Equity Method Investments (Tables)

3 Months Ended

Nov. 30, 2015

Equity Method Investments [Abstract]

Equity Method Investments

Equity method investments as of November 30, 2015 and August 31, 2015 were as follows (in millions, except percentages):

	November 30, 2015			August 31, 2015
	Carrying Value		Ownership Percentage	Carrying Value		Ownership Percentage
Equity method investments	$	1,240	12% - 50%	$	1,242	12% - 50%

Summarized Financial Information of Equity Method Investees

Summarized financial information for the Company’s equity method investments is as follows:

Balance Sheet (in millions)

	November 30, 2015(1)		August 31, 2015(1)
Current assets	$	5,321	$	5,015
Noncurrent assets		1,546		1,548
Current liabilities		4,255		3,936
Noncurrent liabilities		801		837
Shareholders’ equity(2)		1,811		1,790

Statements of Earnings (in millions)

	Three Months Ended November 30,
	2015(3)		2014(3)(4)
Net sales	$	3,203	$	9,661
Gross Profit		328		2,189
Net Income		24		498
Share of income from equity method investments(3)		11		216

⁽¹⁾ Net assets in foreign equity method investments are translated at their respective November 30, 2015 and August 31, 2015 spot rates.

⁽²⁾ Shareholders’ equity at November 30, 2015 and August 31, 2015 includes $165 million and $163 million respectively, related to noncontrolling interests.

⁽³⁾ Earnings in foreign equity method investments are translated at their respective average exchange rates.

⁽⁴⁾ Includes equity method investment in Alliance Boots. See Note 1, Organization.