v3.25.2
Fair Value Measurements
 9 Months Ended
May 31, 2025
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 HierarchyMay 31, 2025August 31, 2024
Assets:
Cash and cash equivalents:
Cash equivalentsLevel 1
(1)
$503 $303 
Prepaid expenses and other current assets:
Short-term investmentsLevel 126 27 
Forward foreign exchange contracts:
Derivatives designated as hedging instruments (Note 10)
Level 2
(2)
20 11 
Derivatives not designated as hedging instruments (Note 10)
Level 2
(2)
17 25 
Net investment hedges:
Derivatives designated as hedging instruments (Note 10)
Level 2
(2)
1 — 
Liabilities:
Accrued expenses:
Forward foreign exchange contracts:
Derivatives designated as hedging instruments (Note 10)
Level 2
(2)
$— $28 
Derivatives not designated as hedging instruments (Note 10)
Level 2
(2)
15 22 
Net investment hedges:
Derivatives designated as hedging instruments (Note 10)
Level 2
(2)
15 6 
Other liabilities:
Net investment hedges:
Derivatives designated as hedging instruments (Note 10)
Level 2
(2)
— 5 
(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.
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 approximate fair value as interest rates on these instruments approximate 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, 2025August 31, 2024
Fair Value HierarchyCarrying AmountFair ValueCarrying AmountFair Value
Notes payable and long-term debt: (Note 6)
3.950% Senior Notes
Level 2
(1)
$498 $491 $498 $487 
3.600% Senior Notes
Level 2
(1)
$498 $471 $497 $468 
3.000% Senior Notes
Level 2
(1)
$595 $539 $594 $529 
1.700% Senior Notes
Level 2
(1)
$499 $487 $499 $476 
4.250% Senior Notes
Level 2
(1)
$497 $496 $496 $495 
5.450% Senior Notes
Level 2
(1)
$297 $305 $296 $306 
(1)The fair value estimates are based upon observable market data.