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FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS
 6 Months Ended
Jan. 31, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS
NOTE 7—FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS

Recurring Fair Value Measurements

The following tables provide the fair value hierarchy for financial assets and liabilities measured on a recurring basis:
Condensed Consolidated Balance Sheets LocationFair Value at January 31, 2026
(in millions)Level 1Level 2Level 3
Assets:
Fuel derivatives designated as hedging instrumentsPrepaid expenses and other current assets$— $1 $— 
Liabilities:
Interest rate swaps designated as hedging instrumentsAccrued expenses and other current liabilities$— $1 $— 
Interest rate swaps designated as hedging instrumentsOther long-term liabilities$— $2 $— 
Condensed Consolidated Balance Sheets LocationFair Value at August 2, 2025
(in millions)Level 1Level 2Level 3
Assets:
Interest rate swaps designated as hedging instrumentsPrepaid expenses and other current assets$— $1 $— 
Liabilities:
Interest rate swaps designated as hedging instrumentsOther long-term liabilities$— $3 $— 

Interest Rate Swap Contracts

The fair values of interest rate swap contracts are measured using Level 2 inputs. The interest rate swap contracts are valued using an income approach interest rate swap valuation model incorporating observable market inputs including interest rates, Secured Overnight Financing Rate (“SOFR”) swap rates and credit default swap rates. As of January 31, 2026, a 100-basis point increase in forward SOFR interest rates would increase the fair value of the interest rate swaps by approximately $9 million; a 100-basis point decrease in forward SOFR interest rates would decrease the fair value of the interest rate swaps by approximately $9 million. Refer to Note 8—Derivatives for further information on interest rate swap contracts.

Fair Value Estimates

For certain of the Company’s financial instruments including cash and cash equivalents, receivables, accounts payable, accrued vacation, compensation and benefits, and other current assets and liabilities the fair values approximate carrying amounts due to their short maturities. The fair value of notes receivable is estimated by using a discounted cash flow approach prior to consideration for uncollectible amounts and is calculated by applying a market rate for similar instruments using Level 3 inputs. The fair value of debt is estimated based on market quotes, where available, or market values for similar instruments, using Level 2 and 3 inputs. In the table below, the carrying value of the Company’s long-term debt is net of original issue discounts and debt issuance costs.
 January 31, 2026August 2, 2025
(in millions)Carrying ValueFair ValueCarrying ValueFair Value
Notes receivable, including current portion$19 $14 $13 $8 
Long-term debt, including current portion$1,716 $1,736 $1,862 $1,882