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Cash and Cash Equivalents, Investments, and Funds Held for Customers | 3 Months Ended
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Oct. 31, 2021
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
We consider highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. In all periods presented, cash equivalents consist primarily of money market funds and time deposits. Investments consist primarily of investment-grade available-for-sale debt securities. Funds held for customers represent cash held on behalf of our customers that is invested in cash and cash equivalents and investment-grade available-for-sale securities, restricted for use solely for the purpose of satisfying amounts we owe on behalf of our customers. Except for direct obligations of the United States government, securities issued by agencies of the United States government, and money market funds, we diversify our investments in debt securities by limiting our holdings with any individual issuer. The following table summarizes our cash and cash equivalents, investments, and funds held for customers by balance sheet classification at the dates indicated.
| October 31, 2021 |  | July 31, 2021
(In millions) | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Classification on condensed consolidated balance sheets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 2,864 |  |  | $ | 2,864 |  |  | $ | 2,562 |  |  | $ | 2,562 |
Investments | 387 |  |  | 386 |  |  | 1,305 |  |  | 1,308 |
Funds held for customers | 307 |  |  | 306 |  |  | 456 |  |  | 457 |
Total cash and cash equivalents, investments, and funds held for customers | $ | 3,558 |  |  | $ | 3,556 |  |  | $ | 4,323 |  |  | $ | 4,327 |
The following table summarizes our cash and cash equivalents, investments, and funds held for customers by investment category at the dates indicated.
| October 31, 2021 |  | July 31, 2021
(In millions) | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Type of issue: |  |  |  |  |  |  |
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | $ | 2,972 |  |  | $ | 2,972 |  |  | $ | 2,819 |  |  | $ | 2,819 |
Available-for-sale debt securities: |  |  |  |  |  |  |
Municipal bonds | — |  |  | — |  |  | 37 |  |  | 38 |
Corporate notes | 546 |  |  | 544 |  |  | 1,397 |  |  | 1,400 |
U.S. agency securities | 40 |  |  | 40 |  |  | 70 |  |  | 70 |
Total available-for-sale debt securities | 586 |  |  | 584 |  |  | 1,504 |  |  | 1,508 |
Total cash, cash equivalents, restricted cash, restricted cash equivalents, and investments | $ | 3,558 |  |  | $ | 3,556 |  |  | $ | 4,323 |  |  | $ | 4,327 |
We use the specific identification method to compute gains and losses on investments. We include realized gains and losses on our available-for-sale debt securities in interest and other income on our condensed consolidated statements of operations. Gross realized gains and losses on our available-for-sale debt securities for the three months ended October 31, 2021 and October 31, 2020 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 condensed consolidated balance sheets, except for certain unrealized losses described below. Gross unrealized gains and losses on our available-for-sale debt securities at October 31, 2021 and July 31, 2021 were not significant. For available-for sale debt securities in an unrealized loss position, we determine whether a credit loss exists. The estimate of the credit loss is determined by considering available information relevant to the collectibility of the security and information about past events, current conditions, and reasonable and supportable forecasts. The allowance for credit loss is recorded to interest and other income on our condensed consolidated statement of operations, not to exceed the amount of the unrealized loss. Any excess unrealized loss greater than the credit loss at a security level is recognized in accumulated other comprehensive income or loss in the stockholders' equity section of our condensed consolidated balance sheets. We determined there were no credit losses related to available-for-sale securities as of October 31, 2021. Unrealized losses on available-for-sale debt securities at October 31, 2021 were not significant. We do not intend to sell these investments. In addition, it is m ore likely than not that we will not be required to sell them before recovery of the amortized cost basis, 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.
| October 31, 2021 |  | July 31, 2021
(In millions) | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Due within one year | $ | 154 |  |  | $ | 154 |  |  | $ | 551 |  |  | $ | 553 |
Due within two years | 300 |  |  | 299 |  |  | 550 |  |  | 551 |
Due within three years | 132 |  |  | 131 |  |  | 398 |  |  | 398 |
Due after three years | — |  |  | — |  |  | 5 |  |  | 6 |
Total available-for-sale debt securities | $ | 586 |  |  | $ | 584 |  |  | $ | 1,504 |  |  | $ | 1,508 |
The following table summarizes our funds held for customers by investment category at the dates indicated.
(In millions) | October 31, 2021 |  | July 31, 2021 |
Restricted cash and restricted cash equivalents | $ | 108 |  |  | $ | 257 |  |
Restricted available-for-sale debt securities | 198 |  |  | 200 |  |
Total funds held for customers | $ | 306 |  |  | $ | 457 |  |
(In millions) | October 31, 2020 |  | July 31, 2020 |
Restricted cash and restricted cash equivalents | $ | 284 |  |  | $ | 255 |  |
Restricted available-for-sale debt securities | 200 |  |  | 200 |  |
Total funds held for customers | $ | 484 |  |  | $ | 455 |  |

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