Lease-related assets and liabilities consisted of the following:


	As of July 31,
(In millions)	2025	2024
Assets:
Operating lease right-of-use assets	$1,763	$1,565

Liabilities:
Current portion of operating lease liabilities	$447	$395
Long-term portion of operating lease liabilities	1,367	1,198
Total lease liabilities	$1,814	$1,593

The components of leasing costs, included in SG&A, consisted of the following:


	For the years ended July 31,
(In millions)	2025	2024	2023
Operating lease costs	$484	$440	$390
Variable lease costs	107	92	85
Short-term lease costs	33	28	23
Total lease costs	$624	$560	$498

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,
	2025		2024
Weighted average remaining lease term (years)	5.4		5.4
Weighted average discount rate	4.6	%	4.5	%

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)			2025
2026			$457
2027			436
2028			367
2029			280
2030			199
Thereafter			350
Total undiscounted lease payments			2,089
Less: imputed interest			(275)
Present value of liabilities			$1,814

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 consisted of the following:


	For the years ended July 31,
(In millions)	2025	2024	2023
Cash paid for operating leases (operating cash flows)	$469	$424	$379
Lease assets obtained in exchange for new operating lease liabilities (non-cash)	370	253	309