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Asset-Backed Securitization Programs (Tables)
 12 Months Ended
Aug. 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 August 31, 2020, the Company had up to $49.0 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):
 
Fiscal Year Ended August 31,
 
2020
 
2019(3)
 
2018
Trade accounts receivable sold
$
4,333

 
$
4,057

 
$
8,386

Cash proceeds received(1)
$
4,314

 
$
4,031

 
$
7,838

Pre-tax losses on sale of receivables(2)
$
19

 
$
26

 
$
15

Deferred purchase price receivables as of August 31
$
—

 
$
—

 
$
533

 
(1) 
The amounts primarily represent proceeds from collections reinvested in revolving-period transfers.
(2) 
Recorded to other expense within the 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.