Fair Value Measurements (Tables)

12 Months Ended

Jul. 31, 2012

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, 2012								At July 31, 2011
(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	$	333	$	—	$	—	$	333	$	854	$	—	$	—	$	854
Available-for-sale debt securities:
Municipal bonds	—		260		—		260		—		434		—		434
Municipal auction rate securities	—		—		41		41		—		—		59		59
Corporate notes	—		142		—		142		—		288		—		288
U.S. agency securities	—		124		—		124		—		152		—		152
Corporate equity securities	33		—		—		33		—		—		—		—
Total available-for-sale securities	33		526		41		600		—		874		59		933
Total assets measured at fair value on a recurring basis	$	366	$	526	$	41	$	933	$	854	$	874	$	59	$	1,787
Liabilities:
Senior notes (1)	$	—	$	582	$	—	$	582	$	—	$	1,084	$	—	$	1,084

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(1) Carrying value on our balance sheets at July 31, 2012 was $499 million and at July 31, 2011 was $999 million. See Note 10.

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

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

	At July 31, 2012								At July 31, 2011
(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	$	219	$	—	$	—	$	219	$	615	$	—	$	—	$	615
In funds held for customers	114		—		—		114		239		—		—		239
Total cash and cash equivalents	$	333	$	—	$	—	$	333	$	854	$	—	$	—	$	854
Available-for-sale securities:
In investments	$	—	$	351	$	—	$	351	$	—	$	699	$	—	$	699
In funds held for customers	—		175		—		175		—		175		—		175
In long-term investments	33		—		41		74		—		—		59		59
Total available-for-sale securities	$	33	$	526	$	41	$	600	$	—	$	874	$	59	$	933

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, 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
Settlements at par	—			(18		)	(18		)
Balance at July 31, 2012	$	—		$	41		$	41