Leases (Tables)

12 Months Ended

Jul. 31, 2021

Leases [Abstract]

Components of lease expense

The components of lease expense were as follows:

	Twelve Months Ended July 31,
(In millions)	2021		2020
Operating lease cost (1)	$	75	$	69
Variable lease cost	11		13
Sublease income	(16)		(22)
Total net lease cost	$	70	$	60

(1)    Includes short-term leases, which are not significant for the twelve months ended July 31, 2021 or 2020.

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

	Twelve Months Ended July 31,
	2021		2020
(In millions)
Cash paid for amounts included in the measurement of operating lease liabilities	$	76	$	70
Right-of-use assets obtained in exchange for new operating lease liabilities (1)	$	60	$	346

(1)    For the twelve months ended July 31, 2020, this includes $319 million for operating leases existing on August 1, 2019 and $27 million for operating leases that commenced during fiscal 2020.

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

	July 31,
	2021		2020
Weighted-average remaining lease term for operating leases	6.8 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 date indicated:

	July 31,
(In millions)	2021		2020
Operating lease right-of-use assets	$	380	$	226
Other current liabilities	$	66	$	46
Operating lease liabilities	380		221
Total operating lease liabilities	$	446	$	267

Future minimum lease payments

Future minimum lease payments under non-cancellable operating leases as of July 31, 2021 were as follows:

(In millions)	Operating Leases (1)
Fiscal year ending July 31,
2022	$	76
2023	81
2024	78
2025	62
2026	45
Thereafter	139
Total future minimum lease payments	481
Less imputed interest	(35)
Present value of lease liabilities	$	446

(1)    Non-cancellable sublease proceeds for the fiscal years ending July 31, 2022, 2023, 2024, and 2025 of $18 million, $11 million, $8 million, and $4 million, respectively, are not included in the table above.