v3.24.1.1.u2
Financial Instruments (Tables)
 9 Months Ended
Apr. 28, 2024
General Discussion of Derivative Instruments and Hedging Activities [Abstract]  
Schedule Of The Fair Value Of Derivative Instruments [Table Text Block]
The following table summarizes the fair value of derivative instruments on a gross basis as recorded in the Consolidated Balance Sheets as of April 28, 2024, and July 30, 2023:
(Millions)Balance Sheet ClassificationApril 28, 2024July 30, 2023
Asset Derivatives
Derivatives designated as hedges:
Foreign exchange contractsOther current assets$1 $— 
Total derivatives designated as hedges$1 $— 
Derivatives not designated as hedges:
Commodity contractsOther current assets$19 $15 
Deferred compensation contractsOther current assets— 4 
Commodity contractsOther assets1 1 
Total derivatives not designated as hedges$20 $20 
Total asset derivatives$21 $20 
(Millions)Balance Sheet ClassificationApril 28, 2024July 30, 2023
Liability Derivatives
Derivatives designated as hedges:
Foreign exchange contractsAccrued liabilities$— $1 
Total derivatives designated as hedges$— $1 
Derivatives not designated as hedges:
Commodity contractsAccrued liabilities$4 $5 
Deferred compensation contractsAccrued liabilities1 — 
Total derivatives not designated as hedges$5 $5 
Total liability derivatives$5 $6 
Schedule of Offsetting Assets [Table Text Block]
We do not offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable netting agreements. However, if we were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in the Consolidated Balance Sheets as of April 28, 2024, and July 30, 2023, would be adjusted as detailed in the following table:
April 28, 2024July 30, 2023
(Millions)Gross Amounts Presented in the Consolidated Balance SheetGross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting AgreementsNet AmountGross Amounts Presented in the Consolidated Balance SheetGross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting AgreementsNet Amount
Total asset derivatives$21 $(4)$17 $20 $(5)$15 
Total liability derivatives$5 $(4)$1 $6 $(5)$1 
Schedule of Offsetting Liabilities [Table Text Block]
We do not offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable netting agreements. However, if we were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in the Consolidated Balance Sheets as of April 28, 2024, and July 30, 2023, would be adjusted as detailed in the following table:
April 28, 2024July 30, 2023
(Millions)Gross Amounts Presented in the Consolidated Balance SheetGross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting AgreementsNet AmountGross Amounts Presented in the Consolidated Balance SheetGross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting AgreementsNet Amount
Total asset derivatives$21 $(4)$17 $20 $(5)$15 
Total liability derivatives$5 $(4)$1 $6 $(5)$1 
Schedule Of Changes In Cash-Flow Hedges In Other Comprehensive Income (Loss) [Table Text Block]
The following tables show the effect of our derivative instruments designated as cash-flow hedges for the three- and nine-month periods ended April 28, 2024, and April 30, 2023, in other comprehensive income (loss) (OCI) and the Consolidated Statements of Earnings:
 Total Cash-Flow Hedge
OCI Activity
(Millions) April 28, 2024April 30, 2023
Three Months Ended
OCI derivative gain (loss) at beginning of quarter$(26)$(1)
Effective portion of changes in fair value recognized in OCI:
Foreign exchange contracts1 2 
Forward starting interest rate swaps12 — 
Amount of loss (gain) reclassified from OCI to earnings:Location in Earnings
Foreign exchange contractsCost of products sold— (2)
Forward starting interest rate swapsInterest expense— — 
OCI derivative gain (loss) at end of quarter$(13)$(1)
Nine Months Ended
OCI derivative gain (loss) at beginning of year$(5)$— 
Effective portion of changes in fair value recognized in OCI:
Foreign exchange contracts4 7 
Forward starting interest rate swaps(11)— 
Amount of loss (gain) reclassified from OCI to earnings:Location in Earnings
Commodity contractsCost of products sold— (3)
Foreign exchange contractsCost of products sold(2)(6)
Forward starting interest rate swapsInterest expense1 1 
OCI derivative gain (loss) at end of quarter$(13)$(1)
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The following tables show the total amounts of line items presented in the Consolidated Statements of Earnings for the three- and nine-month periods ended April 28, 2024, and April 30, 2023, in which the effects of derivative instruments designated as cash-flow hedges are recorded and the total effect of hedge activity on these line items are as follows:
Three Months Ended
April 28, 2024April 30, 2023
(Millions)Cost of products soldInterest
expense		Cost of products soldInterest
expense
Consolidated Statements of Earnings:$1,637 $70 $1,561 $47 
Loss (gain) on cash-flow hedges:
Amount of loss (gain) reclassified from OCI to earnings$— $— $(2)$— 
Nine Months Ended
April 28, 2024April 30, 2023
(Millions)Cost of products soldInterest
expense		Cost of products soldInterest
expense
Consolidated Statements of Earnings:$5,047 $165 $5,028 $139 
Loss (gain) on cash-flow hedges:
Amount of loss (gain) reclassified from OCI to earnings$(2)$1 $(9)$1 
Derivatives Not Designated as Hedging Instruments [Table Text Block]
The following table shows the effects of our derivative instruments not designated as hedges in the Consolidated Statements of Earnings:
Location of Loss (Gain) Recognized in EarningsThree Months EndedNine Months Ended
(Millions)April 28, 2024April 30, 2023April 28, 2024April 30, 2023
Foreign exchange contractsCost of products sold$— $— $— $(1)
Commodity contractsCost of products sold(13)18 (9)7 
Deferred compensation contractsAdministrative expenses(1)— (4)(1)
Total loss (gain)$(14)$18 $(13)$5