Derivative Instruments (Tables)

6 Months Ended

Jan. 23, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Derivative Instruments by Balance Sheet Line Item

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	January 23, 2021		July 25, 2020		Balance Sheet Line Item	January 23, 2021		July 25, 2020
Derivatives designated as hedging instruments:
Foreign currency derivatives	Other current assets	$	7	$	7	Other current liabilities	$	14	$	2
Interest rate derivatives	Other current assets	1		6		Other current liabilities	—		—
Interest rate derivatives	Other assets	140		169		Other long-term liabilities	—		—
Total		148		182			14		2
Derivatives not designated as hedging instruments:
Foreign currency derivatives	Other current assets	17		8		Other current liabilities	12		8
Equity derivatives	Other assets	6		1		Other long-term liabilities	—		—
Total		23		9			12		8
Total		$	171	$	191		$	26	$	10

Cumulative Basis Adjustment For Fair Value Hedges

The following amounts were recorded on the Consolidated Balance Sheets related to cumulative basis adjustments for our fair value hedges (in millions):

	CARRYING AMOUNT OF THE HEDGED ASSETS/(LIABILITIES)				CUMULATIVE AMOUNT OF FAIR VALUE HEDGING ADJUSTMENT INCLUDED IN THE CARRYING AMOUNT OF THE HEDGED ASSETS/LIABILITIES
Balance Sheet Line Item of Hedged Item	January 23, 2021		July 25, 2020		January 23, 2021		July 25, 2020
Short-term debt	$	(501)	$	(506)	$	(1)	$	(6)
Long-term debt	$	(2,132)	$	(2,159)	$	(137)	$	(165)

Effect on Derivative Instruments Designated as Fair Value Hedges

The effect of derivative instruments designated as fair value hedges, recognized in interest and other income (loss), net is summarized as follows (in millions):

	Three Months Ended				Six Months Ended
	January 23, 2021		January 25, 2020		January 23, 2021		January 25, 2020
Interest rate derivatives:
Hedged items	$	14	$	7	$	33	$	(14)
Derivatives designated as hedging instruments	(14)		(6)		(34)		16
Total	$	—	$	1	$	(1)	$	2

Effect of Derivative Instruments Not Designated as Fair Value Hedges on Consolidated Statements of Operations

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 SIX MONTHS ENDED
Derivatives Not Designated as Hedging Instruments	Line Item in Statements of Operations	January 23, 2021		January 25, 2020		January 23, 2021		January 25, 2020
Foreign currency derivatives	Other income (loss), net	$	33	$	(2)	$	47	$	(9)
Total return swaps—deferred compensation	Operating expenses and other	76		41		99		41
Equity derivatives	Other income (loss), net	9		3		14		5
Total		$	118	$	42	$	160	$	37

Schedule of Notional Amounts of Derivatives Outstanding

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

	January 23, 2021		July 25, 2020
Foreign currency derivatives	$	4,839	$	4,315
Interest rate derivatives	2,500		2,500
Total return swaps—deferred compensation	689		580
Total	$	8,028	$	7,395