XML 40 R16.htm IDEA: XBRL DOCUMENT
v3.23.3

FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS | 12 Months Ended
--- | ---
Jul. 29, 2023
Fair Value Disclosures [Abstract] |
FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS | NOTE 7—FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS Recurring Fair Value Measurements The following tables provide the fair value hierarchy for financial assets and liabilities measured on a recurring basis:
|  |  |  | Fair Value at July 29, 2023
(in millions) |  | Consolidated Balance Sheets Location |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |  |
Interest rate swaps designated as hedging instruments |  | Prepaid expenses and other current assets |  | $ | — |  |  | $ | 17 |  |  | $ | — |
Interest rate swaps designated as hedging instruments |  | Other long-term assets |  | $ | — |  |  | $ | 5 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |
Fuel derivatives designated as hedging instruments |  | Accrued expenses and other current liabilities |  | $ | — |  |  | $ | 1 |  |  | $ | — |
|  |  |  | Fair Value at July 30, 2022
(in millions) |  | Consolidated Balance Sheets Location |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |  |
Fuel derivatives designated as hedging instruments |  | Prepaid expenses and other current assets |  | $ | — |  |  | $ | 3 |  |  | $ | — |
Interest rate swaps designated as hedging instruments |  | Prepaid expenses and other current assets |  | $ | — |  |  | $ | 3 |  |  | $ | — |
Interest rate swaps designated as hedging instruments |  | Other long-term assets |  | $ | — |  |  | $ | 1 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |
Interest rate swaps designated as hedging instruments |  | Other long-term liabilities |  | $ | — |  |  | $ | 2 |  |  | $ | — |
Interest Rate Swap Contracts The fair values of interest rate swap contracts are measured using Level 2 inputs. The interest rate swap contracts are valued using an income approach interest rate swap valuation model incorporating observable market inputs including interest rates, SOFR swap rates and credit default swap rates. As of July 29, 2023, a 100-basis point increase in forward SOFR interest rates would increase the fair value of the interest rate swaps by approximately $8 million; a 100-basis point decrease in forward SOFR interest rates would decrease the fair value of the interest rate swaps by approximately $8 million. Refer to Note 8—Derivatives for further information on interest rate swap contracts. Fuel Supply Agreements and Derivatives To reduce diesel fuel price risk, the Company has entered into derivative financial instruments and/or forward purchase commitments for a portion of our projected monthly diesel fuel requirements at fixed prices. The fair values of fuel derivative agreements are measured using Level 2 inputs. Foreign Exchange Derivatives To reduce foreign exchange risk, the Company has entered into derivative financial instruments for a portion of our projected monthly foreign currency requirements at fixed prices. The fair values of foreign exchange derivatives are measured using Level 2 inputs. Fair Value Estimates For certain of the Company’s financial instruments including cash and cash equivalents, receivables, accounts payable, accrued vacation, compensation and benefits, and other current assets and liabilities the fair values approximate carrying amounts due to their short maturities. The fair value of notes receivable is estimated by using a discounted cash flow approach prior to consideration for uncollectible amounts and is calculated by applying a market rate for similar instruments using Level 3 inputs. The fair value of debt is estimated based on market quotes, where available, or market values for similar instruments, using Level 2 and 3 inputs. In the table below, the carrying value of the Company’s long-term debt is net of original issue discounts and debt issuance costs. Refer to Note 1—Significant Accounting Policies for additional information regarding the fair value hierarchy.
|  | July 29, 2023 |  | July 30, 2022
(in millions) |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Notes receivable, including current portion |  | $ | 15 |  |  | $ | 8 |  |  | $ | 23 |  |  | $ | 17 |
Long-term debt, including current portion |  | $ | 1,963 |  |  | $ | 1,903 |  |  | $ | 2,123 |  |  | $ | 2,153 |

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration