Financial instruments (Tables)

9 Months Ended

May 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional Amounts, Fair Value and Balance Sheet Presentation of Derivative Instruments Outstanding

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

May 31, 2020	Notional		Fair value		Location in Consolidated Condensed Balance Sheets
Derivatives designated as hedges:
Cross currency interest rate swaps	$	1,000	$	88	Other non-current assets
Foreign currency forwards	100		9		Other current assets
Cross currency interest rate swaps	150		9		Other current assets
Interest rate swaps	1,000		8		Other non-current liabilities
Foreign currency forwards	278		7		Other current liabilities
Derivatives not designated as hedges:
Foreign currency forwards	2,831		102		Other current assets
Foreign currency forwards	1,025		21		Other current liabilities
Total return swap	185		—		Other current liabilities

August 31, 2019	Notional		Fair value		Location in Consolidated Condensed Balance Sheets
Derivatives designated as hedges:
Cross currency interest rate swaps	$	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

Gains and (Losses) due to Changes in Fair Value Recognized in Earnings

The income (expenses) due to changes in fair value of these derivative instruments were recognized in earnings as follows (in millions):

		Three months ended May 31,				Nine months ended May 31,
	Location in Consolidated Condensed Statements of Earnings	2020		2019		2020		2019
Foreign currency forwards	Selling, general and administrative expenses	$	72	$	140	$	11	$	80
Total return swap	Selling, general and administrative expenses	5		—		5		—
Foreign currency forwards	Other income (expense)	2		(8)		6		(10)