Fair Value Measurements (Tables)

3 Months Ended

Nov. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Assets and Liabilities

The following table presents the fair value of the Company's financial assets and liabilities measured at fair value by hierarchy level on a recurring basis as of the periods indicated (in millions):    

	Fair Value Hierarchy		November 30, 2022		August 31, 2022
Assets:
Cash and cash equivalents:
Cash equivalents	Level 1	(1)	$	8	$	14
Prepaid expenses and other current assets:
Short-term investments	Level 1		22		16
Forward foreign exchange contracts:
Derivatives designated as hedging instruments (Note 9)	Level 2	(2)	12		3
Derivatives not designated as hedging instruments (Note 9)	Level 2	(2)	29		13
Other assets:
Forward interest rate swap:
Derivatives designated as hedging instruments (Note 9)	Level 2	(3)	19		13
Liabilities:
Accrued expenses:
Forward foreign exchange contracts:
Derivatives designated as hedging instruments (Note 9)	Level 2	(2)	$	31	$	32
Derivatives not designated as hedging instruments (Note 9)	Level 2	(2)	60		76

(1)Consist of investments that are readily convertible to cash with original maturities of 90 days or less.

(2)The Company’s forward foreign exchange contracts, including cash flow hedges and net investment hedges are measured on a recurring basis at fair value, based on foreign currency spot rates and forward rates quoted by banks or foreign currency dealers.(3)Fair value measurements are based on the contractual terms of the derivatives and use observable market-based inputs. The interest rate swaps are valued using a discounted cash flow analysis on the expected cash flows of each derivative using observable inputs including interest rate curves and credit spreads.

Schedule of Carrying Amounts and Fair Values of Notes Payable and Long-term Debt

The following table presents the carrying amounts and fair values of the Company's notes payable and long-term debt, by hierarchy level as of the periods indicated (in millions):

			November 30, 2022				August 31, 2022
	Fair Value Hierarchy		Carrying Amount		Fair Value		Carrying Amount		Fair Value
Notes payable and long-term debt: (Note 5)
4.900% Senior Notes	Level 3	(1)	$	300	$	299	$	300	$	300
3.950% Senior Notes	Level 2	(2)	$	497	$	471	$	497	$	471
3.600% Senior Notes	Level 2	(2)	$	496	$	448	$	496	$	440
3.000% Senior Notes	Level 2	(2)	$	592	$	498	$	592	$	500
1.700% Senior Notes	Level 2	(2)	$	497	$	445	$	497	$	446
4.250% Senior Notes	Level 2	(2)	$	494	$	479	$	493	$	483

(1)This fair value estimate is based on the Company’s indicative borrowing cost derived from discounted cash flows.

(2)The fair value estimates are based upon observable market data.