XML 63 R42.htm IDEA: XBRL DOCUMENT
v3.24.3

INCOME TAXES (Tables) | 12 Months Ended
--- | ---
Aug. 03, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The income tax (benefit) expense was allocated as follows:
(in millions) | 2024 |  | 2023 |  | 2022
Income tax (benefit) expense | $ | (27) |  |  | $ | (23) |  |  | $ | 56 |
Other comprehensive (loss) income | (6) |  |  | (2) |  |  | 11 |
Total | $ | (33) |  |  | $ | (25) |  |  | $ | 67 |
Total federal, state and foreign income tax (benefit) expense consists of the following:
(in millions) | Current |  | Deferred |  | Total
Fiscal 2024 |  |  |  |  |
U.S. Federal | $ | 15 |  |  | $ | (41) |  |  | $ | (26) |
State and Local | 5 |  |  | (8) |  |  | (3) |
Foreign | 2 |  |  | — |  |  | 2 |
| $ | 22 |  |  | $ | (49) |  |  | $ | (27) |
Fiscal 2023 |  |  |  |  |
U.S. Federal | $ | 23 |  |  | $ | (36) |  |  | $ | (13) |
State and Local | (11) |  |  | (1) |  |  | (12) |
Foreign | 1 |  |  | 1 |  |  | 2 |
| $ | 13 |  |  | $ | (36) |  |  | $ | (23) |
Fiscal 2022 |  |  |  |  |
U.S. Federal | $ | (7) |  |  | $ | 45 |  |  | $ | 38 |
State and Local | 6 |  |  | 9 |  |  | 15 |
Foreign | 2 |  |  | 1 |  |  | 3 |
| $ | 1 |  |  | $ | 55 |  |  | $ | 56 |
Schedule of Effective Income Tax Rate Reconciliation | Total income tax (benefit) expense was different than the amounts computed by applying the statutory federal income tax rate to income before income taxes because of the following:
(in millions) | 2024 |  | 2023 |  | 2022
Computed “expected” tax expense | $ | (29) |  |  | $ | 1 |  |  | $ | 66 |
State and local income tax, net of Federal income tax benefit | (9) |  |  | (1) |  |  | 18 |
Non-deductible expenses | 2 |  |  | 3 |  |  | 13 |
Tax effect of share-based compensation | 5 |  |  | (9) |  |  | (31) |
General business credits | (2) |  |  | (8) |  |  | (3) |
Unrecognized tax benefits | — |  |  | (16) |  |  | (6) |
Enhanced inventory donations | (1) |  |  | (1) |  |  | (2) |
Changes in valuation allowance | 6 |  |  | 4 |  |  | 1 |
Other, net | 1 |  |  | 4 |  |  | — |
Total income tax (benefit) expense | $ | (27) |  |  | $ | (23) |  |  | $ | 56 |
Summary of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows:
(in millions) | 2024 |  | 2023 |  | 2022
Unrecognized tax benefits at beginning of period | $ | 11 |  |  | $ | 19 |  |  | $ | 27 |
Unrecognized tax benefits added during the period | 1 |  |  | 5 |  |  | — |
Decreases in unrecognized tax benefits due to statute expiration | (3) |  |  | (5) |  |  | (7) |
Decreases in unrecognized tax benefits due to settlements | (2) |  |  | (8) |  |  | (1) |
Unrecognized tax benefits at end of period | $ | 7 |  |  | $ | 11 |  |  | $ | 19 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the net deferred tax assets and deferred tax liabilities at August 3, 2024 and July 29, 2023 are presented below:
(in millions) | August 3, 2024 |  | July 29, 2023
Deferred tax assets: |  |  |
Compensation and benefits related | $ | 35 |  |  | $ | 29 |
Accounts receivable, principally due to allowances for uncollectible accounts | 4 |  |  | 4 |
Accrued expenses | 27 |  |  | 27 |
Capitalized research and development | 49 |  |  | 25 |
Net operating loss carryforwards | 13 |  |  | 10 |
Other tax carryforwards (interest, charitable contributions) | 59 |  |  | 32 |
Foreign tax credits | 1 |  |  | 1 |
Intangible assets | 45 |  |  | 50 |
Lease liabilities | 381 |  |  | 333 |
Other deferred tax assets | 1 |  |  | 6 |
Total gross deferred tax assets | 615 |  |  | 517 |
Less valuation allowance | (9) |  |  | (7) |
Net deferred tax assets | $ | 606 |  |  | $ | 510 |
Deferred tax liabilities: |  |  |
Plant and equipment, principally due to differences in depreciation | $ | 133 |  |  | $ | 141 |
Inventories | 25 |  |  | 15 |
Lease right of use assets | 361 |  |  | 317 |
Interest rate swap agreements | — |  |  | 5 |
Total deferred tax liabilities | 519 |  |  | 478 |
Net deferred tax assets | $ | 87 |  |  | $ | 32 |

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

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 217 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-217 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration