Equity method investments

3 Months Ended

Nov. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Equity method investments

Equity method investments

Equity method investments were as follows (in millions, except percentages):

	November 30, 2024			August 31, 2024
	Carrying value		Ownership percentage	Carrying value		Ownership percentage
Cencora	$	1,574	10%	$	1,563	10%
Others	598		8% - 50%	705		8% - 50%
Total	$	2,172		$	2,269

Cencora investment

During the three months ended November 30, 2023, the Company sold shares of Cencora common stock for total consideration of approximately $250 million. This transaction resulted in the Company recording a pre-tax gain of $139 million, in Other expense, net within the Consolidated Condensed Statements of Earnings.

As of November 30, 2024 and August 31, 2024, the Company pledged 20.0 million shares of Cencora common stock as collateral upon entering into variable prepaid forward (“VPF”) transactions. See Note 6. Financial instruments for further information.

Other investments

During the three months ended November 30, 2024, the Company sold shares of BrightSpring Health Services (“BrightSpring”) common stock for total consideration of approximately $129 million, reducing the Company’s ownership percentage to approximately 12%. The Company recognized a pre-tax gain on disposal of $32 million. The Company will continue to account for its remaining investment in BrightSpring under the equity method of accounting, as it has significant influence over BrightSpring through its ability to appoint a board member.