Discontinued operations (Tables)

9 Months Ended

May 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Schedules of Discontinued Operations

Results of discontinued operations were as follows (in millions):

	Three months ended May 31,				Nine months ended May 31,
	2021		2020		2021		2020
Sales	$	5,500	$	4,714	$	16,070	$	14,550
Cost of sales	4,956		4,235		14,486		13,089
Gross profit	544		479		1,584		1,461
Selling, general and administrative expense	394		381		1,211		1,173
Operating income from discontinued operations	150		98		373		288
Other expense	(2)		(2)		(7)		(6)
Interest expense, net	(13)		(7)		(23)		(20)
Earnings before income tax – discontinued operations	135		89		342		262
Income tax provision	44		3		68		24
Post tax earnings from other equity method investments	4		2		15		9
Net earnings from discontinued operations	$	95	$	88	$	289	$	248

Sales from the Disposal Group to the Company's continuing operations are not eliminated and aggregate to (in millions):

	Three months ended May 31,				Nine months ended May 31,
	2021		2020		2021		2020
Sales	$	471	$	448	$	1,385	$	1,370

The following table presents cash flows from operating and investing activities for discontinued operations (in millions):

	Nine months ended May 31,
	2021		2020
Cash used in operating activities - discontinued operations	$	(132)	$	(157)
Cash used for investing activities - discontinued operations	(58)		(42)

Asset and liabilities of discontinued operations were as follows (in millions):

	May 31, 2021		August 31, 2020
Cash and cash equivalents	$	239	$	47
Accounts receivable, net	3,524		3,022
Inventories	1,669		1,534
Other current assets	410		376
Property, plant and equipment, net 1	943		—
Goodwill and intangibles	4,110		—
Other assets	202		—
Assets of discontinued operations - current	$	11,097	$	4,979
Property, plant and equipment, net 1	$	—	$	816
Goodwill and intangibles	—		3,936
Other non-current assets	—		230
Assets of discontinued operations - non-current 2	$	—	$	4,983
Short term debt	$	366	$	273
Trade accounts payables	4,608		4,313
Accrued expenses and other liabilities	759		746
Income taxes	11		14
Deferred income taxes	139		—
Other liabilities	308		—
Liabilities of discontinued operations - current	$	6,191	$	5,347
Deferred income taxes	$	—	$	131
Other non-current liabilities	—		280
Liabilities of discontinued operations - non-current 2	$	—	$	412

1 Includes Operating lease right-of-use assets

2 Assets and liabilities of Disposal Group are presented as current, in the current period, as the Company completed the Transaction on June 1, 2021.