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LONG-TERM DEBT (Tables)

9 Months Ended

Apr. 30, 2022

Debt Disclosure [Abstract]

Schedule of Debt

The Company’s long-term debt consisted of the following:

(in millions)			Average Interest Rate at April 30, 2022						Fiscal Maturity Year						April 30, 2022						July 31, 2021
Term Loan Facility			4.01%						2026						$	800					$	1,002
ABL Credit Facility			2.16%						2024						1,101						701
Senior Notes			6.75%						2029						500						500
Other secured loans			5.12%						2024-2025						26						37
Debt issuance costs, net															(25)						(35)
Original issue discount on debt															(11)						(17)
Long-term debt, including current portion															2,391						2,188
Less: current portion of long-term debt															(14)						(13)
Long-term debt															$	2,377					$	2,175

Schedule of Line of Credit Facilities

The assets included in the Condensed 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):			April 30, 2022						July 31, 2021
Certain inventory assets included in Inventories, net and Current assets of discontinued operations			$	2,696					$	2,297
Certain receivables included in Accounts receivable, net and Current assets of discontinued operations			$	1,134					$	1,041

(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 Condensed Consolidated Balance Sheets. Refer to Note 5—Goodwill and Intangible Assets, Net for additional information.

The Company’s resulting remaining availability under the ABL Credit Facility was $861 million as of April 30, 2022.

ABL availability (in millions):			April 30, 2022
Total availability for ABL Loans and letters of credit			$	2,096
ABL Loans			$	1,101
Letters of credit			$	134
Unused credit			$	861

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 Loan Agreement), and were as follows:

Interest rates and fees under the ABL Credit Facility:			Range of Facility Rates and Fees (per annum)			April 30, 2022
U.S. and Canadian Borrowers’ applicable margin for base rate loans			—% - 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 information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

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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

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