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COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS | 6 Months Ended
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Jan. 28, 2023
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 fiscal 2023 year-to-date 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 |  | (3) |  |  | — |  |  | (2) |  |  | 17 |  |  | 12 |
Amortization of amounts included in net periodic benefit income |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 1 |
Amortization of cash flow hedges |  | 1 |  |  | — |  |  | — |  |  | (3) |  |  | (2) |
Net current period Other comprehensive (loss) income |  | (2) |  |  | 1 |  |  | (2) |  |  | 14 |  |  | 11 |
Accumulated other comprehensive income (loss) at January 28, 2023 |  | $ | — |  |  | $ | (2) |  |  | $ | (21) |  |  | $ | 14 |  |  | $ | (9) |
Changes in Accumulated other comprehensive loss by component, net of tax, for fiscal 2022 year-to-date 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 (loss) before reclassifications |  | 1 |  |  | — |  |  | (2) |  |  | 13 |  |  | 12 |
Amortization of amounts included in net periodic benefit income |  | — |  |  | 2 |  |  | — |  |  | — |  |  | 2 |
Amortization of cash flow hedges |  | 1 |  |  | — |  |  | — |  |  | 15 |  |  | 16 |
Net current period Other comprehensive income (loss) |  | 2 |  |  | 2 |  | (2) |  |  | 28 |  | 30 |
Accumulated other comprehensive income (loss) at January 29, 2022 |  | $ | 2 |  |  | $ | 39 |  |  | $ | (18) |  |  | $ | (32) |  |  | $ | (9) |
Items reclassified out of Accumulated other comprehensive loss had the following impact on the Condensed Consolidated Statements of Operations:
|  | 13-Week Period Ended |  | 26-Week Period Ended |  | Affected Line Item on the Condensed Consolidated Statements of Operations
(in millions) |  | January 28, 2023 |  | January 29, 2022 |  | January 28, 2023 |  | January 29, 2022 |
Pension and postretirement benefit plan net assets: |  |  |  |  |  |  |  |  |  |
Amortization of amounts included in net periodic benefit income(1) |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 2 |  |  | Net periodic benefit income, excluding service cost
Income tax benefit |  | — |  |  | — |  |  | — |  |  | — |  |  | Provision for income taxes
Total reclassifications, net of tax |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 2 |  |  |
Swap agreements: |  |  |  |  |  |  |  |  |  |
Reclassification of cash flow hedges |  | $ | (4) |  |  | $ | 10 |  |  | $ | (4) |  |  | $ | 21 |  |  | Interest expense, net
Income tax expense (benefit) |  | 1 |  |  | (3) |  |  | 1 |  |  | (6) |  |  | Provision for income taxes
Total reclassifications, net of tax |  | $ | (3) |  |  | $ | 7 |  |  | $ | (3) |  |  | $ | 15 |  |  |
Other cash flow hedges: |  |  |  |  |  |  |  |  |  |
Reclassification of cash flow hedge |  | $ | 1 |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 2 |  |  | Cost of sales
Income tax benefit |  | (1) |  |  | (1) |  |  | (1) |  |  | (1) |  |  | Provision for income taxes
Total reclassifications, net of tax |  | $ | — |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 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 January 28, 2023, the Company expects to reclassify $16 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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