Financial Instruments (Tables)

9 Months Ended

May 01, 2022

General Discussion of Derivative Instruments and Hedging Activities [Abstract]

Schedule Of The Fair Value Of Derivative Instruments [Table Text Block]

The following table summarizes the fair value of derivative instruments on a gross basis as recorded in the Consolidated Balance Sheets as of May 1, 2022, and August 1, 2021:

(Millions)	Balance Sheet Classification	May 1, 2022		August 1, 2021
Asset Derivatives
Derivatives designated as hedges:
Commodity contracts	Other current assets	$	10	$	4
Foreign exchange forward contracts	Other current assets	3		1
Total derivatives designated as hedges		$	13	$	5
Derivatives not designated as hedges:
Commodity contracts	Other current assets	$	43	$	49
Deferred compensation contracts	Other current assets	—		3
Total derivatives not designated as hedges		$	43	$	52
Total asset derivatives		$	56	$	57

(Millions)	Balance Sheet Classification	May 1, 2022		August 1, 2021
Liability Derivatives
Derivatives designated as hedges:
Foreign exchange forward contracts	Accrued liabilities	$	—	$	3
Total derivatives designated as hedges		$	—	$	3
Derivatives not designated as hedges:
Commodity contracts	Accrued liabilities	$	2	$	—
Deferred compensation contracts	Accrued liabilities	4		—
Total derivatives not designated as hedges		$	6	$	—
Total liability derivatives		$	6	$	3

Schedule of Offsetting Assets [Table Text Block]

We do not offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable netting agreements. However, if we were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in the Consolidated Balance Sheets as of May 1, 2022, and August 1, 2021, would be adjusted as detailed in the following table:

	May 1, 2022						August 1, 2021
(Millions)	Gross Amounts Presented in the Consolidated Balance Sheet		Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements		Net Amount		Gross Amounts Presented in the Consolidated Balance Sheet		Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements		Net Amount
Total asset derivatives	$	56	$	(2)	$	54	$	57	$	(1)	$	56
Total liability derivatives	$	6	$	(2)	$	4	$	3	$	(1)	$	2

Schedule of Offsetting Liabilities [Table Text Block]

We do not offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable netting agreements. However, if we were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in the Consolidated Balance Sheets as of May 1, 2022, and August 1, 2021, would be adjusted as detailed in the following table:

	May 1, 2022						August 1, 2021
(Millions)	Gross Amounts Presented in the Consolidated Balance Sheet		Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements		Net Amount		Gross Amounts Presented in the Consolidated Balance Sheet		Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements		Net Amount
Total asset derivatives	$	56	$	(2)	$	54	$	57	$	(1)	$	56
Total liability derivatives	$	6	$	(2)	$	4	$	3	$	(1)	$	2

Schedule Of Changes In Cash-Flow Hedges In Other Comprehensive Income (Loss) [Table Text Block]

The following tables show the effect of our derivative instruments designated as cash-flow hedges for the three- and nine-month periods ended May 1, 2022, and May 2, 2021, in other comprehensive income (loss) (OCI) and the Consolidated Statements of Earnings:

		Total Cash-Flow Hedge OCI Activity
(Millions)		May 1, 2022		May 2, 2021
Three Months Ended
OCI derivative gain (loss) at beginning of quarter		$	3	$	(12)
Effective portion of changes in fair value recognized in OCI:
Commodity contracts		8		2
Foreign exchange forward contracts		1		(4)
Amount of loss (gain) reclassified from OCI to earnings:	Location in Earnings
Commodity contracts	Cost of products sold	(3)		—
Foreign exchange forward contracts	Cost of products sold	(1)		2
OCI derivative gain (loss) at end of quarter		$	8	$	(12)
Nine Months Ended
OCI derivative gain (loss) at beginning of year		$	(5)	$	(8)
Effective portion of changes in fair value recognized in OCI:
Commodity contracts		12		2
Foreign exchange forward contracts		5		(11)
Amount of loss (gain) reclassified from OCI to earnings:	Location in Earnings
Commodity contracts	Cost of products sold	(6)		—
Foreign exchange forward contracts	Cost of products sold	1		4
Forward starting interest rate swaps	Interest expense	1		1
OCI derivative gain (loss) at end of quarter		$	8	$	(12)

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The following tables show the total amounts of line items presented in the Consolidated Statements of Earnings for the three- and nine-month periods ended May 1, 2022, and May 2, 2021, in which the effects of derivative instruments designated as cash-flow hedges are recorded. The total effect of hedge activity on these line items are as follows:

	Three Months Ended
	May 1, 2022				May 2, 2021
(Millions)	Cost of products sold		Interest Expense		Cost of products sold		Interest Expense
Consolidated Statements of Earnings:	$	1,465	$	51	$	1,356	$	53
Loss (gain) on cash-flow hedges:
Amount of loss (gain) reclassified from OCI to earnings	$	(4)	$	—	$	2	$	—
Amount excluded from effectiveness testing recognized in earnings using an amortization approach	$	—	$	—	$	—	$	—
	Nine Months Ended
	May 1, 2022				May 2, 2021
(Millions)	Cost of products sold		Interest Expense		Cost of products sold		Interest Expense
Consolidated Statements of Earnings:	$	4,519	$	144	$	4,379	$	163
Loss (gain) on cash-flow hedges:
Amount of loss (gain) reclassified from OCI to earnings	$	(5)	$	1	$	4	$	1
Amount excluded from effectiveness testing recognized in earnings using an amortization approach	$	—	$	—	$	—	$	—

Derivatives Not Designated as Hedging Instruments [Table Text Block]

The following table shows the effects of our derivative instruments not designated as hedges for the three- and nine-month periods ended May 1, 2022, and May 2, 2021, in the Consolidated Statements of Earnings:

	Location of Loss (Gain) Recognized in Earnings	Three Months Ended				Nine Months Ended
(Millions)		May 1, 2022		May 2, 2021		May 1, 2022		May 2, 2021
Foreign exchange forward contracts	Cost of products sold	$	—	$	1	$	—	$	2
Commodity contracts	Cost of products sold	(9)		(24)		(28)		(39)
Deferred compensation contracts	Administrative expenses	3		(3)		3		(6)
Total loss (gain)		$	(6)	$	(26)	$	(25)	$	(43)