Asset-Backed Securitization Programs (Tables)

9 Months Ended

May 31, 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 May 31, 2020, the Company had up to $136.6 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				Nine months ended
	May 31, 2020		May 31, 2019		May 31, 2020		May 31, 2019(3)
Trade accounts receivable sold	$	948	$	1,036	$	3,205	$	2,864
Cash proceeds received(1)	$	944	$	1,029	$	3,189	$	2,845
Pre-tax losses on sale of receivables(2)	$	4	$	7	$	16	$	19

⁽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.