Accrued Expenses

12 Months Ended

Aug. 31, 2021

Accrued Liabilities, Current [Abstract]

Accrued Expenses

Accrued Expenses

Accrued expenses consist of the following (in millions):

	August 31, 2021		August 31, 2020
Contract liabilities(1)	$	559	$	496
Accrued compensation and employee benefits	827		703
Inventory deposits	711		405
Other accrued expenses	1,637		1,607
Accrued expenses	$	3,734	$	3,211

(1)Revenue recognized during the fiscal years ended August 31, 2021 and 2020 that was included in the contract liability balance as of August 31, 2020 and 2019 was $365 million and $308 million, respectively.