Fair value measurements (Tables)

3 Months Ended

Nov. 30, 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):

	November 30, 2020		Level 1		Level 2		Level 3
Assets:
Money market funds1	$	309	$	309	$	—	$	—
Investments in equity securities2	13		13		—		—
Investments in debt securities3	20		—		—		20
Foreign currency forwards4	16		—		16		—
Cross currency interest rate swaps5	9		—		9		—
Warrants	3		—		3		—
Liabilities:
Foreign currency forwards4	62		—		62		—
Cross currency interest rate swaps5	15		—		15		—
Interest rate swaps5	6		—		6		—
Total return swap	1		—		1		—

	August 31, 2020		Level 1		Level 2		Level 3
Assets:
Money market funds1	$	6	$	6	$	—	$	—
Investments in equity securities2	1		1		—		—
Foreign currency forwards4	20		—		20		—
Cross currency interest rate swaps5	16		—		16		—
Liabilities:
Foreign currency forwards4	80		—		80		—
Cross currency interest rate swaps5	16		—		16		—
Interest rate swaps5	10		—		10		—
Total return swap	1		—		1		—

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, 2020 and August 31, 2020.

3Level 3 debt securities are valued using standard valuation techniques based on income and market approach.

4The 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.

5The fair value of cross currency interest rate swaps and 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.