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Income Taxes (Tables) | 12 Months Ended
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Jul. 31, 2023
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) | 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |
Federal | $ | 970 |  |  | $ | 253 |  |  | $ | 399 |
State | 208 |  |  | 93 |  |  | 121 |
Foreign | 86 |  |  | 31 |  |  | 17 |
Total current | 1,264 |  |  | 377 |  |  | 537 |
Deferred: |  |  |  |  |
Federal | (559) |  |  | 85 |  |  | (33) |
State | (99) |  |  | 18 |  |  | (11) |
Foreign | (1) |  |  | (4) |  |  | 1 |
Total deferred | (659) |  |  | 99 |  |  | (43) |
Total provision for income taxes | $ | 605 |  |  | $ | 476 |  |  | $ | 494 |
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) | 2023 |  | 2022 |  | 2021
United States | $ | 2,798 |  |  | $ | 2,433 |  |  | $ | 2,497 |
Foreign | 191 |  |  | 109 |  |  | 59 |
Total | $ | 2,989 |  |  | $ | 2,542 |  |  | $ | 2,556 |
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) | 2023 |  | 2022 |  | 2021
Income before income taxes | $ | 2,989 |  |  | $ | 2,542 |  |  | $ | 2,556 |
Statutory federal income tax | $ | 628 |  |  | $ | 534 |  |  | $ | 537 |
State income tax, net of federal benefit | 86 |  |  | 87 |  |  | 87 |
Federal research and experimentation credits | (106) |  |  | (94) |  |  | (70) |
Share-based compensation | 58 |  |  | 45 |  |  | 32 |
Excess tax benefits related to share-based compensation | (26) |  |  | (112) |  |  | (105) |
Effects of non-U.S. operations | (28) |  |  | 4 |  |  | 4 |
Other, net | (7) |  |  | 12 |  |  | 9 |
Total provision for income taxes | $ | 605 |  |  | $ | 476 |  |  | $ | 494 |
Components of deferred tax assets and liabilities | Material deferred tax assets and liabilities were as follows at the dates indicated:
| July 31,
(In millions) | 2023 |  | 2022
Deferred tax assets: |  |  |
Accruals and reserves not currently deductible | $ | 31 |  |  | $ | 84 |
Capitalized research and development (1) | 667 |  |  | — |
Operating lease liabilities | 153 |  |  | 168 |
Accrued and deferred compensation | 90 |  |  | 84 |
Loss and tax credit carryforwards | 256 |  |  | 224 |
Intangible assets | — |  |  | 25 |
Share-based compensation | 94 |  |  | 97 |
Other, net | 27 |  |  | 23 |
Total gross deferred tax assets | 1,318 |  |  | 705 |
Valuation allowance | (235) |  |  | (244) |
Total deferred tax assets | 1,083 |  |  | 461 |
Deferred tax liabilities: |  |  |
Operating lease right-of-use assets | 128 |  |  | 149 |
Intangibles | 840 |  |  | 868 |
Property and equipment | 8 |  |  | 9 |
Other, net | 47 |  |  | 43 |
Total deferred tax liabilities | 1,023 |  |  | 1,069 |
Net deferred tax assets (liabilities) | $ | 60 |  |  | $ | (608) |
(1) As required by the 2017 Tax Cuts & Jobs Act, our research and development costs are capitalized and amortized for U.S. tax purposes for the twelve months ended July 31, 2023. The mandatory capitalization requirement significantly increased our deferred tax assets at July 31, 2023.
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) | 2023 |  | 2022
Long-term deferred income tax assets | $ | 64 |  |  | $ | 11 |
Long-term deferred income tax liabilities | (4) |  |  | (619) |
Net deferred tax assets (liabilities) | $ | 60 |  |  | $ | (608) |
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) | 2023 |  | 2022 |  | 2021
Gross unrecognized tax benefits, beginning balance | $ | 216 |  |  | $ | 190 |  |  | $ | 101 |
Increases related to tax positions from prior fiscal years, including acquisitions | 11 |  |  | 9 |  |  | 69 |
Decreases related to tax positions from prior fiscal years | (16) |  |  | (13) |  |  | — |
Increases related to tax positions taken during current fiscal year | 38 |  |  | 31 |  |  | 31 |
Settlements with tax authorities | (2) |  |  | — |  |  | — |
Lapse of statute of limitations | (1) |  |  | (1) |  |  | (11) |
Gross unrecognized tax benefits, ending balance | $ | 246 |  |  | $ | 216 |  |  | $ | 190 |

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