Fair Value Measurements (Tables)

9 Months Ended

Apr. 30, 2021

Fair Value Disclosures [Abstract]

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.

	April 30, 2021						July 31, 2020
(In millions)	Level 1		Level 2		Total Fair Value		Level 1		Level 2		Total Fair Value
Assets:
Cash equivalents, primarily money market funds and time deposits	$	2,090	$	—	$	2,090	$	5,765	$	—	$	5,765
Available-for-sale debt securities:
Municipal bonds	—		34		34		—		9		9
Corporate notes	—		1,061		1,061		—		752		752
U.S. agency securities	—		57		57		—		47		47
Total available-for-sale debt securities	—		1,152		1,152		—		808		808
Total assets measured at fair value on a recurring basis	$	2,090	$	1,152	$	3,242	$	5,765	$	808	$	6,573
Liabilities:
Senior unsecured notes(1)	$	—	$	1,980	$	1,980	$	—	$	2,042	$	2,042

(1) Carrying value on our balance sheets at April 30, 2021 and July 31, 2020 was $1.99 billion and $1.98 billion, respectively. See Note 7, “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.

	April 30, 2021						July 31, 2020
(In millions)	Level 1		Level 2		Total Fair Value		Level 1		Level 2		Total Fair Value
Cash equivalents:
In cash and cash equivalents	$	2,090	$	—	$	2,090	$	5,765	$	—	$	5,765
Available-for-sale debt securities:
In investments	$	—	$	952	$	952	$	—	$	608	$	608
In funds held for customers	—		200		200		—		200		200
Total available-for-sale debt securities	$	—	$	1,152	$	1,152	$	—	$	808	$	808