Fair Value Measurements (Tables)

3 Months Ended

Oct. 29, 2023

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 October 29, 2023, and July 30, 2023, consistent with the fair value hierarchy:


	Fair Value as of October 29, 2023		Fair Value Measurements at October 29, 2023 Using Fair Value Hierarchy						Fair Value as of July 30, 2023		Fair Value Measurements at July 30, 2023 Using Fair Value Hierarchy
(Millions)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Assets

Foreign exchange forward contracts(1)	$	3	$	—	$	3	$	—	$	—	$	—	$	—	$	—
Commodity derivative contracts(2)	8		2		4		2		16		11		3		2

Deferred compensation derivative contracts(3)	—		—		—		—		4		—		4		—
Deferred compensation investments(4)	1		1		—		—		1		1		—		—
Forward starting interest rate swaps(5)	3		—		3		—		—		—		—		—
Total assets at fair value	$	15	$	3	$	10	$	2	$	21	$	12	$	7	$	2


	Fair Value as of October 29, 2023		Fair Value Measurements at October 29, 2023 Using Fair Value Hierarchy						Fair Value as of July 30, 2023		Fair Value Measurements at July 30, 2023 Using Fair Value Hierarchy
(Millions)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Liabilities
Foreign exchange forward contracts(1)	$	—	$	—	$	—	$	—	$	1	$	—	$	1	$	—
Commodity derivative contracts(2)	12		11		1		—		5		3		2		—

Deferred compensation derivative contracts(3)	1		—		1		—		—		—		—		—
Deferred compensation obligation(4)	92		92		—		—		91		91		—		—

Total liabilities at fair value	$	105	$	103	$	2	$	—	$	97	$	94	$	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 index swap rates.

(4)Based on the fair value of the participants’ investments.

(5)Based on SOFR swap rates.

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 three-month periods ended October 29, 2023, and October 30, 2022:


	Three Months Ended
(Millions)	October 29, 2023		October 30, 2022
Fair value at beginning of year	$	2	$	4
Gains (losses)	2		(1)

Settlements	(2)		(1)
Fair value at end of quarter	$	2	$	2