Derivative Instruments (Tables)

3 Months Ended

Oct. 27, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives Recorded at Fair Value

The fair values of our 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	October 27, 2018		July 28, 2018		Balance Sheet Line Item	October 27, 2018		July 28, 2018
Derivatives designated as hedging instruments:
Foreign currency derivatives	Other current assets	$	4	$	1	Other current liabilities	$	6	$	—
Interest rate derivatives	Other current assets	—		—		Other current liabilities	7		10
Interest rate derivatives	Other assets	—		—		Other long-term liabilities	74		62
Total		4		1			87		72
Derivatives not designated as hedging instruments:
Foreign currency derivatives	Other current assets	1		1		Other current liabilities	4		2
Total return swaps—deferred compensation	Other current assets	1		—		Other current liabilities	—		—
Total		2		1			4		2
Total		$	6	$	2		$	91	$	74

Gains and Losses on Derivatives Designated as Cash Flow Hedges

The effects of our 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)
	October 27, 2018			October 28, 2017			Line Item in Statements of Operations	October 27, 2018			October 28, 2017
Derivatives designated as cash flow hedging instruments:
Foreign currency derivatives	$	(4	)	$	8		Revenue — service	$	1		$	—
							Operating expenses	(1		)	10
							Cost of sales — service	—			3
Total	$	(4	)	$	8			$	—		$	13
Derivatives designated as net investment hedging instruments:
Foreign currency derivatives	$	4		$	(5	)	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	October 27, 2018			October 28, 2017			October 27, 2018		October 28, 2017
Interest rate derivatives	Interest expense	$	(9	)	$	(46	)	$	9	$	46
Equity derivatives	Other income (loss), net	—			(14		)	—		14
Total		$	(9	)	$	(60	)	$	9	$	60

Effect of Derivative Instruments Not Designated as Fair Value 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
Derivatives Not Designated as Hedging Instruments	Line Item in Statements of Operations	October 27, 2018			October 28, 2017
Foreign currency derivatives	Other income (loss), net	$	(27	)	$	7
Total return swaps—deferred compensation	Operating expenses	(24		)	15
	Cost of sales — product	(1		)	—
	Cost of sales — service	(1		)	1
	Other income (loss), net	(4		)	(2		)
Equity derivatives	Other income (loss), net	1			1
Total		$	(56	)	$	22

Schedule of Notional Amounts of Derivatives Outstanding

The notional amounts of our outstanding derivatives are summarized as follows (in millions):

	October 27, 2018		July 28, 2018
Derivatives designated as hedging instruments:
Foreign currency derivatives—cash flow hedges	$	796	$	147
Interest rate derivatives	6,750		6,750
Net investment hedging instruments	246		250
Derivatives not designated as hedging instruments:
Foreign currency derivatives	2,170		2,298
Total return swaps—deferred compensation	564		566
Total	$	10,526	$	10,011

Offsetting Assets and Liabilities

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

	October 27, 2018
	GROSS AMOUNTS OFFSET IN THE CONSOLIDATED BALANCE SHEETS						GROSS AMOUNTS NOT OFFSET IN THE CONSOLIDATED BALANCE SHEETS BUT WITH LEGAL RIGHTS TO OFFSET
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Gross Derivative Amounts			Cash Collateral			Net Amount
Derivatives assets	$	6	$	—	$	6	$	(5	)	$	—		$	1
Derivatives liabilities	$	91	$	—	$	91	$	(5	)	$	(70	)	$	16

	July 28, 2018
	GROSS AMOUNTS OFFSET IN THE CONSOLIDATED BALANCE SHEETS						GROSS AMOUNTS NOT OFFSET IN THE CONSOLIDATED BALANCE SHEETS BUT WITH LEGAL RIGHTS TO OFFSET
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Gross Derivative Amounts			Cash Collateral			Net Amount
Derivatives assets	$	2	$	—	$	2	$	(2	)	$	—		$	—
Derivatives liabilities	$	74	$	—	$	74	$	(2	)	$	(53	)	$	19