Financial instruments (Tables)

12 Months Ended

Aug. 31, 2024

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, 2024	Notional		Fair value		Location in Consolidated Balance Sheets
Derivatives designated as hedges:
Cross currency interest rate swaps	$	50	$	1	Other current assets
Foreign currency forwards	7		—		Other current assets
Cross currency interest rate swaps	253		5		Other non-current assets
Foreign currency forwards	4		—		Other non-current assets
Foreign currency forwards	923		15		Accrued expenses and other liabilities
Cross currency interest rate swaps	356		5		Accrued expenses and other liabilities
Foreign currency forwards	2		—		Other non-current liabilities
Derivatives not designated as hedges:
Foreign currency forwards	$	534	$	3	Other current assets
Total return swap	211		11		Other current assets
Foreign currency forwards	3,606		52		Accrued expenses and other liabilities
Variable prepaid forward contracts	1,185		1,332		Accrued expenses and other liabilities
Variable prepaid forward contracts	2,541		2,587		Other non-current liabilities

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		Accrued expenses and other liabilities
Cross currency interest rate swaps	102		2		Accrued expenses and other 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		Accrued expenses and other liabilities
Total return swap	26		1		Accrued expenses and other liabilities
Variable prepaid forward contracts	3,195		2,548		Other non-current liabilities

Schedule of variable prepaid forward transactions

The terms of the VPF derivative contracts 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
November 9, 2023	2.7	424		Fourth quarter, fiscal 2026
	20.0	$	2,991

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

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

	Location in Consolidated Statements of Earnings	2024	2023	2022
Total return swaps	Selling, general and administrative expenses	29	12	(33)
Foreign currency forwards	Other income, net 1	(39)	(273)	523
Variable prepaid forward	Other income, net	(946)	19	—

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