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Leases (Tables)

3 Months Ended

Oct. 24, 2020

The following table presents our operating lease balances (in millions):


	Balance Sheet Line Item	October 24, 2020		July 25, 2020
Operating lease right-of-use assets	Other assets	$	953	$	921

Operating lease liabilities	Other current liabilities	$	332	$	341
Operating lease liabilities	Other long-term liabilities	695		661
Total operating lease liabilities		$	1,027	$	1,002

Lease Expenses and Supplemental Information

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


	Three Months Ended
	October 24, 2020		October 26, 2019
Operating lease expense	$	98	$	113
Short-term lease expense	18		17
Variable lease expense	46		40
Total lease expense	$	162	$	170

Supplemental information related to our operating leases is as follows (in millions):


	Three Months Ended
	October 24, 2020		October 26, 2019
Cash paid for amounts included in the measurement of lease liabilities — operating cash flows	$	105	$	104
Right-of-use assets obtained in exchange for operating leases liabilities	$	115	$	48

Maturities of Operating Leases

The maturities of our operating leases (undiscounted) as of October 24, 2020 are as follows (in millions):


Fiscal Year	Amount
2021 (remaining nine months)	$	272
2022	269
2023	211
2024	136
2025	81
Thereafter	87
Total lease payments	1,056
Less interest	(29)
Total	$	1,027

Future Minimum Lease Payments on Lease Receivables

Future minimum lease payments on our lease receivables as of October 24, 2020 are summarized as follows (in millions):


Fiscal Year	Amount
2021 (remaining nine months)	$	670
2022	664
2023	418
2024	202
2025	109
Total	2,063
Less: Present value of lease payments	1,958
Unearned income	$	105

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 24, 2020		July 25, 2020
Operating lease assets	$	338	$	337
Accumulated depreciation	(200)		(198)
Operating lease assets, net	$	138	$	139

Minimum Future Rentals on Noncancelable Operating Leases

Minimum future rentals on noncancelable operating leases as of October 24, 2020 are summarized as follows (in millions):


Fiscal Year	Amount
2021 (remaining nine months)	$	58
2022	33
2023	12
2024	1
Total	$	104