Fair Value Measurements (Tables)

6 Months Ended

Jan. 31, 2016

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, 2016								July 31, 2015
(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	$	280	$	—	$	—	$	280	$	695	$	—	$	—	$	695
Available-for-sale debt securities:
Municipal bonds	—		6		—		6		—		506		—		506
Corporate notes	—		169		—		169		—		546		—		546
U.S. agency securities	—		—		—		—		—		12		—		12
Municipal auction rate securities	—		—		15		15		—		—		15		15
Total available-for-sale securities	—		175		15		190		—		1,064		15		1,079
Total assets measured at fair value on a recurring basis	$	280	$	175	$	15	$	470	$	695	$	1,064	$	15	$	1,774
Liabilities:
Senior notes (1)	$	—	$	523	$	—	$	523	$	—	$	531	$	—	$	531

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(1)	Carrying value in long-term debt on our balance sheets at January 31, 2016 was $500 million and at July 31, 2015 was $500 million. See Note 6, “Long-Term Obligations and Commitments,” for more information.

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



	January 31, 2016								July 31, 2015
(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	$	82	$	—	$	—	$	82	$	533	$	—	$	—	$	533
In funds held for customers	198		—		—		198		162		—		—		162
Total cash equivalents	$	280	$	—	$	—	$	280	$	695	$	—	$	—	$	695
Available-for-sale securities:
In investments	$	—	$	—	$	—	$	—	$	—	$	889	$	—	$	889
In funds held for customers	—		175		—		175		—		175		—		175
In long-term investments	—		—		15		15		—		—		15		15
Total available-for-sale securities	$	—	$	175	$	15	$	190	$	—	$	1,064	$	15	$	1,079