Financial Instruments (Tables)

12 Months Ended

Aug. 31, 2016

Notional Amounts of Derivative Instruments Outstanding

The notional amounts, fair value and balance sheet presentation of derivative instruments outstanding as of August 31, 2016 and 2015 were as follows (in millions):

2016	Notional⁽¹⁾		Fair Value		Location in Consolidated Balance Sheets
Derivatives designated as fair value hedges:
Interest rate swaps	$	250	$	3	Other non-current assets
Derivatives not designated as hedges:
Foreign currency forwards		1,177		16	Other current assets
Foreign currency forwards		41		-	Other current liabilities
Basis swap		2		1	Other current liabilities

⁽¹⁾

Amounts are presented in U.S. dollar equivalents, as applicable.

2015	Notional⁽¹⁾		Fair Value		Location in Consolidated Balance Sheets
Derivatives designated as fair value hedges:
Interest rate swaps	$	250	$	2	Other non-current assets
Derivatives designated as cash flow hedges:
Foreign Currency Forwards		1,205		34	Other current assets
Foreign Currency Forwards		495		9	Other current liabilities
Basis Swap		1		-	Other current assets

⁽¹⁾

Amounts are presented in U.S. dollar equivalents, as applicable.

Schedule of Derivative Assets at Fair Value

The Company reports its warrants at fair value. The fair value and balance sheet presentation of warrants was as follows (in millions):

	Location in Consolidated Balance Sheets	August 31, 2016		August 31, 2015
Asset derivatives not designated as hedges:
Warrants	Other non-current assets	$	-	$	2,140

Not Designated as Hedging Instrument [Member]

Derivative [Line Items]

Gains and Losses due to Changes in Fair Value Recognized in Earnings

These derivative instruments are economic hedges of interest rate and foreign currency risks. Income or expense due to changes in fair value of these derivative instruments were recognized in earnings as follows (in millions):

	Location in Consolidated Statements of Earnings	2016			2015			2014
Interest rate swaps	Interest expense, net	$	-		$	1		$	-
Foreign currency forwards	Selling, general and administrative expense		19			78			-
Second Step Transaction foreign currency forwards	Other income (expense)		-			(166	)		-
Foreign currency forwards	Other income (expense)		(12	)		72			-

Warrant [Member] | Not Designated as Hedging Instrument [Member]

Derivative [Line Items]

Gains and Losses due to Changes in Fair Value Recognized in Earnings

The gains and losses due to changes in fair value of the warrants recognized in earnings were as follows (in millions):

	Location in Consolidated Statements of Earnings		2016				2015				2014
Warrants	Other income (expense)		$	(546	)		$	759			$	366