Cisco Systems (CSCO) 10-Q21 Feb 232023 Q2 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	6 Months Ended
Cover Page - shares	Jan. 28, 2023	Feb. 16, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jan. 28, 2023
Document Transition Report	false
Entity File Number	001-39940
Entity Registrant Name	CISCO SYSTEMS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0059951
Entity Address, Address Line One	170 West Tasman Drive
Entity Address, City or Town	San Jose
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95134
City Area Code	408
Local Phone Number	526-4000
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	CSCO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		4,095,823,317
Amendment Flag	false
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Entity Central Index Key	0000858877
Current Fiscal Year End Date	--07-29

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Jan. 28, 2023	Jul. 30, 2022
Current assets:
Cash and cash equivalents	$ 9,009	$ 7,079
Investments	13,052	12,188
Accounts receivable, net of allowance of $86 at January 28, 2023 and $83 at July 30, 2022	5,237	6,622
Inventories	3,140	2,568
Financing receivables, net	3,557	3,905
Other current assets	4,520	4,355
Total current assets	38,515	36,717
Property and equipment, net	1,964	1,997
Financing receivables, net	3,554	4,009
Goodwill	38,388	38,304
Purchased intangible assets, net	2,134	2,569
Deferred tax assets	5,321	4,449
Other assets	5,964	5,957
TOTAL ASSETS	95,840	94,002
Current liabilities:
Short-term debt	1,250	1,099
Accounts payable	2,329	2,281
Income taxes payable	2,200	961
Accrued compensation	3,187	3,316
Deferred revenue	13,109	12,784
Other current liabilities	5,177	5,199
Total current liabilities	27,252	25,640
Long-term debt	7,637	8,416
Income taxes payable	6,609	7,725
Deferred revenue	10,818	10,480
Other long-term liabilities	2,050	1,968
Total liabilities	54,366	54,229
Commitments and contingencies (Note 14)
Cisco stockholders’ equity:
Preferred stock, $0.001 par value: 5 shares authorized; none issued and outstanding	0	0
Common stock and additional paid-in capital, $0.001 par value: 20,000 shares authorized; 4,095 and 4,110 shares issued and outstanding at January 28, 2023 and July 30, 2022, respectively	43,424	42,714
Accumulated deficit	(364)	(1,319)
Accumulated other comprehensive loss	(1,586)	(1,622)
Total equity	41,474	39,773
TOTAL LIABILITIES AND EQUITY	$ 95,840	$ 94,002

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jan. 28, 2023	Jul. 30, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 86	$ 83
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	20,000,000,000	20,000,000,000
Common stock, shares issued (in shares)	4,095,000,000	4,110,000,000
Common stock, shares outstanding (in shares)	4,095,000,000	4,110,000,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 28, 2023	Jan. 29, 2022
REVENUE:
Total revenue	$ 13,592	$ 12,720	$ 27,224	$ 25,620
COST OF SALES:
Total cost of sales	5,165	4,671	10,451	9,518
GROSS MARGIN	8,427	8,049	16,773	16,102
OPERATING EXPENSES:
Research and development	1,855	1,670	3,636	3,384
Sales and marketing	2,384	2,266	4,775	4,527
General and administrative	582	544	1,147	1,095
Amortization of purchased intangible assets	71	79	142	163
Restructuring and other charges	243	3	241	8
Total operating expenses	5,135	4,562	9,941	9,177
OPERATING INCOME	3,292	3,487	6,832	6,925
Interest income	219	111	388	232
Interest expense	(107)	(88)	(207)	(177)
Other income (loss), net	11	93	(123)	280
Interest and other income (loss), net	123	116	58	335
INCOME BEFORE PROVISION FOR INCOME TAXES	3,415	3,603	6,890	7,260
Provision for income taxes	642	630	1,447	1,307
NET INCOME	$ 2,773	$ 2,973	$ 5,443	$ 5,953
Net income per share:
Basic (in dollars per share)	$ 0.68	$ 0.71	$ 1.33	$ 1.42
Diluted (in dollars per share)	$ 0.67	$ 0.71	$ 1.32	$ 1.41
Shares used in per-share calculation:
Basic (in shares)	4,103	4,183	4,105	4,201
Diluted (in shares)	4,116	4,205	4,115	4,222
Product
REVENUE:
Total revenue	$ 10,155	$ 9,353	$ 20,400	$ 18,882
COST OF SALES:
Total cost of sales	4,038	3,569	8,217	7,242
Service
REVENUE:
Total revenue	3,437	3,367	6,824	6,738
COST OF SALES:
Total cost of sales	$ 1,127	$ 1,102	$ 2,234	$ 2,276

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 28, 2023	Jan. 29, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 2,773	$ 2,973	$ 5,443	$ 5,953
Available-for-sale investments:
Change in net unrealized gains and losses, net of tax benefit (expense) of $(66) and $12 for the second quarter and first six months of fiscal 2023, respectively, and $47 and $75 for the corresponding periods of fiscal 2022, respectively	187	(138)	(64)	(221)
Net (gains) losses reclassified into earnings, net of tax (benefit) expense of $0 and $(1) for the second quarter and first six months of fiscal 2023, respectively, and $3 and $5 for the corresponding periods of fiscal 2022, respectively	3	(7)	8	(11)
Total- Available-for-sale investments	190	(145)	(56)	(232)
Cash flow hedging instruments:
Change in unrealized gains and losses, net of tax benefit (expense) of $11 and $3 for the second quarter and first six months of fiscal 2023, respectively, and $(3) and $(4) for the corresponding periods of fiscal 2022, respectively	(33)	7	(9)	14
Net (gains) losses reclassified into earnings, net of tax (benefit) expense of $4 and $9 for the second quarter and first six months of fiscal 2023, respectively, and $1 for each of the corresponding periods of fiscal 2022	(14)	(1)	(28)	(2)
Total- Cash flow hedging instruments	(47)	6	(37)	12
Net change in cumulative translation adjustment and actuarial gains and losses net of tax benefit (expense) of $2 and $24 for the second quarter and first six months of fiscal 2023, respectively, and $0 and $9 for the corresponding periods of fiscal 2022, respectively	389	(177)	129	(152)
Other comprehensive income (loss)	532	(316)	36	(372)
Comprehensive income	$ 3,305	$ 2,657	$ 5,479	$ 5,581

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 28, 2023	Jan. 29, 2022
Statement of Comprehensive Income [Abstract]
Change in net unrealized gains, tax benefit (expense)	$ (66)	$ 47	$ 12	$ 75
Net (gains) losses reclassified into earnings, tax (benefit) expense	0	3	(1)	5
Change in unrealized gains and losses, net of tax benefit (expense)	11	(3)	3	(4)
Net (gains) losses reclassified into earnings, net of tax (benefit) expense	4	1	9	1
Net change in cumulative translation adjustment and actuarial gains and losses, net of tax benefit (expense)	$ 2	$ 0	$ 24	$ 9

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jan. 28, 2023	Jan. 29, 2022
Cash flows from operating activities:
Net income	$ 5,443	$ 5,953
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, and other	853	1,049
Share-based compensation expense	1,097	930
Provision (benefit) for receivables	6	8
Deferred income taxes	(845)	(138)
(Gains) losses on divestitures, investments and other, net	109	(323)
Change in operating assets and liabilities, net of effects of acquisitions and divestitures:
Accounts receivable	1,393	(308)
Inventories	(569)	(506)
Financing receivables	834	1,241
Other assets	(210)	(780)
Accounts payable	42	(250)
Income taxes, net	118	(876)
Accrued compensation	(146)	(437)
Deferred revenue	633	202
Other liabilities	(57)	123
Net cash provided by operating activities	8,701	5,888
Cash flows from investing activities:
Purchases of investments	(3,797)	(3,937)
Proceeds from sales of investments	587	1,402
Proceeds from maturities of investments	2,316	3,185
Acquisitions, net of cash and cash equivalents acquired and divestitures	(3)	(361)
Purchases of investments in privately held companies	(70)	(124)
Return of investments in privately held companies	39	104
Acquisition of property and equipment	(346)	(232)
Proceeds from sales of property and equipment	1	5
Other	(20)	(11)
Net cash provided by (used in) investing activities	(1,293)	31
Cash flows from financing activities:
Issuances of common stock	316	306
Repurchases of common stock—repurchase program	(1,760)	(5,105)
Shares repurchased for tax withholdings on vesting of restricted stock units	(310)	(411)
Short-term borrowings, original maturities of 90 days or less, net	(602)	959
Issuances of debt	0	1,049
Repayments of debt	0	(2,000)
Dividends paid	(3,120)	(3,102)
Other	(5)	(40)
Net cash used in financing activities	(5,481)	(8,344)
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	3	(25)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents	1,930	(2,450)
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period	8,579	9,942
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period	10,509	7,492
Supplemental cash flow information:
Cash paid for interest	178	184
Cash paid for income taxes, net	$ 2,172	$ 2,320

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Millions, $ in Millions	Total	Shares of Common Stock	Common Stock and Additional Paid-In Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Jul. 31, 2021		4,217
Beginning balance at Jul. 31, 2021	$ 41,275		$ 42,346	$ (654)	$ (417)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common stock (in shares)	(5)
Ending balance (in shares) at Oct. 30, 2021		4,217
Ending balance at Oct. 30, 2021	$ 42,701		42,621	553	(473)
Beginning balance (in shares) at Jul. 31, 2021		4,217
Beginning balance at Jul. 31, 2021	41,275		42,346	(654)	(417)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	5,953			5,953
Other comprehensive income (loss)	(372)				(372)
Issuance of common stock (in shares)		29
Issuance of common stock	306		306
Repurchase of common stock (in shares)		(87)
Repurchase of common stock	(5,080)		(882)	(4,198)
Shares repurchased for tax withholdings on vesting of restricted stock units (in shares)		(8)
Shares repurchased for tax withholdings on vesting of restricted stock units	(411)		(411)
Cash dividends declared	(3,102)			(3,102)
Share-based compensation	930		930
Other	(3)		2	(5)
Ending balance (in shares) at Jan. 29, 2022		4,151
Ending balance at Jan. 29, 2022	39,496		42,291	(2,006)	(789)
Beginning balance (in shares) at Oct. 30, 2021		4,217
Beginning balance at Oct. 30, 2021	42,701		42,621	553	(473)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,973			2,973
Other comprehensive income (loss)	(316)				(316)
Issuance of common stock (in shares)		22
Issuance of common stock	$ 306		306
Repurchase of common stock (in shares)	(82)	(82)
Repurchase of common stock	$ (4,824)		(836)	(3,988)
Shares repurchased for tax withholdings on vesting of restricted stock units (in shares)		(6)
Shares repurchased for tax withholdings on vesting of restricted stock units	(278)		(278)
Cash dividends declared	(1,541)			(1,541)
Share-based compensation	477		477
Other	(2)		1	(3)
Ending balance (in shares) at Jan. 29, 2022		4,151
Ending balance at Jan. 29, 2022	39,496		42,291	(2,006)	(789)
Beginning balance (in shares) at Jul. 30, 2022		4,110
Beginning balance at Jul. 30, 2022	$ 39,773		42,714	(1,319)	(1,622)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common stock (in shares)	(12)
Ending balance (in shares) at Oct. 29, 2022		4,103
Ending balance at Oct. 29, 2022	$ 40,272		42,984	(594)	(2,118)
Beginning balance (in shares) at Jul. 30, 2022		4,110
Beginning balance at Jul. 30, 2022	39,773		42,714	(1,319)	(1,622)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	5,443			5,443
Other comprehensive income (loss)	36				36
Issuance of common stock (in shares)		30
Issuance of common stock	316		316
Repurchase of common stock (in shares)		(38)
Repurchase of common stock	(1,758)		(394)	(1,364)
Shares repurchased for tax withholdings on vesting of restricted stock units (in shares)		(7)
Shares repurchased for tax withholdings on vesting of restricted stock units	(310)		(310)
Cash dividends declared	(3,120)			(3,120)
Share-based compensation	1,097		1,097
Other	(3)		1	(4)
Ending balance (in shares) at Jan. 28, 2023		4,095
Ending balance at Jan. 28, 2023	41,474		43,424	(364)	(1,586)
Beginning balance (in shares) at Oct. 29, 2022		4,103
Beginning balance at Oct. 29, 2022	40,272		42,984	(594)	(2,118)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,773			2,773
Other comprehensive income (loss)	532				532
Issuance of common stock (in shares)		23
Issuance of common stock	$ 316		316
Repurchase of common stock (in shares)	(26)	(26)
Repurchase of common stock	$ (1,256)		(276)	(980)
Shares repurchased for tax withholdings on vesting of restricted stock units (in shares)		(5)
Shares repurchased for tax withholdings on vesting of restricted stock units	(202)		(202)
Cash dividends declared	(1,560)			(1,560)
Share-based compensation	601		601
Other	(2)		1	(3)
Ending balance (in shares) at Jan. 28, 2023		4,095
Ending balance at Jan. 28, 2023	$ 41,474		$ 43,424	$ (364)	$ (1,586)

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 28, 2023	Jan. 29, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividends declared (in dollars per share)	$ 0.38	$ 0.37	$ 0.76	$ 0.74

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
Organization and Basis of Presentation	Jan. 28, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation The fiscal year for Cisco Systems, Inc. (the “Company,” “Cisco,” “we,” “us,” or “our”) is the 52 or 53 weeks ending on the last Saturday in July. Fiscal 2023 and fiscal 2022 are each 52-week fiscal years. The Consolidated Financial Statements include our accounts and those of our subsidiaries. All intercompany accounts and transactions have been eliminated. We conduct business globally and are primarily managed on a geographic basis in the following three geographic segments: the Americas; Europe, Middle East, and Africa (EMEA); and Asia Pacific, Japan, and China (APJC). We have prepared the accompanying financial data as of January 28, 2023 and for the second quarter and first six months of fiscal 2023 and 2022, without audit, pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (GAAP) have been condensed or omitted pursuant to such rules and regulations. The July 30, 2022 Consolidated Balance Sheet was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States. However, we believe that the disclosures are adequate to make the information presented not misleading. These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and the notes thereto included in our Annual Report on Form 10-K for the fiscal year ended July 30, 2022. In the opinion of management, all normal recurring adjustments necessary to state fairly the consolidated balance sheet as of January 28, 2023, the results of operations, the statements of comprehensive income and the statements of equity for the second quarter and first six months of fiscal 2023 and 2022, and the statements of cash flows for the first six months of fiscal 2023 and 2022, as applicable, have been made. The results of operations for the second quarter and first six months of fiscal 2023 are not necessarily indicative of the operating results for the full fiscal year or any future periods. Our consolidated financial statements include our accounts and investments consolidated under the variable interest and voting models. The noncontrolling interests attributed to these investments are not presented as a separate component in the equity section of the Consolidated Balance Sheets as these amounts are not material for any of the fiscal periods presented. The share of earnings attributable to the noncontrolling interests are not presented separately in the Consolidated Statements of Operations as these amounts are not material for any of the fiscal periods presented. Certain reclassifications have been made to the amounts in prior periods in order to conform to the current period’s presentation. We have evaluated subsequent events through the date that the financial statements were issued.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
Recent Accounting Pronouncements	Jan. 28, 2023
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements (a) Recent Accounting Standards or Updates Not Yet Effective Reference Rate Reform In March 2020, the Financial Accounting Standards Board issued an accounting standard update and subsequent amendments that provide optional expedients and exceptions to the current guidance on contract modification and hedging relationships to ease the financial reporting burden of the expected market transition from the London InterBank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. This accounting standard update was effective upon issuance and may be applied prospectively through December 31, 2024. We do not expect this accounting standard update will have a material impact on our Consolidated Financial Statements.

Revenue

Revenue	6 Months Ended
Revenue	Jan. 28, 2023
Revenue from Contract with Customer [Abstract]
Revenue	Revenue We enter into contracts with customers that can include various combinations of products and services which are generally distinct and accounted for as separate performance obligations. As a result, our contracts may contain multiple performance obligations. We determine whether arrangements are distinct based on whether the customer can benefit from the product or service on its own or together with other resources that are readily available and whether our commitment to transfer the product or service to the customer is separately identifiable from other obligations in the contract. We classify our hardware, perpetual software licenses, and software-as-a-service (SaaS) as distinct performance obligations. Term software licenses represent multiple obligations, which include software licenses and software maintenance. In transactions where we deliver hardware or software, we are typically the principal and we record revenue and costs of goods sold on a gross basis. We refer to our term software licenses, security software licenses, SaaS, and associated service arrangements as subscription offers. We recognize revenue upon transfer of control of promised goods or services in a contract with a customer in an amount that reflects the consideration we expect to receive in exchange for those products or services. Transfer of control occurs once the customer has the contractual right to use the product, generally upon shipment, electronic delivery (or when the software is available for download by the customer), or once title and risk of loss has transferred to the customer. Transfer of control can also occur over time for software maintenance and services as the customer receives the benefit over the contract term. Our hardware and perpetual software licenses are distinct performance obligations where revenue is recognized upfront upon transfer of control. Term software licenses include multiple performance obligations where the term licenses are recognized upfront upon transfer of control, with the associated software maintenance revenue recognized ratably over the contract term as services and software updates are provided. SaaS arrangements do not include the right for the customer to take possession of the software during the term, and therefore have one distinct performance obligation which is satisfied over time with revenue recognized ratably over the contract term as the customer consumes the services. On our product sales, we record consideration from shipping and handling on a gross basis within net product sales. We record our revenue net of any associated sales taxes. An allowance for future sales returns is established based on historical trends in product return rates. The allowance for future sales returns as of January 28, 2023 and July 30, 2022 was $40 million and $43 million, respectively, and was recorded as a reduction of our accounts receivable and revenue. Significant Judgments Revenue is allocated among these performance obligations in a manner that reflects the consideration that we expect to be entitled to for the promised goods or services based on standalone selling prices (SSP). SSP is estimated for each distinct performance obligation and judgment may be required in their determination. The best evidence of SSP is the observable price of a product or service when we sell the goods separately in similar circumstances and to similar customers. In instances where SSP is not directly observable, we determine SSP using information that may include market conditions and other observable inputs. We assess relevant contractual terms in our customer contracts to determine the transaction price. We apply judgment in identifying contractual terms and determining the transaction price as we may be required to estimate variable consideration when determining the amount of revenue to recognize. Variable consideration includes potential contractual penalties and various rebate, cooperative marketing and other incentive programs that we offer to our distributors, channel partners and customers. When determining the amount of revenue to recognize, we estimate the expected usage of these programs, applying the expected value or most likely estimate and update the estimate at each reporting period as actual utilization becomes available. We also consider the customers’ right of return in determining the transaction price, where applicable. We assess certain software licenses, such as for security software, that contain critical updates or upgrades which customers can download throughout the contract term. Without these updates or upgrades, the functionality of the software would diminish over a relatively short time period. These updates or upgrades provide the customer the full functionality of the purchased security software licenses and are required to maintain the security license’s utility as the risks and threats in the environment are rapidly changing. In these circumstances, the revenue from these software arrangements is recognized as a single performance obligation satisfied over the contract term. (a) Disaggregation of Revenue We disaggregate our revenue into groups of similar products and services that depict the nature, amount, and timing of revenue and cash flows for our various offerings. The sales cycle, contractual obligations, customer requirements, and go-to-market strategies differ for each of our product categories, resulting in different economic risk profiles for each category. The following table presents this disaggregation of revenue (in millions): Three Months Ended Six Months Ended January 28, January 29, January 28, 2023 January 29, 2022 Product revenue: Secure, Agile Networks $ 6,746 $ 5,899 $ 13,430 $ 11,867 Internet for the Future 1,306 1,322 2,616 2,695 Collaboration 958 1,067 2,044 2,176 End-to-End Security 943 883 1,914 1,778 Optimized Application Experiences 199 180 393 361 Other Products 3 2 4 5 Total Product 10,155 9,353 20,400 18,882 Services 3,437 3,367 6,824 6,738 Total $ 13,592 $ 12,720 $ 27,224 $ 25,620 Amounts may not sum due to rounding. We have made certain reclassifications to the product revenue amounts for prior periods to conform to the current year presentation. Secure, Agile Networks consists of our core networking technologies of switching, enterprise routing, wireless, and compute products. These technologies consist of both hardware and software offerings, including software licenses and SaaS, that help our customers build networks, automate, orchestrate, integrate, and digitize data. Our hardware and perpetual software in this category are distinct performance obligations where revenue is recognized upfront upon transfer of control. Term software licenses are multiple performance obligations where the term license is recognized upfront upon transfer of control with the associated software maintenance revenue recognized ratably over the contract term. SaaS arrangements in this category have one distinct performance obligation which is satisfied over time with revenue recognized ratably over the contract term. Internet for the Future consists of our routed optical networking, 5G, silicon, and optics solutions. These products consist primarily of both hardware and software offerings, including software licenses and SaaS. Our hardware and perpetual software in this category are distinct performance obligations where revenue is recognized upfront upon transfer of control. Term software licenses are multiple performance obligations where the term license is recognized upfront upon transfer of control with the associated software maintenance revenue recognized ratably over the contract term. SaaS arrangements in this category have one distinct performance obligation which is satisfied over time with revenue recognized ratably over the contract term. Collaboration consists of our Meetings, Collaboration Devices, Calling, Contact Center and Communication Platform as a Service (CPaaS) offerings. These products consist primarily of software offerings, including software licenses and SaaS, as well as hardware. Our perpetual software and hardware in this category are distinct performance obligations where revenue is recognized upfront upon transfer of control. Term software licenses are multiple performance obligations where the term license is recognized upfront upon transfer of control with the associated software maintenance revenue recognized ratably over the contract term. SaaS arrangements in this category have one distinct performance obligation which is satisfied over time with revenue recognized ratably over the contract term. End-to-End Security consists of our Network Security, Cloud Security, Security Endpoints, Unified Threat Management and Zero Trust offerings. These products consist of both hardware and software offerings, including software licenses and SaaS. Updates and upgrades for the term software licenses are critical for our software to perform its intended commercial purpose because of the continuous need for our software to secure our customers’ network environments against frequent threats. Therefore, security software licenses are generally represented by a single distinct performance obligation with revenue recognized ratably over the contract term. Our hardware and perpetual software in this category are distinct performance obligations where revenue is recognized upfront upon transfer of control. SaaS arrangements in this category have one distinct performance obligation which is satisfied over time with revenue recognized ratably over the contract term. Optimized Application Experiences consists of our full stack observability and cloud-native platform offerings. These products consist primarily of software offerings, including software licenses and SaaS. Our perpetual software in this category are distinct performance obligations where revenue is recognized upfront upon transfer of control. Term software licenses are multiple performance obligations where the term license is recognized upfront upon transfer of control with the associated software maintenance revenue recognized ratably over the contract term. SaaS arrangements in this category have one distinct performance obligation which is satisfied over time with revenue recognized ratably over the contract term. In addition to our product offerings, we provide a broad range of service and support options for our customers, including technical support services and advanced services. Technical support services represent the majority of these offerings which are distinct performance obligations that are satisfied over time with revenue recognized ratably over the contract term. Advanced services are distinct performance obligations that are satisfied over time with revenue recognized as services are delivered. The sales arrangements as discussed above are typically made pursuant to customer purchase orders based on master purchase or partner agreements. Cash is received based on our standard payment terms which is typically 30 days. We provide financing arrangements to customers for all of our hardware, software and service offerings. Refer to Note 9 for additional information. For these arrangements, cash is typically received over time. (b) Contract Balances Accounts Receivable Accounts receivable, net was $5.2 billion as of January 28, 2023 compared to $6.6 billion as of July 30, 2022, as reported on the Consolidated Balance Sheets. The allowances for credit loss for our accounts receivable are summarized as follows (in millions): Three Months Ended Six Months Ended January 28, 2023 January 29, 2022 January 28, 2023 January 29, 2022 Allowance for credit loss at beginning of period $ 88 $ 114 $ 83 $ 109 Provisions (benefits) 3 17 14 36 Recoveries (write-offs), net (5) (52) (11) (66) Foreign exchange and other — (9) — (9) Allowance for credit loss at end of period $ 86 $ 70 $ 86 $ 70 Contract Assets and Liabilities Gross contract assets by our internal risk ratings are summarized as follows (in millions): January 28, July 30, 1 to 4 $ 355 $ 414 5 to 6 984 814 7 and Higher 82 158 Total $ 1,421 $ 1,386 Contract assets consist of unbilled receivables and are recorded when revenue is recognized in advance of scheduled billings to our customers. These amounts are primarily related to software and service arrangements where transfer of control has occurred but we have not yet invoiced. Our contract assets for these unbilled receivables, net of allowances, was $1.4 billion as of January 28, 2023 and $1.3 billion as of July 30, 2022, and were included in other current assets and other assets. Contract liabilities consist of deferred revenue. Deferred revenue was $23.9 billion as of January 28, 2023 compared to $23.3 billion as of July 30, 2022. We recognized approximately $3.4 billion and $7.9 billion of revenue during the second quarter and first six months of fiscal 2023 that was included in the deferred revenue balance at July 30, 2022. (c) Capitalized Contract Acquisition Costs

Acquisitions and Divestitures

Acquisitions and Divestitures	6 Months Ended
Acquisitions and Divestitures	Jan. 28, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures We completed one acquisition during the first six months of fiscal 2023. A summary of the allocation of the total purchase consideration is presented as follows (in millions): Purchase Consideration Net Tangible Assets Acquired (Liabilities Assumed) Purchased Intangible Assets Goodwill Total acquisitions (one in total) $ 3 $ — $ — $ 3 The total purchase consideration related to our acquisition completed during the first six months of fiscal 2023 consisted of cash consideration. Total transaction costs related to acquisition and divestiture activities were $3 million and $38 million for the first six months of fiscal 2023 and 2022, respectively. These transaction costs were expensed as incurred in general and administrative expenses (“G&A”) in the Consolidated Statements of Operations. The goodwill generated from acquisitions completed during the first six months of fiscal 2023 is primarily related to expected synergies. The goodwill is generally not deductible for income tax purposes. The Consolidated Financial Statements include the operating results of each acquisition from the date of acquisition. Pro forma results of operations and the revenue and net income subsequent to the acquisition date for the acquisition completed during the first six months of fiscal 2023 have not been presented because the effects of the acquisition were not material to our financial results.

Goodwill and Purchased Intangib

Goodwill and Purchased Intangible Assets	6 Months Ended
Goodwill and Purchased Intangible Assets	Jan. 28, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Purchased Intangible Assets	Goodwill and Purchased Intangible Assets (a) Goodwill The following table presents the goodwill allocated to our reportable segments as of January 28, 2023 and during the first six months of fiscal 2023 (in millions): Balance at July 30, 2022 Acquisitions & Divestitures Foreign Currency Translation and Other Balance at January 28, 2023 Americas $ 23,882 $ 3 $ 51 $ 23,936 EMEA 9,062 — 19 9,081 APJC 5,360 — 11 5,371 Total $ 38,304 $ 3 $ 81 $ 38,388 (b) Purchased Intangible Assets The following tables present details of our purchased intangible assets (in millions): January 28, 2023 Gross Accumulated Amortization Net Purchased intangible assets with finite lives: Technology $ 2,620 $ (1,384) $ 1,236 Customer relationships 1,334 (889) 445 Other 40 (17) 23 Total purchased intangible assets with finite lives 3,994 (2,290) 1,704 In-process research and development, with indefinite lives 430 — 430 Total $ 4,424 $ (2,290) $ 2,134 July 30, 2022 Gross Accumulated Amortization Net Purchased intangible assets with finite lives: Technology $ 2,631 $ (1,102) $ 1,529 Customer relationships 1,354 (769) 585 Other 41 (16) 25 Total purchased intangible assets with finite lives 4,026 (1,887) 2,139 In-process research and development, with indefinite lives 430 — 430 Total $ 4,456 $ (1,887) $ 2,569 Purchased intangible assets include intangible assets acquired through acquisitions as well as through direct purchases or licenses. The following table presents the amortization of purchased intangible assets, including impairment charges (in millions): Three Months Ended Six Months Ended January 28, 2023 January 29, 2022 January 28, 2023 January 29, 2022 Amortization of purchased intangible assets: Cost of sales $ 158 $ 201 $ 316 $ 403 Operating expenses 71 79 142 163 Total $ 229 $ 280 $ 458 $ 566 The estimated future amortization expense of purchased intangible assets with finite lives as of January 28, 2023 is as follows (in millions): Fiscal Year Amount 2023 (remaining six months) $ 450 2024 $ 778 2025 $ 406 2026 $ 65 2027 $ 5

Restructuring and Other Charges

Restructuring and Other Charges	6 Months Ended
Restructuring and Other Charges	Jan. 28, 2023
Restructuring Charges [Abstract]
Restructuring and Other Charges	Restructuring and Other Charges In the second quarter of fiscal 2023, we announced a restructuring plan (the “Fiscal 2023 Plan”), in order to rebalance the organization and enable further investment in key priority areas. This rebalancing includes talent movement options and restructuring. Additionally, we have begun optimizing our real estate portfolio, aligned to the broader hybrid work strategy. The total pretax charges are estimated to be approximately $600 million and is expected to impact approximately 5% of our global workforce. In connection with the Fiscal 2023 Plan, we incurred charges of $243 million for the second quarter and first six months of fiscal 2023. These aggregate pretax charges will be primarily cash-based and will consist of severance and other one-time termination benefits, real estate-related charges, and other costs. We expect the plan to be substantially completed by the end of the first quarter of fiscal 2024. The following tables summarize the activities related to the restructuring and other charges (in millions): FISCAL 2021 AND PRIOR PLANS FISCAL 2023 PLAN Employee Other Employee Other Total Liability as of July 30, 2022 $ 2 $ 7 $ — $ — $ 9 Charges — (2) 223 20 241 Cash payments (1) (1) (49) (1) (52) Non-cash items — — 1 — 1 Liability as of January 28, 2023 $ 1 $ 4 $ 175 $ 19 $ 199 FISCAL 2020 AND PRIOR PLANS FISCAL 2021 PLAN Employee Other Employee Severance Other Total Liability as of July 31, 2021 $ — $ 10 $ 16 $ 8 $ 34 Charges — (5) 10 3 8 Cash payments — (1) (16) — (17) Non-cash items — — — (5) (5) Liability as of January 29, 2022 $ — $ 4 $ 10 $ 6 $ 20

Balance Sheet and Other Details

Balance Sheet and Other Details	6 Months Ended
Balance Sheet and Other Details	Jan. 28, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet and Other Details	Balance Sheet and Other Details The following tables provide details of selected balance sheet and other items (in millions, except percentages): Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents January 28, July 30, Cash and cash equivalents $ 9,009 $ 7,079 Restricted cash and restricted cash equivalents included in other assets 1,500 1,500 Total $ 10,509 $ 8,579 Our restricted cash equivalents are funds primarily related to contractual obligations with suppliers. Inventories January 28, July 30, Raw materials $ 1,496 $ 1,601 Work in process 230 150 Finished goods: Deferred cost of sales 70 86 Manufactured finished goods 1,222 631 Total finished goods 1,292 717 Service-related spares 109 90 Demonstration systems 13 10 Total $ 3,140 $ 2,568 Property and Equipment, Net January 28, July 30, Gross property and equipment: Land, buildings, and building and leasehold improvements $ 4,263 $ 4,219 Computer equipment and related software 749 779 Production, engineering, and other equipment 4,591 4,647 Operating lease assets 149 185 Furniture, fixtures and other 340 335 Total gross property and equipment 10,092 10,165 Less: accumulated depreciation and amortization (8,128) (8,168) Total $ 1,964 $ 1,997 Remaining Performance Obligations (RPO) January 28, July 30, Product $ 14,517 $ 14,090 Service 17,255 17,449 Total $ 31,772 $ 31,539 Short-term RPO $ 16,865 $ 16,936 Long-term RPO 14,907 14,603 Total $ 31,772 $ 31,539 Amount to be recognized as revenue over the next 12 months 53 % 54 % Deferred revenue $ 23,927 $ 23,264 Unbilled contract revenue 7,845 8,275 Total $ 31,772 $ 31,539 Unbilled contract revenue represents noncancelable contracts for which we have not invoiced, have an obligation to perform, and revenue has not yet been recognized in the financial statements. Deferred Revenue January 28, July 30, Product $ 10,679 $ 10,427 Service 13,248 12,837 Total $ 23,927 $ 23,264 Reported as: Current $ 13,109 $ 12,784 Noncurrent 10,818 10,480 Total $ 23,927 $ 23,264 Transition Tax Payable Our income tax payable associated with the one-time U.S. transition tax on accumulated earnings for foreign subsidiaries as a result of the Tax Cuts and Jobs Act is as follows (in millions): January 28, July 30, Current $ 1,364 $ 727 Noncurrent 4,092 5,456 Total $ 5,456 $ 6,183

Leases

Leases	6 Months Ended
Leases	Jan. 28, 2023
Leases [Abstract]
Leases	Leases (a) Lessee Arrangements The following table presents our operating lease balances (in millions): Balance Sheet Line Item January 28, 2023 July 30, 2022 Operating lease right-of-use assets Other assets $ 978 $ 1,003 Operating lease liabilities Other current liabilities $ 337 $ 322 Operating lease liabilities Other long-term liabilities 691 724 Total operating lease liabilities $ 1,028 $ 1,046 The components of our lease expenses were as follows (in millions): Three Months Ended Six Months Ended January 28, 2023 January 29, 2022 January 28, 2023 January 29, 2022 Operating lease expense $ 98 $ 98 $ 194 $ 193 Short-term lease expense 17 15 34 32 Variable lease expense 63 41 121 90 Total lease expense $ 178 $ 154 $ 349 $ 315 Supplemental information related to our operating leases is as follows (in millions): Six Months Ended January 28, 2023 January 29, 2022 Cash paid for amounts included in the measurement of lease liabilities — operating cash flows $ 192 $ 202 Right-of-use assets obtained in exchange for operating leases liabilities $ 149 $ 178 The weighted-average lease term was 4.6 years and 4.7 years as of January 28, 2023 and July 30, 2022, respectively. The weighted-average discount rate was 2.7% and 2.2% as of January 28, 2023 and July 30, 2022, respectively. The maturities of our operating leases (undiscounted) as of January 28, 2023 are as follows (in millions): Fiscal Year Amount 2023 (remaining six months) $ 185 2024 297 2025 215 2026 133 2027 76 Thereafter 212 Total lease payments 1,118 Less interest (90) Total $ 1,028 (b) Lessor Arrangements Our leases primarily represent sales-type leases with terms of four years on average. We provide leasing of our equipment and complementary third-party products primarily through our channel partners and distributors, for which the income arising from these leases is recognized through interest income. Interest income was $12 million and $24 million for the second quarter and first six months of fiscal 2023, respectively, and $14 million and $29 million for the corresponding periods of fiscal 2022, respectively, and was included in interest income in the Consolidated Statement of Operations. The net investment of our lease receivables is measured at the commencement date as the gross lease receivable, residual value less unearned income and allowance for credit loss. For additional information, see Note 9. Future minimum lease payments on our lease receivables as of January 28, 2023 are summarized as follows (in millions): Fiscal Year Amount 2023 (remaining six months) $ 348 2024 365 2025 192 2026 114 2027 51 Thereafter 16 Total 1,086 Less: Present value of lease payments 1,021 Unearned income $ 65 Actual cash collections may differ from the contractual maturities due to early customer buyouts, refinancings, or defaults. We provide financing of certain equipment through operating leases, and the amounts are included in property and equipment in the Consolidated Balance Sheets. Amounts relating to equipment on operating lease assets held by us and the associated accumulated depreciation are summarized as follows (in millions): January 28, 2023 July 30, 2022 Operating lease assets $ 149 $ 185 Accumulated depreciation (90) (111) Operating lease assets, net $ 59 $ 74 Our operating lease income was $18 million and $39 million for the second quarter and first six months of fiscal 2023, respectively, and $29 million and $61 million for the corresponding periods of fiscal 2022, respectively, and was included in product revenue in the Consolidated Statement of Operations. Minimum future rentals on noncancelable operating leases as of January 28, 2023 are summarized as follows (in millions): Fiscal Year Amount 2023 (remaining six months) $ 15 2024 18 2025 6 Total $ 39
Leases	Leases (a) Lessee Arrangements The following table presents our operating lease balances (in millions): Balance Sheet Line Item January 28, 2023 July 30, 2022 Operating lease right-of-use assets Other assets $ 978 $ 1,003 Operating lease liabilities Other current liabilities $ 337 $ 322 Operating lease liabilities Other long-term liabilities 691 724 Total operating lease liabilities $ 1,028 $ 1,046 The components of our lease expenses were as follows (in millions): Three Months Ended Six Months Ended January 28, 2023 January 29, 2022 January 28, 2023 January 29, 2022 Operating lease expense $ 98 $ 98 $ 194 $ 193 Short-term lease expense 17 15 34 32 Variable lease expense 63 41 121 90 Total lease expense $ 178 $ 154 $ 349 $ 315 Supplemental information related to our operating leases is as follows (in millions): Six Months Ended January 28, 2023 January 29, 2022 Cash paid for amounts included in the measurement of lease liabilities — operating cash flows $ 192 $ 202 Right-of-use assets obtained in exchange for operating leases liabilities $ 149 $ 178 The weighted-average lease term was 4.6 years and 4.7 years as of January 28, 2023 and July 30, 2022, respectively. The weighted-average discount rate was 2.7% and 2.2% as of January 28, 2023 and July 30, 2022, respectively. The maturities of our operating leases (undiscounted) as of January 28, 2023 are as follows (in millions): Fiscal Year Amount 2023 (remaining six months) $ 185 2024 297 2025 215 2026 133 2027 76 Thereafter 212 Total lease payments 1,118 Less interest (90) Total $ 1,028 (b) Lessor Arrangements Our leases primarily represent sales-type leases with terms of four years on average. We provide leasing of our equipment and complementary third-party products primarily through our channel partners and distributors, for which the income arising from these leases is recognized through interest income. Interest income was $12 million and $24 million for the second quarter and first six months of fiscal 2023, respectively, and $14 million and $29 million for the corresponding periods of fiscal 2022, respectively, and was included in interest income in the Consolidated Statement of Operations. The net investment of our lease receivables is measured at the commencement date as the gross lease receivable, residual value less unearned income and allowance for credit loss. For additional information, see Note 9. Future minimum lease payments on our lease receivables as of January 28, 2023 are summarized as follows (in millions): Fiscal Year Amount 2023 (remaining six months) $ 348 2024 365 2025 192 2026 114 2027 51 Thereafter 16 Total 1,086 Less: Present value of lease payments 1,021 Unearned income $ 65 Actual cash collections may differ from the contractual maturities due to early customer buyouts, refinancings, or defaults. We provide financing of certain equipment through operating leases, and the amounts are included in property and equipment in the Consolidated Balance Sheets. Amounts relating to equipment on operating lease assets held by us and the associated accumulated depreciation are summarized as follows (in millions): January 28, 2023 July 30, 2022 Operating lease assets $ 149 $ 185 Accumulated depreciation (90) (111) Operating lease assets, net $ 59 $ 74 Our operating lease income was $18 million and $39 million for the second quarter and first six months of fiscal 2023, respectively, and $29 million and $61 million for the corresponding periods of fiscal 2022, respectively, and was included in product revenue in the Consolidated Statement of Operations. Minimum future rentals on noncancelable operating leases as of January 28, 2023 are summarized as follows (in millions): Fiscal Year Amount 2023 (remaining six months) $ 15 2024 18 2025 6 Total $ 39
Leases	Leases (a) Lessee Arrangements The following table presents our operating lease balances (in millions): Balance Sheet Line Item January 28, 2023 July 30, 2022 Operating lease right-of-use assets Other assets $ 978 $ 1,003 Operating lease liabilities Other current liabilities $ 337 $ 322 Operating lease liabilities Other long-term liabilities 691 724 Total operating lease liabilities $ 1,028 $ 1,046 The components of our lease expenses were as follows (in millions): Three Months Ended Six Months Ended January 28, 2023 January 29, 2022 January 28, 2023 January 29, 2022 Operating lease expense $ 98 $ 98 $ 194 $ 193 Short-term lease expense 17 15 34 32 Variable lease expense 63 41 121 90 Total lease expense $ 178 $ 154 $ 349 $ 315 Supplemental information related to our operating leases is as follows (in millions): Six Months Ended January 28, 2023 January 29, 2022 Cash paid for amounts included in the measurement of lease liabilities — operating cash flows $ 192 $ 202 Right-of-use assets obtained in exchange for operating leases liabilities $ 149 $ 178 The weighted-average lease term was 4.6 years and 4.7 years as of January 28, 2023 and July 30, 2022, respectively. The weighted-average discount rate was 2.7% and 2.2% as of January 28, 2023 and July 30, 2022, respectively. The maturities of our operating leases (undiscounted) as of January 28, 2023 are as follows (in millions): Fiscal Year Amount 2023 (remaining six months) $ 185 2024 297 2025 215 2026 133 2027 76 Thereafter 212 Total lease payments 1,118 Less interest (90) Total $ 1,028 (b) Lessor Arrangements Our leases primarily represent sales-type leases with terms of four years on average. We provide leasing of our equipment and complementary third-party products primarily through our channel partners and distributors, for which the income arising from these leases is recognized through interest income. Interest income was $12 million and $24 million for the second quarter and first six months of fiscal 2023, respectively, and $14 million and $29 million for the corresponding periods of fiscal 2022, respectively, and was included in interest income in the Consolidated Statement of Operations. The net investment of our lease receivables is measured at the commencement date as the gross lease receivable, residual value less unearned income and allowance for credit loss. For additional information, see Note 9. Future minimum lease payments on our lease receivables as of January 28, 2023 are summarized as follows (in millions): Fiscal Year Amount 2023 (remaining six months) $ 348 2024 365 2025 192 2026 114 2027 51 Thereafter 16 Total 1,086 Less: Present value of lease payments 1,021 Unearned income $ 65 Actual cash collections may differ from the contractual maturities due to early customer buyouts, refinancings, or defaults. We provide financing of certain equipment through operating leases, and the amounts are included in property and equipment in the Consolidated Balance Sheets. Amounts relating to equipment on operating lease assets held by us and the associated accumulated depreciation are summarized as follows (in millions): January 28, 2023 July 30, 2022 Operating lease assets $ 149 $ 185 Accumulated depreciation (90) (111) Operating lease assets, net $ 59 $ 74 Our operating lease income was $18 million and $39 million for the second quarter and first six months of fiscal 2023, respectively, and $29 million and $61 million for the corresponding periods of fiscal 2022, respectively, and was included in product revenue in the Consolidated Statement of Operations. Minimum future rentals on noncancelable operating leases as of January 28, 2023 are summarized as follows (in millions): Fiscal Year Amount 2023 (remaining six months) $ 15 2024 18 2025 6 Total $ 39

Financing Receivables

Financing Receivables	6 Months Ended
Financing Receivables	Jan. 28, 2023
Receivables [Abstract]
Financing Receivables	Financing Receivables (a) Financing Receivables Financing receivables primarily consist of loan receivables and lease receivables. Loan receivables represent financing arrangements related to the sale of our hardware, software, and services (including technical support and advanced services), and also may include additional funding for other costs associated with network installation and integration of our products and services. Loan receivables have terms of one year to three years on average. Lease receivables represent sales-type leases resulting from the sale of Cisco’s and complementary third-party products and are typically collateralized by a security interest in the underlying assets. Lease receivables consist of arrangements with terms of four years on average. A summary of our financing receivables is presented as follows (in millions): January 28, 2023 Loan Receivables Lease Receivables Total Gross $ 6,136 $ 1,086 $ 7,222 Residual value — 67 67 Unearned income — (65) (65) Allowance for credit loss (94) (19) (113) Total, net $ 6,042 $ 1,069 $ 7,111 Reported as: Current $ 3,057 $ 500 $ 3,557 Noncurrent 2,985 569 3,554 Total, net $ 6,042 $ 1,069 $ 7,111 July 30, 2022 Loan Receivables Lease Receivables Total Gross $ 6,842 $ 1,176 $ 8,018 Residual value — 76 76 Unearned income — (54) (54) Allowance for credit loss (103) (23) (126) Total, net $ 6,739 $ 1,175 $ 7,914 Reported as: Current $ 3,327 $ 578 $ 3,905 Noncurrent 3,412 597 4,009 Total, net $ 6,739 $ 1,175 $ 7,914 (b) Credit Quality of Financing Receivables The tables below present our gross financing receivables, excluding residual value, less unearned income, categorized by our internal credit risk rating by period of origination (in millions): January 28, 2023 Fiscal Year Six Months Ended Internal Credit Risk Rating Prior July 27, 2019 July 25, 2020 July 31, 2021 July 30, 2022 January 28, 2023 Total Loan Receivables: 1 to 4 $ 18 $ 108 $ 371 $ 1,086 $ 1,347 $ 978 $ 3,908 5 to 6 5 73 199 488 671 651 2,087 7 and Higher 2 15 36 33 54 1 141 Total Loan Receivables $ 25 $ 196 $ 606 $ 1,607 $ 2,072 $ 1,630 $ 6,136 Lease Receivables: 1 to 4 $ 10 $ 49 $ 101 $ 165 $ 105 $ 108 $ 538 5 to 6 4 25 74 92 115 149 459 7 and Higher 1 2 9 2 3 7 24 Total Lease Receivables $ 15 $ 76 $ 184 $ 259 $ 223 $ 264 $ 1,021 Total $ 40 $ 272 $ 790 $ 1,866 $ 2,295 $ 1,894 $ 7,157 July 30, 2022 Fiscal Year Internal Credit Risk Rating Prior July 28, 2018 July 27, 2019 July 25, 2020 July 31, 2021 July 30, 2022 Total Loan Receivables: 1 to 4 $ 2 $ 49 $ 173 $ 536 $ 1,458 $ 2,287 $ 4,505 5 to 6 1 17 115 345 709 1,030 2,217 7 and Higher 1 1 22 45 39 12 120 Total Loan Receivables $ 4 $ 67 $ 310 $ 926 $ 2,206 $ 3,329 $ 6,842 Lease Receivables: 1 to 4 $ 2 $ 25 $ 74 $ 124 $ 176 $ 152 $ 553 5 to 6 1 10 67 146 165 151 540 7 and Higher — 1 4 12 2 10 29 Total Lease Receivables $ 3 $ 36 $ 145 $ 282 $ 343 $ 313 $ 1,122 Total $ 7 $ 103 $ 455 $ 1,208 $ 2,549 $ 3,642 $ 7,964 The following tables present the aging analysis of gross receivables as of January 28, 2023 and July 30, 2022 (in millions): DAYS PAST DUE January 28, 2023 31-60 61-90 91+ Total Current Total 120+ Still Accruing Nonaccrual Impaired Loan receivables $ 100 $ 23 $ 46 $ 169 $ 5,967 $ 6,136 $ 14 $ 60 $ 60 Lease receivables 42 36 22 100 921 1,021 8 9 9 Total $ 142 $ 59 $ 68 $ 269 $ 6,888 $ 7,157 $ 22 $ 69 $ 69 DAYS PAST DUE July 30, 2022 31-60 61-90 91+ Total Current Total 120+ Still Accruing Nonaccrual Impaired Loan receivables $ 98 $ 62 $ 129 $ 289 $ 6,553 $ 6,842 $ 14 $ 60 $ 60 Lease receivables 8 6 26 40 1,082 1,122 7 11 11 Total $ 106 $ 68 $ 155 $ 329 $ 7,635 $ 7,964 $ 21 $ 71 $ 71 Past due financing receivables are those that are 31 days or more past due according to their contractual payment terms. The data in the preceding tables is presented by contract, and the aging classification of each contract is based on the oldest outstanding receivable, and therefore past due amounts also include unbilled and current receivables within the same contract. (c) Allowance for Credit Loss Rollforward The allowances for credit loss and the related financing receivables are summarized as follows (in millions): Three Months Ended January 28, 2023 CREDIT LOSS ALLOWANCES Loan Receivables Lease Receivables Total Allowance for credit loss as of October 29, 2022 $ 101 $ 19 $ 120 Provisions (benefits) (3) (1) (4) Other (4) 1 (3) Allowance for credit loss as of January 28, 2023 $ 94 $ 19 $ 113 Three Months Ended January 29, 2022 CREDIT LOSS ALLOWANCES Loan Receivables Lease Receivables Total Allowance for credit loss as of October 30, 2021 $ 76 $ 33 $ 109 Provisions (benefits) (6) (4) (10) Recoveries (write-offs), net — (2) (2) Allowance for credit loss as of January 29, 2022 $ 70 $ 27 $ 97 Six Months Ended January 28, 2023 CREDIT LOSS ALLOWANCES Loan Receivables Lease Receivables Total Allowance for credit loss as of July 30, 2022 $ 103 $ 23 $ 126 Provisions (benefits) (4) (4) (8) Other (5) — (5) Allowance for credit loss as of January 28, 2023 $ 94 $ 19 $ 113 Six Months Ended January 29, 2022 CREDIT LOSS ALLOWANCES Loan Receivables Lease Receivables Total Allowance for credit loss as of July 31, 2021 $ 89 $ 38 $ 127 Provisions (benefits) (19) (9) (28) Recoveries (write-offs), net — (2) (2) Allowance for credit loss as of January 29, 2022 $ 70 $ 27 $ 97

Available-for-Sale Debt and Equ

Available-for-Sale Debt and Equity Investments	6 Months Ended
Available-for-Sale Debt and Equity Investments	Jan. 28, 2023
Investments, Debt and Equity Securities [Abstract]
Available-for-Sale Debt and Equity Investments	Available-for-Sale Debt and Equity Investments (a) Summary of Available-for-Sale Debt Investments The following tables summarize our available-for-sale debt investments (in millions): January 28, 2023 Amortized Gross Gross Fair U.S. government securities $ 2,050 $ 2 $ (54) $ 1,998 U.S. government agency securities 169 — (5) 164 Non-U.S. government and agency securities 354 — (1) 353 Corporate debt securities 7,480 5 (345) 7,140 U.S. agency mortgage-backed securities 2,013 2 (188) 1,827 Commercial paper 1,029 — — 1,029 Certificates of deposit 261 — — 261 Total $ 13,356 $ 9 $ (593) $ 12,772 July 30, 2022 Amortized Gross Gross Fair U.S. government securities $ 1,287 $ — $ (49) $ 1,238 U.S. government agency securities 142 — (4) 138 Non-U.S. government and agency securities 272 — — 272 Corporate debt securities 8,127 2 (311) 7,818 U.S. agency mortgage-backed securities 2,134 — (158) 1,976 Commercial paper 255 — — 255 Certificates of deposit 250 — — 250 Total $ 12,467 $ 2 $ (522) $ 11,947 Net unsettled investment purchases were $15 million and net unsettled investment sales were $70 million as of January 28, 2023 and July 30, 2022, respectively, and were included in other current assets and other current liabilities. The following table presents the gross realized gains and gross realized losses related to available-for-sale debt investments (in millions): Three Months Ended Six Months Ended January 28, 2023 January 29, 2022 January 28, 2023 January 29, 2022 Gross realized gains $ 3 $ 13 $ 3 $ 19 Gross realized losses (6) (3) (12) (3) Total $ (3) $ 10 $ (9) $ 16 The following tables present the breakdown of the available-for-sale debt investments with gross unrealized losses and the duration that those losses had been unrealized at January 28, 2023 and July 30, 2022 (in millions): UNREALIZED LOSSES UNREALIZED LOSSES TOTAL January 28, 2023 Fair Value Gross Fair Value Gross Fair Value Gross U.S. government securities $ 470 $ (6) $ 1,086 $ (48) $ 1,556 $ (54) U.S. government agency securities 33 — 121 (5) 154 (5) Non-U.S. government and agency securities 339 (1) — — 339 (1) Corporate debt securities 2,770 (94) 3,333 (219) 6,103 (313) U.S. agency mortgage-backed securities 305 (12) 1,440 (176) 1,745 (188) Commercial paper 40 — — — 40 — Total $ 3,957 $ (113) $ 5,980 $ (448) $ 9,937 $ (561) UNREALIZED LOSSES UNREALIZED LOSSES TOTAL July 30, 2022 Fair Value Gross Fair Value Gross Fair Value Gross U.S. government securities $ 1,110 $ (44) $ 120 $ (5) $ 1,230 $ (49) U.S. government agency securities 114 (2) 24 (2) 138 (4) Non-U.S. government and agency securities 264 — — — 264 — Corporate debt securities 6,920 (240) 422 (37) 7,342 (277) U.S. agency mortgage-backed securities 1,305 (96) 615 (62) 1,920 (158) Total $ 9,713 $ (382) $ 1,181 $ (106) $ 10,894 $ (488) The following table summarizes the maturities of our available-for-sale debt investments as of January 28, 2023 (in millions): Amortized Cost Fair Value Within 1 year $ 4,806 $ 4,734 After 1 year through 5 years 6,491 6,170 After 5 years through 10 years 46 41 Mortgage-backed securities with no single maturity 2,013 1,827 Total $ 13,356 $ 12,772 Actual maturities may differ from the contractual maturities because borrowers may have the right to call or prepay certain obligations. (b) Summary of Equity Investments We held marketable equity securities of $280 million and $241 million as of January 28, 2023 and July 30, 2022, respectively. We recognized a net unrealized gain of $11 million and a net unrealized loss of $9 million during the second quarter and first six months of fiscal 2023, respectively, and a net unrealized loss of $18 million and $13 million during the corresponding periods of fiscal 2022, respectively, on our marketable securities still held as of the reporting date. Our net adjustments to non-marketable equity securities measured using the measurement alternative still held was a net gain of $3 million and a net loss of $8 million for the second quarter and first six months of fiscal 2023, respectively, and a net gain of $14 million and $16 million for the corresponding periods of fiscal 2022, respectively. We held equity interests in certain private equity funds of $1.0 billion and $1.1 billion as of January 28, 2023 and July 30, 2022, respectively, which are accounted for under the NAV practical expedient. In the ordinary course of business, we have investments in privately held companies and provide financing to certain customers. These privately held companies and customers are evaluated for consolidation under the variable interest or voting interest entity models. We evaluate on an ongoing basis our investments in these privately held companies and our customer financings, and have determined that as of January 28, 2023, there were no significant variable interest or voting interest entities required to be consolidated in our Consolidated Financial Statements. The carrying value of our investments in privately held companies was $1.8 billion and $1.9 billion as of January 28, 2023 and July 30, 2022, respectively. Of the total carrying value of our investments in privately held companies as of January 28, 2023, $1.1 billion of such investments are considered to be in variable interest entities which are unconsolidated. As of January 28, 2023, we have total funding commitments of $0.3 billion related to privately held investments, some of which may be based on the achievement of certain agreed-upon milestones or are required to be funded on demand. The carrying value of these investments and the additional funding commitments, collectively, represent our maximum exposure related to privately held investments.

Fair Value

Fair Value	6 Months Ended
Fair Value	Jan. 28, 2023
Fair Value Disclosures [Abstract]
Fair Value	Fair Value (a) Assets and Liabilities Measured at Fair Value on a Recurring Basis Assets and liabilities measured at fair value on a recurring basis were as follows (in millions): JANUARY 28, 2023 JULY 30, 2022 FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS Level 1 Level 2 Total Level 1 Level 2 Total Assets: Cash equivalents: Money market funds $ 5,038 $ — $ 5,038 $ 3,930 $ — $ 3,930 Commercial paper — 1,037 1,037 — 72 72 Corporate debt securities — 41 41 — 1 1 U.S. government securities — 40 40 — 12 12 Certificates of deposit — 31 31 — 32 32 Available-for-sale debt investments: U.S. government securities — 1,998 1,998 — 1,238 1,238 U.S. government agency securities — 164 164 — 138 138 Non-U.S. government and agency securities — 353 353 — 272 272 Corporate debt securities — 7,140 7,140 — 7,818 7,818 U.S. agency mortgage-backed securities — 1,827 1,827 — 1,976 1,976 Commercial paper — 1,029 1,029 — 255 255 Certificates of deposit — 261 261 — 250 250 Equity investments: Marketable equity securities 280 — 280 241 — 241 Other assets: Money market funds 1,500 — 1,500 1,500 — 1,500 Derivative assets — 36 36 — 78 78 Total $ 6,818 $ 13,957 $ 20,775 $ 5,671 $ 12,142 $ 17,813 Liabilities: Derivative liabilities $ — $ 73 $ 73 $ — $ 89 $ 89 Total $ — $ 73 $ 73 $ — $ 89 $ 89 Level 1 marketable equity securities are determined by using quoted prices in active markets for identical assets. Level 2 available-for-sale debt investments are priced using quoted market prices for similar instruments or nonbinding market prices that are corroborated by observable market data. We use inputs such as actual trade data, benchmark yields, broker/dealer quotes, and other similar data, which are obtained from quoted market prices, independent pricing vendors, or other sources, to determine the ultimate fair value of these assets and liabilities. We use such pricing data as the primary input to make our assessments and determinations as to the ultimate valuation of our investment portfolio and have not made, during the periods presented, any material adjustments to such inputs. We are ultimately responsible for the financial statements and underlying estimates. Our derivative instruments are primarily classified as Level 2, as they are not actively traded and are valued using pricing models that use observable market inputs. We did not have any transfers between Level 1 and Level 2 fair value measurements during the periods presented. (b) Assets Measured at Fair Value on a Nonrecurring Basis Our non-marketable equity securities using the measurement alternative are adjusted to fair value on a non-recurring basis. Adjustments are made when observable transactions for identical or similar investments of the same issuer occur, or due to impairment. These securities are classified as Level 3 in the fair value hierarchy because we estimate the value based on valuation methods using the observable transaction price at the transaction date and other unobservable inputs such as volatility, rights, and obligations of the securities we hold. (c) Other Fair Value Disclosures The fair value of our short-term loan receivables approximates their carrying value due to their short duration. The aggregate carrying value of our long-term loan receivables as of January 28, 2023 and July 30, 2022 was $3.0 billion and $3.4 billion, respectively. The estimated fair value of our long-term loan receivables approximates their carrying value. We use unobservable inputs in determining discounted cash flows to estimate the fair value of our long-term loan receivables, and therefore they are categorized as Level 3.

Borrowings

Borrowings	6 Months Ended
Borrowings	Jan. 28, 2023
Debt Disclosure [Abstract]
Borrowings	Borrowings (a) Short-Term Debt The following table summarizes our short-term debt (in millions, except percentages): January 28, 2023 July 30, 2022 Amount Effective Rate Amount Effective Rate Current portion of long-term debt $ 1,250 2.44 % $ 499 2.68 % Commercial paper — — 600 2.05 % Total $ 1,250 $ 1,099 We have a short-term debt financing program of up to $10.0 billion through the issuance of commercial paper notes. We use the proceeds from the issuance of commercial paper notes for general corporate purposes. The effective rates for the short- and long-term debt include the interest on the notes, the accretion of the discount, the issuance costs, and, if applicable, adjustments related to hedging. (b) Long-Term Debt The following table summarizes our long-term debt (in millions, except percentages): January 28, 2023 July 30, 2022 Maturity Date Amount Effective Rate Amount Effective Rate Senior notes: Fixed-rate notes: 2.60% February 28, 2023 $ 500 2.68% $ 500 2.68% 2.20% September 20, 2023 750 2.27% 750 2.27% 3.625% March 4, 2024 1,000 5.28% 1,000 2.69% 3.50% June 15, 2025 500 5.65% 500 3.20% 2.95% February 28, 2026 750 3.01% 750 3.01% 2.50% September 20, 2026 1,500 2.55% 1,500 2.55% 5.90% February 15, 2039 2,000 6.11% 2,000 6.11% 5.50% January 15, 2040 2,000 5.67% 2,000 5.67% Total 9,000 9,000 Unaccreted discount/issuance costs (71) (75) Hedge accounting fair value adjustments (42) (10) Total $ 8,887 $ 8,915 Reported as: Current portion of long-term debt $ 1,250 $ 499 Long-term debt 7,637 8,416 Total $ 8,887 $ 8,915 We have entered into interest rate swaps in prior periods with an aggregate notional amount of $1.5 billion designated as fair value hedges of certain of our fixed-rate senior notes. These swaps convert the fixed interest rates of the fixed-rate notes to floating interest rates based on the London InterBank Offered Rate (LIBOR). The gains and losses related to changes in the fair value of the interest rate swaps substantially offset changes in the fair value of the hedged portion of the underlying debt that are attributable to the changes in market interest rates. For additional information, see Note 13. Interest is payable semiannually on each class of the senior fixed-rate notes. Each of the senior fixed-rate notes is redeemable by us at any time, subject to a make-whole premium. The senior notes rank at par with the commercial paper notes that may be issued in the future pursuant to our short-term debt financing program, as discussed above under “(a) Short-Term Debt.” As of January 28, 2023, we were in compliance with all debt covenants. As of January 28, 2023, future principal payments for long-term debt, including the current portion, are summarized as follows (in millions): Fiscal Year Amount 2023 (remaining six months) $ 500 2024 1,750 2025 500 2026 750 2027 1,500 Thereafter 4,000 Total $ 9,000 (c) Credit Facility On May 13, 2021, we entered into a 5-year credit agreement with certain institutional lenders that provides for a $3.0 billion unsecured revolving credit facility that is scheduled to expire on May 13, 2026. As of January 28, 2023, we were in compliance with the required interest coverage ratio and the other covenants, and we had not borrowed any funds under the credit agreement.

Derivative Instruments

Derivative Instruments	6 Months Ended
Derivative Instruments	Jan. 28, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments (a) Summary of Derivative Instruments We use derivative instruments primarily to manage exposures to foreign currency exchange rate, interest rate, and equity price risks. Our primary objective in holding derivatives is to reduce the volatility of earnings and cash flows associated with changes in foreign currency exchange rates, interest rates, and equity prices. Our derivatives expose us to credit risk to the extent that the counterparties may be unable to meet the terms of the agreement. We do, however, seek to mitigate such risks by limiting our counterparties to major financial institutions and requiring collateral in certain cases. In addition, the potential risk of loss with any one counterparty resulting from this type of credit risk is monitored. Management does not expect material losses as a result of defaults by counterparties. 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 January 28, July 30, Balance Sheet Line Item January 28, July 30, Derivatives designated as hedging instruments: Foreign currency derivatives Other current assets $ 21 $ 55 Other current liabilities $ 1 $ — Foreign currency derivatives Other assets 1 9 Other long-term liabilities 4 — Interest rate derivatives Other assets — — Other long-term liabilities 42 10 Total 22 64 47 10 Derivatives not designated as hedging instruments: Foreign currency derivatives Other current assets 10 14 Other current liabilities 26 69 Foreign currency derivatives Other assets 4 — Other long-term liabilities — 9 Equity derivatives Other current assets — — Other current liabilities — 1 Total 14 14 26 79 Total $ 36 $ 78 $ 73 $ 89 The following amounts were recorded on the Consolidated Balance Sheets related to cumulative basis adjustments for our fair value hedges (in millions): CARRYING AMOUNT OF THE HEDGED ASSETS/(LIABILITIES) CUMULATIVE AMOUNT OF FAIR VALUE HEDGING ADJUSTMENT INCLUDED IN THE CARRYING AMOUNT OF THE HEDGED ASSETS/LIABILITIES Balance Sheet Line Item of Hedged Item January 28, July 30, January 28, July 30, Long-term debt $ (1,456) $ (1,487) $ 42 $ 10 The effect of derivative instruments designated as fair value hedges, recognized in interest and other income (loss), net is summarized as follows (in millions): Three Months Ended Six Months Ended January 28, 2023 January 29, 2022 January 28, 2023 January 29, 2022 Interest rate derivatives: Hedged items $ (7) $ 32 $ 32 $ 58 Derivatives designated as hedging instruments 7 (32) (32) (59) Total $ — $ — $ — $ (1) 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 Line Item in Statements of Operations January 28, January 29, January 28, 2023 January 29, Foreign currency derivatives Other income (loss), net $ 140 $ (36) $ 68 $ (56) Total return swaps—deferred compensation Operating expenses and other 44 (41) 19 (20) Equity derivatives Other income (loss), net 5 (3) 4 1 Total $ 189 $ (80) $ 91 $ (75) The notional amounts of our outstanding derivatives are summarized as follows (in millions): January 28, July 30, Foreign currency derivatives $ 4,555 $ 4,521 Interest rate derivatives 1,500 1,500 Total return swaps—deferred compensation 720 651 Total $ 6,775 $ 6,672 (b) Offsetting of Derivative Instruments We present our derivative instruments at gross fair values in the Consolidated Balance Sheets. However, our master netting and other similar arrangements with the respective counterparties allow for net settlement under certain conditions, which are designed to reduce credit risk by permitting net settlement with the same counterparty. To further limit credit risk, we also enter into collateral security arrangements related to certain derivative instruments whereby cash is posted as collateral between the counterparties based on the fair market value of the derivative instrument. Under these collateral security arrangements, the net cash collateral provided for was $42 million and $14 million as of January 28, 2023 and July 30, 2022, respectively. (c) Foreign Currency Exchange Risk We conduct business globally in numerous currencies. Therefore, we are exposed to adverse movements in foreign currency exchange rates. To limit the exposure related to foreign currency changes, we enter into foreign currency contracts. We do not enter into such contracts for speculative purposes. We hedge forecasted foreign currency transactions related to certain revenues, operating expenses and service cost of sales with currency options and forward contracts. These currency options and forward contracts, designated as cash flow hedges, generally have maturities of less than 24 months. The derivative instrument’s gain or loss is initially reported as a component of accumulated other comprehensive income (AOCI) and subsequently reclassified into earnings when the hedged exposure affects earnings. We enter into foreign exchange forward and option contracts to reduce the short-term effects of foreign currency fluctuations on assets and liabilities such as foreign currency receivables, long-term customer financings and payables. These derivatives are not designated as hedging instruments. Gains and losses on the contracts are included in other income (loss), net, and substantially offset foreign exchange gains and losses from the remeasurement of intercompany balances, other current assets, or liabilities denominated in currencies other than the functional currency of the reporting entity. We hedge certain net investments in our foreign operations with forward contracts to reduce the effects of foreign currency fluctuations on our net investment in those foreign subsidiaries. These derivative instruments generally have maturities of up to six months. (d) Interest Rate Risk We hold interest rate swaps designated as fair value hedges related to fixed-rate senior notes that are due in fiscal 2024 through 2025. Under these interest rate swaps, we receive fixed-rate interest payments and make interest payments based on LIBOR plus a fixed number of basis points. The effect of such swaps is to convert the fixed interest rates of the senior fixed-rate notes to floating interest rates based on LIBOR. The gains and losses related to changes in the fair value of the interest rate swaps are included in interest expense and substantially offset changes in the fair value of the hedged portion of the underlying debt that are attributable to the changes in market interest rates. (e) Equity Price Risk We hold marketable equity securities in our portfolio that are subject to price risk. To diversify our overall portfolio, we also hold equity derivatives that are not designated as accounting hedges. The change in the fair value of each of these investment types are included in other income (loss), net.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jan. 28, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies (a) Purchase Commitments with Contract Manufacturers and Suppliers We purchase components from a variety of suppliers and use several contract manufacturers to provide manufacturing services for our products. During the normal course of business, in order to manage manufacturing lead times and help ensure adequate component supply, we enter into agreements with contract manufacturers and suppliers that allow them to procure inventory based upon criteria as defined by us or establish the parameters defining our requirements. A significant portion of our reported purchase commitments arising from these agreements consists of firm, noncancelable, and unconditional commitments. Certain of these inventory purchase commitments with contract manufacturers and suppliers relate to arrangements to secure supply and pricing for certain product components for multi-year periods. In certain instances, these agreements allow us the option to cancel, reschedule, and adjust our requirements based on our business needs prior to firm orders being placed. The following table summarizes our inventory purchase commitments with contract manufacturers and suppliers by period (in millions): January 28, July 30, Less than 1 year $ 8,651 $ 9,954 1 to 3 years 1,693 2,240 3 to 5 years 607 770 Total $ 10,951 $ 12,964 We record a liability for firm, noncancelable, and unconditional purchase commitments for quantities in excess of our future demand forecasts consistent with the valuation of our excess and obsolete inventory. As of January 28, 2023 and July 30, 2022, the liability for these purchase commitments was $450 million and $313 million, respectively, and was included in other current liabilities. (b) Other Commitments In connection with our acquisitions, we have agreed to pay certain additional amounts contingent upon the achievement of certain agreed-upon technology, development, product, or other milestones or upon the continued employment with Cisco of certain employees of the acquired entities. The following table summarizes the compensation expense related to acquisitions (in millions): Three Months Ended Six Months Ended January 28, 2023 January 29, 2022 January 28, 2023 January 29, 2022 Compensation expense related to acquisitions $ 49 $ 75 $ 123 $ 164 As of January 28, 2023, we estimated that future cash compensation expense of up to $338 million may be required to be recognized pursuant to the applicable business combination agreements. We also have certain funding commitments, primarily related to our privately held investments, some of which are based on the achievement of certain agreed-upon milestones or are required to be funded on demand. The funding commitments were $0.3 billion and $0.4 billion as of January 28, 2023 and July 30, 2022, respectively. (c) Product Warranties The following table summarizes the activity related to the product warranty liability (in millions): Six Months Ended January 28, January 29, Balance at beginning of period $ 333 $ 336 Provisions for warranties issued 188 218 Adjustments for pre-existing warranties 13 2 Settlements (218) (222) Balance at end of period $ 316 $ 334 We accrue for warranty costs as part of our cost of sales based on associated material product costs, labor costs for technical support staff, and associated overhead. Our products are generally covered by a warranty for periods ranging from 90 days to five years, and for some products we provide a limited lifetime warranty. (d) Financing and Other Guarantees In the ordinary course of business, we provide financing guarantees for various third-party financing arrangements extended to channel partners customers. Payments under these financing guarantee arrangements were not material for the periods presented. Channel Partner Financing Guarantees We facilitate arrangements for third-party financing extended to channel partners, consisting of revolving short-term financing, with payment terms generally ranging from 60 to 90 days. These financing arrangements facilitate the working capital requirements of the channel partners, and, in some cases, we guarantee a portion of these arrangements. The volume of channel partner financing was $7.5 billion and $6.8 billion for the second quarter of fiscal 2023 and 2022, respectively, and $15.1 billion and $13.4 billion for the first six months of fiscal 2023 and 2022, respectively. The balance of the channel partner financing subject to guarantees was $1.6 billion and $1.4 billion as of January 28, 2023 and July 30, 2022, respectively. Financing Guarantee Summary The aggregate amounts of channel partner financing guarantees outstanding at January 28, 2023 and July 30, 2022, representing the total maximum potential future payments under financing arrangements with third parties along with the related deferred revenue, are summarized in the following table (in millions): January 28, July 30, Maximum potential future payments $ 180 $ 188 Deferred revenue (35) (9) Total $ 145 $ 179 (e) Indemnifications In the normal course of business, we have indemnification obligations to other parties, including customers, lessors, and parties to other transactions with us, with respect to certain matters. We have agreed to indemnify against losses arising from a breach of representations or covenants or out of intellectual property infringement or other claims made against certain parties. These agreements may limit the time or circumstances within which an indemnification claim can be made and the amount of the claim. It is not possible to determine the maximum potential amount for claims made under the indemnification obligations due to uncertainties in the litigation process, coordination with and contributions by other parties and the defendants in these types of cases, and the unique facts and circumstances involved in each particular case and agreement. Historically, indemnity payments made by us have not had a material effect on our Consolidated Financial Statements. In addition, we have entered into indemnification agreements with our officers and directors, and our Amended and Restated Bylaws contain similar indemnification obligations to our agents. (f) Legal Proceedings Brazil Brazilian authorities have investigated our Brazilian subsidiary and certain of its former employees, as well as a Brazilian importer of our products, and its affiliates and employees, relating to alleged evasion of import taxes and alleged improper transactions involving the subsidiary and the importer. Brazilian tax authorities have assessed claims against our Brazilian subsidiary based on a theory of joint liability with the Brazilian importer for import taxes, interest, and penalties. In addition to claims asserted by the Brazilian federal tax authorities in prior fiscal years, tax authorities from the Brazilian state of Sao Paulo have asserted similar claims on the same legal basis in prior fiscal years. The asserted claims by Brazilian federal tax authorities are for calendar years 2003 through 2007, and the asserted claims by the tax authorities from the state of Sao Paulo are for calendar years 2005 through 2007. The total asserted claims by Brazilian state and federal tax authorities aggregate to $159 million for the alleged evasion of import and other taxes, $873 million for interest, and $394 million for various penalties, all determined using an exchange rate as of January 28, 2023. We have completed a thorough review of the matters and believe the asserted claims against our Brazilian subsidiary are without merit, and we are defending the claims vigorously. While we believe there is no legal basis for the alleged liability, due to the complexities and uncertainty surrounding the judicial process in Brazil and the nature of the claims asserting joint liability with the importer, we are unable to determine the likelihood of an unfavorable outcome against our Brazilian subsidiary and are unable to reasonably estimate a range of loss, if any. We do not expect a final judicial determination for several years. Centripetal On February 13, 2018, Centripetal Networks, Inc. (“Centripetal”) asserted patent infringement claims against us in the U.S. District Court for the Eastern District of Virginia, alleging that several of our products and services infringe eleven Centripetal U.S. patents. The district court case went to trial on five asserted patents. Subsequently, on October 5, 2020, the district court issued a judgment finding validity and willful infringement of four of the asserted patents and non-infringement of the fifth patent and awarded $1.9 billion in damages and $14 million in pre-judgment interest, declined to issue an injunction but, instead, awarded Centripetal a royalty against future revenue for an initial three-year term at a 10% rate, with a minimum and maximum annual royalty of $168 million and $300 million, respectively, and for a second three-year term at a 5% rate, with a minimum and maximum annual royalty of $84 million and $150 million, respectively. We appealed and, on June 23, 2022, the U.S. Court of Appeals for the Federal Circuit (“Federal Circuit”) vacated the district court’s final judgment, remanded the case back to the district court to be assigned to a new judge and ordered the district court to conduct additional proceedings and the district court set a hearing to commence on June 22, 2023. On August 9, 2022, Centripetal filed a petition for writ of certiorari in the U.S. Supreme Court challenging the Federal Circuit’s decision. The Supreme Court denied Centripetal’s petition on December 5, 2022. Between April 2020 and February 2022, Centripetal filed complaints in the District Court of Dusseldorf in Germany (“German Court”), asserting a total of five patents and one utility model. Centripetal sought damages and injunctive relief in all cases. On December 10, 2021, the German Court rejected Centripetal’s complaints on two patents, and Centripetal appealed. A hearing for a Cisco nullity action in the Federal Patent Court in Germany on one of those two patents occurred on August 1, 2022, and we are waiting for the Court’s opinion. On December 21, 2021, the German Court stayed its decision on infringement of the third patent pending a decision by the Federal Patent Court in a related nullity proceeding. On May 17, 2022, Centripetal withdrew its complaint for infringement of the German utility model. The German Court conducted a hearing on the remaining two Centripetal complaints on November 22, 2022. The German Court found no infringement on one patent and stayed the decision in the final case pending a decision by the European Patent Office in a related opposition proceeding. Due to uncertainty surrounding patent litigation processes in the U.S. and Europe, we are unable to reasonably estimate the ultimate outcome of the litigations at this time. If we do not prevail in either litigation, we believe that any damages ultimately assessed would not have a material effect on our Consolidated Financial Statements. Ramot On June 12, 2019, Ramot at Tel Aviv University Ltd. (“Ramot”) asserted patent infringement claims against us in the U.S. District Court for the Eastern District of Texas (“E.D. Tex.”), seeking damages, including enhanced damages, and a royalty on future sales. Ramot alleges that certain Cisco optical transceiver modules and line cards infringe three patents. The U.S. Patent and Trademark Office (“PTO”) preliminarily found all asserted claims unpatentable in ex parte reexamination proceedings and the pending District Court case has been stayed. On February 26, 2021, Ramot asserted patent infringement claims against Acacia Communications, Inc. (“Acacia”) in the District of Delaware (“D. Del.”), seeking damages, including enhanced damages, and a royalty on future sales. Ramot alleges that certain Acacia optical transceiver modules and integrated circuits infringe two of the three patents that Ramot asserted in the E.D. Tex. case and this case is also stayed pending reexamination proceedings. On September 28, 2021 and May 24, 2022, Cisco and Acacia filed two declaratory judgment actions of noninfringement against Ramot in D. Del on other Ramot patents in the same family as those involved in the pending cases above. Ramot is asserting counterclaims for infringement of the same patents and seeks damages, including enhanced damages, and a royalty on future sales. While we believe that we have strong non-infringement and invalidity arguments in these litigations, and that Ramot’s damages theories in such cases are not supported by prevailing law, we are unable to reasonably estimate the ultimate outcome of these litigations at this time due to uncertainties in the litigation processes. If we do not prevail in court in these litigations, we believe any damages ultimately assessed would not have a material effect on our Consolidated Financial Statements. Viasat On November 6, 2019, Viasat, Inc. (“Viasat”) filed suit against Acacia in the California Superior Court for San Diego County (“SDSC”), alleging contract and trade secret claims for certain Acacia products sold from January 1, 2019 forward (“Viasat 2”). Viasat 2 is similar to a previous suit Viasat filed against Acacia and which resolved in July 2022 for an immaterial amount (“Viasat 1”). On June 9, 2020, Viasat filed a third suit in SDSC alleging contract and trade secrets claims for sales of additional Acacia products (“Viasat 3”, together with Viasat 2, the “Viasat Cases”). In October 2022, an amended complaint was filed in Viasat 3 asserting the same claims but alleging additional information. On July 28, 2017, Acacia filed suit in the Commonwealth of Massachusetts Superior Court against Viasat alleging claims for defamation, unfair competition, business torts, and declaratory judgment of no trade secret misappropriation (the “Massachusetts Action”). On April 5, 2018, Viasat counterclaimed with contract, trade secret, and unfair competition claims. Following resolution of Viasat 1, Acacia and Viasat jointly agreed to dismiss the Massachusetts Action in October 2022, thereby resolving the case. We are unable to reasonably estimate the ultimate outcome of any of the Viasat Cases at this time due to uncertainties in the litigation processes. If we do not prevail, we believe that any relief ultimately assessed in any of the Viasat Cases would not have a material effect on our Consolidated Financial Statements. Egenera On August 8, 2016, Egenera, Inc. (“Egenera”) asserted infringement claims against us in the U.S. District Court for the District of Massachusetts, alleging that Cisco’s Unified Computing System Manager infringes three patents. Egenera sought damages, including enhanced damages, and an injunction. Two of the asserted patents were dismissed, leaving Egenera’s infringement claim based on one asserted patent. On March 25, 2022, the PTO preliminarily found all of the asserted claims of the remaining patent unpatentable in ex parte reexamination proceedings. On August 15, 2022, after a jury trial for the remaining patent, the jury returned a verdict in favor of Cisco. The District Court denied Egenera’s post-trial motions, and Egenera filed an appeal to the Federal Circuit on January 13, 2023 and those proceedings are ongoing.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
Stockholders' Equity	Jan. 28, 2023
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity (a) Stock Repurchase Program In September 2001, our Board of Directors authorized a stock repurchase program. As of January 28, 2023, the remaining authorized amount for stock repurchases under this program was approximately $13.4 billion with no termination date. A summary of the stock repurchase activity for fiscal 2023 and 2022 under the stock repurchase program, reported based on the trade date, is summarized as follows (in millions, except per-share amounts): Quarter Ended Shares Weighted-Average Price per Share Amount Fiscal 2023 January 28, 2023 26 $ 47.72 $ 1,256 October 29, 2022 12 $ 43.76 $ 502 Fiscal 2022 July 30, 2022 54 $ 44.02 $ 2,402 April 30, 2022 5 $ 54.20 $ 252 January 29, 2022 82 $ 58.36 $ 4,824 October 30, 2021 5 $ 56.49 $ 256 There were stock repurchases of $68 million and $70 million that were pending settlement as of January 28, 2023 and July 30, 2022, respectively. The purchase price for the shares of our stock repurchased is reflected as a reduction to stockholders’ equity. We are required to allocate the purchase price of the repurchased shares as (i) a reduction to retained earnings or an increase to accumulated deficit and (ii) a reduction of common stock and additional paid-in capital. (b) Cash Dividends Declared On February 15, 2023, our Board of Directors declared a quarterly dividend of $0.39 per common share to be paid on April 26, 2023 to all stockholders of record as of the close of business on April 5, 2023. Any future dividends will be subject to the approval of our Board of Directors. (c) Preferred Stock Under the terms of our Amended and Restated Certificate of Incorporation, the Board of Directors is authorized to issue preferred stock in one or more series and, in connection with the creation of such series, to fix by resolution the designation, powers (including voting powers (if any)), preferences and relative, participating, optional or other special rights, if any, of such series, and any qualifications, limitations or restrictions thereof, of the shares of such series. As of January 28, 2023, we had not issued any shares of preferred stock.

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
Employee Benefit Plans	Jan. 28, 2023
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans (a) Employee Stock Incentive Plans We have one stock incentive plan: the 2005 Stock Incentive Plan (the “2005 Plan”). In addition, we have, in connection with our acquisitions of various companies, assumed the share-based awards granted under stock incentive plans of the acquired companies or issued share-based awards in replacement thereof. Share-based awards are designed to reward employees for their long-term contributions to us and provide incentives for them to remain with us. The number and frequency of share-based awards are based on competitive practices, our operating results, government regulations, and other factors. Our primary stock incentive plan is summarized as follows: The 2005 Plan provides for the granting of stock options, stock grants, stock units and stock appreciation rights (SARs), the vesting of which may be time-based or upon satisfaction of performance goals, or both, and/or other conditions. Employees (including employee directors and executive officers) and consultants of Cisco and its subsidiaries and affiliates and non-employee directors of Cisco are eligible to participate in the 2005 Plan. The 2005 Plan may be terminated by our Board of Directors at any time and for any reason, and is currently set to terminate at the 2030 Annual Meeting unless re-adopted or extended by our stockholders prior to or on such date. Under the 2005 Plan’s share reserve feature, a distinction is made between the number of shares in the reserve attributable to (i) stock options and SARs and (ii) “full value” awards (i.e., stock grants and stock units). Shares issued as stock grants, pursuant to stock units or pursuant to the settlement of dividend equivalents are counted against shares available for issuance under the 2005 Plan on a 1.5-to-1 ratio. For each share awarded as restricted stock or a restricted stock unit award under the 2005 Plan, 1.5 shares was deducted from the available share-based award balance. If awards issued under the 2005 Plan are forfeited or terminated for any reason before being exercised or settled, then the shares underlying such awards, plus the number of additional shares, if any, that counted against shares available for issuance under the 2005 Plan at the time of grant as a result of the application of the share ratio described above, will become available again for issuance under the 2005 Plan. As of January 28, 2023, 133 million shares were authorized for future grant under the 2005 Plan. (b) Employee Stock Purchase Plan We have an Employee Stock Purchase Plan under which eligible employees are offered shares through a 24-month offering period, which consists of four consecutive 6-month purchase periods. Employees may purchase a limited amount of shares of our stock at a discount of up to 15% of the lesser of the fair market value at the beginning of the offering period or the end of each 6-month purchase period. The Employee Stock Purchase Plan is scheduled to terminate on the earlier of (i) January 3, 2030 and (ii) the date on which all shares available for issuance under the Employee Stock Purchase Plan are sold pursuant to exercised purchase rights. Under the Employee Stock Purchase Plan, we issued 9 million shares during the second quarter and first six months of fiscal 2023 and 8 million shares during the second quarter and first six months of fiscal 2022. As of January 28, 2023, 98 million shares were available for issuance under the Employee Stock Purchase Plan. (c) Summary of Share-Based Compensation Expense Share-based compensation expense consists primarily of expenses for RSUs, stock purchase rights, and stock options, granted to employees or assumed from acquisitions. The following table summarizes share-based compensation expense (in millions): Three Months Ended Six Months Ended January 28, 2023 January 29, 2022 January 28, 2023 January 29, 2022 Cost of sales—product $ 40 $ 29 $ 71 $ 54 Cost of sales—service 66 52 116 96 Share-based compensation expense in cost of sales 106 81 187 150 Research and development 261 205 465 386 Sales and marketing 166 142 319 282 General and administrative 71 49 129 111 Restructuring and other charges (3) — (3) 1 Share-based compensation expense in operating expenses 495 396 910 780 Total share-based compensation expense $ 601 $ 477 $ 1,097 $ 930 Income tax benefit for share-based compensation $ 109 $ 152 $ 208 $ 256 As of January 28, 2023, the total compensation cost related to unvested share-based awards not yet recognized was $5.3 billion which is expected to be recognized over approximately 2.5 years on a weighted-average basis. (d) Restricted Stock Unit Awards A summary of the restricted stock and stock unit activity, which includes time-based and performance-based or market-based RSUs, is as follows (in millions, except per-share amounts): Restricted Stock/ Weighted-Average Aggregate Fair Value Unvested balance at July 31, 2021 94 $ 42.93 Granted and assumed 52 50.06 Vested (37) 42.27 $ 1,979 Canceled/forfeited/other (12) 45.63 Unvested balance at July 30, 2022 97 $ 46.67 Granted and assumed 56 40.62 Vested (21) 47.39 $ 923 Canceled/forfeited/other (5) 45.73 Unvested balance at January 28, 2023 127 $ 43.92

Comprehensive Income (Loss)

Comprehensive Income (Loss)	6 Months Ended
Comprehensive Income (Loss)	Jan. 28, 2023
Equity [Abstract]
Comprehensive Income (Loss)	Comprehensive Income (Loss) The components of AOCI, net of tax, and the other comprehensive income (loss), for the first six months of fiscal 2023 and 2022 are summarized as follows (in millions): Net Unrealized Gains (Losses) on Available-for-Sale Investments Net Unrealized Gains (Losses) Cash Flow Hedging Instruments Cumulative Translation Adjustment and Actuarial Gains (Losses) Accumulated Other Comprehensive Income (Loss) Balance at July 30, 2022 $ (379) $ 44 $ (1,287) $ (1,622) Other comprehensive income (loss) before reclassifications (76) (12) 106 18 (Gains) losses reclassified out of AOCI 9 (37) (1) (29) Tax benefit (expense) 11 12 24 47 Balance at January 28, 2023 $ (435) $ 7 $ (1,158) $ (1,586) Net Unrealized Gains (Losses) on Available-for-Sale Investments Net Unrealized Gains (Losses) Cash Flow Hedging Instruments Cumulative Translation Adjustment and Actuarial Gains (Losses) Accumulated Other Comprehensive Income (Loss) Balance at July 31, 2021 $ 182 $ (1) $ (598) $ (417) Other comprehensive income (loss) before reclassifications (296) 18 (162) (440) (Gains) losses reclassified out of AOCI (16) (3) 1 (18) Tax benefit (expense) 80 (3) 9 86 Balance at January 29, 2022 $ (50) $ 11 $ (750) $ (789)

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jan. 28, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The following table provides details of income taxes (in millions, except percentages): Three Months Ended Six Months Ended January 28, January 29, January 28, January 29, Income before provision for income taxes $ 3,415 $ 3,603 $ 6,890 $ 7,260 Provision for income taxes $ 642 $ 630 $ 1,447 $ 1,307 Effective tax rate 18.8 % 17.5 % 21.0 % 18.0 % As of January 28, 2023, we had $3.4 billion of unrecognized tax benefits, of which $2.4 billion, if recognized, would favorably impact the effective tax rate. We regularly engage in discussions and negotiations with tax authorities regarding tax matters in various jurisdictions. We believe it is reasonably possible that certain federal, foreign, and state tax matters may be concluded in the next 12 months. Specific positions that may be resolved include issues involving transfer pricing and various other matters.

Segment Information and Major C

Segment Information and Major Customers	6 Months Ended
Segment Information and Major Customers	Jan. 28, 2023
Segment Reporting [Abstract]
Segment Information and Major Customers	Segment Information and Major Customers (a) Revenue and Gross Margin by Segment We conduct business globally and are primarily managed on a geographic basis consisting of three segments: the Americas, EMEA, and APJC. Our management makes financial decisions and allocates resources based on the information it receives from our internal management system. Sales are attributed to a segment based on the ordering location of the customer. We do not allocate research and development, sales and marketing, or general and administrative expenses to our segments in this internal management system because management does not include the information in our measurement of the performance of the operating segments. In addition, we do not allocate amortization and impairment of acquisition-related intangible assets, share-based compensation expense, significant litigation settlements and other contingencies, charges related to asset impairments and restructurings, and certain other charges to the gross margin for each segment because management does not include this information in our measurement of the performance of the operating segments. Summarized financial information by segment for the second quarter and first six months of fiscal 2023 and 2022, based on our internal management system and as utilized by our Chief Operating Decision Maker (“CODM”), is as follows (in millions): Three Months Ended Six Months Ended January 28, January 29, January 28, January 29, Revenue: Americas $ 7,825 $ 7,146 $ 15,738 $ 14,706 EMEA 3,728 3,564 7,404 6,867 APJC 2,039 2,010 4,082 4,046 Total $ 13,592 $ 12,720 $ 27,224 $ 25,620 Gross margin: Americas $ 4,920 $ 4,611 $ 9,904 $ 9,486 EMEA 2,469 2,381 4,795 4,509 APJC 1,298 1,337 2,571 2,654 Segment total 8,687 8,328 17,269 16,649 Unallocated corporate items (260) (279) (496) (547) Total $ 8,427 $ 8,049 $ 16,773 $ 16,102 Amounts may not sum due to rounding. Revenue in the United States was $7.0 billion and $6.4 billion for the second quarter of fiscal 2023 and 2022, respectively, and $14.0 billion and $13.2 billion for the first six months of fiscal 2023 and 2022, respectively. (b) Revenue for Groups of Similar Products and Services We design and sell Internet Protocol (IP)-based networking and other products related to the communications and IT industry and provide services associated with these products and their use. The following table presents revenue for groups of similar products and services (in millions): Three Months Ended Six Months Ended January 28, January 29, January 28, January 29, Revenue: Secure, Agile Networks $ 6,746 $ 5,899 $ 13,430 $ 11,867 Internet for the Future 1,306 1,322 2,616 2,695 Collaboration 958 1,067 2,044 2,176 End-to-End Security 943 883 1,914 1,778 Optimized Application Experiences 199 180 393 361 Other Products 3 2 4 5 Total Product 10,155 9,353 20,400 18,882 Services 3,437 3,367 6,824 6,738 Total $ 13,592 $ 12,720 $ 27,224 $ 25,620 Amounts may not sum due to rounding. We have made certain reclassifications to the product revenue amounts for prior periods to conform to the current year presentation.

Net Income per Share

Net Income per Share	6 Months Ended
Net Income per Share	Jan. 28, 2023
Earnings Per Share [Abstract]
Net Income per Share	Net Income per Share The following table presents the calculation of basic and diluted net income per share (in millions, except per-share amounts): Three Months Ended Six Months Ended January 28, January 29, January 28, January 29, Net income $ 2,773 $ 2,973 $ 5,443 $ 5,953 Weighted-average shares—basic 4,103 4,183 4,105 4,201 Effect of dilutive potential common shares 13 22 10 21 Weighted-average shares—diluted 4,116 4,205 4,115 4,222 Net income per share—basic $ 0.68 $ 0.71 $ 1.33 $ 1.42 Net income per share—diluted $ 0.67 $ 0.71 $ 1.32 $ 1.41 Antidilutive employee share-based awards, excluded 17 11 91 41

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	6 Months Ended
Recent Accounting Pronouncements (Policies)	Jan. 28, 2023
Accounting Policies [Abstract]
Fiscal Period	The fiscal year for Cisco Systems, Inc. (the “Company,” “Cisco,” “we,” “us,” or “our”) is the 52 or 53 weeks ending on the last Saturday in July. Fiscal 2023 and fiscal 2022 are each 52-week fiscal years.
Basis of Presentation	The Consolidated Financial Statements include our accounts and those of our subsidiaries. All intercompany accounts and transactions have been eliminated. We conduct business globally and are primarily managed on a geographic basis in the following three geographic segments: the Americas; Europe, Middle East, and Africa (EMEA); and Asia Pacific, Japan, and China (APJC). We have prepared the accompanying financial data as of January 28, 2023 and for the second quarter and first six months of fiscal 2023 and 2022, without audit, pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (GAAP) have been condensed or omitted pursuant to such rules and regulations. The July 30, 2022 Consolidated Balance Sheet was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States. However, we believe that the disclosures are adequate to make the information presented not misleading. These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and the notes thereto included in our Annual Report on Form 10-K for the fiscal year ended July 30, 2022. In the opinion of management, all normal recurring adjustments necessary to state fairly the consolidated balance sheet as of January 28, 2023, the results of operations, the statements of comprehensive income and the statements of equity for the second quarter and first six months of fiscal 2023 and 2022, and the statements of cash flows for the first six months of fiscal 2023 and 2022, as applicable, have been made. The results of operations for the second quarter and first six months of fiscal 2023 are not necessarily indicative of the operating results for the full fiscal year or any future periods. Our consolidated financial statements include our accounts and investments consolidated under the variable interest and voting models. The noncontrolling interests attributed to these investments are not presented as a separate component in the equity section of the Consolidated Balance Sheets as these amounts are not material for any of the fiscal periods presented. The share of earnings attributable to the noncontrolling interests are not presented separately in the Consolidated Statements of Operations as these amounts are not material for any of the fiscal periods presented.
Reclassifications	Certain reclassifications have been made to the amounts in prior periods in order to conform to the current period’s presentation. We have evaluated subsequent events through the date that the financial statements were issued.
Recent Accounting Standards or Updates Not Yet Effective	(a) Recent Accounting Standards or Updates Not Yet Effective Reference Rate Reform In March 2020, the Financial Accounting Standards Board issued an accounting standard update and subsequent amendments that provide optional expedients and exceptions to the current guidance on contract modification and hedging relationships to ease the financial reporting burden of the expected market transition from the London InterBank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. This accounting standard update was effective upon issuance and may be applied prospectively through December 31, 2024. We do not expect this accounting standard update will have a material impact on our Consolidated Financial Statements.
Revenue	We enter into contracts with customers that can include various combinations of products and services which are generally distinct and accounted for as separate performance obligations. As a result, our contracts may contain multiple performance obligations. We determine whether arrangements are distinct based on whether the customer can benefit from the product or service on its own or together with other resources that are readily available and whether our commitment to transfer the product or service to the customer is separately identifiable from other obligations in the contract. We classify our hardware, perpetual software licenses, and software-as-a-service (SaaS) as distinct performance obligations. Term software licenses represent multiple obligations, which include software licenses and software maintenance. In transactions where we deliver hardware or software, we are typically the principal and we record revenue and costs of goods sold on a gross basis. We refer to our term software licenses, security software licenses, SaaS, and associated service arrangements as subscription offers. We recognize revenue upon transfer of control of promised goods or services in a contract with a customer in an amount that reflects the consideration we expect to receive in exchange for those products or services. Transfer of control occurs once the customer has the contractual right to use the product, generally upon shipment, electronic delivery (or when the software is available for download by the customer), or once title and risk of loss has transferred to the customer. Transfer of control can also occur over time for software maintenance and services as the customer receives the benefit over the contract term. Our hardware and perpetual software licenses are distinct performance obligations where revenue is recognized upfront upon transfer of control. Term software licenses include multiple performance obligations where the term licenses are recognized upfront upon transfer of control, with the associated software maintenance revenue recognized ratably over the contract term as services and software updates are provided. SaaS arrangements do not include the right for the customer to take possession of the software during the term, and therefore have one distinct performance obligation which is satisfied over time with revenue recognized ratably over the contract term as the customer consumes the services. On our product sales, we record consideration from shipping and handling on a gross basis within net product sales. We record our revenue net of any associated sales taxes. An allowance for future sales returns is established based on historical trends in product return rates. The allowance for future sales returns as of January 28, 2023 and July 30, 2022 was $40 million and $43 million, respectively, and was recorded as a reduction of our accounts receivable and revenue. Significant Judgments Revenue is allocated among these performance obligations in a manner that reflects the consideration that we expect to be entitled to for the promised goods or services based on standalone selling prices (SSP). SSP is estimated for each distinct performance obligation and judgment may be required in their determination. The best evidence of SSP is the observable price of a product or service when we sell the goods separately in similar circumstances and to similar customers. In instances where SSP is not directly observable, we determine SSP using information that may include market conditions and other observable inputs. We assess relevant contractual terms in our customer contracts to determine the transaction price. We apply judgment in identifying contractual terms and determining the transaction price as we may be required to estimate variable consideration when determining the amount of revenue to recognize. Variable consideration includes potential contractual penalties and various rebate, cooperative marketing and other incentive programs that we offer to our distributors, channel partners and customers. When determining the amount of revenue to recognize, we estimate the expected usage of these programs, applying the expected value or most likely estimate and update the estimate at each reporting period as actual utilization becomes available. We also consider the customers’ right of return in determining the transaction price, where applicable. We assess certain software licenses, such as for security software, that contain critical updates or upgrades which customers can download throughout the contract term. Without these updates or upgrades, the functionality of the software would diminish over a relatively short time period. These updates or upgrades provide the customer the full functionality of the purchased security software licenses and are required to maintain the security license’s utility as the risks and threats in the environment are rapidly changing. In these circumstances, the revenue from these software arrangements is recognized as a single performance obligation satisfied over the contract term. In addition to our product offerings, we provide a broad range of service and support options for our customers, including technical support services and advanced services. Technical support services represent the majority of these offerings which are distinct performance obligations that are satisfied over time with revenue recognized ratably over the contract term. Advanced services are distinct performance obligations that are satisfied over time with revenue recognized as services are delivered. The sales arrangements as discussed above are typically made pursuant to customer purchase orders based on master purchase or partner agreements. Cash is received based on our standard payment terms which is typically 30 days. We provide financing arrangements to customers for all of our hardware, software and service offerings. Refer to Note 9 for additional information. For these arrangements, cash is typically received over time.
Financing Receivables	Financing receivables primarily consist of loan receivables and lease receivables. Loan receivables represent financing arrangements related to the sale of our hardware, software, and services (including technical support and advanced services), and also may include additional funding for other costs associated with network installation and integration of our products and services. Loan receivables have terms of one year to three years on average. Lease receivables represent sales-type leases resulting from the sale of Cisco’s and complementary third-party products and are typically collateralized by a security interest in the underlying assets. Lease receivables consist of arrangements with terms of four years on average.
Fair Value of Financial Instruments	Level 1 marketable equity securities are determined by using quoted prices in active markets for identical assets. Level 2 available-for-sale debt investments are priced using quoted market prices for similar instruments or nonbinding market prices that are corroborated by observable market data. We use inputs such as actual trade data, benchmark yields, broker/dealer quotes, and other similar data, which are obtained from quoted market prices, independent pricing vendors, or other sources, to determine the ultimate fair value of these assets and liabilities. We use such pricing data as the primary input to make our assessments and determinations as to the ultimate valuation of our investment portfolio and have not made, during the periods presented, any material adjustments to such inputs. We are ultimately responsible for the financial statements and underlying estimates. Our derivative instruments are primarily classified as Level 2, as they are not actively traded and are valued using pricing models that use observable market inputs. We did not have any transfers between Level 1 and Level 2 fair value measurements during the periods presented.Our non-marketable equity securities using the measurement alternative are adjusted to fair value on a non-recurring basis. Adjustments are made when observable transactions for identical or similar investments of the same issuer occur, or due to impairment. These securities are classified as Level 3 in the fair value hierarchy because we estimate the value based on valuation methods using the observable transaction price at the transaction date and other unobservable inputs such as volatility, rights, and obligations of the securities we hold.
Derivatives	We use derivative instruments primarily to manage exposures to foreign currency exchange rate, interest rate, and equity price risks. Our primary objective in holding derivatives is to reduce the volatility of earnings and cash flows associated with changes in foreign currency exchange rates, interest rates, and equity prices. Our derivatives expose us to credit risk to the extent that the counterparties may be unable to meet the terms of the agreement. We do, however, seek to mitigate such risks by limiting our counterparties to major financial institutions and requiring collateral in certain cases. In addition, the potential risk of loss with any one counterparty resulting from this type of credit risk is monitored. Management does not expect material losses as a result of defaults by counterparties.
Offsetting of Derivative Instruments	We present our derivative instruments at gross fair values in the Consolidated Balance Sheets. However, our master netting and other similar arrangements with the respective counterparties allow for net settlement under certain conditions, which are designed to reduce credit risk by permitting net settlement with the same counterparty. To further limit credit risk, we also enter into collateral security arrangements related to certain derivative instruments whereby cash is posted as collateral between the counterparties based on the fair market value of the derivative instrument.
Hedging Derivatives	We conduct business globally in numerous currencies. Therefore, we are exposed to adverse movements in foreign currency exchange rates. To limit the exposure related to foreign currency changes, we enter into foreign currency contracts. We do not enter into such contracts for speculative purposes. We hedge forecasted foreign currency transactions related to certain revenues, operating expenses and service cost of sales with currency options and forward contracts. These currency options and forward contracts, designated as cash flow hedges, generally have maturities of less than 24 months. The derivative instrument’s gain or loss is initially reported as a component of accumulated other comprehensive income (AOCI) and subsequently reclassified into earnings when the hedged exposure affects earnings. We enter into foreign exchange forward and option contracts to reduce the short-term effects of foreign currency fluctuations on assets and liabilities such as foreign currency receivables, long-term customer financings and payables. These derivatives are not designated as hedging instruments. Gains and losses on the contracts are included in other income (loss), net, and substantially offset foreign exchange gains and losses from the remeasurement of intercompany balances, other current assets, or liabilities denominated in currencies other than the functional currency of the reporting entity. We hedge certain net investments in our foreign operations with forward contracts to reduce the effects of foreign currency fluctuations on our net investment in those foreign subsidiaries. These derivative instruments generally have maturities of up to six months. (d) Interest Rate Risk We hold interest rate swaps designated as fair value hedges related to fixed-rate senior notes that are due in fiscal 2024 through 2025. Under these interest rate swaps, we receive fixed-rate interest payments and make interest payments based on LIBOR plus a fixed number of basis points. The effect of such swaps is to convert the fixed interest rates of the senior fixed-rate notes to floating interest rates based on LIBOR. The gains and losses related to changes in the fair value of the interest rate swaps are included in interest expense and substantially offset changes in the fair value of the hedged portion of the underlying debt that are attributable to the changes in market interest rates. (e) Equity Price Risk
Derivatives Not Designated as Hedges	We are also exposed to variability in compensation charges related to certain deferred compensation obligations to employees. Although not designated as accounting hedges, we utilize derivatives such as total return swaps to economically hedge this exposure and offset the related compensation expense.
Commitments and Contingencies	We purchase components from a variety of suppliers and use several contract manufacturers to provide manufacturing services for our products. During the normal course of business, in order to manage manufacturing lead times and help ensure adequate component supply, we enter into agreements with contract manufacturers and suppliers that allow them to procure inventory based upon criteria as defined by us or establish the parameters defining our requirements. A significant portion of our reported purchase commitments arising from these agreements consists of firm, noncancelable, and unconditional commitments. Certain of these inventory purchase commitments with contract manufacturers and suppliers relate to arrangements to secure supply and pricing for certain product components for multi-year periods. In certain instances, these agreements allow us the option to cancel, reschedule, and adjust our requirements based on our business needs prior to firm orders being placed.We record a liability for firm, noncancelable, and unconditional purchase commitments for quantities in excess of our future demand forecasts consistent with the valuation of our excess and obsolete inventory.
Indemnifications	In the normal course of business, we have indemnification obligations to other parties, including customers, lessors, and parties to other transactions with us, with respect to certain matters. We have agreed to indemnify against losses arising from a breach of representations or covenants or out of intellectual property infringement or other claims made against certain parties. These agreements may limit the time or circumstances within which an indemnification claim can be made and the amount of the claim. It is not possible to determine the maximum potential amount for claims made under the indemnification obligations due to uncertainties in the litigation process, coordination with and contributions by other parties and the defendants in these types of cases, and the unique facts and circumstances involved in each particular case and agreement. Historically, indemnity payments made by us have not had a material effect on our Consolidated Financial Statements.
Segment Information	We conduct business globally and are primarily managed on a geographic basis consisting of three segments: the Americas, EMEA, and APJC. Our management makes financial decisions and allocates resources based on the information it receives from our internal management system. Sales are attributed to a segment based on the ordering location of the customer. We do not allocate research and development, sales and marketing, or general and administrative expenses to our segments in this internal management system because management does not include the information in our measurement of the performance of the operating segments. In addition, we do not allocate amortization and impairment of acquisition-related intangible assets, share-based compensation expense, significant litigation settlements and other contingencies, charges related to asset impairments and restructurings, and certain other charges to the gross margin for each segment because management does not include this information in our measurement of the performance of the operating segments.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
Revenue (Tables)	Jan. 28, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table presents this disaggregation of revenue (in millions): Three Months Ended Six Months Ended January 28, January 29, January 28, 2023 January 29, 2022 Product revenue: Secure, Agile Networks $ 6,746 $ 5,899 $ 13,430 $ 11,867 Internet for the Future 1,306 1,322 2,616 2,695 Collaboration 958 1,067 2,044 2,176 End-to-End Security 943 883 1,914 1,778 Optimized Application Experiences 199 180 393 361 Other Products 3 2 4 5 Total Product 10,155 9,353 20,400 18,882 Services 3,437 3,367 6,824 6,738 Total $ 13,592 $ 12,720 $ 27,224 $ 25,620 The following table presents revenue for groups of similar products and services (in millions): Three Months Ended Six Months Ended January 28, January 29, January 28, January 29, Revenue: Secure, Agile Networks $ 6,746 $ 5,899 $ 13,430 $ 11,867 Internet for the Future 1,306 1,322 2,616 2,695 Collaboration 958 1,067 2,044 2,176 End-to-End Security 943 883 1,914 1,778 Optimized Application Experiences 199 180 393 361 Other Products 3 2 4 5 Total Product 10,155 9,353 20,400 18,882 Services 3,437 3,367 6,824 6,738 Total $ 13,592 $ 12,720 $ 27,224 $ 25,620
Allowance for Credit Loss for Accounts Receivable	The allowances for credit loss for our accounts receivable are summarized as follows (in millions): Three Months Ended Six Months Ended January 28, 2023 January 29, 2022 January 28, 2023 January 29, 2022 Allowance for credit loss at beginning of period $ 88 $ 114 $ 83 $ 109 Provisions (benefits) 3 17 14 36 Recoveries (write-offs), net (5) (52) (11) (66) Foreign exchange and other — (9) — (9) Allowance for credit loss at end of period $ 86 $ 70 $ 86 $ 70
Schedule of Gross Contract Assets by Internal Risk Ratings	Gross contract assets by our internal risk ratings are summarized as follows (in millions): January 28, July 30, 1 to 4 $ 355 $ 414 5 to 6 984 814 7 and Higher 82 158 Total $ 1,421 $ 1,386

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	6 Months Ended
Acquisitions and Divestitures (Tables)	Jan. 28, 2023
Business Combination and Asset Acquisition [Abstract]
Summary of Allocation of Total Purchase Consideration	A summary of the allocation of the total purchase consideration is presented as follows (in millions): Purchase Consideration Net Tangible Assets Acquired (Liabilities Assumed) Purchased Intangible Assets Goodwill Total acquisitions (one in total) $ 3 $ — $ — $ 3

Goodwill and Purchased Intang_2

Goodwill and Purchased Intangible Assets (Tables)	6 Months Ended
Goodwill and Purchased Intangible Assets (Tables)	Jan. 28, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill by Reportable Segment	The following table presents the goodwill allocated to our reportable segments as of January 28, 2023 and during the first six months of fiscal 2023 (in millions): Balance at July 30, 2022 Acquisitions & Divestitures Foreign Currency Translation and Other Balance at January 28, 2023 Americas $ 23,882 $ 3 $ 51 $ 23,936 EMEA 9,062 — 19 9,081 APJC 5,360 — 11 5,371 Total $ 38,304 $ 3 $ 81 $ 38,388
Schedule of Definite-lived Purchased Intangible Assets	The following tables present details of our purchased intangible assets (in millions): January 28, 2023 Gross Accumulated Amortization Net Purchased intangible assets with finite lives: Technology $ 2,620 $ (1,384) $ 1,236 Customer relationships 1,334 (889) 445 Other 40 (17) 23 Total purchased intangible assets with finite lives 3,994 (2,290) 1,704 In-process research and development, with indefinite lives 430 — 430 Total $ 4,424 $ (2,290) $ 2,134 July 30, 2022 Gross Accumulated Amortization Net Purchased intangible assets with finite lives: Technology $ 2,631 $ (1,102) $ 1,529 Customer relationships 1,354 (769) 585 Other 41 (16) 25 Total purchased intangible assets with finite lives 4,026 (1,887) 2,139 In-process research and development, with indefinite lives 430 — 430 Total $ 4,456 $ (1,887) $ 2,569
Schedule of Indefinite-lived Purchased Intangible Assets	The following tables present details of our purchased intangible assets (in millions): January 28, 2023 Gross Accumulated Amortization Net Purchased intangible assets with finite lives: Technology $ 2,620 $ (1,384) $ 1,236 Customer relationships 1,334 (889) 445 Other 40 (17) 23 Total purchased intangible assets with finite lives 3,994 (2,290) 1,704 In-process research and development, with indefinite lives 430 — 430 Total $ 4,424 $ (2,290) $ 2,134 July 30, 2022 Gross Accumulated Amortization Net Purchased intangible assets with finite lives: Technology $ 2,631 $ (1,102) $ 1,529 Customer relationships 1,354 (769) 585 Other 41 (16) 25 Total purchased intangible assets with finite lives 4,026 (1,887) 2,139 In-process research and development, with indefinite lives 430 — 430 Total $ 4,456 $ (1,887) $ 2,569
Schedule of Amortization of Purchased Intangible Assets	The following table presents the amortization of purchased intangible assets, including impairment charges (in millions): Three Months Ended Six Months Ended January 28, 2023 January 29, 2022 January 28, 2023 January 29, 2022 Amortization of purchased intangible assets: Cost of sales $ 158 $ 201 $ 316 $ 403 Operating expenses 71 79 142 163 Total $ 229 $ 280 $ 458 $ 566
Schedule of Estimated Future Amortization Expense of Purchased Intangible Assets	The estimated future amortization expense of purchased intangible assets with finite lives as of January 28, 2023 is as follows (in millions): Fiscal Year Amount 2023 (remaining six months) $ 450 2024 $ 778 2025 $ 406 2026 $ 65 2027 $ 5

Restructuring and Other Charg_2

Restructuring and Other Charges (Tables)	6 Months Ended
Restructuring and Other Charges (Tables)	Jan. 28, 2023
Restructuring Charges [Abstract]
Liabilities Related to Restructuring and Other Charges	The following tables summarize the activities related to the restructuring and other charges (in millions): FISCAL 2021 AND PRIOR PLANS FISCAL 2023 PLAN Employee Other Employee Other Total Liability as of July 30, 2022 $ 2 $ 7 $ — $ — $ 9 Charges — (2) 223 20 241 Cash payments (1) (1) (49) (1) (52) Non-cash items — — 1 — 1 Liability as of January 28, 2023 $ 1 $ 4 $ 175 $ 19 $ 199 FISCAL 2020 AND PRIOR PLANS FISCAL 2021 PLAN Employee Other Employee Severance Other Total Liability as of July 31, 2021 $ — $ 10 $ 16 $ 8 $ 34 Charges — (5) 10 3 8 Cash payments — (1) (16) — (17) Non-cash items — — — (5) (5) Liability as of January 29, 2022 $ — $ 4 $ 10 $ 6 $ 20

Balance Sheet and Other Detai_2

Balance Sheet and Other Details (Tables)	6 Months Ended
Balance Sheet and Other Details (Tables)	Jan. 28, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	The following tables provide details of selected balance sheet and other items (in millions, except percentages): Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents January 28, July 30, Cash and cash equivalents $ 9,009 $ 7,079 Restricted cash and restricted cash equivalents included in other assets 1,500 1,500 Total $ 10,509 $ 8,579
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	The following tables provide details of selected balance sheet and other items (in millions, except percentages): Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents January 28, July 30, Cash and cash equivalents $ 9,009 $ 7,079 Restricted cash and restricted cash equivalents included in other assets 1,500 1,500 Total $ 10,509 $ 8,579
Inventories	Inventories January 28, July 30, Raw materials $ 1,496 $ 1,601 Work in process 230 150 Finished goods: Deferred cost of sales 70 86 Manufactured finished goods 1,222 631 Total finished goods 1,292 717 Service-related spares 109 90 Demonstration systems 13 10 Total $ 3,140 $ 2,568
Property and Equipment, Net	Property and Equipment, Net January 28, July 30, Gross property and equipment: Land, buildings, and building and leasehold improvements $ 4,263 $ 4,219 Computer equipment and related software 749 779 Production, engineering, and other equipment 4,591 4,647 Operating lease assets 149 185 Furniture, fixtures and other 340 335 Total gross property and equipment 10,092 10,165 Less: accumulated depreciation and amortization (8,128) (8,168) Total $ 1,964 $ 1,997
Remaining Performance Obligations	Remaining Performance Obligations (RPO) January 28, July 30, Product $ 14,517 $ 14,090 Service 17,255 17,449 Total $ 31,772 $ 31,539 Short-term RPO $ 16,865 $ 16,936 Long-term RPO 14,907 14,603 Total $ 31,772 $ 31,539 Amount to be recognized as revenue over the next 12 months 53 % 54 % Deferred revenue $ 23,927 $ 23,264 Unbilled contract revenue 7,845 8,275 Total $ 31,772 $ 31,539
Deferred Revenue	Deferred Revenue January 28, July 30, Product $ 10,679 $ 10,427 Service 13,248 12,837 Total $ 23,927 $ 23,264 Reported as: Current $ 13,109 $ 12,784 Noncurrent 10,818 10,480 Total $ 23,927 $ 23,264
Transition Tax Payable	Our income tax payable associated with the one-time U.S. transition tax on accumulated earnings for foreign subsidiaries as a result of the Tax Cuts and Jobs Act is as follows (in millions): January 28, July 30, Current $ 1,364 $ 727 Noncurrent 4,092 5,456 Total $ 5,456 $ 6,183

Leases (Tables)

Leases (Tables)	6 Months Ended
Leases (Tables)	Jan. 28, 2023
Leases [Abstract]
Operating Lease Balances	The following table presents our operating lease balances (in millions): Balance Sheet Line Item January 28, 2023 July 30, 2022 Operating lease right-of-use assets Other assets $ 978 $ 1,003 Operating lease liabilities Other current liabilities $ 337 $ 322 Operating lease liabilities Other long-term liabilities 691 724 Total operating lease liabilities $ 1,028 $ 1,046
Lease Expenses and Supplemental Information	The components of our lease expenses were as follows (in millions): Three Months Ended Six Months Ended January 28, 2023 January 29, 2022 January 28, 2023 January 29, 2022 Operating lease expense $ 98 $ 98 $ 194 $ 193 Short-term lease expense 17 15 34 32 Variable lease expense 63 41 121 90 Total lease expense $ 178 $ 154 $ 349 $ 315 Supplemental information related to our operating leases is as follows (in millions): Six Months Ended January 28, 2023 January 29, 2022 Cash paid for amounts included in the measurement of lease liabilities — operating cash flows $ 192 $ 202 Right-of-use assets obtained in exchange for operating leases liabilities $ 149 $ 178
Maturities of Operating Leases	The maturities of our operating leases (undiscounted) as of January 28, 2023 are as follows (in millions): Fiscal Year Amount 2023 (remaining six months) $ 185 2024 297 2025 215 2026 133 2027 76 Thereafter 212 Total lease payments 1,118 Less interest (90) Total $ 1,028
Future Minimum Lease Payments on Lease Receivables	Future minimum lease payments on our lease receivables as of January 28, 2023 are summarized as follows (in millions): Fiscal Year Amount 2023 (remaining six months) $ 348 2024 365 2025 192 2026 114 2027 51 Thereafter 16 Total 1,086 Less: Present value of lease payments 1,021 Unearned income $ 65
Operating Lease Assets	Amounts relating to equipment on operating lease assets held by us and the associated accumulated depreciation are summarized as follows (in millions): January 28, 2023 July 30, 2022 Operating lease assets $ 149 $ 185 Accumulated depreciation (90) (111) Operating lease assets, net $ 59 $ 74
Minimum Future Rentals on Noncancelable Operating Leases	Minimum future rentals on noncancelable operating leases as of January 28, 2023 are summarized as follows (in millions): Fiscal Year Amount 2023 (remaining six months) $ 15 2024 18 2025 6 Total $ 39

Financing Receivables (Tables)

Financing Receivables (Tables)	6 Months Ended
Financing Receivables (Tables)	Jan. 28, 2023
Receivables [Abstract]
Summary of Financing Receivables	A summary of our financing receivables is presented as follows (in millions): January 28, 2023 Loan Receivables Lease Receivables Total Gross $ 6,136 $ 1,086 $ 7,222 Residual value — 67 67 Unearned income — (65) (65) Allowance for credit loss (94) (19) (113) Total, net $ 6,042 $ 1,069 $ 7,111 Reported as: Current $ 3,057 $ 500 $ 3,557 Noncurrent 2,985 569 3,554 Total, net $ 6,042 $ 1,069 $ 7,111 July 30, 2022 Loan Receivables Lease Receivables Total Gross $ 6,842 $ 1,176 $ 8,018 Residual value — 76 76 Unearned income — (54) (54) Allowance for credit loss (103) (23) (126) Total, net $ 6,739 $ 1,175 $ 7,914 Reported as: Current $ 3,327 $ 578 $ 3,905 Noncurrent 3,412 597 4,009 Total, net $ 6,739 $ 1,175 $ 7,914
Schedule of Financing Receivables by Internal Credit Risk Rating by Period of Origination	The tables below present our gross financing receivables, excluding residual value, less unearned income, categorized by our internal credit risk rating by period of origination (in millions): January 28, 2023 Fiscal Year Six Months Ended Internal Credit Risk Rating Prior July 27, 2019 July 25, 2020 July 31, 2021 July 30, 2022 January 28, 2023 Total Loan Receivables: 1 to 4 $ 18 $ 108 $ 371 $ 1,086 $ 1,347 $ 978 $ 3,908 5 to 6 5 73 199 488 671 651 2,087 7 and Higher 2 15 36 33 54 1 141 Total Loan Receivables $ 25 $ 196 $ 606 $ 1,607 $ 2,072 $ 1,630 $ 6,136 Lease Receivables: 1 to 4 $ 10 $ 49 $ 101 $ 165 $ 105 $ 108 $ 538 5 to 6 4 25 74 92 115 149 459 7 and Higher 1 2 9 2 3 7 24 Total Lease Receivables $ 15 $ 76 $ 184 $ 259 $ 223 $ 264 $ 1,021 Total $ 40 $ 272 $ 790 $ 1,866 $ 2,295 $ 1,894 $ 7,157 July 30, 2022 Fiscal Year Internal Credit Risk Rating Prior July 28, 2018 July 27, 2019 July 25, 2020 July 31, 2021 July 30, 2022 Total Loan Receivables: 1 to 4 $ 2 $ 49 $ 173 $ 536 $ 1,458 $ 2,287 $ 4,505 5 to 6 1 17 115 345 709 1,030 2,217 7 and Higher 1 1 22 45 39 12 120 Total Loan Receivables $ 4 $ 67 $ 310 $ 926 $ 2,206 $ 3,329 $ 6,842 Lease Receivables: 1 to 4 $ 2 $ 25 $ 74 $ 124 $ 176 $ 152 $ 553 5 to 6 1 10 67 146 165 151 540 7 and Higher — 1 4 12 2 10 29 Total Lease Receivables $ 3 $ 36 $ 145 $ 282 $ 343 $ 313 $ 1,122 Total $ 7 $ 103 $ 455 $ 1,208 $ 2,549 $ 3,642 $ 7,964
Schedule of Aging Analysis of Financing Receivables	The following tables present the aging analysis of gross receivables as of January 28, 2023 and July 30, 2022 (in millions): DAYS PAST DUE January 28, 2023 31-60 61-90 91+ Total Current Total 120+ Still Accruing Nonaccrual Impaired Loan receivables $ 100 $ 23 $ 46 $ 169 $ 5,967 $ 6,136 $ 14 $ 60 $ 60 Lease receivables 42 36 22 100 921 1,021 8 9 9 Total $ 142 $ 59 $ 68 $ 269 $ 6,888 $ 7,157 $ 22 $ 69 $ 69 DAYS PAST DUE July 30, 2022 31-60 61-90 91+ Total Current Total 120+ Still Accruing Nonaccrual Impaired Loan receivables $ 98 $ 62 $ 129 $ 289 $ 6,553 $ 6,842 $ 14 $ 60 $ 60 Lease receivables 8 6 26 40 1,082 1,122 7 11 11 Total $ 106 $ 68 $ 155 $ 329 $ 7,635 $ 7,964 $ 21 $ 71 $ 71
Schedule of Allowance for Credit Loss and Related Financing Receivables	The allowances for credit loss and the related financing receivables are summarized as follows (in millions): Three Months Ended January 28, 2023 CREDIT LOSS ALLOWANCES Loan Receivables Lease Receivables Total Allowance for credit loss as of October 29, 2022 $ 101 $ 19 $ 120 Provisions (benefits) (3) (1) (4) Other (4) 1 (3) Allowance for credit loss as of January 28, 2023 $ 94 $ 19 $ 113 Three Months Ended January 29, 2022 CREDIT LOSS ALLOWANCES Loan Receivables Lease Receivables Total Allowance for credit loss as of October 30, 2021 $ 76 $ 33 $ 109 Provisions (benefits) (6) (4) (10) Recoveries (write-offs), net — (2) (2) Allowance for credit loss as of January 29, 2022 $ 70 $ 27 $ 97 Six Months Ended January 28, 2023 CREDIT LOSS ALLOWANCES Loan Receivables Lease Receivables Total Allowance for credit loss as of July 30, 2022 $ 103 $ 23 $ 126 Provisions (benefits) (4) (4) (8) Other (5) — (5) Allowance for credit loss as of January 28, 2023 $ 94 $ 19 $ 113 Six Months Ended January 29, 2022 CREDIT LOSS ALLOWANCES Loan Receivables Lease Receivables Total Allowance for credit loss as of July 31, 2021 $ 89 $ 38 $ 127 Provisions (benefits) (19) (9) (28) Recoveries (write-offs), net — (2) (2) Allowance for credit loss as of January 29, 2022 $ 70 $ 27 $ 97

Available-for-Sale Debt and E_2

Available-for-Sale Debt and Equity Investments (Tables)	6 Months Ended
Available-for-Sale Debt and Equity Investments (Tables)	Jan. 28, 2023
Investments, Debt and Equity Securities [Abstract]
Summary of Available-for-Sale Debt Investments	The following tables summarize our available-for-sale debt investments (in millions): January 28, 2023 Amortized Gross Gross Fair U.S. government securities $ 2,050 $ 2 $ (54) $ 1,998 U.S. government agency securities 169 — (5) 164 Non-U.S. government and agency securities 354 — (1) 353 Corporate debt securities 7,480 5 (345) 7,140 U.S. agency mortgage-backed securities 2,013 2 (188) 1,827 Commercial paper 1,029 — — 1,029 Certificates of deposit 261 — — 261 Total $ 13,356 $ 9 $ (593) $ 12,772 July 30, 2022 Amortized Gross Gross Fair U.S. government securities $ 1,287 $ — $ (49) $ 1,238 U.S. government agency securities 142 — (4) 138 Non-U.S. government and agency securities 272 — — 272 Corporate debt securities 8,127 2 (311) 7,818 U.S. agency mortgage-backed securities 2,134 — (158) 1,976 Commercial paper 255 — — 255 Certificates of deposit 250 — — 250 Total $ 12,467 $ 2 $ (522) $ 11,947
Gross Realized Gains and Gross Realized Losses Related to Available-for-Sale Investment	The following table presents the gross realized gains and gross realized losses related to available-for-sale debt investments (in millions): Three Months Ended Six Months Ended January 28, 2023 January 29, 2022 January 28, 2023 January 29, 2022 Gross realized gains $ 3 $ 13 $ 3 $ 19 Gross realized losses (6) (3) (12) (3) Total $ (3) $ 10 $ (9) $ 16
Available-for-Sale Investments with Gross Unrealized Losses	The following tables present the breakdown of the available-for-sale debt investments with gross unrealized losses and the duration that those losses had been unrealized at January 28, 2023 and July 30, 2022 (in millions): UNREALIZED LOSSES UNREALIZED LOSSES TOTAL January 28, 2023 Fair Value Gross Fair Value Gross Fair Value Gross U.S. government securities $ 470 $ (6) $ 1,086 $ (48) $ 1,556 $ (54) U.S. government agency securities 33 — 121 (5) 154 (5) Non-U.S. government and agency securities 339 (1) — — 339 (1) Corporate debt securities 2,770 (94) 3,333 (219) 6,103 (313) U.S. agency mortgage-backed securities 305 (12) 1,440 (176) 1,745 (188) Commercial paper 40 — — — 40 — Total $ 3,957 $ (113) $ 5,980 $ (448) $ 9,937 $ (561) UNREALIZED LOSSES UNREALIZED LOSSES TOTAL July 30, 2022 Fair Value Gross Fair Value Gross Fair Value Gross U.S. government securities $ 1,110 $ (44) $ 120 $ (5) $ 1,230 $ (49) U.S. government agency securities 114 (2) 24 (2) 138 (4) Non-U.S. government and agency securities 264 — — — 264 — Corporate debt securities 6,920 (240) 422 (37) 7,342 (277) U.S. agency mortgage-backed securities 1,305 (96) 615 (62) 1,920 (158) Total $ 9,713 $ (382) $ 1,181 $ (106) $ 10,894 $ (488)
Maturities of Available-for-Sale Debt Investments	The following table summarizes the maturities of our available-for-sale debt investments as of January 28, 2023 (in millions): Amortized Cost Fair Value Within 1 year $ 4,806 $ 4,734 After 1 year through 5 years 6,491 6,170 After 5 years through 10 years 46 41 Mortgage-backed securities with no single maturity 2,013 1,827 Total $ 13,356 $ 12,772

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
Fair Value (Tables)	Jan. 28, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	Assets and liabilities measured at fair value on a recurring basis were as follows (in millions): JANUARY 28, 2023 JULY 30, 2022 FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS Level 1 Level 2 Total Level 1 Level 2 Total Assets: Cash equivalents: Money market funds $ 5,038 $ — $ 5,038 $ 3,930 $ — $ 3,930 Commercial paper — 1,037 1,037 — 72 72 Corporate debt securities — 41 41 — 1 1 U.S. government securities — 40 40 — 12 12 Certificates of deposit — 31 31 — 32 32 Available-for-sale debt investments: U.S. government securities — 1,998 1,998 — 1,238 1,238 U.S. government agency securities — 164 164 — 138 138 Non-U.S. government and agency securities — 353 353 — 272 272 Corporate debt securities — 7,140 7,140 — 7,818 7,818 U.S. agency mortgage-backed securities — 1,827 1,827 — 1,976 1,976 Commercial paper — 1,029 1,029 — 255 255 Certificates of deposit — 261 261 — 250 250 Equity investments: Marketable equity securities 280 — 280 241 — 241 Other assets: Money market funds 1,500 — 1,500 1,500 — 1,500 Derivative assets — 36 36 — 78 78 Total $ 6,818 $ 13,957 $ 20,775 $ 5,671 $ 12,142 $ 17,813 Liabilities: Derivative liabilities $ — $ 73 $ 73 $ — $ 89 $ 89 Total $ — $ 73 $ 73 $ — $ 89 $ 89

Borrowings (Tables)

Borrowings (Tables)	6 Months Ended
Borrowings (Tables)	Jan. 28, 2023
Debt Disclosure [Abstract]
Schedule of Short-Term Debt	The following table summarizes our short-term debt (in millions, except percentages): January 28, 2023 July 30, 2022 Amount Effective Rate Amount Effective Rate Current portion of long-term debt $ 1,250 2.44 % $ 499 2.68 % Commercial paper — — 600 2.05 % Total $ 1,250 $ 1,099
Schedule of Long-Term Debt	The following table summarizes our long-term debt (in millions, except percentages): January 28, 2023 July 30, 2022 Maturity Date Amount Effective Rate Amount Effective Rate Senior notes: Fixed-rate notes: 2.60% February 28, 2023 $ 500 2.68% $ 500 2.68% 2.20% September 20, 2023 750 2.27% 750 2.27% 3.625% March 4, 2024 1,000 5.28% 1,000 2.69% 3.50% June 15, 2025 500 5.65% 500 3.20% 2.95% February 28, 2026 750 3.01% 750 3.01% 2.50% September 20, 2026 1,500 2.55% 1,500 2.55% 5.90% February 15, 2039 2,000 6.11% 2,000 6.11% 5.50% January 15, 2040 2,000 5.67% 2,000 5.67% Total 9,000 9,000 Unaccreted discount/issuance costs (71) (75) Hedge accounting fair value adjustments (42) (10) Total $ 8,887 $ 8,915 Reported as: Current portion of long-term debt $ 1,250 $ 499 Long-term debt 7,637 8,416 Total $ 8,887 $ 8,915
Schedule of Future Principal Payments for Long-Term Debt	As of January 28, 2023, future principal payments for long-term debt, including the current portion, are summarized as follows (in millions): Fiscal Year Amount 2023 (remaining six months) $ 500 2024 1,750 2025 500 2026 750 2027 1,500 Thereafter 4,000 Total $ 9,000

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
Derivative Instruments (Tables)	Jan. 28, 2023
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 January 28, July 30, Balance Sheet Line Item January 28, July 30, Derivatives designated as hedging instruments: Foreign currency derivatives Other current assets $ 21 $ 55 Other current liabilities $ 1 $ — Foreign currency derivatives Other assets 1 9 Other long-term liabilities 4 — Interest rate derivatives Other assets — — Other long-term liabilities 42 10 Total 22 64 47 10 Derivatives not designated as hedging instruments: Foreign currency derivatives Other current assets 10 14 Other current liabilities 26 69 Foreign currency derivatives Other assets 4 — Other long-term liabilities — 9 Equity derivatives Other current assets — — Other current liabilities — 1 Total 14 14 26 79 Total $ 36 $ 78 $ 73 $ 89
Cumulative Basis Adjustment For Fair Value Hedges	The following amounts were recorded on the Consolidated Balance Sheets related to cumulative basis adjustments for our fair value hedges (in millions): CARRYING AMOUNT OF THE HEDGED ASSETS/(LIABILITIES) CUMULATIVE AMOUNT OF FAIR VALUE HEDGING ADJUSTMENT INCLUDED IN THE CARRYING AMOUNT OF THE HEDGED ASSETS/LIABILITIES Balance Sheet Line Item of Hedged Item January 28, July 30, January 28, July 30, Long-term debt $ (1,456) $ (1,487) $ 42 $ 10
Effect on Derivative Instruments Designated as Fair Value Hedges	The effect of derivative instruments designated as fair value hedges, recognized in interest and other income (loss), net is summarized as follows (in millions): Three Months Ended Six Months Ended January 28, 2023 January 29, 2022 January 28, 2023 January 29, 2022 Interest rate derivatives: Hedged items $ (7) $ 32 $ 32 $ 58 Derivatives designated as hedging instruments 7 (32) (32) (59) Total $ — $ — $ — $ (1)
Effect of Derivative Instruments Not Designated as Fair Value Hedges on Consolidated Statements 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 THREE MONTHS ENDED GAINS (LOSSES) FOR THE SIX MONTHS ENDED Derivatives Not Designated as Line Item in Statements of Operations January 28, January 29, January 28, 2023 January 29, Foreign currency derivatives Other income (loss), net $ 140 $ (36) $ 68 $ (56) Total return swaps—deferred compensation Operating expenses and other 44 (41) 19 (20) Equity derivatives Other income (loss), net 5 (3) 4 1 Total $ 189 $ (80) $ 91 $ (75)
Schedule of Notional Amounts of Derivatives Outstanding	The notional amounts of our outstanding derivatives are summarized as follows (in millions): January 28, July 30, Foreign currency derivatives $ 4,555 $ 4,521 Interest rate derivatives 1,500 1,500 Total return swaps—deferred compensation 720 651 Total $ 6,775 $ 6,672

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
Commitments and Contingencies (Tables)	Jan. 28, 2023
Commitments and Contingencies Disclosure [Abstract]
Purchase Commitments with Contract Manufacturers and Suppliers	The following table summarizes our inventory purchase commitments with contract manufacturers and suppliers by period (in millions): January 28, July 30, Less than 1 year $ 8,651 $ 9,954 1 to 3 years 1,693 2,240 3 to 5 years 607 770 Total $ 10,951 $ 12,964
Compensation Expense Related to Business Acquisitions	The following table summarizes the compensation expense related to acquisitions (in millions): Three Months Ended Six Months Ended January 28, 2023 January 29, 2022 January 28, 2023 January 29, 2022 Compensation expense related to acquisitions $ 49 $ 75 $ 123 $ 164
Schedule of Product Warranty Liability	The following table summarizes the activity related to the product warranty liability (in millions): Six Months Ended January 28, January 29, Balance at beginning of period $ 333 $ 336 Provisions for warranties issued 188 218 Adjustments for pre-existing warranties 13 2 Settlements (218) (222) Balance at end of period $ 316 $ 334
Schedule of Guarantor Obligations	The aggregate amounts of channel partner financing guarantees outstanding at January 28, 2023 and July 30, 2022, representing the total maximum potential future payments under financing arrangements with third parties along with the related deferred revenue, are summarized in the following table (in millions): January 28, July 30, Maximum potential future payments $ 180 $ 188 Deferred revenue (35) (9) Total $ 145 $ 179

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
Stockholders' Equity (Tables)	Jan. 28, 2023
Stockholders' Equity Note [Abstract]
Stock Repurchase Program	A summary of the stock repurchase activity for fiscal 2023 and 2022 under the stock repurchase program, reported based on the trade date, is summarized as follows (in millions, except per-share amounts): Quarter Ended Shares Weighted-Average Price per Share Amount Fiscal 2023 January 28, 2023 26 $ 47.72 $ 1,256 October 29, 2022 12 $ 43.76 $ 502 Fiscal 2022 July 30, 2022 54 $ 44.02 $ 2,402 April 30, 2022 5 $ 54.20 $ 252 January 29, 2022 82 $ 58.36 $ 4,824 October 30, 2021 5 $ 56.49 $ 256

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	6 Months Ended
Employee Benefit Plans (Tables)	Jan. 28, 2023
Retirement Benefits [Abstract]
Summary of Share-Based Compensation Expense	The following table summarizes share-based compensation expense (in millions): Three Months Ended Six Months Ended January 28, 2023 January 29, 2022 January 28, 2023 January 29, 2022 Cost of sales—product $ 40 $ 29 $ 71 $ 54 Cost of sales—service 66 52 116 96 Share-based compensation expense in cost of sales 106 81 187 150 Research and development 261 205 465 386 Sales and marketing 166 142 319 282 General and administrative 71 49 129 111 Restructuring and other charges (3) — (3) 1 Share-based compensation expense in operating expenses 495 396 910 780 Total share-based compensation expense $ 601 $ 477 $ 1,097 $ 930 Income tax benefit for share-based compensation $ 109 $ 152 $ 208 $ 256
Summary of Restricted Stock and Stock Unit Activity	A summary of the restricted stock and stock unit activity, which includes time-based and performance-based or market-based RSUs, is as follows (in millions, except per-share amounts): Restricted Stock/ Weighted-Average Aggregate Fair Value Unvested balance at July 31, 2021 94 $ 42.93 Granted and assumed 52 50.06 Vested (37) 42.27 $ 1,979 Canceled/forfeited/other (12) 45.63 Unvested balance at July 30, 2022 97 $ 46.67 Granted and assumed 56 40.62 Vested (21) 47.39 $ 923 Canceled/forfeited/other (5) 45.73 Unvested balance at January 28, 2023 127 $ 43.92

Comprehensive Income (Loss) (Ta

Comprehensive Income (Loss) (Tables)	6 Months Ended
Comprehensive Income (Loss) (Tables)	Jan. 28, 2023
Equity [Abstract]
Components of AOCI, Net of Tax	The components of AOCI, net of tax, and the other comprehensive income (loss), for the first six months of fiscal 2023 and 2022 are summarized as follows (in millions): Net Unrealized Gains (Losses) on Available-for-Sale Investments Net Unrealized Gains (Losses) Cash Flow Hedging Instruments Cumulative Translation Adjustment and Actuarial Gains (Losses) Accumulated Other Comprehensive Income (Loss) Balance at July 30, 2022 $ (379) $ 44 $ (1,287) $ (1,622) Other comprehensive income (loss) before reclassifications (76) (12) 106 18 (Gains) losses reclassified out of AOCI 9 (37) (1) (29) Tax benefit (expense) 11 12 24 47 Balance at January 28, 2023 $ (435) $ 7 $ (1,158) $ (1,586) Net Unrealized Gains (Losses) on Available-for-Sale Investments Net Unrealized Gains (Losses) Cash Flow Hedging Instruments Cumulative Translation Adjustment and Actuarial Gains (Losses) Accumulated Other Comprehensive Income (Loss) Balance at July 31, 2021 $ 182 $ (1) $ (598) $ (417) Other comprehensive income (loss) before reclassifications (296) 18 (162) (440) (Gains) losses reclassified out of AOCI (16) (3) 1 (18) Tax benefit (expense) 80 (3) 9 86 Balance at January 29, 2022 $ (50) $ 11 $ (750) $ (789)

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
Income Taxes (Tables)	Jan. 28, 2023
Income Tax Disclosure [Abstract]
Income Tax Provision	The following table provides details of income taxes (in millions, except percentages): Three Months Ended Six Months Ended January 28, January 29, January 28, January 29, Income before provision for income taxes $ 3,415 $ 3,603 $ 6,890 $ 7,260 Provision for income taxes $ 642 $ 630 $ 1,447 $ 1,307 Effective tax rate 18.8 % 17.5 % 21.0 % 18.0 %

Segment Information and Major_2

Segment Information and Major Customers (Tables)	6 Months Ended
Segment Information and Major Customers (Tables)	Jan. 28, 2023
Segment Reporting [Abstract]
Reportable Segments	Summarized financial information by segment for the second quarter and first six months of fiscal 2023 and 2022, based on our internal management system and as utilized by our Chief Operating Decision Maker (“CODM”), is as follows (in millions): Three Months Ended Six Months Ended January 28, January 29, January 28, January 29, Revenue: Americas $ 7,825 $ 7,146 $ 15,738 $ 14,706 EMEA 3,728 3,564 7,404 6,867 APJC 2,039 2,010 4,082 4,046 Total $ 13,592 $ 12,720 $ 27,224 $ 25,620 Gross margin: Americas $ 4,920 $ 4,611 $ 9,904 $ 9,486 EMEA 2,469 2,381 4,795 4,509 APJC 1,298 1,337 2,571 2,654 Segment total 8,687 8,328 17,269 16,649 Unallocated corporate items (260) (279) (496) (547) Total $ 8,427 $ 8,049 $ 16,773 $ 16,102
Net Sales for Groups of Similar Products and Services	The following table presents this disaggregation of revenue (in millions): Three Months Ended Six Months Ended January 28, January 29, January 28, 2023 January 29, 2022 Product revenue: Secure, Agile Networks $ 6,746 $ 5,899 $ 13,430 $ 11,867 Internet for the Future 1,306 1,322 2,616 2,695 Collaboration 958 1,067 2,044 2,176 End-to-End Security 943 883 1,914 1,778 Optimized Application Experiences 199 180 393 361 Other Products 3 2 4 5 Total Product 10,155 9,353 20,400 18,882 Services 3,437 3,367 6,824 6,738 Total $ 13,592 $ 12,720 $ 27,224 $ 25,620 The following table presents revenue for groups of similar products and services (in millions): Three Months Ended Six Months Ended January 28, January 29, January 28, January 29, Revenue: Secure, Agile Networks $ 6,746 $ 5,899 $ 13,430 $ 11,867 Internet for the Future 1,306 1,322 2,616 2,695 Collaboration 958 1,067 2,044 2,176 End-to-End Security 943 883 1,914 1,778 Optimized Application Experiences 199 180 393 361 Other Products 3 2 4 5 Total Product 10,155 9,353 20,400 18,882 Services 3,437 3,367 6,824 6,738 Total $ 13,592 $ 12,720 $ 27,224 $ 25,620

Net Income per Share (Tables)

Net Income per Share (Tables)	6 Months Ended
Net Income per Share (Tables)	Jan. 28, 2023
Earnings Per Share [Abstract]
Calculation of Basic and Diluted Net Income per Share	The following table presents the calculation of basic and diluted net income per share (in millions, except per-share amounts): Three Months Ended Six Months Ended January 28, January 29, January 28, January 29, Net income $ 2,773 $ 2,973 $ 5,443 $ 5,953 Weighted-average shares—basic 4,103 4,183 4,105 4,201 Effect of dilutive potential common shares 13 22 10 21 Weighted-average shares—diluted 4,116 4,205 4,115 4,222 Net income per share—basic $ 0.68 $ 0.71 $ 1.33 $ 1.42 Net income per share—diluted $ 0.67 $ 0.71 $ 1.32 $ 1.41 Antidilutive employee share-based awards, excluded 17 11 91 41

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details)	6 Months Ended
Organization and Basis of Presentation (Details)	Jan. 28, 2023 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of geographic segments	3

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 28, 2023	Jan. 29, 2022	Jul. 30, 2022
Disaggregation of Revenue [Line Items]
Allowance for future sales returns	$ 40		$ 40		$ 43
Payment terms			30 days
Accounts receivable, net	5,237		$ 5,237		6,622
Deferred revenue	23,927		23,927		23,264
Revenue recognized	3,400		7,900
Total deferred sales commissions	1,000		1,000		1,000
Amortization of sales commissions, expense	201	$ 147	377	$ 317
Software and Service Agreements
Disaggregation of Revenue [Line Items]
Contract assets, net of allowances	$ 1,400		$ 1,400		$ 1,300

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 28, 2023	Jan. 29, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 13,592	$ 12,720	$ 27,224	$ 25,620
Product
Disaggregation of Revenue [Line Items]
Revenue	10,155	9,353	20,400	18,882
Secure, Agile Networks
Disaggregation of Revenue [Line Items]
Revenue	6,746	5,899	13,430	11,867
Internet for the Future
Disaggregation of Revenue [Line Items]
Revenue	1,306	1,322	2,616	2,695
Collaboration
Disaggregation of Revenue [Line Items]
Revenue	958	1,067	2,044	2,176
End-to-End Security
Disaggregation of Revenue [Line Items]
Revenue	943	883	1,914	1,778
Optimized Application Experiences
Disaggregation of Revenue [Line Items]
Revenue	199	180	393	361
Other Products
Disaggregation of Revenue [Line Items]
Revenue	3	2	4	5
Services
Disaggregation of Revenue [Line Items]
Revenue	$ 3,437	$ 3,367	$ 6,824	$ 6,738

Revenue - Allowance for Account

Revenue - Allowance for Accounts Receivable (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 28, 2023	Jan. 29, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit loss at beginning of period	$ 88	$ 114	$ 83	$ 109
Provisions (benefits)	3	17	14	36
Recoveries (write-offs), net	(5)	(52)	(11)	(66)
Foreign exchange and other	0	(9)	0	(9)
Allowance for credit loss at end of period	$ 86	$ 70	$ 86	$ 70

Revenue - Schedule of Internal

Revenue - Schedule of Internal Risk Ratings for Contract Assets (Details) - USD ($) $ in Millions	Jan. 28, 2023	Jul. 30, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Contract asset, gross	$ 1,421	$ 1,386
1 to 4
Financing Receivable, Credit Quality Indicator [Line Items]
Contract asset, gross	355	414
5 to 6
Financing Receivable, Credit Quality Indicator [Line Items]
Contract asset, gross	984	814
7 and Higher
Financing Receivable, Credit Quality Indicator [Line Items]
Contract asset, gross	$ 82	$ 158

Acquisitions and Divestitures -

Acquisitions and Divestitures - Additional Information (Details) $ in Millions	6 Months Ended
	Jan. 28, 2023 USD ($) acquisition	Jan. 29, 2022 USD ($)
Business Acquisition [Line Items]
Number of acquisitions \| acquisition	1
General and administrative
Business Acquisition [Line Items]
Transaction costs \| $	$ 3	$ 38

Acquisitions and Divestitures_2

Acquisitions and Divestitures - Summary of Allocation of Total Purchase Consideration (Details) $ in Millions	6 Months Ended
	Jan. 28, 2023 USD ($) acquisition
Business Combination and Asset Acquisition [Abstract]
Number of acquisitions \| acquisition	1
Purchase Consideration	$ 3
Net Tangible Assets Acquired (Liabilities Assumed)	0
Purchased Intangible Assets	0
Goodwill	$ 3

Goodwill and Purchased Intang_3

Goodwill and Purchased Intangible Assets - Schedule of Goodwill by Reportable Segments (Details) $ in Millions	6 Months Ended
	Jan. 28, 2023 USD ($)
Goodwill [Roll Forward]
Beginning Balance	$ 38,304
Acquisitions & Divestitures	3
Foreign Currency Translation and Other	81
Ending Balance	38,388
Americas
Goodwill [Roll Forward]
Beginning Balance	23,882
Acquisitions & Divestitures	3
Foreign Currency Translation and Other	51
Ending Balance	23,936
EMEA
Goodwill [Roll Forward]
Beginning Balance	9,062
Acquisitions & Divestitures	0
Foreign Currency Translation and Other	19
Ending Balance	9,081
APJC
Goodwill [Roll Forward]
Beginning Balance	5,360
Acquisitions & Divestitures	0
Foreign Currency Translation and Other	11
Ending Balance	$ 5,371

Goodwill and Purchased Intang_4

Goodwill and Purchased Intangible Assets - Schedule of Purchased Intangible Assets With Finite and Indefinite Lives (Details) - USD ($) $ in Millions	Jan. 28, 2023	Jul. 30, 2022
Purchased intangible assets with finite lives:
Gross	$ 3,994	$ 4,026
Accumulated Amortization	(2,290)	(1,887)
Total purchased intangible assets with finite lives, net	1,704	2,139
In-process research and development, with indefinite lives	430	430
Total finite and indefinite lives intangible assets, gross	4,424	4,456
Total finite and indefinite lives intangible assets, net	2,134	2,569
Technology
Purchased intangible assets with finite lives:
Gross	2,620	2,631
Accumulated Amortization	(1,384)	(1,102)
Total purchased intangible assets with finite lives, net	1,236	1,529
Customer relationships
Purchased intangible assets with finite lives:
Gross	1,334	1,354
Accumulated Amortization	(889)	(769)
Total purchased intangible assets with finite lives, net	445	585
Other
Purchased intangible assets with finite lives:
Gross	40	41
Accumulated Amortization	(17)	(16)
Total purchased intangible assets with finite lives, net	$ 23	$ 25

Goodwill and Purchased Intang_5

Goodwill and Purchased Intangible Assets - Schedule of Amortization of Purchased Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 28, 2023	Jan. 29, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of purchased intangible assets	$ 71	$ 79	$ 142	$ 163
Total
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of purchased intangible assets	229	280	458	566
Cost of sales
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of purchased intangible assets	158	201	316	403
Operating expenses
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of purchased intangible assets	$ 71	$ 79	$ 142	$ 163

Goodwill and Purchased Intang_6

Goodwill and Purchased Intangible Assets - Schedule of Estimated Future Amortization Expense of Purchased Intangible Assets (Details) $ in Millions	Jan. 28, 2023 USD ($)
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract]
2023 (remaining six months)	$ 450
2024	778
2025	406
2026	65
2027	$ 5

Restructuring and Other Charg_3

Restructuring and Other Charges - Additional Information (Details) - FISCAL 2023 PLAN $ in Millions	Jan. 28, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	$ 600
Percentage of global workforce	5%
Cumulative restructuring charges incurred	$ 243

Restructuring and Other Charg_4

Restructuring and Other Charges - Schedule of Activities Related to Restructuring and Other Charges (Details) - USD ($) $ in Millions	6 Months Ended
	Jan. 28, 2023	Jan. 29, 2022
Restructuring Reserve [Roll Forward]
Liability, beginning of period	$ 9	$ 34
Charges	241	8
Cash payments	(52)	(17)
Non-cash items	1	(5)
Liability, end of period	199	20
FISCAL 2021 AND PRIOR PLANS \| Employee Severance
Restructuring Reserve [Roll Forward]
Liability, beginning of period	2
Charges	0
Cash payments	(1)
Non-cash items	0
Liability, end of period	1
FISCAL 2021 AND PRIOR PLANS \| Other
Restructuring Reserve [Roll Forward]
Liability, beginning of period	7
Charges	(2)
Cash payments	(1)
Non-cash items	0
Liability, end of period	4
FISCAL 2023 PLAN \| Employee Severance
Restructuring Reserve [Roll Forward]
Liability, beginning of period	0
Charges	223
Cash payments	(49)
Non-cash items	1
Liability, end of period	175
FISCAL 2023 PLAN \| Other
Restructuring Reserve [Roll Forward]
Liability, beginning of period	0
Charges	20
Cash payments	(1)
Non-cash items	0
Liability, end of period	$ 19
FISCAL 2020 AND PRIOR PLANS \| Employee Severance
Restructuring Reserve [Roll Forward]
Liability, beginning of period		0
Charges		0
Cash payments		0
Non-cash items		0
Liability, end of period		0
FISCAL 2020 AND PRIOR PLANS \| Other
Restructuring Reserve [Roll Forward]
Liability, beginning of period		10
Charges		(5)
Cash payments		(1)
Non-cash items		0
Liability, end of period		4
FISCAL 2021 PLAN \| Employee Severance
Restructuring Reserve [Roll Forward]
Liability, beginning of period		16
Charges		10
Cash payments		(16)
Non-cash items		0
Liability, end of period		10
FISCAL 2021 PLAN \| Other
Restructuring Reserve [Roll Forward]
Liability, beginning of period		8
Charges		3
Cash payments		0
Non-cash items		(5)
Liability, end of period		$ 6

Balance Sheet and Other Detai_3

Balance Sheet and Other Details - Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (Details) - USD ($) $ in Millions	Jan. 28, 2023	Jul. 30, 2022	Jan. 29, 2022	Jul. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 9,009	$ 7,079
Restricted cash and restricted cash equivalents included in other assets	1,500	1,500
Total	$ 10,509	$ 8,579	$ 7,492	$ 9,942

Balance Sheet and Other Detai_4

Balance Sheet and Other Details - Inventories (Details) - USD ($) $ in Millions	Jan. 28, 2023	Jul. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 1,496	$ 1,601
Work in process	230	150
Finished goods:
Deferred cost of sales	70	86
Manufactured finished goods	1,222	631
Total finished goods	1,292	717
Service-related spares	109	90
Demonstration systems	13	10
Total	$ 3,140	$ 2,568

Balance Sheet and Other Detai_5

Balance Sheet and Other Details - Property and Equipment, Net (Details) - USD ($) $ in Millions	Jan. 28, 2023	Jul. 30, 2022
Property, Plant and Equipment [Line Items]
Operating lease assets	$ 149	$ 185
Total gross property and equipment	10,092	10,165
Less: accumulated depreciation and amortization	(8,128)	(8,168)
Total	1,964	1,997
Land, buildings, and building and leasehold improvements
Property, Plant and Equipment [Line Items]
Gross property and equipment, excluding operating lease assets	4,263	4,219
Computer equipment and related software
Property, Plant and Equipment [Line Items]
Gross property and equipment, excluding operating lease assets	749	779
Production, engineering, and other equipment
Property, Plant and Equipment [Line Items]
Gross property and equipment, excluding operating lease assets	4,591	4,647
Furniture, fixtures and other
Property, Plant and Equipment [Line Items]
Gross property and equipment, excluding operating lease assets	$ 340	$ 335

Balance Sheet and Other Detai_6

Balance Sheet and Other Details - Remaining Performance Obligations (Details) - USD ($) $ in Millions	Jan. 28, 2023	Jul. 30, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 31,772	$ 31,539
Deferred revenue	23,927	23,264
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-31
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation		$ 16,936
Period for amount to be recognized as revenue		12 months
Amount to be recognized as revenue over the next 12 months		54%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-29
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 16,865
Period for amount to be recognized as revenue	12 months
Amount to be recognized as revenue over the next 12 months	53%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-30
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation		$ 14,603
Period for amount to be recognized as revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-28
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 14,907
Period for amount to be recognized as revenue
Unbilled contract revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 7,845	$ 8,275
Product
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	14,517	14,090
Deferred revenue	10,679	10,427
Service
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	17,255	17,449
Deferred revenue	$ 13,248	$ 12,837

Balance Sheet and Other Detai_7

Balance Sheet and Other Details - Deferred Revenue (Details) - USD ($) $ in Millions	Jan. 28, 2023	Jul. 30, 2022
Disaggregation of Revenue [Line Items]
Total deferred revenue	$ 23,927	$ 23,264
Current	13,109	12,784
Noncurrent	10,818	10,480
Product
Disaggregation of Revenue [Line Items]
Total deferred revenue	10,679	10,427
Service
Disaggregation of Revenue [Line Items]
Total deferred revenue	$ 13,248	$ 12,837

Balance Sheet and Other Detai_8

Balance Sheet and Other Details - Transition Tax Payable (Details) - USD ($) $ in Millions	Jan. 28, 2023	Jul. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Current	$ 1,364	$ 727
Noncurrent	4,092	5,456
Total	$ 5,456	$ 6,183

Leases - Operating Lease Balanc

Leases - Operating Lease Balances (Details) - USD ($) $ in Millions	Jan. 28, 2023	Jul. 30, 2022
Leases [Abstract]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Operating lease right-of-use assets	$ 978	$ 1,003
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Operating lease liabilities	$ 337	$ 322
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities
Operating lease liabilities	$ 691	$ 724
Total operating lease liabilities	$ 1,028	$ 1,046

Leases - Lease Expenses (Detail

Leases - Lease Expenses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Leases - Lease Expenses (Details) - USD ($) $ in Millions	Jan. 28, 2023	Jan. 29, 2022	Jan. 28, 2023	Jan. 29, 2022
Leases [Abstract]
Operating lease expense	$ 98	$ 98	$ 194	$ 193
Short-term lease expense	17	15	34	32
Variable lease expense	63	41	121	90
Total lease expense	$ 178	$ 154	$ 349	$ 315

Leases - Supplemental Informati

Leases - Supplemental Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jan. 28, 2023	Jan. 29, 2022
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities — operating cash flows	$ 192	$ 202
Right-of-use assets obtained in exchange for operating leases liabilities	$ 149	$ 178

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 28, 2023	Jan. 29, 2022	Jul. 30, 2022
Leases [Abstract]
Weighted-average remaining lease term (in years)	4 years 7 months 6 days		4 years 7 months 6 days		4 years 8 months 12 days
Weighted-average discount rate	2.70%		2.70%		2.20%
Sales-type lease terms, on average	4 years		4 years
Interest income, lease receivables	$ 12	$ 14	$ 24	$ 29
Operating lease income	$ 18	$ 29	$ 39	$ 61

Leases - Lessee, Maturities of

Leases - Lessee, Maturities of Operating Leases (Details) - USD ($) $ in Millions	Jan. 28, 2023	Jul. 30, 2022
Leases [Abstract]
2023 (remaining six months)	$ 185
2024	297
2025	215
2026	133
2027	76
Thereafter	212
Total lease payments	1,118
Less interest	(90)
Total	$ 1,028	$ 1,046

Leases - Lessor, Future Minimum

Leases - Lessor, Future Minimum Lease Payments on Lease Receivables (Details) $ in Millions	Jan. 28, 2023 USD ($)
Leases [Abstract]
2023 (remaining six months)	$ 348
2024	365
2025	192
2026	114
2027	51
Thereafter	16
Total	1,086
Less: Present value of lease payments	1,021
Unearned income	$ 65

Leases - Operating Lease Assets

Leases - Operating Lease Assets (Details) - USD ($) $ in Millions	Jan. 28, 2023	Jul. 30, 2022
Leases [Abstract]
Operating lease assets	$ 149	$ 185
Accumulated depreciation	(90)	(111)
Operating lease assets, net	$ 59	$ 74

Leases - Lessor, Minimum Future

Leases - Lessor, Minimum Future Rentals on Noncancelable operating leases (Details) $ in Millions	Jan. 28, 2023 USD ($)
Leases [Abstract]
2023 (remaining six months)	$ 15
2024	18
2025	6
Total	$ 39

Financing Receivables - Additio

Financing Receivables - Additional Information (Details)	6 Months Ended
Financing Receivables - Additional Information (Details)	Jan. 28, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Lease receivables terms, on average	4 years
Threshold for past due receivables	31 days
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan receivables term, on average	1 year
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan receivables term, on average	3 years

Financing Receivables - Schedul

Financing Receivables - Schedule of Financing Receivables (Details) - USD ($) $ in Millions	Jan. 28, 2023	Oct. 29, 2022	Jul. 30, 2022	Jan. 29, 2022	Oct. 30, 2021	Jul. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross	$ 7,222		$ 8,018
Residual value	67		76
Unearned income	(65)		(54)
Allowance for credit loss	(113)	$ (120)	(126)	$ (97)	$ (109)	$ (127)
Total, net	7,111		7,914
Current	3,557		3,905
Noncurrent	3,554		4,009
Loan Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross	6,136		6,842
Unearned income	0		0
Allowance for credit loss	(94)	(101)	(103)	(70)	(76)	(89)
Total, net	6,042		6,739
Current	3,057		3,327
Noncurrent	2,985		3,412
Lease Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross	1,086		1,176
Residual value	67		76
Unearned income	(65)		(54)
Allowance for credit loss	(19)	$ (19)	(23)	$ (27)	$ (33)	$ (38)
Total, net	1,069		1,175
Current	500		578
Noncurrent	$ 569		$ 597

Financing Receivables - Sched_2

Financing Receivables - Schedule of Financing Receivables Categorized by Internal Credit Risk Rating (Details) - USD ($) $ in Millions	Jan. 28, 2023	Jul. 30, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Origination year - Prior	$ 40	$ 7
Origination year - Fiscal Year 2019/2018	272	103
Origination year - Fiscal Year 2020/2019	790	455
Origination year - Fiscal Year 2021/2020	1,866	1,208
Origination year - Fiscal Year 2022/2021	2,295	2,549
Origination year - Fiscal Year 2023/2022	1,894	3,642
Gross	7,157	7,964
Loan Receivables
Financing Receivable, Credit Quality Indicator [Line Items]
Origination year - Prior	25	4
Origination year - Fiscal Year 2019/2018	196	67
Origination year - Fiscal Year 2020/2019	606	310
Origination year - Fiscal Year 2021/2020	1,607	926
Origination year - Fiscal Year 2022/2021	2,072	2,206
Origination year - Fiscal Year 2023/2022	1,630	3,329
Gross	6,136	6,842
Lease Receivables
Financing Receivable, Credit Quality Indicator [Line Items]
Origination year - Prior	15	3
Origination year - Fiscal Year 2019/2018	76	36
Origination year - Fiscal Year 2020/2019	184	145
Origination year - Fiscal Year 2021/2020	259	282
Origination year - Fiscal Year 2022/2021	223	343
Origination year - Fiscal Year 2023/2022	264	313
Gross	1,021	1,122
1 to 4 \| Loan Receivables
Financing Receivable, Credit Quality Indicator [Line Items]
Origination year - Prior	18	2
Origination year - Fiscal Year 2019/2018	108	49
Origination year - Fiscal Year 2020/2019	371	173
Origination year - Fiscal Year 2021/2020	1,086	536
Origination year - Fiscal Year 2022/2021	1,347	1,458
Origination year - Fiscal Year 2023/2022	978	2,287
Gross	3,908	4,505
1 to 4 \| Lease Receivables
Financing Receivable, Credit Quality Indicator [Line Items]
Origination year - Prior	10	2
Origination year - Fiscal Year 2019/2018	49	25
Origination year - Fiscal Year 2020/2019	101	74
Origination year - Fiscal Year 2021/2020	165	124
Origination year - Fiscal Year 2022/2021	105	176
Origination year - Fiscal Year 2023/2022	108	152
Gross	538	553
5 to 6 \| Loan Receivables
Financing Receivable, Credit Quality Indicator [Line Items]
Origination year - Prior	5	1
Origination year - Fiscal Year 2019/2018	73	17
Origination year - Fiscal Year 2020/2019	199	115
Origination year - Fiscal Year 2021/2020	488	345
Origination year - Fiscal Year 2022/2021	671	709
Origination year - Fiscal Year 2023/2022	651	1,030
Gross	2,087	2,217
5 to 6 \| Lease Receivables
Financing Receivable, Credit Quality Indicator [Line Items]
Origination year - Prior	4	1
Origination year - Fiscal Year 2019/2018	25	10
Origination year - Fiscal Year 2020/2019	74	67
Origination year - Fiscal Year 2021/2020	92	146
Origination year - Fiscal Year 2022/2021	115	165
Origination year - Fiscal Year 2023/2022	149	151
Gross	459	540
7 and Higher \| Loan Receivables
Financing Receivable, Credit Quality Indicator [Line Items]
Origination year - Prior	2	1
Origination year - Fiscal Year 2019/2018	15	1
Origination year - Fiscal Year 2020/2019	36	22
Origination year - Fiscal Year 2021/2020	33	45
Origination year - Fiscal Year 2022/2021	54	39
Origination year - Fiscal Year 2023/2022	1	12
Gross	141	120
7 and Higher \| Lease Receivables
Financing Receivable, Credit Quality Indicator [Line Items]
Origination year - Prior	1	0
Origination year - Fiscal Year 2019/2018	2	1
Origination year - Fiscal Year 2020/2019	9	4
Origination year - Fiscal Year 2021/2020	2	12
Origination year - Fiscal Year 2022/2021	3	2
Origination year - Fiscal Year 2023/2022	7	10
Gross	$ 24	$ 29

Financing Receivables - Sched_3

Financing Receivables - Schedule of Aging Analysis of Financing Receivables (Details) - USD ($) $ in Millions	Jan. 28, 2023	Jul. 30, 2022
Financing Receivable, Past Due [Line Items]
Gross Financing Receivables	$ 7,157	$ 7,964
120+ Still Accruing	22	21
Nonaccrual Financing Receivables	69	71
Impaired Financing Receivables	69	71
Total Past Due
Financing Receivable, Past Due [Line Items]
Gross Financing Receivables	269	329
31-60
Financing Receivable, Past Due [Line Items]
Gross Financing Receivables	142	106
61-90
Financing Receivable, Past Due [Line Items]
Gross Financing Receivables	59	68
91+
Financing Receivable, Past Due [Line Items]
Gross Financing Receivables	68	155
Current
Financing Receivable, Past Due [Line Items]
Gross Financing Receivables	6,888	7,635
Loan Receivables
Financing Receivable, Past Due [Line Items]
Gross Financing Receivables	6,136	6,842
120+ Still Accruing	14	14
Nonaccrual Financing Receivables	60	60
Impaired Financing Receivables	60	60
Loan Receivables \| Total Past Due
Financing Receivable, Past Due [Line Items]
Gross Financing Receivables	169	289
Loan Receivables \| 31-60
Financing Receivable, Past Due [Line Items]
Gross Financing Receivables	100	98
Loan Receivables \| 61-90
Financing Receivable, Past Due [Line Items]
Gross Financing Receivables	23	62
Loan Receivables \| 91+
Financing Receivable, Past Due [Line Items]
Gross Financing Receivables	46	129
Loan Receivables \| Current
Financing Receivable, Past Due [Line Items]
Gross Financing Receivables	5,967	6,553
Lease Receivables
Financing Receivable, Past Due [Line Items]
Gross Financing Receivables	1,021	1,122
120+ Still Accruing	8	7
Nonaccrual Financing Receivables	9	11
Impaired Financing Receivables	9	11
Lease Receivables \| Total Past Due
Financing Receivable, Past Due [Line Items]
Gross Financing Receivables	100	40
Lease Receivables \| 31-60
Financing Receivable, Past Due [Line Items]
Gross Financing Receivables	42	8
Lease Receivables \| 61-90
Financing Receivable, Past Due [Line Items]
Gross Financing Receivables	36	6
Lease Receivables \| 91+
Financing Receivable, Past Due [Line Items]
Gross Financing Receivables	22	26
Lease Receivables \| Current
Financing Receivable, Past Due [Line Items]
Gross Financing Receivables	$ 921	$ 1,082

Financing Receivables - Summary

Financing Receivables - Summary of Allowances for Credit Loss and Related Financing Receivables (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 28, 2023	Jan. 29, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit loss, beginning of period	$ 120	$ 109	$ 126	$ 127
Provisions (benefits)	(4)	(10)	(8)	(28)
Other	(3)		(5)
Recoveries (write-offs), net		(2)		(2)
Allowance for credit loss, end of period	113	97	113	97
Loan Receivables
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit loss, beginning of period	101	76	103	89
Provisions (benefits)	(3)	(6)	(4)	(19)
Other	(4)		(5)
Recoveries (write-offs), net		0		0
Allowance for credit loss, end of period	94	70	94	70
Lease Receivables
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit loss, beginning of period	19	33	23	38
Provisions (benefits)	(1)	(4)	(4)	(9)
Other	1		0
Recoveries (write-offs), net		(2)		(2)
Allowance for credit loss, end of period	$ 19	$ 27	$ 19	$ 27

Available-for-Sale Debt and E_3

Available-for-Sale Debt and Equity Investments - Summary of Available-for-Sale Debt Investments (Details) - USD ($) $ in Millions	Jan. 28, 2023	Jul. 30, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 13,356	$ 12,467
Gross Unrealized Gains	9	2
Gross Unrealized and Credit Losses	(593)	(522)
Fair Value	12,772	11,947
U.S. government securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,050	1,287
Gross Unrealized Gains	2	0
Gross Unrealized and Credit Losses	(54)	(49)
Fair Value	1,998	1,238
U.S. government agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	169	142
Gross Unrealized Gains	0	0
Gross Unrealized and Credit Losses	(5)	(4)
Fair Value	164	138
Non-U.S. government and agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	354	272
Gross Unrealized Gains	0	0
Gross Unrealized and Credit Losses	(1)	0
Fair Value	353	272
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	7,480	8,127
Gross Unrealized Gains	5	2
Gross Unrealized and Credit Losses	(345)	(311)
Fair Value	7,140	7,818
U.S. agency mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,013	2,134
Gross Unrealized Gains	2	0
Gross Unrealized and Credit Losses	(188)	(158)
Fair Value	1,827	1,976
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,029	255
Gross Unrealized Gains	0	0
Gross Unrealized and Credit Losses	0	0
Fair Value	1,029	255
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	261	250
Gross Unrealized Gains	0	0
Gross Unrealized and Credit Losses	0	0
Fair Value	$ 261	$ 250

Available-for-Sale Debt and E_4

Available-for-Sale Debt and Equity Investments - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 28, 2023	Jan. 29, 2022	Jul. 30, 2022
Schedule of Investments [Line Items]
Net unsettled investment purchases	$ 15		$ 15
Net unsettled investment sales					$ 70
Marketable equity securities	280		280		241
Net unrealized gain (loss) on marketable securities	11	$ (18)	(9)	$ (13)
Net loss (gain) on non-marketable equity securities measured using the measurement alternative	(3)	$ (14)	8	$ (16)
Investments in privately held companies	1,800		1,800		1,900
Funding commitments	300		300
Variable Interest Entity, Not Primary Beneficiary
Schedule of Investments [Line Items]
Investments in privately held companies	1,100		1,100
Private equity funds \| Fair value measured at NAV per share
Schedule of Investments [Line Items]
Equity interests held in certain private equity funds	$ 1,000		$ 1,000		$ 1,100

Available-for-Sale Debt and E_5

Available-for-Sale Debt and Equity Investments - Gross Realized Gains and Gross Realized Losses Related to Available-for-Sale Investment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 28, 2023	Jan. 29, 2022
Investments, Debt and Equity Securities [Abstract]
Gross realized gains	$ 3	$ 13	$ 3	$ 19
Gross realized losses	(6)	(3)	(12)	(3)
Total	$ (3)	$ 10	$ (9)	$ 16

Available-for-Sale Debt and E_6

Available-for-Sale Debt and Equity Investments - Available-for-Sale Investments With Gross Unrealized Losses (Details) - USD ($) $ in Millions	Jan. 28, 2023	Jul. 30, 2022
Debt Securities, Available-for-sale [Line Items]
UNREALIZED LOSSES LESS THAN 12 MONTHS, Fair Value	$ 3,957	$ 9,713
UNREALIZED LOSSES LESS THAN 12 MONTHS, Gross Unrealized Losses	(113)	(382)
UNREALIZED LOSSES 12 MONTHS OR GREATER, Fair Value	5,980	1,181
UNREALIZED LOSSES 12 MONTHS OR GREATER, Gross Unrealized Losses	(448)	(106)
TOTAL, Fair Value	9,937	10,894
TOTAL, Gross Unrealized Losses	(561)	(488)
U.S. government securities
Debt Securities, Available-for-sale [Line Items]
UNREALIZED LOSSES LESS THAN 12 MONTHS, Fair Value	470	1,110
UNREALIZED LOSSES LESS THAN 12 MONTHS, Gross Unrealized Losses	(6)	(44)
UNREALIZED LOSSES 12 MONTHS OR GREATER, Fair Value	1,086	120
UNREALIZED LOSSES 12 MONTHS OR GREATER, Gross Unrealized Losses	(48)	(5)
TOTAL, Fair Value	1,556	1,230
TOTAL, Gross Unrealized Losses	(54)	(49)
U.S. government agency securities
Debt Securities, Available-for-sale [Line Items]
UNREALIZED LOSSES LESS THAN 12 MONTHS, Fair Value	33	114
UNREALIZED LOSSES LESS THAN 12 MONTHS, Gross Unrealized Losses	0	(2)
UNREALIZED LOSSES 12 MONTHS OR GREATER, Fair Value	121	24
UNREALIZED LOSSES 12 MONTHS OR GREATER, Gross Unrealized Losses	(5)	(2)
TOTAL, Fair Value	154	138
TOTAL, Gross Unrealized Losses	(5)	(4)
Non-U.S. government and agency securities
Debt Securities, Available-for-sale [Line Items]
UNREALIZED LOSSES LESS THAN 12 MONTHS, Fair Value	339	264
UNREALIZED LOSSES LESS THAN 12 MONTHS, Gross Unrealized Losses	(1)	0
UNREALIZED LOSSES 12 MONTHS OR GREATER, Fair Value	0	0
UNREALIZED LOSSES 12 MONTHS OR GREATER, Gross Unrealized Losses	0	0
TOTAL, Fair Value	339	264
TOTAL, Gross Unrealized Losses	(1)	0
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
UNREALIZED LOSSES LESS THAN 12 MONTHS, Fair Value	2,770	6,920
UNREALIZED LOSSES LESS THAN 12 MONTHS, Gross Unrealized Losses	(94)	(240)
UNREALIZED LOSSES 12 MONTHS OR GREATER, Fair Value	3,333	422
UNREALIZED LOSSES 12 MONTHS OR GREATER, Gross Unrealized Losses	(219)	(37)
TOTAL, Fair Value	6,103	7,342
TOTAL, Gross Unrealized Losses	(313)	(277)
U.S. agency mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
UNREALIZED LOSSES LESS THAN 12 MONTHS, Fair Value	305	1,305
UNREALIZED LOSSES LESS THAN 12 MONTHS, Gross Unrealized Losses	(12)	(96)
UNREALIZED LOSSES 12 MONTHS OR GREATER, Fair Value	1,440	615
UNREALIZED LOSSES 12 MONTHS OR GREATER, Gross Unrealized Losses	(176)	(62)
TOTAL, Fair Value	1,745	1,920
TOTAL, Gross Unrealized Losses	(188)	$ (158)
Commercial paper
Debt Securities, Available-for-sale [Line Items]
UNREALIZED LOSSES LESS THAN 12 MONTHS, Fair Value	40
UNREALIZED LOSSES LESS THAN 12 MONTHS, Gross Unrealized Losses	0
UNREALIZED LOSSES 12 MONTHS OR GREATER, Fair Value	0
UNREALIZED LOSSES 12 MONTHS OR GREATER, Gross Unrealized Losses	0
TOTAL, Fair Value	40
TOTAL, Gross Unrealized Losses	$ 0

Available-for-Sale Debt and E_7

Available-for-Sale Debt and Equity Investments - Maturities of Available-for-Sale Debt Investments (Details) - USD ($) $ in Millions	Jan. 28, 2023	Jul. 30, 2022
Amortized Cost
Within 1 year	$ 4,806
After 1 year through 5 years	6,491
After 5 years through 10 years	46
Mortgage-backed securities with no single maturity	2,013
Amortized Cost	13,356	$ 12,467
Fair Value
Within 1 year	4,734
After 1 year through 5 years	6,170
After 5 years through 10 years	41
Mortgage-backed securities with no single maturity	1,827
Fair Value	$ 12,772	$ 11,947

Fair Value - Assets and Liabili

Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Jan. 28, 2023	Jul. 30, 2022
Assets:
Available-for-sale debt investments:	$ 12,772	$ 11,947
Marketable equity securities	280	241
Derivative assets	36	78
Total	20,775	17,813
Liabilities:
Derivative liabilities	73	89
Total	73	89
Money market funds
Assets:
Other assets:	1,500	1,500
U.S. government securities
Assets:
Available-for-sale debt investments:	1,998	1,238
U.S. government agency securities
Assets:
Available-for-sale debt investments:	164	138
Non-U.S. government and agency securities
Assets:
Available-for-sale debt investments:	353	272
Corporate debt securities
Assets:
Available-for-sale debt investments:	7,140	7,818
U.S. agency mortgage-backed securities
Assets:
Available-for-sale debt investments:	1,827	1,976
Commercial paper
Assets:
Available-for-sale debt investments:	1,029	255
Certificates of deposit
Assets:
Available-for-sale debt investments:	261	250
Money market funds
Assets:
Cash equivalents:	5,038	3,930
Commercial paper
Assets:
Cash equivalents:	1,037	72
Corporate debt securities
Assets:
Cash equivalents:	41	1
U.S. government securities
Assets:
Cash equivalents:	40	12
Certificates of deposit
Assets:
Cash equivalents:	31	32
Level 1
Assets:
Marketable equity securities	280	241
Derivative assets	0	0
Total	6,818	5,671
Liabilities:
Derivative liabilities	0	0
Total	0	0
Level 1 \| Money market funds
Assets:
Other assets:	1,500	1,500
Level 1 \| U.S. government securities
Assets:
Available-for-sale debt investments:	0	0
Level 1 \| U.S. government agency securities
Assets:
Available-for-sale debt investments:	0	0
Level 1 \| Non-U.S. government and agency securities
Assets:
Available-for-sale debt investments:	0	0
Level 1 \| Corporate debt securities
Assets:
Available-for-sale debt investments:	0	0
Level 1 \| U.S. agency mortgage-backed securities
Assets:
Available-for-sale debt investments:	0	0
Level 1 \| Commercial paper
Assets:
Available-for-sale debt investments:	0	0
Level 1 \| Certificates of deposit
Assets:
Available-for-sale debt investments:	0	0
Level 1 \| Money market funds
Assets:
Cash equivalents:	5,038	3,930
Level 1 \| Commercial paper
Assets:
Cash equivalents:	0	0
Level 1 \| Corporate debt securities
Assets:
Cash equivalents:	0	0
Level 1 \| U.S. government securities
Assets:
Cash equivalents:	0	0
Level 1 \| Certificates of deposit
Assets:
Cash equivalents:	0	0
Level 2
Assets:
Marketable equity securities	0	0
Derivative assets	36	78
Total	13,957	12,142
Liabilities:
Derivative liabilities	73	89
Total	73	89
Level 2 \| Money market funds
Assets:
Other assets:	0	0
Level 2 \| U.S. government securities
Assets:
Available-for-sale debt investments:	1,998	1,238
Level 2 \| U.S. government agency securities
Assets:
Available-for-sale debt investments:	164	138
Level 2 \| Non-U.S. government and agency securities
Assets:
Available-for-sale debt investments:	353	272
Level 2 \| Corporate debt securities
Assets:
Available-for-sale debt investments:	7,140	7,818
Level 2 \| U.S. agency mortgage-backed securities
Assets:
Available-for-sale debt investments:	1,827	1,976
Level 2 \| Commercial paper
Assets:
Available-for-sale debt investments:	1,029	255
Level 2 \| Certificates of deposit
Assets:
Available-for-sale debt investments:	261	250
Level 2 \| Money market funds
Assets:
Cash equivalents:	0	0
Level 2 \| Commercial paper
Assets:
Cash equivalents:	1,037	72
Level 2 \| Corporate debt securities
Assets:
Cash equivalents:	41	1
Level 2 \| U.S. government securities
Assets:
Cash equivalents:	40	12
Level 2 \| Certificates of deposit
Assets:
Cash equivalents:	$ 31	$ 32

Fair Value - Additional Informa

Fair Value - Additional Information (Details) - USD ($) $ in Millions	Jan. 28, 2023	Jul. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term financing receivables, carrying value	$ 3,554	$ 4,009
Borrowings, carrying value	8,887	8,915
Loan Receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term financing receivables, carrying value	2,985	3,412
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Borrowings, fair value	$ 9,400	$ 9,700

Borrowings - Schedule of Short-

Borrowings - Schedule of Short-Term Debt (Details) - USD ($) $ in Millions	Jan. 28, 2023	Jul. 30, 2022
Short-term Debt [Line Items]
Current portion of long-term debt	$ 1,250	$ 499
Total	1,250	1,099
Senior Notes
Short-term Debt [Line Items]
Current portion of long-term debt	$ 1,250	$ 499
Effective Rate	2.44%	2.68%
Commercial paper
Short-term Debt [Line Items]
Commercial paper	$ 0	$ 600
Effective Rate	0%	2.05%

Borrowings - Additional Informa

Borrowings - Additional Information (Details)	May 13, 2021 USD ($) extension_option	Jan. 28, 2023 USD ($)	Jul. 30, 2022 USD ($)
Debt Instrument [Line Items]
Derivative, notional amount		$ 6,775,000,000	$ 6,672,000,000
Revolving credit facility \| Unsecured facility
Debt Instrument [Line Items]
Credit facility, term	5 years
Maximum borrowing capacity	$ 3,000,000,000
Line of credit facility, amount outstanding		0
Additional credit facility upon agreement (up to)	$ 2,000,000,000
Number of extension options \| extension_option	2
Revolving credit facility \| Unsecured facility \| U.S. dollars \| Federal Funds rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Revolving credit facility \| Unsecured facility \| U.S. dollars \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1%
Revolving credit facility \| Unsecured facility \| Pound Sterling \| Minimum
Debt Instrument [Line Items]
Interest rate	0%
Interest rate swaps \| Fair Value Hedge \| Derivatives designated as hedging instruments
Debt Instrument [Line Items]
Derivative, notional amount		1,500,000,000
Commercial paper
Debt Instrument [Line Items]
Commercial paper, maximum borrowing limit (up to)		$ 10,000,000,000
Interest rate		0%	2.05%

Borrowings - Schedule of Long-T

Borrowings - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Jan. 28, 2023	Jul. 30, 2022
Debt Instrument [Line Items]
Total	$ 9,000	$ 9,000
Unaccreted discount/issuance costs	(71)	(75)
Hedge accounting fair value adjustments	(42)	(10)
Total	8,887	8,915
Current portion of long-term debt	1,250	499
Long-term debt	$ 7,637	8,416
Fixed-Rate Notes, 2.60%, Due February 28, 2023
Debt Instrument [Line Items]
Interest rate, stated percentage	2.60%
Amount	$ 500	$ 500
Effective Rate	2.68%	2.68%
Fixed-Rate Notes, 2.20%, Due September 20, 2023
Debt Instrument [Line Items]
Interest rate, stated percentage	2.20%
Amount	$ 750	$ 750
Effective Rate	2.27%	2.27%
Fixed-Rate Notes, 3.625%, Due March 4, 2024
Debt Instrument [Line Items]
Interest rate, stated percentage	3.625%
Amount	$ 1,000	$ 1,000
Effective Rate	5.28%	2.69%
Fixed-Rate Notes, 3.50%, Due June 15, 2025
Debt Instrument [Line Items]
Interest rate, stated percentage	3.50%
Amount	$ 500	$ 500
Effective Rate	5.65%	3.20%
Fixed-Rate Notes, 2.95%, Due February 28, 2026
Debt Instrument [Line Items]
Interest rate, stated percentage	2.95%
Amount	$ 750	$ 750
Effective Rate	3.01%	3.01%
Fixed-Rate Notes, 2.50%, Due September 20, 2026
Debt Instrument [Line Items]
Interest rate, stated percentage	2.50%
Amount	$ 1,500	$ 1,500
Effective Rate	2.55%	2.55%
Fixed-Rate Notes, 5.90%, Due February 15, 2039
Debt Instrument [Line Items]
Interest rate, stated percentage	5.90%
Amount	$ 2,000	$ 2,000
Effective Rate	6.11%	6.11%
Fixed-Rate Notes, 5.50%, Due January 15, 2040
Debt Instrument [Line Items]
Interest rate, stated percentage	5.50%
Amount	$ 2,000	$ 2,000
Effective Rate	5.67%	5.67%

Borrowings - Schedule of Future

Borrowings - Schedule of Future Principal Payments for Long-Term Debt (Details) - USD ($) $ in Millions	Jan. 28, 2023	Jul. 30, 2022
Debt Disclosure [Abstract]
2023 (remaining six months)	$ 500
2024	1,750
2025	500
2026	750
2027	1,500
Thereafter	4,000
Total	$ 9,000	$ 9,000

Derivative Instruments - Fair V

Derivative Instruments - Fair Value of Derivatives Derivative Instruments by Balance Sheet Line Item (Details) - USD ($) $ in Millions	Jan. 28, 2023	Jul. 30, 2022
Derivative [Line Items]
DERIVATIVE ASSETS	$ 36	$ 78
DERIVATIVE LIABILITIES	73	89
Derivatives designated as hedging instruments:
Derivative [Line Items]
DERIVATIVE ASSETS	22	64
DERIVATIVE LIABILITIES	47	10
Derivatives designated as hedging instruments: \| Foreign currency derivatives \| Other current assets
Derivative [Line Items]
DERIVATIVE ASSETS	21	55
Derivatives designated as hedging instruments: \| Foreign currency derivatives \| Other assets
Derivative [Line Items]
DERIVATIVE ASSETS	1	9
Derivatives designated as hedging instruments: \| Foreign currency derivatives \| Other current liabilities
Derivative [Line Items]
DERIVATIVE LIABILITIES	1	0
Derivatives designated as hedging instruments: \| Foreign currency derivatives \| Other long-term liabilities
Derivative [Line Items]
DERIVATIVE LIABILITIES	4	0
Derivatives designated as hedging instruments: \| Interest rate derivatives \| Other assets
Derivative [Line Items]
DERIVATIVE ASSETS	0	0
Derivatives designated as hedging instruments: \| Interest rate derivatives \| Other long-term liabilities
Derivative [Line Items]
DERIVATIVE LIABILITIES	42	10
Derivatives not designated as hedging instruments:
Derivative [Line Items]
DERIVATIVE ASSETS	14	14
DERIVATIVE LIABILITIES	26	79
Derivatives not designated as hedging instruments: \| Foreign currency derivatives \| Other current assets
Derivative [Line Items]
DERIVATIVE ASSETS	10	14
Derivatives not designated as hedging instruments: \| Foreign currency derivatives \| Other assets
Derivative [Line Items]
DERIVATIVE ASSETS	4	0
Derivatives not designated as hedging instruments: \| Foreign currency derivatives \| Other current liabilities
Derivative [Line Items]
DERIVATIVE LIABILITIES	26	69
Derivatives not designated as hedging instruments: \| Foreign currency derivatives \| Other long-term liabilities
Derivative [Line Items]
DERIVATIVE LIABILITIES	0	9
Derivatives not designated as hedging instruments: \| Equity derivatives \| Other current assets
Derivative [Line Items]
DERIVATIVE ASSETS	0	0
Derivatives not designated as hedging instruments: \| Equity derivatives \| Other current liabilities
Derivative [Line Items]
DERIVATIVE LIABILITIES	$ 0	$ 1

Derivative Instruments - Cumula

Derivative Instruments - Cumulative Basis Adjustments For Fair Value Hedges (Details) - Derivatives designated as hedging instruments: - Long-term debt - USD ($) $ in Millions	Jan. 28, 2023	Jul. 30, 2022
Derivative [Line Items]
CARRYING AMOUNT OF THE HEDGED ASSETS/(LIABILITIES)	$ (1,456)	$ (1,487)
CUMULATIVE AMOUNT OF FAIR VALUE HEDGING ADJUSTMENT INCLUDED IN THE CARRYING AMOUNT OF THE HEDGED ASSETS/LIABILITIES	$ 42	$ 10

Derivative Instruments - Effect

Derivative Instruments - Effect of Derivative Instruments Designated as Fair Value Hedges (Details) - Interest rate derivatives - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 28, 2023	Jan. 29, 2022
Derivative [Line Items]
Hedged items	$ (7)	$ 32	$ 32	$ 58
Derivatives designated as hedging instruments	7	(32)	(32)	(59)
Total	$ 0	$ 0	$ 0	$ (1)

Derivative Instruments - Effe_2

Derivative Instruments - Effect of Derivative Instruments Not Designated as Hedges on Consolidated Statements of Operations (Details) - Derivatives not designated as hedging instruments: - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 28, 2023	Jan. 29, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Total gains (losses)	$ 189	$ (80)	$ 91	$ (75)
Foreign currency derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Total gains (losses)	140	(36)	68	(56)
Total return swaps—deferred compensation
Derivative Instruments, Gain (Loss) [Line Items]
Total gains (losses)	44	(41)	19	(20)
Equity derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Total gains (losses)	$ 5	$ (3)	$ 4	$ 1

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Notional Amounts of Derivatives Outstanding (Details) - USD ($) $ in Millions	Jan. 28, 2023	Jul. 30, 2022
Derivative [Line Items]
Derivatives	$ 6,775	$ 6,672
Foreign currency derivatives
Derivative [Line Items]
Derivatives	4,555	4,521
Interest rate derivatives
Derivative [Line Items]
Derivatives	1,500	1,500
Total return swaps—deferred compensation
Derivative [Line Items]
Derivatives	$ 720	$ 651

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jan. 28, 2023	Jul. 30, 2022
Derivative [Line Items]
Net cash collateral provided for	$ 42	$ 14
Cash flow hedges
Derivative [Line Items]
Derivative average remaining maturity	24 months
Net investment hedges
Derivative [Line Items]
Derivative average remaining maturity	6 months

Commitments and Contingencies -

Commitments and Contingencies - Schedule of Purchase Commitments (Details) - Inventories - USD ($) $ in Millions	Jan. 28, 2023	Jul. 30, 2022
Unrecorded Unconditional Purchase Obligation [Line Items]
Less than 1 year	$ 8,651	$ 9,954
1 to 3 years	1,693	2,240
3 to 5 years	607	770
Total	$ 10,951	$ 12,964

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Details) $ in Millions

3 Months Ended

6 Months Ended

8 Months Ended

23 Months Ended

78 Months Ended

Nov. 22, 2022 patent claim

Dec. 10, 2021 patent

Feb. 26, 2021 patent

Oct. 05, 2020 USD ($) patent

Jun. 12, 2019 patent

Feb. 13, 2018 patent

Aug. 08, 2016 patent

Jan. 28, 2023 USD ($)

Jan. 29, 2022 USD ($)

Jan. 28, 2023 USD ($)

Jan. 29, 2022 USD ($)

May 24, 2022 claim

Feb. 28, 2022 patent claim

Jan. 28, 2023 USD ($) patent

Jul. 30, 2022 USD ($)

Loss Contingencies [Line Items]

Future compensation expense & contingent consideration (up to)

$ 338

Commitments and contingencies

Volume of channel partner financing

7,500

$ 6,800

15,100

$ 13,400

Balance of the channel partner financing subject to guarantees

1,600

$ 1,600

1,400

Brazilian tax authority | Tax Year 2003 - 2007

Loss Contingencies [Line Items]

Income tax examination, tax

159

Income tax examination, interest

873

Income tax examination, penalties

$ 394

Pending litigation | Centripetal | United States

Loss Contingencies [Line Items]

Damages awarded, value

$ 1,900

Pending litigation | Centripetal | Patent infringement | United States

Loss Contingencies [Line Items]

Number of allegedly infringed patents (patent) | patent

Number of patents found infringed (patent) | patent

Damages awarded, pre-judgement interest

$ 14

Royalty awarded against revenue, first three-year term, percentage

10%

Royalty awarded against revenue, second three-year term, percentage

Pending litigation | Centripetal | Patent infringement | German

Loss Contingencies [Line Items]

Number of allegedly infringed patents (patent) | patent

Claims filed | claim

Number of patents found not infringed (patent) | patent

Pending litigation | Centripetal | Patent infringement, not subject to IPR proceedings | United States

Loss Contingencies [Line Items]

Number of allegedly infringed patents (patent) | patent

Pending litigation | Centripetal | Utility model infringement | German

Loss Contingencies [Line Items]

Claims filed | claim

Pending litigation | Ramot | Patent infringement

Loss Contingencies [Line Items]

Number of allegedly infringed patents (patent) | patent

Claims filed | claim

Pending litigation | Egenera | Patent infringement

Loss Contingencies [Line Items]

Number of allegedly infringed patents (patent) | patent

Number of patents found not infringed (patent) | patent

Minimum

Loss Contingencies [Line Items]

Warranty period for products

90 days

Channel partners revolving short-term financing payment term

60 days

Minimum | Pending litigation | Centripetal | Patent infringement | United States

Loss Contingencies [Line Items]

Annual royalty awarded against revenue, first three-year term

$ 168

Annual royalty awarded against revenue, second three-year term

Maximum

Loss Contingencies [Line Items]

Warranty period for products

5 years

Channel partners revolving short-term financing payment term

90 days

Maximum | Pending litigation | Centripetal | Patent infringement | United States

Loss Contingencies [Line Items]

Annual royalty awarded against revenue, first three-year term

300

Annual royalty awarded against revenue, second three-year term

$ 150

Investments in privately held companies

Loss Contingencies [Line Items]

Commitments and contingencies

300

$ 300

400

Inventories

Loss Contingencies [Line Items]

Liability for purchase commitments

$ 450

$ 313

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Other Commitments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 28, 2023	Jan. 29, 2022
Acquisitions
Contingency [Line Items]
Compensation expense related to acquisitions	$ 49	$ 75	$ 123	$ 164

Commitments and Contingencies_4

Commitments and Contingencies - Schedule of Product Warranty Liability (Details) - USD ($) $ in Millions	6 Months Ended
	Jan. 28, 2023	Jan. 29, 2022
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance at beginning of period	$ 333	$ 336
Provisions for warranties issued	188	218
Adjustments for pre-existing warranties	13	2
Settlements	(218)	(222)
Balance at end of period	$ 316	$ 334

Commitments and Contingencies_5

Commitments and Contingencies - Schedule of Financing Guarantees Outstanding (Details) - USD ($) $ in Millions	Jan. 28, 2023	Jul. 30, 2022
Loss Contingencies [Line Items]
Total	$ 145	$ 179
Channel partner
Loss Contingencies [Line Items]
Maximum potential future payments	180	188
Deferred revenue	$ (35)	$ (9)

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		6 Months Ended
	Feb. 15, 2023	Jan. 28, 2023	Jan. 29, 2022	Jan. 28, 2023	Jan. 29, 2022	Jul. 30, 2022
Class of Stock [Line Items]
Remaining authorized repurchase amount		$ 13,400		$ 13,400
Cash dividends declared (in dollars per share)		$ 0.38	$ 0.37	$ 0.76	$ 0.74
Subsequent event
Class of Stock [Line Items]
Cash dividends declared (in dollars per share)	$ 0.39
Stock repurchase program
Class of Stock [Line Items]
Stock repurchases pending settlement		$ 68		$ 68		$ 70

Stockholders' Equity - Stock Re

Stockholders' Equity - Stock Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Jan. 28, 2023	Oct. 29, 2022	Jul. 30, 2022	Apr. 30, 2022	Jan. 29, 2022	Oct. 30, 2021
Stockholders' Equity Note [Abstract]
Shares (in shares)	26	12	54	5	82	5
Weighted-Average Price per Share (in dollars per share)	$ 47.72	$ 43.76	$ 44.02	$ 54.20	$ 58.36	$ 56.49
Amount	$ 1,256	$ 502	$ 2,402	$ 252	$ 4,824	$ 256

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Details) $ in Billions	3 Months Ended		6 Months Ended
	Jan. 28, 2023 USD ($) stock_incentive_plan shares	Jan. 29, 2022 shares	Jan. 28, 2023 USD ($) period stock_incentive_plan shares	Jan. 29, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock incentive plans (stock incentive plan) \| stock_incentive_plan	1		1
Total compensation cost related to unvested share-based awards \| $	$ 5.3		$ 5.3
Expected period of recognition of compensation cost			2 years 6 months
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Consecutive offering period			24 months
Number of purchase periods \| period			4
Purchase period			6 months
ESPP discount percentage from market price, beginning of purchase period			15%
Shares issued under employee purchase plan (in shares)	9,000,000	8,000,000	9,000,000	8,000,000
Shares reserved for issuance (in shares)	98,000,000		98,000,000
2005 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reduction in shares available for issuance (in shares)	1.5		1.5
Shares authorized for future grant (in shares)	133,000,000		133,000,000

Employee Benefit Plans - Summar

Employee Benefit Plans - Summary of Share-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 28, 2023	Jan. 29, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 601	$ 477	$ 1,097	$ 930
Income tax benefit for share-based compensation	109	152	208	256
Share-based compensation expense in cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	106	81	187	150
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	261	205	465	386
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	166	142	319	282
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	71	49	129	111
Restructuring and other charges
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	(3)	0	(3)	1
Share-based compensation expense in operating expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	495	396	910	780
Product \| Share-based compensation expense in cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	40	29	71	54
Services \| Share-based compensation expense in cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 66	$ 52	$ 116	$ 96

Employee Benefit Plans - Summ_2

Employee Benefit Plans - Summary of Restricted Stock and Stock Unit Activity (Details) - Restricted Stock Units - USD ($) $ / shares in Units, shares in Millions, $ in Millions	6 Months Ended	12 Months Ended
	Jan. 28, 2023	Jul. 30, 2022
Restricted Stock/ Stock Units
Beginning balance (in shares)	97	94
Granted and assumed (in shares)	56	52
Vested (in shares)	(21)	(37)
Canceled/forfeited/other (in shares)	(5)	(12)
Ending balance (in shares)	127	97
Weighted-Average Grant Date Fair Value per Share
Beginning balance (in dollars per share)	$ 46.67	$ 42.93
Granted and assumed (in dollars per share)	40.62	50.06
Vested (in dollars per share)	47.39	42.27
Canceled/forfeited/other (in dollars per share)	45.73	45.63
Ending balance (in dollars per share)	$ 43.92	$ 46.67
Aggregate Fair Value
Vested	$ 923	$ 1,979

Comprehensive Income (Loss) (De

Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	6 Months Ended
	Jan. 28, 2023	Jan. 29, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 39,773	$ 41,275
Other comprehensive income (loss) before reclassifications	18	(440)
(Gains) losses reclassified out of AOCI	(29)	(18)
Tax benefit (expense)	47	86
Ending balance	41,474	39,496
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(1,622)	(417)
Ending balance	(1,586)	(789)
Net Unrealized Gains (Losses) on Available-for-Sale Investments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(379)	182
Other comprehensive income (loss) before reclassifications	(76)	(296)
(Gains) losses reclassified out of AOCI	9	(16)
Tax benefit (expense)	11	80
Ending balance	(435)	(50)
Net Unrealized Gains (Losses) Cash Flow Hedging Instruments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	44	(1)
Other comprehensive income (loss) before reclassifications	(12)	18
(Gains) losses reclassified out of AOCI	(37)	(3)
Tax benefit (expense)	12	(3)
Ending balance	7	11
Cumulative Translation Adjustment and Actuarial Gains (Losses)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(1,287)	(598)
Other comprehensive income (loss) before reclassifications	106	(162)
(Gains) losses reclassified out of AOCI	(1)	1
Tax benefit (expense)	24	9
Ending balance	$ (1,158)	$ (750)

Income Taxes - Income Before Pr

Income Taxes - Income Before Provision for Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 28, 2023	Jan. 29, 2022
Income Tax Disclosure [Abstract]
Income before provision for income taxes	$ 3,415	$ 3,603	$ 6,890	$ 7,260
Provision for income taxes	$ 642	$ 630	$ 1,447	$ 1,307
Effective tax rate	18.80%	17.50%	21%	18%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) $ in Billions	Jan. 28, 2023 USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 3.4
Unrecognized tax benefits that would impact effective tax rate	$ 2.4

Segment Information and Major_3

Segment Information and Major Customers - Additional Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 28, 2023 USD ($)	Jan. 29, 2022 USD ($)	Jan. 28, 2023 USD ($) segment	Jan. 29, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of geographic segments \| segment			3
Revenue	$ 13,592	$ 12,720	$ 27,224	$ 25,620
United States
Segment Reporting Information [Line Items]
Revenue	$ 7,000	$ 6,400	$ 14,000	$ 13,200

Segment Information and Major_4

Segment Information and Major Customers - Summary of Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 28, 2023	Jan. 29, 2022
Segment Reporting Information [Line Items]
Revenue	$ 13,592	$ 12,720	$ 27,224	$ 25,620
Gross margin	8,427	8,049	16,773	16,102
Operating segments
Segment Reporting Information [Line Items]
Gross margin	8,687	8,328	17,269	16,649
Operating segments \| Americas
Segment Reporting Information [Line Items]
Revenue	7,825	7,146	15,738	14,706
Gross margin	4,920	4,611	9,904	9,486
Operating segments \| EMEA
Segment Reporting Information [Line Items]
Revenue	3,728	3,564	7,404	6,867
Gross margin	2,469	2,381	4,795	4,509
Operating segments \| APJC
Segment Reporting Information [Line Items]
Revenue	2,039	2,010	4,082	4,046
Gross margin	1,298	1,337	2,571	2,654
Unallocated corporate items
Segment Reporting Information [Line Items]
Gross margin	$ (260)	$ (279)	$ (496)	$ (547)

Segment Information and Major_5

Segment Information and Major Customers - Summary of Net Revenue for Groups of Similar Products and Services (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 28, 2023	Jan. 29, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	$ 13,592	$ 12,720	$ 27,224	$ 25,620
Total Product
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	10,155	9,353	20,400	18,882
Secure, Agile Networks
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	6,746	5,899	13,430	11,867
Internet for the Future
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	1,306	1,322	2,616	2,695
Collaboration
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	958	1,067	2,044	2,176
End-to-End Security
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	943	883	1,914	1,778
Optimized Application Experiences
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	199	180	393	361
Other Products
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	3	2	4	5
Services
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	$ 3,437	$ 3,367	$ 6,824	$ 6,738

Net Income per Share - Calculat

Net Income per Share - Calculation of Basic and Diluted Net Income per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Jan. 28, 2023	Jan. 29, 2022
Earnings Per Share [Abstract]
Net income	$ 2,773	$ 2,973	$ 5,443	$ 5,953
Weighted-average shares—basic (in shares)	4,103	4,183	4,105	4,201
Effect of dilutive potential common shares (in shares)	13	22	10	21
Weighted-average shares—diluted (in shares)	4,116	4,205	4,115	4,222
Net income per share—basic (in dollars per share)	$ 0.68	$ 0.71	$ 1.33	$ 1.42
Net income per share—diluted (in dollars per share)	$ 0.67	$ 0.71	$ 1.32	$ 1.41
Antidilutive employee share-based awards, excluded (in shares)	17	11	91	41