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Derivative Financial Instruments and Hedging Activities (Tables) | 12 Months Ended
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Aug. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Net Gains from Forward Contracts Recorded in Consolidated Statements of Operations | The following table presents the net gains (losses) from forward contracts recorded in the Consolidated Statements of Operations for the periods indicated (in millions):
Derivatives Not Designated as Hedging Instruments Under ASC 815 |  | Location of Gain (Loss) on Derivatives Recognized in Net Income |  | Amount of Gain (Loss) Recognized in Net Income on Derivatives
|  |  |  | Fiscal Year Ended August 31,
|  |  |  | 2021 |  | 2020 |  | 2019
Forward foreign exchange contracts(1) |  | Cost of revenue |  | $ | 140 |  |  | $ | 42 |  |  | $ | (30) |
(1)For the fiscal years ended August 31, 2021 and 2020, the Company recognized $105 million and $47 million, respectively, of foreign currency losses in cost of revenue, which are offset by the gains from the forward foreign exchange contracts. For the fiscal year ended August 31, 2019, the Company recognized $15 million of foreign currency gains in cost of revenue, which are offset by the losses from the forward foreign exchange contracts.
Schedule of Notional Amounts of Outstanding Derivative Positions | The following table presents the interest rate swaps outstanding as of August 31, 2021, which have been designated as hedging instruments and accounted for as cash flow hedges:
Interest Rate Swap Summary | Hedged Interest Rate Payments |  | Aggregate Notional Amount (in millions) |  | Effective Date |  | Expiration Date (1) |
Forward Interest Rate Swap |  |  |  |  |  |  |  |
Anticipated Debt Issuance | Fixed |  | $ | 250 |  |  | November 2, 2020 |  | July 31, 2024 | (2)
Anticipated Debt Issuance | Fixed |  | $ | 150 |  |  | May 24, 2021 |  | July 31, 2024 | (2)
(1)The contracts will be settled with the respective counterparties on a net basis at the expiration date for the forward interest rate swap. (2)If the anticipated debt issuance occurs before July 31, 2024, the contracts will be terminated simultaneously with the debt issuance.

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