LONG-TERM DEBT (Tables)

6 Months Ended

Jan. 29, 2022

Debt Disclosure [Abstract]

Schedule of Debt

The Company’s long-term debt consisted of the following:

(in millions)	Average Interest Rate at January 29, 2022	Fiscal Maturity Year	January 29, 2022		July 31, 2021
Term Loan Facility	3.35%	2026	$	844	$	1,002
ABL Credit Facility	1.54%	2024	990		701
Senior Notes	6.75%	2029	500		500
Other secured loans	5.14%	2024-2025	30		37
Debt issuance costs, net			(28)		(35)
Original issue discount on debt			(13)		(17)
Long-term debt, including current portion			2,323		2,188
Less: current portion of long-term debt			(14)		(13)
Long-term debt			$	2,309	$	2,175

Schedule of Line of Credit Facilities

The assets included in the Condensed Consolidated Balance Sheets securing the outstanding obligations under the ABL Credit Facility on a first-priority basis, and the unused credit and fees under the ABL Credit Facility, were as follows:

Assets securing the ABL Credit Facility (in millions)(1):	January 29, 2022		July 31, 2021
Certain inventory assets included in Inventories, net and Current assets of discontinued operations	$	2,454	$	2,297
Certain receivables included in Accounts receivable, net and Current assets of discontinued operations	$	1,158	$	1,041

(1)The ABL Credit Facility is also secured by all of the Company’s pharmacy prescription files, which are included in Intangibles, net in the Condensed Consolidated Balance Sheets. Refer to Note 5—Goodwill and Intangible Assets, Net for additional information.

The Company’s resulting remaining availability under the ABL Credit Facility was $991 million as of January 29, 2022.

ABL availability (in millions):	January 29, 2022
Total availability for ABL Loans and letters of credit	$	2,096
ABL Loans	$	990
Letters of credit	$	115
Unused credit	$	991

The applicable interest rates, letter of credit fees and unutilized commitment fees under the ABL Credit Facility are variable and are dependent upon the prior fiscal quarter’s daily Average Availability (as defined in the ABL Agreement), and were as follows:

Interest rates and fees under the ABL Credit Facility:	Range of Facility Rates and Fees (per annum)	January 29, 2022
U.S. and Canadian Borrowers’ applicable margin for base rate loans	—% - 0.50%	0.25	%
U.S. and Canadian Borrowers’ applicable margin for LIBOR and BA loans(1)	1.00% - 1.50%	1.25	%
Unutilized commitment fees	0.25% - 0.375%	0.25	%
Letter of credit fees	1.125% - 1.625%	1.375	%

(1) The U.S. Borrowers utilize LIBOR-based loans and the Canadian Borrower utilizes bankers’ acceptance rate-based loans.