Fair Value Measurements (Tables)

12 Months Ended

Jul. 31, 2011

Fair Value Disclosures [Abstract]

Financial assets and liabilities measured at fair value on recurring basis

The following table summarizes financial assets and financial liabilities that we measured at fair value on a recurring basis at the dates indicated, classified in accordance with the fair value hierarchy described above.

	At July 31, 2011								At July 31, 2010
(In millions)	Level 1		Level 2		Level 3		Total Fair Value		Level 1		Level 2		Level 3		Total Fair Value
Assets:
Cash equivalents, primarily money market funds	$	854	$	—	$	—	$	854	$	330	$	—	$	—	$	330
Available-for-sale debt securities:
Municipal bonds	—		434		—		434		—		1,050		—		1,050
Municipal auction rate securities	—		—		59		59		—		—		87		87
Corporate notes	—		288		—		288		—		334		—		334
U.S. agency securities	—		152		—		152		—		174		—		174
Total available-for-sale debt securities	—		874		59		933		—		1,558		87		1,645
Total assets measured at fair value on a recurring basis	$	854	$	874	$	59	$	1,787	$	330	$	1,558	$	87	$	1,975
Liabilities:
Senior notes (1)	$	—	$	1,084	$	—	$	1,084	$	—	$	1,086	$	—	$	1,086

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(1) Carrying value on our balance sheets at July 31, 2011 was $999 million and at July 31, 2010 was $998 million. See Note 10.

Cash equivalents and available-for-sale debt securities by balance sheet classification and level in the fair value hierarchy

The following table summarizes our cash equivalents and available-for-sale debt securities by balance sheet classification and level in the fair value hierarchy at the dates shown:

	At July 31, 2011								At July 31, 2010
(In millions)	Level 1		Level 2		Level 3		Total Fair Value		Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
In cash and cash equivalents	$	615	$	—	$	—	$	615	$	143	$	—	$	—	$	143
In funds held for customers	239		—		—		239		187		—		—		187
Total cash and cash equivalents	$	854	$	—	$	—	$	854	$	330	$	—	$	—	$	330
Available-for-sale debt securities:
In investments	$	—	$	699	$	—	$	699	$	—	$	1,408	$	—	$	1,408
In funds held for customers	—		175		—		175		—		150		—		150
In long-term investments	—		—		59		59		—		—		87		87
Total available-for-sale debt securities	$	—	$	874	$	59	$	933	$	—	$	1,558	$	87	$	1,645

Reconciliation of activity for Level 3 assets

The following table presents a reconciliation of activity for our Level 3 assets for the periods shown.

	Municipal Auction Rate Securities
(In millions)	Investments			Long-Term Investments			Total
Balance at July 31, 2008	$	—		$	285		$	285
Transfers from long-term to current	175			(175		)	—
Settlements at par	(24		)	(16		)	(40		)
Balance at July 31, 2009	151			94			245
Settlements at par	(151		)	(7		)	(158		)
Balance at July 31, 2010	—			87			87
Settlements at par	—			(28		)	(28		)
Balance at July 31, 2011	$	—		$	59		$	59

Significant inputs to discounted cash flow model

The following table presents information about significant inputs to our discounted cash flow model at the dates shown:

	Inputs to Model at
	July 31, 2011		July 31, 2010		July 31, 2009
Range of average projected future yield rates	1.37% - 2.46%		1.48% - 2.65%		0.63% - 3.78%
Range of overall discount rates used in model (like-kind security yield rate plus illiquidity factor)	1.33% - 1.58%		1.52% - 1.77%		1.61% - 1.86%
Like-kind security yield rate	0.08	%	0.27	%	0.36	%
Range of illiquidity factors	125 - 150 bps		125 - 150 bps		125 - 150 bps
Expected holding period in years	7		7		7