Financial instruments (Tables)

6 Months Ended

Feb. 28, 2021

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):

February 28, 2021	Notional		Fair value		Location in Consolidated Condensed Balance Sheets
Derivatives designated as hedges:
Interest rate swaps	$	1,000	$	7	Other non-current assets
Foreign currency forwards	40		2		Other non-current liabilities
Cross currency interest rate swaps	977		42		Other non-current liabilities
Foreign currency forwards	551		14		Other current liabilities
Cross currency interest rate swaps	163		13		Other current liabilities
Derivatives not designated as hedges:
Foreign currency forwards	$	741	$	11	Other current assets
Foreign currency forwards	2,870		41		Other current liabilities
Total return swap	237		4		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				Six months ended
	Location in Consolidated Condensed Statements of Earnings	February 28, 2021		February 29, 2020		February 28, 2021		February 29, 2020
Foreign currency forwards	Selling, general and administrative expenses	$	(95)	$	13	$	(124)	$	(61)
Total return swap	Selling, general and administrative expenses	16		—		29		—
Foreign currency forwards	Other income (expense)	7		(7)		(1)		4