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Derivative Instruments (Tables) | 6 Months Ended
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Jan. 29, 2022
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 |  | January 29, 2022 |  | July 31, 2021 |  | Balance Sheet Line Item |  | January 29, 2022 |  | July 31, 2021
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Foreign currency derivatives | Other current assets |  | $ | 24 |  |  | $ | 14 |  |  | Other current liabilities |  | $ | 1 |  |  | $ | 3 |
Foreign currency derivatives | Other assets |  | 2 |  |  | 1 |  |  | Other long-term liabilities |  | — |  |  | — |
Interest rate derivatives | Other current assets |  | 3 |  |  | 9 |  |  | Other current liabilities |  | — |  |  | — |
Interest rate derivatives | Other assets |  | 46 |  |  | 99 |  |  | Other long-term liabilities |  | — |  |  | — |
Total |  |  | 75 |  |  | 123 |  |  |  |  | 1 |  |  | 3 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Foreign currency derivatives | Other current assets |  | 2 |  |  | 3 |  |  | Other current liabilities |  | 30 |  |  | 16 |
Foreign currency derivatives | Other assets |  | — |  |  | — |  |  | Other long-term liabilities |  | 2 |  |  | 1 |
Equity derivatives | Other current assets |  | — |  |  | — |  |  | Other current liabilities |  | 5 |  |  | — |
Total |  |  | 2 |  |  | 3 |  |  |  |  | 37 |  |  | 17 |
Total |  |  | $ | 77 |  |  | $ | 126 |  |  |  |  | $ | 38 |  |  | $ | 20 |
Cumulative Basis Adjustment 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 |  | January 29, 2022 |  | July 31, 2021 |  | January 29, 2022 |  | July 31, 2021
Short-term debt |  | $ | (502) |  |  | $ | (508) |  |  | $ | (3) |  |  | $ | (9) |
Long-term debt |  | $ | (1,543) |  |  | $ | (1,594) |  |  | $ | (45) |  |  | $ | (97) |
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):
|  | Three Months Ended |  | Six Months Ended
|  | January 29, 2022 |  | January 23, 2021 |  | January 29, 2022 |  | January 23, 2021
Interest rate derivatives: |  |  |  |  |  |  |  |
Hedged items |  | $ | 32 |  |  | $ | 14 |  |  | $ | 58 |  |  | $ | 33 |
Derivatives designated as hedging instruments |  | (32) |  |  | (14) |  |  | (59) |  |  | (34) |
Total |  | $ | — |  |  | $ | — |  |  | $ | (1) |  |  | $ | (1) |
Effect of Derivative Instruments Not Designated as Fair Value Hedges on Consolidated Statements 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 THREE MONTHS ENDED |  | GAINS (LOSSES) FOR THE SIX MONTHS ENDED
Derivatives Not Designated as Hedging Instruments |  | Line Item in Statements of Operations |  | January 29, 2022 |  | January 23, 2021 |  | January 29, 2022 |  | January 23, 2021
Foreign currency derivatives |  | Other income (loss), net |  | $ | (36) |  |  | $ | 33 |  |  | $ | (56) |  |  | $ | 47 |
Total return swaps—deferred compensation |  | Operating expenses and other |  | (41) |  |  | 76 |  |  | (20) |  |  | 99 |
Equity derivatives |  | Other income (loss), net |  | (3) |  |  | 9 |  |  | 1 |  |  | 14 |
Total |  |  |  | $ | (80) |  |  | $ | 118 |  |  | $ | (75) |  |  | $ | 160 |
Schedule of Notional Amounts of Derivatives Outstanding | The notional amounts of our outstanding derivatives are summarized as follows (in millions):
| January 29, 2022 |  | July 31, 2021
Foreign currency derivatives | $ | 4,254 |  |  | $ | 4,139 |
Interest rate derivatives | 2,000 |  |  | 2,000 |
Total return swaps—deferred compensation | 728 |  |  | 730 |
Total | $ | 6,982 |  |  | $ | 6,869 |

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