Fair Value Measurements (Tables)

9 Months Ended

Apr. 30, 2020

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, 2020						July 31, 2019
(In millions)	Level 1		Level 2		Total Fair Value		Level 1		Level 2		Total Fair Value
Assets:
Cash equivalents, primarily time deposits, savings deposit accounts, and money market funds	$	2,157	$	—	$	2,157	$	1,647	$	—	$	1,647
Available-for-sale debt securities:
Municipal bonds	—		8		8		—		5		5
Corporate notes	—		765		765		—		800		800
U.S. agency securities	—		27		27		—		19		19
Total available-for-sale debt securities	—		800		800		—		824		824
Total assets measured at fair value on a recurring basis	$	2,157	$	800	$	2,957	$	1,647	$	824	$	2,471

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, 2020						July 31, 2019
(In millions)	Level 1		Level 2		Total Fair Value		Level 1		Level 2		Total Fair Value
Cash equivalents:
In cash and cash equivalents	$	2,157	$	—	$	2,157	$	1,647	$	—	$	1,647
In funds held for customers	—		—		—		—		—		—
Total cash equivalents	$	2,157	$	—	$	2,157	$	1,647	$	—	$	1,647
Available-for-sale debt securities:
In investments	$	—	$	600	$	600	$	—	$	624	$	624
In funds held for customers	—		200		200		—		200		200
Total available-for-sale debt securities	$	—	$	800	$	800	$	—	$	824	$	824