v3.26.3
Taxes on Earnings (Tables)
 12 Months Ended
Aug. 02, 2026
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
The provision for income taxes on earnings consists of the following:
(Millions)202620252024
Income taxes:
Currently payable:
Federal$59 $202 $190 
State22 42 41 
Non-U.S. 10 4 6 
91 248 237 
Deferred:
Federal42 (40)(37)
State(5)(14)(9)
Non-U.S. (4)— (1)
33 (54)(47)
$124 $194 $190 
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]
(Millions)202620252024
Earnings before income taxes:
United States$510 $784 $735 
Non-U.S. 19 12 22 
$529 $796 $757 
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
The following is a reconciliation of the effective income tax rate to the U.S. federal statutory income tax rate for 2026:
2026
($ in Millions)AmountPercent
Federal statutory income tax rate$111 21.0 %
State income taxes (net of federal tax benefit)(1)
12 2.3 
Foreign tax effects4 0.7 
Effect of changes in tax laws or rates enacted in current period— — 
Effect of cross-border tax laws(1)(0.2)
Tax credits(3)(0.6)
Changes in valuation allowance(2)(0.4)
Nontaxable or nondeductible items3 0.6 
Changes in unrecognized tax benefits— — 
Other— — 
Effective income tax rate$124 23.4 %
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(1)During the year ended August 2, 2026, state taxes in California, Illinois, Texas and Minnesota made up the majority (greater than 50%) of the tax effect in this category.
The following table reconciles the U.S. federal statutory income tax rate with our effective income tax rate for 2025 and 2024:
20252024
Federal statutory income tax rate21.0 %21.0 %
State income taxes (net of federal tax benefit)2.8 3.2 
Tax effect of international items— (0.1)
State income tax law changes
(0.4)(0.1)
Divestitures1.8 — 
Nondeductible executive compensation(1)
0.4 1.5 
Other(1.2)(0.4)
Effective income tax rate24.4 %25.1 %
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(1)The increase in 2024 is associated with the acquisition of Sovos Brands.
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
Deferred tax liabilities and assets are comprised of the following:
(Millions)20262025
Depreciation$367 $353 
Amortization1,174 1,197 
Operating lease ROU assets73 81 
Pension30 30 
Other17 12 
Deferred tax liabilities1,661 1,673 
Benefits and compensation88 98 
Pension benefits21 23 
Tax loss carryforwards4 5 
Capital loss carryforwards6 18 
Operating lease liabilities80 88 
Capitalized research and development3 44 
Other80 69 
Gross deferred tax assets282 345 
Deferred tax asset valuation allowance(11)(23)
Deferred tax assets, net of valuation allowance271 322 
Net deferred tax liability$1,390 $1,351 
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]
A reconciliation of the activity related to unrecognized tax benefits follows:
(Millions)202620252024
Balance at beginning of year$18 $17 $15 
Increases related to prior-year tax positions2 1 2 
Decreases related to prior-year tax positions— — — 
Increases related to current-year tax positions2 1 2 
Settlements(7)— — 
Lapse of statute— (1)(2)
Balance at end of year$15 $18 $17 
Schedule Of Income Taxes Paid, Net of Refunds
Income taxes paid, net of refunds, were as follows:
(Millions)2026
U.S. federal$50 
U.S. state and local
Illinois7 
California5 
Other16 
Total U.S. state and local28 
Foreign
Italy11 
Other 4 
Total foreign15 
Total$93