Trade Accounts Receivable Securitization and Sale Programs (Tables)

3 Months Ended

Nov. 30, 2017

Trade Accounts Receivable Securitization and Sale Programs [Abstract]

Asset Backed Securitization Programs Key Terms [TableTextBlock]

Following is a summary of the asset-backed securitization programs and key terms:

	Maximum Amount of		Expiration
	Net Cash Proceeds (in millions)⁽¹⁾		Date
North American	$	200.0		October 20, 2020⁽²⁾
Foreign	$	400.0		May 7, 2018

(1)

Maximum amount available at any one time.

(2)

On November 9, 2017, the program was extended to October 20, 2020.

Asset Backed Securitization Programs Amounts Recognized [Table Text Block]

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


	November 30, 2017		November 30, 2016
Eligible trade accounts receivable sold during the three months ended	$	2,392	$	2,343
Cash proceeds received during the three months ended⁽¹⁾	$	1,628	$	1,575
Pre-tax losses on sale of receivables during the three months ended⁽²⁾	$	4	$	2
Deferred purchase price receivables as of November 30⁽³⁾	$	760	$	766

(1) For the three months ended November 30, 2017 and 2016, the amount represented proceeds from collections reinvested in revolving-period transfers as there were no new transfers during the period.

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

(3) Recorded initially at fair value as prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets and are valued using unobservable inputs (Level 3 inputs), primarily discounted cash flows, and due to their credit quality and short-term maturity the fair values approximated book values. The unobservable inputs consist of estimated credit losses and estimated discount rates, which both have an immaterial impact on the fair value calculations.

Trade Accounts Receivable Sale Programs Key Terms [Table Text Block]

The following is a summary of the five trade accounts receivable sale programs with unaffiliated financial institutions where the Company may elect to sell receivables, at a discount, on an ongoing basis:


	Maximum	Type of	Expiration
Program	Amount (in millions)⁽¹⁾	Facility	Date
A	$756.5 ⁽²⁾	Uncommitted		August 31, 2022⁽³⁾
B	$150.0	Uncommitted		August 31, 2018
C	800.0 CNY	Uncommitted		February 15, 2018
D	$100.0	Uncommitted		November 1, 2018⁽³⁾
E	$50.0	Uncommitted		August 25, 2018

(1)

Maximum amount available at any one time.

(2)

The maximum amount under the program will be reduced to $650.0 million on February 1, 2018.

(3)

Any party may elect to terminate the agreement upon 15 days prior notice.

Trade Accounts Receivable Sale Programs Amounts Recognized [Table Text Block]

In connection with the trade accounts receivable sale programs, the Company recognized the following (in millions):

		Three months ended
		November 30, 2017		November 30, 2016
	Trade accounts receivable sold⁽¹⁾	$	1,095	$	944
	Cash proceeds received	$	1,092	$	943

(1)

The resulting losses on the sales of trade accounts receivable during the three months ended November 30, 2017 and 2016 were not material and were recorded to other expense within the Condensed Consolidated Statements of Operations.