Financial instruments (Tables)

6 Months Ended

Feb. 28, 2023

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, 2023	Notional		Fair Value		Location in Consolidated Condensed Balance Sheets
Derivatives designated as hedges:
Foreign currency forwards	$	319	$	6	Other current assets
Cross currency interest rate swaps	100		3		Other current assets
Cross currency interest rate swaps	650		55		Other non-current assets
Foreign currency forwards	8		—		Other non-current assets
Foreign currency forwards	470		4		Other current liabilities
Foreign currency forwards	4		—		Other non-current liabilities
Derivatives not designated as hedges:
Foreign currency forwards	$	1,831	$	20	Other current assets
Foreign currency forwards	2,065		48		Other current liabilities
Total return swap	217		8		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

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

The income (expenses) due to changes in fair value of the derivative instruments were recognized in Consolidated Condensed Statements of Earnings as follows (in millions):

		Three months ended February 28,				Six months ended February 28,
	Location in Consolidated Condensed Statements of Earnings	2023		2022		2023		2022
Foreign currency forwards	Selling, general and administrative expenses 1	$	—	$	(51)	$	—	$	4
Total return swap	Selling, general and administrative expenses	(3)		(8)		—		(10)
Foreign currency forwards	Other income (expense), net 1,2	(73)		—		(92)		(1)

1.In fiscal 2023, certain expenses related to derivative instruments used as economic hedges, were presented as Other income (expense), net 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.

2.Excludes remeasurement gains and losses on economically hedged assets and liabilities.