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BUSINESS SEGMENTS (Tables)

9 Months Ended

Apr. 30, 2022

Segment Reporting [Abstract]

Schedule of Business Segment Information

The following table provides continuing operations information by reportable segment, including Net sales, Adjusted EBITDA with a reconciliation to Income from continuing operations before income taxes, depreciation and amortization, and payments for capital expenditures:

						13-Week Period Ended												39-Week Period Ended
(in millions)						April 30, 2022						May 1, 2021						April 30, 2022						May 1, 2021
Net sales:
Wholesale(1)						$	6,977					$	6,367					$	20,843					$	19,423
Retail						602						590						1,847						1,829
Other						60						55						166						166
Eliminations						(397)						(381)						(1,201)						(1,203)
Total Net sales						$	7,242					$	6,631					$	21,655					$	20,215
Continuing Operations Adjusted EBITDA:
Wholesale(2)						$	171					$	166					$	522					$	490
Retail(2)						14						23						68						75
Other						11						—						27						(4)
Eliminations						—						(5)						(1)						(1)
Adjustments:
Net income attributable to noncontrolling interests						1						2						4						5
Net periodic benefit income, excluding service cost						10						17						30						51
Interest expense, net						(37)						(44)						(121)						(164)
Other, net						1						1						2						4
Depreciation and amortization						(72)						(66)						(210)						(210)
Share-based compensation						(10)						(11)						(33)						(38)
LIFO charge(2)						(72)						(5)						(102)						(19)
Restructuring, acquisition and integration related expenses						(8)						(10)						(16)						(44)
Gain on sale of assets						88						—						87						—
Multi-employer pension plan withdrawal benefit						—						—						8						—
Other retail expense						—						(2)						1						(5)
Income from continuing operations before income taxes						$	97					$	66					$	266					$	140
Depreciation and amortization:
Wholesale						$	64					$	58					$	186					$	185
Retail						7						7						22						21
Other						1						1						2						4
Total depreciation and amortization						$	72					$	66					$	210					$	210
Payments for capital expenditures:
Wholesale						$	47					$	66					$	145					$	150
Retail						5						7						13						15
Total capital expenditures						$	52					$	73					$	158					$	165

(1)As presented in Note 3—Revenue Recognition, for the third quarters of fiscal 2022 and 2021, the Company recorded $337 million and $331 million, respectively, and $1,032 million and $1,050 million in fiscal 2022 and 2021 year-to-date, respectively, within Net sales in its Wholesale reportable segment attributable to Wholesale sales to its Retail segment that have been eliminated upon consolidation.

(2)As a result of the segment profit measurement revision discussed above, previously reported Adjusted EBITDA disclosures by segment and the reconciliation to Income from continuing operations before income taxes has been recast to exclude the impact of the non-cash LIFO charge or benefit.

Total assets of continuing operations by reportable segment were as follows:

(in millions)						April 30, 2022						July 31, 2021
Assets:
Wholesale						$	6,962					$	6,536
Retail						592						566
Other						368						462
Eliminations						(44)						(43)
Total assets of continuing operations						$	7,878					$	7,521

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- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Publisher FASB
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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