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Fair value measurements (Tables)
 3 Months Ended
Nov. 30, 2021
Fair Value Disclosures [Abstract]  
Schedule of 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, 2021Level 1Level 2Level 3
Assets:
    
Money market funds 1
$319 $319 $— $— 
Investments in equity securities 2
1 1 — — 
Investments in debt securities 3
20 — — 20 
Foreign currency forwards 5
81 — 81 — 
Cross currency interest rate swaps 6
4 — 4 — 
Liabilities:
    
Foreign currency forwards 5
$4 $— $4 $— 
Cross currency interest rate swaps 6
12 — 12 — 
Total return swap11 — 11 — 
 August 31, 2021Level 1Level 2Level 3
Assets:
    
Money market funds 1
$634 $634 $— $— 
Investments in equity securities 2
2 2 — — 
Investments in debt securities 4
663 — — 663 
Foreign currency forwards 5
46 — 46 — 
Cross currency interest rate swaps 6
1 — 1 — 
Total return swaps2 — 2 — 
Liabilities:
Foreign currency forwards 5
$5 $— $5 $— 
Cross currency interest rate swaps 6
32 — 32 — 

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, 2021 and August 31, 2021.
3Level 3 debt securities are valued using standard valuation techniques based on income and market approach.
4Level 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.
5The 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.
6The 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.