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Income Taxes (Tables) | 12 Months Ended
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Jul. 31, 2020
Income Tax Disclosure [Abstract] |
Provision for income taxes from continuing operations | The provision for income taxes consisted of the following for the periods indicated:
| Twelve Months Ended July 31,
(In millions) | 2020 |  | 2019 |  | 2018
Current: |  |  |  |  |
Federal | $ | 372 |  |  | $ | 271 |  |  | $ | 197 |
State | 79 |  |  | 67 |  |  | 38 |
Foreign | 21 |  |  | 14 |  |  | 14 |
Total current | 472 |  |  | 352 |  |  | 249 |
Deferred: |  |  |  |  |
Federal | (47 | ) |  | (23 | ) |  | (14 | )
State | (47 | ) |  | (4 | ) |  | 2 |
Foreign | (6 | ) |  | (1 | ) |  | — |
Total deferred | (100 | ) |  | (28 | ) |  | (12 | )
Total provision for income taxes | $ | 372 |  |  | $ | 324 |  |  | $ | 237 |
Sources of income from continuing operations before the provision for income taxes | The sources of income before the provision for income taxes consisted of the following for the periods indicated:
| Twelve Months Ended July 31,
(In millions) | 2020 |  | 2019 |  | 2018
United States | $ | 2,206 |  |  | $ | 1,826 |  |  | $ | 1,528 |
Foreign | (8 | ) |  | 55 |  |  | 38 |
Total | $ | 2,198 |  |  | $ | 1,881 |  |  | $ | 1,566 |
Differences between income taxes calculated using the federal statutory income tax rate and the provision for income taxes from continuing operations | Differences between income taxes calculated using the federal statutory income tax rate and the provision for income taxes were as follows for the periods indicated:
| Twelve Months Ended July 31,
(In millions) | 2020 |  | 2019 |  | 2018
Income before income taxes | $ | 2,198 |  |  | $ | 1,881 |  |  | $ | 1,566 |
U.S. federal statutory rate | 21 | % |  | 21 | % |  | 26.9 | %
Statutory federal income tax | $ | 462 |  |  | $ | 395 |  |  | $ | 420 |
State income tax, net of federal benefit | 25 |  |  | 50 |  |  | 29 |
Federal research and experimentation credits | (54 | ) |  | (48 | ) |  | (38 | )
Domestic production activities deduction | — |  |  | — |  |  | (28 | )
Share-based compensation | 22 |  |  | 15 |  |  | 11 |
Federal excess tax benefits related to share-based compensation | (79 | ) |  | (106 | ) |  | (94 | )
2017 Tax Act - Deferred tax re-measurement | — |  |  | — |  |  | (29 | )
Capital loss on subsidiary reorganization | — |  |  | — |  |  | (35 | )
Effects of non-U.S. operations | 13 |  |  | 13 |  |  | 1 |
Other, net | (17 | ) |  | 5 |  |  | — |
Total provision for income taxes | $ | 372 |  |  | $ | 324 |  |  | $ | 237 |
Components of deferred tax assets and liabilities | Significant deferred tax assets and liabilities were as follows at the dates indicated:
| July 31,
(In millions) | 2020 |  | 2019
Deferred tax assets: |  |  |
Accruals and reserves not currently deductible | $ | 23 |  |  | $ | 13 |
Operating lease liabilities | 64 |  |  | — |
Accrued and deferred compensation | 112 |  |  | 48 |
Loss and tax credit carryforwards | 114 |  |  | 117 |
Intangible assets | 26 |  |  | — |
Share-based compensation | 44 |  |  | 47 |
Other, net | 13 |  |  | 11 |
Total gross deferred tax assets | 396 |  |  | 236 |
Valuation allowance | (132 | ) |  | (107 | )
Total deferred tax assets | 264 |  |  | 129 |
Deferred tax liabilities: |  |  |
Deferred revenue | 68 |  |  | 66 |
Operating lease right-of-use assets | 55 |  |  | — |
Intangibles | 45 |  |  | 71 |
Property and equipment | 22 |  |  | 20 |
Other, net | 11 |  |  | 8 |
Total deferred tax liabilities | 201 |  |  | 165 |
Net deferred tax assets (liabilities) | $ | 63 |  |  | $ | (36 | )
Components of net deferred tax assets, net of valuation allowances | The components of total net deferred tax liabilities, net of valuation allowances, as shown on our consolidated balance sheets were as follows at the dates indicated:
| July 31,
(In millions) | 2020 |  | 2019
Long-term deferred income taxes | $ | 65 |  |  | $ | 1 |
Long-term deferred income tax liabilities | (2 | ) |  | (37 | )
Net deferred tax assets (liabilities) | $ | 63 |  |  | $ | (36 | )
Aggregate changes in the balance of gross unrecognized tax benefits | The aggregate changes in the balance of our gross unrecognized tax benefits were as follows for the periods indicated:
| Twelve Months Ended July 31,
(In millions) | 2020 |  | 2019 |  | 2018
Gross unrecognized tax benefits, beginning balance | $ | 120 |  |  | $ | 90 |  |  | $ | 61 |
Increases related to tax positions from prior fiscal years, including acquisitions | 2 |  |  | 13 |  |  | 10 |
Decreases related to tax positions from prior fiscal years | (35 | ) |  | — |  |  | (3 | )
Increases related to tax positions taken during current fiscal year | 21 |  |  | 23 |  |  | 23 |
Settlements with tax authorities | (1 | ) |  | (1 | ) |  | (1 | )
Lapse of statute of limitations | (6 | ) |  | (5 | ) |  | — |
Gross unrecognized tax benefits, ending balance | $ | 101 |  |  | $ | 120 |  |  | $ | 90 |

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