Goodwill and Acquired Intangible Assets (Tables)

9 Months Ended

Apr. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill By Reportable Segment

Changes in the carrying value of goodwill by reportable segment during the nine months ended April 30, 2021 were as shown in the following table. Our reportable segments are described in Note 12, “Segment Information.”

(In millions)	Balance  July 31, 2020		Goodwill Acquired		Foreign Currency Translation		Balance April 30, 2021
Small Business & Self-Employed	$	1,518	$	59	$	1	$	1,578
Consumer	42		—		—		42
ProConnect	94		—		1		95
Credit Karma	—		3,899		—		3,899
Totals	$	1,654	$	3,958	$	2	$	5,614

Schedule of Intangible Assets Acquired

The following table shows the cost, accumulated amortization and weighted average life in years for our acquired intangible assets at the dates indicated. The increases in intangible assets during the nine months ended April 30, 2021 were primarily due to the acquisition of Credit Karma. See Note 5, "Business Combinations." The weighted average lives are calculated for assets that are not fully amortized.

(Dollars in millions)	Customer Lists / User Relationships		Purchased Technology		Trade Names and Logos		Covenants Not to Compete or Sue		Total
At April 30, 2021:
Cost	$	3,038	$	686	$	400	$	42	$	4,166
Accumulated amortization	(330)		(439)		(35)		(41)		(845)
Acquired intangible assets, net	$	2,708	$	247	$	365	$	1	$	3,321
Weighted average life in years	15		5		15		3		14
At July 31, 2020:
Cost	$	256	$	421	$	25	$	42	$	744
Accumulated amortization	(248)		(404)		(25)		(39)		(716)
Acquired intangible assets, net	$	8	$	17	$	—	$	3	$	28
Weighted average life in years	5		3		0		3		4

Schedule of Future Amortization Expense

The following table shows the expected future amortization expense for our acquired intangible assets at April 30, 2021. Amortization of purchased technology is charged to amortization of acquired technology in our consolidated statements of operations. Amortization of other acquired intangible assets such as customer lists is charged to amortization of other acquired intangible assets in our consolidated statements of operations. If impairment events occur, they could accelerate the timing of acquired intangible asset charges.

(In millions)	Expected Future Amortization Expense
Twelve months ending July 31,
2021 (excluding the nine months ended April 30, 2021)	$	69
2022	274
2023	264
2024	248
2025	247
Thereafter	2,219
Total expected future amortization expense	$	3,321