Fair Value Measurements (Tables)

12 Months Ended

Jul. 31, 2017

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.



	At July 31, 2017								At July 31, 2016
(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 and time deposits	$	181	$	—	$	—	$	181	$	416	$	—	$	—	$	416
Available-for-sale debt securities:
Municipal bonds	—		63		—		63		—		186		—		186
Municipal auction rate securities	—		—		15		15		—		—		15		15
Corporate notes	—		382		—		382		—		420		—		420
U.S. agency securities	—		3		—		3		—		36		—		36
Total available-for-sale securities	—		448		15		463		—		642		15		657
Total assets measured at fair value on a recurring basis	$	181	$	448	$	15	$	644	$	416	$	642	$	15	$	1,073
Liabilities:
Senior notes (1)	$	—	$	—	$	—	$	—	$	—	$	515	$	—	$	515

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(1)

Carrying value on our balance sheet at July 31, 2016 was $500 million. See Note 7, “Current Liabilities – Short-Term Debt” 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 shown:



	At July 31, 2017								At July 31, 2016
(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	$	181	$	—	$	—	$	181	$	312	$	—	$	—	$	312
In funds held for customers	—		—		—		—		104		—		—		104
Total cash and cash equivalents	$	181	$	—	$	—	$	181	$	416	$	—	$	—	$	416
Available-for-sale securities:
In investments	$	—	$	248	$	—	$	248	$	—	$	442	$	—	$	442
In funds held for customers	—		200		—		200		—		200		—		200
In long-term investments	—		—		15		15		—		—		15		15
Total available-for-sale securities	$	—	$	448	$	15	$	463	$	—	$	642	$	15	$	657