Derivative Instruments (Tables)

6 Months Ended

Jan. 23, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The fair values of the Company’s derivative instruments and the line items on the Consolidated Balance Sheets to which they were recorded are summarized as follows (in millions):



	DERIVATIVE ASSETS					DERIVATIVE LIABILITIES
	Balance Sheet Line Item	January 23, 2016		July 25, 2015		Balance Sheet Line Item	January 23, 2016		July 25, 2015
Derivatives designated as hedging instruments:
Foreign currency derivatives	Other current assets	$	1	$	10	Other current liabilities	$	16	$	11
Interest rate derivatives	Other assets	313		202		Other long-term liabilities	—		—
Total		314		212			16		11
Derivatives not designated as hedging instruments:
Foreign currency derivatives	Other current assets	4		2		Other current liabilities	3		1
Equity derivatives	Other assets	3		4		Other long-term liabilities	—		—
Total		7		6			3		1
Total		$	321	$	218		$	19	$	12

Gains And Losses On Derivatives Designated As Cash Flow Hedges

The effects of the Company’s cash flow and net investment hedging instruments on other comprehensive income (OCI) and the Consolidated Statements of Operations are summarized as follows (in millions):



GAINS (LOSSES) RECOGNIZED IN OCI ON DERIVATIVES FOR THE THREE MONTHS ENDED (EFFECTIVE PORTION)							GAINS (LOSSES) RECLASSIFIED FROM AOCI INTO INCOME FOR THE THREE MONTHS ENDED (EFFECTIVE PORTION)
	January 23, 2016			January 24, 2015			Line Item in Statements of Operations	January 23, 2016			January 24, 2015
Derivatives designated as cash flow hedging instruments:
Foreign currency derivatives	$	(20	)	$	(75	)	Operating expenses	$	(4	)	$	(21	)
							Cost of sales—service	(1		)	(5		)
Total	$	(20	)	$	(75	)		$	(5	)	$	(26	)

Derivatives designated as net investment hedging instruments:
Foreign currency derivatives	$	11		$	24		Other income (loss), net	$	—		$	—



GAINS (LOSSES) RECOGNIZED IN OCI ON DERIVATIVES FOR THE SIX MONTHS ENDED (EFFECTIVE PORTION)							GAINS (LOSSES) RECLASSIFIED FROM AOCI INTO INCOME FOR THE SIX MONTHS ENDED (EFFECTIVE PORTION)
	January 23, 2016			January 24, 2015			Line Item in Statements of Operations	January 23, 2016			January 24, 2015
Derivatives designated as cash flow hedging instruments:
Foreign currency derivatives	$	(24	)	$	(131	)	Operating expenses	$	(6	)	$	(24	)
							Cost of sales—service	(2		)	(6		)
Total	$	(24	)	$	(131	)		$	(8	)	$	(30	)

Derivatives designated as net investment hedging instruments:
Foreign currency derivatives	$	11		$	44		Other income (loss), net	$	—		$	—

Schedule Of Derivative Fair Value Hedge Instruments Gain Loss In Statement Of Financial Performance

The effect on the Consolidated Statements of Operations of derivative instruments designated as fair value hedges and the underlying hedged items is summarized as follows (in millions):



		GAINS (LOSSES) ON DERIVATIVE INSTRUMENTS FOR THE THREE MONTHS ENDED						GAINS (LOSSES) RELATED TO HEDGED ITEMS FOR THE THREE MONTHS ENDED
Derivatives Designated as Fair Value Hedging Instruments	Line Item in Statements of Operations	January 23, 2016			January 24, 2015			January 23, 2016		January 24, 2015
Equity derivatives	Other income (loss), net	$	—		$	(18	)	$	—	$	18
Interest rate derivatives	Interest expense	(16		)	61			18		(61		)
Total		$	(16	)	$	43		$	18	$	(43	)



		GAINS (LOSSES) ON DERIVATIVE INSTRUMENTS FOR THE SIX MONTHS ENDED					GAINS (LOSSES) RELATED TO HEDGED ITEMS FOR THE SIX MONTHS ENDED
Derivatives Designated as Fair Value Hedging Instruments	Line Item in Statements of Operations	January 23, 2016		January 24, 2015			January 23, 2016			January 24, 2015
Equity derivatives	Other income (loss), net	$	—	$	(12	)	$	—		$	12
Interest rate derivatives	Interest expense	111		131			(107		)	(134		)
Total		$	111	$	119		$	(107	)	$	(122	)

Effect Of Derivative Instruments Not Designated As Fair Value Hedges On Consolidated Statement Of Operations Summary

The effect on the Consolidated Statements of Operations of derivative instruments not designated as hedges is summarized as follows (in millions):



		GAINS (LOSSES) FOR THE THREE MONTHS ENDED						GAINS (LOSSES) FOR THE SIX MONTHS ENDED
Derivatives Not Designated as Hedging Instruments	Line Item in Statements of Operations	January 23, 2016			January 24, 2015			January 23, 2016			January 24, 2015
Foreign currency derivatives	Other income (loss), net	$	(58	)	$	(51	)	$	(54	)	$	(109	)
Total return swaps—deferred compensation	Operating expenses	(38		)	13			(54		)	—
Equity derivatives	Other income (loss), net	3			8			13			4
Total		$	(93	)	$	(30	)	$	(95	)	$	(105	)

Schedule Of Notional Amounts Of Derivatives Outstanding

The notional amounts of the Company’s outstanding derivatives are summarized as follows (in millions):



	January 23, 2016		July 25, 2015
Derivatives designated as hedging instruments:
Foreign currency derivatives—cash flow hedges	$	684	$	1,201
Interest rate derivatives	11,400		11,400
Net investment hedging instruments	283		192
Derivatives not designated as hedging instruments:
Foreign currency derivatives	2,469		2,023
Total return swaps—deferred compensation	432		462
Total	$	15,268	$	15,278

Offsetting Assets and Liabilities

Information related to these offsetting arrangements is summarized as follows (in millions):



	January 23, 2016
	Gross Amounts Offset in the Consolidated Balance Sheets						Gross Amounts Not Offset in the Consolidated Balance Sheets, but with Legal Rights to Offset
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Gross Derivative Amounts			Cash Collateral			Net Amount
Derivatives assets	$	321	$	—	$	321	$	(15	)	$	(255	)	$	51
Derivatives liabilities	$	19	$	—	$	19	$	(15	)	$	—		$	4



	July 25, 2015
	Gross Amounts Offset in the Consolidated Balance Sheets						Gross Amounts Not Offset in the Consolidated Balance Sheets, but with Legal Rights to Offset
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Gross Derivative Amounts			Cash Collateral			Net Amount
Derivatives assets	$	218	$	—	$	218	$	(12	)	$	(124	)	$	82
Derivatives liabilities	$	12	$	—	$	12	$	(12	)	$	—		$	—