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Fair Value Measurements (Tables)
 3 Months Ended
Oct. 30, 2022
Fair Value Disclosures [Abstract]  
Fair Value, Assets And Liabilities Measured on Recurring Basis [Table Text Block]
The following tables present our financial assets and liabilities that are measured at fair value on a recurring basis as of October 30, 2022, and July 31, 2022, consistent with the fair value hierarchy:
 
Fair Value
as of
October 30, 2022
Fair Value Measurements at
October 30, 2022 Using
Fair Value Hierarchy
Fair Value
as of
July 31, 2022
Fair Value Measurements at
July 31, 2022 Using
Fair Value Hierarchy
(Millions)Level 1Level 2Level 3Level 1Level 2Level 3
Assets
Foreign exchange forward contracts(1)
$7 $— $7 $— $2 $— $2 $— 
Commodity derivative contracts(2)
13 2 9 2 23 — 19 4 
Deferred compensation derivative contracts(3)
2 — 2 — — — — — 
Deferred compensation investments(4)
1 1 — — 2 2 — — 
Total assets at fair value$23 $3 $18 $2 $27 $2 $21 $4 
 
Fair Value
as of
October 30, 2022
Fair Value Measurements at
October 30, 2022 Using
Fair Value Hierarchy
Fair Value
as of
July 31, 2022
Fair Value Measurements at
July 31, 2022 Using
Fair Value Hierarchy
(Millions)Level 1Level 2Level 3Level 1Level 2Level 3
Liabilities
Commodity derivative contracts(2)
$19 $5 $14 $— $30 $6 $24 $— 
Deferred compensation derivative contracts(3)
— — — — 4 — 4 — 
Deferred compensation obligation(4)
99 99 — — 96 96 — — 
Total liabilities at fair value$118 $104 $14 $— $130 $102 $28 $— 
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(1)Based on observable market transactions of spot currency rates and forward rates.
(2)Level 1 and 2 are based on quoted futures exchanges and on observable prices of futures and options transactions in the marketplace. Level 3 is based on unobservable inputs in which there is little or no market data, which requires management’s own assumptions within an internally developed model.
(3)Based on index swap rates.
(4)Based on the fair value of the participants’ investments.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table]
The following table summarizes the changes in fair value of Level 3 assets and liabilities for the three-month periods ended October 30, 2022, and October 31, 2021:
Three Months Ended
(Millions)October 30, 2022October 31, 2021
Fair value at beginning of year$4 $1 
Gains (losses)(1)3 
Settlements(1)(3)
Fair value at end of quarter$2 $1