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Leases (Tables)

3 Months Ended

Oct. 31, 2019

Supplemental balance sheet information related to operating leases was as follows at the date indicated:



(In millions)	October 31, 2019

Operating lease right-of-use assets	$	307

Other current liabilities	$	55
Operating lease liabilities	297
Total operating lease liabilities	$	352

The components of lease expense were as follows:



	Three Months Ended
(In millions)	October 31, 2019
Operating lease cost ⁽¹⁾	$	18
Variable lease cost	3
Sublease income	(7		)
Total net lease cost	$	14


⁽¹⁾	Includes short-term leases, which are not significant for the three months ended October 31, 2019.

Supplemental cash flow information related to operating leases was as follows:



	Three Months Ended
	October 31, 2019
(In millions)
Cash paid for amounts included in the measurement of operating lease liabilities	$	16

Right-of-use assets obtained in exchange for new operating lease liabilities ⁽¹⁾	$	322


⁽¹⁾	Includes $319 million for operating leases existing on August 1, 2019 and $3 million for operating leases that commenced in the first quarter of 2020.

Other information related to operating leases was as follows at the date indicated:



	October 31, 2019
Weighted-average remaining lease term for operating leases	5.8
Weighted-average discount rate for operating leases	2.9	%

Future Minimum Lease Payments

Future minimum lease payments under non-cancellable operating leases as of October 31, 2019 were as follows:



(In millions)	Operating Leases ⁽¹⁾
Fiscal year ending July 31,
2020 (excluding the three months ended October 31, 2019)	$	46
2021	73
2022	67
2023	60
2024	58
Thereafter	79
Total future minimum lease payments	383
Less imputed interest	(31		)
Present value of lease liabilities	$	352

(1)

Non-cancellable sublease proceeds for the remainder of the fiscal year ending July 31, 2020 and the fiscal years ending July 31, 2021, 2022, 2023, 2024, and thereafter of $18 million, $22 million, $10 million, $1 million, $1 million, and $1 million, respectively, are not included in the table above.