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LEASES (Tables) | 12 Months Ended
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Jul. 31, 2021
Leases [Abstract] |
Schedule of Lease Assets and Liabilities | Lease assets and liabilities, net, are as follows (in millions):
Lease Type |  | Consolidated Balance Sheets Location |  | July 31, 2021 |  | August 1, 2020
Operating lease assets |  | Operating lease assets |  | $ | 1,064 |  |  | $ | 983 |
Finance lease assets |  | Property and equipment, net |  | 112 |  |  | 129 |
Total lease assets |  |  |  | $ | 1,176 |  |  | $ | 1,112 |
Operating liabilities |  | Current portion of operating lease liabilities |  | $ | 135 |  |  | $ | 131 |
Finance liabilities |  | Current portion of long-term debt and finance lease liabilities |  | 107 |  |  | 12 |
Operating liabilities |  | Long-term operating lease liabilities |  | 962 |  |  | 874 |
Finance liabilities |  | Long-term finance lease liabilities |  | 35 |  |  | 143 |
Total lease liabilities |  |  |  | $ | 1,239 |  |  | $ | 1,160 |
Schedule of Lease Costs and Other Information | The Company’s lease cost under ASC 842 is as follows (in millions):
Lease Expense Type |  | Consolidated Statements of Operations Location |  | 2021 |  | 2020
Operating lease cost |  | Operating expenses |  | $ | 229 |  |  | $ | 223 |
Short-term lease cost |  | Operating expenses |  | 29 |  |  | 31 |
Variable lease cost |  | Operating expenses |  | 64 |  |  | 151 |
Sublease income |  | Operating expenses |  | (8) |  |  | (3) |
Sublease income |  | Net sales |  | (20) |  |  | (23) |
Other sublease income, net |  | Restructuring, acquisition and integration related expenses(2) |  | (3) |  |  | (5) |
Net operating lease cost(1) |  |  |  | 291 |  |  | 374 |
Amortization of leased assets |  | Operating expenses |  | 13 |  |  | 16 |
Interest on lease liabilities |  | Interest expense, net |  | 19 |  |  | 12 |
Finance lease cost |  |  |  | 32 |  |  | 28 |
Total net lease cost |  |  |  | $ | 323 |  |  | $ | 402 |
(1)Rent expense as presented here includes $2 million and $6 million in fiscal 2021 and 2020 of operating lease rent expense related to stores within discontinued operations, but for which GAAP requires the expense to be included within continuing operations, as the Company expects to remain primarily obligated under these leases. Rent expense as presented here also includes immaterial amounts of variable lease expense of discontinued operations. (2)Includes $31 million and $36 million of lease expense in fiscal 2021 and 2020 and $(33) million and $(41) million of lease income in fiscal 2021 and 2020 that is recorded within Restructuring, acquisition and integration related expenses for assigned leases related to previously sold locations and surplus, non-operating properties for which the Company is restructuring its obligations. The following tables provide other information required by ASC 842:
Lease Term and Discount Rate |  | July 31, 2021 |  | August 1, 2020
Weighted-average remaining lease term (years) |  |  |  |
Operating leases |  | 10.7 years |  | 10.4 years
Finance leases |  | 2.0 years |  | 3.1 years
Weighted-average discount rate |  |  |  |
Operating leases |  | 9.7 | % |  | 10.6 | %
Finance leases |  | 8.7 | % |  | 8.8 | %
Other Information |  |  |  |  |  |
(in millions) |  |  |  | 2021 |  | 2020
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |
Operating cash flows from operating leases |  |  |  | $ | 220 |  |  | $ | 231 |
Operating cash flows from finance leases |  |  |  | 12 |  |  | 9 |
Financing cash flows from finance leases |  |  |  | 9 |  |  | 20 |
Leased assets obtained in exchange for new finance lease liabilities |  |  |  | — |  |  | 93 |
Leased assets obtained in exchange for new operating lease liabilities |  |  |  | 263 |  |  | 195 |
Schedule of Rent Expense | Rent expense as presented below under ASC 840 excludes variable lease rent that is included in total net lease cost under ASC 842 in the table above.
(in millions) | 2019
Rent expense(1) | $ | 212 |
Less subtenant rentals recorded in Net sales | (17) |
Less subtenant rentals recorded in Operating expenses | (14) |
Total net rent expense | $ | 181 |
(1)Rent expense as presented in fiscal 2019 includes $10 million of operating lease rent expense related to stores within discontinued operations, but for which GAAP requires the expense to be included within continuing operations, as we expect to remain primarily obligated under these leases.
Schedule of Lease Liabilities and Receipts | As of July 31, 2021, these Lease Liabilities and Lease Receipts consisted of the following (in millions):
|  | Lease Liabilities |  | Lease Receipts |  | Net Lease Obligations
Fiscal Year |  | Operating Leases(1) |  | Finance Leases(2) |  | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
2022 |  | $ | 221 |  |  | $ | 118 |  |  | $ | (53) |  |  | $ | — |  |  | $ | 168 |  |  | $ | 118 |
2023 |  | 214 |  |  | 14 |  |  | (44) |  |  | — |  |  | 170 |  |  | 14 |
2024 |  | 195 |  |  | 13 |  |  | (35) |  |  | — |  |  | 160 |  |  | 13 |
2025 |  | 154 |  |  | 8 |  |  | (24) |  |  | — |  |  | 130 |  |  | 8 |
2026 |  | 118 |  |  | 4 |  |  | (14) |  |  | — |  |  | 104 |  |  | 4 |
Thereafter |  | 962 |  |  | 2 |  |  | (34) |  |  | — |  |  | 928 |  |  | 2 |
Total undiscounted lease liabilities and receipts |  | $ | 1,864 |  |  | $ | 159 |  |  | $ | (204) |  |  | $ | — |  |  | $ | 1,660 |  |  | $ | 159 |
Less interest(3) |  | (767) |  |  | (17) |  |  |  |  |  |  |  |  |
Present value of lease liabilities |  | 1,097 |  |  | 142 |  |  |  |  |  |  |  |  |
Less current lease liabilities |  | (135) |  |  | (107) |  |  |  |  |  |  |  |  |
Long-term lease liabilities |  | $ | 962 |  |  | $ | 35 |  |  |  |  |  |  |  |  |
(1)Operating lease payments include $4 million related to extension options that are reasonably certain of being exercised and exclude $52 million of legally binding minimum lease payments for leases signed but not yet commenced. (2)This table excludes a $55 million payment related to a facility the Company is deemed the accounting owner, which is recognized as a residual obligation, and is subject to an underlying lease. (3)Calculated using the interest rate for each lease.
Schedule of Lease Liabilities and Receipts | As of July 31, 2021, these Lease Liabilities and Lease Receipts consisted of the following (in millions):
|  | Lease Liabilities |  | Lease Receipts |  | Net Lease Obligations
Fiscal Year |  | Operating Leases(1) |  | Finance Leases(2) |  | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
2022 |  | $ | 221 |  |  | $ | 118 |  |  | $ | (53) |  |  | $ | — |  |  | $ | 168 |  |  | $ | 118 |
2023 |  | 214 |  |  | 14 |  |  | (44) |  |  | — |  |  | 170 |  |  | 14 |
2024 |  | 195 |  |  | 13 |  |  | (35) |  |  | — |  |  | 160 |  |  | 13 |
2025 |  | 154 |  |  | 8 |  |  | (24) |  |  | — |  |  | 130 |  |  | 8 |
2026 |  | 118 |  |  | 4 |  |  | (14) |  |  | — |  |  | 104 |  |  | 4 |
Thereafter |  | 962 |  |  | 2 |  |  | (34) |  |  | — |  |  | 928 |  |  | 2 |
Total undiscounted lease liabilities and receipts |  | $ | 1,864 |  |  | $ | 159 |  |  | $ | (204) |  |  | $ | — |  |  | $ | 1,660 |  |  | $ | 159 |
Less interest(3) |  | (767) |  |  | (17) |  |  |  |  |  |  |  |  |
Present value of lease liabilities |  | 1,097 |  |  | 142 |  |  |  |  |  |  |  |  |
Less current lease liabilities |  | (135) |  |  | (107) |  |  |  |  |  |  |  |  |
Long-term lease liabilities |  | $ | 962 |  |  | $ | 35 |  |  |  |  |  |  |  |  |
(1)Operating lease payments include $4 million related to extension options that are reasonably certain of being exercised and exclude $52 million of legally binding minimum lease payments for leases signed but not yet commenced. (2)This table excludes a $55 million payment related to a facility the Company is deemed the accounting owner, which is recognized as a residual obligation, and is subject to an underlying lease. (3)Calculated using the interest rate for each lease.

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