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COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS | 3 Months Ended
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Oct. 29, 2022
Equity [Abstract] |
COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS | NOTE 8—COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS Changes in Accumulated other comprehensive loss by component, net of tax, for the first quarter of fiscal 2023 were as follows:
(in millions) | Other Cash Flow Derivatives |  | Benefit Plans |  | Foreign Currency Translation |  | Swap Agreements |  | Total
Accumulated other comprehensive income (loss) at July 30, 2022 | $ | 2 |  |  | $ | (3) |  |  | $ | (19) |  |  | $ | — |  |  | $ | (20) |
Other comprehensive (loss) income before reclassifications | (1) |  |  | — |  |  | (3) |  |  | 18 |  |  | 14 |
Amortization of cash flow hedges | 1 |  |  | — |  |  | — |  |  | — |  |  | 1 |
Net current period Other comprehensive (loss) income | — |  |  | — |  |  | (3) |  |  | 18 |  |  | 15 |
Accumulated other comprehensive income (loss) at October 29, 2022 | $ | 2 |  |  | $ | (3) |  |  | $ | (22) |  |  | $ | 18 |  |  | $ | (5) |
Changes in Accumulated other comprehensive loss by component, net of tax, for the first quarter of fiscal 2022 were as follows:
(in millions) |  | Other Cash Flow Derivatives |  | Benefit Plans |  | Foreign Currency Translation |  | Swap Agreements |  | Total
Accumulated other comprehensive income (loss) at July 31, 2021 |  | $ | — |  |  | $ | 37 |  |  | $ | (16) |  |  | $ | (60) |  |  | $ | (39) |
Other comprehensive income before reclassifications |  | 1 |  |  | — |  |  | — |  |  | 5 |  |  | 6 |
Amortization of amounts included in net periodic benefit income |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 1 |
Amortization of cash flow hedges |  | — |  |  | — |  |  | — |  |  | 8 |  |  | 8 |
Net current period Other comprehensive income |  | 1 |  |  | 1 |  | — |  |  | 13 |  | 15 |
Accumulated other comprehensive income (loss) at October 30, 2021 |  | $ | 1 |  |  | $ | 38 |  |  | $ | (16) |  |  | $ | (47) |  |  | $ | (24) |
Items reclassified out of Accumulated other comprehensive loss had the following impact on the Condensed Consolidated Statements of Operations:
|  |  |  | 13-Week Period Ended |  | Affected Line Item on the Condensed Consolidated Statements of Operations
(in millions) |  |  |  |  |  | October 29, 2022 |  | October 30, 2021 |
Pension and postretirement benefit plan net assets: |  |  |  |  |  |  |  |  |  |
Amortization of amounts included in net periodic benefit income(1) |  |  |  |  |  | $ | — |  |  | $ | 1 |  |  | Net periodic benefit income, excluding service cost
Income tax benefit |  |  |  |  |  | — |  |  | — |  |  | Benefit for income taxes
Total reclassifications, net of tax |  |  |  |  |  | $ | — |  |  | $ | 1 |  |  |
Swap agreements: |  |  |  |  |  |  |  |  |  |
Reclassification of cash flow hedges |  |  |  |  |  | $ | — |  |  | $ | 11 |  |  | Interest expense, net
Income tax benefit |  |  |  |  |  | — |  |  | (3) |  |  | Benefit for income taxes
Total reclassifications, net of tax |  |  |  |  |  | $ | — |  |  | $ | 8 |  |  |
Other cash flow hedges: |  |  |  |  |  |  |  |  |  |
Reclassification of cash flow hedge |  |  |  |  |  | $ | 1 |  |  | $ | — |  |  | Cost of sales
Income tax benefit |  |  |  |  |  | — |  |  | — |  |  | 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 cost and reclassification of net actuarial loss as reflected in Note 10—Benefit Plans. As of October 29, 2022, the Company expects to reclassify $19 million related to unrealized derivative gains on interest rate swap hedges out of Accumulated other comprehensive loss and primarily into Interest expense, net during the following twelve-month period.

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