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Leases | 3 Months Ended
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Oct. 31, 2023
Leases [Abstract] |
Leases |
8. Leases
We lease office facilities under non-cancellable operating lease arrangements. Our facility leases generally provide for periodic rent increases and may contain escalation clauses and renewal options. Our leases have remaining lease terms of up to 18 years, which include options to extend that are reasonably certain of being exercised. Some of our leases include one or more options to extend the leases for up to 10 years per option, which we are not reasonably certain to exercise. The options to extend are generally at rates to be determined in accordance with the agreements. Options to extend the lease are included in the lease liability if they are reasonably certain of being exercised. We do not have material finance leases. We sublease certain office facilities to third parties. These subleases have remaining lease terms of up to 7 years, some of which include one or more options to extend the subleases for up to 5 years per option. The components of lease expense were as follows:
| Three Months Ended |  |
(In millions) | October 31, 2023 |  | October 31, 2022 |  |  |  |
Operating lease cost (1) | $ | 26 |  |  | $ | 28 |  |  |  |  |
Variable lease cost | 6 |  |  | 4 |  |  |  |  |
Sublease income | (3) |  |  | (3) |  |  |  |  |
Total net lease cost | $ | 29 |  |  | $ | 29 |  |  |  |  |
(1) Includes short-term leases, which were not material for each of the three months ended October 31, 2023 and 2022. Supplemental cash flow information related to operating leases was as follows:
| Three Months Ended
(In millions) | October 31, 2023 |  | October 31, 2022
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 25 |  |  | $ | 23 |
Right-of-use assets obtained in exchange for operating lease liabilities | $ | 14 |  |  | $ | 16 |
Other information related to operating leases was as follows at the dates indicated:
| October 31, 2023 |  | July 31, 2023
Weighted-average remaining lease term for operating leases | 7.9 years |  | 7.9 years
Weighted-average discount rate for operating leases | 3.1 | % |  | 3 | %
Future minimum lease payments under non-cancellable operating leases as of October 31, 2023 were as follows:
(In millions) | Operating Leases (1)
Fiscal year ending July 31, |
2024 (excluding the three months ended October 31, 2023) | $ | 50 |
2025 | 97 |
2026 | 80 |
2027 | 72 |
2028 | 63 |
Thereafter | 285 |
Total future minimum lease payments | 647 |
Less imputed interest | (89) |
Present value of lease liabilities | $ | 558 |
(1) Non-cancellable sublease proceeds for the remainder of the fiscal year ending July 31, 2024 and the fiscal years ending July 31, 2025, 2026, 2027, 2028, and thereafter of $7 million, $6 million, $1 million, $1 million, $1 million, and $2 million, respectively, are not included in the table above. Supplemental balance sheet information related to operating leases was as follows at the dates indicated:
(In millions) | October 31, 2023 |  | July 31, 2023
Operating lease right-of-use assets | $ | 457 |  |  | $ | 469 |
Other current liabilities | $ | 84 |  |  | $ | 89 |
Operating lease liabilities | 474 |  |  | 480 |
Total operating lease liabilities | $ | 558 |  |  | $ | 569 |
As of October 31, 2023, we have an additional operating lease of $4 million for office facilities that has not yet commenced and therefore is not reflected on the condensed consolidated balance sheets nor in the tables above. This lease is expected to commence in fiscal year 2024 with a lease term of 6 years.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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