XML 35 R17.htm IDEA: XBRL DOCUMENT v3.21.2
Leases
 12 Months Ended
Jul. 31, 2021
Leases [Abstract]  
Leases Leases
(a)Lessee Arrangements
The following table presents our operating lease balances (in millions):
Balance Sheet Line ItemJuly 31, 2021July 25, 2020
Operating lease right-of-use assetsOther assets$1,095 $921 
Operating lease liabilitiesOther current liabilities$337 $341 
Operating lease liabilitiesOther long-term liabilities831 661 
Total operating lease liabilities$1,168 $1,002 
The components of our lease expenses were as follows (in millions):
Years EndedJuly 31, 2021July 25, 2020
Operating lease expense$399 $428 
Short-term lease expense65 69 
Variable lease expense173 157 
Total lease expense$637 $654 
Supplemental information related to our operating leases is as follows (in millions):
Years EndedJuly 31, 2021July 25, 2020
Cash paid for amounts included in the measurement of lease liabilities — operating cash flows $407 $413 
Right-of-use assets obtained in exchange for operating leases liabilities$536 $197 
The weighted-average lease term was 5.2 years and 4.0 years as of July 31, 2021 and July 25, 2020, respectively. The weighted-average discount rate was 1.7% and 1.5% as of July 31, 2021 and July 25, 2020, respectively.
The maturities of our operating leases (undiscounted) as of July 31, 2021 are as follows (in millions):
Fiscal YearAmount
2022$355 
2023279 
2024195 
2025127 
202670 
Thereafter219 
Total lease payments1,245 
Less interest(77)
Total$1,168 
(b)Lessor Arrangements
Our leases primarily represent sales-type leases with terms of four years on average. We provide leasing of our equipment and complementary third-party products primarily through our channel partners and distributors, for which the income arising from these leases is recognized through interest income. Interest income for fiscal 2021 and 2020 was $75 million and $94 million, respectively, and was included in interest income in the Consolidated Statement of Operations. The net investment of our lease receivables is measured at the commencement date as the gross lease receivable, residual value less unearned income and allowance for credit loss. For additional information, see Note 9.
Future minimum lease payments on our lease receivables as of July 31, 2021 are summarized as follows (in millions):
Fiscal YearAmount
2022$682 
2023556 
2024286 
2025144 
202641 
Thereafter1 
Total1,710 
Less: Present value of lease payments1,632 
Unearned income$78 
Actual cash collections may differ from the contractual maturities due to early customer buyouts, refinancings, or defaults.
We provide financing of certain equipment through operating leases, and the amounts are included in property and equipment in the Consolidated Balance Sheets. Amounts relating to equipment on operating lease assets held by us and the associated accumulated depreciation are summarized as follows (in millions):
July 31, 2021July 25, 2020
Operating lease assets$273 $337 
Accumulated depreciation(165)(198)
Operating lease assets, net$108 $139 
Our operating lease income for fiscal 2021 and 2020 was $151 million and $190 million, respectively, and was included in product revenue in the Consolidated Statement of Operations.
Minimum future rentals on noncancelable operating leases as of July 31, 2021 are summarized as follows (in millions):
Fiscal YearAmount
2022$49 
202324 
20246 
20251 
Total$80 
Leases Leases
(a)Lessee Arrangements
The following table presents our operating lease balances (in millions):
Balance Sheet Line ItemJuly 31, 2021July 25, 2020
Operating lease right-of-use assetsOther assets$1,095 $921 
Operating lease liabilitiesOther current liabilities$337 $341 
Operating lease liabilitiesOther long-term liabilities831 661 
Total operating lease liabilities$1,168 $1,002 
The components of our lease expenses were as follows (in millions):
Years EndedJuly 31, 2021July 25, 2020
Operating lease expense$399 $428 
Short-term lease expense65 69 
Variable lease expense173 157 
Total lease expense$637 $654 
Supplemental information related to our operating leases is as follows (in millions):
Years EndedJuly 31, 2021July 25, 2020
Cash paid for amounts included in the measurement of lease liabilities — operating cash flows $407 $413 
Right-of-use assets obtained in exchange for operating leases liabilities$536 $197 
The weighted-average lease term was 5.2 years and 4.0 years as of July 31, 2021 and July 25, 2020, respectively. The weighted-average discount rate was 1.7% and 1.5% as of July 31, 2021 and July 25, 2020, respectively.
The maturities of our operating leases (undiscounted) as of July 31, 2021 are as follows (in millions):
Fiscal YearAmount
2022$355 
2023279 
2024195 
2025127 
202670 
Thereafter219 
Total lease payments1,245 
Less interest(77)
Total$1,168 
(b)Lessor Arrangements
Our leases primarily represent sales-type leases with terms of four years on average. We provide leasing of our equipment and complementary third-party products primarily through our channel partners and distributors, for which the income arising from these leases is recognized through interest income. Interest income for fiscal 2021 and 2020 was $75 million and $94 million, respectively, and was included in interest income in the Consolidated Statement of Operations. The net investment of our lease receivables is measured at the commencement date as the gross lease receivable, residual value less unearned income and allowance for credit loss. For additional information, see Note 9.
Future minimum lease payments on our lease receivables as of July 31, 2021 are summarized as follows (in millions):
Fiscal YearAmount
2022$682 
2023556 
2024286 
2025144 
202641 
Thereafter1 
Total1,710 
Less: Present value of lease payments1,632 
Unearned income$78 
Actual cash collections may differ from the contractual maturities due to early customer buyouts, refinancings, or defaults.
We provide financing of certain equipment through operating leases, and the amounts are included in property and equipment in the Consolidated Balance Sheets. Amounts relating to equipment on operating lease assets held by us and the associated accumulated depreciation are summarized as follows (in millions):
July 31, 2021July 25, 2020
Operating lease assets$273 $337 
Accumulated depreciation(165)(198)
Operating lease assets, net$108 $139 
Our operating lease income for fiscal 2021 and 2020 was $151 million and $190 million, respectively, and was included in product revenue in the Consolidated Statement of Operations.
Minimum future rentals on noncancelable operating leases as of July 31, 2021 are summarized as follows (in millions):
Fiscal YearAmount
2022$49 
202324 
20246 
20251 
Total$80 
Leases Leases
(a)Lessee Arrangements
The following table presents our operating lease balances (in millions):
Balance Sheet Line ItemJuly 31, 2021July 25, 2020
Operating lease right-of-use assetsOther assets$1,095 $921 
Operating lease liabilitiesOther current liabilities$337 $341 
Operating lease liabilitiesOther long-term liabilities831 661 
Total operating lease liabilities$1,168 $1,002 
The components of our lease expenses were as follows (in millions):
Years EndedJuly 31, 2021July 25, 2020
Operating lease expense$399 $428 
Short-term lease expense65 69 
Variable lease expense173 157 
Total lease expense$637 $654 
Supplemental information related to our operating leases is as follows (in millions):
Years EndedJuly 31, 2021July 25, 2020
Cash paid for amounts included in the measurement of lease liabilities — operating cash flows $407 $413 
Right-of-use assets obtained in exchange for operating leases liabilities$536 $197 
The weighted-average lease term was 5.2 years and 4.0 years as of July 31, 2021 and July 25, 2020, respectively. The weighted-average discount rate was 1.7% and 1.5% as of July 31, 2021 and July 25, 2020, respectively.
The maturities of our operating leases (undiscounted) as of July 31, 2021 are as follows (in millions):
Fiscal YearAmount
2022$355 
2023279 
2024195 
2025127 
202670 
Thereafter219 
Total lease payments1,245 
Less interest(77)
Total$1,168 
(b)Lessor Arrangements
Our leases primarily represent sales-type leases with terms of four years on average. We provide leasing of our equipment and complementary third-party products primarily through our channel partners and distributors, for which the income arising from these leases is recognized through interest income. Interest income for fiscal 2021 and 2020 was $75 million and $94 million, respectively, and was included in interest income in the Consolidated Statement of Operations. The net investment of our lease receivables is measured at the commencement date as the gross lease receivable, residual value less unearned income and allowance for credit loss. For additional information, see Note 9.
Future minimum lease payments on our lease receivables as of July 31, 2021 are summarized as follows (in millions):
Fiscal YearAmount
2022$682 
2023556 
2024286 
2025144 
202641 
Thereafter1 
Total1,710 
Less: Present value of lease payments1,632 
Unearned income$78 
Actual cash collections may differ from the contractual maturities due to early customer buyouts, refinancings, or defaults.
We provide financing of certain equipment through operating leases, and the amounts are included in property and equipment in the Consolidated Balance Sheets. Amounts relating to equipment on operating lease assets held by us and the associated accumulated depreciation are summarized as follows (in millions):
July 31, 2021July 25, 2020
Operating lease assets$273 $337 
Accumulated depreciation(165)(198)
Operating lease assets, net$108 $139 
Our operating lease income for fiscal 2021 and 2020 was $151 million and $190 million, respectively, and was included in product revenue in the Consolidated Statement of Operations.
Minimum future rentals on noncancelable operating leases as of July 31, 2021 are summarized as follows (in millions):
Fiscal YearAmount
2022$49 
202324 
20246 
20251 
Total$80