Derivative Instruments (Tables)

3 Months Ended

Oct. 28, 2023

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	October 28, 2023		July 29, 2023		Balance Sheet Line Item	October 28, 2023		July 29, 2023
Derivatives designated as hedging instruments:
Foreign currency derivatives	Other current assets	$	38	$	22	Other current liabilities	$	—	$	—
Foreign currency derivatives	Other assets	19		9		Other long-term liabilities	—		—
Interest rate derivatives	Other current assets	—		—		Other current liabilities	10		17
Interest rate derivatives	Other assets	—		—		Other long-term liabilities	22		24
Total		57		31			32		41
Derivatives not designated as hedging instruments:
Foreign currency derivatives	Other current assets	1		1		Other current liabilities	41		25
Foreign currency derivatives	Other assets	—		—		Other long-term liabilities	19		9
Total		1		1			60		34
Total		$	58	$	32		$	92	$	75

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	October 28, 2023		July 29, 2023		October 28, 2023		July 29, 2023
Short-term debt	$	(990)	$	(983)	$	10	$	17
Long-term debt	$	(478)	$	(476)	$	22	$	24

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):

	GAINS (LOSSES) FOR THE THREE MONTHS ENDED
	October 28, 2023		October 29, 2022
Interest rate derivatives:
Hedged items	$	(9)	$	39
Derivatives designated as hedging instruments	9		(39)
Total	$	—	$	—

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
Derivatives Not Designated as Hedging Instruments	Line Item in Statements of Operations	October 28, 2023		October 29, 2022
Foreign currency derivatives	Other income (loss), net	$	(130)	$	(72)
Total return swaps—deferred compensation	Operating expenses and other	(77)		(25)
Equity derivatives	Other income (loss), net	2		(1)
Total		$	(205)	$	(98)

Schedule of Notional Amounts of Derivatives Outstanding

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

	October 28, 2023		July 29, 2023
Foreign currency derivatives	$	5,672	$	5,419
Interest rate derivatives	1,500		1,500
Total return swaps—deferred compensation	783		792
Total	$	7,955	$	7,711