Long-Term Obligations and Commitments (Tables)

12 Months Ended

Jul. 31, 2020

Long-Term Obligations and Commitments [Abstract]

Carrying Value of Senior Unsecured Debt

The carrying value of the Notes was as follows at the date indicated:

	July 31,			Effective
(In millions)	2020			Interest Rate
Senior unsecured notes issued June 2020:
0.650% notes due July 2023	$	500		0.837%
0.950% notes due July 2025	500			1.127%
1.350% notes due July 2027	500			1.486%
1.650% notes due July 2030	500			1.767%
Total senior unsecured notes	2,000
Unamortized discount and debt issuance costs	(17		)
Net carrying value senior unsecured notes	$	1,983

Future Principal Payments for Long-Term Debt

Future principal payments for long-term debt at July 31, 2020 were as shown in the table below.

(In millions)
Fiscal year ending July 31,
2021	$	—
2022	—
2023	548
2024	—
2025	500
Thereafter	1,000
Total commitments	$	2,048

Other long-term obligations

Other long-term obligations were as follows at the dates indicated:

	July 31,
(In millions)	2020			2019
Long-term income tax liabilities	$	10		$	89
Total deferred rent	—			47
Total dividend payable	12			11
Other	30			12
Total long-term obligations	52			159
Less current portion (included in other current liabilities)	(10		)	(14		)
Long-term obligations due after one year	$	42		$	145

Annual minimum commitments under purchase obligations and operating leases

Annual minimum commitments under purchase obligations at July 31, 2020 were as shown in the table below.

(In millions)	Purchase Obligations
Fiscal year ending July 31,
2021	$	135
2022	49
2023	19
2024	—
2025	—
Thereafter	—
Total commitments	$	203