Derivative Instruments (Tables)

9 Months Ended

Apr. 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 ASSETS					DERIVATIVE LIABILITIES
	Balance Sheet Line Item	April 27, 2024		July 29, 2023		Balance Sheet Line Item	April 27, 2024		July 29, 2023
Derivatives designated as hedging instruments:
Foreign currency derivatives	Other current assets	$	45	$	22	Other current liabilities	$	1	$	—
Foreign currency derivatives	Other assets	19		9		Other long-term liabilities	—		—
Interest rate derivatives	Other current assets	—		—		Other current liabilities	—		17
Interest rate derivatives	Other assets	—		—		Other long-term liabilities	16		24
Total		64		31			17		41
Derivatives not designated as hedging instruments:
Foreign currency derivatives	Other current assets	2		1		Other current liabilities	47		25
Foreign currency derivatives	Other assets	—		—		Other long-term liabilities	20		9
Total		2		1			67		34
Total		$	66	$	32		$	84	$	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	April 27, 2024		July 29, 2023		April 27, 2024		July 29, 2023
Short-term debt	$	—	$	(983)	$	—	$	17
Long-term debt	$	(484)	$	(476)	$	16	$	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 Ended				Nine Months Ended
	April 27, 2024		April 29, 2023		April 27, 2024		April 29, 2023
Interest rate derivatives:
Hedged items	$	(2)	$	(6)	$	(25)	$	26
Derivatives designated as hedging instruments	2		6		25		(26)
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				GAINS (LOSSES) FOR THE NINE MONTHS ENDED
Derivatives Not Designated as Hedging Instruments	Line Item in Statements of Operations	April 27, 2024		April 29, 2023		April 27, 2024		April 29, 2023
Foreign currency derivatives	Other income (loss), net	$	(84)	$	(46)	$	(161)	$	22
Total return swaps—deferred compensation	Operating expenses and other	16		(12)		33		7
Equity derivatives	Other income (loss), net	—		4		1		8
Total		$	(68)	$	(54)	$	(127)	$	37

Schedule of Notional Amounts of Derivatives Outstanding

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

	April 27, 2024		July 29, 2023
Foreign currency derivatives	$	7,077	$	5,419
Interest rate derivatives	500		1,500
Total return swaps—deferred compensation	915		792
Total	$	8,492	$	7,711