FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Apr. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables provide the fair value hierarchy for financial assets and liabilities measured on a recurring basis:

	Condensed Consolidated Balance Sheets Location	Fair Value at April 30, 2022
(in millions)		Level 1		Level 2		Level 3
Assets:
Fuel derivatives designated as hedging instruments	Prepaid expenses and other current assets	$	—	$	5	$	—
Foreign currency derivatives designated as hedging instruments	Prepaid expenses and other current assets	$	—	$	1	$	—
Interest rate swaps designated as hedging instruments	Other long-term assets	$	—	$	5	$	—
Mutual funds	Other long-term assets	$	1	$	—	$	—
Liabilities:
Interest rate swaps designated as hedging instruments	Accrued expenses and other current liabilities	$	—	$	5	$	—

	Condensed Consolidated Balance Sheets Location	Fair Value at July 31, 2021
(in millions)		Level 1		Level 2		Level 3
Assets:
Fuel derivatives designated as hedging instruments	Prepaid expenses and other current assets	$	—	$	1	$	—
Mutual funds	Other long-term assets	$	2	$	—	$	—
Liabilities:
Foreign currency derivatives designated as hedging instruments	Accrued expenses and other current liabilities	$	—	$	1	$	—
Interest rate swaps designated as hedging instruments	Accrued expenses and other current liabilities	$	—	$	33	$	—
Interest rate swaps designated as hedging instruments	Other long-term liabilities	$	—	$	42	$	—

Fair Value, By Balance Sheet Grouping

In the table below, the carrying value of the Company’s long-term debt is net of original issue discounts and debt issuance costs.

	April 30, 2022				July 31, 2021
(in millions)	Carrying Value		Fair Value		Carrying Value		Fair Value
Notes receivable, including current portion	$	25	$	21	$	29	$	26
Long-term debt, including current portion	$	2,391	$	2,422	$	2,188	$	2,278