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INCOME TAXES (Tables)

12 Months Ended

Jul. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The total provision (benefit) for income taxes included in the Consolidated Statements of Operations consisted of the following:

(in millions)			2021						2020						2019
Continuing operations			$	34					$	(91)					$	(59)
Discontinued operations			(1)						(5)						(3)
Total			$	33					$	(96)					$	(62)

The income tax expense (benefit) in continuing operations was allocated as follows:

(in millions)			2021						2020						2019
Income tax expense (benefit)			$	34					$	(91)					$	(59)
Other comprehensive income			65						(45)						(34)
Total			$	99					$	(136)					$	(93)

Total federal, state, and foreign income tax (benefit) expense in continuing operations consists of the following:

(in millions)			Current						Deferred						Total
Fiscal 2021
U.S. Federal			$	30					$	(8)					$	22
State and Local			7						2						9
Foreign			2						1						3
			$	39					$	(5)					$	34
Fiscal 2020
U.S. Federal			$	(23)					$	(45)					$	(68)
State and Local			1						(24)						(23)
Foreign			2						(2)						—
			$	(20)					$	(71)					$	(91)
Fiscal 2019
U.S. Federal			$	11					$	(59)					$	(48)
State and Local			(11)						(2)						(13)
Foreign			2						—						2
			$	2					$	(61)					$	(59)

Schedule of Effective Income Tax Rate Reconciliation

Total income tax expense (benefit) in continuing operations was different than the amounts computed by applying the statutory federal income tax rate to income before income taxes because of the following:

(in millions)			2021						2020						2019
Computed “expected” tax expense			$	39					$	(72)					$	(71)
State and local income tax, net of Federal income tax benefit			10						(19)						(18)
Non-deductible expenses			7						3						6
Tax effect of share-based compensation			(3)						2						—
General business credits			(6)						(2)						(2)
Unrecognized tax benefits			(4)						(8)						(8)
Nondeductible goodwill impairment			—						44						33
Enhanced Inventory Donations			(3)						(2)						(1)
Impacts related to the CARES Act			—						(39)						—
Other, net			(6)						2						2
Total income tax expense (benefit)			$	34					$	(91)					$	(59)

Summary of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows:

(in millions)			2021						2020						2019
Unrecognized tax benefits at beginning of period			$	32					$	40					$	1
Unrecognized tax benefits added during the period			6						6						—
Unrecognized tax benefits assumed in a business combination			—						—						50
Decreases in unrecognized tax benefits due to statute expiration			(8)						(2)						—
Decreases in unrecognized tax benefits due to settlements			(3)						(12)						(11)
Unrecognized tax benefits at end of period			$	27					$	32					$	40

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the net deferred tax assets and deferred tax liabilities at July 31, 2021 and August 1, 2020 are presented below:

(in millions)			July 31, 2021						August 1, 2020
Deferred tax assets:
Inventories, principally due to additional costs inventoried for tax purposes			$	—					$	—
Compensation and benefits related			54						103
Accounts receivable, principally due to allowances for uncollectible accounts			6						12
Accrued expenses			37						33
Net operating loss carryforwards			16						13
Other tax carryforwards (interest, charitable contributions)			8						7
Foreign tax credits			1						1
Intangible assets			61						67
Lease liabilities			336						339
Interest rate swap agreements			25						37
Other deferred tax assets			6						6
Total gross deferred tax assets			550						618
Less valuation allowance			(8)						(3)
Net deferred tax assets			$	542					$	615
Deferred tax liabilities:
Plant and equipment, principally due to differences in depreciation			$	125					$	164
Inventories			39						43
Lease right of use assets			321						300
Total deferred tax liabilities			485						507
Net deferred tax assets			$	57					$	108

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the change in unrecognized tax benefits.

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