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Fair Value Measurements (Tables)
3 Months Ended
Oct. 31, 2013
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.
 
October 31, 2013
 
July 31, 2013
(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
$
303

 
$

 
$

 
$
303

 
$
917

 
$

 
$

 
$
917

Available-for-sale debt securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Municipal bonds

 
500

 

 
500

 

 
489

 

 
489

Corporate notes

 
269

 

 
269

 

 
269

 

 
269

U.S. agency securities

 
73

 

 
73

 

 
69

 

 
69

Municipal auction rate securities

 

 
28

 
28

 

 

 
33

 
33

Available-for-sale corporate equity securities
32

 

 

 
32

 
33

 

 

 
33

Total available-for-sale securities
32

 
842

 
28

 
902

 
33

 
827

 
33

 
893

Total assets measured at fair value on a recurring basis
$
335

 
$
842

 
$
28

 
$
1,205

 
$
950

 
$
827

 
$
33

 
$
1,810

Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Senior notes (1)
$

 
$
561

 
$

 
$
561

 
$

 
$
560

 
$

 
$
560

______________________________
(1)
Carrying value on our balance sheet at October 31, 2013 was $499 million and at July 31, 2013 was $499 million. See Note 6.
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 and equity securities by balance sheet classification and level in the fair value hierarchy at the dates indicated.
 
October 31, 2013
 
July 31, 2013
(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
$
250

 
$

 
$

 
$
250

 
$
857

 
$

 
$

 
$
857

In funds held for customers
53

 

 

 
53

 
60

 

 

 
60

Total cash equivalents
$
303

 
$

 
$

 
$
303

 
$
917

 
$

 
$

 
$
917

Available-for-sale securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In investments
$
32

 
$
667

 
$

 
$
699

 
$

 
$
652

 
$

 
$
652

In funds held for customers

 
175

 

 
175

 

 
175

 

 
175

In long-term investments

 

 
28

 
28

 
33

 

 
33

 
66

Total available-for-sale securities
$
32

 
$
842

 
$
28

 
$
902

 
$
33

 
$
827

 
$
33

 
$
893