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Leases
 12 Months Ended
Jul. 31, 2024
Leases [Abstract]  
Leases
Note 6. Leases
Lease-related assets and liabilities consisted of the following:
As of July 31,
(In millions)20242023
Assets:
   Operating lease right-of-use assets$1,565 $1,474 
Liabilities:
   Current portion of operating lease liabilities$395 $366 
   Long-term portion of operating lease liabilities1,198 1,126 
Total lease liabilities$1,593 $1,492 
The components of leasing costs, included in SG&A, consisted of the following:
For the years ended July 31,
(In millions)202420232022
Operating lease costs$440 $390 $349 
Variable lease costs92 85 72 
Short-term lease costs28 23 14 
Total lease costs$560 $498 $435 
Variable lease costs represent costs incurred in connection with non-lease components, such as common area maintenance, and certain pass-through operating expenses such as real estate taxes and insurance.
The weighted average remaining lease terms and discount rates for the Company’s operating leases were as follows:
As of July 31,
20242023
Weighted average remaining lease term (years)5.45.5
Weighted average discount rate4.5 %4.0 %
The future minimum rental payments for the next five fiscal years under operating lease obligations, having initial or remaining non-cancelable lease terms in excess of one year are summarized as follows:
As of July 31,
(In millions)2024
2025$409 
2026386 
2027314 
2028243 
2029173 
Thereafter299 
Total undiscounted lease payments1,824 
Less: imputed interest(231)
Present value of liabilities$1,593 
The future minimum lease payments in the table above exclude payments for leases that have not yet commenced.
Supplemental cash flow information related to leases from continuing operations consisted of the following:
For the years ended July 31,
(In millions)202420232022
Cash paid for operating leases (operating cash flows)$424 $379 $337 
Lease assets obtained in exchange for new operating lease liabilities (non-cash)
253 309 362 
As of July 31, 2024, the Company had $131 million of non-cancelable operating leases with terms similar to the Company’s current operating leases that have not yet commenced. Of this amount, $113 million is expected to commence in fiscal year 2025 with the remaining $18 million expected to commence in fiscal year 2026.