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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

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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.

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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.

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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.

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Tabular disclosure of the change in unrecognized tax benefits.

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