Fair value measurements (Tables)

12 Months Ended

Aug. 31, 2021

Assets and liabilities measured at fair value on a recurring basis


	August 31, 2021		Level 1		Level 2		Level 3
Assets:
Money market funds 1	$	634	$	634	$	—	$	—
Investments in equity securities 2	2		2		—		—
Investments in debt securities 3	663		—		—		663
Foreign currency forwards 4	46		—		46		—
Cross currency interest rate swaps 5	1		—		1		—

Total return swaps	2		—		2		—

Liabilities:
Foreign currency forwards4	$	5	$	—	$	5	$	—
Cross currency interest rate swaps5	32		—		32		—


	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 August 31, 2021 and 2020.

3Level 3 debt securities include investments in convertible debt securities of VillageMD which are valued on a quarterly basis using the Probability Weighted Expect Return Method with gains or losses recorded in Other Comprehensive Income. Inputs include the enterprise value, expected holding term of the investment, volatility and risk-free interest rates.

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 9 Financial instruments, for additional information.

5The 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 9 Financial instruments, for additional information.