Fair Value Measurements (Tables)

9 Months Ended

Apr. 30, 2011

Fair Value Measurements [Abstract]

Financial assets and liabilities measured at fair value on recurring basis

	April 30, 2011								July 31, 2010
							Total								Total
(In millions)	Level 1		Level 2		Level 3		Fair Value		Level 1		Level 2		Level 3		Fair Value
Assets:
Cash equivalents, primarily money market funds	$	1,447	$	—	$	—	$	1,447	$	330	$	—	$	—	$	330
Available-for-sale debt securities:
Municipal bonds		—		357		—		357		—		1,050		—		1,050
Municipal auction rate securities		—		—		77		77		—		—		87		87
Corporate notes		—		200		—		200		—		334		—		334
U.S. agency securities		—		77		—		77		—		174		—		174
Total available-for-sale debt securities		—		634		77		711		—		1,558		87		1,645
Total assets measured at fair value on a recurring basis	$	1,447	$	634	$	77	$	2,158	$	330	$	1,558	$	87	$	1,975
Liabilities:
Senior notes (1)	$	—	$	1,075	$	—	$	1,075	$	—	$	1,086	$	—	$	1,086

(1) Carrying value on our balance sheets at April 30, 2011 and July 31, 2010 was $998 million. See Note 8.

Cash equivalents and available-for-sale debt securities by balance sheet classification and level in the fair value hierarchy

	April 30, 2011								July 31, 2010
							Total								Total
(In millions)	Level 1		Level 2		Level 3		Fair Value		Level 1		Level 2		Level 3		Fair Value
Cash equivalents:
In cash and cash equivalents	$	1,239	$	—	$	—	$	1,239	$	143	$	—	$	—	$	143
In funds held for customers		208		—		—		208		187		—		—		187
Total cash equivalents	$	1,447	$	—	$	—	$	1,447	$	330	$	—	$	—	$	330
Available-for-sale debt securities:
In investments	$	—	$	459	$	—	$	459	$	—	$	1,408	$	—	$	1,408
In funds held for customers		—		175		—		175		—		150		—		150
In long-term investments		—		—		77		77		—		—		87		87
Total available-for-sale debt securities	$	—	$	634	$	77	$	711	$	—	$	1,558	$	87	$	1,645

Reconciliation of activity for Level 3 assets

	Nine Months Ended
	April 30,
(In millions)	2011
Beginning balance	$	87
Settlements at par		(10	)
Ending balance	$	77