JABIL INC, 10-Q filed on 1/6/2023
Quarterly Report
v3.22.4
Cover Page - shares
 3 Months Ended
Nov. 30, 2022
Dec. 30, 2022
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Nov. 30, 2022  
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, $0.001 par value per share  
Trading Symbol JBL  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   133,275,064
Amendment Flag false  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0000898293  
Current Fiscal Year End Date --08-31  
v3.22.4
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Nov. 30, 2022
Aug. 31, 2022
Current assets:    
Cash and cash equivalents $ 1,217 $ 1,478
Accounts receivable, net of allowance for credit losses 4,498 3,995
Contract assets 1,282 1,196
Inventories, net 6,429 6,128
Prepaid expenses and other current assets 1,252 1,111
Total current assets 14,678 13,908
Property, plant and equipment, net of accumulated depreciation of $5,812 as of November 30, 2022 and $5,624 as of August 31, 2022 3,928 3,954
Operating lease right-of-use asset 524 500
Goodwill 708 704
Intangible assets, net of accumulated amortization of $480 as of November 30, 2022 and $471 as of August 31, 2022 150 158
Deferred income taxes 208 199
Other assets 310 294
Total assets 20,506 19,717
Current liabilities:    
Current installments of notes payable and long-term debt 300 300
Accounts payable 8,042 8,006
Accrued expenses 5,901 5,272
Current operating lease liabilities 129 119
Total current liabilities 14,372 13,697
Notes payable and long-term debt, less current installments 2,576 2,575
Other liabilities 292 272
Non-current operating lease liabilities 421 417
Income tax liabilities 196 182
Deferred income taxes 119 122
Total liabilities 17,976 17,265
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; 272,753,393 and 270,891,715 shares issued and 134,231,300 and 135,493,980 shares outstanding as of November 30, 2022 and August 31, 2022, respectively 0 0
Additional paid-in capital 2,696 2,655
Retained earnings 3,849 3,638
Accumulated other comprehensive loss (22) (42)
Treasury stock at cost, 138,522,093 and 135,397,735 shares as of November 30, 2022 and August 31, 2022, respectively (3,994) (3,800)
Total Jabil Inc. stockholders’ equity 2,529 2,451
Noncontrolling interests 1 1
Total equity 2,530 2,452
Total liabilities and equity $ 20,506 $ 19,717
v3.22.4
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Nov. 30, 2022
Aug. 31, 2022
Statement of Financial Position [Abstract]    
Property, plant and equipment, accumulated depreciation $ 5,812 $ 5,624
Intangible assets, accumulated amortization $ 480 $ 471
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) 272,753,393 270,891,715
Common stock, shares outstanding (in shares) 134,231,300 135,493,980
Treasury stock at cost, shares (in shares) 138,522,093 135,397,735
v3.22.4
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Income Statement [Abstract]    
Net revenue $ 9,635 $ 8,567
Cost of revenue 8,892 7,892
Gross profit 743 675
Operating expenses:    
Selling, general and administrative 319 308
Research and development 9 9
Amortization of intangibles 8 8
Restructuring, severance and related charges 45 0
Operating income 362 350
Other expense 15 1
Interest income (13) (1)
Interest expense 61 33
Income before income tax 299 317
Income tax expense 76 76
Net income 223 241
Net income attributable to noncontrolling interests, net of tax 0 0
Net income attributable to Jabil Inc. $ 223 $ 241
Earnings per share attributable to the stockholders of Jabil Inc.:    
Basic (in usd per share) $ 1.65 $ 1.68
Diluted (in usd per share) $ 1.61 $ 1.63
Weighted average shares outstanding:    
Basic (in shares) 134.8 144.1
Diluted (in shares) 138.0 147.7
v3.22.4
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Statement of Comprehensive Income [Abstract]    
Net income $ 223 $ 241
Other comprehensive income (loss):    
Change in foreign currency translation 4 (27)
Change in derivative instruments:    
Change in fair value of derivatives (25) 6
Adjustment for net losses realized and included in net income 43 2
Total change in derivative instruments 18 8
Actuarial loss (3) (5)
Prior service credit 1 1
Total other comprehensive income (loss) 20 (23)
Comprehensive income 243 218
Comprehensive income attributable to noncontrolling interests 0 0
Comprehensive income attributable to Jabil Inc. $ 243 $ 218
v3.22.4
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, 2021 $ 2,137   $ 2,533 $ 2,688 $ (25) $ (3,060) $ 1
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Recognition of stock-based compensation     34        
Declared dividends       (12)      
Net income attributable to Jabil Inc. 241     241     0
Other comprehensive income (loss) (23)       (23)    
Purchases of treasury stock under employee stock plans           (43)  
Treasury shares purchased           (127)  
Ending Balance at Nov. 30, 2021 2,207 $ 0 2,567 2,917 (48) (3,230) 1
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     0
Other comprehensive income (loss) 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
v3.22.4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Cash flows provided by (used in) operating activities:    
Net income $ 223 $ 241
Depreciation, amortization, and other, net 263 269
Change in operating assets and liabilities, exclusive of net assets acquired (320) (556)
Net cash provided by (used in) operating activities 166 (46)
Cash flows used in investing activities:    
Acquisition of property, plant and equipment (314) (281)
Proceeds and advances from sale of property, plant and equipment 150 208
Other, net (12) 0
Net cash used in investing activities (176) (73)
Cash flows used in financing activities:    
Borrowings under debt agreements 1,026 550
Payments toward debt agreements (1,061) (574)
Payments to acquire treasury stock (161) (127)
Dividends paid to stockholders (12) (14)
Treasury stock minimum tax withholding related to vesting of restricted stock (33) (43)
Net cash used in financing activities (241) (208)
Effect of exchange rate changes on cash and cash equivalents (10) (11)
Net decrease in cash and cash equivalents (261) (338)
Cash and cash equivalents at beginning of period 1,478 1,567
Cash and cash equivalents at end of period $ 1,217 $ 1,229
v3.22.4
Basis of Presentation
 3 Months Ended
Nov. 30, 2022
Accounting Policies [Abstract]  
Basis of Presentation Basis of PresentationThe accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary to present fairly the information set forth therein have been included. The accompanying unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and footnotes included in the Annual Report on Form 10-K of Jabil Inc. (the “Company”) for the fiscal year ended August 31, 2022. Results for the three months ended November 30, 2022 are not necessarily an indication of the results that may be expected for the full fiscal year ending August 31, 2023.
v3.22.4
Trade Accounts Receivable Sale Programs
 3 Months Ended
Nov. 30, 2022
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, 2022, the Company may elect to sell receivables and the unaffiliated financial institutions may elect to purchase specific accounts receivable at any one time up to a: (i) maximum aggregate amount available of $2.0 billion under eight trade accounts receivable sale programs, (ii) maximum amount available of 400 million CNY under one trade accounts receivable sale program and (iii) maximum amount available of 100 million CHF under one trade accounts receivable sale program. The trade accounts receivable sale programs expire on various dates through 2025.
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, 2022 and 2021 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, 2022 November 30, 2021
Trade accounts receivable sold(1)
 $ 3,528  $ 1,968 
Cash proceeds received $ 3,518  $ 1,967 
Pre-tax losses on sale of receivables(2)
 $ 10  $ 1 
(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 Statement of Operations.
Asset-Backed Securitization ProgramCertain 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, 2022 and 2021 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, 2022.
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, 2022, 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, 2022 November 30, 2021
Trade accounts receivable sold(1)
 $ 1,066  $ 1,032 
Cash proceeds received(2)
 $ 1,058  $ 1,030 
Pre-tax losses on sale of receivables(3)
 $ 8  $ 2 
(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, 2022 and August 31, 2022, the Company was in compliance with all covenants under the global asset-backed securitization program.
v3.22.4
Inventories
 3 Months Ended
Nov. 30, 2022
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories consist of the following (in millions):
November 30, 2022 August 31, 2022
Raw materials $ 5,446  $ 4,918 
Work in process 546  687 
Finished goods 517  605 
Reserve for excess and obsolete inventory (80) (82)
Inventories, net $ 6,429  $ 6,128 
v3.22.4
Leases
 3 Months Ended
Nov. 30, 2022
Leases [Abstract]  
Leases Leases
During fiscal year 2023, the Company entered into new operating and finance leases. The future minimum lease payments under these new leases as of November 30, 2022 were as follows (in millions):
Payments due by period
Total Less than 1
year		 1-3 years 3-5 years After 5 years
Operating lease obligations(1)
 $ 57  $ 15  $ 23  $ 14  $ 5 
Finance lease obligations(1)
 $ 71  $ 45  $ 24  $ 2  $ — 
(1)Excludes $64 million of payments related to leases signed but not yet commenced. Additionally, certain leases signed but not yet commenced contain residual value guarantees and purchase options not deemed probable.
Leases Leases
During fiscal year 2023, the Company entered into new operating and finance leases. The future minimum lease payments under these new leases as of November 30, 2022 were as follows (in millions):
Payments due by period
Total Less than 1
year		 1-3 years 3-5 years After 5 years
Operating lease obligations(1)
 $ 57  $ 15  $ 23  $ 14  $ 5 
Finance lease obligations(1)
 $ 71  $ 45  $ 24  $ 2  $ — 
(1)Excludes $64 million of payments related to leases signed but not yet commenced. Additionally, certain leases signed but not yet commenced contain residual value guarantees and purchase options not deemed probable.
v3.22.4
Notes Payable and Long-Term Debt
 3 Months Ended
Nov. 30, 2022
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, 2022 and August 31, 2022 are summarized below (in millions): 
Maturity Date November 30, 2022 August 31, 2022
4.900% Senior Notes
 Jul 14, 2023 $ 300  $ 300 
3.950% Senior Notes
 Jan 12, 2028 497  497 
3.600% Senior Notes
 Jan 15, 2030 496  496 
3.000% Senior Notes
 Jan 15, 2031 592  592 
1.700% Senior Notes
 Apr 15, 2026 497  497 
4.250% Senior Notes
 May 15, 2027 494  493 
Borrowings under credit facilities(1)
 Jan 22, 2024 and Jan 22, 2026 —  — 
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
 300  300 
Notes payable and long-term debt, less current installments
 $ 2,576  $ 2,575 
(1)As of November 30, 2022, 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 April 28, 2021 (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 and the 4.900% Senior Notes contain debt leverage and interest coverage covenants. The Company is also subject to certain covenants requiring the Company to offer to repurchase the 4.900%, 3.950%, 3.600%, 3.000%, 1.700% or 4.250% Senior Notes upon a change of control. As of November 30, 2022 and August 31, 2022, 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.
v3.22.4
Asset-Backed Securitization Program
 3 Months Ended
Nov. 30, 2022
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, 2022, the Company may elect to sell receivables and the unaffiliated financial institutions may elect to purchase specific accounts receivable at any one time up to a: (i) maximum aggregate amount available of $2.0 billion under eight trade accounts receivable sale programs, (ii) maximum amount available of 400 million CNY under one trade accounts receivable sale program and (iii) maximum amount available of 100 million CHF under one trade accounts receivable sale program. The trade accounts receivable sale programs expire on various dates through 2025.
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, 2022 and 2021 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, 2022 November 30, 2021
Trade accounts receivable sold(1)
 $ 3,528  $ 1,968 
Cash proceeds received $ 3,518  $ 1,967 
Pre-tax losses on sale of receivables(2)
 $ 10  $ 1 
(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 Statement of Operations.
Asset-Backed Securitization ProgramCertain 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, 2022 and 2021 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, 2022.
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, 2022, 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, 2022 November 30, 2021
Trade accounts receivable sold(1)
 $ 1,066  $ 1,032 
Cash proceeds received(2)
 $ 1,058  $ 1,030 
Pre-tax losses on sale of receivables(3)
 $ 8  $ 2 
(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, 2022 and August 31, 2022, the Company was in compliance with all covenants under the global asset-backed securitization program.
v3.22.4
Accrued Expenses
 3 Months Ended
Nov. 30, 2022
Accrued Liabilities, Current [Abstract]  
Accrued Expenses Accrued Expenses
Accrued expenses consist of the following (in millions):
November 30, 2022 August 31, 2022
Inventory deposits $ 1,690  $ 1,586 
Contract liabilities(1)
 1,070  796 
Accrued compensation and employee benefits 798  806 
Other accrued expenses 2,343  2,084 
Accrued expenses $ 5,901  $ 5,272 
(1)Revenue recognized during the three months ended November 30, 2022 and 2021 that was included in the contract liability balance as of August 31, 2022 and 2021 was $139 million and $98 million, respectively.
v3.22.4
Postretirement and Other Employee Benefits
 3 Months Ended
Nov. 30, 2022
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, 2022 and 2021 (in millions):
  Three months ended
  November 30, 2022 November 30, 2021
Service cost(1)
 $ 4  $ 6 
Interest cost(2)
 3  1 
Expected long-term return on plan assets(2)
 (5) (4)
Recognized actuarial gain(2)
 (2) (3)
Amortization of actuarial gain(2)(3)
 (1) (2)
Amortization of prior service cost(2)
 1  1 
Net periodic benefit cost $ —  $ (1)
(1)Service cost is recognized in cost of revenue in the Condensed Consolidated Statement of Operations.
(2)Components are recognized in other expense in the Condensed Consolidated Statement of Operations.
(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.
v3.22.4
Derivative Financial Instruments and Hedging Activities
 3 Months Ended
Nov. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments and Hedging Activities Derivative Financial Instruments and Hedging Activities
The Company is directly and indirectly affected by changes in certain market conditions. These changes in market conditions may adversely impact the Company’s financial performance and are referred to as market risks. The Company, where deemed appropriate, uses derivatives as risk management tools to mitigate the potential impact of certain market risks. The primary market risks managed by the Company through the use of derivative instruments are foreign currency risk and interest rate risk.
Foreign Currency Risk Management
Forward contracts are put in place to manage the foreign currency risk associated with the anticipated foreign currency denominated revenues and expenses. A hedging relationship existed with an aggregate notional amount outstanding of $1.1 billion and $1.4 billion as of November 30, 2022 and August 31, 2022, respectively. The related forward foreign exchange contracts have been designated as hedging instruments and are accounted for as cash flow hedges. The forward foreign exchange contract transactions will effectively lock in the value of anticipated foreign currency denominated revenues and expenses against foreign currency fluctuations. The anticipated foreign currency denominated revenues and expenses being hedged are expected to occur between December 1, 2022 and November 30, 2023.
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, 2022 and August 31, 2022, was $3.5 billion and $3.4 billion, respectively.
The gains and losses 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 net investment hedges have an aggregate notional amount outstanding of $0.1 billion and $0.0 billion as of November 30, 2022 and August 31, 2022, respectively, and are expected to mature in August 2023. The effective portion of the gain or loss on net investment hedges is reported 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 excluded components for the net investment hedges are not material and are recognized in interest expense.
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 (losses) gains 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 (Loss) Gain on Derivatives Recognized in Net Income Amount of (Loss) Gain Recognized in Net Income on Derivatives
Three months ended
November 30, 2022 November 30, 2021
Forward foreign exchange contracts(1)
 Cost of revenue $ (46) $ 38 
(1)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. For the three months ended November 30, 2021, the Company recognized $27 million of foreign currency losses in cost of revenue, which are offset by the gains 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.
Cash Flow Hedges
The following table presents the interest rate swaps outstanding as of November 30, 2022, which have been designated as hedging instruments and are accounted for as cash flow hedges (in millions):
Interest Rate Swap Summary Hedged Interest Rate Payments Aggregate Notional Amount Effective Date Expiration Date
Forward Interest Rate Swap
Anticipated Debt Issuance Fixed $ 150  May 24, 2021 July 31, 2024
(1)(2)
Anticipated Debt Issuance Fixed $ 100  August 8, 2022 July 31, 2024
(1)(2)
(1)The contracts will be settled with the respective counterparties on a net basis at the expiration date for the forward interest rate swap.
(2)If the anticipated debt issuance occurs before July 31, 2024, the contracts will be terminated simultaneously with the debt issuance.
v3.22.4
Accumulated Other Comprehensive Income
 3 Months Ended
Nov. 30, 2022
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, 2022 (in millions):
Foreign
Currency
Translation
Adjustment		 Derivative
Instruments		 Actuarial
Gain (Loss)		 Prior
Service (Cost) Credit		 Total
Balance as of August 31, 2022
 $ (88) $ (3) $ 65  $ (16) $ (42)
Other comprehensive income (loss) before reclassifications 4  (25) —  —  (21)
Amounts reclassified from AOCI —  43  (3) 1  41 
Other comprehensive income (loss)(1)
 4  18  (3) 1  20 
Balance as of November 30, 2022
 $ (84) $ 15  $ 62  $ (15) $ (22)
(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, 2022 November 30, 2021
Realized losses on derivative instruments:(1)
Foreign exchange contracts Cost of revenue $ 43  $ 1 
Interest rate contracts Interest expense —  1 
Actuarial gain
(2)
 (3) (5)
Prior service cost
(2)
 1  1 
Total amounts reclassified from AOCI(3)
 $ 41  $ (2)
(1)The Company expects to reclassify $16 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 8 – “Postretirement and Other Employee Benefits” for additional information.
(3)Amounts are net of tax, which are immaterial for the three months ended November 30, 2022 and 2021.
v3.22.4
Stockholders' Equity
 3 Months Ended
Nov. 30, 2022
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, 2022 November 30, 2021
Restricted stock units
 $ 38  $ 32 
Employee stock purchase plan 4  3 
Total $ 42  $ 35 
As of November 30, 2022, the shares available to be issued under the 2021 Equity Incentive Plan were 8,394,608.
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, 2022 and 2021, the Company awarded approximately 0.9 million and 0.7 million time-based restricted stock units, respectively, 0.2 million and 0.2 million performance-based restricted stock units, respectively, and 0.2 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, 2022
Unrecognized stock-based compensation expense—restricted stock units $ 79 
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, 2022 November 30, 2021
Common stock outstanding:
Beginning balances
 135,493,980  144,496,077 
Vesting of restricted stock
 1,861,678  2,425,472 
Purchases of treasury stock under employee stock plans
 (523,407) (690,555)
Treasury shares purchased(1)(2)
 (2,600,951) (2,064,985)
Ending balances
 134,231,300  144,166,009 
(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 November 30, 2022, 15.0 million shares had been repurchased for $898 million and $102 million remains available 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 November 30, 2022, no shares had been repurchased under the 2023 Share Repurchase Program.
v3.22.4
Concentration of Risk and Segment Data
 3 Months Ended
Nov. 30, 2022
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, 2022, the Company’s five largest customers accounted for approximately 47% of its net revenue and 75 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, 2022 November 30, 2021
Segment income and reconciliation of income before income tax
EMS $ 198  $ 147 
DMS 263  253 
Total segment income $ 461  $ 400 
Reconciling items:
Amortization of intangibles (8) (8)
Stock-based compensation expense and related charges (42) (35)
Restructuring, severance and related charges (45) — 
Other expense (net of periodic benefit cost) (19) (8)
Interest income 13  1 
Interest expense (61) (33)
Income before income tax $ 299  $ 317 
 
The following table presents the Company’s revenues disaggregated by segment (in millions):
Three months ended
November 30, 2022 November 30, 2021
EMS DMS Total EMS DMS Total
Timing of transfer
Point in time $ 1,538  $ 2,280  $ 3,818  $ 1,407  $ 2,370  $ 3,777 
Over time 3,008  2,809  5,817  2,451  2,339  4,790 
Total $ 4,546  $ 5,089  $ 9,635  $ 3,858  $ 4,709  $ 8,567 


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, 2022 November 30, 2021
Foreign source revenue 85.7  % 84.8  %
v3.22.4
Restructuring, Severance and Related Charges
 3 Months Ended
Nov. 30, 2022
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, 2022(1)
 November 30, 2021
Employee severance and benefit costs $ 40  $ 1 
Lease costs —  (1)
Asset write-off costs 1  — 
Other costs 4  — 
Total restructuring, severance and related charges(2)
 $ 45  $ — 
(1)Primarily relates to headcount reduction to further optimize the Company’s business activities and includes $4 million recorded in the EMS segment, $33 million recorded in the DMS segment and $8 million of non-allocated charges for the three months ended November 30, 2022. Except for asset write-off costs, all restructuring, severance and related charges are cash costs.
(2)The restructuring liability is $54 million as of November 30, 2022, which primarily relates to employee severance and benefit costs incurred in fiscal year 2022 and the three months ended November 30, 2022. We expect the majority of the severance to be paid during fiscal year 2023.
v3.22.4
Income Taxes
 3 Months Ended
Nov. 30, 2022
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, 2022 November 30, 2021
U.S. federal statutory income tax rate 21.0  % 21.0  %
Effective income tax rate 25.6  % 23.9  %
The effective income tax rate differed for the three months ended November 30, 2022, compared to the three months ended November 30, 2021, primarily due to increased losses in tax jurisdictions with minimal related income tax benefit, driven in part by restructuring charges, for the three months ended November 30, 2022.
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, 2022 and 2021, primarily due to: (i) losses in tax jurisdictions with existing valuation allowances and (ii) tax incentives granted to sites in China, Malaysia, Singapore and Vietnam.
v3.22.4
Earnings Per Share and Dividends
 3 Months Ended
Nov. 30, 2022
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, 2022 November 30, 2021
Restricted stock units 365.9  575.8 
Dividends
The following table sets forth cash dividends declared by the Company to common stockholders during the three months ended November 30, 2022 and 2021 (in millions, except for per share data):
Dividend
Declaration Date		 Dividend
per Share		 Total of Cash
Dividends
Declared		 Date of Record for
Dividend Payment		 Dividend Cash
Payment Date
Fiscal Year 2023: October 20, 2022 $ 0.08  $ 12  November 15, 2022 December 2, 2022
Fiscal Year 2022: October 21, 2021 $ 0.08  $ 12  November 15, 2021 December 1, 2021
v3.22.4
Fair Value Measurements
 3 Months Ended
Nov. 30, 2022
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, 2022 August 31, 2022
Assets:
Cash and cash equivalents:
Cash equivalents Level 1
(1)
 $ 8  $ 14 
Prepaid expenses and other current assets:
Short-term investments Level 1 22  16 
Forward foreign exchange contracts:
Derivatives designated as hedging instruments (Note 9)
 Level 2
(2)
 12  3 
Derivatives not designated as hedging instruments (Note 9)
 Level 2
(2)
 29  13 
Other assets:
Forward interest rate swap:
Derivatives designated as hedging instruments (Note 9)
 Level 2
(3)
 19  13 
Liabilities:
Accrued expenses:
Forward foreign exchange contracts:
Derivatives designated as hedging instruments (Note 9)
 Level 2
(2)
 $ 31  $ 32 
Derivatives not designated as hedging instruments (Note 9)
 Level 2
(2)
 60  76 
(1)Consist of investments that are readily convertible to cash with original maturities of 90 days or less.
(2)The Company’s forward foreign exchange contracts, including cash flow hedges and net investment hedges are measured on a recurring basis at fair value, based on foreign currency spot rates and forward rates quoted by banks or foreign currency dealers.
(3)Fair value measurements are based on the contractual terms of the derivatives and use observable market-based inputs. The interest rate swaps are valued using a discounted cash flow analysis on the expected cash flows of each derivative using observable inputs including interest rate curves and credit spreads.
Fair Value of Financial Instruments
The carrying amounts of cash and cash equivalents, trade accounts receivable, prepaid expenses and other current assets, accounts payable and accrued expenses approximate fair value because of the short-term nature of these financial instruments. The carrying amounts of borrowings under credit facilities and under loans approximates fair value as interest rates on these instruments approximates current market rates.
Notes payable and long-term debt is carried at amortized cost; however, the Company estimates the fair 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, 2022 August 31, 2022
Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value
Notes payable and long-term debt: (Note 5)
4.900% Senior Notes
Level 3
(1)
 $ 300  $ 299  $ 300  $ 300 
3.950% Senior Notes
Level 2
(2)
 $ 497  $ 471  $ 497  $ 471 
3.600% Senior Notes
 Level 2
(2)
 $ 496  $ 448  $ 496  $ 440 
3.000% Senior Notes
 Level 2
(2)
 $ 592  $ 498  $ 592  $ 500 
1.700% Senior Notes
 Level 2
(2)
 $ 497  $ 445  $ 497  $ 446 
4.250% Senior Notes
 Level 2
(2)
 $ 494  $ 479  $ 493  $ 483 
(1)This fair value estimate is based on the Company’s indicative borrowing cost derived from discounted cash flows.
(2)The fair value estimates are based upon observable market data.
v3.22.4
Commitments and Contingencies
 3 Months Ended
Nov. 30, 2022
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.
v3.22.4
New Accounting Guidance
 3 Months Ended
Nov. 30, 2022
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.
v3.22.4
New Accounting Guidance (Policies)
 3 Months Ended
Nov. 30, 2022
Accounting Standards Update and Change in Accounting Principle [Abstract]  
New and Recently Issued 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.
v3.22.4
Trade Accounts Receivable Sale Programs (Tables)
 3 Months Ended
Nov. 30, 2022
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, 2022 November 30, 2021
Trade accounts receivable sold(1)
 $ 3,528  $ 1,968 
Cash proceeds received $ 3,518  $ 1,967 
Pre-tax losses on sale of receivables(2)
 $ 10  $ 1 
(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 Statement of Operations.
v3.22.4
Inventories (Tables)
 3 Months Ended
Nov. 30, 2022
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories consist of the following (in millions):
November 30, 2022 August 31, 2022
Raw materials $ 5,446  $ 4,918 
Work in process 546  687 
Finished goods 517  605 
Reserve for excess and obsolete inventory (80) (82)
Inventories, net $ 6,429  $ 6,128 
v3.22.4
Leases (Tables)
 3 Months Ended
Nov. 30, 2022
Leases [Abstract]  
Schedule of Future Minimum Lease Payments under Operating Leases The future minimum lease payments under these new leases as of November 30, 2022 were as follows (in millions):
Payments due by period
Total Less than 1
year		 1-3 years 3-5 years After 5 years
Operating lease obligations(1)
 $ 57  $ 15  $ 23  $ 14  $ 5 
Finance lease obligations(1)
 $ 71  $ 45  $ 24  $ 2  $ — 
(1)Excludes $64 million of payments related to leases signed but not yet commenced. Additionally, certain leases signed but not yet commenced contain residual value guarantees and purchase options not deemed probable.
Schedule of Future Minimum Lease Payments under Finance Leases The future minimum lease payments under these new leases as of November 30, 2022 were as follows (in millions):
Payments due by period
Total Less than 1
year		 1-3 years 3-5 years After 5 years
Operating lease obligations(1)
 $ 57  $ 15  $ 23  $ 14  $ 5 
Finance lease obligations(1)
 $ 71  $ 45  $ 24  $ 2  $ — 
(1)Excludes $64 million of payments related to leases signed but not yet commenced. Additionally, certain leases signed but not yet commenced contain residual value guarantees and purchase options not deemed probable.
v3.22.4
Notes Payable and Long-Term Debt (Tables)
 3 Months Ended
Nov. 30, 2022
Debt Disclosure [Abstract]  
Schedule of Notes Payable and Long-term Debt
Notes payable and long-term debt outstanding as of November 30, 2022 and August 31, 2022 are summarized below (in millions): 
Maturity Date November 30, 2022 August 31, 2022
4.900% Senior Notes
 Jul 14, 2023 $ 300  $ 300 
3.950% Senior Notes
 Jan 12, 2028 497  497 
3.600% Senior Notes
 Jan 15, 2030 496  496 
3.000% Senior Notes
 Jan 15, 2031 592  592 
1.700% Senior Notes
 Apr 15, 2026 497  497 
4.250% Senior Notes
 May 15, 2027 494  493 
Borrowings under credit facilities(1)
 Jan 22, 2024 and Jan 22, 2026 —  — 
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
 300  300 
Notes payable and long-term debt, less current installments
 $ 2,576  $ 2,575 
(1)As of November 30, 2022, 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 April 28, 2021 (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.
v3.22.4
Asset-Backed Securitization Program (Tables)
 3 Months Ended
Nov. 30, 2022
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, 2022 November 30, 2021
Trade accounts receivable sold(1)
 $ 1,066  $ 1,032 
Cash proceeds received(2)
 $ 1,058  $ 1,030 
Pre-tax losses on sale of receivables(3)
 $ 8  $ 2 
(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.
v3.22.4
Accrued Expenses (Tables)
 3 Months Ended
Nov. 30, 2022
Accrued Liabilities, Current [Abstract]  
Schedule of Accrued Expenses
Accrued expenses consist of the following (in millions):
November 30, 2022 August 31, 2022
Inventory deposits $ 1,690  $ 1,586 
Contract liabilities(1)
 1,070  796 
Accrued compensation and employee benefits 798  806 
Other accrued expenses 2,343  2,084 
Accrued expenses $ 5,901  $ 5,272 
(1)Revenue recognized during the three months ended November 30, 2022 and 2021 that was included in the contract liability balance as of August 31, 2022 and 2021 was $139 million and $98 million, respectively.
v3.22.4
Postretirement and Other Employee Benefits (Tables)
 3 Months Ended
Nov. 30, 2022
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, 2022 and 2021 (in millions):
  Three months ended
  November 30, 2022 November 30, 2021
Service cost(1)
 $ 4  $ 6 
Interest cost(2)
 3  1 
Expected long-term return on plan assets(2)
 (5) (4)
Recognized actuarial gain(2)
 (2) (3)
Amortization of actuarial gain(2)(3)
 (1) (2)
Amortization of prior service cost(2)
 1  1 
Net periodic benefit cost $ —  $ (1)
(1)Service cost is recognized in cost of revenue in the Condensed Consolidated Statement of Operations.
(2)Components are recognized in other expense in the Condensed Consolidated Statement of Operations.
(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.
v3.22.4
Derivative Financial Instruments and Hedging Activities (Tables)
 3 Months Ended
Nov. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Net (Losses) Gains from Forward Contracts Recorded in Consolidated Statements of Operations The following table presents the net (losses) gains from forward contracts recorded in the Condensed Consolidated Statements of Operations for the periods indicated (in millions):
Derivatives Not Designated as Hedging Instruments Under ASC 815 Location of (Loss) Gain on Derivatives Recognized in Net Income Amount of (Loss) Gain Recognized in Net Income on Derivatives
Three months ended
November 30, 2022 November 30, 2021
Forward foreign exchange contracts(1)
 Cost of revenue $ (46) $ 38 
(1)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. For the three months ended November 30, 2021, the Company recognized $27 million of foreign currency losses in cost of revenue, which are offset by the gains from the forward foreign exchange contracts.
Schedule of Interest Rate Swaps Outstanding
The following table presents the interest rate swaps outstanding as of November 30, 2022, which have been designated as hedging instruments and are accounted for as cash flow hedges (in millions):
Interest Rate Swap Summary Hedged Interest Rate Payments Aggregate Notional Amount Effective Date Expiration Date
Forward Interest Rate Swap
Anticipated Debt Issuance Fixed $ 150  May 24, 2021 July 31, 2024
(1)(2)
Anticipated Debt Issuance Fixed $ 100  August 8, 2022 July 31, 2024
(1)(2)
(1)The contracts will be settled with the respective counterparties on a net basis at the expiration date for the forward interest rate swap.
(2)If the anticipated debt issuance occurs before July 31, 2024, the contracts will be terminated simultaneously with the debt issuance.
v3.22.4
Accumulated Other Comprehensive Income (Tables)
 3 Months Ended
Nov. 30, 2022
Equity [Abstract]  
Summary 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, 2022 (in millions):
Foreign
Currency
Translation
Adjustment		 Derivative
Instruments		 Actuarial
Gain (Loss)		 Prior
Service (Cost) Credit		 Total
Balance as of August 31, 2022
 $ (88) $ (3) $ 65  $ (16) $ (42)
Other comprehensive income (loss) before reclassifications 4  (25) —  —  (21)
Amounts reclassified from AOCI —  43  (3) 1  41 
Other comprehensive income (loss)(1)
 4  18  (3) 1  20 
Balance as of November 30, 2022
 $ (84) $ 15  $ 62  $ (15) $ (22)
(1)Amounts are net of tax, which are immaterial.
Summary of Reclassification from AOCI The following table sets forth the amounts reclassified from AOCI into the Condensed Consolidated Statements of Operations, and the associated financial statement line item, net of tax, for the periods indicated (in millions):
  Three months ended
Comprehensive Income Components Financial Statement Line Item November 30, 2022 November 30, 2021
Realized losses on derivative instruments:(1)
Foreign exchange contracts Cost of revenue $ 43  $ 1 
Interest rate contracts Interest expense —  1 
Actuarial gain
(2)
 (3) (5)
Prior service cost
(2)
 1  1 
Total amounts reclassified from AOCI(3)
 $ 41  $ (2)
(1)The Company expects to reclassify $16 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 8 – “Postretirement and Other Employee Benefits” for additional information.
(3)Amounts are net of tax, which are immaterial for the three months ended November 30, 2022 and 2021.
v3.22.4
Stockholders' Equity (Tables)
 3 Months Ended
Nov. 30, 2022
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, 2022 November 30, 2021
Restricted stock units
 $ 38  $ 32 
Employee stock purchase plan 4  3 
Total $ 42  $ 35 
Schedule of Share-based Compensation Information
The following represents the stock-based compensation information as of the period indicated (in millions):
  November 30, 2022
Unrecognized stock-based compensation expense—restricted stock units $ 79 
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, 2022 November 30, 2021
Common stock outstanding:
Beginning balances
 135,493,980  144,496,077 
Vesting of restricted stock
 1,861,678  2,425,472 
Purchases of treasury stock under employee stock plans
 (523,407) (690,555)
Treasury shares purchased(1)(2)
 (2,600,951) (2,064,985)
Ending balances
 134,231,300  144,166,009 
(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 November 30, 2022, 15.0 million shares had been repurchased for $898 million and $102 million remains available 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 November 30, 2022, no shares had been repurchased under the 2023 Share Repurchase Program.
v3.22.4
Concentration of Risk and Segment Data (Tables)
 3 Months Ended
Nov. 30, 2022
Segment Reporting [Abstract]  
Schedule of Reconciliation of Income from Segments to Consolidated
The following table sets forth operating segment information (in millions):
  Three months ended
  November 30, 2022 November 30, 2021
Segment income and reconciliation of income before income tax
EMS $ 198  $ 147 
DMS 263  253 
Total segment income $ 461  $ 400 
Reconciling items:
Amortization of intangibles (8) (8)
Stock-based compensation expense and related charges (42) (35)
Restructuring, severance and related charges (45) — 
Other expense (net of periodic benefit cost) (19) (8)
Interest income 13  1 
Interest expense (61) (33)
Income before income tax $ 299  $ 317 
Schedule of Revenues Disaggregated by Segment The following table presents the Company’s revenues disaggregated by segment (in millions):
Three months ended
November 30, 2022 November 30, 2021
EMS DMS Total EMS DMS Total
Timing of transfer
Point in time $ 1,538  $ 2,280  $ 3,818  $ 1,407  $ 2,370  $ 3,777 
Over time 3,008  2,809  5,817  2,451  2,339  4,790 
Total $ 4,546  $ 5,089  $ 9,635  $ 3,858  $ 4,709  $ 8,567 
Schedule of Revenue from External Customers by Geographic Areas The following table sets forth, for the periods indicated, foreign source revenue expressed as a percentage of net revenue:
Three months ended
  November 30, 2022 November 30, 2021
Foreign source revenue 85.7  % 84.8  %
v3.22.4
Restructuring, Severance and Related Charges (Tables)
 3 Months Ended
Nov. 30, 2022
Restructuring and Related Activities [Abstract]  
Summary of Restructuring and Related Charges
Following is a summary of the Company’s restructuring, severance and related charges (in millions):
  Three months ended
 
November 30, 2022(1)
 November 30, 2021
Employee severance and benefit costs $ 40  $ 1 
Lease costs —  (1)
Asset write-off costs 1  — 
Other costs 4  — 
Total restructuring, severance and related charges(2)
 $ 45  $ — 
(1)Primarily relates to headcount reduction to further optimize the Company’s business activities and includes $4 million recorded in the EMS segment, $33 million recorded in the DMS segment and $8 million of non-allocated charges for the three months ended November 30, 2022. Except for asset write-off costs, all restructuring, severance and related charges are cash costs.
(2)The restructuring liability is $54 million as of November 30, 2022, which primarily relates to employee severance and benefit costs incurred in fiscal year 2022 and the three months ended November 30, 2022. We expect the majority of the severance to be paid during fiscal year 2023.
v3.22.4
Income Taxes (Tables)
 3 Months Ended
Nov. 30, 2022
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, 2022 November 30, 2021
U.S. federal statutory income tax rate 21.0  % 21.0  %
Effective income tax rate 25.6  % 23.9  %
v3.22.4
Earnings Per Share and Dividends (Tables)
 3 Months Ended
Nov. 30, 2022
Earnings Per Share [Abstract]  
Schedule of Dilutive Shares Outstanding Not Included in the Computation of EPS Potential shares of common stock not included in the computation of earnings per share because their effect would have been antidilutive or because the performance criterion was not met were as follows (in thousands):
  Three months ended
  November 30, 2022 November 30, 2021
Restricted stock units 365.9  575.8 
Schedule of Cash Dividends Declared to Common Stockholders
The following table sets forth cash dividends declared by the Company to common stockholders during the three months ended November 30, 2022 and 2021 (in millions, except for per share data):
Dividend
Declaration Date		 Dividend
per Share		 Total of Cash
Dividends
Declared		 Date of Record for
Dividend Payment		 Dividend Cash
Payment Date
Fiscal Year 2023: October 20, 2022 $ 0.08  $ 12  November 15, 2022 December 2, 2022
Fiscal Year 2022: October 21, 2021 $ 0.08  $ 12  November 15, 2021 December 1, 2021
v3.22.4
Fair Value Measurements (Tables)
 3 Months Ended
Nov. 30, 2022
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, 2022 August 31, 2022
Assets:
Cash and cash equivalents:
Cash equivalents Level 1
(1)
 $ 8  $ 14 
Prepaid expenses and other current assets:
Short-term investments Level 1 22  16 
Forward foreign exchange contracts:
Derivatives designated as hedging instruments (Note 9)
 Level 2
(2)
 12  3 
Derivatives not designated as hedging instruments (Note 9)
 Level 2
(2)
 29  13 
Other assets:
Forward interest rate swap:
Derivatives designated as hedging instruments (Note 9)
 Level 2
(3)
 19  13 
Liabilities:
Accrued expenses:
Forward foreign exchange contracts:
Derivatives designated as hedging instruments (Note 9)
 Level 2
(2)
 $ 31  $ 32 
Derivatives not designated as hedging instruments (Note 9)
 Level 2
(2)
 60  76 
(1)Consist of investments that are readily convertible to cash with original maturities of 90 days or less.
(2)The Company’s forward foreign exchange contracts, including cash flow hedges and net investment hedges are measured on a recurring basis at fair value, based on foreign currency spot rates and forward rates quoted by banks or foreign currency dealers.(3)Fair value measurements are based on the contractual terms of the derivatives and use observable market-based inputs. The interest rate swaps are valued using a discounted cash flow analysis on the expected cash flows of each derivative using observable inputs including interest rate curves and credit spreads.
Schedule of Carrying Amounts and Fair Values of Notes Payable and Long-term Debt The following table presents the carrying amounts and fair values of the Company's notes payable and long-term debt, by hierarchy level as of the periods indicated (in millions):
November 30, 2022 August 31, 2022
Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value
Notes payable and long-term debt: (Note 5)
4.900% Senior Notes
Level 3
(1)
 $ 300  $ 299  $ 300  $ 300 
3.950% Senior Notes
Level 2
(2)
 $ 497  $ 471  $ 497  $ 471 
3.600% Senior Notes
 Level 2
(2)
 $ 496  $ 448  $ 496  $ 440 
3.000% Senior Notes
 Level 2
(2)
 $ 592  $ 498  $ 592  $ 500 
1.700% Senior Notes
 Level 2
(2)
 $ 497  $ 445  $ 497  $ 446 
4.250% Senior Notes
 Level 2
(2)
 $ 494  $ 479  $ 493  $ 483 
(1)This fair value estimate is based on the Company’s indicative borrowing cost derived from discounted cash flows.
(2)The fair value estimates are based upon observable market data.
v3.22.4
Trade Accounts Receivable Sale Programs - Additional Information (Details) - 3 months ended Nov. 30, 2022
USD ($)
program
CNY (¥)
CHF (SFr)
USD      
Trade Accounts Receivable Securitization and Sale Program [Line Items]      
Maximum amount | $ $ 2,000,000,000    
Number of programs 8    
CNY      
Trade Accounts Receivable Securitization and Sale Program [Line Items]      
Maximum amount | ¥   ¥ 400,000,000  
Number of programs 1    
CHF      
Trade Accounts Receivable Securitization and Sale Program [Line Items]      
Maximum amount | SFr     SFr 100,000,000
Number of programs 1    
v3.22.4
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, 2022
Nov. 30, 2021
Trade Accounts Receivable Securitization and Sale Program [Line Items]    
Trade accounts receivable sold $ 3,528 $ 1,968
Cash proceeds received 3,518 1,967
Pre-tax losses on sale of receivables $ 10 $ 1
v3.22.4
Inventories (Details) - USD ($)
$ in Millions
Nov. 30, 2022
Aug. 31, 2022
Inventory Disclosure [Abstract]    
Raw materials $ 5,446 $ 4,918
Work in process 546 687
Finished goods 517 605
Reserve for excess and obsolete inventory (80) (82)
Inventories, net $ 6,429 $ 6,128
v3.22.4
Leases - Future Minimum Lease Payments under Operating and Finance Leases (Details)
$ in Millions
Nov. 30, 2022
USD ($)
Operating lease obligations  
Total $ 57
Less than 1 year 15
1-3 years 23
3-5 years 14
After 5 years 5
Finance lease obligations  
Total 71
Less than 1 year 45
1-3 years 24
3-5 years 2
After 5 years 0
Leases signed but not yet commenced $ 64
v3.22.4
Notes Payable and Long-Term Debt - Schedule of Notes Payable and Long-term Debt (Details) - USD ($)
Nov. 30, 2022
Aug. 31, 2022
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 300,000,000 300,000,000
Notes payable and long-term debt, less current installments $ 2,576,000,000 2,575,000,000
Senior Notes | 4.900% Senior Notes    
Debt Instrument [Line Items]    
Stated interest rate 4.90%  
Total notes payable and long-term debt $ 300,000,000 300,000,000
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 $ 496,000,000 496,000,000
Senior Notes | 3.000% Senior Notes    
Debt Instrument [Line Items]    
Stated interest rate 3.00%  
Total notes payable and long-term debt $ 592,000,000 592,000,000
Senior Notes | 1.700% Senior Notes    
Debt Instrument [Line Items]    
Stated interest rate 1.70%  
Total notes payable and long-term debt $ 497,000,000 497,000,000
Senior Notes | 4.250% Senior Notes    
Debt Instrument [Line Items]    
Stated interest rate 4.25%  
Total notes payable and long-term debt $ 494,000,000 493,000,000
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  
v3.22.4
Notes Payable and Long-Term Debt - Additional Information (Details) - Senior Notes
Nov. 30, 2022
4.900% Senior Notes  
Debt Instrument [Line Items]  
Stated interest rate 4.90%
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%
v3.22.4
Asset-Backed Securitization Program - Additional Information (Details)
Nov. 30, 2022
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
v3.22.4
Asset-Backed Securitization Program - Securitization Activity (Details) - Asset-Backed Securitization Program - USD ($)
$ in Millions
 3 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Trade Accounts Receivable Securitization and Sale Program [Line Items]    
Trade accounts receivable sold $ 1,066 $ 1,032
Cash proceeds received 1,058 1,030
Pre-tax losses on sale of receivables $ 8 $ 2
v3.22.4
Accrued Expenses (Details) - USD ($)
$ in Millions
 3 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Aug. 31, 2022
Accrued Liabilities, Current [Abstract]      
Inventory deposits $ 1,690   $ 1,586
Contract liabilities 1,070   796
Accrued compensation and employee benefits 798   806
Other accrued expenses 2,343   2,084
Accrued expenses 5,901   $ 5,272
Revenue recognized during period that was included in contract liability balance $ 139 $ 98  
v3.22.4
Postretirement and Other Employee Benefits (Details) - USD ($)
$ in Millions
 3 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Retirement Benefits [Abstract]    
Service cost $ 4 $ 6
Interest cost 3 1
Expected long-term return on plan assets (5) (4)
Recognized actuarial gain (2) (3)
Amortization of actuarial gains (1) (2)
Amortization of prior service credit 1 1
Net periodic benefit cost $ 0 $ (1)
Percentage of gain (loss) corridor 10.00%  
v3.22.4
Derivative Financial Instruments and Hedging Activities - Additional Information (Details) - Forward Interest Rate Swap - USD ($)
$ in Billions
Nov. 30, 2022
Aug. 31, 2022
Forward foreign exchange contracts    
Derivative [Line Items]    
Aggregate notional amount $ 1.1 $ 1.4
Cash flow hedging    
Derivative [Line Items]    
Aggregate notional amount 3.5 3.4
Net Investment Hedging | Forward foreign exchange contracts    
Derivative [Line Items]    
Aggregate notional amount $ 0.1 $ 0.0
v3.22.4
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, 2022
Nov. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]    
Amount of (Loss) Gain Recognized in Net Income on Derivatives $ (46) $ 38
Foreign currency gains (losses) $ 49 $ (27)
v3.22.4
Derivative Financial Instruments and Hedging Activities - Cash Flow Hedges (Details) - Cash flow hedging - Interest rate swaps - Designated as hedging instruments
Nov. 30, 2022
USD ($)
Debt obligation one  
Derivative [Line Items]  
Aggregate notional amount $ 150,000,000
Debt obligation two  
Derivative [Line Items]  
Aggregate notional amount $ 100,000,000
v3.22.4
Accumulated Other Comprehensive Income - Change in AOCI, Net of Tax (Details) - USD ($)
$ in Millions
 3 Months Ended
Nov. 30, 2022
Nov. 30, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning Balance $ 2,452 $ 2,137
Other comprehensive income (loss) before reclassifications (21)  
Amounts reclassified from AOCI 41  
Total other comprehensive income (loss) 20 (23)
Ending Balance 2,530 2,207
AOCI Attributable to Parent    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning Balance (42) (25)
Total other comprehensive income (loss) 20 (23)
Ending Balance (22) $ (48)
Foreign Currency Translation Adjustment    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning Balance (88)  
Other comprehensive income (loss) before reclassifications 4  
Amounts reclassified from AOCI 0  
Total other comprehensive income (loss) 4  
Ending Balance (84)  
Derivative Instruments    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning Balance (3)  
Other comprehensive income (loss) before reclassifications (25)  
Amounts reclassified from AOCI 43  
Total other comprehensive income (loss) 18  
Ending Balance 15  
Actuarial Gain (Loss)    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning Balance 65  
Other comprehensive income (loss) before reclassifications 0  
Amounts reclassified from AOCI (3)  
Total other comprehensive income (loss) (3)  
Ending Balance 62  
Prior Service (Cost) Credit    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning Balance (16)  
Other comprehensive income (loss) before reclassifications 0  
Amounts reclassified from AOCI 1  
Total other comprehensive income (loss) 1  
Ending Balance $ (15)  
v3.22.4
Accumulated Other Comprehensive Income - Reclassification from AOCI (Details) - USD ($)
$ in Millions
 3 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]    
Cost of revenue $ 8,892 $ 7,892
Interest expense 61 33
Other expense (income) 15 1
Total amounts reclassified from AOCI (223) (241)
Loss to be reclassified in next 12 months 16  
Reclassification out of AOCI    
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]    
Total amounts reclassified from AOCI 41 (2)
Reclassification out of AOCI | Realized losses (gain) on derivative instruments | Foreign exchange contracts    
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]    
Cost of revenue 43 1
Reclassification out of AOCI | Realized losses (gain) on derivative instruments | Interest rate contracts    
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]    
Interest expense 0 1
Reclassification out of AOCI | Actuarial gain    
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]    
Other expense (income) (3) (5)
Reclassification out of AOCI | Prior service cost    
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]    
Other expense (income) $ 1 $ 1
v3.22.4
Stockholders' Equity - Recognized Stock-Based Compensation (Details) - USD ($)
$ in Millions
 3 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation expense $ 42 $ 35
Restricted stock units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation expense 38 32
Employee stock purchase plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation expense $ 4 $ 3
v3.22.4
Stockholders' Equity - Additional Information (Details) - shares
 3 Months Ended
Nov. 30, 2022
Nov. 30, 2021
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) 900,000 700,000
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) 200,000 200,000
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) 200,000 200,000
Market-based restricted stock units | Maximum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Award vesting percentage 200.00%  
2021 Equity Incentive Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of shares available to be issued (in shares) 8,394,608  
v3.22.4
Stockholders' Equity - Stock-based Compensation Information (Details)
$ in Millions
 3 Months Ended
Nov. 30, 2022
USD ($)
Share-Based Payment Arrangement [Abstract]  
Unrecognized stock-based compensation expense—restricted stock units $ 79
Remaining weighted-average period for restricted stock units expense 1 year 6 months
v3.22.4
Stockholders' Equity - Common Stock Outstanding (Details) - USD ($)
 3 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Sep. 30, 2022
Jul. 31, 2021
Common stock outstanding:        
Common stock outstanding, beginning balances (in shares) 135,493,980      
Common stock outstanding, ending balance (in shares) 134,231,300      
2022 Share Repurchase Program        
Common stock outstanding:        
Share repurchase program, amount authorized       $ 1,000,000,000
Number of shares repurchased (in shares) 15,000,000      
Value of shares repurchased $ 898,000,000      
Share repurchase program, remaining amount available $ 102,000,000      
2023 Share Repurchase Program        
Common stock outstanding:        
Share repurchase program, amount authorized     $ 1,000,000,000  
Number of shares repurchased (in shares) 0      
Common stock:        
Common stock outstanding:        
Common stock outstanding, beginning balances (in shares) 135,493,980 144,496,077    
Vesting of restricted stock (in shares) 1,861,678 2,425,472    
Purchases of treasury stock under employee stock plans (in shares) (523,407) (690,555)    
Treasury shares purchased (in shares) (2,600,951) (2,064,985)    
Common stock outstanding, ending balance (in shares) 134,231,300 144,166,009    
v3.22.4
Concentration of Risk and Segment Data - Additional Information (Details)
 3 Months Ended
Nov. 30, 2022
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 47.00%
Zero Customers | Net revenue | Customer concentration  
Revenue, Major Customer [Line Items]  
Concentration risk 90.00%
v3.22.4
Concentration of Risk and Segment Data - Segment Income (Details) - USD ($)
$ in Millions
 3 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Income $ 299 $ 317
Reconciling items:    
Amortization of intangibles (8) (8)
Stock-based compensation expense and related charges (42) (35)
Restructuring, severance and related charges (45) 0
Interest income 13 1
Interest expense (61) (33)
Operating Segments    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Income 461 400
Operating Segments | EMS    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Income 198 147
Reconciling items:    
Restructuring, severance and related charges (4)  
Operating Segments | DMS    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Income 263 253
Reconciling items:    
Restructuring, severance and related charges (33)  
Segment Reconciling Items    
Reconciling items:    
Amortization of intangibles (8) (8)
Stock-based compensation expense and related charges (42) (35)
Restructuring, severance and related charges (45) 0
Other expense (net of periodic benefit cost) (19) (8)
Interest income 13 1
Interest expense $ (61) $ (33)
v3.22.4
Concentration of Risk and Segment Data - Revenues Disaggregated by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Disaggregation of Revenue [Line Items]    
Net revenue $ 9,635 $ 8,567
Point in time    
Disaggregation of Revenue [Line Items]    
Net revenue 3,818 3,777
Over time    
Disaggregation of Revenue [Line Items]    
Net revenue 5,817 4,790
EMS    
Disaggregation of Revenue [Line Items]    
Net revenue 4,546 3,858
EMS | Point in time    
Disaggregation of Revenue [Line Items]    
Net revenue 1,538 1,407
EMS | Over time    
Disaggregation of Revenue [Line Items]    
Net revenue 3,008 2,451
DMS    
Disaggregation of Revenue [Line Items]    
Net revenue 5,089 4,709
DMS | Point in time    
Disaggregation of Revenue [Line Items]    
Net revenue 2,280 2,370
DMS | Over time    
Disaggregation of Revenue [Line Items]    
Net revenue $ 2,809 $ 2,339
v3.22.4
Concentration of Risk and Segment Data - Foreign Source Revenue (Details)
 3 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Foreign source revenue | Net revenue | Foreign source revenue    
Concentration Risk [Line Items]    
Concentration risk 85.70% 84.80%
v3.22.4
Restructuring, Severance and Related Charges (Details) - USD ($)
$ in Millions
 3 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Restructuring Cost and Reserve [Line Items]    
Restructuring, severance and related charges $ 45 $ 0
Restructuring liability 54  
Operating Segments | EMS    
Restructuring Cost and Reserve [Line Items]    
Restructuring, severance and related charges 4  
Operating Segments | DMS    
Restructuring Cost and Reserve [Line Items]    
Restructuring, severance and related charges 33  
Non-allocated charges    
Restructuring Cost and Reserve [Line Items]    
Restructuring, severance and related charges 8  
Employee severance and benefit costs    
Restructuring Cost and Reserve [Line Items]    
Restructuring, severance and related charges 40 1
Lease costs    
Restructuring Cost and Reserve [Line Items]    
Restructuring, severance and related charges 0 (1)
Asset write-off costs    
Restructuring Cost and Reserve [Line Items]    
Restructuring, severance and related charges 1 0
Other costs    
Restructuring Cost and Reserve [Line Items]    
Restructuring, severance and related charges $ 4 $ 0
v3.22.4
Income Taxes - Schedule of U.S. Federal Statutory Income Tax Rate Compared to Actual Income Tax Expense (Details)
 3 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Income Tax Disclosure [Abstract]    
U.S. federal statutory income tax rate 21.00% 21.00%
Effective income tax rate 25.60% 23.90%
v3.22.4
Earnings Per Share and Dividends - Earnings Per Share (Details) - shares
 3 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Restricted stock units    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Common shares excluded from computation of diluted earnings per share (in shares) 365,900 575,800
v3.22.4
Earnings Per Share and Dividends - Dividends (Details) - USD ($)
$ / shares in Units, $ in Millions
Oct. 20, 2022
Oct. 21, 2021
Earnings Per Share [Abstract]    
Dividends per share (in usd per share) $ 0.08 $ 0.08
Total of Cash Dividends Declared $ 12 $ 12
v3.22.4
Fair Value Measurements - Fair Value Measurements on a Recurring Basis (Details) - Recurring - USD ($)
$ in Millions
Nov. 30, 2022
Aug. 31, 2022
Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash equivalents $ 8 $ 14
Short-term investments 22 16
Level 2 | Designated as hedging instruments | Foreign exchange contracts    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Current derivative assets 12 3
Current derivative liability 31 32
Level 2 | Designated as hedging instruments | Interest rate swaps    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Noncurrent derivative asset 19 13
Level 2 | Not Designated as Hedging Instruments | Foreign exchange contracts    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Current derivative assets 29 13
Current derivative liability $ 60 $ 76
v3.22.4
Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($)
$ in Millions
Nov. 30, 2022
Aug. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Carrying Amount $ 2,876 $ 2,875
Senior Notes | 4.900% Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Stated interest rate 4.90%  
Carrying Amount $ 300 300
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 $ 496 496
Senior Notes | 3.000% Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Stated interest rate 3.00%  
Carrying Amount $ 592 592
Senior Notes | 1.700% Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Stated interest rate 1.70%  
Carrying Amount $ 497 497
Senior Notes | 4.250% Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Stated interest rate 4.25%  
Carrying Amount $ 494 493
Senior Notes | Carrying Amount | Level 3 | 4.900% Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Carrying Amount 300 300
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 496 496
Senior Notes | Carrying Amount | Level 2 | 3.000% Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Carrying Amount 592 592
Senior Notes | Carrying Amount | Level 2 | 1.700% Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Carrying Amount 497 497
Senior Notes | Carrying Amount | Level 2 | 4.250% Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Carrying Amount 494 493
Senior Notes | Fair Value | Level 3 | 4.900% Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 299 300
Senior Notes | Fair Value | Level 2 | 3.950% Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 471 471
Senior Notes | Fair Value | Level 2 | 3.600% Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 448 440
Senior Notes | Fair Value | Level 2 | 3.000% Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 498 500
Senior Notes | Fair Value | Level 2 | 1.700% Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value 445 446
Senior Notes | Fair Value | Level 2 | 4.250% Senior Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair Value $ 479 $ 483