Fair Value Measurements (Tables)

12 Months Ended

Jul. 31, 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.



	At July 31, 2016								At 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	$	416	$	—	$	—	$	416	$	695	$	—	$	—	$	695
Available-for-sale debt securities:
Municipal bonds	—		186		—		186		—		506		—		506
Municipal auction rate securities	—		—		15		15		—		—		15		15
Corporate notes	—		420		—		420		—		546		—		546
U.S. agency securities	—		36		—		36		—		12		—		12
Total available-for-sale securities	—		642		15		657		—		1,064		15		1,079
Total assets measured at fair value on a recurring basis	$	416	$	642	$	15	$	1,073	$	695	$	1,064	$	15	$	1,774
Liabilities:
Senior notes (1)	$	—	$	515	$	—	$	515	$	—	$	531	$	—	$	531

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(1)	Carrying value on our balance sheets at July 31, 2016 was $500 million and at July 31, 2015 was $500 million.

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 shown:



	At July 31, 2016								At 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	$	312	$	—	$	—	$	312	$	533	$	—	$	—	$	533
In funds held for customers	104		—		—		104		162		—		—		162
Total cash and cash equivalents	$	416	$	—	$	—	$	416	$	695	$	—	$	—	$	695
Available-for-sale securities:
In investments	$	—	$	442	$	—	$	442	$	—	$	889	$	—	$	889
In funds held for customers	—		200		—		200		—		175		—		175
In long-term investments	—		—		15		15		—		—		15		15
Total available-for-sale securities	$	—	$	642	$	15	$	657	$	—	$	1,064	$	15	$	1,079