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Fair Value Measurements (Tables) | 9 Months Ended
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May 31, 2023
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 |  | 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.
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 (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 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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 + Details
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