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Leases (Tables)

6 Months Ended

Jan. 31, 2024

The components of lease expense were as follows:


	Three Months Ended				Six Months Ended
(In millions)	January 31, 2024		January 31, 2023		January 31, 2024		January 31, 2023
Operating lease cost (1)	$	26	$	36	$	52	$	64

Variable lease cost	6		5		12		9
Sublease income	(3)		(3)		(6)		(6)
Total net lease cost	$	29	$	38	$	58	$	67

(1) Includes short-term leases, which were not material for each of the three and six months ended January 31, 2024 and 2023.

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


	Six Months Ended
(In millions)	January 31, 2024		January 31, 2023
Cash paid for amounts included in the measurement of operating lease liabilities	$	42	$	48
Right-of-use assets obtained in exchange for operating lease liabilities	$	22	$	17

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


	January 31, 2024		July 31, 2023
Weighted-average remaining lease term for operating leases	7.9 years		7.9 years
Weighted-average discount rate for operating leases	3.2	%	3.0	%

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


(In millions)	January 31, 2024		July 31, 2023

Operating lease right-of-use assets	$	444	$	469

Other current liabilities	$	81	$	89
Operating lease liabilities	473		480
Total operating lease liabilities	$	554	$	569

Future minimum lease payments

Future minimum lease payments under non-cancellable operating leases as of January 31, 2024 were as follows:


(In millions)	Operating Leases (1)
Fiscal year ending July 31,
2024 (excluding the six months ended January 31, 2024)	$	34
2025	100
2026	82
2027	72
2028	64
Thereafter	287
Total future minimum lease payments	639
Less imputed interest	(85)
Present value of lease liabilities	$	554

(1) Non-cancellable sublease proceeds for the remainder of the fiscal year ending July 31, 2024 and the fiscal years ending July 31, 2025, 2026, 2027, 2028, and thereafter of $5 million, $6 million, $2 million, $1 million, $1 million, and $2 million, respectively, are not included in the table above.