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Derivative Instruments (Tables) | 12 Months Ended
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Jul. 27, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives Recorded at Fair Value | 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 |  | July 27, 2019 |  | July 28, 2018 |  | Balance Sheet Line Item |  | July 27, 2019 |  | July 28, 2018
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Foreign currency derivatives | Other current assets |  | $ | 5 |  |  | $ | 1 |  |  | Other current liabilities |  | $ | 8 |  |  | $ | — |
Interest rate derivatives | Other current assets |  | — |  |  | — |  |  | Other current liabilities |  | 1 |  |  | 10 |
Interest rate derivatives | Other assets |  | 75 |  |  | — |  |  | Other long-term liabilities |  | — |  |  | 62 |
Total |  |  | 80 |  |  | 1 |  |  |  |  | 9 |  |  | 72 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Foreign currency derivatives | Other current assets |  | 9 |  |  | 1 |  |  | Other current liabilities |  | 6 |  |  | 2 |
Total |  |  | 9 |  |  | 1 |  |  |  |  | 6 |  |  | 2 |
Total |  |  | $ | 89 |  |  | $ | 2 |  |  |  |  | $ | 15 |  |  | $ | 74 |
Gains and Losses on Derivatives Designated as Cash Flow Hedges | The effects of our cash flow and net investment hedging instruments on other comprehensive income (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 27, 2019 |  | July 28, 2018 |  | July 29, 2017 |  | Line Item in Statements of Operations |  | July 27, 2019 |  | July 28, 2018 |  | July 29, 2017
Derivatives designated as cash flow hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency derivatives |  | $ | (1 | ) |  | $ | 20 |  |  | $ | 22 |  |  | Revenue |  | $ | 2 |  |  | $ | — |  |  | $ | — |
|  |  |  |  |  |  |  | Cost of sales |  | — |  |  | 16 |  |  | (20 | )
|  |  |  |  |  |  |  | Operating expenses |  | 1 |  |  | 52 |  |  | (59 | )
Total |  | $ | (1 | ) |  | $ | 20 |  |  | $ | 22 |  |  | Total |  | $ | 3 |  |  | $ | 68 |  |  | $ | (79 | )
Derivatives designated as net investment hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency derivatives |  | $ | 4 |  |  | $ | (1 | ) |  | $ | (15 | ) |  | Other income (loss), net |  | $ | — |  |  | $ | — |  |  | $ | — |
Schedule of Derivative Fair Value Hedge Instruments Gain Loss In Statement of Financial Performance | 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 DERIVATIVE 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 27, 2019 |  | July 28, 2018 |  | July 29, 2017 |  | July 27, 2019 |  | July 28, 2018 |  | July 29, 2017
Interest rate derivatives |  | Interest expense |  | $ | 145 |  |  | $ | (174 | ) |  | $ | (275 | ) |  | $ | (138 | ) |  | $ | 173 |  |  | $ | 271 |
Effect of Derivative Instruments Not Designated as Fair Value Hedges on Consolidated Statement 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 27, 2019 |  | July 28, 2018 |  | July 29, 2017
Foreign currency derivatives |  | Other income (loss), net |  | $ | (60 | ) |  | $ | (24 | ) |  | $ | 13 |
Total return swaps—deferred compensation |  | Operating expenses |  | 19 |  |  | 50 |  |  | 53 |
|  | Cost of sales |  | 2 |  |  | 4 |  |  | 5 |
|  | Other income (loss), net |  | (16 | ) |  | (11 | ) |  | — |
Equity derivatives |  | Other income (loss), net |  | 3 |  |  | (4 | ) |  | 11 |
Total |  |  |  | $ | (52 | ) |  | $ | 15 |  |  | $ | 82 |
Schedule of Notional Amounts of Derivatives Outstanding | The notional amounts of our outstanding derivatives are summarized as follows (in millions):
| July 27, 2019 |  | July 28, 2018
Derivatives designated as hedging instruments: |  |  |
Foreign currency derivatives—cash flow hedges | $ | 663 |  |  | $ | 147 |
Interest rate derivatives | 4,500 |  |  | 6,750 |
Net investment hedging instruments | 309 |  |  | 250 |
Derivatives not designated as hedging instruments: |  |  |
Foreign currency derivatives | 2,708 |  |  | 2,298 |
Total return swaps—deferred compensation | 574 |  |  | 566 |
Total | $ | 8,754 |  |  | $ | 10,011 |
Offsetting of Derivatives | Information related to these offsetting arrangements is summarized as follows (in millions):
| GROSS AMOUNTS OFFSET IN THE CONSOLIDATED BALANCE SHEET |  | GROSS AMOUNTS NOT OFFSET IN THE CONSOLIDATED BALANCE SHEET BUT WITH LEGAL RIGHTS TO OFFSET
July 27, 2019 | Gross Amounts Recognized |  | Gross Amounts Offset |  | Net Amounts Presented |  | Gross Derivative Amounts |  | Cash Collateral |  | Net Amount
Derivatives assets | $ | 89 |  |  | $ | — |  |  | $ | 89 |  |  | $ | (13 | ) |  | $ | (76 | ) |  | $ | — |
Derivatives liabilities | $ | 15 |  |  | $ | — |  |  | $ | 15 |  |  | $ | (13 | ) |  | $ | — |  |  | $ | 2 |
| GROSS AMOUNTS OFFSET IN THE CONSOLIDATED BALANCE SHEET |  | GROSS AMOUNTS NOT OFFSET IN THE CONSOLIDATED BALANCE SHEET BUT WITH LEGAL RIGHTS TO OFFSET
July 28, 2018 | Gross Amounts Recognized |  | Gross Amounts Offset |  | Net Amounts Presented |  | Gross Derivative Amounts |  | Cash Collateral |  | Net Amount
Derivatives assets | $ | 2 |  |  | $ | — |  |  | $ | 2 |  |  | $ | (2 | ) |  | $ | — |  |  | $ | — |
Derivatives liabilities | $ | 74 |  |  | $ | — |  |  | $ | 74 |  |  | $ | (2 | ) |  | $ | (53 | ) |  | $ | 19 |

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