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Asset-Backed Securitization Programs (Tables)
 6 Months Ended
Feb. 29, 2020
Transfers and Servicing [Abstract]  
Asset-backed Securitization Programs and Key Terms
Following is a summary of the asset-backed securitization programs and key terms:    
 
Maximum Amount of
Net Cash Proceeds (in millions)(1)(2)
 
Expiration
Date
North American
$
390.0

 
November 22, 2021
Foreign
$
400.0

 
September 30, 2021
 
(1) 
Maximum amount available at any one time.
(2) 
As of February 29, 2020, the Company had up to $76.3 million in available liquidity under its asset-backed securitization programs.
Asset-backed Securitization Programs Amounts Recognized
In connection with the asset-backed securitization programs, the Company recognized the following (in millions):
 
Three months ended
 
Six months ended
 
February 29, 2020
 
February 28, 2019
 
February 29, 2020
 
February 28, 2019(3)
Trade accounts receivable sold
$
1,095

 
$
1,078

 
$
2,257

 
$
1,828

Cash proceeds received(1)
$
1,089

 
$
1,072

 
$
2,245

 
$
1,816

Pre-tax losses on sale of receivables(2)
$
6

 
$
6

 
$
12

 
$
12

 
(1) 
The amounts primarily represent proceeds from collections reinvested in revolving-period transfers.
(2) 
Recorded to other expense within the Condensed Consolidated Statements of Operations.
(3) 
Excludes $650.3 million of trade accounts receivable sold, $488.1 million of cash and $13.9 million of net cash received prior to the amendment of the foreign asset-backed securitization program and under the previous North American asset-backed securitization program which occurred during the first quarter of fiscal year 2019.