Fair Value Measurements (Tables)

6 Months Ended

Jan. 26, 2025

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 January 26, 2025, and July 28, 2024, consistent with the fair value hierarchy:


	Fair Value as of January 26, 2025		Fair Value Measurements at January 26, 2025 Using Fair Value Hierarchy						Fair Value as of July 28, 2024		Fair Value Measurements at July 28, 2024 Using Fair Value Hierarchy
(Millions)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Assets

Foreign exchange contracts(1)	$	3	$	—	$	3	$	—	$	2	$	—	$	2	$	—
Commodity derivative contracts(2)	12		1		8		3		6		—		1		5

Deferred compensation derivative contracts(3)	4		—		4		—		3		—		3		—
Deferred compensation investments(4)	1		1		—		—		1		1		—		—

Total assets at fair value	$	20	$	2	$	15	$	3	$	12	$	1	$	6	$	5


	Fair Value as of January 26, 2025		Fair Value Measurements at January 26, 2025 Using Fair Value Hierarchy						Fair Value as of July 28, 2024		Fair Value Measurements at July 28, 2024 Using Fair Value Hierarchy
(Millions)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Liabilities
Foreign exchange contracts(1)	$	1	$	—	$	1	$	—	$	—	$	—	$	—	$	—
Commodity derivative contracts(2)	5		—		4		1		16		1		15		—


Deferred compensation obligation(4)	110		110		—		—		101		101		—		—

Total liabilities at fair value	$	116	$	110	$	5	$	1	$	117	$	102	$	15	$	—

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(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 Text Block]

The following table summarizes the changes in fair value of Level 3 assets and liabilities:


	Six Months Ended
(Millions)	January 26, 2025		January 28, 2024
Fair value at beginning of year	$	5	$	2
Gains (losses)	2		12

Settlements	(5)		(5)
Fair value at end of quarter	$	2	$	9

Fair Value Measurements, Nonrecurring [Table Text Block]

The following table presents fair value measurements of the trademarks:


	December 2025
(Millions)	Impairment Charges		Fair Value
Allied brands	$	15	$	28
Late July	$	11	$	47

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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