XML 32 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Jul. 31, 2018
Jul. 31, 2017
Jul. 31, 2016
Cash flows from operating activities:      
Net income $ 1,211 $ 971 $ 979
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 228 214 195
Amortization of acquired intangible assets 25 22 43
Share-based compensation expense 382 326 281
Pre-tax gain on sale of discontinued operations [1] 0 0 (354)
Loss on sale of long-lived assets 79 0 0
Deferred income taxes 51 8 70
Tax benefit from share-based compensation plans 0 0 59
Other 6 13 17
Total adjustments 771 583 311
Changes in operating assets and liabilities:      
Accounts receivable 5 5 (20)
Income taxes receivable (1) (44) 64
Prepaid expenses and other assets (31) (9) (10)
Accounts payable 12 0 (23)
Accrued compensation and related liabilities 75 10 (11)
Deferred revenue 66 83 192
Other liabilities 4 0 (22)
Total changes in operating assets and liabilities 130 45 170
Net cash provided by operating activities 2,112 1,599 1,460
Cash flows from investing activities:      
Purchases of corporate and customer fund investments (407) (352) (934)
Sales of corporate and customer fund investments 128 359 1,165
Maturities of corporate and customer fund investments 286 183 187
Net change in cash and cash equivalents held to satisfy customer fund obligations 5 (68) 58
Net change in customer fund deposits (5) 68 (33)
Purchases of property and equipment (38) (102) (416)
Capitalization of internal use software (86) (128) (106)
Acquisitions of businesses, net of cash acquired (363) 0 0
Proceeds from divestiture of businesses 0 0 463
Originations of term loans to small businesses (137) 0 0
Principal repayments of term loans from small businesses 82 0 0
Other 3 (45) (13)
Net cash provided by (used in) investing activities (532) (85) 371
Cash flows from financing activities:      
Proceeds from borrowings under revolving credit facilities 800 150 995
Repayments on borrowings under revolving credit facilities (800) (150) (995)
Proceeds from long-term debt 0 0 500
Repayment of debt (50) (512) 0
Proceeds from issuance of stock under employee stock plans 295 226 197
Payments for employee taxes withheld upon vesting of restricted stock units (199) (153) (108)
Cash paid for purchases of treasury stock (272) (839) (2,264)
Dividends and dividend rights paid (407) (353) (318)
Other (1) (1) (6)
Net cash used in financing activities (634) (1,632) (1,999)
Effect of exchange rates on cash and cash equivalents (11) 9 (2)
Net increase (decrease) in cash and cash equivalents 935 (109) (170)
Cash and cash equivalents at beginning of period 529 638 808
Cash and cash equivalents at end of period 1,464 529 638
Supplemental disclosure of cash flow information:      
Interest paid 19 42 37
Income taxes paid $ 245 $ 430 $ 389
[1] Because the cash flows of our discontinued operations were not material for any period presented, we have not segregated the cash flows of those businesses on these statements of cash flows. We have presented the effect of the pre-tax gains on the disposals on these statements of cash flows. See Note 7, “Discontinued Operations,” for more information.