XML 29 R18.htm IDEA: XBRL DOCUMENT v3.19.2
Income taxes
9 Months Ended
May 31, 2019
Income Tax Disclosure [Abstract]  
Income taxes
Income taxes
The effective tax rate for the three and nine months ended May 31, 2019 was 13.0% and 14.7% respectively, compared to 7.6% and 19.4% for the three and nine months ended May 31, 2018, respectively. The increase in the effective tax rate for the three months ended May 31, 2019 was primarily due to net discrete tax benefits in the prior year as a result of the U.S. tax law changes. The decrease in the effective tax rate for the nine months ended May 31, 2019 was primarily due to the net discrete tax expense in the prior year as a result of the U.S. tax law changes.

Income taxes paid for the nine months ended May 31, 2019 were $824 million, compared to $428 million for the nine months ended May 31, 2018.

On June 21, 2019, the Internal Revenue Service issued final regulations relating to the global intangible low-taxed income (“GILTI”) and foreign tax credit provisions of the U.S. tax law changes enacted in December 2017. The Company is evaluating any potential impact on its financial statements.