COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

9 Months Ended

Apr. 29, 2023

Equity [Abstract]

COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

NOTE 8—COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

Changes in Accumulated other comprehensive loss by component, net of tax, for fiscal 2023 year-to-date were as follows:

(in millions)	Other Cash Flow Derivatives		Benefit Plans		Foreign Currency Translation		Swap Agreements		Total
Accumulated other comprehensive income (loss) at July 30, 2022	$	2	$	(3)	$	(19)	$	—	$	(20)
Other comprehensive (loss) income before reclassifications	(6)		—		(4)		17		7
Amortization of amounts included in net periodic benefit income	—		1		—		—		1
Amortization of cash flow hedges	2		—		—		(5)		(3)
Net current period Other comprehensive (loss) income	(4)		1		(4)		12		5
Accumulated other comprehensive (loss) income at April 29, 2023	$	(2)	$	(2)	$	(23)	$	12	$	(15)

Changes in Accumulated other comprehensive (loss) income by component, net of tax, for fiscal 2022 year-to-date were as follows:

(in millions)	Other Cash Flow Derivatives		Benefit Plans		Foreign Currency Translation		Swap Agreements		Total
Accumulated other comprehensive income (loss) at July 31, 2021	$	—	$	37	$	(16)	$	(60)	$	(39)
Other comprehensive income (loss) before reclassifications	1		—		(3)		36		34
Amortization of amounts included in net periodic benefit income	—		2		—		—		2
Amortization of cash flow hedges	3		—		—		22		25
Net current period Other comprehensive income (loss)	4		2		(3)		58		61
Accumulated other comprehensive income (loss) at April 30, 2022	$	4	$	39	$	(19)	$	(2)	$	22

Items reclassified out of Accumulated other comprehensive (loss) income had the following impact on the Condensed Consolidated Statements of Operations:

	13-Week Period Ended				39-Week Period Ended				Affected Line Item on the Condensed Consolidated Statements of Operations
(in millions)	April 29, 2023		April 30, 2022		April 29, 2023		April 30, 2022
Pension and postretirement benefit plan net assets:
Amortization of amounts included in net periodic benefit income(1)	$	—	$	—	$	1	$	2	Net periodic benefit income, excluding service cost
Income tax benefit	—		—		—		—		(Benefit) provision for income taxes
Total reclassifications, net of tax	$	—	$	—	$	1	$	2
Swap agreements:
Reclassification of cash flow hedges	$	(3)	$	9	$	(7)	$	30	Interest expense, net
Income tax expense (benefit)	1		(2)		2		(8)		(Benefit) provision for income taxes
Total reclassifications, net of tax	$	(2)	$	7	$	(5)	$	22
Other cash flow hedges:
Reclassification of cash flow hedge	$	1	$	2	$	3	$	4	Cost of sales
Income tax benefit	—		—		(1)		(1)		(Benefit) provision for income taxes
Total reclassifications, net of tax	$	1	$	2	$	2	$	3

(1)Reclassification of amounts included in net periodic benefit income include reclassification of prior service cost and reclassification of net actuarial loss as reflected in Note 10—Benefit Plans.

As of April 29, 2023, the Company expects to reclassify $13 million related to unrealized derivative gains out of Accumulated other comprehensive loss and primarily into Interest expense, net during the following twelve-month period.