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Derivative Instruments (Tables)
6 Months Ended
Jan. 27, 2024
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 ASSETSDERIVATIVE LIABILITIES
 Balance Sheet Line ItemJanuary 27,
2024
July 29,
2023
Balance Sheet Line ItemJanuary 27,
2024
July 29,
2023
Derivatives designated as hedging instruments:
Foreign currency derivativesOther current assets$35 $22 Other current liabilities$$— 
Foreign currency derivativesOther assets13 Other long-term liabilities— — 
Interest rate derivativesOther current assets— — Other current liabilities17 
Interest rate derivativesOther assets— — Other long-term liabilities15 24 
Total48 31 20 41 
Derivatives not designated as hedging instruments:
Foreign currency derivativesOther current assetsOther current liabilities37 25 
Foreign currency derivativesOther assets— — Other long-term liabilities13 
Total50 34 
Total$50 $32 $70 $75 
Cumulative Basis Adjustment For Fair Value Hedges
The following amounts were recorded on the Consolidated Balance Sheets related to cumulative basis adjustments for our fair value hedges (in millions):
 CARRYING AMOUNT OF THE HEDGED ASSETS/(LIABILITIES)CUMULATIVE AMOUNT OF FAIR VALUE HEDGING ADJUSTMENT INCLUDED IN THE CARRYING AMOUNT OF THE HEDGED ASSETS/LIABILITIES
Balance Sheet Line Item of Hedged ItemJanuary 27,
2024
July 29,
2023
January 27,
2024
July 29,
2023
Short-term debt$(997)$(983)$$17 
Long-term debt$(485)$(476)$15 $24 
Effect on Derivative Instruments Designated as Fair Value Hedges
The effect of derivative instruments designated as fair value hedges, recognized in interest and other income (loss), net is summarized as follows (in millions):
Three Months EndedSix Months Ended
January 27, 2024January 28, 2023January 27, 2024January 28, 2023
Interest rate derivatives:
Hedged items$(14)$(7)$(23)$32 
Derivatives designated as hedging instruments14 23 (32)
Total$— $— $— $— 
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 ENDEDGAINS (LOSSES) FOR THE SIX MONTHS ENDED
Derivatives Not Designated as
Hedging Instruments
Line Item in Statements of OperationsJanuary 27,
2024
January 28,
2023
January 27,
2024
January 28,
2023
Foreign currency derivativesOther income (loss), net$53 $140 $(77)$68 
Total return swaps—deferred compensationOperating expenses and other93 44 16 19 
Equity derivativesOther income (loss), net— 
Total$146 $189 $(59)$91 
Schedule of Notional Amounts of Derivatives Outstanding
The notional amounts of our outstanding derivatives are summarized as follows (in millions):
January 27,
2024
July 29,
2023
Foreign currency derivatives$6,207 $5,419 
Interest rate derivatives1,500 1,500 
Total return swaps—deferred compensation879 792 
Total$8,586 $7,711