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Equity Method Investments (Tables)
 9 Months Ended
May. 31, 2015
Equity Method Investments [Abstract]  
Equity Method Investments
Equity method investments as of May 31, 2015 and August 31, 2014 were as follows (in millions, except percentages):

  
May 31, 2015
  
August 31, 2014
 
  
Carrying
Value
  
Ownership
Percentage
  
Carrying
Value
  
Ownership
Percentage
 
Alliance Boots
 
$
N/A
 
  
100
%
 
$
7,336
   
45
%
Other
  
1,244
   
12% - 50
%
  
74
   
30% - 50
%
Total
 
$
1,244
      
$
7,410
     

N/ANot applicable
Summarized Financial Information of Equity Method Investees
Summarized financial information for the Company’s equity method investees is as follows:

Balance Sheet (in millions)

  
May 31, 2015(1)
  
August 31, 2014(1)
 
Current assets
 
$
4,985
  
$
9,074
 
Noncurrent assets
  
1,564
   
22,363
 
Current liabilities
  
3,944
   
9,372
 
Noncurrent liabilities
  
819
   
10,608
 
Shareholders’ equity (2)
  
1,786
   
11,457
 

Income Statement (in millions)

  
Three Months Ended
May 31,
  
Nine Months Ended
May 31,
 
  
2015(3)
  
2014(3)
  
2015(3)
  
2014(3)
 
         
Net sales
 
$
2,884
  
$
9,385
  
$
17,862
  
$
28,485
 
Gross Profit
  
181
   
2,029
   
3,349
   
6,084
 
Net Income
  
28
   
320
   
771
   
1,091
 
Share of income from equity method investments(3)
  
7
   
137
   
330
   
467
 

(1)  Net assets in foreign equity method investments are translated at their respective May 31, 2015 and August 31, 2014 spot rates.
(2)  Shareholders’ equity at May 31, 2015 and August 31, 2014 includes $163 million and $283 million respectively, related to noncontrolling interests.
(3)  Alliance Boots became a consolidated subsidiary and ceased being accounted for under the equity method upon completion of the Second Step Transaction on December 31, 2014. Earnings for the three and nine month periods ended May 31, 2015 reflect incremental acquisition-related amortization expense of zero and $14 million ($11 million net of tax), respectively. Incremental acquisition-related amortization expense for the three and nine month periods ended May 31, 2014 were $11 million ($9 million net of tax) and $31 million ($25 million net of tax), respectively. Earnings in foreign equity method investments are translated at their respective average exchange rates.