Taxes on Earnings (Tables)

12 Months Ended

Jul. 28, 2024

Income Tax Disclosure [Abstract]

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

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

(Millions)	2024		2023		2022
Income taxes:
Currently payable:
Federal	$	190	$	229	$	160
State	41		39		22
Non-U.S.	6		7		15
	237		275		197
Deferred:
Federal	(37)		(8)		29
State	(9)		2		(6)
Non-U.S.	(1)		1		(2)
	(47)		(5)		21
	$	190	$	270	$	218

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

(Millions)	2024		2023		2022
Earnings before income taxes:
United States	$	735	$	1,105	$	948
Non-U.S.	22		23		27
	$	757	$	1,128	$	975

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

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

	2024		2023		2022
Federal statutory income tax rate	21.0	%	21.0	%	21.0	%
State income taxes (net of federal tax benefit)	3.2		2.9		2.2
Tax effect of international items	(0.1)		—		0.7
State income tax law changes	(0.1)		0.1		(1.0)
Nondeductible executive compensation(1)	1.5		0.4		0.5
Other	(0.4)		(0.5)		(1.0)
Effective income tax rate	25.1	%	23.9	%	22.4	%

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(1)The increase in 2024 is associated with the acquisition of Sovos Brands.

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

Deferred tax liabilities and assets are comprised of the following:

(Millions)	2024		2023
Depreciation	$	353	$	340
Amortization	1,260		881
Operating lease ROU assets	86		69
Pension	34		39
Other	10		8
Deferred tax liabilities	1,743		1,337
Benefits and compensation	113		112
Pension benefits	24		25
Tax loss carryforwards	7		10
Capital loss carryforwards	24		114
Operating lease liabilities	91		69
Capitalized research and development	34		15
Other	55		56
Gross deferred tax assets	348		401
Deferred tax asset valuation allowance	(29)		(129)
Deferred tax assets, net of valuation allowance	319		272
Net deferred tax liability	$	1,424	$	1,065

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

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

(Millions)	2024		2023		2022
Balance at beginning of year	$	15	$	14	$	22
Increases related to prior-year tax positions	2		—		4
Decreases related to prior-year tax positions	—		—		(10)
Increases related to current-year tax positions	2		2		1
Settlements	—		—		(2)
Lapse of statute	(2)		(1)		(1)
Balance at end of year	$	17	$	15	$	14