Financial instruments (Tables)

12 Months Ended

Aug. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional amounts of derivative instruments outstanding

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

August 31, 2023	Notional		Fair value		Location in Consolidated Balance Sheets
Derivatives designated as hedges:
Foreign currency forwards	$	31	$	1	Other current assets
Cross currency interest rate swaps	650		28		Other non-current assets
Foreign currency forwards	805		2		Other current liabilities
Cross currency interest rate swaps	102		2		Other current liabilities
Foreign currency forwards	4		—		Other non-current liabilities
Derivatives not designated as hedges:
Foreign currency forwards	$	3,139	$	6	Other current assets
Total return swap	168		1		Other current assets
Foreign currency forwards	817		2		Other current liabilities
Total return swap	26		1		Other current liabilities
Variable prepaid forward contracts	3,195		2,548		Other non-current liabilities

August 31, 2022	Notional		Fair value		Location in Consolidated 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

Schedule of variable prepaid forward transactions

The terms of the VPF transactions were as follows (in millions):

Transaction date	Shares pledged and maximum shares subject to forward sale	Prepayment amount		Forward settlement date
May 11, 2023	4.6	$	644	Fourth quarter, fiscal 2025
June 15, 2023	2.2	325		Third quarter, fiscal 2025
August 3, 2023	5.3	801		First quarter, fiscal 2026
August 4, 2023	5.3	797		Third quarter, fiscal 2026
	17.3	$	2,568

Gains and losses due to changes in fair value recognized in earnings

	Location in Consolidated Statements of Earnings	2023		2022		2021
Foreign currency forwards	Selling, general and administrative expense 1	$	—	$	—	$	(75)
Total return swap	Selling, general and administrative expense	12		(33)		58
Foreign currency forwards	Other income, net 1,2	(273)		523		(8)
Variable prepaid forward	Other income, net	19		—		—