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v3.25.2

Financial Instruments (Tables) | 12 Months Ended
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Aug. 03, 2025
General Discussion of Derivative Instruments and Hedging Activities [Abstract] |
Schedule Of The Fair Value Of Derivative Instruments [Table Text Block] | The following tables summarize the fair value of derivative instruments on a gross basis as recorded in the Consolidated Balance Sheets as of August 3, 2025, and July 28, 2024:
(Millions) | Balance Sheet Classification |  | 2025 |  | 2024
Asset Derivatives |  |  |  |  |
Derivatives designated as hedges: |  |  |  |  |
Foreign exchange contracts | Other current assets |  | $ | — |  |  | $ | 2 |
Total derivatives designated as hedges |  |  | $ | — |  |  | $ | 2 |
Derivatives not designated as hedges: |  |  |  |  |
Commodity contracts | Other current assets |  | $ | 12 |  |  | $ | 6 |
Deferred compensation contracts | Other current assets |  | 1 |  |  | 3 |
Foreign exchange contracts | Other current assets |  | 2 |  |  | — |
Total derivatives not designated as hedges |  |  | $ | 15 |  |  | $ | 9 |
Total asset derivatives |  |  | $ | 15 |  |  | $ | 11 |
(Millions) | Balance Sheet Classification |  | 2025 |  | 2024
Liability Derivatives |  |  |  |  |
Derivatives designated as hedges: |  |  |  |  |
Foreign exchange contracts | Accrued liabilities |  | $ | 3 |  |  | $ | — |
Total derivatives designated as hedges |  |  | $ | 3 |  |  | $ | — |
Derivatives not designated as hedges: |  |  |  |  |
Commodity contracts | Accrued liabilities |  | $ | 11 |  |  | $ | 16 |
Total derivatives not designated as hedges |  |  | $ | 11 |  |  | $ | 16 |
Total liability derivatives |  |  | $ | 14 |  |  | $ | 16 |
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 August 3, 2025, and July 28, 2024, would be adjusted as detailed in the following table:
|  | 2025 |  | 2024
(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 |  | $ | 15 |  |  | $ | (5) |  |  | $ | 10 |  |  | $ | 11 |  |  | $ | (1) |  |  | $ | 10 |
Total liability derivatives |  | $ | 14 |  |  | $ | (5) |  |  | $ | 9 |  |  | $ | 16 |  |  | $ | (1) |  |  | $ | 15 |
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 August 3, 2025, and July 28, 2024, would be adjusted as detailed in the following table:
|  | 2025 |  | 2024
(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 |  | $ | 15 |  |  | $ | (5) |  |  | $ | 10 |  |  | $ | 11 |  |  | $ | (1) |  |  | $ | 10 |
Total liability derivatives |  | $ | 14 |  |  | $ | (5) |  |  | $ | 9 |  |  | $ | 16 |  |  | $ | (1) |  |  | $ | 15 |
Schedule Of Changes In Cash-Flow Hedges In Other Comprehensive Income (Loss) [Table Text Block] | The following table shows the effect of our derivative instruments designated as cash-flow hedges in other comprehensive income (loss) (OCI) and the Consolidated Statements of Earnings:
|  |  | Total Cash-Flow Hedge OCI Activity
(Millions) |  |  | 2025 |  | 2024 |  | 2023
OCI derivative gain (loss) at beginning of year |  |  | $ | (11) |  |  | $ | (5) |  |  | $ | — |
Effective portion of changes in fair value recognized in OCI: |  |  |  |  |  |  |
Foreign exchange contracts |  |  | (3) |  |  | 6 |  |  | 5 |
Forward starting interest rate swaps |  |  | — |  |  | (11) |  |  | — |
Amount of loss (gain) reclassified from OCI to earnings: | Location in Earnings |  |  |  |  |  |
Commodity contracts | Cost of products sold |  | — |  |  | — |  |  | (3) |
Foreign exchange contracts | Cost of products sold |  | (3) |  |  | (3) |  |  | (8) |
Forward starting interest rate swaps | Interest expense |  | 3 |  |  | 2 |  |  | 1 |
OCI derivative gain (loss) at end of year |  |  | $ | (14) |  |  | $ | (11) |  |  | $ | (5) |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table shows the total amounts of line items presented in the Consolidated Statements of Earnings 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:
|  | 2025 |  | 2024 |  | 2023
(Millions) |  | Cost of products sold |  |  |  | Interest expense |  | Cost of products sold |  |  |  | Interest expense |  |  |  | Cost of products sold |  |  |  | Interest expense
Consolidated Statements of Earnings |  | $ | 7,134 |  |  |  |  | $ | 345 |  |  | $ | 6,665 |  |  |  |  | $ | 249 |  |  |  |  | $ | 6,440 |  |  |  |  | $ | 188 |
Loss (gain) on cash-flow hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of loss (gain) reclassified from OCI to earnings |  | $ | (3) |  |  |  |  | $ | 3 |  |  | $ | (3) |  |  |  |  | $ | 2 |  |  |  |  | $ | (11) |  |  |  |  | $ | 1 |
The amount excluded from effectiveness testing recognized in each line item of earnings using an amortization approach was not material in all periods presented.
Derivatives Not Designated as Hedging Instruments | The following table shows the effects of our derivative instruments not designated as hedges in the Consolidated Statements of Earnings:
(Millions) |  | Location of Loss (Gain) Recognized in Earnings |  | 2025 |  | 2024 |  | 2023
Foreign exchange contracts |  | Cost of products sold |  | $ | (3) |  |  | $ | (1) |  |  | $ | — |
Commodity contracts |  | Cost of products sold |  | (10) |  |  | 14 |  |  | (27) |
Deferred compensation contracts |  | Administrative expenses |  | (9) |  |  | (8) |  |  | (4) |
Total |  |  |  | $ | (22) |  |  | $ | 5 |  |  | $ | (31) |

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