Leases (Tables)

12 Months Ended

Jul. 31, 2020

Leases [Abstract]

Components of Lease Expense

The components of lease expense were as follows:

	Twelve Months Ended
(In millions)	July 31, 2020
Operating lease cost (1)	$	69
Variable lease cost	13
Sublease income	(22		)
Total net lease cost	$	60

Supplemental balance sheet information related to operating leases was as follows at the date indicated:

(In millions)	July 31, 2020
Operating lease right-of-use assets	$	226
Other current liabilities	$	46
Operating lease liabilities	221
Total operating lease liabilities	$	267

Supplemental cash flow information related to operating leases was as follows:

	Twelve Months Ended
	July 31, 2020
(In millions)
Cash paid for amounts included in the measurement of operating lease liabilities	$	70
Right-of-use assets obtained in exchange for new operating lease liabilities (1)	$	346

⁽¹⁾  For the twelve months ended July 31, 2020, this includes $319 million for operating leases existing on August 1, 2019 and $27 million for operating leases that commenced during fiscal 2020.

Other information related to operating leases was as follows at the date indicated:

	July 31, 2020
Weighted-average remaining lease term for operating leases (in years)	5.5
Weighted-average discount rate for operating leases	3.1	%

Future Minimum Lease Payments

Future minimum lease payments under non-cancellable operating leases as of July 31, 2020 were as follows:

(In millions)	Operating Leases (1)
Fiscal year ending July 31,
2021	$	53
2022	57
2023	51
2024	49
2025	38
Thereafter	43
Total future minimum lease payments	291
Less imputed interest	(24		)
Present value of lease liabilities	$	267

(1)

Non-cancellable sublease proceeds for the fiscal years ending July 31, 2021, 2022, 2023, 2024, and 2025 of $15 million, $10 million, $2 million, $1 million, and $1 million, respectively, are not included in the table above.