Fair Value Measurements (Tables)

6 Months Ended

Jan. 31, 2023

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.


	January 31, 2023				July 31, 2022
(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	$	249	$	—	$	249	$	1,835	$	—	$	1,835
Available-for-sale debt securities:

Corporate notes	—		597		597		—		589		589
U.S. agency securities	—		127		127		—		96		96
Total available-for-sale debt securities	—		724		724		—		685		685
Total assets measured at fair value on a recurring basis	$	249	$	724	$	973	$	1,835	$	685	$	2,520
Liabilities:
Senior unsecured notes(1)	$	—	$	1,807	$	1,807	$	—	$	1,838	$	1,838

(1) Carrying value on our condensed consolidated balance sheets at January 31, 2023 and July 31, 2022 was $1.99 billion. See Note 6, “Debt,” 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.


	January 31, 2023				July 31, 2022
(In millions)	Level 1		Level 2		Total Fair Value		Level 1		Level 2		Total Fair Value
Cash equivalents:
In cash and cash equivalents	$	249	$	—	$	249	$	1,835	$	—	$	1,835
In funds receivable and amounts held for customers	—		—		—		—		—		—
Total cash equivalents	$	249	$	—	$	249	$	1,835	$	—	$	1,835


Available-for-sale debt securities:
In investments	$	—	$	524	$	524	$	—	$	485	$	485
In funds receivable and amounts held for customers	—		200		200		—		200		200

Total available-for-sale debt securities	$	—	$	724	$	724	$	—	$	685	$	685