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Cash and Cash Equivalents, Investments, and Funds Held for Customers | 12 Months Ended
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Jul. 31, 2020
Cash and Cash Equivalents, Investments and Funds Held for Customers [Abstract] |
Cash and Cash Equivalents, Investments, and Funds Held for Customers |
3. Cash and Cash Equivalents, Investments, and Funds Held for Customers
The following table summarizes our cash and cash equivalents, investments and funds held for customers by balance sheet classification at the dates indicated.
| July 31, 2020 |  | July 31, 2019
(In millions) | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Classification on consolidated balance sheets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 6,442 |  |  | $ | 6,442 |  |  | $ | 2,116 |  |  | $ | 2,116 |
Investments | 600 |  |  | 608 |  |  | 622 |  |  | 624 |
Funds held for customers | 455 |  |  | 455 |  |  | 436 |  |  | 436 |
Long-term investments | 19 |  |  | 19 |  |  | 13 |  |  | 13 |
Total cash and cash equivalents, investments, and funds held for customers | $ | 7,516 |  |  | $ | 7,524 |  |  | $ | 3,187 |  |  | $ | 3,189 |
The following table summarizes our cash and cash equivalents, investments and funds held for customers by investment category at the dates indicated.
| July 31, 2020 |  | July 31, 2019
(In millions) | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Type of issue: |  |  |  |  |  |  |
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | $ | 6,697 |  |  | $ | 6,697 |  |  | $ | 2,352 |  |  | $ | 2,352 |
Available-for-sale debt securities: |  |  |  |  |  |  |
Municipal bonds | 9 |  |  | 9 |  |  | 5 |  |  | 5 |
Corporate notes | 744 |  |  | 752 |  |  | 798 |  |  | 800 |
U.S. agency securities | 47 |  |  | 47 |  |  | 19 |  |  | 19 |
Total available-for-sale debt securities | 800 |  |  | 808 |  |  | 822 |  |  | 824 |
Other long-term investments | 19 |  |  | 19 |  |  | 13 |  |  | 13 |
Total cash, cash equivalents, restricted cash, restricted cash equivalents, and investments | $ | 7,516 |  |  | $ | 7,524 |  |  | $ | 3,187 |  |  | $ | 3,189 |
We include realized gains and losses on our available-for-sale debt securities in interest and other income or expense on our consolidated statements of operations. Gross realized gains and losses on our available-for-sale debt securities for the twelve months ended July 31, 2020, 2019 and 2018 were not significant. We accumulate unrealized gains and losses on our available-for-sale debt securities, net of tax, in accumulated other comprehensive income or loss in the stockholders’ equity section of our consolidated balance sheets. Gross unrealized gains and losses on our available-for-sale debt securities at July 31, 2020 and July 31, 2019 were not significant. We periodically review our investment portfolios to determine if any investment is other-than-temporarily impaired due to changes in credit risk or other potential valuation concerns. We believe that the investments that we held at July 31, 2020 were not other-than-temporarily impaired. Unrealized losses on available-for-sale debt securities at July 31, 2020 were not significant and are due to changes in interest rates, including market credit spreads, and not due to increased credit risks associated with specific securities. We do not intend to sell these investments. In addition, it is more likely than not that we will not be required to sell them before recovery at par, which may be at maturity. The following table summarizes our available-for-sale debt securities, included in investments and funds held for customers, classified by the stated maturity date of the security at the dates indicated.
| July 31, 2020 |  | July 31, 2019
(In millions) | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Due within one year | $ | 389 |  |  | $ | 390 |  |  | $ | 415 |  |  | $ | 416 |
Due within two years | 256 |  |  | 261 |  |  | 208 |  |  | 208 |
Due within three years | 137 |  |  | 139 |  |  | 163 |  |  | 164 |
Due after three years | 18 |  |  | 18 |  |  | 36 |  |  | 36 |
Total available-for-sale debt securities | $ | 800 |  |  | $ | 808 |  |  | $ | 822 |  |  | $ | 824 |
The following table summarizes our funds held for customers by investment category at the dates indicated.
| July 31, 2020 |  | July 31, 2019 |  | July 31, 2018 |  | July 31, 2017
(In millions) |  |  |  |  |  |  |
Restricted cash and restricted cash equivalents | $ | 255 |  |  | $ | 236 |  |  | $ | 167 |  |  | $ | 172 |
Restricted available-for-sale debt securities | 200 |  |  | 200 |  |  | 200 |  |  | 200 |
Total funds held for customers | $ | 455 |  |  | $ | 436 |  |  | $ | 367 |  |  | $ | 372 |

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