Fair Value Measurements (Tables)

3 Months Ended

Oct. 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.

	October 31, 2012								July 31, 2012
(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	$	80	$	—	$	—	$	80	$	333	$	—	$	—	$	333
Available-for-sale debt securities:
Municipal bonds	—		253		—		253		—		260		—		260
Municipal auction rate securities	—		—		33		33		—		—		41		41
Corporate notes	—		145		—		145		—		142		—		142
U.S. agency securities	—		119		—		119		—		124		—		124
Available-for-sale corporate equity securities	38		—		—		38		33		—		—		33
Total available-for-sale securities	38		517		33		588		33		526		41		600
Total assets measured at fair value on a recurring basis	$	118	$	517	$	33	$	668	$	366	$	526	$	41	$	933
Liabilities:
Senior notes (1)	$	—	$	685	$	—	$	685	$	—	$	582	$	—	$	582

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(1) Carrying value on our balance sheet at October 31, 2012 was $499 million and at July 31, 2012 was $499 million. See Note 6.

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 indicated.

	October 31, 2012								July 31, 2012
(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	$	46	$	—	$	—	$	46	$	219	$	—	$	—	$	219
In funds held for customers	34		—		—		34		114		—		—		114
Total cash equivalents	$	80	$	—	$	—	$	80	$	333	$	—	$	—	$	333
Available-for-sale securities:
In investments	$	—	$	342	$	—	$	342	$	—	$	351	$	—	$	351
In funds held for customers	—		175		—		175		—		175		—		175
In long-term investments	38		—		33		71		33		—		41		74
Total available-for-sale securities	$	38	$	517	$	33	$	588	$	33	$	526	$	41	$	600

Reconciliation of activity for Level 3 assets

The following table presents a reconciliation of activity for our Level 3 assets for the three months ended October 31, 2012.

	Three Months
	Ended
(In millions)	October 31, 2012
Beginning balance	$	41
Settlements at par	(8		)
Ending balance	$	33