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COMPREHENSIVE INCOME (LOSS) AND ACCUMULATED OTHER COMPREHENSIVE LOSS | 12 Months Ended
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Jul. 29, 2023
Equity [Abstract] |
COMPREHENSIVE INCOME (LOSS) AND ACCUMULATED OTHER COMPREHENSIVE LOSS | NOTE 10—COMPREHENSIVE INCOME (LOSS) AND ACCUMULATED OTHER COMPREHENSIVE LOSS Changes in Accumulated other comprehensive loss by component, net of tax, for fiscal 2023, 2022 and 2021 are as follows:
(in millions) | Other Cash Flow Derivatives |  | Benefit Plans |  | Foreign Currency |  | Swap Agreements |  | Total
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) |
Other comprehensive (loss) income before reclassifications | — |  |  | (42) |  |  | (3) |  |  | 34 |  |  | (11) |
Amortization of amounts included in net periodic benefit income | — |  |  | 2 |  |  | — |  |  | — |  |  | 2 |
Amortization of cash flow hedges | 2 |  |  | — |  |  | — |  |  | 26 |  |  | 28 |
Net current period Other comprehensive income (loss) | 2 |  |  | (40) |  |  | (3) |  |  | 60 |  |  | 19 |
Accumulated other comprehensive income (loss) at July 30, 2022 | $ | 2 |  |  | $ | (3) |  |  | $ | (19) |  |  | $ | — |  |  | $ | (20) |
Other comprehensive (loss) income before reclassifications | — |  |  | (20) |  |  | (2) |  |  | 23 |  |  | 1 |
Amortization of amounts included in net periodic benefit income | — |  |  | 2 |  |  | — |  |  | — |  |  | 2 |
Amortization of cash flow hedges | (2) |  |  | — |  |  | — |  |  | (9) |  |  | (11) |
Net current period Other comprehensive (loss) income | (2) |  |  | (18) |  |  | (2) |  |  | 14 |  |  | (8) |
Accumulated other comprehensive (loss) income at July 29, 2023 | $ | — |  |  | $ | (21) |  |  | $ | (21) |  |  | $ | 14 |  |  | $ | (28) |
Items reclassified out of Accumulated other comprehensive (loss) income had the following impact on the Consolidated Statements of Operations:
(in millions) |  | 2023 |  | 2022 |  | 2021 |  | Affected Line Item on the Consolidated Statements of Operations
Pension and postretirement benefit plan obligations: |  |  |  |  |  |  |  |
Amortization of amounts included in net periodic benefit cost (income)(1) |  | $ | 3 |  |  | $ | 4 |  |  | $ | (1) |  |  | Net periodic benefit income, excluding service cost
Settlement gain |  | — |  |  | — |  |  | (17) |  |  | Net periodic benefit income, excluding service cost
Total reclassifications |  | 3 |  |  | 4 |  |  | (18) |  |  |
Income tax (benefit) expense |  | (1) |  |  | (2) |  |  | 4 |  |  | Provision for income taxes
Total reclassifications, net of tax |  | $ | 2 |  |  | $ | 2 |  |  | $ | (14) |  |  |
Swap agreements: |  |  |  |  |  |  |  |
Reclassification of cash flow hedge |  | $ | (12) |  |  | $ | 36 |  |  | $ | 46 |  |  | Interest expense, net
Income tax expense (benefit) |  | 3 |  |  | (10) |  |  | (12) |  |  | Provision for income taxes
Total reclassifications, net of tax |  | $ | (9) |  |  | $ | 26 |  |  | $ | 34 |  |  |
Other cash flow hedges: |  |  |  |  |  |  |  |
Reclassification of cash flow hedge |  | $ | (3) |  |  | $ | 2 |  |  | $ | (1) |  |  | Cost of sales
Income tax expense |  | 1 |  |  | — |  |  | — |  |  | Provision for income taxes
Total reclassifications, net of tax |  | $ | (2) |  |  | $ | 2 |  |  | $ | (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 13—Benefit Plans. As of July 29, 2023, the Company expects to reclassify $16 million related to unrealized derivative gains out of Accumulated other comprehensive loss and primarily into Interest expense, net during the following twelve-month period.

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