Leases (Tables)

9 Months Ended

Apr. 30, 2021

Leases [Abstract]

Components of Lease Expense

The components of lease expense were as follows:

	Three Months Ended				Nine Months Ended
(In millions)	April 30, 2021		April 30, 2020		April 30, 2021		April 30, 2020
Operating lease cost (1)	$	21	$	16	$	54	$	53
Variable lease cost	2		3		8		9
Sublease income	(4)		(5)		(12)		(19)
Total net lease cost	$	19	$	14	$	50	$	43

(1)    Includes short-term leases, which were not significant for each of the three and nine months ended April 30, 2021 and 2020.

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

	Nine Months Ended
(In millions)	April 30, 2021		April 30, 2020
Cash paid for amounts included in the measurement of operating lease liabilities	$	52	$	50
Right-of-use assets obtained in exchange for new operating lease liabilities (1)	$	32	$	328

(1)    For the nine months ended April 30, 2020, this includes $319 million for operating leases existing on August 1, 2019 and $9 million for operating leases that commenced in the first nine months of fiscal 2020.

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

	April 30, 2021		July 31, 2020
Weighted-average remaining lease term for operating leases	6.6 years		5.5 years
Weighted-average discount rate for operating leases	2.3	%	3.1	%

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

(In millions)	April 30, 2021		July 31, 2020
Operating lease right-of-use assets	$	370	$	226
Other current liabilities	$	74	$	46
Operating lease liabilities	365		221
Total operating lease liabilities	$	439	$	267

Future Minimum Lease Payments

Future minimum lease payments under non-cancellable operating leases as of April 30, 2021 were as follows:

(In millions)	Operating Leases (1)
Fiscal year ending July 31,
2021 (excluding the nine months ended April 30, 2021)	$	17
2022	88
2023	78
2024	74
2025	59
Thereafter	157
Total future minimum lease payments	473
Less imputed interest	(34)
Present value of lease liabilities	$	439

(1)    Non-cancellable sublease proceeds for the remainder of the fiscal year ending July 31, 2021 and the fiscal years ending July 31, 2022, 2023, 2024, and 2025, of $3 million, $9 million, $3 million, $2 million, and $1 million, respectively, are not included in the table above.