Fair value measurements (Tables)

12 Months Ended

Aug. 31, 2020

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):

	August 31, 2020		Level 1		Level 2		Level 3
Assets:
Money market funds¹	$	6	$	6	$	—	$	—
Investments in equity securities²	1		1		—		—
Foreign currency forwards³	20		—		20		—
Cross Currency interest rate swaps⁴	16		—		16		—
Liabilities:
Foreign currency forwards3	80		—		80		—
Cross currency interest rate swaps4	16		—		16		—
Interest rate swaps4	10		—		10		—
Total return swap	1		—		1		—

	August 31, 2019		Level 1		Level 2		Level 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 August 31, 2020 and 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.

⁴The 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.