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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 

FORM 10-Q
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended May 31, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File Number: 001-14063
 
https://cdn.kscope.io/fc3702d5374b3b7382ac51167da768b5-jabillogoa06.jpg
JABIL INC.
(Exact name of registrant as specified in its charter)
 
Delaware
 
38-1886260
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
10560 Dr. Martin Luther King, Jr. Street North, St. Petersburg, Florida 33716
(Address of principal executive offices) (Zip Code)
(727) 577-9749
(Registrant’s telephone number, including area code) 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol(s)
Name of each exchange on which registered
Common Stock, $0.001 par value per share
JBL
New York Stock Exchange
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
  
Smaller reporting company
 
 
Emerging growth company

1


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
As of June 24, 2020, there were 150,574,036 shares of the registrant’s Common Stock outstanding.

2


JABIL INC. AND SUBSIDIARIES INDEX
 
Item 1.
 
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
 
 
 
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
 




PART I—FINANCIAL INFORMATION
 
Item 1.
Financial Statements
JABIL INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except for share data)

1


 
May 31,
2020
(Unaudited)
 
August 31,
2019
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
763,337

 
$
1,163,343

Accounts receivable, net of allowance for doubtful accounts of $32,239 as of May 31, 2020 and $17,221 as of August 31, 2019
2,579,803

 
2,745,226

Contract assets
1,086,035

 
911,940

Inventories, net
3,283,701

 
3,023,003

Prepaid expenses and other current assets
553,416

 
501,573

Total current assets
8,266,292

 
8,345,085

Property, plant and equipment, net of accumulated depreciation of $4,452,228 as of May 31, 2020 and $4,110,496 as of August 31, 2019
3,485,669

 
3,333,750

Operating lease right-of-use asset
377,540

 

Goodwill
700,735

 
622,255

Intangible assets, net of accumulated amortization of $380,850 as of May 31, 2020 and $337,841 as of August 31, 2019
221,510

 
256,853

Deferred income taxes
173,008

 
198,827

Other assets
166,122

 
213,705

Total assets
$
13,390,876


$
12,970,475

LIABILITIES AND EQUITY
 
 
 
Current liabilities:
 
 
 
Current installments of notes payable and long-term debt
$
399,737

 
$
375,181

Accounts payable
5,019,286

 
5,166,780

Accrued expenses
3,246,977

 
2,990,144

Current operating lease liabilities
102,284

 

Total current liabilities
8,768,284


8,532,105

Notes payable and long-term debt, less current installments
2,087,593

 
2,121,284

Other liabilities
321,065

 
163,821

Non-current operating lease liabilities
311,939

 

Income tax liabilities
143,368

 
136,689

Deferred income taxes
113,323

 
115,818

Total liabilities
11,745,572


11,069,717

Commitments and contingencies

 

Equity:
 
 
 
Jabil Inc. stockholders’ equity:
 
 
 
Preferred stock, $0.001 par value, authorized 10,000,000 shares; no shares issued and no shares outstanding

 

Common stock, $0.001 par value, authorized 500,000,000 shares; 263,312,358 and 260,406,796 shares issued and 150,574,036 and 153,520,380 shares outstanding as of May 31, 2020 and August 31, 2019, respectively
263

 
260

Additional paid-in capital
2,380,094

 
2,304,552

Retained earnings
1,985,546

 
2,037,037

Accumulated other comprehensive loss
(149,403
)
 
(82,794
)
Treasury stock at cost, 112,738,322 and 106,886,416 shares as of May 31, 2020 and August 31, 2019, respectively
(2,584,198
)
 
(2,371,612
)
Total Jabil Inc. stockholders’ equity
1,632,302


1,887,443

Noncontrolling interests
13,002

 
13,315

Total equity
1,645,304

 
1,900,758

Total liabilities and equity
$
13,390,876

 
$
12,970,475

See accompanying notes to Condensed Consolidated Financial Statements.

2


JABIL INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except for per share data)
(Unaudited)
 
Three months ended
 
Nine months ended
 
May 31,
2020
 
May 31,
2019
 
May 31,
2020
 
May 31,
2019
Net revenue
$
6,335,642

 
$
6,135,602

 
$
19,966,423

 
$
18,708,867

Cost of revenue
5,879,494

 
5,691,803

 
18,526,311

 
17,290,544

Gross profit
456,148

 
443,799

 
1,440,112

 
1,418,323

Operating expenses:
 
 
 
 
 
 
 
Selling, general and administrative
302,849

 
274,482

 
916,772

 
834,750

Research and development
11,587

 
11,449

 
33,647

 
32,747

Amortization of intangibles
13,178

 
7,610

 
42,895

 
23,033

Restructuring, severance and related charges
69,150

 
9,340

 
144,005

 
16,182

Operating income
59,384

 
140,918

 
302,793

 
511,611

Impairment on securities

 

 
12,205

 

Other expense
5,602

 
14,084

 
25,275

 
39,391

Interest income
(1,864
)
 
(6,758
)
 
(13,144
)
 
(15,897
)
Interest expense
41,873

 
50,514

 
132,967

 
139,326

Income before income tax
13,773

 
83,078

 
145,490

 
348,791

Income tax expense
64,036

 
39,046

 
157,620

 
113,078

Net (loss) income
(50,263
)
 
44,032

 
(12,130
)
 
235,713

Net income attributable to noncontrolling interests, net of tax
695

 
550

 
1,689

 
1,277

Net (loss) income attributable to Jabil Inc.
$
(50,958
)
 
$
43,482

 
$
(13,819
)
 
$
234,436

(Loss) earnings per share attributable to the stockholders of Jabil Inc.:
 
 
 
 
 
 
 
Basic
$
(0.34
)
 
$
0.28

 
$
(0.09
)
 
$
1.50

Diluted
$
(0.34
)
 
$
0.28

 
$
(0.09
)
 
$
1.47

Weighted average shares outstanding:
 
 
 
 
 
 
 
Basic
150,723

 
152,889

 
151,956

 
156,384

Diluted
150,723

 
155,678

 
151,956

 
159,036

See accompanying notes to Condensed Consolidated Financial Statements.

3


JABIL INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(Unaudited)
 
Three months ended
 
Nine months ended
 
May 31,
2020
 
May 31,
2019
 
May 31,
2020
 
May 31,
2019
Net (loss) income
$
(50,263
)
 
$
44,032

 
$
(12,130
)
 
$
235,713

Other comprehensive (loss) income:
 
 
 
 
 
 
 
Change in foreign currency translation
(32,135
)
 
(18,548
)
 
(43,010
)
 
(5,636
)
Change in derivative instruments:
 
 
 
 
 
 
 
Change in fair value of derivatives
(22,862
)
 
(20,179
)
 
(21,391
)
 
(36,262
)
Adjustment for net losses (gains) realized and included in net income
16,020

 
(1,728
)
 
19,355

 
15,958

Total change in derivative instruments
(6,842
)
 
(21,907
)
 
(2,036
)
 
(20,304
)
Unrealized (loss) gain on available for sale securities
(7,483
)
 
3,703

 
(21,563
)
 
(4,769
)
Actuarial gain

 

 

 
103

Total other comprehensive (loss) income
(46,460
)
 
(36,752
)
 
(66,609
)
 
(30,606
)
Comprehensive (loss) income
$
(96,723
)
 
$
7,280

 
$
(78,739
)
 
$
205,107

Comprehensive income attributable to noncontrolling interests
695

 
550

 
1,689

 
1,277

Comprehensive (loss) income attributable to Jabil Inc.
$
(97,418
)
 
$
6,730

 
$
(80,428
)
 
$
203,830

See accompanying notes to Condensed Consolidated Financial Statements.

4


JABIL INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands)
(Unaudited)
 
Three months ended
 
Nine months ended
 
May 31,
2020
 
May 31,
2019
 
May 31,
2020
 
May 31,
2019
Total stockholders' equity, beginning balances
$
1,759,140

 
$
1,858,852

 
$
1,900,758

 
$
1,963,380

Common stock:
 
 
 
 
 
 
 
Beginning balances
263

 
260

 
260

 
257

Shares issued under employee stock purchase plan

 

 
1

 
1

Vesting of restricted stock

 

 
2

 
2

Ending balances
263

 
260

 
263

 
260

Additional paid-in capital:
 
 
 
 
 
 
 
Beginning balances
2,363,839

 
2,264,966

 
2,304,552

 
2,218,673

Shares issued under employee stock purchase plan

 
(5
)
 
16,179

 
14,582

Vesting of restricted stock

 

 
(2
)
 
(2
)
Recognition of stock-based compensation
16,255

 
14,448

 
59,365

 
46,156

Ending balances
2,380,094

 
2,279,409

 
2,380,094

 
2,279,409

Retained earnings:
 
 
 
 
 
 
 
Beginning balances
2,048,954

 
1,966,100

 
2,037,037

 
1,760,097

Declared dividends
(12,450
)
 
(12,681
)
 
(37,672
)
 
(38,487
)
Cumulative effect adjustment for adoption of new accounting standards

 

 

 
40,855

Net (loss) income attributable to Jabil Inc.
(50,958
)
 
43,482

 
(13,819
)
 
234,436

Ending balances
1,985,546

 
1,996,901

 
1,985,546

 
1,996,901

Accumulated other comprehensive loss:
 
 
 
 
 
 
 
Beginning balances
(102,943
)
 
(13,253
)
 
(82,794
)
 
(19,399
)
Other comprehensive loss
(46,460
)
 
(36,752
)
 
(66,609
)
 
(30,606
)
Ending balances
(149,403
)
 
(50,005
)
 
(149,403
)
 
(50,005
)
Treasury stock:
 
 
 
 
 
 
 
Beginning balances
(2,563,282
)
 
(2,370,898
)
 
(2,371,612
)
 
(2,009,371
)
Purchases of treasury stock under employee stock plans
(75
)
 
(694
)
 
(23,086
)
 
(11,898
)
Treasury shares purchased
(20,841
)
 

 
(189,500
)
 
(350,323
)
Ending balances
(2,584,198
)
 
(2,371,592
)
 
(2,584,198
)
 
(2,371,592
)
Noncontrolling interests:
 
 
 
 
 
 
 
Beginning balances
12,309

 
11,677

 
13,315

 
13,123

Net income attributable to noncontrolling interests
695

 
550

 
1,689

 
1,277

Acquisition of noncontrolling interests

 

 

 
1,112

Disposition of noncontrolling interests

 

 

 
(1,785
)
Declared dividends to noncontrolling interests
(2
)
 

 
(2,002
)
 
(1,500
)
Ending balances
13,002

 
12,227

 
13,002

 
12,227

Total stockholders' equity, ending balances
$
1,645,304

 
$
1,867,200

 
$
1,645,304

 
$
1,867,200


See accompanying notes to Condensed Consolidated Financial Statements.

5


JABIL INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
 
 
Nine months ended
 
May 31,
2020
 
May 31,
2019
Cash flows provided by operating activities:
 
 
 
Net (loss) income
$
(12,130
)
 
$
235,713

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
600,692

 
574,922

Restructuring and related charges
39,292

 
(3,555
)
Recognition of stock-based compensation expense and related charges
62,214

 
47,452

Deferred income taxes
18,279

 
14,008

Provision for allowance for doubtful accounts
14,636

 
10,734

Other, net
20,979

 
34,204

Change in operating assets and liabilities, exclusive of net assets acquired:
 
 
 
Accounts receivable
142,470

 
(528,597
)
Contract assets
(92,574
)
 
(865,408
)
Inventories
(229,398
)
 
349,252

Prepaid expenses and other current assets
(44,331
)
 
6,910

Other assets
(9,089
)
 
(16,700
)
Accounts payable, accrued expenses and other liabilities
59,686

 
253,721

Net cash provided by operating activities
570,726

 
112,656

Cash flows used in investing activities:
 
 
 
Acquisition of property, plant and equipment
(648,945
)
 
(789,226
)
Proceeds and advances from sale of property, plant and equipment
93,679

 
167,653

Cash paid for business and intangible asset acquisitions, net of cash
(145,595
)
 
(153,239
)
Cash receipts on sold receivables

 
96,846

Other, net
21,398

 
(26,129
)
Net cash used in investing activities
(679,463
)

(704,095
)
Cash flows (used in) provided by financing activities:
 
 
 
Borrowings under debt agreements
9,521,853

 
9,482,468

Payments toward debt agreements
(9,533,522
)
 
(9,073,684
)
Payments to acquire treasury stock
(189,500
)
 
(350,323
)
Dividends paid to stockholders
(38,411
)
 
(39,736
)
Net proceeds from exercise of stock options and issuance of common stock under employee stock purchase plan
16,179

 
14,582

Treasury stock minimum tax withholding related to vesting of restricted stock
(23,085
)
 
(11,898
)
Other, net
(13,106
)
 
(1,500
)
Net cash (used in) provided by financing activities
(259,592
)
 
19,909

Effect of exchange rate changes on cash and cash equivalents
(31,677
)
 
7,667

Net decrease in cash and cash equivalents
(400,006
)

(563,863
)
Cash and cash equivalents at beginning of period
1,163,343

 
1,257,949

Cash and cash equivalents at end of period
$
763,337

 
$
694,086

See accompanying notes to Condensed Consolidated Financial Statements.

6


JABIL INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. 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 the Company for the fiscal year ended August 31, 2019. Results for the nine months ended May 31, 2020 are not necessarily an indication of the results that may be expected for the full fiscal year ending August 31, 2020.
The full impact on the Company’s business and results of operations related to COVID-19 depends on future developments and cannot be fully predicted. The Company has considered all information available as of the date of these financial statements and is not aware of any circumstances that would result in an update to its estimates or judgments, or any adjustment to the carrying value of its assets or liabilities. Estimates are dependent on certain events and may change as future events occur or additional information becomes available and thus actual results could differ materially from these estimates and judgments.
2. Trade Accounts Receivable Sale Programs
The Company regularly sells designated pools of high credit quality trade accounts receivable under uncommitted trade accounts receivable sale programs to unaffiliated financial institutions without recourse. As these accounts receivable are sold without recourse, the Company does not retain the associated risks following the transfer of such accounts receivable to the respective financial institutions. The Company continues servicing the receivables sold and in exchange receives a servicing fee under each of the trade accounts receivable sale programs. Servicing fees related to each of the trade accounts receivable sale programs recognized during the three months and nine months ended May 31, 2020 and 2019 were not material. The Company does not record a servicing asset or liability on the Condensed Consolidated Balance Sheets as the Company estimates that the fee it receives to service these receivables approximates the fair market compensation to provide the servicing activities.
Transfers of the receivables under the trade accounts receivable sale programs are accounted for as sales and, accordingly, net receivables sold under the trade accounts receivable sale programs are excluded from accounts receivable on the Condensed Consolidated Balance Sheets and are reflected as cash provided by operating activities on the Condensed Consolidated Statements of Cash Flows.
The following is a summary of the trade accounts receivable sale programs with unaffiliated financial institutions where the Company may elect to sell receivables and the unaffiliated financial institution may elect to purchase, at a discount, on an ongoing basis:
Program 
Maximum
Amount
(in millions)
(1)
 
 
Type of
Facility
 
Expiration
Date
A
$
600.0

 
 
Uncommitted
 
December 5, 2020(2)
B
$
150.0

 
 
Uncommitted
 
November 30, 2020(3)
C
800.0

CNY
 
Uncommitted
 
June 30, 2020
D
$
150.0

 
 
Uncommitted
 
May 4, 2023(4)
E
$
50.0

 
 
Uncommitted
 
August 25, 2020
F
$
150.0

 
 
Uncommitted
 
January 25, 2021(5)
G
$
50.0

 
 
Uncommitted
 
February 23, 2023(6)
H
$
100.0

 
 
Uncommitted
 
August 10, 2020(7)
I
$
100.0

 
 
Uncommitted
 
July 21, 2020(8)
J
$
650.0

 
 
Uncommitted
 
December 4, 2020(9)
K
$
135.0

 
 
Uncommitted
 
April 11, 2021(10)
L
100.0

CHF
 
Uncommitted
 
December 5, 2020(2)

7


 
(1) 
Maximum amount of trade accounts receivable that may be sold under a facility at any one time.
(2) 
The program will be automatically extended each year through December 5, 2025 unless either party provides 30 days’ notice of termination.
(3) 
The program will automatically extend for one year at each expiration date unless either party provides 10 days’ notice of termination.
(4) 
Any party may elect to terminate the agreement upon 30 days’ prior notice.
(5) 
The program will be automatically extended through January 25, 2023 unless either party provides 30 days’ notice of termination.
(6) 
Any party may elect to terminate the agreement upon 15 days’ prior notice.
(7) 
The program will be automatically extended through August 10, 2023 unless either party provides 30 days’ notice of termination.
(8) 
The program will be automatically extended through August 21, 2023 unless either party provides 30 days’ notice of termination.
(9) 
The program will be automatically extended each year through December 5, 2024 unless either party provides 30 days’ notice of termination.
(10) 
The program will be automatically extended each year through April 11, 2025 unless either party provides 30 days’ notice of termination.
In connection with the trade accounts receivable sale programs, the Company recognized the following (in millions):
 
Three months ended
 
Nine months ended
 
May 31, 2020
 
May 31, 2019
 
May 31, 2020
 
May 31, 2019
Trade accounts receivable sold
$
2,162

 
$
1,548

 
$
6,325

 
$
5,101

Cash proceeds received
$
2,158

 
$
1,541

 
$
6,311

 
$
5,079

Pre-tax losses on sale of receivables(1)
$
4

 
$
7

 
$
14

 
$
22

 
(1) 
Recorded to other expense within the Condensed Consolidated Statement of Operations.
3. Inventories
Inventories consist of the following (in thousands):
 
May 31, 2020
 
August 31, 2019
Raw materials
$
2,524,454

 
$
2,310,081

Work in process
412,834

 
468,217

Finished goods
425,894

 
314,258

Reserve for excess and obsolete inventory
(79,481
)
 
(69,553
)
Inventories, net
$
3,283,701

 
$
3,023,003


4. Leases
Effective September 1, 2019, the Company adopted Accounting Standards Update No. 2016-02 (“ASU 2016-02”), Leases (Topic 842) using the modified retrospective approach and also elected to apply the package of practical expedients, which among other things, allows entities to maintain the historical lease classification for existing leases. The Company has lease agreements that contain both lease and non-lease components. For lease agreements entered into or reassessed after the adoption of ASU 2016-02, the Company has elected the practical expedient to combine lease and non-lease components for building and real estate leases.
The Company primarily has leases for buildings and real estate with lease terms ranging from 1 year to 36 years. Leases for other classes of assets are not significant. For any leases with an initial term in excess of 12 months, the Company determines whether an arrangement is a lease at contract inception by evaluating if the contract conveys the right to use and control the specific property or equipment. Certain lease agreements contain purchase or renewal options. These options are included in the lease term when it is reasonably certain that the Company will exercise that option. Generally, the Company's lease agreements do not contain material residual value guarantees or material restrictive covenants.
Right-of-use assets represent the right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized based on the

8


present value of future lease payments over the lease term at the lease commencement date. When determining the present value of future payment, the Company uses the incremental borrowing rate when the implicit rate is not readily determinable. Any payment deemed probable under residual value guarantees is included in lease payments. Any variable payments, other than those that depend on an index or rate, are excluded from right-of-use assets and lease liabilities.
Leases with an initial term of 12 months or less are not recorded as right-of-use assets and lease liabilities in the Consolidated Balance Sheet. Lease expense for these leases is recognized on a straight-line basis over the lease term.
Upon adoption of ASU 2016-02, the Company recorded $414.6 million and $437.5 million of right-of-use assets and lease liabilities, respectively, related to its existing operating lease portfolio. The accounting for the Company's finance leases remained substantially unchanged and balances were not significant on the adoption date. The adoption of this standard did not have a material impact on the Consolidated Statements of Operations or the Consolidated Statements of Cash Flows.
The following table sets forth the amount of lease assets and lease liabilities included on the Company's Condensed Consolidated Balance Sheets, as of the period indicated (in thousands):
 
 
Financial Statement Line Item
 
May 31, 2020
Assets
 
 
 
 
Operating lease assets (1)
 
Operating lease right-of-use assets
 
$
377,540

Finance lease assets (2)
 
Property, plant and equipment, net
 
149,956

Total lease assets
 
 
 
$
527,496

Liabilities
 
 
 
 
Current
 
 
 
 
Operating lease liabilities
 
Current operating lease liabilities
 
$
102,284

Finance lease liabilities
 
Accrued expenses
 
7,047

Non-current
 
 
 
 
Operating lease liabilities
 
Non-current operating lease liabilities
 
311,939

Finance lease liabilities
 
Other liabilities
 
155,546

Total lease liabilities
 
 
 
$
576,816

 
(1) 
Net of accumulated amortization of $72.3 million.
(2) 
Net of accumulated amortization of $11.0 million.
The following table is a summary of expenses related to leases included on the Company's Condensed Consolidated Statements of Operations, for the periods indicated (in thousands):
 
Three months ended
 
Nine months ended
 
May 31, 2020
 
May 31, 2020
Operating lease cost
$
28,472

 
$
84,018

Finance lease cost
 
 
 
Amortization of leased assets
1,445

 
4,026

Interest on lease liabilities
1,250

 
3,693

Other
3,526

 
7,709

Net lease cost(1)

$
34,693

 
$
99,446

 
(1) 
Lease costs are primarily recognized in cost of revenue.
The following table is a summary of the weighted-average remaining lease terms and weighted-average discount rates of the Company's leases, as of the period indicated:

9


 
May 31, 2020
 
Weighted-average remaining lease term
 
Weighted-average discount rate
Operating leases
5.5 years
 
3.21
%
Finance leases
6.0 years
 
4.32
%

The following table sets forth other supplemental information related to the Company's lease portfolio (in thousands):
 
Nine months ended
 
May 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
 
Operating cash flows for operating leases(1)
$
83,427

Operating cash flows for finance leases(1)
3,693

Financing activities for finance leases(2)
4,451

Non-cash right-of-use assets obtained in exchange for new lease liabilities:
 
Operating leases
82,552

Finance leases
111,591

 
(1) 
Included in accounts payable, accrued expenses and other liabilities in Operating Activities of the Company's Condensed Consolidated Statements of Cash Flows.
(2) 
Included in payments toward debt agreements in Financing Activities of the Company's Condensed Consolidated Statements of Cash Flows.
The future minimum lease payments under operating and finance leases as of May 31, 2020 were as follows (in thousands):
Twelve months ended May 31,
Operating Leases(1)
 
Finance Leases
 
Total
2020
$
112,866

 
$
11,964

 
$
124,830

2021
88,654

 
12,354

 
101,008

2022
68,909

 
11,783

 
80,692

2023
56,144

 
11,917

 
68,061

2024
41,127

 
43,059

 
84,186

Thereafter
92,130

 
98,846

 
190,976

Total minimum lease payments
$
459,830

 
$
189,923

 
$
649,753

Less: Interest
(45,607
)
 
(27,330
)
 
(72,937
)
Present value of lease liabilities
$
414,223

 
$
162,593

 
$
576,816

 
(1) 
Excludes $43.4 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.
As disclosed in the Company’s Form 10-K for the fiscal year ended August 31, 2019, the future minimum lease payments of non-cancelable operating leases prior to the adoption of ASU 2016-02 were as follows (in thousands):
Fiscal Year Ending August 31,
Amount
2020
$
118,312

2021
102,915

2022
84,729

2023
63,206

2024
51,091

Thereafter
182,932

Total minimum lease payments
$
603,185


Total operating lease expense prior to the adoption of ASU 2016-02 was approximately $125.4 million, $130.2 million and $117.2 million for fiscal years 2019, 2018 and 2017, respectively.

10




11


5. Notes Payable and Long-Term Debt
Notes payable and long-term debt outstanding as of May 31, 2020 and August 31, 2019 are summarized below (in thousands): 
 
 
Maturity
Date
 
May 31,
2020
 
August 31,
2019
5.625% Senior Notes
 
Dec 15, 2020
 
$
399,555

 
$
398,886

4.700% Senior Notes
 
Sep 15, 2022
 
498,496

 
498,004

4.900% Senior Notes
 
Jul 14, 2023
 
299,239

 
299,057

3.950% Senior Notes
 
Jan 12, 2028
 
495,286

 
494,825

3.600% Senior Notes(1)
 
Jan 15, 2030
 
494,616

 

Borrowings under credit facilities(2)(3)(4)
 
Apr 23, 2021, Jan 22, 2023 and Jan 22, 2025
 

 

Borrowings under loans(2)
 
Jan 22, 2025
 
300,138

 
805,693

Total notes payable and long-term debt
 
 
 
2,487,330

 
2,496,465

Less current installments of notes payable and long-term debt
 
 
 
399,737

 
375,181

Notes payable and long-term debt, less current installments
 
 
 
$
2,087,593

 
$
2,121,284

 

12


(1) 
On January 15, 2020, the Company issued $500.0 million of publicly registered 3.600% Senior Notes due 2030 (the “3.600% Senior Notes”). The net proceeds from the offering were used for the repayment of term loan indebtedness.
(2) 
On January 22, 2020, the Company entered into a senior unsecured credit agreement which provides for: (i) a Revolving Credit Facility in the initial amount of $2.7 billion, of which $700.0 million expires on January 22, 2023 and $2.0 billion expires on January 22, 2025 and (ii) a $300.0 million Term Loan Facility which expires on January 22, 2025, (collectively the “Credit Facility”). Interest and fees on the Credit Facility advances are based on the Company’s non-credit enhanced long-term senior unsecured debt rating as determined by Standard & Poor’s Ratings Service, Moody’s Investors Service and Fitch Ratings. In connection with the Company’s entry into the Credit Facility, the Company terminated the Company’s amended and restated five-year credit agreement dated November 8, 2017 and the credit agreement dated August 24, 2018.

During the nine months ended May 31, 2020, the interest rates on the Revolving Credit Facility ranged from 1.2% to 4.3% and the Term Loan Facility ranged from 1.6% to 3.5%. Interest is charged at a rate equal to (a) for the Revolving Credit Facility, either 0.000% to 0.450% above the base rate or 0.975% to 1.450% above the Eurocurrency rate and (b) for the Term Loan Facility, either 0.125% to 0.750% above the base rate or 1.125% to 1.750% above the Eurocurrency rate. The base rate represents the greatest of: (i) Citibank, N.A.’s prime rate, (ii) 0.50% above the federal funds rate, and (iii) 1.0% above one-month LIBOR, but not less than zero. The Eurocurrency rate represents adjusted LIBOR or adjusted CDOR, as applicable, for the applicable interest period, but not less than zero. Fees include a facility fee based on the revolving credit commitments of the lenders and a letter of credit fee based on the amount of outstanding letters of credit.
(3) 
On April 24, 2020, the Company entered into an unsecured 364-day revolving credit agreement up to an initial aggregate amount of $375.0 million, which was increased to $425.0 million on May 29, 2020 (the “364-Day Revolving Credit Agreement”). The 364-Day Revolving Credit Agreement expires on April 23, 2021. Interest and fees on the 364-Day Revolving Credit Agreement advances are based on the Company’s non-credit enhanced long-term senior unsecured debt rating as determined by Standard & Poor’s Ratings Service, Moody’s Investors Service and Fitch Ratings.

As of May 31, 2020, no draws were made on the 364-Day Revolving Credit Agreement. Interest is charged at a rate equal to either (i) 0.450%, 0.525% or 0.800% above the base rate or (ii) 1.450%, 1.525% or 1.800% above the Eurodollar rate. The base rate represents the greatest of: (i) Mizuho’s base rate, (ii) 0.50% above the federal funds rate, and (iii) 1.0% above one-month LIBOR, subject to a floor of 0.75%. The Eurodollar rate represents adjusted LIBOR for the applicable interest period, subject to a floor of 0.75%. Fees include a facility fee based on the revolving credit commitments of the lenders.
(4) 
As of May 31, 2020, the Company has $3.7 billion in available unused borrowing capacity under its revolving credit facilities. The Revolving Credit Facility under the Credit Facility acts as the back-up facility for commercial paper outstanding, if any. The Company has a borrowing capacity of up to $1.8 billion under its commercial paper program.
Debt Covenants
Borrowings under the Company’s debt agreements are subject to various covenants that limit the Company’s ability to: incur additional indebtedness, sell assets, effect mergers and certain transactions, and effect certain transactions with subsidiaries and affiliates. In addition, the revolving credit facilities and the 4.900% Senior Notes contain debt leverage and interest coverage covenants. The Company is also subject to certain covenants requiring the Company to offer to repurchase the 5.625%, 4.700%, 4.900%, 3.950% or 3.600% Senior Notes upon a change of control. As of May 31, 2020 and August 31, 2019, the Company was in compliance with its debt covenants.
Fair Value
Refer to Note 17 – “Fair Value Measurements” for the estimated fair values of the Company’s notes payable and long-term debt.
6. Asset-Backed Securitization Programs
The Company continuously sells designated pools of trade accounts receivable, at a discount, under its foreign asset-backed securitization program and its North American asset-backed securitization program to special purpose entities, which in turn sell certain of the foreign asset-backed receivables to an unaffiliated financial institution and a conduit administered by an unaffiliated financial institution and certain of the North American asset-backed receivables to conduits administered by an unaffiliated financial institution on a monthly basis.

13


The Company continues servicing the receivables sold and in exchange receives a servicing fee under each of the asset-backed securitization programs. Servicing fees related to each of the asset-backed securitization programs recognized during the three months and nine months ended May 31, 2020 and 2019 were not material. The Company does not record a servicing asset or liability on the Condensed Consolidated Balance Sheets as the Company estimates that the fee it receives to service these receivables approximates the fair market compensation to provide the servicing activities.
Transfers of the receivables under the asset-backed securitization programs are accounted for as sales and, accordingly, net receivables sold under the asset-backed securitization programs are excluded from accounts receivable on the Condensed Consolidated Balance Sheets and are reflected as cash provided by operating activities on the Condensed Consolidated Statements of Cash Flows.
The special purpose entity in the foreign asset-backed securitization program is a separate bankruptcy-remote entity whose assets would