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Derivative Instruments (Tables) | 3 Months Ended
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Oct. 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 |  | October 29, 2022 |  | July 30, 2022 |  | Balance Sheet Line Item |  | October 29, 2022 |  | July 30, 2022
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Foreign currency derivatives | Other current assets |  | $ | 61 |  |  | $ | 55 |  |  | Other current liabilities |  | $ | — |  |  | $ | — |
Foreign currency derivatives | Other assets |  | 15 |  |  | 9 |  |  | Other long-term liabilities |  | — |  |  | — |
Interest rate derivatives | Other assets |  | — |  |  | — |  |  | Other long-term liabilities |  | 49 |  |  | 10 |
Total |  |  | 76 |  |  | 64 |  |  |  |  | 49 |  |  | 10 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Foreign currency derivatives | Other current assets |  | 21 |  |  | 14 |  |  | Other current liabilities |  | 73 |  |  | 69 |
Foreign currency derivatives | Other assets |  | — |  |  | — |  |  | Other long-term liabilities |  | 16 |  |  | 9 |
Equity derivatives | Other current assets |  | — |  |  | — |  |  | Other current liabilities |  | — |  |  | 1 |
Total |  |  | 21 |  |  | 14 |  |  |  |  | 89 |  |  | 79 |
Total |  |  | $ | 97 |  |  | $ | 78 |  |  |  |  | $ | 138 |  |  | $ | 89 |
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 |  | October 29, 2022 |  | July 30, 2022 |  | October 29, 2022 |  | July 30, 2022
Long-term debt |  | $ | (1,448) |  |  | $ | (1,487) |  |  | $ | 49 |  |  | $ | 10 |
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 THREE MONTHS ENDED
|  | October 29, 2022 |  | October 30, 2021
Interest rate derivatives: |  |  |  |
Hedged items |  | $ | 39 |  |  | $ | 26 |
Derivatives designated as hedging instruments |  | (39) |  |  | (27) |
Total |  | $ | — |  |  | $ | (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
Derivatives Not Designated as Hedging Instruments |  | Line Item in Statements of Operations |  | October 29, 2022 |  | October 30, 2021
Foreign currency derivatives |  | Other income (loss), net |  | $ | (72) |  |  | $ | (20) |
Total return swaps—deferred compensation |  | Operating expenses and other |  | (25) |  |  | 21 |
Equity derivatives |  | Other income (loss), net |  | (1) |  |  | 4 |
Total |  |  |  | $ | (98) |  |  | $ | 5 |
Schedule of Notional Amounts of Derivatives Outstanding | The notional amounts of our outstanding derivatives are summarized as follows (in millions):
| October 29, 2022 |  | July 30, 2022
Foreign currency derivatives | $ | 4,183 |  |  | $ | 4,521 |
Interest rate derivatives | 1,500 |  |  | 1,500 |
Total return swaps—deferred compensation | 676 |  |  | 651 |
Total | $ | 6,359 |  |  | $ | 6,672 |

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