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Financial Instruments (Tables)
12 Months Ended
Jul. 31, 2022
General Discussion of Derivative Instruments and Hedging Activities [Abstract]  
Schedule Of The Fair Value Of Derivative Instruments [Table Text Block]
The following tables summarize the fair value of derivative instruments on a gross basis as recorded in the Consolidated Balance Sheets as of July 31, 2022, and August 1, 2021:
(Millions)Balance Sheet Classification20222021
Asset Derivatives
Derivatives designated as hedges:
Commodity contractsOther current assets$3 $
Foreign exchange forward contractsOther current assets2 
Total derivatives designated as hedges$5 $
Derivatives not designated as hedges:
Commodity contractsOther current assets$20 $49 
Deferred compensation contractsOther current assets 
Total derivatives not designated as hedges$20 $52 
Total asset derivatives$25 $57 
(Millions)Balance Sheet Classification20222021
Liability Derivatives
Derivatives designated as hedges:
Foreign exchange forward contractsAccrued liabilities$ $
Total derivatives designated as hedges$ $
Derivatives not designated as hedges:
Commodity contractsAccrued liabilities$30 $— 
Deferred compensation contractsAccrued liabilities4 — 
Total derivatives not designated as hedges$34 $— 
Total liability derivatives$34 $
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 July 31, 2022, and August 1, 2021, would be adjusted as detailed in the following table:
20222021
(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$25 $(17)$8 $57 $(1)$56 
Total liability derivatives$34 $(17)$17 $$(1)$
Schedule of Offsetting Liabilities [Table Text Block]
We do not offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable netting agreements. However, if we were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in the Consolidated Balance Sheets as of July 31, 2022, and August 1, 2021, would be adjusted as detailed in the following table:
20222021
(Millions)Gross Amounts Presented in the Consolidated Balance SheetGross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting AgreementsNet AmountGross Amounts Presented in the Consolidated Balance SheetGross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting AgreementsNet Amount
Total asset derivatives$25 $(17)$8 $57 $(1)$56 
Total liability derivatives$34 $(17)$17 $$(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 years ended July 31, 2022, August 1, 2021, and August 2, 2020 in other comprehensive income (loss) (OCI) and the Consolidated Statements of Earnings:

 Total Cash-Flow Hedge
OCI Activity
(Millions) 202220212020
OCI derivative gain (loss) at beginning of year$(5)$(8)$(11)
Effective portion of changes in fair value recognized in OCI:
Commodity contracts13 — 
Foreign exchange forward contracts4 (9)
Amount of loss (gain) reclassified from OCI to earnings:Location in Earnings
Commodity contractsCost of products sold(14)— — 
Foreign exchange forward contractsCost of products sold1 (2)
Foreign exchange forward contractsOther expenses / (income) — 
Foreign exchange forward contractsEarnings (loss) from discontinued operations — 
Forward starting interest rate swapsInterest expense1 
OCI derivative gain (loss) at end of year$ $(5)$(8)
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The following table shows the total amounts of line items presented in the Consolidated Statements of Earnings for the years ended 2022, 2021, and 2020 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:
202220212020
(Millions)Cost of products soldInterest expenseCost of products soldOther expenses / (income)Interest expenseCost of products soldInterest expenseEarnings (loss) from discontinued operations
Consolidated Statements of Earnings:$5,935 $189 $5,665 $(254)$210 $5,692 $345 $1,036 
Loss (gain) on cash-flow hedges:
Amount of loss (gain) reclassified from OCI to earnings$(13)$1 $$$$(2)$$
The amount excluded from effectiveness testing recognized in each line item of earnings using an amortization approach was not material in all periods presented.
Derivatives Not Designated as Hedging Instruments
The following table shows the effects of our derivative instruments not designated as hedges in the Consolidated Statements of Earnings:
(Millions)Location of Loss (Gain)
Recognized in Earnings
202220212020
Foreign exchange forward contractsCost of products sold$ $$(1)
Foreign exchange forward contractsOther expenses / (income) — 
Commodity contractsCost of products sold8 (55)12 
Deferred compensation contractsAdministrative expenses3 (8)(2)
Treasury rate lock contractsInterest expense — (3)
Total$11 $(61)$