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Stockholders' Equity (Tables) | 12 Months Ended
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Jul. 31, 2021
Share-based Payment Arrangement [Abstract] |
Total share-based compensation expense | The following table summarizes the total share-based compensation expense that we recorded in operating income for the periods shown.
| Twelve Months Ended July 31,
(In millions except per share amounts) | 2021 |  | 2020 |  | 2019
Cost of product revenue | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |
Cost of service and other revenue | 68 |  |  | 59 |  |  | 57 |
Selling and marketing | 183 |  |  | 116 |  |  | 103 |
Research and development | 281 |  |  | 151 |  |  | 136 |
General and administrative | 220 |  |  | 108 |  |  | 104 |
Total share-based compensation expense | 753 |  |  | 435 |  |  | 401 |
Income tax benefit | (269) |  |  | (173) |  |  | (200) |
Decrease in net income | $ | 484 |  |  | $ | 262 |  |  | $ | 201 |
Decrease in net income per share: |  |  |  |  |
Basic | $ | 1.79 |  |  | $ | 1.00 |  |  | $ | 0.77 |
Diluted | $ | 1.77 |  |  | $ | 0.99 |  |  | $ | 0.76 |
Assumptions to estimate the fair value of stock options granted and shares purchased under Employee Stock Purchase Plan | We used the following assumptions to estimate the fair value of stock options granted and shares purchased under our Employee Stock Purchase Plan for the periods indicated:
| Twelve Months Ended July 31,
| 2021 |  | 2020 |  | 2019
Assumptions for stock options: |  |  |  |  |
Expected volatility (range) | 29 | % |  | 32 | % |  | 26% - 27%
Weighted average expected volatility | 29 | % |  | 32 | % |  | 27 | %
Risk-free interest rate (range) | 0.62 | % |  | 0.20 | % |  | 1.84% - 2.92%
Expected dividend yield | 0.45 | % |  | 0.70 | % |  | 0.67% - 0.85%
Assumptions for ESPP: |  |  |  |  |
Expected volatility (range) | 31% - 36% |  | 23% - 72% |  | 21% - 33%
Weighted average expected volatility | 34 | % |  | 39 | % |  | 26 | %
Risk-free interest rate (range) | 0.02% - 0.17% |  | 0.24% - 2.23% |  | 1.94% - 2.44%
Expected dividend yield | 0.60% - 0.75% |  | 0.74% - 0.95% |  | 0.73% - 0.95%
Share-based awards available for grant | A summary of share-based awards available for grant under our plans for the fiscal periods indicated was as follows:
(Shares in thousands) | Shares Available for Grant
Balance at July 31, 2018 | 22,791 |
Restricted stock units granted (1) | (5,639) |
Options granted | (487) |
Share-based awards canceled/forfeited/expired (1)(2) | 4,393 |
Balance at July 31, 2019 | 21,058 |
Restricted stock units granted (1) | (6,111) |
Options granted | (382) |
Share-based awards canceled/forfeited/expired (1)(2) | 3,482 |
Balance at July 31, 2020 | 18,047 |
Shares available for grant under the Credit Karma Plan | 4,298 |
Restricted stock units granted (1) | (9,191) |
Options granted | (323) |
Share-based awards canceled/forfeited/expired (1)(2) | 4,020 |
Balance at July 31, 2021 | 16,851 |
(1)RSUs granted from the pool of shares available for grant under our 2005 Equity Incentive Plan reduce the pool by 2.3 shares for each share granted. RSUs forfeited and returned to the pool of shares available for grant under the 2005 Equity Incentive Plan increase the pool by 2.3 shares for each share forfeited. Shares granted from the Credit Karma Plan reduce the pool by one share for each share granted. Shares forfeited and returned to the pool from the Credit Karma Plan increase the pool by one share for each share forfeited (2)Stock options and RSUs canceled, expired or forfeited under our 2005 Equity Incentive Plan and Credit Karma Plan are returned to the pool of shares available for grant. Under the 2005 Equity Incentive Plan, shares withheld for income taxes upon vesting of RSUs that were granted on or after July 21, 2016 are also returned to the pool of shares available for grant. Stock options and RSUs canceled, expired or forfeited under older expired plans are not returned to the pool of shares available for grant. Under the Credit Karma Plan, shares withheld for income taxes are also returned to the pool of shares available for grant.
Summary of restricted stock unit activity | A summary of restricted stock unit (RSU) and restricted stock activity for the periods indicated was as follows:
(Shares in thousands) | Number of Shares |  | Weighted Average Grant Date Fair Value
Nonvested at July 31, 2018 | 7,383 |  |  | $131.50 |
Granted | 2,452 |  |  | 245.40 |
Vested | (3,123) |  |  | 129.31 |
Forfeited | (1,029) |  |  | 107.40 |
Nonvested at July 31, 2019 | 5,683 |  |  | 186.22 |
Granted | 2,657 |  |  | 271.80 |
Vested | (2,039) |  |  | 180.40 |
Forfeited | (637) |  |  | 154.91 |
Nonvested at July 31, 2020 | 5,664 |  |  | 231.97 |
Assumed through acquisition | 1,998 |  |  | 355.49 |
Granted(1) | 3,877 |  |  | 431.82 |
Restricted stock subject to revest provisions issued in connection with acquisition | 775 |  |  | 355.49 |
Vested | (2,242) |  |  | 262.23 |
Forfeited | (1,034) |  |  | 251.41 |
Nonvested at July 31, 2021 | 9,038 |  |  | $345.86 |
(1)This includes 809,000 RSUSs granted to the employees of Credit Karma in connection with the acquisition with a grant date fair value of $300 million. See Note 6, “Business Combinations.”
Additional information regarding RSUs | Additional information regarding our RSUs is shown in the table below.
| Twelve Months Ended July 31,
(In millions) | 2021 |  | 2020 |  | 2019
Total fair market value of shares vested | $ | 942 |  |  | $ | 620 |  |  | $ | 676 |
Share-based compensation for RSUs | $ | 708 |  |  | $ | 382 |  |  | $ | 351 |
Total tax benefit related to RSU share-based compensation expense | $ | 225 |  |  | $ | 134 |  |  | $ | 141 |
Cash tax benefits realized for tax deductions for RSUs | $ | 221 |  |  | $ | 139 |  |  | $ | 150 |
Stock option activity | A summary of stock option activity for the periods indicated was as follows:
| Options Outstanding
(Shares in thousands) | Number of Shares |  | Weighted Average Exercise Price Per Share
Balance at July 31, 2018 | 5,154 |  |  | $120.26 |
Granted | 487 |  |  | 274.26 |
Exercised | (1,924) |  |  | 102.49 |
Canceled or expired | (343) |  |  | 138.59 |
Balance at July 31, 2019 | 3,374 |  |  | 150.75 |
Granted | 382 |  |  | 303.94 |
Exercised | (993) |  |  | 111.82 |
Canceled or expired | (82) |  |  | 188.39 |
Balance at July 31, 2020 | 2,681 |  |  | 185.83 |
Granted | 323 |  |  | 525.51 |
Exercised | (718) |  |  | 128.39 |
Canceled or expired | (82) |  |  | 264.53 |
Balance at July 31, 2021 | 2,204 |  |  | $251.48 |
Stock options outstanding | Information regarding stock options outstanding as of July 31, 2021 is summarized below:
| Number of Shares (in thousands) |  | Weighted Average Remaining Contractual Life (in Years) |  | Weighted Average Exercise Price per Share |  | Aggregate Intrinsic Value (in millions)
Options outstanding | 2,204 |  |  | 4.33 |  | $251.48 |  |  | $614 |
Options exercisable | 1,358 |  |  | 3.31 |  | $173.90 |  |  | $483 |
Additional information regarding stock options and ESPP shares | Additional information regarding our stock options and ESPP shares is shown in the table below.
| Twelve Months Ended July 31,
(In millions except per share amounts) | 2021 |  | 2020 |  | 2019
Weighted average fair value of options granted (per share) | $ | 122.16 |  |  | $ | 74.85 |  |  | $ | 63.18 |
Total grant date fair value of options vested | $ | 17 |  |  | $ | 23 |  |  | $ | 30 |
Aggregate intrinsic value of options exercised | $ | 179 |  |  | $ | 159 |  |  | $ | 248 |
Share-based compensation expense for stock options and ESPP | $ | 45 |  |  | $ | 53 |  |  | $ | 50 |
Total tax benefit for stock option and ESPP share-based compensation | $ | 44 |  |  | $ | 39 |  |  | $ | 59 |
Cash received from option exercises | $ | 92 |  |  | $ | 111 |  |  | $ | 197 |
Cash tax benefits realized related to tax deductions for non-qualified option exercises and disqualifying dispositions under all share-based payment arrangements | $ | 48 |  |  | $ | 39 |  |  | $ | 58 |
Components of accumulated other comprehensive loss, net of income taxes | The following table shows the components of accumulated other comprehensive loss, net of income taxes, in the stockholders’ equity section of our consolidated balance sheets at the dates indicated.
| July 31,
(In millions) | 2021 |  | 2020
Unrealized gain on available-for-sale debt securities | $ | 3 |  |  | $ | 6 |
Foreign currency translation adjustments | (27) |  |  | (38) |
Total accumulated other comprehensive loss | $ | (24) |  |  | $ | (32) |

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