Financial instruments (Tables)

12 Months Ended

Aug. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional amounts of derivative instruments outstanding

The notional amount and fair value of derivative instruments outstanding were as follows (in millions):

August 31, 2019	Notional		Fair value		Location in Consolidated Balance Sheets
Derivatives designated as hedges:
Cross currency interest rate swap	$	800	$	73	Other non-current assets
Foreign currency forwards	18		1		Other current assets
Derivatives not designated as hedges:
Foreign currency forwards	3,485		87		Other current assets
Foreign currency forwards	707		6		Other current liabilities

August 31, 2018	Notional		Fair value		Location in Consolidated Balance Sheets
Derivatives designated as hedges:
Interest rate swaps	$	250	$	1	Other non-current liabilities
Foreign currency forwards	$	15	—		Other current assets
Derivatives not designated as hedges:
Foreign currency forwards	3,273		52		Other current assets
Foreign currency forwards	825		4		Other current liabilities

Gains and losses due to changes in fair value recognized in earnings

These derivative instruments are economic hedges of foreign currency risks. The income and (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	2019			2018		2017
Foreign currency forwards	Selling, general and administrative expense	$	139		$	17	$	11
Foreign currency forwards	Other income (expense)	(18		)	22		(48		)