Leases (Tables)

3 Months Ended

Oct. 26, 2019

Leases [Abstract]

Lease Expenses and Supplemental Information

The components of our lease expenses were as follows (in millions):

	Three Months Ended
	October 26, 2019
Operating lease expense	$	113
Short-term lease expense	17
Variable lease expense	40
Total lease expense	$	170

Supplemental information related to our operating leases is as follows:

	Three Months Ended
	October 26, 2019
Weighted-average remaining lease term (in years)	4.2
Weighted-average discount rate	1.9	%

	Three Months Ended
In millions:	October 26, 2019
Cash paid for amounts included in the measurement of lease liabilities — operating cash flows	$	104
Right-of-use assets obtained in exchange for operating leases liabilities	$	48

Maturities of Operating Leases

The maturities of our operating leases (undiscounted) as of October 26, 2019 are as follows (in millions):

Fiscal Year	Amount
2020 (remaining nine months)	$	296
2021	308
2022	212
2023	163
2024	102
Thereafter	107
Total lease payments	1,188
Less interest	(41		)
Total	$	1,147

Future Minimum Lease Payments, Prior to Adoption of New Leasing Standard

Prior to the adoption of the new leasing standard, future minimum lease payments under all noncancelable operating leases with an initial term in excess of one year as of July 27, 2019 were as follows (in millions):

Fiscal Year	Amount
2020	$	441
2021	299
2022	195
2023	120
2024	70
Thereafter	54
Total	$	1,179

Future Minimum Lease Payments on Lease Receivables

Future minimum lease payments on our lease receivables as of October 26, 2019 are summarized as follows (in millions):

Fiscal Year	Amount
2020 (remaining nine months)	$	595
2021	736
2022	470
2023	268
2024	120
Thereafter	29
Total	2,218
Less: Present value of lease payments	2,084
Difference between undiscounted cash flows and discounted cash flows	$	134

Future Minimum Lease Payments on Lease Receivables

Prior to the adoption of the new leasing standard, future minimum lease payments on our lease receivables as of July 27, 2019 were summarized as follows (in millions):

Fiscal Year	Amount
2020	$	1,028
2021	702
2022	399
2023	185
2024	53
Total	$	2,367

Operating Lease Assets

Amounts relating to equipment on operating lease assets held by Cisco and the associated accumulated depreciation are summarized as follows (in millions):

	October 26, 2019			July 27, 2019
Operating lease assets	$	438		$	485
Accumulated depreciation	(274		)	(306		)
Operating lease assets, net	$	164		$	179

Minimum Future Rentals on Noncancelable Operating Leases

Minimum future rentals on noncancelable operating leases as of October 26, 2019 are summarized as follows (in millions):

Fiscal Year	Amount
2020 (remaining nine months)	$	90
2021	64
2022	17
2023	2
Total	$	173