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Fair Value Measurements (Tables)
 9 Months Ended
May 01, 2022
Fair Value Disclosures [Abstract]  
Fair Value, Assets And Liabilities Measured on Recurring Basis [Table Text Block]
The following tables present our financial assets and liabilities that are measured at fair value on a recurring basis as of May 1, 2022, and August 1, 2021, consistent with the fair value hierarchy:
 
Fair Value
as of
May 1, 2022
Fair Value Measurements at
May 1, 2022 Using
Fair Value Hierarchy
Fair Value
as of
August 1, 2021
Fair Value Measurements at
August 1, 2021 Using
Fair Value Hierarchy
(Millions)Level 1Level 2Level 3Level 1Level 2Level 3
Assets
Foreign exchange forward contracts(1)
$3 $— $3 $— $1 $— $1 $— 
Commodity derivative contracts(2)
53 6 39 8 53 21 31 1 
Deferred compensation derivative contracts(3)
— — — — 3 — 3 — 
Deferred compensation investments(4)
2 2 — — 3 3 — — 
Total assets at fair value$58 $8 $42 $8 $60 $24 $35 $1 
 
Fair Value
as of
May 1, 2022
Fair Value Measurements at
May 1, 2022 Using
Fair Value Hierarchy
Fair Value
as of
August 1, 2021
Fair Value Measurements at
August 1, 2021 Using
Fair Value Hierarchy
(Millions)Level 1Level 2Level 3Level 1Level 2Level 3
Liabilities
Foreign exchange forward contracts(1)
$— $— $— $— $3 $— $3 $— 
Commodity derivative contracts(2)
2 — 2 — — — — — 
Deferred compensation derivative contracts(3)
4 — 4 — — — — — 
Deferred compensation obligation(4)
89 89 — — 105 105 — — 
Total liabilities at fair value$95 $89 $6 $— $108 $105 $3 $— 
___________________________________ 
(1)Based on observable market transactions of spot currency rates and forward rates.
(2)Level 1 and 2 are based on quoted futures exchanges and on observable prices of futures and options transactions in the marketplace. Level 3 is based on unobservable inputs in which there is little or no market data, which requires management’s own assumptions within an internally developed model.
(3)Based on equity index swap rates.
(4)Based on the fair value of the participants’ investments.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table]
The following table summarizes the changes in fair value of Level 3 assets and liabilities for the nine-month periods ended May 1, 2022, and May 2, 2021:
Nine Months Ended
(Millions)May 1, 2022May 2, 2021
Fair value at beginning of year$1 $2 
Gains (losses)18 2 
Settlements(11)(3)
Fair value at end of quarter$8 $1