Fair Value Measurements (Notes)

3 Months Ended

Oct. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

We categorize assets and liabilities recorded or disclosed at fair value on our condensed consolidated balance sheets based upon the level of judgment associated with inputs used to measure their fair value. The categories are as follows:

•Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities.

•Level 2—Inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the assets or liabilities, either directly or indirectly through market corroboration, for substantially the full term of the financial instruments.

•Level 3—Inputs are unobservable inputs based on our own assumptions used to measure assets and liabilities at fair value. The inputs require significant management judgment or estimation.

The following table presents the fair value of our financial assets and liabilities measured at fair value on a recurring basis using the above input categories as of October 31, 2020 and July 31, 2020 (in millions):

	October 31, 2020								July 31, 2020
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	392.3	$	—	$	—	$	392.3	$	1,589.5	$	—	$	—	$	1,589.5
Certificates of deposit	—		150.0		—		150.0		—		—		—		—
U.S. government and agency securities	—		407.6		—		407.6		—		342.0		—		342.0
Total cash equivalents	392.3		557.6		—		949.9		1,589.5		342.0		—		1,931.5
Short-term investments:
Certificates of deposit	—		31.1		—		31.1		—		26.9		—		26.9
Commercial paper	—		10.0		—		10.0		—		—		—		—
Corporate debt securities	—		169.1		—		169.1		—		100.2		—		100.2
U.S. government and agency securities	—		827.3		—		827.3		—		645.6		—		645.6
Non-U.S. government and agency securities			38.1				38.1				17.1				17.1
Total short-term investments	—		1,075.6		—		1,075.6		—		789.8		—		789.8
Long-term investments:
Certificates of deposit	—		—		—		—		—		5.0		—		5.0
Corporate debt securities	—		162.9		—		162.9		—		91.7		—		91.7
U.S. government and agency securities	—		667.2		—		667.2		—		447.4		—		447.4
Non-U.S. government and agency securities	—		43.1		—		43.1		—		10.3		—		10.3
Total long-term investments	—		873.2		—		873.2		—		554.4		—		554.4
Prepaid expenses and other current assets:
Foreign currency forward contracts	—		9.2		—		9.2		—		13.6		—		13.6
Total prepaid expenses and other current assets	—		9.2		—		9.2		—		13.6		—		13.6
Other assets:
Foreign currency forward contracts	—		—		—		—		—		1.4		—		1.4
Total other assets:	—		—		—		—		—		1.4		—		1.4
Total assets measured at fair value	$	392.3	$	2,515.6	$	—	$	2,907.9	$	1,589.5	$	1,701.2	$	—	$	3,290.7

Refer to Note 10. Debt for the carrying amount and estimated fair value of our convertible senior notes as of October 31, 2020 and July 31, 2020.