Asset-Backed Securitization Program (Tables)

3 Months Ended

Nov. 30, 2021

Transfers and Servicing [Abstract]

Schedule of Asset-backed Securitization Programs Amounts Recognized

In connection with the asset-backed securitization program, the Company recognized the following (in millions):

	Three months ended
	November 30, 2021		November 30, 2020(4)
Trade accounts receivable sold(1)	$	1,032	$	1,173
Cash proceeds received(2)	$	1,030	$	1,171
Pre-tax losses on sale of receivables(3)	$	2	$	2

(1)Receivables sold are excluded from accounts receivable on the Condensed Consolidated Balance Sheets and are reflected as cash provided by operating activities on the Condensed Consolidated Statements of Cash Flows.

(2)The amounts primarily represent proceeds from collections reinvested in revolving-period transfers.

(3)Recorded to other expense within the Condensed Consolidated Statements of Operations.

(4)Activity includes the foreign asset-backed securitization program which terminated on June 28, 2021.