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Financing Receivables (Tables) | 6 Months Ended
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Jan. 29, 2022
Receivables [Abstract] |
Summary of Financing Receivables | A summary of our financing receivables is presented as follows (in millions):
January 29, 2022 | Lease Receivables |  | Loan Receivables |  | Financed Service Contracts |  | Total
Gross | $ | 1,364 |  |  | $ | 4,581 |  |  | $ | 2,149 |  |  | $ | 8,094 |
Residual value | 88 |  |  | — |  |  | — |  |  | 88 |
Unearned income | (64) |  |  | — |  |  | — |  |  | (64) |
Allowance for credit loss | (27) |  |  | (67) |  |  | (3) |  |  | (97) |
Total, net | $ | 1,361 |  |  | $ | 4,514 |  |  | $ | 2,146 |  |  | $ | 8,021 |
Reported as: |  |  |  |  |  |  |
Current | $ | 651 |  |  | $ | 2,218 |  |  | $ | 1,128 |  |  | $ | 3,997 |
Noncurrent | 710 |  |  | 2,296 |  |  | 1,018 |  |  | 4,024 |
Total, net | $ | 1,361 |  |  | $ | 4,514 |  |  | $ | 2,146 |  |  | $ | 8,021 |
July 31, 2021 | Lease Receivables |  | Loan Receivables |  | Financed Service Contracts |  | Total
Gross | $ | 1,710 |  |  | $ | 5,203 |  |  | $ | 2,453 |  |  | $ | 9,366 |
Residual value | 103 |  |  | — |  |  | — |  |  | 103 |
Unearned income | (78) |  |  | — |  |  | — |  |  | (78) |
Allowance for credit loss | (38) |  |  | (86) |  |  | (3) |  |  | (127) |
Total, net | $ | 1,697 |  |  | $ | 5,117 |  |  | $ | 2,450 |  |  | $ | 9,264 |
Reported as: |  |  |  |  |  |  |
Current | $ | 780 |  |  | $ | 2,372 |  |  | $ | 1,228 |  |  | $ | 4,380 |
Noncurrent | 917 |  |  | 2,745 |  |  | 1,222 |  |  | 4,884 |
Total, net | $ | 1,697 |  |  | $ | 5,117 |  |  | $ | 2,450 |  |  | $ | 9,264 |
Schedule of Financing Receivables by Internal Credit Risk Rating by Period of Origination | The tables below present our gross financing receivables, excluding residual value, less unearned income, categorized by our internal credit risk rating by period of origination (in millions):
January 29, 2022 |  |  | Fiscal Year |  | Six Months Ended |  |
Internal Credit Risk Rating | Prior |  | July 28, 2018 |  | July 27, 2019 |  | July 25, 2020 |  | July 31, 2021 |  | January 29, 2022 |  | Total
Lease Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
1 to 4 | $ | 6 |  |  | $ | 51 |  |  | $ | 104 |  |  | $ | 171 |  |  | $ | 209 |  |  | $ | 125 |  |  | $ | 666 |
5 to 6 | 6 |  |  | 28 |  |  | 105 |  |  | 199 |  |  | 200 |  |  | 57 |  |  | 595 |
7 and Higher | 1 |  |  | 2 |  |  | 6 |  |  | 15 |  |  | 4 |  |  | 11 |  |  | 39 |
Total Lease Receivables | $ | 13 |  |  | $ | 81 |  |  | $ | 215 |  |  | $ | 385 |  |  | $ | 413 |  |  | $ | 193 |  |  | $ | 1,300 |
Loan Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
1 to 4 | $ | 16 |  |  | $ | 85 |  |  | $ | 221 |  |  | $ | 665 |  |  | $ | 1,182 |  |  | $ | 660 |  |  | $ | 2,829 |
5 to 6 | 5 |  |  | 34 |  |  | 119 |  |  | 359 |  |  | 662 |  |  | 450 |  |  | 1,629 |
7 and Higher | 2 |  |  | 2 |  |  | 36 |  |  | 36 |  |  | 26 |  |  | 21 |  |  | 123 |
Total Loan Receivables | $ | 23 |  |  | $ | 121 |  |  | $ | 376 |  |  | $ | 1,060 |  |  | $ | 1,870 |  |  | $ | 1,131 |  |  | $ | 4,581 |
Financed Service Contracts: |  |  |  |  |  |  |  |  |  |  |  |  |
1 to 4 | $ | 2 |  |  | $ | 16 |  |  | $ | 65 |  |  | $ | 169 |  |  | $ | 740 |  |  | $ | 380 |  |  | $ | 1,372 |
5 to 6 | 1 |  |  | 15 |  |  | 76 |  |  | 184 |  |  | 337 |  |  | 149 |  |  | 762 |
7 and Higher | — |  |  | — |  |  | 3 |  |  | 6 |  |  | 3 |  |  | 3 |  |  | 15 |
Total Financed Service Contracts | $ | 3 |  |  | $ | 31 |  |  | $ | 144 |  |  | $ | 359 |  |  | $ | 1,080 |  |  | $ | 532 |  |  | $ | 2,149 |
Total | $ | 39 |  |  | $ | 233 |  |  | $ | 735 |  |  | $ | 1,804 |  |  | $ | 3,363 |  |  | $ | 1,856 |  |  | $ | 8,030 |
July 31, 2021 |  |  | Fiscal Year |  |
Internal Credit Risk Rating | Prior |  | July 29, 2017 |  | July 28, 2018 |  | July 27, 2019 |  | July 25, 2020 |  | July 31, 2021 |  | Total
Lease Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
1 to 4 | $ | 2 |  |  | $ | 20 |  |  | $ | 100 |  |  | $ | 168 |  |  | $ | 282 |  |  | $ | 227 |  |  | $ | 799 |
5 to 6 | 1 |  |  | 17 |  |  | 65 |  |  | 187 |  |  | 285 |  |  | 231 |  |  | 786 |
7 and Higher | — |  |  | 2 |  |  | 6 |  |  | 12 |  |  | 23 |  |  | 4 |  |  | 47 |
Total Lease Receivables | $ | 3 |  |  | $ | 39 |  |  | $ | 171 |  |  | $ | 367 |  |  | $ | 590 |  |  | $ | 462 |  |  | $ | 1,632 |
Loan Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
1 to 4 | $ | 4 |  |  | $ | 86 |  |  | $ | 134 |  |  | $ | 577 |  |  | $ | 990 |  |  | $ | 1,552 |  |  | $ | 3,343 |
5 to 6 | — |  |  | 19 |  |  | 75 |  |  | 202 |  |  | 505 |  |  | 925 |  |  | 1,726 |
7 and Higher | 1 |  |  | 2 |  |  | 4 |  |  | 50 |  |  | 43 |  |  | 34 |  |  | 134 |
Total Loan Receivables | $ | 5 |  |  | $ | 107 |  |  | $ | 213 |  |  | $ | 829 |  |  | $ | 1,538 |  |  | $ | 2,511 |  |  | $ | 5,203 |
Financed Service Contracts: |  |  |  |  |  |  |  |  |  |  |  |  |
1 to 4 | $ | — |  |  | $ | 38 |  |  | $ | 26 |  |  | $ | 106 |  |  | $ | 252 |  |  | $ | 1,053 |  |  | $ | 1,475 |
5 to 6 | — |  |  | 6 |  |  | 26 |  |  | 105 |  |  | 302 |  |  | 520 |  |  | 959 |
7 and Higher | — |  |  | — |  |  | 1 |  |  | 6 |  |  | 7 |  |  | 5 |  |  | 19 |
Total Financed Service Contracts | $ | — |  |  | $ | 44 |  |  | $ | 53 |  |  | $ | 217 |  |  | $ | 561 |  |  | $ | 1,578 |  |  | $ | 2,453 |
Total | $ | 8 |  |  | $ | 190 |  |  | $ | 437 |  |  | $ | 1,413 |  |  | $ | 2,689 |  |  | $ | 4,551 |  |  | $ | 9,288 |
Schedule of Aging Analysis of Financing Receivables | The following tables present the aging analysis of gross receivables as of January 29, 2022 and July 31, 2021 (in millions):
| DAYS PAST DUE (INCLUDES BILLED AND UNBILLED) |  |  |  |  |  |  |  |  |  |
January 29, 2022 | 31-60 |  | 61-90 |  | 91+ |  | Total Past Due |  | Current |  | Total |  | 120+ Still Accruing |  | Nonaccrual Financing Receivables |  | Impaired Financing Receivables
Lease receivables | $ | 26 |  |  | $ | 15 |  |  | $ | 26 |  |  | $ | 67 |  |  | $ | 1,233 |  |  | $ | 1,300 |  |  | $ | 9 |  |  | $ | 19 |  |  | $ | 19 |
Loan receivables | 66 |  |  | 12 |  |  | 42 |  |  | 120 |  |  | 4,461 |  |  | 4,581 |  |  | 8 |  |  | 25 |  |  | 25 |
Financed service contracts | 16 |  |  | 6 |  |  | 10 |  |  | 32 |  |  | 2,117 |  |  | 2,149 |  |  | 4 |  |  | 2 |  |  | 2 |
Total | $ | 108 |  |  | $ | 33 |  |  | $ | 78 |  |  | $ | 219 |  |  | $ | 7,811 |  |  | $ | 8,030 |  |  | $ | 21 |  |  | $ | 46 |  |  | $ | 46 |
| DAYS PAST DUE (INCLUDES BILLED AND UNBILLED) |  |  |  |  |  |  |  |  |  |
July 31, 2021 | 31-60 |  | 61-90 |  | 91+ |  | Total Past Due |  | Current |  | Total |  | 120+ Still Accruing |  | Nonaccrual Financing Receivables |  | Impaired Financing Receivables
Lease receivables | $ | 21 |  |  | $ | 17 |  |  | $ | 29 |  |  | $ | 67 |  |  | $ | 1,565 |  |  | $ | 1,632 |  |  | $ | 1 |  |  | $ | 33 |  |  | $ | 26 |
Loan receivables | 71 |  |  | 17 |  |  | 35 |  |  | 123 |  |  | 5,080 |  |  | 5,203 |  |  | 4 |  |  | 33 |  |  | 33 |
Financed service contracts | 18 |  |  | 13 |  |  | 18 |  |  | 49 |  |  | 2,404 |  |  | 2,453 |  |  | 3 |  |  | 3 |  |  | 3 |
Total | $ | 110 |  |  | $ | 47 |  |  | $ | 82 |  |  | $ | 239 |  |  | $ | 9,049 |  |  | $ | 9,288 |  |  | $ | 8 |  |  | $ | 69 |  |  | $ | 62 |
Schedule of Allowance for Credit Loss and Related Financing Receivables | The allowances for credit loss and the related financing receivables are summarized as follows (in millions):
Three months ended January 29, 2022 | CREDIT LOSS ALLOWANCES
| Lease Receivables |  | Loan Receivables |  | Financed Service Contracts |  | Total
Allowance for credit loss as of October 30, 2021 | $ | 33 |  |  | $ | 74 |  |  | $ | 2 |  |  | $ | 109 |
Provisions (benefits) | (4) |  |  | (7) |  |  | 1 |  |  | (10) |
Recoveries (write-offs), net | (2) |  |  | — |  |  | — |  |  | (2) |
Allowance for credit loss as of January 29, 2022 | $ | 27 |  |  | $ | 67 |  |  | $ | 3 |  |  | $ | 97 |
Three Months Ended January 23, 2021 | CREDIT LOSS ALLOWANCES
| Lease Receivables |  | Loan Receivables |  | Financed Service Contracts |  | Total
Allowance for credit loss as of October 24, 2020 | $ | 46 |  |  | $ | 101 |  |  | $ | 7 |  |  | $ | 154 |
Provisions (benefits) | (4) |  |  | (6) |  |  | 2 |  |  | (8) |
Other | 1 |  |  | 1 |  |  | — |  |  | 2 |
Allowance for credit loss as of January 23, 2021 | $ | 43 |  |  | $ | 96 |  |  | $ | 9 |  |  | $ | 148 |
Six months ended January 29, 2022 | CREDIT LOSS ALLOWANCES
| Lease Receivables |  | Loan Receivables |  | Financed Service Contracts |  | Total
Allowance for credit loss as of July 31, 2021 | $ | 38 |  |  | $ | 86 |  |  | $ | 3 |  |  | $ | 127 |
Provisions (benefits) | (9) |  |  | (19) |  |  | — |  |  | (28) |
Recoveries (write-offs), net | (2) |  |  | — |  |  | — |  |  | (2) |
Allowance for credit loss as of January 29, 2022 | $ | 27 |  |  | $ | 67 |  |  | $ | 3 |  |  | $ | 97 |
Six months ended January 23, 2021 | CREDIT LOSS ALLOWANCES
| Lease Receivables |  | Loan Receivables |  | Financed Service Contracts |  | Total
Allowance for credit loss as of July 25, 2020 | $ | 48 |  |  | $ | 81 |  |  | $ | 9 |  |  | $ | 138 |
Provisions (benefits) | (7) |  |  | (3) |  |  | 1 |  |  | (9) |
Other | 2 |  |  | 18 |  |  | (1) |  |  | 19 |
Allowance for credit loss as of January 23, 2021 | $ | 43 |  |  | $ | 96 |  |  | $ | 9 |  |  | $ | 148 |

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- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=124255953&loc=SL82919230-210447 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=123577603&loc=SL6953659-111524 + Details
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