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Fair value measurements (Tables)
 3 Months Ended
Nov. 30, 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):
 November 30, 2019Level 1Level 2Level 3
Assets:
    
Money market funds1
$112  $112  $—  $—  
Investments in equity securities2
4  4  —  —  
Foreign currency forwards3
16  —  16  —  
Cross currency interest rate swaps4
26  —  26  —  
Liabilities:
    
Foreign currency forwards3
79  —  79  —  
Cross currency interest rate swaps4
7  —  7  —  

 August 31, 2019Level 1Level 2Level 3
Assets:
    
Money market funds1
$217  $217  $—  $—  
Investments in equity securities2
5  5  —  —  
Foreign currency forwards3
88  —  88  —  
Cross currency interest rate swaps4
73  —  73  —  
Liabilities:
    
Foreign currency forwards3
6  —  6  —  

1Money market funds are valued at the closing price reported by the fund sponsor.
2Fair values of quoted investments are based on current bid prices as of November 30, 2019 and August 31, 2019.
3The 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. See note 8, financial instruments, for additional information.
4The fair value of 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.