Fair Value Measurements (Tables)

3 Months Ended

Oct. 31, 2021

Fair Value Disclosures [Abstract]

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.

	October 31, 2021						July 31, 2021
(In millions)	Level 1		Level 2		Total Fair Value		Level 1		Level 2		Total Fair Value
Assets:
Cash equivalents, primarily money market funds and time deposits	$	696	$	—	$	696	$	1,660	$	—	$	1,660
Available-for-sale debt securities:
Municipal bonds	—		—		—		—		38		38
Corporate notes	—		544		544		—		1,400		1,400
U.S. agency securities	—		40		40		—		70		70
Total available-for-sale debt securities	—		584		584		—		1,508		1,508
Total assets measured at fair value on a recurring basis	$	696	$	584	$	1,280	$	1,660	$	1,508	$	3,168
Liabilities:
Senior unsecured notes(1)	$	—	$	1,972	$	1,972	$	—	$	1,986	$	1,986

(1) Carrying value on our balance sheets at each October 31, 2021 and July 31, 2021 was $1.99 billion. See Note 6, “Long-Term Obligations and Commitments,” for more information.

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.

	October 31, 2021						July 31, 2021
(In millions)	Level 1		Level 2		Total Fair Value		Level 1		Level 2		Total Fair Value
Cash equivalents:
In cash and cash equivalents	$	696	$	—	$	696	$	1,660	$	—	$	1,660
Available-for-sale debt securities:
In investments	$	—	$	386	$	386	$	—	$	1,308	$	1,308
In funds held for customers	—		198		198		—		200		200
Total available-for-sale debt securities	$	—	$	584	$	584	$	—	$	1,508	$	1,508