Fair Value Measurements

12 Months Ended

Aug. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

Fair Value Measurements on a Recurring Basis

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		August 31, 2024		August 31, 2023
Assets:
Cash and cash equivalents:
Cash equivalents	Level 1	(1)	$	303	$	—
Prepaid expenses and other current assets:
Short-term investments	Level 1		27		25
Forward foreign exchange contracts:
Derivatives designated as hedging instruments (Note 11)	Level 2	(2)	11		4
Derivatives not designated as hedging instruments (Note 11)	Level 2	(2)	25		20
Net investment hedges:
Derivatives designated as hedging instruments (Note 11)	Level 2	(2)	—		9
Liabilities:
Accrued expenses:
Forward foreign exchange contracts:
Derivatives designated as hedging instruments (Note 11)	Level 2	(2)	$	28	$	17
Derivatives not designated as hedging instruments (Note 11)	Level 2	(2)	22		64
Net investment hedges:
Derivatives designated as hedging instruments (Note 11)	Level 2	(2)	6		1
Other liabilities:
Net investment hedges:
Derivatives designated as hedging instruments (Note 11)	Level 2	(2)	5		—

(1)Consist of time deposits 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.

Fair Value of Financial Instruments

The carrying amounts of cash and cash equivalents, trade accounts receivable, prepaid expenses and other current assets, accounts payable and accrued expenses approximate fair value because of the short-term nature of these financial instruments. The carrying amounts of borrowings under credit facilities and under loans approximates fair value as interest rates on these instruments approximates current market rates.

Notes payable and long-term debt is carried at amortized cost; however, the Company estimates the fair value of notes payable and long-term debt for disclosure purposes. 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):

			August 31, 2024				August 31, 2023
	Fair Value Hierarchy		Carrying Amount		Fair Value		Carrying Amount		Fair Value
Notes payable and long-term debt: (Note 7)
3.950% Senior Notes	Level 2	(1)	$	498	$	487	$	497	$	468
3.600% Senior Notes	Level 2	(1)	$	497	$	468	$	496	$	448
3.000% Senior Notes	Level 2	(1)	$	594	$	529	$	593	$	502
1.700% Senior Notes	Level 2	(1)	$	499	$	476	$	498	$	452
4.250% Senior Notes	Level 2	(1)	$	496	$	495	$	495	$	478
5.450% Senior Notes	Level 2	(1)	$	296	$	306	$	296	$	297

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

Refer to Note 10 - “Postretirement and Other Employee Benefits” for disclosure surrounding the fair value of the Company’s pension plan assets.