Financial Instruments (Tables)

12 Months Ended

Jul. 28, 2024

General Discussion of Derivative Instruments and Hedging Activities [Abstract]

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

The following tables summarize the fair value of derivative instruments on a gross basis as recorded in the Consolidated Balance Sheets as of July 28, 2024, and July 30, 2023:

(Millions)	Balance Sheet Classification	2024		2023
Asset Derivatives
Derivatives designated as hedges:
Foreign exchange contracts	Other current assets	$	2	$	—
Total derivatives designated as hedges		$	2	$	—
Derivatives not designated as hedges:
Commodity contracts	Other current assets	$	6	$	15
Deferred compensation contracts	Other current assets	3		4
Commodity contracts	Other assets	—		1
Total derivatives not designated as hedges		$	9	$	20
Total asset derivatives		$	11	$	20

(Millions)	Balance Sheet Classification	2024		2023
Liability Derivatives
Derivatives designated as hedges:
Foreign exchange contracts	Accrued liabilities	$	—	$	1
Total derivatives designated as hedges		$	—	$	1
Derivatives not designated as hedges:
Commodity contracts	Accrued liabilities	$	16	$	5
Total derivatives not designated as hedges		$	16	$	5
Total liability derivatives		$	16	$	6

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 July 28, 2024, and July 30, 2023, would be adjusted as detailed in the following table:

	2024						2023
(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	$	11	$	(1)	$	10	$	20	$	(5)	$	15
Total liability derivatives	$	16	$	(1)	$	15	$	6	$	(5)	$	1

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 July 28, 2024, and July 30, 2023, would be adjusted as detailed in the following table:

	2024						2023
(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	$	11	$	(1)	$	10	$	20	$	(5)	$	15
Total liability derivatives	$	16	$	(1)	$	15	$	6	$	(5)	$	1

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 years ended July 28, 2024, July 30, 2023, and July 31, 2022 in other comprehensive income (loss) (OCI) and the Consolidated Statements of Earnings:

		Total Cash-Flow Hedge OCI Activity
(Millions)		2024		2023		2022
OCI derivative gain (loss) at beginning of year		$	(5)	$	—	$	(5)
Effective portion of changes in fair value recognized in OCI:
Commodity contracts		—		—		13
Foreign exchange contracts		6		5		4
Forward starting interest rate swaps		(11)		—		—
Amount of loss (gain) reclassified from OCI to earnings:	Location in Earnings
Commodity contracts	Cost of products sold	—		(3)		(14)
Foreign exchange contracts	Cost of products sold	(3)		(8)		1
Forward starting interest rate swaps	Interest expense	2		1		1
OCI derivative gain (loss) at end of year		$	(11)	$	(5)	$	—

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

The following table shows the total amounts of line items presented in the Consolidated Statements of Earnings for the years ended 2024, 2023, and 2022 in which the effects of derivative instruments designated as cash-flow hedges are recorded and the total effect of hedge activity on these line items are as follows:

	2024				2023				2022
(Millions)	Cost of products sold		Interest expense		Cost of products sold		Interest expense		Cost of products sold		Interest expense
Consolidated Statements of Earnings:	$	6,665	$	249	$	6,440	$	188	$	5,935	$	189
Loss (gain) on cash-flow hedges:
Amount of loss (gain) reclassified from OCI to earnings	$	(3)	$	2	$	(11)	$	1	$	(13)	$	1

The amount excluded from effectiveness testing recognized in each line item of earnings using an amortization approach was not material in all periods presented.

Derivatives Not Designated as Hedging Instruments

The following table shows the effects of our derivative instruments not designated as hedges in the Consolidated Statements of Earnings:

(Millions)	Location of Loss (Gain) Recognized in Earnings	2024		2023		2022
Foreign exchange contracts	Cost of products sold	$	(1)	$	—	$	—
Commodity contracts	Cost of products sold	14		(27)		8
Deferred compensation contracts	Administrative expenses	(8)		(4)		3
Total		$	5	$	(31)	$	11