Taxes on Earnings (Tables)

12 Months Ended

Jul. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The provision for income taxes on earnings from continuing operations consists of the following:

(Millions)	2022		2021		2020
Income taxes:
Currently payable:
Federal	$	160	$	151	$	152
State	22		34		26
Non-U.S.	15		6		3
	197		191		181
Deferred:
Federal	29		102		(12)
State	(6)		33		4
Non-U.S.	(2)		2		1
	21		137		(7)
	$	218	$	328	$	174

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

(Millions)	2022		2021		2020
Earnings from continuing operations before income taxes:
United States	$	948	$	1,308	$	737
Non-U.S.	27		28		29
	$	975	$	1,336	$	766

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The following is a reconciliation of the effective income tax rate on continuing operations to the U.S. federal statutory income tax rate:

	2022		2021		2020
Federal statutory income tax rate	21.0	%	21.0	%	21.0	%
State income taxes (net of federal tax benefit)	2.2		2.8		3.4
Tax effect of international items	0.7		0.2		(0.3)
State income tax law changes	(1.0)		0.3		0.1
Divestiture impact on deferred taxes	—		(0.9)		—
Legal entity reorganization	—		1.4		—
Capital loss on the sale of the Plum baby food and snacks business	—		(1.3)		—
Capital loss valuation allowance on the sale of the Plum baby food and snacks business	—		1.3		—
Benefit on sale of the European chips business	—		—		(1.3)
Other	(0.5)		(0.2)		(0.2)
Effective income tax rate	22.4	%	24.6	%	22.7	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Deferred tax liabilities and assets are comprised of the following:

(Millions)	2022		2021
Depreciation	$	354	$	352
Amortization	870		869
Operating lease ROU assets	54		53
Pension	35		45
Other	9		9
Deferred tax liabilities	1,322		1,328
Benefits and compensation	119		127
Pension benefits	28		38
Tax loss carryforwards	13		24
Capital loss carryforwards	115		117
Operating lease liabilities	54		53
Other	52		61
Gross deferred tax assets	381		420
Deferred tax asset valuation allowance	(131)		(142)
Deferred tax assets, net of valuation allowance	250		278
Net deferred tax liability	$	1,072	$	1,050

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

A reconciliation of the activity related to unrecognized tax benefits follows:

(Millions)	2022		2021		2020
Balance at beginning of year	$	22	$	23	$	24
Increases related to prior-year tax positions	4		—		—
Decreases related to prior-year tax positions	(10)		(1)		(1)
Increases related to current-year tax positions	1		3		2
Settlements	(2)		—		(1)
Lapse of statute	(1)		(3)		(1)
Balance at end of year	$	14	$	22	$	23