Cash and Cash Equivalents, Investments, and Funds Held for Customers

12 Months Ended

Jul. 31, 2017

Cash and Cash Equivalents, Investments and Funds Held for Customers [Abstract]

Cash and Cash Equivalents, Investments, and Funds Held for Customers

3. Cash and Cash Equivalents, Investments, and Funds Held for Customers

The following table summarizes our cash and cash equivalents, investments and funds held for customers by balance sheet classification at the dates indicated.

	July 31, 2017				July 31, 2016
(In millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Classification on balance sheets:
Cash and cash equivalents	$	529	$	529	$	638	$	638
Investments	247		248		441		442
Funds held for customers	372		372		304		304
Long-term investments	31		31		28		28
Total cash and cash equivalents, investments, and funds held for customers	$	1,179	$	1,180	$	1,411	$	1,412

The following table summarizes our cash and cash equivalents, investments and funds held for customers by investment category at the dates indicated. See Note 2 for more information on our municipal auction rate securities.

	July 31, 2017				July 31, 2016
(In millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Type of issue:
Total cash and cash equivalents	$	701	$	701	$	742	$	742
Available-for-sale debt securities:
Municipal bonds	63		63		186		186
Municipal auction rate securities	15		15		15		15
Corporate notes	381		382		419		420
U.S. agency securities	3		3		36		36
Total available-for-sale debt securities	462		463		656		657
Other long-term investments	16		16		13		13
Total cash and cash equivalents, investments, and funds held for customers	$	1,179	$	1,180	$	1,411	$	1,412

We include realized gains and losses on our available-for-sale debt securities in interest and other income or expense, net in our statements of operations. Gross realized gains and losses on our available-for-sale debt securities for the twelve months ended July 31, 2017, 2016 and 2015 were not significant.

We accumulate unrealized gains and losses on our available-for-sale debt securities, net of tax, in accumulated other comprehensive income or loss in the stockholders’ equity section of our balance sheets. Gross unrealized gains and losses on our available-for-sale debt securities at July 31, 2017 and July 31, 2016 were not significant.

We periodically review our investment portfolios to determine if any investment is other-than-temporarily impaired due to changes in credit risk or other potential valuation concerns. We believe that the investments that we held at July 31, 2017 were not other-than-temporarily impaired. Unrealized losses on available-for-sale debt securities at July 31, 2017 were not significant and are due to changes in interest rates, including market credit spreads, and not due to increased credit risks associated with specific securities. We do not intend to sell these investments. In addition, it is more likely than not that we will not be required to sell them before recovery at par, which may be at maturity.

The following table summarizes our available-for-sale debt securities classified by the stated maturity date of the security at the dates indicated.

	July 31, 2017				July 31, 2016
(In millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within one year	$	209	$	209	$	285	$	285
Due within two years	164		164		209		210
Due within three years	59		60		143		143
Due after three years	30		30		19		19
Total available-for-sale debt securities	$	462	$	463	$	656	$	657