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Financing Receivables (Tables) | 6 Months Ended
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Jan. 27, 2024
Receivables [Abstract] |
Summary of Financing Receivables | A summary of our financing receivables is presented as follows (in millions):
January 27, 2024 | Loan Receivables |  | Lease Receivables |  | Total
Gross | $ | 5,850 |  |  | $ | 1,099 |  |  | $ | 6,949 |
Residual value | — |  |  | 70 |  |  | 70 |
Unearned income | — |  |  | (110) |  |  | (110) |
Allowance for credit loss | (53) |  |  | (16) |  |  | (69) |
Total, net | $ | 5,797 |  |  | $ | 1,043 |  |  | $ | 6,840 |
Reported as: |  |  |  |  |
Current | $ | 3,066 |  |  | $ | 410 |  |  | $ | 3,476 |
Noncurrent | 2,731 |  |  | 633 |  |  | 3,364 |
Total, net | $ | 5,797 |  |  | $ | 1,043 |  |  | $ | 6,840 |
July 29, 2023 | Loan Receivables |  | Lease Receivables |  | Total
Gross | $ | 5,910 |  |  | $ | 1,015 |  |  | $ | 6,925 |
Residual value | — |  |  | 70 |  |  | 70 |
Unearned income | — |  |  | (88) |  |  | (88) |
Allowance for credit loss | (53) |  |  | (19) |  |  | (72) |
Total, net | $ | 5,857 |  |  | $ | 978 |  |  | $ | 6,835 |
Reported as: |  |  |  |  |
Current | $ | 2,988 |  |  | $ | 364 |  |  | $ | 3,352 |
Noncurrent | 2,869 |  |  | 614 |  |  | 3,483 |
Total, net | $ | 5,857 |  |  | $ | 978 |  |  | $ | 6,835 |
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 27, 2024 |  |  | Fiscal Year |  | Six Months Ended |  |
Internal Credit Risk Rating | Prior |  | July 25, 2020 |  | July 31, 2021 |  | July 30, 2022 |  | July 29, 2023 |  | January 27, 2024 |  | Total
Loan Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
1 to 4 | $ | 24 |  |  | $ | 164 |  |  | $ | 552 |  |  | $ | 783 |  |  | $ | 1,243 |  |  | $ | 1,008 |  |  | $ | 3,774 |
5 to 6 | 6 |  |  | 67 |  |  | 169 |  |  | 256 |  |  | 629 |  |  | 821 |  |  | 1,948 |
7 and Higher | 4 |  |  | 4 |  |  | 12 |  |  | 87 |  |  | 18 |  |  | 3 |  |  | 128 |
Total Loan Receivables | $ | 34 |  |  | $ | 235 |  |  | $ | 733 |  |  | $ | 1,126 |  |  | $ | 1,890 |  |  | $ | 1,832 |  |  | $ | 5,850 |
Lease Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
1 to 4 | $ | 6 |  |  | $ | 31 |  |  | $ | 71 |  |  | $ | 71 |  |  | $ | 224 |  |  | $ | 215 |  |  | $ | 618 |
5 to 6 | 4 |  |  | 28 |  |  | 41 |  |  | 71 |  |  | 158 |  |  | 53 |  |  | 355 |
7 and Higher | 1 |  |  | 1 |  |  | 2 |  |  | 4 |  |  | 5 |  |  | 3 |  |  | 16 |
Total Lease Receivables | $ | 11 |  |  | $ | 60 |  |  | $ | 114 |  |  | $ | 146 |  |  | $ | 387 |  |  | $ | 271 |  |  | $ | 989 |
Total | $ | 45 |  |  | $ | 295 |  |  | $ | 847 |  |  | $ | 1,272 |  |  | $ | 2,277 |  |  | $ | 2,103 |  |  | $ | 6,839 |
July 29, 2023 |  |  | Fiscal Year |  |
Internal Credit Risk Rating | Prior |  | July 27, 2019 |  | July 25, 2020 |  | July 31, 2021 |  | July 30, 2022 |  | July 29, 2023 |  | Total
Loan Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
1 to 4 | $ | 10 |  |  | $ | 53 |  |  | $ | 251 |  |  | $ | 791 |  |  | $ | 1,077 |  |  | $ | 1,784 |  |  | $ | 3,966 |
5 to 6 | 3 |  |  | 14 |  |  | 131 |  |  | 287 |  |  | 465 |  |  | 936 |  |  | 1,836 |
7 and Higher | 1 |  |  | 7 |  |  | 15 |  |  | 17 |  |  | 29 |  |  | 39 |  |  | 108 |
Total Loan Receivables | $ | 14 |  |  | $ | 74 |  |  | $ | 397 |  |  | $ | 1,095 |  |  | $ | 1,571 |  |  | $ | 2,759 |  |  | $ | 5,910 |
Lease Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
1 to 4 | $ | 2 |  |  | $ | 20 |  |  | $ | 57 |  |  | $ | 111 |  |  | $ | 84 |  |  | $ | 235 |  |  | $ | 509 |
5 to 6 | 2 |  |  | 13 |  |  | 44 |  |  | 58 |  |  | 87 |  |  | 191 |  |  | 395 |
7 and Higher | — |  |  | 1 |  |  | 2 |  |  | 4 |  |  | 5 |  |  | 11 |  |  | 23 |
Total Lease Receivables | $ | 4 |  |  | $ | 34 |  |  | $ | 103 |  |  | $ | 173 |  |  | $ | 176 |  |  | $ | 437 |  |  | $ | 927 |
Total | $ | 18 |  |  | $ | 108 |  |  | $ | 500 |  |  | $ | 1,268 |  |  | $ | 1,747 |  |  | $ | 3,196 |  |  | $ | 6,837 |
Schedule of Aging Analysis of Financing Receivables | The following tables present the aging analysis of gross receivables as of January 27, 2024 and July 29, 2023 (in millions):
| DAYS PAST DUE (INCLUDES BILLED AND UNBILLED) |  |  |  |  |  |  |  |  |  |
January 27, 2024 | 31-60 |  | 61-90 |  | 91+ |  | Total Past Due |  | Current |  | Total |  | 120+ Still Accruing |  | Nonaccrual Financing Receivables |  | Impaired Financing Receivables
Loan receivables | $ | 55 |  |  | $ | 32 |  |  | $ | 74 |  |  | $ | 161 |  |  | $ | 5,689 |  |  | $ | 5,850 |  |  | $ | 23 |  |  | $ | 8 |  |  | $ | 8 |
Lease receivables | 19 |  |  | 8 |  |  | 21 |  |  | 48 |  |  | 941 |  |  | 989 |  |  | 11 |  |  | 2 |  |  | 2 |
Total | $ | 74 |  |  | $ | 40 |  |  | $ | 95 |  |  | $ | 209 |  |  | $ | 6,630 |  |  | $ | 6,839 |  |  | $ | 34 |  |  | $ | 10 |  |  | $ | 10 |
| DAYS PAST DUE (INCLUDES BILLED AND UNBILLED) |  |  |  |  |  |  |  |  |  |
July 29, 2023 | 31-60 |  | 61-90 |  | 91+ |  | Total Past Due |  | Current |  | Total |  | 120+ Still Accruing |  | Nonaccrual Financing Receivables |  | Impaired Financing Receivables
Loan receivables | $ | 47 |  |  | $ | 20 |  |  | $ | 37 |  |  | $ | 104 |  |  | $ | 5,806 |  |  | $ | 5,910 |  |  | $ | 17 |  |  | $ | 12 |  |  | $ | 12 |
Lease receivables | 16 |  |  | 4 |  |  | 23 |  |  | 43 |  |  | 884 |  |  | 927 |  |  | 6 |  |  | 3 |  |  | 3 |
Total | $ | 63 |  |  | $ | 24 |  |  | $ | 60 |  |  | $ | 147 |  |  | $ | 6,690 |  |  | $ | 6,837 |  |  | $ | 23 |  |  | $ | 15 |  |  | $ | 15 |
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 27, 2024 | CREDIT LOSS ALLOWANCES
| Loan Receivables |  | Lease Receivables |  | Total
Allowance for credit loss as of October 28, 2023 | $ | 58 |  |  | $ | 16 |  |  | $ | 74 |
Provisions (benefits) | (1) |  |  | — |  |  | (1) |
Recoveries (write-offs), net | (4) |  |  | — |  |  | (4) |
Allowance for credit loss as of January 27, 2024 | $ | 53 |  |  | $ | 16 |  |  | $ | 69 |
Three Months Ended January 28, 2023 | CREDIT LOSS ALLOWANCES
| Loan Receivables |  | Lease Receivables |  | Total
Allowance for credit loss as of October 29, 2022 | $ | 101 |  |  | $ | 19 |  |  | $ | 120 |
Provisions (benefits) | (3) |  |  | (1) |  |  | (4) |
Other | (4) |  |  | 1 |  |  | (3) |
Allowance for credit loss as of January 28, 2023 | $ | 94 |  |  | $ | 19 |  |  | $ | 113 |
Six Months Ended January 27, 2024 | CREDIT LOSS ALLOWANCES
| Loan Receivables |  | Lease Receivables |  | Total
Allowance for credit loss as of July 29, 2023 | $ | 53 |  |  | $ | 19 |  |  | $ | 72 |
Provisions (benefits) | 4 |  |  | (3) |  |  | 1 |
Recoveries (write-offs), net | (4) |  |  | — |  |  | (4) |
Allowance for credit loss as of January 27, 2024 | $ | 53 |  |  | $ | 16 |  |  | $ | 69 |
Six Months Ended January 28, 2023 | CREDIT LOSS ALLOWANCES
| Loan Receivables |  | Lease Receivables |  | Total
Allowance for credit loss as of July 30, 2022 | $ | 103 |  |  | $ | 23 |  |  | $ | 126 |
Provisions (benefits) | (4) |  |  | (4) |  |  | (8) |
Other | (5) |  |  | — |  |  | (5) |
Allowance for credit loss as of January 28, 2023 | $ | 94 |  |  | $ | 19 |  |  | $ | 113 |

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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 -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 29 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-29 + Details
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