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Fair Value Measurements (Tables) | 3 Months Ended
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Nov. 30, 2021
Fair Value Disclosures [Abstract] |
Schedule of Fair Value of Financial Assets and Liabilities | The following table presents the fair value of the Company's financial assets and liabilities measured at fair value by hierarchy level on a recurring basis as of the periods indicated:
(in millions) |  | Fair Value Hierarchy |  | November 30, 2021 |  | August 31, 2021
Assets: |  |  |  |  |  |
Cash and cash equivalents: |  |  |  |  |  |
Cash equivalents |  | Level 1 | (1) | $ | 29 |  |  | $ | 36 |
Prepaid expenses and other current assets: |  |  |  |  |  |
Short-term investments |  | Level 1 |  | 18 |  |  | 18 |
Forward foreign exchange contracts: |  |  |  |  |  |
Derivatives designated as hedging instruments (Note 9) |  | Level 2 | (2) | 17 |  |  | 9 |
Derivatives not designated as hedging instruments (Note 9) |  | Level 2 | (2) | 50 |  |  | 20 |
Other assets: |  |  |  |  |  |
Forward interest rate swap: |  |  |  |  |  |
Derivatives designated as hedging instruments (Note 9) |  | Level 2 | (3) | 9 |  |  | 9 |
Liabilities: |  |  |  |  |  |
Accrued expenses: |  |  |  |  |  |
Forward foreign exchange contracts: |  |  |  |  |  |
Derivatives designated as hedging instruments (Note 9) |  | Level 2 | (2) | $ | 5 |  |  | $ | 6 |
Derivatives not designated as hedging instruments (Note 9) |  | Level 2 | (2) | 10 |  |  | 9 |
Interest rate swaps: |  |  |  |  |  |
Derivatives not designated as hedging instruments (Note 9) |  | Level 2 | (3) | 3 |  |  | 3 |
Extended interest rate swap not designated as a hedging instrument (Note 9) |  | Level 2 | (4) | 9 |  |  | 10 |
Other liabilities: |  |  |  |  |  |
Forward interest rate swap: |  |  |  |  |  |
Derivatives designated as hedging instruments (Note 9) |  | Level 2 | (3) | 6 |  |  | 7 |
(1)Consist of investments that are readily convertible to cash with original maturities of 90 days or less. (2)The Company’s forward foreign exchange contracts are measured on a recurring basis at fair value, based on foreign currency spot rates and forward rates quoted by banks or foreign currency dealers. (3)Fair value measurements are based on the contractual terms of the derivatives and use observable market-based inputs. The interest rate swaps are valued using a discounted cash flow analysis on the expected cash flows of each derivative using observable inputs including interest rate curves and credit spreads. (4)The 2020 Extended Interest Rate Swaps are considered a hybrid instrument and the Company elected the fair value option for reporting. Fair value measurements are based on the contractual terms of the contract and use observable market-based inputs. The interest rate swaps are valued using a discounted cash flow analysis of the expected cash flows using observable inputs including interest rate curves and credit spreads.
Schedule of Assets Held for Sale | The following table presents the assets held for sale:
|  |  |  | November 30, 2021 |  | August 31, 2021
(in millions) |  |  |  | Carrying Amount |  | Carrying Amount
Assets held for sale (1) |  |  |  | $ | 61 |  |  | $ | 61 |
(1)The fair value of assets held for sale exceeds the carrying value for $30 million of assets held for sale. For $31 million of assets held for sale, the carrying value approximates the fair value with the asset value measured using Level 2 inputs.
Schedule of Carrying Amounts and Fair Values of Notes Payable and Long-term Debt | The following table presents the carrying amounts and fair values of the Company's notes payable and long-term debt, by hierarchy level as of the periods indicated:
|  |  |  | November 30, 2021 |  | August 31, 2021
(in millions) |  | Fair Value Hierarchy |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Notes payable and long-term debt: (Note 5) |  |  |  |  |  |  |  |  |  |
4.700% Senior Notes |  | Level 2 | (1) | $ | 500 |  |  | $ | 515 |  |  | $ | 499 |  |  | $ | 521 |
4.900% Senior Notes |  | Level 3 | (2) | $ | 300 |  |  | $ | 318 |  |  | $ | 300 |  |  | $ | 322 |
3.950% Senior Notes |  | Level 2 | (1) | $ | 496 |  |  | $ | 546 |  |  | $ | 496 |  |  | $ | 555 |
3.600% Senior Notes |  | Level 2 | (1) | $ | 495 |  |  | $ | 541 |  |  | $ | 495 |  |  | $ | 541 |
3.000% Senior Notes |  | Level 2 | (1) | $ | 591 |  |  | $ | 616 |  |  | $ | 591 |  |  | $ | 618 |
1.700% Senior Notes |  | Level 2 | (1) | $ | 496 |  |  | $ | 495 |  |  | $ | 496 |  |  | $ | 504 |
(1)The fair value estimates are based upon observable market data. (2)This fair value estimate is based on the Company’s indicative borrowing cost derived from discounted cash flows.

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- Definition Tabular disclosure of long lived assets held for sale. Disclosure may include the description of the facts and circumstances leading to the expected disposal, manner and timing of disposal, the carrying value of the assets held for sale, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230 + Details
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- Definition Tabular disclosure of liabilities measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 + Details
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