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LEASES (Tables)

12 Months Ended

Aug. 03, 2024

Leases [Abstract]

Schedule of Lease Assets and Liabilities

Lease assets and liabilities, net, are as follows (in millions):

Lease Type						Consolidated Balance Sheets Location						August 3, 2024						July 29, 2023
Operating lease assets						Operating lease assets						$	1,370					$	1,228
Finance lease assets						Property and equipment, net						16						14
Total lease assets												$	1,386					$	1,242
Operating liabilities						Current portion of operating lease liabilities						$	181					$	180
Finance liabilities						Current portion of long-term debt and finance lease liabilities						7						11
Operating liabilities						Long-term operating lease liabilities						1,263						1,099
Finance liabilities						Long-term finance lease liabilities						12						12
Total lease liabilities												$	1,463					$	1,302

Schedule of Lease Costs and Other Information

The Company’s lease cost under ASC 842 is as follows (in millions):

Lease Expense Type						Consolidated Statements of Operations Location						2024						2023						2022
Operating lease cost						Operating expenses						$	298					$	261					$	241
Short-term lease cost						Operating expenses						10						17						19
Variable lease cost						Operating expenses						87						73						73
Sublease income						Operating expenses						(5)						(8)						(8)
Sublease income						Net sales						(10)						(14)						(17)
Other sublease income, net						Restructuring, acquisition and integration related expenses(1)						—						(1)						(2)
Net operating lease cost												380						328						306
Amortization of leased assets						Operating expenses						6						7						10
Interest on lease liabilities						Interest expense, net						2						3						11
Finance lease cost												8						10						21
Total net lease cost												$	388					$	338					$	327

(1)Includes $28 million, $27 million and $29 million of lease expense in fiscal 2024, 2023 and 2022, respectively, and $(28) million, $(28) million, and $(31) million of lease income in fiscal 2024, 2023 and 2022, respectively, that is recorded within Restructuring, acquisition and integration related expenses for assigned leases related to previously sold locations and surplus, non-operating properties for which the Company is restructuring its obligations.

The following tables provide other information required by ASC 842:

Lease Term and Discount Rate

August 3, 2024

July 29, 2023

Weighted-average remaining lease term (years)

Operating leases

9.9 years

9.7 years

Finance leases

4.1 years

2.9 years

Weighted-average discount rate

Operating leases

9.4

%

8.9

%

Finance leases

9.9

%

9.8

%

Other Information
(in millions)												2024						2023						2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases												$	284					$	249					$	224
Operating cash flows from finance leases												$	2					$	2					$	7
Financing cash flows from finance leases												$	12					$	10					$	160
Leased assets obtained in exchange for new finance lease liabilities												$	8					$	—					$	1
Leased assets obtained in exchange for new operating lease liabilities												$	361					$	237					$	292

Schedule of Lease Liabilities and Receipts

As of August 3, 2024, these Lease Liabilities and Lease Receipts consisted of the following (in millions):

						Lease Liabilities												Lease Receipts												Net Lease Obligations
Fiscal Year						Operating Leases(1)						Finance Leases (2)						Operating Leases						Finance Leases						Operating Leases						Finance Leases
2025						$	304					$	9					$	(33)					$	—					$	271					$	9
2026						261						5						(25)						—						236						5
2027						218						2						(18)						—						200						2
2028						208						2						(14)						—						194						2
2029						175						2						(8)						—						167						2
Thereafter						1,141						3						(19)						—						1,122						3
Total undiscounted lease liabilities and receipts						$	2,307					$	23					$	(117)					$	—					$	2,190					$	23
Less interest(3)						(863)						(4)
Present value of lease liabilities						1,444						19
Less current lease liabilities						(181)						(7)
Long-term lease liabilities						$	1,263					$	12

(1)Excludes $340 million of legally binding undiscounted minimum lease payments for leases signed but not yet commenced. There were no operating leases for which the extension options are reasonably certain of being exercised.

(2)There were no finance leases for which the extension options are reasonably certain of being exercised, nor were there any excluded legally binding minimum lease payments for leases signed but not yet commenced.

(3)Calculated using the interest rate for each lease.

Schedule of Lease Liabilities and Receipts

As of August 3, 2024, these Lease Liabilities and Lease Receipts consisted of the following (in millions):

						Lease Liabilities												Lease Receipts												Net Lease Obligations
Fiscal Year						Operating Leases(1)						Finance Leases (2)						Operating Leases						Finance Leases						Operating Leases						Finance Leases
2025						$	304					$	9					$	(33)					$	—					$	271					$	9
2026						261						5						(25)						—						236						5
2027						218						2						(18)						—						200						2
2028						208						2						(14)						—						194						2
2029						175						2						(8)						—						167						2
Thereafter						1,141						3						(19)						—						1,122						3
Total undiscounted lease liabilities and receipts						$	2,307					$	23					$	(117)					$	—					$	2,190					$	23
Less interest(3)						(863)						(4)
Present value of lease liabilities						1,444						19
Less current lease liabilities						(181)						(7)
Long-term lease liabilities						$	1,263					$	12

(1)Excludes $340 million of legally binding undiscounted minimum lease payments for leases signed but not yet commenced. There were no operating leases for which the extension options are reasonably certain of being exercised.

(2)There were no finance leases for which the extension options are reasonably certain of being exercised, nor were there any excluded legally binding minimum lease payments for leases signed but not yet commenced.

(3)Calculated using the interest rate for each lease.

Schedule of Lease Liabilities and Receipts

As of August 3, 2024, these Lease Liabilities and Lease Receipts consisted of the following (in millions):

						Lease Liabilities												Lease Receipts												Net Lease Obligations
Fiscal Year						Operating Leases(1)						Finance Leases (2)						Operating Leases						Finance Leases						Operating Leases						Finance Leases
2025						$	304					$	9					$	(33)					$	—					$	271					$	9
2026						261						5						(25)						—						236						5
2027						218						2						(18)						—						200						2
2028						208						2						(14)						—						194						2
2029						175						2						(8)						—						167						2
Thereafter						1,141						3						(19)						—						1,122						3
Total undiscounted lease liabilities and receipts						$	2,307					$	23					$	(117)					$	—					$	2,190					$	23
Less interest(3)						(863)						(4)
Present value of lease liabilities						1,444						19
Less current lease liabilities						(181)						(7)
Long-term lease liabilities						$	1,263					$	12

(1)Excludes $340 million of legally binding undiscounted minimum lease payments for leases signed but not yet commenced. There were no operating leases for which the extension options are reasonably certain of being exercised.

(2)There were no finance leases for which the extension options are reasonably certain of being exercised, nor were there any excluded legally binding minimum lease payments for leases signed but not yet commenced.

(3)Calculated using the interest rate for each lease.

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Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-6

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Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-4

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Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-6

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Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479773/842-30-50-12

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