Fair Value Measurements (Tables)

12 Months Ended

Jul. 31, 2020

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, 2020						At July 31, 2019
(In millions)	Level 1		Level 2		Total Fair Value		Level 1		Level 2		Total Fair Value
Assets:
Cash equivalents, primarily time deposits, savings deposit accounts, and money market funds	$	5,765	$	—	$	5,765	$	1,647	$	—	$	1,647
Available-for-sale debt securities:
Municipal bonds	—		9		9		—		5		5
Corporate notes	—		752		752		—		800		800
U.S. agency securities	—		47		47		—		19		19
Total available-for-sale securities	—		808		808		—		824		824
Total assets measured at fair value on a recurring basis	$	5,765	$	808	$	6,573	$	1,647	$	824	$	2,471
Liabilities:
Senior unsecured notes⁽¹⁾	$	—	$	2,042	$	2,042	$	—	$	—	$	—

⁽¹⁾ Carrying value on our balance sheet at July 31, 2020 was $1.98 billion. See Note 8, “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 shown:



	At July 31, 2020						At July 31, 2019
(In millions)	Level 1		Level 2		Total Fair Value		Level 1		Level 2		Total Fair Value
Cash equivalents:
In cash and cash equivalents	$	5,765	$	—	$	5,765	$	1,647	$	—	$	1,647
Available-for-sale debt securities:
In investments	$	—	$	608	$	608	$	—	$	624	$	624
In funds held for customers	—		200		200		—		200		200
Total available-for-sale debt securities	$	—	$	808	$	808	$	—	$	824	$	824