Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
Apr. 30, 2018	Apr. 30, 2017
Cash flows from operating activities:
Net income	$ 1,162	$ 947
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	173	156
Amortization of acquired intangible assets	18	18
Share-based compensation expense	283	241
Deferred income taxes	24	(36)
Other	(1)	9
Total adjustments	497	388
Changes in operating assets and liabilities:
Accounts receivable	(206)	(138)
Income taxes receivable	62	19
Prepaid expenses and other assets	(37)	5
Accounts payable	160	104
Accrued compensation and related liabilities	(8)	(47)
Deferred revenue	120	130
Income taxes payable	351	431
Other liabilities	48	50
Total changes in operating assets and liabilities	490	554
Net cash provided by operating activities	2,149	1,889
Cash flows from investing activities:
Purchases of corporate and customer fund investments	(303)	(286)
Sales of corporate and customer fund investments	87	332
Maturities of corporate and customer fund investments	137	150
Net change in cash and cash equivalents held to satisfy customer fund obligations	(47)	(18)
Net change in customer fund deposits	47	18
Purchases of property and equipment	(97)	(178)
Acquisitions of businesses, net of cash acquired	(363)	0
Other	(49)	(40)
Net cash used in investing activities	(588)	(22)
Cash flows from financing activities:
Proceeds from borrowings under revolving credit facility	800	150
Repayments on borrowings under revolving credit facility	(800)	(150)
Repayment of debt	(38)	(500)
Proceeds from issuance of stock under employee stock plans	205	150
Payments for employee taxes withheld upon vesting of restricted stock units	(58)	(61)
Cash paid for purchases of treasury stock	(272)	(473)
Dividends and dividend rights paid	(305)	(265)
Other	(1)	0
Net cash used in financing activities	(469)	(1,149)
Effect of exchange rates on cash and cash equivalents	(7)	(6)
Net increase in cash and cash equivalents	1,085	712
Cash and cash equivalents at beginning of period	529	638
Cash and cash equivalents at end of period	$ 1,614	$ 1,350

The aggregate amount of recurring noncash expense charged against earnings in the period to allocate the cost of assets over their estimated remaining economic lives.

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- Definition

The aggregate amount of adjustments to net income or loss necessary to remove the effects of all items whose cash effects are investing or financing cash flows. The aggregate amount also includes all noncash expenses and income items which reduce or increase net income and are thus added back or deducted when calculating cash provided by or used in operating activities.