Leases (Tables)

12 Months Ended

Jul. 31, 2024

Leases [Abstract]

Components of lease expense

The components of lease expense were as follows:

	Twelve Months Ended July 31,
(In millions)	2024		2023		2022
Operating lease cost (1)	$	108	$	124	$	105
Variable lease cost	23		20		15
Sublease income	(11)		(12)		(17)
Total net lease cost	$	120	$	132	$	103

(1)    Includes short-term leases, which were not material for the twelve months ended July 31, 2024, 2023 or 2022.

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

	Twelve Months Ended July 31,
(In millions)	2024		2023		2022
Cash paid for amounts included in the measurement of operating lease liabilities	$	89	$	107	$	104
Right-of-use assets obtained in exchange for operating lease liabilities	$	35	$	28	$	238

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

	July 31,
	2024		2023		2022
Weighted-average remaining lease term for operating leases	7.7 years		7.9 years		8.1 years
Weighted-average discount rate for operating leases	3.3	%	3	%	2.9	%

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

	July 31,
(In millions)	2024		2023
Operating lease right-of-use assets	$	411	$	469
Other current liabilities	$	71	$	89
Operating lease liabilities	458		480
Total operating lease liabilities	$	529	$	569

Future minimum lease payments

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

(In millions)	Operating Leases (1)
Fiscal year ending July 31,
2025	$	87
2026	88
2027	78
2028	65
2029	68
Thereafter	221
Total future minimum lease payments	607
Less imputed interest	(78)
Present value of lease liabilities	$	529

(1)    Non-cancellable sublease proceeds for the fiscal years ending July 31, 2025, 2026, 2027, 2028, 2029, and thereafter of $7 million, $2 million, $2 million, $1 million, $1 million, and $1 million, respectively, are not included in the table above.