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Income Taxes (Tables) | 12 Months Ended
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Jul. 31, 2021
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) | 2021 |  | 2020 |  | 2019
Current: |  |  |  |  |
Federal | $ | 399 |  |  | $ | 372 |  |  | $ | 271 |
State | 121 |  |  | 79 |  |  | 67 |
Foreign | 17 |  |  | 21 |  |  | 14 |
Total current | 537 |  |  | 472 |  |  | 352 |
Deferred: |  |  |  |  |
Federal | (33) |  |  | (47) |  |  | (23) |
State | (11) |  |  | (47) |  |  | (4) |
Foreign | 1 |  |  | (6) |  |  | (1) |
Total deferred | (43) |  |  | (100) |  |  | (28) |
Total provision for income taxes | $ | 494 |  |  | $ | 372 |  |  | $ | 324 |
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) | 2021 |  | 2020 |  | 2019
United States | $ | 2,497 |  |  | $ | 2,206 |  |  | $ | 1,826 |
Foreign | 59 |  |  | (8) |  |  | 55 |
Total | $ | 2,556 |  |  | $ | 2,198 |  |  | $ | 1,881 |
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) | 2021 |  | 2020 |  | 2019
Income before income taxes | $ | 2,556 |  |  | $ | 2,198 |  |  | $ | 1,881 |
U.S. federal statutory rate | 21 | % |  | 21 | % |  | 21 | %
Statutory federal income tax | $ | 537 |  |  | $ | 462 |  |  | $ | 395 |
State income tax, net of federal benefit | 87 |  |  | 25 |  |  | 50 |
Federal research and experimentation credits | (70) |  |  | (54) |  |  | (48) |
Share-based compensation | 38 |  |  | 22 |  |  | 15 |
Federal excess tax benefits related to share-based compensation | (105) |  |  | (79) |  |  | (106) |
Effects of non-U.S. operations | 4 |  |  | 13 |  |  | 13 |
Other, net | 3 |  |  | (17) |  |  | 5 |
Total provision for income taxes | $ | 494 |  |  | $ | 372 |  |  | $ | 324 |
Components of deferred tax assets and liabilities | Significant deferred tax assets and liabilities were as follows at the dates indicated:
| July 31,
(In millions) | 2021 |  | 2020
Deferred tax assets: |  |  |
Accruals and reserves not currently deductible | $ | 48 |  |  | $ | 23 |
Operating lease liabilities | 113 |  |  | 64 |
Accrued and deferred compensation | 132 |  |  | 112 |
Loss and tax credit carryforwards | 282 |  |  | 114 |
Intangible assets | 33 |  |  | 26 |
Share-based compensation | 59 |  |  | 44 |
Other, net | 16 |  |  | 13 |
Total gross deferred tax assets | 683 |  |  | 396 |
Valuation allowance | (205) |  |  | (132) |
Total deferred tax assets | 478 |  |  | 264 |
Deferred tax liabilities: |  |  |
Deferred revenue | 32 |  |  | 68 |
Operating lease right-of-use assets | 96 |  |  | 55 |
Intangibles | 844 |  |  | 45 |
Property and equipment | 10 |  |  | 22 |
Other, net | 13 |  |  | 11 |
Total deferred tax liabilities | 995 |  |  | 201 |
Net deferred tax assets (liabilities) | $ | (517) |  |  | $ | 63 |
Components of net deferred tax assets, net of valuation allowances | The components of total net deferred tax assets (liabilities), net of valuation allowances, as shown on our consolidated balance sheets were as follows at the dates indicated:
| July 31,
(In millions) | 2021 |  | 2020
Long-term deferred income taxes | $ | 8 |  |  | $ | 65 |
Long-term deferred income tax liabilities | (525) |  |  | (2) |
Net deferred tax assets (liabilities) | $ | (517) |  |  | $ | 63 |
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) | 2021 |  | 2020 |  | 2019
Gross unrecognized tax benefits, beginning balance | $ | 101 |  |  | $ | 120 |  |  | $ | 90 |
Increases related to tax positions from prior fiscal years, including acquisitions | 69 |  |  | 2 |  |  | 13 |
Decreases related to tax positions from prior fiscal years | — |  |  | (35) |  |  | — |
Increases related to tax positions taken during current fiscal year | 31 |  |  | 21 |  |  | 23 |
Settlements with tax authorities | — |  |  | (1) |  |  | (1) |
Lapse of statute of limitations | (11) |  |  | (6) |  |  | (5) |
Gross unrecognized tax benefits, ending balance | $ | 190 |  |  | $ | 101 |  |  | $ | 120 |

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