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Equity Method Investments (Tables)
 3 Months Ended
Nov. 30, 2014
Equity Method Investments [Abstract]  
Equity method investments
Equity method investments as of November 30, 2014, August 31, 2014 and November 30, 2013 were as follows (In millions, except percentages):

  
November 30, 2014
  
August 31, 2014
  
November 30, 2013
 
  
Carrying
Value
  
Ownership
Percentage
  
Carrying
Value
  
Ownership
Percentage
  
Carrying
Value
  
Ownership
Percentage
 
Alliance Boots
 
$
7,335
   
45%
 
$
7,248
   
45%
 
$
6,439
   
45%
Other
  
71
   
30% - 50%
  
74
   
30% - 50%
  
7
   
30% - 50%
Total
 
$
7,406
      
$
7,322
      
$
6,446
     
Summarized financial information of equity method investees
Summarized financial information for the Company’s equity method investees is as follows:
 
Balance Sheet (In millions)
 
  
November 30,
2014(1)
  
August 31,
2014(1)
  
November 30,
2013(1)
 
Current assets
 
$
9,123
  
$
8,768
  
$
8,571
 
Noncurrent assets
  
22,320
   
21,525
   
19,758
 
Current liabilities
  
9,379
   
7,791
   
7,199
 
Noncurrent liabilities
  
10,618
   
11,285
   
11,751
 
Shareholders’ equity (2)
  
11,446
   
11,217
   
9,379
 
 
Income Statement (In millions)
  
Three Months Ended November 30,
 
  
2014(3)
  
2013(3)
 
Net sales
 
$
9,654
  
$
8,859
 
Gross Profit
  
2,053
   
1,842
 
Net Income
  
357
   
348
 
Share of income from equity method investments(3)
  
152
   
151
 

(1) Net assets in Alliance Boots at November 30, 2014 are translated at the August 31, 2014 spot rate of $1.66 to one British Pound Sterling, corresponding to the three-month lag.  Net assets at August 31, 2014 and November 30, 2013 are translated at the spot rates of $1.68 and $1.55 to one British Pound Sterling, respectively.
(2) Shareholders’ equity at November 30, 2014, August 31, 2014 and November 30, 2013, includes $283 million, $257 million and $378 million, respectively, related to noncontrolling interests.
(3) The Company utilizes a three-month lag in reporting its share of equity income in Alliance Boots.  Earnings in Alliance Boots are translated at the average exchange rates of $1.68 and $1.53 to one British Pound Sterling for the quarters ended November 30, 2014 and 2013, respectively.  Walgreens Boots Alliance Development GmbH operations are excluded from these results as the Company consolidates the joint venture.