Asset-Backed Securitization Programs (Tables)

3 Months Ended

Nov. 30, 2020

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


	Maximum Amount of Net Cash Proceeds (in millions)(1)(2)		Expiration Date
North American	$	390.0	November 22, 2021
Foreign	$	400.0	September 30, 2021

(1)Maximum amount available at any one time.

(2)As of November 30, 2020, the Company had up to $6.3 million in available liquidity under its asset-backed securitization programs.

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


	Three months ended
	November 30, 2020		November 30, 2019
Trade accounts receivable sold	$	1,173	$	1,162
Cash proceeds received(1)	$	1,171	$	1,156
Pre-tax losses on sale of receivables(2)	$	2	$	6

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

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