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Derivative Instruments (Tables) | 12 Months Ended
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Jul. 31, 2021
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 |  | July 31, 2021 |  | July 25, 2020 |  | Balance Sheet Line Item |  | July 31, 2021 |  | July 25, 2020
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Foreign currency derivatives | Other current assets |  | $ | 14 |  |  | $ | 7 |  |  | Other current liabilities |  | $ | 3 |  |  | $ | 2 |
Foreign currency derivatives | Other assets |  | 1 |  |  | — |  |  | Other long-term liabilities |  | — |  |  | — |
Interest rate derivatives | Other current assets |  | 9 |  |  | 6 |  |  | Other current liabilities |  | — |  |  | — |
Interest rate derivatives | Other assets |  | 99 |  |  | 169 |  |  | Other long-term liabilities |  | — |  |  | — |
Total |  |  | 123 |  |  | 182 |  |  |  |  | 3 |  |  | 2 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Foreign currency derivatives | Other current assets |  | 3 |  |  | 8 |  |  | Other current liabilities |  | 16 |  |  | 8 |
Foreign currency derivatives | Other assets |  | — |  |  | — |  |  | Other long-term liabilities |  | 1 |  |  | — |
Equity derivatives | Other assets |  | — |  |  | 1 |  |  | Other long-term liabilities |  | — |  |  | — |
Total |  |  | 3 |  |  | 9 |  |  |  |  | 17 |  |  | 8 |
Total |  |  | $ | 126 |  |  | $ | 191 |  |  |  |  | $ | 20 |  |  | $ | 10 |
Cumulative Basis Adjustments 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 |  | July 31, 2021 |  | July 25, 2020 |  | July 31, 2021 |  | July 25, 2020
Short-term debt |  | $ | (508) |  |  | $ | (506) |  |  | $ | (9) |  |  | $ | (6) |
Long-term debt |  | $ | (1,594) |  |  | $ | (2,159) |  |  | $ | (97) |  |  | $ | (165) |
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):
|  | GAINS (LOSSES) FOR THE YEARS ENDED
|  | July 31, 2021 |  | July 25, 2020 |  | July 27, 2019
Interest rate derivatives: |  |  |  |  |  |
Hedged items |  | $ | 65 |  |  | $ | (98) |  |  | $ | (138) |
Derivatives designated as hedging instruments |  | (67) |  |  | 101 |  |  | 145 |
Total |  | $ | (2) |  |  | $ | 3 |  |  | $ | 7 |
Effect of Derivative Instruments Not Designated as Fair Value Hedges on Consolidated Statement 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 YEARS ENDED
Derivatives Not Designated as Hedging Instruments |  | Line Item in Statements of Operations |  | July 31, 2021 |  | July 25, 2020 |  | July 27, 2019
Foreign currency derivatives |  | Other income (loss), net |  | $ | 2 |  |  | $ | (5) |  |  | $ | (60) |
Total return swaps—deferred compensation |  | Operating expenses and other |  | 157 |  |  | 15 |  |  | 5 |
Equity derivatives |  | Other income (loss), net |  | 20 |  |  | 9 |  |  | 3 |
Total |  |  |  | $ | 179 |  |  | $ | 19 |  |  | $ | (52) |
Schedule of Notional Amounts of Derivatives Outstanding | The notional amounts of our outstanding derivatives are summarized as follows (in millions):
| July 31, 2021 |  | July 25, 2020
Foreign currency derivatives | $ | 4,139 |  |  | $ | 4,315 |
Interest rate derivatives | 2,000 |  |  | 2,500 |
Total return swaps—deferred compensation | 730 |  |  | 580 |
Total | $ | 6,869 |  |  | $ | 7,395 |

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