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Financial Instruments (Tables) | 9 Months Ended
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Apr. 30, 2023
General Discussion of Derivative Instruments and Hedging Activities [Abstract] |
Schedule Of The Fair Value Of Derivative Instruments [Table Text Block] | The following table summarizes the fair value of derivative instruments on a gross basis as recorded in the Consolidated Balance Sheets as of April 30, 2023, and July 31, 2022:
(Millions) | Balance Sheet Classification |  | April 30, 2023 |  | July 31, 2022
Asset Derivatives |  |  |  |  |
Derivatives designated as hedges: |  |  |  |  |
Commodity contracts | Other current assets |  | $ | — |  |  | $ | 3 |
Foreign exchange forward contracts | Other current assets |  | 3 |  |  | 2 |
Total derivatives designated as hedges |  |  | $ | 3 |  |  | $ | 5 |
Derivatives not designated as hedges: |  |  |  |  |
Commodity contracts | Other current assets |  | $ | 4 |  |  | $ | 20 |
Deferred compensation contracts | Other current assets |  | 1 |  |  | — |
Total derivatives not designated as hedges |  |  | $ | 5 |  |  | $ | 20 |
Total asset derivatives |  |  | $ | 8 |  |  | $ | 25 |
(Millions) | Balance Sheet Classification |  | April 30, 2023 |  | July 31, 2022
Liability Derivatives |  |  |  |  |
Derivatives not designated as hedges: |  |  |  |  |
Commodity contracts | Accrued liabilities |  | $ | 23 |  |  | $ | 30 |
Deferred compensation contracts | Accrued liabilities |  | — |  |  | 4 |
Total derivatives not designated as hedges |  |  | $ | 23 |  |  | $ | 34 |
Total liability derivatives |  |  | $ | 23 |  |  | $ | 34 |
Schedule of Offsetting Assets [Table Text Block] | We do not offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable netting agreements. However, if we were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in the Consolidated Balance Sheets as of April 30, 2023, and July 31, 2022, would be adjusted as detailed in the following table:
|  | April 30, 2023 |  | July 31, 2022
(Millions) |  | Gross Amounts Presented in the Consolidated Balance Sheet |  | Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements |  | Net Amount |  | Gross Amounts Presented in the Consolidated Balance Sheet |  | Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements |  | Net Amount
Total asset derivatives |  | $ | 8 |  |  | $ | (1) |  |  | $ | 7 |  |  | $ | 25 |  |  | $ | (17) |  |  | $ | 8 |
Total liability derivatives |  | $ | 23 |  |  | $ | (1) |  |  | $ | 22 |  |  | $ | 34 |  |  | $ | (17) |  |  | $ | 17 |
Schedule of Offsetting Liabilities [Table Text Block] | We do not offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable netting agreements. However, if we were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in the Consolidated Balance Sheets as of April 30, 2023, and July 31, 2022, would be adjusted as detailed in the following table:
|  | April 30, 2023 |  | July 31, 2022
(Millions) |  | Gross Amounts Presented in the Consolidated Balance Sheet |  | Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements |  | Net Amount |  | Gross Amounts Presented in the Consolidated Balance Sheet |  | Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements |  | Net Amount
Total asset derivatives |  | $ | 8 |  |  | $ | (1) |  |  | $ | 7 |  |  | $ | 25 |  |  | $ | (17) |  |  | $ | 8 |
Total liability derivatives |  | $ | 23 |  |  | $ | (1) |  |  | $ | 22 |  |  | $ | 34 |  |  | $ | (17) |  |  | $ | 17 |
Schedule Of Changes In Cash-Flow Hedges In Other Comprehensive Income (Loss) [Table Text Block] | The following tables show the effect of our derivative instruments designated as cash-flow hedges for the three- and nine-month periods ended April 30, 2023, and May 1, 2022, in other comprehensive income (loss) (OCI) and the Consolidated Statements of Earnings:
|  |  | Total Cash-Flow Hedge OCI Activity |
(Millions) |  |  | April 30, 2023 |  | May 1, 2022 |
Three Months Ended |  |  |  |  |  |
OCI derivative gain (loss) at beginning of quarter |  |  | $ | (1) |  |  | $ | 3 |  |
Effective portion of changes in fair value recognized in OCI: |  |  |  |  |  |
Commodity contracts |  |  | — |  |  | 8 |  |
Foreign exchange forward contracts |  |  | 2 |  |  | 1 |  |
Amount of loss (gain) reclassified from OCI to earnings: | Location in Earnings |  |  |  |  |
Commodity contracts | Cost of products sold |  | — |  |  | (3) |  |
Foreign exchange forward contracts | Cost of products sold |  | (2) |  |  | (1) |  |
OCI derivative gain (loss) at end of quarter |  |  | $ | (1) |  |  | $ | 8 |  |
Nine Months Ended |  |  |  |  |  |
OCI derivative gain (loss) at beginning of year |  |  | $ | — |  |  | $ | (5) |  |
Effective portion of changes in fair value recognized in OCI: |  |  |  |  |  |
Commodity contracts |  |  | — |  |  | 12 |  |
Foreign exchange forward contracts |  |  | 7 |  |  | 5 |  |
Amount of loss (gain) reclassified from OCI to earnings: | Location in Earnings |  |  |  |  |
Commodity contracts | Cost of products sold |  | (3) |  |  | (6) |  |
Foreign exchange forward contracts | Cost of products sold |  | (6) |  |  | 1 |  |
Forward starting interest rate swaps | Interest expense |  | 1 |  |  | 1 |  |
OCI derivative gain (loss) at end of quarter |  |  | $ | (1) |  |  | $ | 8 |  |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following tables show the total amounts of line items presented in the Consolidated Statements of Earnings for the three- and nine-month periods ended April 30, 2023, and May 1, 2022, in which the effects of derivative instruments designated as cash-flow hedges are recorded and the total effect of hedge activity on these line items are as follows:
|  | Three Months Ended
|  | April 30, 2023 |  | May 1, 2022
(Millions) |  | Cost of products sold |  |  |  |  |  | Interest expense |  | Cost of products sold |  |  |  |  |  | Interest expense
Consolidated Statements of Earnings: |  | $ | 1,561 |  |  |  |  |  |  | $ | 47 |  |  | $ | 1,465 |  |  |  |  |  |  | $ | 51 |
Loss (gain) on cash-flow hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of loss (gain) reclassified from OCI to earnings |  | $ | (2) |  |  |  |  |  |  | $ | — |  |  | $ | (4) |  |  |  |  |  |  | $ | — |
|  | Nine Months Ended
|  | April 30, 2023 |  | May 1, 2022
(Millions) |  | Cost of products sold |  |  |  |  |  | Interest expense |  | Cost of products sold |  |  |  |  |  | Interest expense
Consolidated Statements of Earnings: |  | $ | 5,028 |  |  |  |  |  |  | $ | 139 |  |  | $ | 4,519 |  |  |  |  |  |  | $ | 144 |
Loss (gain) on cash-flow hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of loss (gain) reclassified from OCI to earnings |  | $ | (9) |  |  |  |  |  |  | $ | 1 |  |  | $ | (5) |  |  |  |  |  |  | $ | 1 |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | The following table shows the effects of our derivative instruments not designated as hedges in the Consolidated Statements of Earnings:
|  | Location of Loss (Gain) Recognized in Earnings |  | Three Months Ended |  | Nine Months Ended
(Millions) |  |  | April 30, 2023 |  | May 1, 2022 |  | April 30, 2023 |  | May 1, 2022
Foreign exchange forward contracts |  | Cost of products sold |  | $ | — |  |  | $ | — |  |  | $ | (1) |  |  | $ | — |
Commodity contracts |  | Cost of products sold |  | 18 |  |  | (9) |  |  | 7 |  |  | (28) |
Deferred compensation contracts |  | Administrative expenses |  | — |  |  | 3 |  |  | (1) |  |  | 3 |
Total loss (gain) |  |  |  | $ | 18 |  |  | $ | (6) |  |  | $ | 5 |  |  | $ | (25) |

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