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Derivative Instruments (Tables) | 6 Months Ended
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Jan. 25, 2025
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 25, 2025 |  | July 27, 2024 |  | Balance Sheet Line Item |  | January 25, 2025 |  | July 27, 2024
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Foreign currency derivatives | Other current assets |  | $ | 45 |  |  | $ | 47 |  |  | Other current liabilities |  | $ | 2 |  |  | $ | 1 |
Foreign currency derivatives | Other assets |  | 15 |  |  | 15 |  |  | Other long-term liabilities |  | — |  |  | — |
Interest rate derivatives | Other current assets |  | 41 |  |  | — |  |  | Other current liabilities |  | 7 |  |  | 11 |
Total |  |  | 101 |  |  | 62 |  |  |  |  | 9 |  |  | 12 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Foreign currency derivatives | Other current assets |  | 4 |  |  | 2 |  |  | Other current liabilities |  | 46 |  |  | 47 |
Foreign currency derivatives | Other assets |  | — |  |  | — |  |  | Other long-term liabilities |  | 15 |  |  | 15 |
Total |  |  | 4 |  |  | 2 |  |  |  |  | 61 |  |  | 62 |
Total |  |  | $ | 105 |  |  | $ | 64 |  |  |  |  | $ | 70 |  |  | $ | 74 |
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 25, 2025 |  | July 27, 2024 |  | January 25, 2025 |  | July 27, 2024
Short-term debt |  | $ | (496) |  |  | $ | (488) |  |  | $ | 4 |  |  | $ | 11 |
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 25, 2025 |  | January 27, 2024 |  | January 25, 2025 |  | January 27, 2024
Interest rate derivatives: |  |  |  |  |  |  |  |
Hedged items |  | $ | (3) |  |  | $ | (14) |  |  | $ | (7) |  |  | $ | (23) |
Derivatives designated as hedging instruments |  | 3 |  |  | 14 |  |  | 7 |  |  | 23 |
Total |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
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 25, 2025 |  | January 27, 2024 |  | January 25, 2025 |  | January 27, 2024
Foreign currency derivatives |  | Other income (loss), net |  | $ | (63) |  |  | $ | 53 |  |  | $ | (95) |  |  | $ | (77) |
Total return swaps—deferred compensation |  | Operating expenses and other |  | 11 |  |  | 93 |  |  | 33 |  |  | 16 |
Equity derivatives |  | Other income (loss), net |  | — |  |  | — |  |  | — |  |  | 2 |
Total |  |  |  | $ | (52) |  |  | $ | 146 |  |  | $ | (62) |  |  | $ | (59) |
Schedule of Notional Amounts of Derivatives Outstanding | The notional amounts of our outstanding derivatives are summarized as follows (in millions):
| January 25, 2025 |  | July 27, 2024
Foreign currency derivatives | $ | 7,411 |  |  | $ | 7,434 |
Interest rate derivatives | 2,950 |  |  | 500 |
Total return swaps—deferred compensation | 1,031 |  |  | 985 |
Total | $ | 11,392 |  |  | $ | 8,919 |

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