Derivative Instruments (Tables)

9 Months Ended

Apr. 26, 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	April 26, 2014		July 27, 2013		Balance Sheet Line Item	April 26, 2014		July 27, 2013
Derivatives designated as hedging instruments:
Foreign currency derivatives	Other current assets	$	17	$	33	Other current liabilities	$	3	$	7
Interest rate derivatives	Other assets	126		147		Other long-term liabilities	8		2
Equity derivatives	Other current assets	—		—		Other current liabilities	39		155
Total		143		180			50		164
Derivatives not designated as hedging instruments:
Foreign currency derivatives	Other current assets	5		2		Other current liabilities	4		7
Equity derivatives	Other assets	—		—		Other long-term liabilities	—		—
Total		5		2			4		7
Total		$	148	$	182		$	54	$	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:	April 26, 2014			April 27, 2013			Line Item in Statements of Operations	April 26, 2014		April 27, 2013
Foreign currency derivatives	$	13		$	(11	)	Operating expenses	$	13	$	3
							Cost of sales—service	3		1
Total	$	13		$	(11	)		$	16	$	4

Derivatives designated as net investment hedging instruments:
Foreign currency derivatives	$	(10	)	$	20		Other income (loss), net	$	—	$	—



GAINS (LOSSES) RECOGNIZED IN OCI ON DERIVATIVES FOR THE NINE MONTHS ENDED (EFFECTIVE PORTION)							GAINS (LOSSES) RECLASSIFIED FROM AOCI INTO INCOME FOR THE NINE MONTHS ENDED (EFFECTIVE PORTION)
Derivatives designated as cash flow hedging instruments:	April 26, 2014			April 27, 2013			Line Item in Statements of Operations	April 26, 2014		April 27, 2013
Foreign currency derivatives	$	47		$	58		Operating expenses	$	36	$	5
							Cost of sales—service	8		2
Total	$	47		$	58			$	44	$	7

Derivatives designated as net investment hedging instruments:
Foreign currency derivatives	$	(13	)	$	(4	)	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	April 26, 2014			April 27, 2013			April 26, 2014			April 27, 2013
Equity derivatives	Other income (loss), net	$	(8	)	$	(45	)	$	8		$	45
Interest rate derivatives	Interest expense	8			(11		)	(8		)	11
Total		$	—		$	(56	)	$	—		$	56



		GAINS (LOSSES) ON DERIVATIVE INSTRUMENTS FOR THE NINE MONTHS ENDED						GAINS (LOSSES) RELATED TO HEDGED ITEMS FOR THE NINE MONTHS ENDED
Derivatives Designated as Fair Value Hedging Instruments	Line Item in Statements of Operations	April 26, 2014			April 27, 2013			April 26, 2014		April 27, 2013
Equity derivatives	Other income (loss), net	$	(55	)	$	(87	)	$	55	$	87
Interest rate derivatives	Interest expense	(27		)	(40		)	26		40
Total		$	(82	)	$	(127	)	$	81	$	127

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 NINE MONTHS ENDED
Derivatives Not Designated as Hedging Instruments	Line Item in Statements of Operations	April 26, 2014		April 27, 2013			April 26, 2014		April 27, 2013
Foreign currency derivatives	Other income (loss), net	$	36	$	(90	)	$	16	$	(78	)
Total return swaps—deferred compensation	Operating expenses	4		12			33		45
Equity derivatives	Other income (loss), net	9		(6		)	33		6
Total		$	49	$	(84	)	$	82	$	(27	)

Schedule Of Notional Amounts Of Derivatives Outstanding

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



	April 26, 2014		July 27, 2013
Derivatives designated as hedging instruments:
Foreign currency derivatives—cash flow hedges	$	432	$	1,885
Interest rate derivatives	10,400		5,250
Net investment hedging instruments	328		662
Equity derivatives	238		1,098
Derivatives not designated as hedging instruments:
Foreign currency derivatives	2,864		3,739
Total return swaps—deferred compensation	411		358
Total	$	14,673	$	12,992

Offsetting Assets and Liabilities

Information related to these offsetting arrangements is summarized as follows (in millions):



	OFFSETTING OF DERIVATIVE ASSETS
	Gross Amounts Offset in Consolidated Balance Sheets						Gross Amounts Not Offset in the Consolidated Balance Sheets, but with Legal Rights to Offset
April 26, 2014	Gross Amount of Recognized Assets		Gross Amounts Offset in Consolidated Balance Sheets		Net Amount Presented on Consolidated Balance Sheets		Gross Derivative Amounts with Legal Rights to Offset			Cash Collateral Received			Net Amount
Derivatives	$	148	$	—	$	148	$	(36	)	$	(5	)	$	107



	OFFSETTING OF DERIVATIVE LIABILITIES
	Gross Amounts Offset in Consolidated Balance Sheets						Gross Amounts Not Offset in the Consolidated Balance Sheets, but with Legal Rights to Offset
April 26, 2014	Gross Amount of Recognized Liabilities		Gross Amounts Offset in Consolidated Balance Sheets		Net Amount Presented on Consolidated Balance Sheets		Gross Derivative Amounts with Legal Rights to Offset			Cash Collateral Pledged			Net Amount
Derivatives	$	54	$	—	$	54	$	(36	)	$	(16	)	$	2



	OFFSETTING OF DERIVATIVE ASSETS
	Gross Amounts Offset in Consolidated Balance Sheets						Gross Amounts Not Offset in the Consolidated Balance Sheets, but with Legal Rights to Offset
July 27, 2013	Gross Amount of Recognized Assets		Gross Amounts Offset in Consolidated Balance Sheets		Net Amount Presented on Consolidated Balance Sheets		Gross Derivative Amounts with Legal Rights to Offset			Cash Collateral Received		Net Amount
Derivatives	$	182	$	—	$	182	$	(120	)	$	—	$	62



	OFFSETTING OF DERIVATIVE LIABILITIES
	Gross Amounts Offset in Consolidated Balance Sheets						Gross Amounts Not Offset in the Consolidated Balance Sheets, but with Legal Rights to Offset
July 27, 2013	Gross Amount of Recognized Liabilities		Gross Amounts Offset in Consolidated Balance Sheets		Net Amount Presented on Consolidated Balance Sheets		Gross Derivative Amounts with Legal Rights to Offset			Cash Collateral Pledged		Net Amount
Derivatives	$	171	$	—	$	171	$	(120	)	$	—	$	51