  $ 1,066 
Cash proceeds received(2)
 $ 979  $ 1,058 
Pre-tax losses on sale of receivables(3)
 $ 10  $ 8 
(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.
v3.23.4
Accrued Expenses (Tables)
 3 Months Ended
Nov. 30, 2023
Accrued Liabilities, Current [Abstract]  
Schedule of Accrued Expenses
Accrued expenses consist of the following (in millions):
November 30, 2023 August 31, 2023
Inventory deposits $ 1,656  $ 1,839 
Contract liabilities(1)
 906  886 
Accrued compensation and employee benefits 683  743 
Other accrued expenses 2,595  2,047 
Accrued expenses(2)
 $ 5,840  $ 5,515 
(1)Revenue recognized during the three months ended November 30, 2023 and 2022 that was included in the contract liability balance as of August 31, 2023 and 2022 was $161 million and $139 million, respectively.
(2)Excludes $304 million and $364 million of accrued expenses classified as held for sale as of November 30, 2023 and August 31, 2023, respectively. See Note 15 – “Business Acquisitions and Divestitures” for additional information.
v3.23.4
Postretirement and Other Employee Benefits (Tables)
 3 Months Ended
Nov. 30, 2023
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 ended November 30, 2023 and 2022 (in millions):
  Three months ended
  November 30, 2023 November 30, 2022
Service cost(1)
 $ 5  $ 4 
Interest cost(2)
 3  3 
Expected long-term return on plan assets(2)
 (4) (5)
Recognized actuarial gain(2)
 (2) (2)
Amortization of actuarial gain(2)(3)
 (1) (1)
Amortization of prior service cost(2)
 1  1 
Net periodic benefit cost $ 2  $ — 
(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.
v3.23.4
Derivative Financial Instruments and Hedging Activities (Tables)
 3 Months Ended
Nov. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Maturity Date and Aggregate Notional Amount Outstanding of Net Investment Hedges The maturity dates and aggregate notional amount outstanding of net investment hedges are as follows (in millions):
Maturity date November 30, 2023 August 31, 2023
September 2023 $ —  $ 34 
October 2023 —  96 
January 2024 97  96 
April 2024 104  68 
July 2024 174  102 
Total $ 375  $ 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 815 Location of Gain (Loss) on Derivatives Recognized in Net Income Amount of Gain (Loss) Recognized in Net Income on Derivatives
Three months ended
November 30, 2023 November 30, 2022
Forward foreign exchange contracts(1)
 Cost of revenue $ 18  $ (46)
(1)For the three months ended November 30, 2023, the Company recognized $38 million of foreign currency losses in cost of revenue, which are offset by the gains from the forward foreign exchange contracts. For the three months ended November 30, 2022, the Company recognized $49 million of foreign currency gains in cost of revenue, which are offset by the losses from the forward foreign exchange contracts.
v3.23.4
Accumulated Other Comprehensive Income (Tables)
 3 Months Ended
Nov. 30, 2023
Equity [Abstract]  
Schedule of Changes in AOCI
The following table sets forth the changes in AOCI, net of tax, by component for the three months ended November 30, 2023 (in millions):
Foreign Currency
Translation Adjustment		 Net Investment Hedges Derivative
Instruments		 Actuarial Gain (Loss) Prior Service (Cost) Credit Total
Balance as of August 31, 2023
 $ (59) $ (4) $ 14  $ 46  $ (14) $ (17)
Other comprehensive income (loss) before reclassifications 4  (4) (3) —  —  (3)
Amounts reclassified from AOCI —  —  16  (3) 1  14 
Other comprehensive income (loss)(1)
 4  (4) 13  (3) 1  11 
Balance as of November 30, 2023
 $ (55) $ (8) $ 27  $ 43  $ (13) $ (6)
(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 ended
Comprehensive Income Components Financial Statement Line Item November 30, 2023 November 30, 2022
Realized losses (gains) on derivative instruments:(1)
Foreign exchange contracts Cost of revenue $ 17  $ 43 
Interest rate contracts Interest expense, net (1) — 
Actuarial gains
(2)
 (3) (3)
Prior service costs
(2)
 1  1 
Total amounts reclassified from AOCI(3)
 $ 14  $ 41 
(1)The Company expects to reclassify $5 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 ended November 30, 2023 and 2022.
v3.23.4
Stockholders' Equity (Tables)
 3 Months Ended
Nov. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Recognized Stock-based Compensation Expense
The Company recognized stock-based compensation expense within selling, general and administrative expense as follows (in millions):
  Three months ended
  November 30, 2023 November 30, 2022
Restricted stock units
 $ 42  $ 38 
Employee stock purchase plan 4  4 
Total $ 46  $ 42 
Schedule of Share-based Compensation Information
The following represents the stock-based compensation information as of the period indicated (in millions):
  November 30, 2023
Unrecognized stock-based compensation expense – restricted stock units $ 82 
Remaining weighted-average period for restricted stock units expense 1.5 years
Schedule of Common Stock Outstanding
The following represents the common stock outstanding for the periods indicated:
Three months ended
November 30, 2023 November 30, 2022
Common stock outstanding:
Beginning balances
 131,294,422  135,493,980 
Vesting of restricted stock
 1,766,775  1,861,678 
Purchases of treasury stock under employee stock plans
 (526,028) (523,407)
Treasury shares purchased(1)(2)
 (3,887,738) (2,600,951)
Ending balances
 128,647,431  134,231,300 
(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 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 November 30, 2023, 3.9 million shares had been repurchased for $500 million, excluding excise tax, and $2.0 billion remains available under the 2023 Share Repurchase Program approved in September 2023.
v3.23.4
Concentration of Risk and Segment Data (Tables)
 3 Months Ended
Nov. 30, 2023
Segment Reporting [Abstract]  
Schedule of Segment Income
The following table sets forth operating segment information (in millions):
  Three months ended
  November 30, 2023 November 30, 2022
Segment income and reconciliation of income before income tax
EMS $ 165  $ 198 
DMS 334  263 
Total segment income $ 499  $ 461 
Reconciling items:
Amortization of intangibles (6) (8)
Stock-based compensation expense and related charges (46) (42)
Restructuring, severance and related charges (127) (45)
Costs from the divestiture of businesses (15) — 
Other expense (net of periodic benefit cost) (23) (19)
Interest expense, net (47) (48)
Income before income tax $ 235  $ 299 
Schedule of Revenues Disaggregated by Segment
The following table presents the Company’s revenues disaggregated by segment (in millions):
Three months ended
November 30, 2023 November 30, 2022
EMS DMS Total EMS DMS Total
Timing of transfer
Point in time $ 1,095  $ 2,014  $ 3,109  $ 1,538  $ 2,280  $ 3,818 
Over time 2,497  2,781  5,278  3,008  2,809  5,817 
Total $ 3,592  $ 4,795  $ 8,387  $ 4,546  $ 5,089  $ 9,635 
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 ended
  November 30, 2023 November 30, 2022
Foreign source revenue 86.4  % 85.7  %
v3.23.4
Restructuring, Severance and Related Charges (Tables)
 3 Months Ended
Nov. 30, 2023
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 ended
 
November 30, 2023
 November 30, 2022
Employee severance and benefit costs $ 95  $ 40 
Asset write-off costs 22  1 
Other costs 10  4 
Total restructuring, severance and related charges(1)
 $ 127  $ 45 
(1)Charges for the three months ended November 30, 2023, related to the 2024 Restructuring Plan and included $29 million recorded in the EMS segment, $79 million recorded in the DMS segment and $19 million of non-allocated charges. Charges for the three months ended November 30, 2022, related to headcount reduction to further optimize the Company’s business activities and included $4 million recorded in the EMS segment, $33 million recorded in the DMS segment and $8 million of non-allocated charges. 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 Costs Asset Write-off Costs Other Related Costs Total
Balance as of August 31, 2023
 $ —  $ —  $ —  $ —  $ — 
Restructuring related charges 95  —  22  10  127 
Asset write-off charge and other non-cash activity —  —  (22) (5) (27)
Cash payments (14) —  —  —  (14)
Balance as of November 30, 2023
 $ 81  $ —  $ —  $ 5  $ 86 
v3.23.4
Income Taxes (Tables)
 3 Months Ended
Nov. 30, 2023
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 ended
November 30, 2023 November 30, 2022
U.S. federal statutory income tax rate 21.0  % 21.0  %
Effective income tax rate 17.6  % 25.6  %
v3.23.4
Earnings Per Share and Dividends (Tables)
 3 Months Ended
Nov. 30, 2023
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 ended
  November 30, 2023 November 30, 2022
Restricted stock units 654.4  365.9 
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 three months ended November 30, 2023 and 2022 (in millions, except for per share data):
Dividend
Declaration Date		 Dividend
per Share		 Total of Cash
Dividends
Declared		 Date of Record for
Dividend Payment		 Dividend Cash
Payment Date
Fiscal Year 2024: October 19, 2023 $ 0.08  $ 11  November 15, 2023 December 4, 2023
Fiscal Year 2023: October 20, 2022 $ 0.08  $ 12  November 15, 2022 December 2, 2022
v3.23.4
Business Acquisitions and Divestitures (Tables)
 3 Months Ended
Nov. 30, 2023
Business Combination and Asset Acquisition [Abstract]  
Schedule of Assets and Liabilities Held For Sale
Following is a summary of the carrying amounts of the major classes of assets and liabilities that were classified as held for sale (in millions):
  November 30, 2023 August 31, 2023
Assets held for sale:
Accounts receivable, net of allowance for credit losses $ 315  $ 96 
Inventories, net of reserve for excess and obsolete inventory 354  559 
Prepaid expenses and other current assets 153  220 
Property, plant and equipment, net of accumulated depreciation 812  724 
Operating lease right-of-use asset 119  112 
Goodwill 117  117 
Deferred income taxes 86  96 
Liabilities held for sale:
Accounts payable $ 992  $ 876 
Accrued expenses 304  364 
Non-current operating lease liabilities 86  83 
v3.23.4
Fair Value Measurements (Tables)
 3 Months Ended
Nov. 30, 2023
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 Hierarchy November 30, 2023 August 31, 2023
Assets:
Prepaid expenses and other current assets:
Short-term investments Level 1 $ 25  $ 25 
Forward foreign exchange contracts:
Derivatives designated as hedging instruments (Note 8)
 Level 2
(1)
 10  4 
Derivatives not designated as hedging instruments (Note 8)
 Level 2
(1)
 18  20 
Net investment hedges:
Derivatives designated as hedging instruments (Note 8)
 Level 2
(1)
 5  9 
Liabilities:
Accrued expenses:
Forward foreign exchange contracts:
Derivatives designated as hedging instruments (Note 8)
 Level 2
(1)
 $ 5  $ 17 
Derivatives not designated as hedging instruments (Note 8)
 Level 2
(1)
 17  64 
Net investment hedges:
Derivatives designated as hedging instruments (Note 8)
 Level 2
(1)
 3  1 
(1)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):
November 30, 2023 August 31, 2023
Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value
Notes payable and long-term debt: (Note 4)
3.950% Senior Notes
Level 2
(1)
 $ 497  $ 469  $ 497  $ 468 
3.600% Senior Notes
 Level 2
(1)
 $ 497  $ 444  $ 496  $ 448 
3.000% Senior Notes
 Level 2
(1)
 $ 593  $ 505  $ 593  $ 502 
1.700% Senior Notes
 Level 2
(1)
 $ 498  $ 459  $ 498  $ 452 
4.250% Senior Notes
 Level 2
(1)
 $ 495  $ 481  $ 495  $ 478 
5.450% Senior Notes
 Level 2
(1)
 $ 296  $ 298  $ 296  $ 297 
(1)The fair value estimates are based upon observable market data.
v3.23.4
Trade Accounts Receivable Sale Programs - Additional Information (Details) - 3 months ended Nov. 30, 2023
USD ($)
program
CHF (SFr)
INR (₨)
USD      
Trade Accounts Receivable Securitization and Sale Program [Line Items]      
Maximum amount | $ $ 2,300,000,000    
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    
v3.23.4
Trade Accounts Receivable Sale Programs - Trade Accounts Receivable Sale Programs Amounts Recognized (Details) - Trade Accounts Receivable Sale Programs - USD ($)
$ in Millions
 3 Months Ended
Nov. 30, 2023
Nov. 30, 2022
Trade Accounts Receivable Securitization and Sale Program [Line Items]    
Trade accounts receivable sold $ 2,036 $ 3,528
Cash proceeds received 2,025 3,518
Pre-tax losses on sale of receivables $ 11 $ 10
v3.23.4
Inventories (Details) - USD ($)
$ in Millions
Nov. 30, 2023
Aug. 31, 2023
Inventory Disclosure [Abstract]    
Raw materials $ 4,733 $ 4,804
Work in process 241 217
Finished goods 205 243
Reserve for excess and obsolete inventory (55) (58)
Inventories, net 5,124 5,206
Product Manufacturing Business | Held for sale    
Inventory [Line Items]    
Inventories, net classified as held for sale $ 354 $ 559
v3.23.4
Notes Payable and Long-Term Debt - Schedule of Notes Payable and Long-term Debt (Details) - USD ($)
Nov. 30, 2023
Aug. 31, 2023
Debt Instrument [Line Items]    
Total notes payable and long-term debt $ 2,876,000,000 $ 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 $ 2,876,000,000 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 $ 497,000,000 497,000,000
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 $ 593,000,000 593,000,000
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 $ 495,000,000 495,000,000
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 3,800,000,000  
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  
v3.23.4
Notes Payable and Long-Term Debt - Additional Information (Details) - Senior Notes
Nov. 30, 2023
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%
v3.23.4
Asset-Backed Securitization Program - Additional Information (Details)
Nov. 30, 2023
USD ($)
Transfers and Servicing [Abstract]  
Maximum amount of net cash proceeds $ 600,000,000
Available liquidity under its asset-backed securitization programs (up to) $ 0
v3.23.4
Asset-Backed Securitization Program - Securitization Activity (Details) - Asset-Backed Securitization Program - USD ($)
$ in Millions
 3 Months Ended
Nov. 30, 2023
Nov. 30, 2022
Trade Accounts Receivable Securitization and Sale Program [Line Items]    
Trade accounts receivable sold $ 989 $ 1,066
Cash proceeds received 979 1,058
Pre-tax losses on sale of receivables $ 10 $ 8
v3.23.4
Accrued Expenses (Details) - USD ($)
$ in Millions
 3 Months Ended
Nov. 30, 2023
Nov. 30, 2022
Aug. 31, 2023
Accrued Liabilities, Current [Abstract]      
Inventory deposits $ 1,656   $ 1,839
Contract liabilities 906   886
Accrued compensation and employee benefits 683   743
Other accrued expenses 2,595   2,047
Accrued expenses 5,840   5,515
Revenue recognized during period that was included in contract liability balance 161 $ 139  
Held for sale | Product Manufacturing Business      
Supplier Finance Program [Line Items]      
Accrued expenses $ 304   $ 364
v3.23.4
Postretirement and Other Employee Benefits (Details) - USD ($)
$ in Millions
 3 Months Ended
Nov. 30, 2023
Nov. 30, 2022
Retirement Benefits [Abstract]    
Service cost $ 5 $ 4
Interest cost 3 3
Expected long-term return on plan assets (4) (5)
Recognized actuarial gain (2) (2)
Amortization of actuarial gains (1) (1)
Amortization of prior service cost 1 1
Net periodic benefit cost $ 2 $ 0
Percentage of gain (loss) corridor 10.00%  
v3.23.4
Derivative Financial Instruments and Hedging Activities - Additional Information (Details) - Forward Contracts - Forward foreign exchange contracts - Cash flow hedging - USD ($)
$ in Millions
Nov. 30, 2023
Aug. 31, 2023
Designated as hedging instruments    
Derivative [Line Items]    
Aggregate notional amount $ 153 $ 491
Not designated as hedging instruments    
Derivative [Line Items]    
Aggregate notional amount $ 4,300 $ 4,000
v3.23.4
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
Nov. 30, 2023
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 97 96
April 2024    
Derivative [Line Items]    
Aggregate notional amount 104 68
July 2024    
Derivative [Line Items]    
Aggregate notional amount 174 102
Foreign exchange contracts    
Derivative [Line Items]    
Aggregate notional amount $ 375 $ 396
v3.23.4
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
Nov. 30, 2023
Nov. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]    
Amount of Gain (Loss) Recognized in Net Income on Derivatives $ 18 $ (46)
Foreign currency gains (losses) $ (38) $ 49
v3.23.4
Accumulated Other Comprehensive Income - Change in AOCI, Net of Tax (Details) - USD ($)
$ in Millions
 3 Months Ended
Nov. 30, 2023
Nov. 30, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning Balance $ 2,867 $ 2,452
Other comprehensive income (loss) before reclassifications (3)  
Amounts reclassified from AOCI 14  
Total other comprehensive income 11 20
Ending Balance 2,536 2,530
AOCI Attributable to Parent    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning Balance (17) (42)
Total other comprehensive income 11 20
Ending Balance (6) $ (22)
Foreign Currency Translation Adjustment    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning Balance (59)  
Other comprehensive income (loss) before reclassifications 4  
Amounts reclassified from AOCI 0  
Total other comprehensive income 4  
Ending Balance (55)  
Net Investment Hedges    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning Balance (4)  
Other comprehensive income (loss) before reclassifications (4)  
Amounts reclassified from AOCI 0  
Total other comprehensive income (4)  
Ending Balance (8)  
Derivative Instruments    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning Balance 14  
Other comprehensive income (loss) before reclassifications (3)  
Amounts reclassified from AOCI 16  
Total other comprehensive income 13  
Ending Balance 27  
Actuarial Gain (Loss)    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning Balance 46  
Other comprehensive income (loss) before reclassifications 0  
Amounts reclassified from AOCI (3)  
Total other comprehensive income (3)  
Ending Balance 43  
Prior Service (Cost) Credit    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning Balance (14)  
Other comprehensive income (loss) before reclassifications 0  
Amounts reclassified from AOCI 1  
Total other comprehensive income 1  
Ending Balance $ (13)  
v3.23.4
Accumulated Other Comprehensive Income - Reclassification from AOCI (Details) - USD ($)
$ in Millions
 3 Months Ended
Nov. 30, 2023
Nov. 30, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]    
Cost of revenue $ 7,612 $ 8,892
Other expense (income) 21 15
Total amounts reclassified from AOCI (194) (223)
Loss to be reclassified in next 12 months (less than) 5  
Reclassification out of AOCI    
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]    
Total amounts reclassified from AOCI 14 41
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 17 43
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 expense (1) 0
Reclassification out of AOCI | Actuarial gains    
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]    
Other expense (income) (3) (3)
Reclassification out of AOCI | Prior service costs    
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]    
Other expense (income) $ 1 $ 1
v3.23.4
Stockholders' Equity - Recognized Stock-Based Compensation (Details) - USD ($)
$ in Millions
 3 Months Ended
Nov. 30, 2023
Nov. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation expense $ 46 $ 42
Restricted stock units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation expense 42 38
Employee stock purchase plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation expense $ 4 $ 4
v3.23.4
Stockholders' Equity - Additional Information (Details) - shares
 3 Months Ended
Nov. 30, 2023
Nov. 30, 2022
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) 400,000 900,000
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) 7,738,300  
v3.23.4
Stockholders' Equity - Stock-based Compensation Information (Details)
$ in Millions
 3 Months Ended
Nov. 30, 2023
USD ($)
Share-Based Payment Arrangement [Abstract]  
Unrecognized stock-based compensation expense – restricted stock units $ 82
Remaining weighted-average period for restricted stock units expense 1 year 6 months
v3.23.4
Stockholders' Equity - Common Stock Outstanding (Details) - USD ($)
 3 Months Ended 12 Months Ended 20 Months Ended
Nov. 30, 2023
Nov. 30, 2022
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            
Common stock outstanding, ending balance (in shares) 128,647,431   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) 3,900,000   2,700,000        
Value of shares repurchased $ 500,000,000   $ 224,000,000        
Share repurchase program, remaining amount available $ 2,000,000,000            
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) 131,294,422 135,493,980 135,493,980        
Vesting of restricted stock (in shares) 1,766,775 1,861,678          
Purchases of treasury stock under employee stock plans (in shares) (526,028) (523,407)          
Treasury shares purchased (in shares) (3,887,738) (2,600,951)          
Common stock outstanding, ending balance (in shares) 128,647,431 134,231,300 131,294,422        
v3.23.4
Concentration of Risk and Segment Data - Additional Information (Details)
 3 Months Ended
Nov. 30, 2023
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 44.00%
76 customers | Net revenue | Customer concentration  
Revenue, Major Customer [Line Items]  
Concentration risk 90.00%
v3.23.4
Concentration of Risk and Segment Data - Segment Income (Details) - USD ($)
$ in Millions
 3 Months Ended
Nov. 30, 2023
Nov. 30, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Income $ 235 $ 299
Reconciling items:    
Amortization of intangibles (6) (8)
Stock-based compensation expense and related charges (46) (42)
Restructuring, severance and related charges (127) (45)
Costs from the divestiture of businesses (15) 0
Interest expense, net (47) (48)
Operating Segments    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Income 499 461
Operating Segments | EMS    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Income 165 198
Reconciling items:    
Restructuring, severance and related charges (29) (4)
Operating Segments | DMS    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Income 334 263
Reconciling items:    
Restructuring, severance and related charges (79) (33)
Segment Reconciling Items    
Reconciling items:    
Amortization of intangibles (6) (8)
Stock-based compensation expense and related charges (46) (42)
Restructuring, severance and related charges (127) (45)
Costs from the divestiture of businesses (15) 0
Other expense (net of periodic benefit cost) (23) (19)
Interest expense, net $ (47) $ (48)
v3.23.4
Concentration of Risk and Segment Data - Revenues Disaggregated by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended
Nov. 30, 2023
Nov. 30, 2022
Disaggregation of Revenue [Line Items]    
Net revenue $ 8,387 $ 9,635
Point in time    
Disaggregation of Revenue [Line Items]    
Net revenue 3,109 3,818
Over time    
Disaggregation of Revenue [Line Items]    
Net revenue 5,278 5,817
EMS    
Disaggregation of Revenue [Line Items]    
Net revenue 3,592 4,546
EMS | Point in time    
Disaggregation of Revenue [Line Items]    
Net revenue 1,095 1,538
EMS | Over time    
Disaggregation of Revenue [Line Items]    
Net revenue 2,497 3,008
DMS    
Disaggregation of Revenue [Line Items]    
Net revenue 4,795 5,089
DMS | Point in time    
Disaggregation of Revenue [Line Items]    
Net revenue 2,014 2,280
DMS | Over time    
Disaggregation of Revenue [Line Items]    
Net revenue $ 2,781 $ 2,809
v3.23.4
Concentration of Risk and Segment Data - Foreign Source Revenue (Details)
 3 Months Ended
Nov. 30, 2023
Nov. 30, 2022
Foreign source revenue | Net revenue | Foreign source revenue    
Concentration Risk [Line Items]    
Concentration risk 86.40% 85.70%
v3.23.4
Restructuring, Severance and Related Charges (Details) - USD ($)
$ in Millions
 3 Months Ended
Nov. 30, 2023
Nov. 30, 2022
Restructuring Cost and Reserve [Line Items]    
Restructuring, severance and related charges $ 127 $ 45
Operating Segments | EMS    
Restructuring Cost and Reserve [Line Items]    
Restructuring, severance and related charges 29 4
Operating Segments | DMS    
Restructuring Cost and Reserve [Line Items]    
Restructuring, severance and related charges 79 33
Non-allocated charges    
Restructuring Cost and Reserve [Line Items]    
Restructuring, severance and related charges 19 8
Employee severance and benefit costs    
Restructuring Cost and Reserve [Line Items]    
Restructuring, severance and related charges 95 40
Asset write-off costs    
Restructuring Cost and Reserve [Line Items]    
Restructuring, severance and related charges 22 1
Other costs    
Restructuring Cost and Reserve [Line Items]    
Restructuring, severance and related charges $ 10 $ 4
v3.23.4
Restructuring, Severance and Related Charges - Additional Information (Details)
$ in Millions
Nov. 30, 2023
USD ($)
2024 Restructuring Plan  
Restructuring Cost and Reserve [Line Items]  
Total pre-tax restructuring and other related costs expected to be recognized $ 300
v3.23.4
Restructuring, Severance and Related Charges - Liability Activity (Details) - USD ($)
$ in Millions
 3 Months Ended
Nov. 30, 2023
Nov. 30, 2022
Restructuring Reserve [Roll Forward]    
Restructuring related charges $ 127 $ 45
Employee  Severance and Benefit Costs    
Restructuring Reserve [Roll Forward]    
Restructuring related charges 95 40
Asset Write-off Costs    
Restructuring Reserve [Roll Forward]    
Restructuring related charges 22 1
Other Related Costs    
Restructuring Reserve [Roll Forward]    
Restructuring related charges 10 $ 4
2024 Restructuring Plan    
Restructuring Reserve [Roll Forward]    
Beginning balance 0  
Restructuring related charges 127  
Asset write-off charge and other non-cash activity (27)  
Cash payments (14)  
Ending balance 86  
2024 Restructuring Plan | Employee  Severance and Benefit Costs    
Restructuring Reserve [Roll Forward]    
Beginning balance 0  
Restructuring related charges 95  
Asset write-off charge and other non-cash activity 0  
Cash payments (14)  
Ending balance 81  
2024 Restructuring Plan | Lease Costs    
Restructuring Reserve [Roll Forward]    
Beginning balance 0  
Restructuring related charges 0  
Asset write-off charge and other non-cash activity 0  
Cash payments 0  
Ending balance 0  
2024 Restructuring Plan | Asset Write-off Costs    
Restructuring Reserve [Roll Forward]    
Beginning balance 0  
Restructuring related charges 22  
Asset write-off charge and other non-cash activity (22)  
Cash payments 0  
Ending balance 0  
2024 Restructuring Plan | Other Related Costs    
Restructuring Reserve [Roll Forward]    
Beginning balance 0  
Restructuring related charges 10  
Asset write-off charge and other non-cash activity (5)  
Cash payments 0  
Ending balance $ 5  
v3.23.4
Income Taxes - Schedule of U.S. Federal Statutory Income Tax Rate Compared to Actual Income Tax Expense (Details)
 3 Months Ended
Nov. 30, 2023
Nov. 30, 2022
Income Tax Disclosure [Abstract]    
U.S. federal statutory income tax rate 21.00% 21.00%
Effective income tax rate 17.60% 25.60%
v3.23.4
Income Taxes - Additional Information (Details)
$ in Millions
 3 Months Ended
Nov. 30, 2023
USD ($)
Income Tax Disclosure [Abstract]  
Income tax benefit for audit closure $ 19
Reversal of valuation allowance $ 11
v3.23.4
Earnings Per Share and Dividends - Earnings Per Share (Details) - shares
 3 Months Ended
Nov. 30, 2023
Nov. 30, 2022
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) 654,400 365,900
v3.23.4
Earnings Per Share and Dividends - Cash Dividends Declared by the Company to Common Stockholders (Details) - USD ($)
$ / shares in Units, $ in Millions
Oct. 19, 2023
Oct. 20, 2022
Earnings Per Share [Abstract]    
Dividends per Share (in usd per share) $ 0.08 $ 0.08
Total of Cash Dividends Declared $ 11 $ 12
v3.23.4
Business Acquisitions and Divestitures - Additional Information (Details) - USD ($)
$ in Millions
Nov. 01, 2023
Nov. 30, 2023
Sep. 26, 2023
Aug. 31, 2023
Business Acquisition [Line Items]        
Goodwill   $ 661   $ 621
Held for sale | Product Manufacturing Business        
Business Acquisition [Line Items]        
Consideration for the sale of a business     $ 2,200  
ProcureAbility Inc.        
Business Acquisition [Line Items]        
Amount of cash paid for business acquisitions $ 60      
Assets acquired 86      
Intangible assets 40      
Goodwill 38      
Liabilities assumed $ 25      
v3.23.4
Business Acquisitions and Divestitures - Schedule of Assets and Liabilities Held For Sale (Details) - Held for sale - Product Manufacturing Business - USD ($)
$ in Millions
Nov. 30, 2023
Aug. 31, 2023
Assets held for sale:    
Accounts receivable, net of allowance for credit losses $ 315 $ 96
Prepaid expenses and other current assets 153 220
Property, plant and equipment, net of accumulated depreciation 812 724
Operating lease right-of-use asset 119 112
Goodwill 117 117
Deferred income taxes 86 96
Liabilities held for sale:    
Accounts payable 992 876
Accrued expenses 304 364
Non-current operating lease liabilities $ 86 $ 83
v3.23.4
Fair Value Measurements - Fair Value Measurements on a Recurring Basis (Details) - Recurring - USD ($)
$ in Millions
Nov. 30, 2023
Aug. 31, 2023
Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Short-term investments $ 25 $ 25
Level 2 | Designated as hedging instruments | Foreign exchange contracts    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative assets 10 4
Derivative liability 5 17
Level 2 | Designated as hedging instruments | Net investment hedges    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative assets 5 9
Derivative liability 3 1
Level 2 | Not designated as hedging instruments | Foreign exchange contracts    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative assets 18 20
Derivative liability $ 17 $ 64
v3.23.4
Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($)
$ in Millions
Nov. 30, 2023
Aug. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Carrying Amount $ 2,876 $ 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 $ 497 497
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 $ 593 593
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 $ 495 495
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 497 497
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 593 593
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 495 495
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 469 468
Senior Notes | Fair Value | Level 2 | 3.600% Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 444 448
Senior Notes | Fair Value | Level 2 | 3.000% Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 505 502
Senior Notes | Fair Value | Level 2 | 1.700% Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 459 452
Senior Notes | Fair Value | Level 2 | 4.250% Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 481 478
Senior Notes | Fair Value | Level 2 | 5.450% Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value $ 298 $ 297