Financial instruments (Tables)

9 Months Ended

May 31, 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):

May 31, 2023	Notional		Fair Value		Location in Consolidated Condensed Balance Sheets
Derivatives designated as hedges:
Foreign currency forwards	$	493	$	3	Other current assets
Cross currency interest rate swaps	100		—		Other current assets
Cross currency interest rate swaps	650		44		Other non-current assets
Foreign currency forwards	418		4		Other current liabilities
Foreign currency forwards	8		—		Other non-current liabilities
Derivatives not designated as hedges:
Foreign currency forwards	$	1,909	$	13	Other current assets
Total return swap	133		1		Other current assets
Foreign currency forwards	2,483		15		Other current liabilities
Total return swap	53		1		Other current liabilities
Variable prepaid forward	787		670		Other non-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 May 31,				Nine months ended May 31,
	Location in Consolidated Condensed Statements of Earnings	2023		2022		2023		2022
Total return swap	Selling, general and administrative expenses	$	2	$	(14)	$	2	$	(24)
Foreign currency forwards	Other income, net 1	(112)		319		(203)		322
Variable prepaid forward	Other income, net	(26)		—		(26)		—

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