Derivative Instruments (Tables)

12 Months Ended

Jul. 28, 2012

The fair values of the Company’s 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		July 28, 2012		July 30, 2011		Balance Sheet Line Item	July 28, 2012		July 30, 2011
Derivatives designated as hedging instruments:
Foreign currency derivatives		Other current assets	$	24	$	67	Other current liabilities	$	26	$	12
Interest rate derivatives		Other assets		223		146	Other long-term liabilities		—		—
Equity derivatives		Other current assets		—		—	Other current liabilities		4		—

Total				247		213			30		12

Derivatives not designated as hedging instruments:
Foreign currency derivatives		Other current assets		16		7	Other current liabilities		12		12
Equity derivatives		Other assets		1		2	Other long-term liabilities		—		—

Total				17		9			12		12

Total			$	264	$	222		$	42	$	24

Effect Of Derivative Instruments Designated As Cash Flow Hedges On Other Comprehensive Income And Consolidated Statements Of Operations Summary

The effects of the Company’s cash flow and net investment hedging instruments on OCI and the Consolidated Statements of Operations are summarized as follows (in millions):


GAINS (LOSSES) RECOGNIZED IN OCI ON DERIVATIVES FOR THE YEARS ENDED (EFFECTIVE PORTION)										GAINS (LOSSES) RECLASSIFIED FROM AOCI INTO INCOME FOR THE YEARS ENDED (EFFECTIVE PORTION)
	July 28, 2012			July 30, 2011			July 31, 2010			Line Item in Statements of Operations	July 28, 2012			July 30, 2011		July 31, 2010
Derivatives designated as cash flow hedging instruments:
Foreign currency derivatives	$	(131	)	$	87		$	33		Operating expenses	$	(59	)	$	89	$	(1	)
										Cost of sales - service		(14	)		17		—
Interest rate derivatives		—			—			23		Interest expense		1			2		—

Total	$	(131	)	$	87		$	56			$	(72	)	$	108	$	(1	)

Derivatives designated as net investment hedging instruments:
Foreign currency derivatives	$	23		$	(10	)	$	(2	)	Other income, net	$	—		$	—	$	—

Effect Of Derivative Instruments Designated As Fair Value Hedges And Underlying Hedged Items On Consolidated Statements Of Operations

The effect on the Consolidated Statements of Operations of derivative instruments designated as fair value hedges and the underlying hedged items is summarized as follows (in millions):


		GAINS (LOSSES) ON DERIVATIVES INSTRUMENTS FOR THE YEARS ENDED							GAINS (LOSSES) RELATED TO HEDGED ITEMS FOR THE YEARS ENDED
Derivatives Designated as Fair Value Hedging Instruments	Line Item in Statements of Operations	July 28, 2012			July 30, 2011		July 31, 2010		July 28, 2012			July 30, 2011			July 31, 2010
Equity derivatives	Other income, net	$	(4	)	$	—	$	3	$	4		$	—		$	(3	)
Interest rate derivatives	Interest expense		78			74		72		(80	)		(77	)		(77	)

Total		$	74		$	74	$	75	$	(76	)	$	(77	)	$	(80	)

Effect Of Derivative Instruments Not Designated As Hedges On Consolidated Statements Of Operations Summary

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 YEARS ENDED
Derivatives Not Designated as Hedging Instruments	Line Item in Statements of Operations	July 28, 2012			July 30, 2011		July 31, 2010
Foreign currency derivatives	Other income, net	$	(206	)	$	264	$	(100	)
Total return swaps - deferred compensation	Cost of sales - product		4			—		—
Total return swaps - deferred compensation	Operating expenses		3			33		18
Equity derivatives	Other income, net		6			25		12

Total		$	(193	)	$	322	$	(70	)

Schedule Of Notional Amounts Of Derivatives Outstanding

The notional amounts of the Company’s outstanding derivatives are summarized as follows (in millions):


	July 28, 2012		July 30, 2011
Derivatives designated as hedging instruments:
Foreign currency derivatives - cash flow hedges	$	2,910	$	3,433
Interest rate derivatives		4,250		4,250
Net investment hedging instruments		468		73
Equity derivatives		272		—
Derivatives not designated as hedging instruments:
Foreign currency derivatives		6,241		4,565
Total return swaps-deferred compensation		269		262

Total	$	14,410	$	12,583

- Definition

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

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- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References+ Details