Fair Value Measurements (Tables)

6 Months Ended

Jan. 31, 2012

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.

	January 31, 2012								July 31, 2011
(In millions)	Level 1		Level 2		Level 3		Total Fair Value		Level 1		Level 2		Level 3		Total Fair Value
Assets:
Cash equivalents, primarily money market funds	$	283	$	—	$	—	$	283	$	854	$	—	$	—	$	854
Available-for-sale debt securities:
Municipal bonds	—		391		—		391		—		434		—		434
Municipal auction rate securities	—		—		54		54		—		—		59		59
Corporate notes	—		342		—		342		—		288		—		288
U.S. agency securities	—		124		—		124		—		152		—		152
Total available-for-sale debt securities	—		857		54		911		—		874		59		933
Total assets measured at fair value on a recurring basis	$	283	$	857	$	54	$	1,194	$	854	$	874	$	59	$	1,787
Liabilities:
Senior notes (1)	$	—	$	1,077	$	—	$	1,077	$	—	$	1,084	$	—	$	1,084

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(1) Carrying value on our balance sheets at January 31, 2012 and July 31, 2011 was $999 million. See Note 5.

Cash equivalents and available-for-sale debt 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, 2012								July 31, 2011
(In millions)	Level 1		Level 2		Level 3		Total Fair Value		Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
In cash and cash equivalents	$	128	$	—	$	—	$	128	$	615	$	—	$	—	$	615
In funds held for customers	155		—		—		155		239		—		—		239
Total cash equivalents	$	283	$	—	$	—	$	283	$	854	$	—	$	—	$	854
Available-for-sale debt securities:
In investments	$	—	$	682	$	—	$	682	$	—	$	699	$	—	$	699
In funds held for customers	—		175		—		175		—		175		—		175
In long-term investments	—		—		54		54		—		—		59		59
Total available-for-sale debt securities	$	—	$	857	$	54	$	911	$	—	$	874	$	59	$	933

Reconciliation of activity for Level 3 assets

The following table presents a reconciliation of activity for our Level 3 assets for the six months ended January 31, 2012.

	Six Months
	Ended
(In millions)	January 31, 2012
Beginning balance	$	59
Settlements at par	(5		)
Ending balance	$	54