COMPREHENSIVE INCOME (LOSS) AND ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

12 Months Ended

Jul. 31, 2021

Schedule of Accumulated Other Comprehensive Income (Loss)

Changes in Accumulated other comprehensive loss by component, net of tax, for fiscal 2021, fiscal 2020 and fiscal 2019 are as follows:


(in millions)	Other Cash Flow Derivatives		Benefit Plans		Foreign Currency		Swap Agreements		Total
Accumulated other comprehensive (loss) income at July 28, 2018	$	—	$	—	$	(19)	$	5	$	(14)
Other comprehensive loss before reclassifications	—		(33)		(1)		(61)		(95)

Amortization of cash flow hedge	—		—		—		—		—
Net current period Other comprehensive loss	—		(33)		(1)		(61)		(95)
Accumulated other comprehensive loss at August 3, 2019	$	—	$	(33)	$	(20)	$	(56)	$	(109)
Other comprehensive loss before reclassifications	—		(89)		(1)		(64)		(154)
Amortization of amounts included in net periodic benefit income	—		(3)		—		—		(3)
Amortization of cash flow hedges	—		—		—		18		18
Settlement charge	—		9		—		—		9
Net current period Other comprehensive loss	—		(83)		(1)		(46)		(130)
Accumulated other comprehensive loss at August 1, 2020	$	—	$	(116)	$	(21)	$	(102)	$	(239)
Other comprehensive income before reclassifications	1		167		5		8		181
Amortization of amounts included in net periodic benefit income	—		(2)		—		—		(2)
Amortization of cash flow hedges	(1)		—		—		34		33
Settlement gain	—		(12)		—		—		(12)
Net current period Other comprehensive income	—		153		5		42		200
Accumulated other comprehensive income (loss) at July 31, 2021	$	—	$	37	$	(16)	$	(60)	$	(39)

Reclassification out of Accumulated Other Comprehensive Income (Loss)

Items reclassified out of Accumulated other comprehensive loss had the following impact on the Consolidated Statements of Operations:


(in millions)	2021		2020		2019		Affected Line Item on the Consolidated Statements of Operations
Pension and postretirement benefit plan obligations:
Amortization of amounts included in net periodic benefit income(1)	$	(1)	$	(3)	$	—	Net periodic benefit income, excluding service cost
Settlement (gain) charge	(17)		11		—		Net periodic benefit income, excluding service cost
Total reclassifications	(18)		8		—
Income tax expense (benefit)	4		(2)		—		Provision (benefit) for income taxes
Total reclassifications, net of tax	$	(14)	$	6	$	—

Swap agreements:
Reclassification of cash flow hedge	$	46	$	25	$	—	Interest expense, net
Income tax benefit	(12)		(7)		—		Provision (benefit) for income taxes
Total reclassifications, net of tax	$	34	$	18	$	—

Other cash flow hedges:
Reclassification of cash flow hedge	$	(1)	$	—	$	—	Cost of sales
Income tax expense	—		—		—		Provision (benefit) for income taxes
Total reclassifications, net of tax	$	(1)	$	—	$	—

(1)Reclassification of amounts included in net periodic benefit income include reclassification of prior service benefit and reclassification of net actuarial loss as reflected in Note 13—Benefit Plans.