Financial instruments (Tables)

9 Months Ended

May 31, 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):

May 31, 2022	Notional		Fair Value		Location in Consolidated Condensed Balance Sheets
Derivatives designated as hedges:
Foreign currency forwards	$	537	$	21	Other current assets
Cross currency interest rate swaps	150		5		Other current assets
Cross currency interest rate swaps	750		39		Other non-current assets
Foreign currency forwards	9		1		Other non-current assets
Foreign currency forwards	189		3		Other current liabilities
Derivatives not designated as hedges:
Foreign currency forwards	$	3,070	$	188	Other current assets
Total return swap	232		7		Other current assets
Foreign currency forwards	1,188		17		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 May 31,				Nine months ended May 31,
	Location in Consolidated Condensed Statements of Earnings	2022		2021		2022		2021
Foreign currency forwards	Selling, general and administrative expenses 1	$	—	$	(53)	$	—	$	(177)
Total return swap	Selling, general and administrative expenses	(14)		20		(24)		48
Foreign currency forwards	Other income 1	319		(5)		322		(6)

1.In the nine months ended May 31, 2022, certain expenses related to derivative instruments used as economic hedges, were presented as Other income within the Consolidated Condensed Statements of Earnings, whereas these expenses were recorded within Selling, general, and administrative expenses within the Consolidated Condensed Statements of Earnings in prior periods.