Leases (Tables)

12 Months Ended

Jul. 31, 2022

Leases [Abstract]

Components of lease expense

The components of lease expense were as follows:

	Twelve Months Ended July 31,
(In millions)	2022		2021		2020
Operating lease cost (1)	$	105	$	75	$	69
Variable lease cost	15		11		13
Sublease income	(17)		(16)		(22)
Total net lease cost	$	103	$	70	$	60

(1)    Includes short-term leases, which are not significant for the twelve months ended July 31, 2022, 2021 or 2020.

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

	Twelve Months Ended July 31,
(In millions)	2022		2021		2020
Cash paid for amounts included in the measurement of operating lease liabilities	$	104	$	76	$	70
Right-of-use assets obtained in exchange for new operating lease liabilities (1)	$	238	$	60	$	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 dates indicated:

	July 31,
	2022		2021		2020
Weighted-average remaining lease term for operating leases	8.1 years		6.8 years		5.5 years
Weighted-average discount rate for operating leases	2.9	%	2.3	%	3.1	%

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

	July 31,
(In millions)	2022		2021
Operating lease right-of-use assets	$	549	$	380
Other current liabilities	$	84	$	66
Operating lease liabilities	542		380
Total operating lease liabilities	$	626	$	446

Future minimum lease payments

Future minimum lease payments under non-cancellable operating leases as of July 31, 2022 were as follows:

(In millions)	Operating Leases (1)
Fiscal year ending July 31,
2023	$	64
2024	105
2025	93
2026	76
2027	67
Thereafter	323
Total future minimum lease payments	728
Less imputed interest	(102)
Present value of lease liabilities	$	626

(1)    Non-cancellable sublease proceeds for the fiscal years ending July 31, 2023, 2024, 2025, 2026, 2027, and thereafter of $11 million, $10 million, $5 million, $1 million, $1 million, and $3 million, respectively, are not included in the table above.