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Financial Instruments (Tables)
 6 Months Ended
Feb. 28, 2017
Derivative [Line Items]  
Notional Amounts, Fair Value and Balance Sheet Presentation of Derivative Instruments Outstanding
The notional amounts, fair value and balance sheet presentation of derivative instruments outstanding as of February 28, 2017 and August 31, 2016 are as follows (in millions):
 
February 28, 2017
 
August 31, 2016
 
 
 
Notional (1)
 
Fair
Value
 
Notional (1)
 
Fair
Value
 
Location in Consolidated
Condensed Balance Sheets
Derivatives designated as fair value hedges:
 
 
 
 
 
 
 
 
 
Interest rate swaps
250

 
1

 
—

 
—

 
Other non-current liabilities
Interest rate swaps
—

 
—

 
250

 
3

 
Other non-current assets
Derivatives not designated as hedges:
 
 
 
 
 
 
 
 
 
Foreign currency forwards
253

 
2

 
1,177

 
16

 
Other current assets
Foreign currency forwards
1,052

 
11

 
41

 
—

 
Other current liabilities
Basis swaps
2

 
1

 
—

 
—

 
Other current liabilities
Basis swaps
—

 
—

 
2

 
1

 
Other current assets

(1) 
Amounts are presented in U.S. dollar equivalents, as applicable.
Not Designated as Hedging Instrument  
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 these derivative instruments were recognized in earnings as follows (in millions):
 
 
 
Three Months Ended

Six Months Ended
 
Location in Consolidated Condensed
Statements of Earnings
 
February 28, 2017

February 29, 2016

February 28, 2017

February 29, 2016
Foreign currency forwards
Selling, general and administrative expense
 
$
(2
)
 
$
(23
)
 
$
47

 
$
(25
)
Foreign currency forwards
Other income (expense)
 
$
(15
)
 
$
33

 
$
(14
)
 
$
33