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Derivative Instruments (Tables) | 12 Months Ended
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Jul. 27, 2024
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 27, 2024 |  | July 29, 2023 |  | Balance Sheet Line Item |  | July 27, 2024 |  | July 29, 2023
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Foreign currency derivatives | Other current assets |  | $ | 47 |  |  | $ | 22 |  |  | Other current liabilities |  | $ | 1 |  |  | $ | — |
Foreign currency derivatives | Other assets |  | 15 |  |  | 9 |  |  | Other long-term liabilities |  | — |  |  | — |
Interest rate derivatives | Other current assets |  | — |  |  | — |  |  | Other current liabilities |  | 11 |  |  | 17 |
Interest rate derivatives | Other assets |  | — |  |  | — |  |  | Other long-term liabilities |  | — |  |  | 24 |
Total |  |  | 62 |  |  | 31 |  |  |  |  | 12 |  |  | 41 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Foreign currency derivatives | Other current assets |  | 2 |  |  | 1 |  |  | Other current liabilities |  | 47 |  |  | 25 |
Foreign currency derivatives | Other assets |  | — |  |  | — |  |  | Other long-term liabilities |  | 15 |  |  | 9 |
Total |  |  | 2 |  |  | 1 |  |  |  |  | 62 |  |  | 34 |
Total |  |  | $ | 64 |  |  | $ | 32 |  |  |  |  | $ | 74 |  |  | $ | 75 |
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 27, 2024 |  | July 29, 2023 |  | July 27, 2024 |  | July 29, 2023
Short-term debt |  | $ | (488) |  |  | $ | (983) |  |  | $ | 11 |  |  | $ | 17 |
Long-term debt |  | $ | — |  |  | $ | (476) |  |  | $ | — |  |  | $ | 24 |
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 27, 2024 |  | July 29, 2023 |  | July 30, 2022
Interest rate derivatives: |  |  |  |  |  |
Hedged items |  | $ | (30) |  |  | $ | 31 |  |  | $ | 116 |
Derivatives designated as hedging instruments |  | 30 |  |  | (31) |  |  | (118) |
Total |  | $ | — |  |  | $ | — |  |  | $ | (2) |
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 27, 2024 |  | July 29, 2023 |  | July 30, 2022
Foreign currency derivatives |  | Other income (loss), net |  | $ | (162) |  |  | $ | 1 |  |  | $ | (237) |
Total return swaps—deferred compensation |  | Operating expenses and other |  | 91 |  |  | 58 |  |  | (92) |
Equity derivatives |  | Other income (loss), net |  | 2 |  |  | 13 |  |  | 9 |
Total |  |  |  | $ | (69) |  |  | $ | 72 |  |  | $ | (320) |
Schedule of Notional Amounts of Derivatives Outstanding | The notional amounts of our outstanding derivatives are summarized as follows (in millions):
| July 27, 2024 |  | July 29, 2023
Foreign currency derivatives | $ | 7,434 |  |  | $ | 5,419 |
Interest rate derivatives | 500 |  |  | 1,500 |
Total return swaps—deferred compensation | 985 |  |  | 792 |
Total | $ | 8,919 |  |  | $ | 7,711 |

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