Fair Value Measurements
 6 Months Ended
Feb. 28, 2022
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 February 28, 2022 August 31, 2021
Assets:
Cash and cash equivalents:
Cash equivalents Level 1
(1)
 $ 5  $ 36 
Prepaid expenses and other current assets:
Short-term investments Level 1 17  18 
Forward foreign exchange contracts:
Derivatives designated as hedging instruments (Note 9)
 Level 2
(2)
 18  9 
Derivatives not designated as hedging instruments (Note 9)
 Level 2
(2)
 46  20 
Other assets:
Forward interest rate swap:
Derivatives designated as hedging instruments (Note 9)
 Level 2
(3)
 15  9 
Liabilities:
Accrued expenses:
Forward foreign exchange contracts:
Derivatives designated as hedging instruments (Note 9)
 Level 2
(2)
 $ 2  $ 6 
Derivatives not designated as hedging instruments (Note 9)
 Level 2
(2)
 9  9 
Interest rate swaps:
Derivatives not designated as hedging instruments (Note 9)
 Level 2
(3)
 —  3 
Extended interest rate swap not designated as a hedging instrument (Note 9)
 Level 2
(4)
 —  10 
Other liabilities:
Forward interest rate swap:
Derivatives designated as hedging instruments (Note 9)
 Level 2
(3)
 3  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 were considered a hybrid instrument and the Company elected the fair value option for reporting. Fair value measurements were based on the contractual terms of the contract and used observable market-based inputs. The interest rate swaps were valued using a discounted cash flow analysis of the expected cash flows using observable inputs including interest rate curves and credit spreads.
Assets Held for Sale
The following table presents the assets held for sale:
February 28, 2022 August 31, 2021
(in millions) Carrying Amount Carrying Amount
Assets held for sale (1)
 $ 31  $ 61 
(1)During the three months ended February 28, 2022, the Company sold assets held for sale with a carrying value of $30 million. As of February 28, 2022 and August 31, 2021, the carrying value of $31 million of assets held for sale approximates the fair value with the asset values measured using Level 2 inputs.
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:
February 28, 2022 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  $ 509  $ 499  $ 521 
4.900% Senior Notes
Level 3
(2)
 $ 300  $ 311  $ 300  $ 322 
3.950% Senior Notes
Level 2
(1)
 $ 496  $ 522  $ 496  $ 555 
3.600% Senior Notes
 Level 2
(1)
 $ 496  $ 507  $ 495  $ 541 
3.000% Senior Notes
 Level 2
(1)
 $ 592  $ 576  $ 591  $ 618 
1.700% Senior Notes
 Level 2
(1)
 $ 496  $ 483  $ 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.