Trade Accounts Receivable Securitization and Sale Programs (Tables)

12 Months Ended

Aug. 31, 2019

Asset Backed Securitization Programs Key Terms

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



	Maximum Amount of Net Cash Proceeds (in millions)⁽¹⁾		Expiration Date
North American	$	390.0	November 22, 2021
Foreign	$	400.0	September 30, 2021


⁽¹⁾	Maximum amount available at any one time.

Asset Backed Securitization Programs Amounts Recognized

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



	Fiscal Year Ended August 31,
	2019⁽³⁾		2018		2017
Trade accounts receivable sold	$	4,057	$	8,386	$	8,878
Cash proceeds received⁽¹⁾	$	4,031	$	7,838	$	8,300
Pre-tax losses on sale of receivables⁽²⁾	$	26	$	15	$	9
Deferred purchase price receivables as of August 31	$	—	$	533	$	569


⁽¹⁾	The amounts primarily represent proceeds from collections reinvested in revolving-period transfers.


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


⁽³⁾	Excludes $650.3 million of trade accounts receivable sold, $488.1 million of cash and $13.9 million of net cash received prior to the amendment of the foreign asset-backed securitization program and under the previous North American asset-backed securitization program.

Trade Accounts Receivable Sale Programs Key Terms

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



Program	Maximum Amount (in millions)⁽¹⁾			Type of Facility	Expiration Date
A	$	800.0		Uncommitted	August 31, 2022	(2)
B	$	150.0		Uncommitted	November 30, 2019	(3)
C	800.0		CNY	Uncommitted	June 30, 2020
D	$	100.0		Uncommitted	May 4, 2023	(4)
E	$	50.0		Uncommitted	August 25, 2020
F	$	150.0		Uncommitted	January 25, 2020	(5)
G	$	50.0		Uncommitted	February 23, 2023	(2)
H	$	100.0		Uncommitted	August 10, 2020	(6)
I	$	100.0		Uncommitted	July 21, 2020	(7)
J	$	740.0		Uncommitted	February 28, 2020	(8)
K	$	110.0		Uncommitted	April 11, 2020	(9)


⁽¹⁾	Maximum amount available at any one time.


⁽²⁾	Any party may elect to terminate the agreement upon 15 days prior notice.


⁽³⁾	The program will automatically extend for one year at each expiration date unless either party provides 10 days notice of termination.


⁽⁴⁾	Any party may elect to terminate the agreement upon 30 days prior notice.


⁽⁵⁾	The program will be automatically extended through January 25, 2023 unless either party provides 30 days notice of termination.


⁽⁶⁾	The program will be automatically extended through August 10, 2023 unless either party provides 30 days notice of termination.


⁽⁷⁾	The program will be automatically extended through August 21, 2023 unless either party provides 30 days notice of termination.


⁽⁸⁾	The program will be automatically extended through February 28, 2024 unless either party provides 90 days notice of termination.


⁽⁹⁾	The program will be automatically extended each year through April 11, 2025 unless either party provides 30 days notice of termination.

Trade Accounts Receivable Sale Programs Amounts Recognized

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



	Fiscal Year Ended August 31,
	2019		2018		2017
Trade accounts receivable sold	$	6,751	$	5,480	$	2,968
Cash proceeds received	$	6,723	$	5,463	$	2,962
Pre-tax losses on sale of receivables⁽¹⁾	$	28	$	17	$	6


⁽¹⁾	Recorded to other expense within the Consolidated Statements of Operations.