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Borrowings (Tables) | 12 Months Ended
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Jul. 31, 2021
Debt Disclosure [Abstract] |
Schedule of Short-Term Debt | The following table summarizes our short-term debt (in millions, except percentages):
| July 31, 2021 |  | July 25, 2020
| Amount |  | Effective Rate |  | Amount |  | Effective Rate
Current portion of long-term debt | $ | 2,508 |  |  | 1.75 | % |  | $ | 3,005 |  |  | 2.07 | %
Schedule of Long-Term Debt | The following table summarizes our long-term debt (in millions, except percentages):
|  |  | July 31, 2021 |  | July 25, 2020
| Maturity Date |  | Amount |  | Effective Rate |  | Amount |  | Effective Rate
Senior notes: |  |  |  |  |  |  |  |  |
Fixed-rate notes: |  |  |  |  |  |  |  |  |
2.20% | February 28, 2021 |  | $ | — |  |  | — |  | $ | 2,500 |  |  | 2.30%
2.90% | March 4, 2021 |  | — |  |  | — |  | 500 |  |  | 0.94%
1.85% | September 20, 2021 |  | 2,000 |  |  | 1.90% |  | 2,000 |  |  | 1.90%
3.00% | June 15, 2022 |  | 500 |  |  | 1.13% |  | 500 |  |  | 1.21%
2.60% | February 28, 2023 |  | 500 |  |  | 2.68% |  | 500 |  |  | 2.68%
2.20% | September 20, 2023 |  | 750 |  |  | 2.27% |  | 750 |  |  | 2.27%
3.625% | March 4, 2024 |  | 1,000 |  |  | 1.00% |  | 1,000 |  |  | 1.06%
3.50% | June 15, 2025 |  | 500 |  |  | 1.29% |  | 500 |  |  | 1.37%
2.95% | February 28, 2026 |  | 750 |  |  | 3.01% |  | 750 |  |  | 3.01%
2.50% | September 20, 2026 |  | 1,500 |  |  | 2.55% |  | 1,500 |  |  | 2.55%
5.90% | February 15, 2039 |  | 2,000 |  |  | 6.11% |  | 2,000 |  |  | 6.11%
5.50% | January 15, 2040 |  | 2,000 |  |  | 5.67% |  | 2,000 |  |  | 5.67%
Total |  |  | 11,500 |  |  |  |  | 14,500 |  |  |
Unaccreted discount/issuance costs |  |  | (80) |  |  |  |  | (88) |  |  |
Hedge accounting fair value adjustments |  |  | 106 |  |  |  |  | 171 |  |  |
Total |  |  | $ | 11,526 |  |  |  |  | $ | 14,583 |  |  |
Reported as: |  |  |  |  |  |  |  |  |
Short-term debt |  |  | $ | 2,508 |  |  |  |  | $ | 3,005 |  |  |
Long-term debt |  |  | 9,018 |  |  |  |  | 11,578 |  |  |
Total |  |  | $ | 11,526 |  |  |  |  | $ | 14,583 |  |  |
Schedule of Principal Payments for Long-Term Debt | As of July 31, 2021, future principal payments for long-term debt, including the current portion, are summarized as follows (in millions):
Fiscal Year | Amount
2022 | $ | 2,500 |
2023 | 500 |
2024 | 1,750 |
2025 | 500 |
2026 | 750 |
Thereafter | 5,500 |
Total | $ | 11,500 |

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