Fair Value Measurements (Tables)

9 Months Ended

Apr. 30, 2016

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.



	April 30, 2016								July 31, 2015
(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	$	729	$	—	$	—	$	729	$	695	$	—	$	—	$	695
Available-for-sale debt securities:
Municipal bonds	—		175		—		175		—		506		—		506
Corporate notes	—		241		—		241		—		546		—		546
U.S. agency securities	—		83		—		83		—		12		—		12
Municipal auction rate securities	—		—		15		15		—		—		15		15
Total available-for-sale securities	—		499		15		514		—		1,064		15		1,079
Total assets measured at fair value on a recurring basis	$	729	$	499	$	15	$	1,243	$	695	$	1,064	$	15	$	1,774
Liabilities:
Senior notes (1)	$	—	$	520	$	—	$	520	$	—	$	531	$	—	$	531

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(1)	Carrying value on our balance sheets at April 30, 2016 was $500 million and at July 31, 2015 was $500 million. See Note 5, “Current Liabilities – Short-Term Debt,” for more information.

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.



	April 30, 2016								July 31, 2015
(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	$	532	$	—	$	—	$	532	$	533	$	—	$	—	$	533
In funds held for customers	197		—		—		197		162		—		—		162
Total cash equivalents	$	729	$	—	$	—	$	729	$	695	$	—	$	—	$	695
Available-for-sale securities:
In investments	$	—	$	324	$	—	$	324	$	—	$	889	$	—	$	889
In funds held for customers	—		175		—		175		—		175		—		175
In long-term investments	—		—		15		15		—		—		15		15
Total available-for-sale securities	$	—	$	499	$	15	$	514	$	—	$	1,064	$	15	$	1,079