Derivative Instruments (Tables)

6 Months Ended

Jan. 25, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The fair values of the Company’s derivative instruments and the line items on the Consolidated Balance Sheets to which they were recorded are summarized as follows (in millions):



	DERIVATIVE ASSETS					DERIVATIVE LIABILITIES
	Balance Sheet Line Item	January 25, 2014		July 27, 2013		Balance Sheet Line Item	January 25, 2014		July 27, 2013
Derivatives designated as hedging instruments:
Foreign currency derivatives	Other current assets	$	31	$	33	Other current liabilities	$	6	$	7
Interest rate derivatives	Other assets	121		147		Other long-term liabilities	10		2
Equity derivatives	Other current assets	—		—		Other current liabilities	31		155
Total		152		180			47		164
Derivatives not designated as hedging instruments:
Foreign currency derivatives	Other current assets	6		2		Other current liabilities	6		7
Equity derivatives	Other assets	6		—		Other long-term liabilities	—		—
Total		12		2			6		7
Total		$	164	$	182		$	53	$	171

Gains And Losses On Derivatives Designated As Cash Flow Hedges

The effects of the Company’s cash flow and net investment hedging instruments on other comprehensive income (OCI) and the Consolidated Statements of Operations are summarized as follows (in millions):



GAINS (LOSSES) RECOGNIZED IN OCI ON DERIVATIVES FOR THE THREE MONTHS ENDED (EFFECTIVE PORTION)						GAINS (LOSSES) RECLASSIFIED FROM AOCI INTO INCOME FOR THE THREE MONTHS ENDED (EFFECTIVE PORTION)
Derivatives designated as cash flow hedging instruments:	January 25, 2014			January 26, 2013		Line Item in Statements of Operations	January 25, 2014		January 26, 2013
Foreign currency derivatives	$	(4	)	$	3	Operating expenses	$	16	$	6
						Cost of sales - service	3		2
Total	$	(4	)	$	3		$	19	$	8

Derivatives designated as net investment hedging instruments:
Foreign currency derivatives	$	16		$	—	Other income (loss), net	$	—	$	—



GAINS (LOSSES) RECOGNIZED IN OCI ON DERIVATIVES FOR THE SIX MONTHS ENDED (EFFECTIVE PORTION)							GAINS (LOSSES) RECLASSIFIED FROM AOCI INTO INCOME FOR THE SIX MONTHS ENDED (EFFECTIVE PORTION)
Derivatives designated as cash flow hedging instruments:	January 25, 2014			January 26, 2013			Line Item in Statements of Operations	January 25, 2014		January 26, 2013
Foreign currency derivatives	$	34		$	69		Operating expenses	$	23	$	2
							Cost of sales - service	5		1
Total	$	34		$	69			$	28	$	3

Derivatives designated as net investment hedging instruments:
Foreign currency derivatives	$	(3	)	$	(24	)	Other income (loss), net	$	—	$	—

Schedule Of Derivative Fair Value Hedge Instruments Gain Loss In Statement Of Financial Performance

The effect on the Consolidated Statements of Operations of derivative instruments designated as fair value hedges and the underlying hedged items is summarized as follows (in millions):



		GAINS (LOSSES) ON DERIVATIVE INSTRUMENTS FOR THE THREE MONTHS ENDED						GAINS (LOSSES) RELATED TO HEDGED ITEMS FOR THE THREE MONTHS ENDED
Derivatives Designated as Fair Value Hedging Instruments	Line Item in Statements of Operations	January 25, 2014			January 26, 2013			January 25, 2014		January 26, 2013
Equity derivatives	Other income (loss), net	$	(12	)	$	(39	)	$	12	$	39
Interest rate derivatives	Interest expense	(53		)	(11		)	54		11
Total		$	(65	)	$	(50	)	$	66	$	50



		GAINS (LOSSES) ON DERIVATIVE INSTRUMENTS FOR THE SIX MONTHS ENDED						GAINS (LOSSES) RELATED TO HEDGED ITEMS FOR THE SIX MONTHS ENDED
Derivatives Designated as Fair Value Hedging Instruments	Line Item in Statements of Operations	January 25, 2014			January 26, 2013			January 25, 2014		January 26, 2013
Equity derivatives	Other income (loss), net	$	(47	)	$	(42	)	$	47	$	42
Interest rate derivatives	Interest expense	(35		)	(29		)	34		29
Total		$	(82	)	$	(71	)	$	81	$	71

Effect Of Derivative Instruments Not Designated As Hedges On Consolidated Statement Of Operations Summary

The effect on the Consolidated Statements of Operations of derivative instruments not designated as hedges is summarized as follows (in millions):



		GAINS (LOSSES) FOR THE THREE MONTHS ENDED						GAINS (LOSSES) FOR THE SIX MONTHS ENDED
Derivatives Not Designated as Hedging Instruments	Line Item in Statements of Operations	January 25, 2014			January 26, 2013			January 25, 2014			January 26, 2013
Foreign currency derivatives	Other income (loss), net	$	(63	)	$	(41	)	$	(20	)	$	12
Total return swaps - deferred compensation	Operating expenses	12			19			29			33
Equity derivatives	Other income (loss), net	13			3			24			12
Total		$	(38	)	$	(19	)	$	33		$	57

Schedule Of Notional Amounts Of Derivatives Outstanding

The notional amounts of the Company’s outstanding derivatives are summarized as follows (in millions):



	January 25, 2014		July 27, 2013
Derivatives designated as hedging instruments:
Foreign currency derivatives—cash flow hedges	$	1,082	$	1,885
Interest rate derivatives	6,250		5,250
Net investment hedging instruments	681		662
Equity derivatives	238		1,098
Derivatives not designated as hedging instruments:
Foreign currency derivatives	3,225		3,739
Total return swaps—deferred compensation	406		358
Total	$	11,882	$	12,992

Offsetting Assets

As of January 25, 2014 and July 27, 2013, information related to these offsetting arrangements was as follows (in millions):



	January 25, 2014
	DERIVATIVES OFFSET IN BALANCE SHEET						DERIVATIVES ELIGIBLE FOR OFFSETTING
	Gross Derivative Amounts		Gross Derivative Amounts Offset in Balance Sheet		Net Amount		Gross Derivative Amounts		Gross Derivative Amounts Eligible for Offsetting			Net Amount
Fair value of assets	$	164	$	—	$	164	$	164	$	(48	)	$	116
Fair value of liabilities	$	53	$	—	$	53	$	53	$	(48	)	$	5



	July 27, 2013
	DERIVATIVES OFFSET IN BALANCE SHEET						DERIVATIVES ELIGIBLE FOR OFFSETTING
	Gross Derivative Amounts		Gross Derivative Amounts Offset in Balance Sheet		Net Amount		Gross Derivative Amounts		Gross Derivative Amounts Eligible for Offsetting			Net Amount
Fair value of assets	$	182	$	—	$	182	$	182	$	(120	)	$	62
Fair value of liabilities	$	171	$	—	$	171	$	171	$	(120	)	$	51