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LONG-TERM DEBT (Tables) | 12 Months Ended
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Jul. 31, 2021
Debt Disclosure [Abstract] |
Schedule of Long-term Debt | The Company’s long-term debt consisted of the following:
(in millions) | Average Interest Rate at July 31, 2021 |  | Fiscal Maturity Year |  | July 31, 2021 |  | August 1, 2020
Term Loan Facility | 3.59% |  | 2026 |  | $ | 1,002 |  |  | $ | 1,773 |
ABL Credit Facility | 1.52% |  | 2024 |  | 701 |  |  | 757 |
Senior Notes | 6.75% |  | 2029 |  | 500 |  |  | — |
Other secured loans | 5.16% |  | 2024-2025 |  | 37 |  |  | 50 |
Debt issuance costs, net |  |  |  |  | (35) |  |  | (46) |
Original issue discount on debt |  |  |  |  | (17) |  |  | (36) |
Long-term debt, including current portion |  |  |  |  | 2,188 |  |  | 2,498 |
Less: current portion of long-term debt |  |  |  |  | (13) |  |  | (71) |
Long-term debt |  |  |  |  | $ | 2,175 |  |  | $ | 2,427 |
Schedule of Maturities of Long-term Debt | Future maturities of long-term debt, excluding debt issuance costs and original issue and purchase accounting discounts on debt, and contractual interest payments based on the face value and applicable interest rate as of July 31, 2021, consist of the following (in millions):
Fiscal Year |  | Long-term debt maturity |  | Interest on long-term debt
2022 |  | $ | 14 |  |  | $ | 82 |
2023 |  | 14 |  |  | 79 |
2024 |  | 709 |  |  | 76 |
2025 |  | 1 |  |  | 70 |
2026 |  | 1,002 |  |  | 42 |
2027 and thereafter |  | 500 |  |  | 85 |
|  | $ | 2,240 |  |  | $ | 434 |
Schedule of Line of Credit Facilities | The assets included in the Consolidated Balance Sheets securing the outstanding obligations under the ABL Credit Facility on a first-priority basis, and the unused credit and fees under the ABL Credit Facility, were as follows:
Assets securing the ABL Credit Facility (in millions)(1): | July 31, 2021 |  | August 1, 2020
Certain inventory assets included in Inventories, net and Current assets of discontinued operations | $ | 2,297 |  |  | $ | 2,271 |
Certain receivables included in Accounts receivable, net and Current assets of discontinued operations | $ | 1,041 |  |  | $ | 1,078 |
(1) The ABL Credit Facility is also secured by all of the Company’s pharmacy prescription files, which are included in Intangibles, net in the Consolidated Balance Sheets. Refer to Note 6—Goodwill and Intangible Assets, Net in Part II, Item 8 of this Annual Report on Form 10-K for additional information.
ABL availability (in millions): | July 31, 2021
Total availability for ABL Loans and letters of credit | $ | 2,099 |
ABL Loans | $ | 701 |
Letters of credit | $ | 118 |
Unused credit | $ | 1,280 |
The applicable interest rates, letter of credit fees and unutilized commitment fees under the ABL Credit Facility are variable and are dependent upon the prior fiscal quarter’s daily Average Availability (as defined in the ABL Agreement), and were as follows:
Interest rates and fees under the ABL Credit Facility: | Range of Facility Rates and Fees (per annum) | July 31, 2021
U.S. and Canadian Borrowers’ applicable margin for base rate loans | 0.00% - 0.50% | 0.25 | %
U.S. and Canadian Borrowers’ applicable margin for LIBOR and BA loans(1) | 1.00% - 1.50% | 1.25 | %
Unutilized commitment fees | 0.25% - 0.375% | 0.25 | %
Letter of credit fees | 1.125% - 1.625% | 1.375 | %
(1) The U.S. Borrowers utilize LIBOR-based loans and the Canadian Borrower utilizes bankers’ acceptance rate-based loans.

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- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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