Derivative Instruments (Tables)

9 Months Ended

Apr. 30, 2022

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	April 30, 2022		July 31, 2021		Balance Sheet Line Item	April 30, 2022		July 31, 2021
Derivatives designated as hedging instruments:
Foreign currency derivatives	Other current assets	$	48	$	14	Other current liabilities	$	1	$	3
Foreign currency derivatives	Other assets	7		1		Other long-term liabilities	—		—
Interest rate derivatives	Other current assets	1		9		Other current liabilities	—		—
Interest rate derivatives	Other assets	—		99		Other long-term liabilities	7		—
Total		56		123			8		3
Derivatives not designated as hedging instruments:
Foreign currency derivatives	Other current assets	9		3		Other current liabilities	68		16
Foreign currency derivatives	Other assets	—		—		Other long-term liabilities	7		1
Equity derivatives	Other current assets	—		—		Other current liabilities	4		—
Total		9		3			79		17
Total		$	65	$	126		$	87	$	20

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	April 30, 2022		July 31, 2021		April 30, 2022		July 31, 2021
Short-term debt	$	(501)	$	(508)	$	(1)	$	(9)
Long-term debt	$	(1,490)	$	(1,594)	$	7	$	(97)

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				Nine Months Ended
	April 30, 2022		May 1, 2021		April 30, 2022		May 1, 2021
Interest rate derivatives:
Hedged items	$	54	$	25	$	112	$	58
Derivatives designated as hedging instruments	(55)		(25)		(114)		(59)
Total	$	(1)	$	—	$	(2)	$	(1)

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 NINE MONTHS ENDED
Derivatives Not Designated as Hedging Instruments	Line Item in Statements of Operations	April 30, 2022		May 1, 2021		April 30, 2022		May 1, 2021
Foreign currency derivatives	Other income (loss), net	$	(99)	$	(12)	$	(155)	$	35
Total return swaps—deferred compensation	Operating expenses and other	(38)		45		(58)		144
Equity derivatives	Other income (loss), net	5		5		6		19
Total		$	(132)	$	38	$	(207)	$	198

Schedule of Notional Amounts of Derivatives Outstanding

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

	April 30, 2022		July 31, 2021
Foreign currency derivatives	$	4,501	$	4,139
Interest rate derivatives	2,000		2,000
Total return swaps—deferred compensation	689		730
Total	$	7,190	$	6,869