Financial instruments (Tables)

3 Months Ended

Nov. 30, 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):

November 30, 2020	Notional		Fair value		Location in Consolidated Condensed Balance Sheets
Derivatives designated as hedges:
Cross currency interest rate swaps	$	674	$	9	Other non-current assets
Foreign currency forwards	100		1		Other current assets
Foreign currency forwards	46		1		Other non-current liabilities
Cross currency interest rate swaps	264		8		Other non-current liabilities
Interest rate swaps	1,000		6		Other non-current liabilities
Foreign currency forwards	781		11		Other current liabilities
Cross currency interest rate swaps	157		7		Other current liabilities
Derivatives not designated as hedges:
Foreign currency forwards	1,729		15		Other current assets
Foreign currency forwards	2,677		50		Other current liabilities
Total return swap	219		1		Other current liabilities

August 31, 2020	Notional		Fair value		Location in Consolidated Condensed Balance Sheets
Derivatives designated as hedges:
Cross currency interest rate swaps	$	722	$	16	Other non-current assets
Foreign currency forwards	100		1		Other current assets
Cross currency interest rate swaps	50		—		Other current assets
Foreign currency forwards	49		1		Other non-current liabilities
Cross currency interest rate swaps	318		13		Other non-current liabilities
Interest rate swaps	1,000		10		Other non-current liabilities
Foreign currency forwards	671		23		Other current liabilities
Cross currency interest rate swaps	103		3		Other current liabilities
Derivatives not designated as hedges:
Foreign currency forwards	1,930		19		Other current assets
Foreign currency forwards	2,934		56		Other current liabilities
Total return swap	205		1		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 November 30,
	Location in Consolidated Condensed Statements of Earnings	2020		2019
Foreign currency forwards	Selling, general and administrative expenses	$	(29)	$	(74)
Total return swap	Selling, general and administrative expenses	13		—
Foreign currency forwards	Other income (expense)	(9)		11