Fair Value Measurements (Tables)

3 Months Ended

Oct. 31, 2014

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, 2014								July 31, 2014
(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	$	431	$	—	$	—	$	431	$	652	$	—	$	—	$	652
Available-for-sale debt securities:
Municipal bonds	—		647		—		647		—		701		—		701
Corporate notes	—		565		—		565		—		466		—		466
U.S. agency securities	—		10		—		10		—		42		—		42
Municipal auction rate securities	—		—		21		21		—		—		21		21
Total available-for-sale securities	—		1,222		21		1,243		—		1,209		21		1,230
Total assets measured at fair value on a recurring basis	$	431	$	1,222	$	21	$	1,674	$	652	$	1,209	$	21	$	1,882
Liabilities:
Senior notes (1)	$	—	$	550	$	—	$	550	$	—	$	556	$	—	$	556

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(1) Carrying value on our balance sheet at October 31, 2014 was $499 million and at July 31, 2014 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 securities by balance sheet classification and level in the fair value hierarchy at the dates indicated.

	October 31, 2014								July 31, 2014
(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	$	248	$	—	$	—	$	248	$	507	$	—	$	—	$	507
In funds held for customers	183		—		—		183		145		—		—		145
Total cash equivalents	$	431	$	—	$	—	$	431	$	652	$	—	$	—	$	652
Available-for-sale securities:
In investments	$	—	$	1,047	$	—	$	1,047	$	—	$	1,065	$	—	$	1,065
In funds held for customers	—		175		—		175		—		144		—		144
In long-term investments	—		—		21		21		—		—		21		21
Total available-for-sale securities	$	—	$	1,222	$	21	$	1,243	$	—	$	1,209	$	21	$	1,230