v3.19.1

Derivative Instruments (Tables) | 9 Months Ended
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Apr. 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 |  | April 27, 2019 |  | July 28, 2018 |  | Balance Sheet Line Item |  | April 27, 2019 |  | July 28, 2018
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Foreign currency derivatives | Other current assets |  | $ | 5 |  |  | $ | 1 |  |  | Other current liabilities |  | $ | 3 |  |  | $ | — |
Interest rate derivatives | Other current assets |  | — |  |  | — |  |  | Other current liabilities |  | 7 |  |  | 10 |
Interest rate derivatives | Other assets |  | 27 |  |  | — |  |  | Other long-term liabilities |  | 4 |  |  | 62 |
Total |  |  | 32 |  |  | 1 |  |  |  |  | 14 |  |  | 72 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Foreign currency derivatives | Other current assets |  | 4 |  |  | 1 |  |  | Other current liabilities |  | 6 |  |  | 2 |
Total |  |  | 4 |  |  | 1 |  |  |  |  | 6 |  |  | 2 |
Total |  |  | $ | 36 |  |  | $ | 2 |  |  |  |  | $ | 20 |  |  | $ | 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 THREE MONTHS ENDED (EFFECTIVE PORTION) |  | GAINS (LOSSES) RECLASSIFIED FROM AOCI INTO INCOME FOR THE THREE MONTHS ENDED (EFFECTIVE PORTION)
|  | April 27, 2019 |  | April 28, 2018 |  | Line Item in Statements of Operations |  | April 27, 2019 |  | April 28, 2018
Derivatives designated as cash flow hedging instruments: |  |  |  |  |  |  |  |  |  |
Foreign currency derivatives |  | $ | 12 |  |  | $ | (10 | ) |  | Revenue — product |  | $ | (1 | ) |  | $ | — |
|  |  |  |  |  | Revenue — service |  | 1 |  |  | — |
|  |  |  |  |  | Cost of sales — service |  | — |  |  | 7 |
|  |  |  |  |  | Operating expenses |  | — |  |  | 21 |
Total |  | $ | 12 |  |  | $ | (10 | ) |  |  |  | $ | — |  |  | $ | 28 |
Derivatives designated as net investment hedging instruments: |  |  |  |  |  |  |  |  |  |
Foreign currency derivatives |  | $ | — |  |  | $ | 7 |  |  | Other income (loss), net |  | $ | — |  |  | $ | — |
GAINS (LOSSES) RECOGNIZED IN OCI ON DERIVATIVES FOR THE NINE MONTHS ENDED (EFFECTIVE PORTION) |  | GAINS (LOSSES) RECLASSIFIED FROM AOCI INTO INCOME FOR THE NINE MONTHS ENDED (EFFECTIVE PORTION)
|  | April 27, 2019 |  | April 28, 2018 |  | Line Item in Statements of Operations |  | April 27, 2019 |  | April 28, 2018
Derivatives designated as cash flow hedging instruments: |  |  |  |  |  |  |  |  |  |
Foreign currency derivatives |  | $ | 2 |  |  | $ | 28 |  |  | Revenue — product |  | $ | — |  |  | $ | — |
|  |  |  |  |  | Revenue — service |  | 3 |  |  | — |
|  |  |  |  |  | Cost of sales — service |  | (1 | ) |  | 14 |
|  |  |  |  |  | Operating expenses |  | (1 | ) |  | 45 |
Total |  | $ | 2 |  |  | $ | 28 |  |  |  |  | $ | 1 |  |  | $ | 59 |
Derivatives designated as net investment hedging instruments: |  |  |  |  |  |  |  |  |  |
Foreign currency derivatives |  | $ | 3 |  |  | $ | (10 | ) |  | 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 THREE MONTHS ENDED |  | GAINS (LOSSES) RELATED TO HEDGED ITEMS FOR THE THREE MONTHS ENDED
Derivatives Designated as Fair Value Hedging Instruments |  | Line Item in Statements of Operations |  | April 27, 2019 |  | April 28, 2018 |  | April 27, 2019 |  | April 28, 2018
Interest rate derivatives |  | Interest expense |  | $ | 33 |  |  | $ | (59 | ) |  | $ | (31 | ) |  | $ | 58 |
Equity derivatives |  | Other income (loss), net |  | — |  |  | 25 |  |  | — |  |  | (25 | )
Total |  |  |  | $ | 33 |  |  | $ | (34 | ) |  | $ | (31 | ) |  | $ | 33 |
|  |  |  | GAINS (LOSSES) ON DERIVATIVE INSTRUMENTS FOR THE NINE MONTHS ENDED |  | GAINS (LOSSES) RELATED TO HEDGED ITEMS FOR THE NINE MONTHS ENDED
Derivatives Designated as Fair Value Hedging Instruments |  | Line Item in Statements of Operations |  | April 27, 2019 |  | April 28, 2018 |  | April 27, 2019 |  | April 28, 2018
Interest rate derivatives |  | Interest expense |  | $ | 88 |  |  | $ | (168 | ) |  | $ | (83 | ) |  | $ | 167 |
Equity derivatives |  | Other income (loss), net |  | — |  |  | (24 | ) |  | — |  |  | 24 |
Total |  |  |  | $ | 88 |  |  | $ | (192 | ) |  | $ | (83 | ) |  | $ | 191 |
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 THREE MONTHS ENDED |  | GAINS (LOSSES) FOR THE NINE MONTHS ENDED
Derivatives Not Designated as Hedging Instruments |  | Line Item in Statements of Operations |  | April 27, 2019 |  | April 28, 2018 |  | April 27, 2019 |  | April 28, 2018
Foreign currency derivatives |  | Other income (loss), net |  | $ | (29 | ) |  | $ | (53 | ) |  | $ | (57 | ) |  | $ | 20 |
Total return swaps—deferred compensation |  | Operating expenses |  | 42 |  |  | (26 | ) |  | 9 |  |  | 28 |
|  | Cost of sales — product |  | 2 |  |  | (1 | ) |  | 1 |  |  | — |
|  | Cost of sales — service |  | 2 |  |  | (1 | ) |  | — |  |  | 1 |
|  | Other income (loss), net |  | (4 | ) |  | (3 | ) |  | (12 | ) |  | (8 | )
Equity derivatives |  | Other income (loss), net |  | 1 |  |  | (7 | ) |  | 2 |  |  | (4 | )
Total |  |  |  | $ | 14 |  |  | $ | (91 | ) |  | $ | (57 | ) |  | $ | 37 |
Schedule of Notional Amounts of Derivatives Outstanding | The notional amounts of our outstanding derivatives are summarized as follows (in millions):
| April 27, 2019 |  | July 28, 2018
Derivatives designated as hedging instruments: |  |  |
Foreign currency derivatives—cash flow hedges | $ | 623 |  |  | $ | 147 |
Interest rate derivatives | 4,500 |  |  | 6,750 |
Net investment hedging instruments | 363 |  |  | 250 |
Derivatives not designated as hedging instruments: |  |  |
Foreign currency derivatives | 2,760 |  |  | 2,298 |
Total return swaps—deferred compensation | 572 |  |  | 566 |
Total | $ | 8,818 |  |  | $ | 10,011 |
Offsetting Assets and Liabilities | Information related to these offsetting arrangements is summarized as follows (in millions):
| April 27, 2019
| GROSS AMOUNTS OFFSET IN THE CONSOLIDATED BALANCE SHEETS |  | GROSS AMOUNTS NOT OFFSET IN THE CONSOLIDATED BALANCE SHEETS BUT WITH LEGAL RIGHTS TO OFFSET
| Gross Amounts Recognized |  | Gross Amounts Offset |  | Net Amounts Presented |  | Gross Derivative Amounts |  | Cash Collateral |  | Net Amount
Derivatives assets | $ | 36 |  |  | $ | — |  |  | $ | 36 |  |  | $ | (10 | ) |  | $ | (26 | ) |  | $ | — |
Derivatives liabilities | $ | 20 |  |  | $ | — |  |  | $ | 20 |  |  | $ | (10 | ) |  | $ | (5 | ) |  | $ | 5 |
| July 28, 2018
| GROSS AMOUNTS OFFSET IN THE CONSOLIDATED BALANCE SHEETS |  | GROSS AMOUNTS NOT OFFSET IN THE CONSOLIDATED BALANCE SHEETS BUT WITH LEGAL RIGHTS TO OFFSET
| 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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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
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