Fair Value Measurements (Tables)

9 Months Ended

Apr. 30, 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.

	April 30, 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	$	798	$	—	$	—	$	798	$	854	$	—	$	—	$	854
Available-for-sale securities:
Municipal bonds	—		388		—		388		—		434		—		434
Municipal auction rate securities	—		—		54		54		—		—		59		59
Corporate notes	—		319		—		319		—		288		—		288
U.S. agency securities	—		131		—		131		—		152		—		152
Marketable equity securities	35		—		—		35		—		—		—		—
Total available-for-sale securities	35		838		54		927		—		874		59		933
Total assets measured at fair value on a recurring basis	$	833	$	838	$	54	$	1,725	$	854	$	874	$	59	$	1,787
Liabilities:
Senior notes (1)	$	—	$	576	$	—	$	576	$	—	$	1,084	$	—	$	1,084

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(1) Carrying value on our balance sheet at April 30, 2012 was $499 million and at July 31, 2011 was $999 million. See Note 6.

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 and equity securities by balance sheet classification and level in the fair value hierarchy at the dates indicated.

	April 30, 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	$	648	$	—	$	—	$	648	$	615	$	—	$	—	$	615
In funds held for customers	150		—		—		150		239		—		—		239
Total cash equivalents	$	798	$	—	$	—	$	798	$	854	$	—	$	—	$	854
Available-for-sale securities:
In investments	$	—	$	663	$	—	$	663	$	—	$	699	$	—	$	699
In funds held for customers	—		175		—		175		—		175		—		175
In long-term investments	35		—		54		89		—		—		59		59
Total available-for-sale securities	$	35	$	838	$	54	$	927	$	—	$	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 nine months ended April 30, 2012.

	Nine Months
	Ended
(In millions)	April 30, 2012
Beginning balance	$	59
Settlements at par	(5		)
Ending balance	$	54