Financial instruments (Tables)

6 Months Ended

Feb. 28, 2022

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, 2022	Notional		Fair Value		Location in Consolidated Condensed Balance Sheets
Derivatives designated as hedges:
Foreign currency forwards	$	115	$	3	Other current assets
Foreign currency forwards	4		—		Other non-current assets
Cross currency interest rate swaps	155		1		Other non-current assets
Foreign currency forwards	569		5		Other current liabilities
Cross currency interest rate swaps	159		7		Other current liabilities
Foreign currency forwards	12		—		Other non-current liabilities
Cross currency interest rate swaps	640		18		Other non-current liabilities
Derivatives not designated as hedges:
Foreign currency forwards	$	1,865	$	9	Other current assets
Total return swap	104		1		Other current assets
Foreign currency forwards	2,797		18		Other current liabilities
Total return swap	150		1		Other current liabilities

August 31, 2021	Notional		Fair Value		Location in Consolidated Condensed Balance Sheets
Derivatives designated as hedges:
Foreign currency forwards	$	575	$	7	Other current assets
Cross currency interest rate swaps	155		1		Other non-current assets
Foreign currency forwards	6		—		Other non-current assets
Foreign currency forwards	31		1		Other current liabilities
Cross currency interest rate swaps	109		9		Other current liabilities
Cross currency interest rate swaps	801		23		Other non-current liabilities
Foreign currency forwards	23		1		Other non-current liabilities
Derivatives not designated as hedges:
Foreign currency forwards	$	3,636	$	38	Other current assets
Total return swap	224		2		Other current assets
Foreign currency forwards	808		3		Other current liabilities
Total return swap	37		—		Other current liabilities

Gains and (Losses) due to Changes in Fair Value Recognized in Earnings

The income (expense) due to changes in fair value of these derivative instruments were recognized in earnings as follows (in millions):

		Three months ended February 28,				Six months ended February 28,
	Location in Consolidated Condensed Statements of Earnings	2022		2021		2022		2021
Foreign currency forwards	Selling, general and administrative expenses	$	(51)	$	(95)	$	4	$	(124)
Total return swap	Selling, general and administrative expenses	(8)		16		(10)		29
Foreign currency forwards	Other income (expense)	—		7		(1)		(1)