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Financial Instruments (Tables)

9 Months Ended

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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