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Leases (Tables)

6 Months Ended

Jan. 23, 2021

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


	Balance Sheet Line Item	January 23, 2021		July 25, 2020
Operating lease right-of-use assets	Other assets	$	974	$	921

Operating lease liabilities	Other current liabilities	$	366	$	341
Operating lease liabilities	Other long-term liabilities	688		661
Total operating lease liabilities		$	1,054	$	1,002

Lease Expenses and Supplemental Information

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


	Three Months Ended				Six Months Ended
	January 23, 2021		January 25, 2020		January 23, 2021		January 25, 2020
Operating lease expense	$	103	$	101	$	201	$	214
Short-term lease expense	17		16		35		33
Variable lease expense	43		39		89		79
Total lease expense	$	163	$	156	$	325	$	326

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


	Six Months Ended
	January 23, 2021		January 25, 2020
Cash paid for amounts included in the measurement of lease liabilities — operating cash flows	$	201	$	206
Right-of-use assets obtained in exchange for operating leases liabilities	$	218	$	77

Maturities of Operating Leases

The maturities of our operating leases (undiscounted) as of January 23, 2021 are as follows (in millions):


Fiscal Year	Amount
2021 (remaining six months)	$	193
2022	304
2023	232
2024	151
2025	92
Thereafter	104
Total lease payments	1,076
Less interest	(22)
Total	$	1,054

Future Minimum Lease Payments on Lease Receivables

Future minimum lease payments on our lease receivables as of January 23, 2021 are summarized as follows (in millions):


Fiscal Year	Amount
2021 (remaining six months)	$	330
2022	685
2023	455
2024	237
2025	130
Thereafter	28
Total	1,865
Less: Present value of lease payments	1,768
Unearned income	$	97

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):


	January 23, 2021		July 25, 2020
Operating lease assets	$	343	$	337
Accumulated depreciation	(201)		(198)
Operating lease assets, net	$	142	$	139

Minimum Future Rentals on Noncancelable Operating Leases

Minimum future rentals on noncancelable operating leases as of January 23, 2021 are summarized as follows (in millions):


Fiscal Year	Amount
2021 (remaining six months)	$	38
2022	44
2023	20
2024	4
Total	$	106