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Asset-Backed Securitization Programs (Tables) | 9 Months Ended
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May 31, 2021
Transfers and Servicing [Abstract] |
Schedule of Asset-backed Securitization Programs and Key Terms | 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 |  |  | (3) |
(1)Maximum amount available at any one time. (2)As of May 31, 2021, the Company had up to $148.5 million in available liquidity under its asset-backed securitization programs, of which all available liquidity related to the foreign asset-backed securitization program. (3)The Company terminated the foreign asset-backed securitization program on June 28, 2021. In connection with the termination, the Company paid approximately $167.0 million in cash, which consisted of a remittance of collections received prior to that date in the Company’s role as servicer of sold receivables, and a repurchase at fair value of all previously sold receivables that remained outstanding as of that date. The Company expects to receive payment on the repurchased receivables from the related customers during the fourth quarter of fiscal year 2021.
Schedule of Asset-backed Securitization Programs Amounts Recognized | In connection with the asset-backed securitization programs, the Company recognized the following (in millions):
| Three months ended |  | Nine months ended
| May 31, 2021 |  | May 31, 2020 |  | May 31, 2021 |  | May 31, 2020
Trade accounts receivable sold | $ | 1,074 |  |  | $ | 948 |  |  | $ | 3,388 |  |  | $ | 3,205 |
Cash proceeds received(1) | $ | 1,072 |  |  | $ | 944 |  |  | $ | 3,381 |  |  | $ | 3,189 |
Pre-tax losses on sale of receivables(2) | $ | 2 |  |  | $ | 4 |  |  | $ | 7 |  |  | $ | 16 |
(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.

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