Financial instruments (Tables)

3 Months Ended

Nov. 30, 2022

The notional amounts and fair value of derivative instruments outstanding were as follows (in millions):


November 30, 2022	Notional		Fair Value		Location in Consolidated Condensed Balance Sheets
Derivatives designated as hedges:
Foreign currency forwards	$	168	$	3	Other current assets
Foreign currency forwards	5		—		Other non-current assets
Cross currency interest rate swaps	750		70		Other non-current assets
Foreign currency forwards	727		15		Other current liabilities
Foreign currency forwards	5		—		Other non-current liabilities
Derivatives not designated as hedges:
Foreign currency forwards	$	1,476	$	22	Other current assets
Total return swap	178		5		Other current assets
Foreign currency forwards	2,520		41		Other current liabilities


August 31, 2022	Notional		Fair Value		Location in Consolidated Condensed Balance Sheets
Derivatives designated as hedges:
Foreign currency forwards	$	448	$	19	Other current assets
Cross currency interest rate swaps	150		12		Other current assets
Cross currency interest rate swaps	750		83		Other non-current assets
Foreign currency forwards	3		—		Other non-current assets
Foreign currency forwards	221		1		Other current liabilities
Derivatives not designated as hedges:
Foreign currency forwards	$	2,874	$	49	Other current assets
Foreign currency forwards	1,098		6		Other current liabilities
Total return swap	183		6		Other current liabilities

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


		Three months ended November 30,
	Location in Consolidated Condensed Statements of Earnings	2022		2021
Foreign currency forwards	Selling, general and administrative expenses 1	$	—	$	55
Total return swap	Selling, general and administrative expenses	4		(2)
Foreign currency forwards	Other income, net 1,2	(18)		(1)