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Fair Value Measurements | 9 Months Ended
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May 31, 2023
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements Fair Value Measurements on a Recurring Basis 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 |  | May 31, 2023 |  | August 31, 2022
Assets: |  |  |  |  |
Cash and cash equivalents: |  |  |  |  |
Cash equivalents | Level 1 | (1) | $ | 5 |  |  | $ | 14 |
Prepaid expenses and other current assets: |  |  |  |  |
Short-term investments | Level 1 |  | 23 |  |  | 16 |
Forward foreign exchange contracts: |  |  |  |  |
Derivatives designated as hedging instruments (Note 9) | Level 2 | (2) | 9 |  |  | 3 |
Derivatives not designated as hedging instruments (Note 9) | Level 2 | (2) | 23 |  |  | 13 |
Other assets: |  |  |  |  |
Forward interest rate swap: |  |  |  |  |
Derivatives designated as hedging instruments (Note 9) | Level 2 | (3) | — |  |  | 13 |
Liabilities: |  |  |  |  |
Accrued expenses: |  |  |  |  |
Forward foreign exchange contracts: |  |  |  |  |
Derivatives designated as hedging instruments (Note 9) | Level 2 | (2) | $ | 26 |  |  | $ | 32 |
Derivatives not designated as hedging instruments (Note 9) | Level 2 | (2) | 61 |  |  | 76 |
(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, including cash flow hedges and net investment hedges 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. Fair Value of Financial Instruments The carrying amounts of cash and cash equivalents, trade accounts receivable, prepaid expenses and other current assets, accounts payable and accrued expenses approximate fair value because of the short-term nature of these financial instruments. The carrying amounts of borrowings under credit facilities and under loans approximates fair value as interest rates on these instruments approximates current market rates. Notes payable and long-term debt is carried at amortized cost; however, the Company estimates the fair values of notes payable and long-term debt for disclosure purposes. 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 (in millions):
|  |  |  | May 31, 2023 |  | August 31, 2022
|  | Fair Value Hierarchy |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Notes payable and long-term debt: (Note 5) |  |  |  |  |  |  |  |  |  |
4.900% Senior Notes |  | Level 3 | (1) | $ | 300 |  |  | $ | 300 |  |  | $ | 300 |  |  | $ | 300 |
3.950% Senior Notes |  | Level 2 | (2) | $ | 497 |  |  | $ | 469 |  |  | $ | 497 |  |  | $ | 471 |
3.600% Senior Notes |  | Level 2 | (2) | $ | 496 |  |  | $ | 446 |  |  | $ | 496 |  |  | $ | 440 |
3.000% Senior Notes |  | Level 2 | (2) | $ | 593 |  |  | $ | 503 |  |  | $ | 592 |  |  | $ | 500 |
1.700% Senior Notes |  | Level 2 | (2) | $ | 498 |  |  | $ | 451 |  |  | $ | 497 |  |  | $ | 446 |
4.250% Senior Notes |  | Level 2 | (2) | $ | 495 |  |  | $ | 482 |  |  | $ | 493 |  |  | $ | 483 |
5.450% Senior Notes |  | Level 2 | (2) | $ | 295 |  |  | $ | 297 |  |  | $ | — |  |  | $ | — |
(1)This fair value estimate is based on the Company’s indicative borrowing cost derived from discounted cash flows. (2)The fair value estimates are based upon observable market data.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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