GOODWILL AND INTANGIBLE ASSETS, NET

3 Months Ended

Oct. 28, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 5—GOODWILL AND INTANGIBLE ASSETS, NET

Changes in the carrying value of Goodwill by reportable segment that have goodwill consisted of the following:


(in millions)	Wholesale			Other			Total
Goodwill as of July 29, 2023	$	10	(1)	$	10	(2)	$	20
Change in foreign exchange rates	(1)			—			(1)
Goodwill as of October 28, 2023	$	9	(1)	$	10	(2)	$	19

(1)Wholesale amounts are net of accumulated goodwill impairment charges of $717 million as of July 29, 2023 and October 28, 2023.

(2)Other amounts are net of accumulated goodwill impairment charges of $10 million as of July 29, 2023 and October 28, 2023.

Identifiable intangible assets, net consisted of the following:


	October 28, 2023						July 29, 2023
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Amortizing intangible assets:
Customer relationships	$	1,007	$	368	$	639	$	1,007	$	354	$	653
Pharmacy prescription files	33		24		9		33		22		11
Operating lease intangibles	6		5		1		6		5		1
Trademarks and tradenames	88		59		29		89		57		32
Total amortizing intangible assets	1,134		456		678		1,135		438		697
Indefinite lived intangible assets:
Trademarks and tradenames	25		—		25		25		—		25
Intangibles assets, net	$	1,159	$	456	$	703	$	1,160	$	438	$	722

Amortization expense was $18 million for the first quarters of fiscal 2024 and 2023. The estimated future amortization expense for each of the next five fiscal years and thereafter on amortizing intangible assets existing as of October 28, 2023 is as shown below:


Fiscal Year:	(in millions)
Remaining fiscal 2024	$	55
2025	71
2026	67
2027	64
2028	61
Thereafter	360
	$	678