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Fair value measurements (Tables)
 9 Months Ended
May 31, 2019
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Assets and liabilities measured at fair value on a recurring basis were as follows (in millions):
 
May 31, 2019
 
Level 1
 
Level 2
 
Level 3
Assets:
 
 
 
 
 
 
 
Money market funds1
$
177

 
$
177

 
$
—

 
$
—

Investments in equity securities2
4

 
4

 
—

 
—

Foreign currency forwards3
108

 
—

 
108

 
—

Cross currency interest rate swaps4
39

 
—

 
39

 
—

Liabilities:
 

 
 

 
 

 
 

Foreign currency forwards3
3

 
—

 
3

 
—

Cross currency interest rate swaps4
—

 
—

 
—

 
—

 
August 31, 2018
 
Level 1
 
Level 2
 
Level 3
Assets:
 
 
 
 
 
 
 
Money market funds1
$
227

 
$
227

 
$
—

 
$
—

Available-for-sale investments2
1

 
1

 
—

 
—

Foreign currency forwards3
52

 
—

 
52

 
—

Liabilities:
 

 
 
 
 

 
 

Interest rate swaps4
1

 
—

 
1

 
—

Foreign currency forwards3
4

 
—

 
4

 
—


1 
Money market funds are valued at the closing price reported by the fund sponsor.
2 
Fair value of quoted investments are based on current bid prices as of May 31, 2019 and August 31, 2018.
3 
The fair value of forward currency contracts is estimated by discounting the difference between the contractual forward price and the current available forward price for the residual maturity of the contract using observable market rates.
4 
The fair value of interest rate swaps and cross currency interest rate swaps is calculated by discounting the estimated future cash flows based on the applicable observable yield curves. See note 8, financial instruments, for additional information.