Financial instruments (Tables)

3 Months Ended

Nov. 30, 2024

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):

November 30, 2024	Notional		Fair Value		Location in Consolidated Condensed Balance Sheets
Derivatives designated as hedges:
Foreign currency forwards	$	509	$	9	Other current assets
Cross currency interest rate swaps	50		3		Other current assets
Cross currency interest rate swaps	250		10		Other non-current assets
Foreign currency forwards	2		—		Other non-current assets
Foreign currency forwards	730		1		Accrued expenses and other liabilities
Foreign currency forwards	4		—		Other non-current liabilities
Derivatives not designated as hedges:
Foreign currency forwards	$	2,686	$	10	Other current assets
Total return swaps	191		3		Other current assets
Total return swaps	26		—		Accrued expenses and other liabilities
Foreign currency forwards	1,396		2		Accrued expenses and other liabilities
Variable prepaid forward contracts	2,190		2,479		Accrued expenses and other liabilities
Variable prepaid forward contracts	1,536		1,640		Other non-current liabilities

August 31, 2024	Notional		Fair Value		Location in Consolidated Condensed 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 swaps	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

Schedule of Derivative Instruments

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
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 Condensed Statements of Earnings as follows (in millions):

		Three months ended November 30,
	Location in Consolidated Condensed Statements of Earnings 1	2024		2023
Total return swap	Selling, general and administrative expenses	$	11	$	(1)
Foreign currency forwards	Other expense, net	91		59
Variable prepaid forward	Other expense, net	(200)		(366)

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