XML 55 R35.htm IDEA: XBRL DOCUMENT v3.22.2.2
DERIVATIVES (Tables)
 12 Months Ended
Jul. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
Details of active swap contracts as of July 30, 2022, which are all pay fixed and receive floating, are as follows:
Effective DateSwap MaturityNotional Value (in millions)
Pay Fixed Rate(2)
Receive Floating Rate(2)
Floating Rate Reset Terms
August 3, 2015(1)
August 15, 2022$29 1.7950 %One-Month Term SOFRMonthly
October 26, 2018October 31, 2022100 2.8170 %One-Month Term SOFRMonthly
January 11, 2019October 31, 202250 2.3770 %One-Month Term SOFRMonthly
January 23, 2019October 31, 202250 2.2740 %One-Month Term SOFRMonthly
November 16, 2018March 31, 2023150 2.7770 %One-Month Term SOFRMonthly
January 23, 2019March 31, 202350 2.4245 %One-Month Term SOFRMonthly
November 30, 2018September 30, 202350 2.6980 %One-Month Term SOFRMonthly
October 26, 2018October 31, 2023100 2.7880 %One-Month Term SOFRMonthly
January 11, 2019March 28, 2024100 2.3600 %One-Month Term SOFRMonthly
January 23, 2019March 28, 2024100 2.4250 %One-Month Term SOFRMonthly
November 30, 2018October 31, 2024100 2.7385 %One-Month Term SOFRMonthly
January 11, 2019October 31, 2024100 2.4025 %One-Month Term SOFRMonthly
January 24, 2019October 31, 202450 2.4090 %One-Month Term SOFRMonthly
October 26, 2018October 22, 202550 2.8725 %One-Month Term SOFRMonthly
November 16, 2018October 22, 202550 2.8750 %One-Month Term SOFRMonthly
November 16, 2018October 22, 202550 2.8380 %One-Month Term SOFRMonthly
January 24, 2019October 22, 202550 2.4750 %One-Month Term SOFRMonthly
$1,229 
(1)The swap contract has an amortizing notional principal amount which is reduced by $1 million on a quarterly basis.
(2)In fiscal 2022, the Company amended the reference rate in all of its outstanding interest rate swap contracts to replace One-Month LIBOR with One-Month Term SOFR and certain credit spread adjustments. The Company did not record any gains or losses upon the conversion of the reference rates in these interest rate swap contracts, and the Company believes these amendments will not have a material impact on its Consolidated Financial Statements.
Schedule of Interest Rate Derivatives
The location and amount of gains or losses recognized in the Consolidated Statements of Operations for interest rate swap contracts for each of the periods, presented on a pre-tax basis, are as follows:
Interest Expense, net
(In millions)202220212020
Total amounts of expense line items presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded
$155 $204 $192 
Loss on cash flow hedging relationships:
Loss reclassified from comprehensive income into earnings$(36)$(46)$(25)
(Loss) gain on interest rate swap contracts not designated as hedging instruments:
(Loss) gain recognized in earnings$— $— $—