Derivative Instruments (Tables)

12 Months Ended

Jul. 25, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Derivative Instruments by Balance Sheet Line Item

The fair values of our 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	July 25, 2026		July 26, 2025		Balance Sheet Line Item	July 25, 2026		July 26, 2025
Derivatives designated as hedging instruments:
Foreign currency derivatives	Other current assets	$	49	$	17	Other current liabilities	$	2	$	2
Foreign currency derivatives	Other assets	43		10		Other long-term liabilities	—		2
Total		92		27			2		4
Derivatives not designated as hedging instruments:
Foreign currency derivatives	Other current assets	7		3		Other current liabilities	48		17
Foreign currency derivatives	Other assets	1		2		Other long-term liabilities	43		10
Total		8		5			91		27
Total		$	100	$	32		$	93	$	31

Effect of Derivative Instruments Not Designated as Fair Value Hedges on Consolidated Statement of Operations

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 YEARS ENDED
Derivatives Not Designated as Hedging Instruments	Line Item in Statements of Operations	July 25, 2026		July 26, 2025		July 27, 2024
Foreign currency derivatives	Other income (loss), net	$	(81)	$	102	$	(162)
Total return swaps—deferred compensation	Operating expenses and other	147		56		91
Equity derivatives	Other income (loss), net	—		—		2
Total		$	66	$	158	$	(69)

Schedule of Notional Amounts of Derivatives Outstanding

The notional amounts of our outstanding derivatives are summarized as follows (in millions):


	July 25, 2026		July 26, 2025
Foreign currency derivatives	$	8,686	$	8,978
Total return swaps—deferred compensation	1,307		1,087
Total	$	9,993	$	10,065