| 1. Description of Business and Summary of Significant Accounting Policies |
Description of Business |
Basis of Presentation |
Seasonality |
Use of Estimates |
Revenue Recognition |
Shipping and Handling |
Customer Service and Technical Support |
Software Development Costs |
Internal Use Software |
Advertising |
Leases |
Capitalization of Interest Expense |
Foreign Currency |
Income Taxes |
Computation of Net Income Per Share |
| \u00a0 | Twelve Months Ended July 31, | ||||||||||||||||
| (In millions, except per share amounts) | 2023 | 2022 | 2021 | ||||||||||||||
| Numerator: | \u00a0 | \u00a0 | |||||||||||||||
| Net income | $ | 2,384\u00a0 | $ | 2,066\u00a0 | $ | 2,062\u00a0 | |||||||||||
| Denominator: | \u00a0 | \u00a0 | \u00a0 | ||||||||||||||
| Shares used in basic per share amounts: | \u00a0 | \u00a0 | \u00a0 | ||||||||||||||
| Weighted-average common shares outstanding | 281\u00a0 | 280\u00a0 | 270\u00a0 | ||||||||||||||
| Shares used in diluted per share amounts: | \u00a0 | \u00a0 | \u00a0 | ||||||||||||||
| Weighted-average common shares outstanding | 281\u00a0 | 280\u00a0 | 270\u00a0 | ||||||||||||||
| Dilutive common equivalent shares from stock options and restricted stock awards | 2\u00a0 | 4\u00a0 | 3\u00a0 | ||||||||||||||
| Dilutive weighted-average common shares outstanding | 283\u00a0 | 284\u00a0 | 273\u00a0 | ||||||||||||||
| Basic and diluted net income per share: | \u00a0 | \u00a0 | \u00a0 | ||||||||||||||
| Basic net income per share | $ | 8.49\u00a0 | $ | 7.38\u00a0 | $ | 7.65\u00a0 | |||||||||||
| Diluted net income per share | $ | 8.42\u00a0 | $ | 7.28\u00a0 | $ | 7.56\u00a0 | |||||||||||
| Shares excluded from diluted net income per share: | |||||||||||||||||
| Weighted-average stock options and restricted stock units that have been excluded from dilutive common equivalent shares outstanding due to their anti-dilutive effect | 1\u00a0 | 1\u00a0 | \u2014\u00a0 |
Cash Equivalents and Investments |
Accounts Receivable and Allowances for Doubtful Accounts |
Funds Receivable and Amounts Held for Customers and Funds Payable and Amounts Due to Customers |
Property and Equipment |
Business Combinations |
Goodwill, Acquired Intangible Assets and Other Long-Lived Assets |
Share-Based Compensation Plans |
Concentration of Credit Risk and Significant Customers and Suppliers |
Accounting Standards Not Yet Adopted |
Basis of Presentation |
Seasonality |
Use of Estimates |
Revenue Recognition |
Shipping and Handling |
Customer Service and Technical Support |
Software Development Costs |
Internal Use Software |
Advertising |
Leases |
Capitalization of Interest Expense |
Foreign Currency |
Income Taxes |
Computation of Net Income Per Share |
| \u00a0 | Twelve Months Ended July 31, | ||||||||||||||||
| (In millions, except per share amounts) | 2023 | 2022 | 2021 | ||||||||||||||
| Numerator: | \u00a0 | \u00a0 | |||||||||||||||
| Net income | $ | 2,384\u00a0 | $ | 2,066\u00a0 | $ | 2,062\u00a0 | |||||||||||
| Denominator: | \u00a0 | \u00a0 | \u00a0 | ||||||||||||||
| Shares used in basic per share amounts: | \u00a0 | \u00a0 | \u00a0 | ||||||||||||||
| Weighted-average common shares outstanding | 281\u00a0 | 280\u00a0 | 270\u00a0 | ||||||||||||||
| Shares used in diluted per share amounts: | \u00a0 | \u00a0 | \u00a0 | ||||||||||||||
| Weighted-average common shares outstanding | 281\u00a0 | 280\u00a0 | 270\u00a0 | ||||||||||||||
| Dilutive common equivalent shares from stock options and restricted stock awards | 2\u00a0 | 4\u00a0 | 3\u00a0 | ||||||||||||||
| Dilutive weighted-average common shares outstanding | 283\u00a0 | 284\u00a0 | 273\u00a0 | ||||||||||||||
| Basic and diluted net income per share: | \u00a0 | \u00a0 | \u00a0 | ||||||||||||||
| Basic net income per share | $ | 8.49\u00a0 | $ | 7.38\u00a0 | $ | 7.65\u00a0 | |||||||||||
| Diluted net income per share | $ | 8.42\u00a0 | $ | 7.28\u00a0 | $ | 7.56\u00a0 | |||||||||||
| Shares excluded from diluted net income per share: | |||||||||||||||||
| Weighted-average stock options and restricted stock units that have been excluded from dilutive common equivalent shares outstanding due to their anti-dilutive effect | 1\u00a0 | 1\u00a0 | \u2014\u00a0 |
Cash Equivalents and Investments |
Accounts Receivable and Allowances for Doubtful Accounts |
Funds Receivable and Amounts Held for Customers and Funds Payable and Amounts Due to Customers |
Property and Equipment |
Business Combinations |
Goodwill, Acquired Intangible Assets and Other Long-Lived Assets |
Share-Based Compensation Plans |
Concentration of Credit Risk and Significant Customers and Suppliers |
Accounting Standards Not Yet Adopted |
| 2. Fair Value Measurements |
Fair Value Hierarchy |
Assets and Liabilities Measured at Fair Value on a Recurring Basis |
| \u00a0 | At July 31, 2023 | At July 31, 2022 | |||||||||||||||||||||||||||||||||
| (In millions) | Level 1 | Level 2 | Total Fair Value | Level 1 | Level 2 | Total Fair Value | |||||||||||||||||||||||||||||
| Assets: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |||||||||||||||||||||||||||||
| Cash equivalents, primarily money market funds | $ | 1,888\u00a0 | $ | \u2014\u00a0 | $ | 1,888\u00a0 | $ | 1,835\u00a0 | $ | \u2014\u00a0 | $ | 1,835\u00a0 | |||||||||||||||||||||||
| Available-for-sale debt securities: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |||||||||||||||||||||||||||||||
| Corporate notes | \u2014\u00a0 | 805\u00a0 | 805\u00a0 | \u2014\u00a0 | 589\u00a0 | 589\u00a0 | |||||||||||||||||||||||||||||
| U.S. agency securities | \u2014\u00a0 | 209\u00a0 | 209\u00a0 | \u2014\u00a0 | 96\u00a0 | 96\u00a0 | |||||||||||||||||||||||||||||
| Total available-for-sale debt securities | \u2014\u00a0 | 1,014\u00a0 | 1,014\u00a0 | \u2014\u00a0 | 685\u00a0 | 685\u00a0 | |||||||||||||||||||||||||||||
| Total assets measured at fair value on a recurring basis | $ | 1,888\u00a0 | $ | 1,014\u00a0 | $ | 2,902\u00a0 | $ | 1,835\u00a0 | $ | 685\u00a0 | $ | 2,520\u00a0 | |||||||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||||||||||||||
Senior unsecured notes(1) | $ | \u2014\u00a0 | $ | 1,309\u00a0 | $ | 1,309\u00a0 | $ | \u2014\u00a0 | $ | 1,838\u00a0 | $ | 1,838\u00a0 |
| \u00a0 | At July 31, 2023 | At July 31, 2022 | |||||||||||||||||||||||||||||||||
| (In millions) | Level 1 | Level 2 | Total Fair Value | Level 1 | Level 2 | Total Fair Value | |||||||||||||||||||||||||||||
| Cash equivalents: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |||||||||||||||||||||||||||||
| In cash and cash equivalents | $ | 1,888\u00a0 | $ | \u2014\u00a0 | $ | 1,888\u00a0 | $ | 1,835\u00a0 | $ | \u2014\u00a0 | $ | 1,835\u00a0 | |||||||||||||||||||||||
| Available-for-sale debt securities: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |||||||||||||||||||||||||||||
| In investments | $ | \u2014\u00a0 | $ | 814\u00a0 | $ | 814\u00a0 | $ | \u2014\u00a0 | $ | 485\u00a0 | $ | 485\u00a0 | |||||||||||||||||||||||
| In funds receivable and amounts held for customers | \u2014\u00a0 | 200\u00a0 | 200\u00a0 | \u2014\u00a0 | 200\u00a0 | 200\u00a0 | |||||||||||||||||||||||||||||
| Total available-for-sale debt securities | $ | \u2014\u00a0 | $ | 1,014\u00a0 | $ | 1,014\u00a0 | $ | \u2014\u00a0 | $ | 685\u00a0 | $ | 685\u00a0 |
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis |
| \u00a0 | At July 31, 2023 | At July 31, 2022 | |||||||||||||||||||||||||||||||||
| (In millions) | Level 1 | Level 2 | Total Fair Value | Level 1 | Level 2 | Total Fair Value | |||||||||||||||||||||||||||||
| Assets: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |||||||||||||||||||||||||||||
| Cash equivalents, primarily money market funds | $ | 1,888\u00a0 | $ | \u2014\u00a0 | $ | 1,888\u00a0 | $ | 1,835\u00a0 | $ | \u2014\u00a0 | $ | 1,835\u00a0 | |||||||||||||||||||||||
| Available-for-sale debt securities: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |||||||||||||||||||||||||||||||
| Corporate notes | \u2014\u00a0 | 805\u00a0 | 805\u00a0 | \u2014\u00a0 | 589\u00a0 | 589\u00a0 | |||||||||||||||||||||||||||||
| U.S. agency securities | \u2014\u00a0 | 209\u00a0 | 209\u00a0 | \u2014\u00a0 | 96\u00a0 | 96\u00a0 | |||||||||||||||||||||||||||||
| Total available-for-sale debt securities | \u2014\u00a0 | 1,014\u00a0 | 1,014\u00a0 | \u2014\u00a0 | 685\u00a0 | 685\u00a0 | |||||||||||||||||||||||||||||
| Total assets measured at fair value on a recurring basis | $ | 1,888\u00a0 | $ | 1,014\u00a0 | $ | 2,902\u00a0 | $ | 1,835\u00a0 | $ | 685\u00a0 | $ | 2,520\u00a0 | |||||||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||||||||||||||
Senior unsecured notes(1) | $ | \u2014\u00a0 | $ | 1,309\u00a0 | $ | 1,309\u00a0 | $ | \u2014\u00a0 | $ | 1,838\u00a0 | $ | 1,838\u00a0 |
| \u00a0 | At July 31, 2023 | At July 31, 2022 | |||||||||||||||||||||||||||||||||
| (In millions) | Level 1 | Level 2 | Total Fair Value | Level 1 | Level 2 | Total Fair Value | |||||||||||||||||||||||||||||
| Cash equivalents: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |||||||||||||||||||||||||||||
| In cash and cash equivalents | $ | 1,888\u00a0 | $ | \u2014\u00a0 | $ | 1,888\u00a0 | $ | 1,835\u00a0 | $ | \u2014\u00a0 | $ | 1,835\u00a0 | |||||||||||||||||||||||
| Available-for-sale debt securities: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |||||||||||||||||||||||||||||
| In investments | $ | \u2014\u00a0 | $ | 814\u00a0 | $ | 814\u00a0 | $ | \u2014\u00a0 | $ | 485\u00a0 | $ | 485\u00a0 | |||||||||||||||||||||||
| In funds receivable and amounts held for customers | \u2014\u00a0 | 200\u00a0 | 200\u00a0 | \u2014\u00a0 | 200\u00a0 | 200\u00a0 | |||||||||||||||||||||||||||||
| Total available-for-sale debt securities | $ | \u2014\u00a0 | $ | 1,014\u00a0 | $ | 1,014\u00a0 | $ | \u2014\u00a0 | $ | 685\u00a0 | $ | 685\u00a0 |
| 3. Cash and Cash Equivalents, Investments, and Funds Receivable and Amounts Held for Customers |
| \u00a0 | July 31, 2023 | July 31, 2022 | |||||||||||||||||||||
| (In millions) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
| Classification on consolidated balance sheets: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |||||||||||||||||||
| Cash and cash equivalents | $ | 2,848\u00a0 | $ | 2,848\u00a0 | $ | 2,796\u00a0 | $ | 2,796\u00a0 | |||||||||||||||
| Investments | 819\u00a0 | 814\u00a0 | 490\u00a0 | 485\u00a0 | |||||||||||||||||||
| Funds receivable and amounts held for customers | 424\u00a0 | 420\u00a0 | 435\u00a0 | 431\u00a0 | |||||||||||||||||||
| Total cash and cash equivalents, investments, and funds receivable and amounts held for customers | $ | 4,091\u00a0 | $ | 4,082\u00a0 | $ | 3,721\u00a0 | $ | 3,712\u00a0 |
| \u00a0 | July 31, 2023 | July 31, 2022 | |||||||||||||||||||||
| (In millions) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
| Type of issue: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |||||||||||||||||||
| Total cash, cash equivalents, restricted cash, and restricted cash equivalents | $ | 2,852\u00a0 | $ | 2,852\u00a0 | $ | 2,997\u00a0 | $ | 2,997\u00a0 | |||||||||||||||
| Available-for-sale debt securities: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |||||||||||||||||||
| Corporate notes | 811\u00a0 | 805\u00a0 | 597\u00a0 | 589\u00a0 | |||||||||||||||||||
| U.S. agency securities | 212\u00a0 | 209\u00a0 | 97\u00a0 | 96\u00a0 | |||||||||||||||||||
| Total available-for-sale debt securities | 1,023\u00a0 | 1,014\u00a0 | 694\u00a0 | 685\u00a0 | |||||||||||||||||||
| Total cash, cash equivalents, restricted cash, restricted cash equivalents, and investments | $ | 3,875\u00a0 | $ | 3,866\u00a0 | $ | 3,691\u00a0 | $ | 3,682\u00a0 |
| \u00a0 | July 31, 2023 | July 31, 2022 | |||||||||||||||||||||
| (In millions) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
| Due within one year | $ | 735\u00a0 | $ | 730\u00a0 | $ | 316\u00a0 | $ | 313\u00a0 | |||||||||||||||
| Due within two years | 147\u00a0 | 144\u00a0 | 298\u00a0 | 293\u00a0 | |||||||||||||||||||
| Due within three years | 141\u00a0 | 140\u00a0 | 79\u00a0 | 78\u00a0 | |||||||||||||||||||
| Due after three years | \u2014\u00a0 | \u2014\u00a0 | 1\u00a0 | 1\u00a0 | |||||||||||||||||||
| Total available-for-sale debt securities | $ | 1,023\u00a0 | $ | 1,014\u00a0 | $ | 694\u00a0 | $ | 685\u00a0 |
| (In millions) | July 31, 2023 | July 31, 2022 | July 31, 2021 | July 31, 2020 | |||||||||||||||||||
| Restricted cash and restricted cash equivalents | $ | 4\u00a0 | $ | 201\u00a0 | $ | 257\u00a0 | $ | 255\u00a0 | |||||||||||||||
| Restricted available-for-sale debt securities and funds receivable | 416\u00a0 | 230\u00a0 | 200\u00a0 | 200\u00a0 | |||||||||||||||||||
| Total funds receivable and amounts held for customers | $ | 420\u00a0 | $ | 431\u00a0 | $ | 457\u00a0 | $ | 455\u00a0 |
| \u00a0 | July 31, 2023 | July 31, 2022 | |||||||||||||||||||||
| (In millions) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
| Classification on consolidated balance sheets: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |||||||||||||||||||
| Cash and cash equivalents | $ | 2,848\u00a0 | $ | 2,848\u00a0 | $ | 2,796\u00a0 | $ | 2,796\u00a0 | |||||||||||||||
| Investments | 819\u00a0 | 814\u00a0 | 490\u00a0 | 485\u00a0 | |||||||||||||||||||
| Funds receivable and amounts held for customers | 424\u00a0 | 420\u00a0 | 435\u00a0 | 431\u00a0 | |||||||||||||||||||
| Total cash and cash equivalents, investments, and funds receivable and amounts held for customers | $ | 4,091\u00a0 | $ | 4,082\u00a0 | $ | 3,721\u00a0 | $ | 3,712\u00a0 |
| \u00a0 | July 31, 2023 | July 31, 2022 | |||||||||||||||||||||
| (In millions) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
| Type of issue: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |||||||||||||||||||
| Total cash, cash equivalents, restricted cash, and restricted cash equivalents | $ | 2,852\u00a0 | $ | 2,852\u00a0 | $ | 2,997\u00a0 | $ | 2,997\u00a0 | |||||||||||||||
| Available-for-sale debt securities: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |||||||||||||||||||
| Corporate notes | 811\u00a0 | 805\u00a0 | 597\u00a0 | 589\u00a0 | |||||||||||||||||||
| U.S. agency securities | 212\u00a0 | 209\u00a0 | 97\u00a0 | 96\u00a0 | |||||||||||||||||||
| Total available-for-sale debt securities | 1,023\u00a0 | 1,014\u00a0 | 694\u00a0 | 685\u00a0 | |||||||||||||||||||
| Total cash, cash equivalents, restricted cash, restricted cash equivalents, and investments | $ | 3,875\u00a0 | $ | 3,866\u00a0 | $ | 3,691\u00a0 | $ | 3,682\u00a0 |
| \u00a0 | July 31, 2023 | July 31, 2022 | |||||||||||||||||||||
| (In millions) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
| Due within one year | $ | 735\u00a0 | $ | 730\u00a0 | $ | 316\u00a0 | $ | 313\u00a0 | |||||||||||||||
| Due within two years | 147\u00a0 | 144\u00a0 | 298\u00a0 | 293\u00a0 | |||||||||||||||||||
| Due within three years | 141\u00a0 | 140\u00a0 | 79\u00a0 | 78\u00a0 | |||||||||||||||||||
| Due after three years | \u2014\u00a0 | \u2014\u00a0 | 1\u00a0 | 1\u00a0 | |||||||||||||||||||
| Total available-for-sale debt securities | $ | 1,023\u00a0 | $ | 1,014\u00a0 | $ | 694\u00a0 | $ | 685\u00a0 |
| (In millions) | July 31, 2023 | July 31, 2022 | July 31, 2021 | July 31, 2020 | |||||||||||||||||||
| Restricted cash and restricted cash equivalents | $ | 4\u00a0 | $ | 201\u00a0 | $ | 257\u00a0 | $ | 255\u00a0 | |||||||||||||||
| Restricted available-for-sale debt securities and funds receivable | 416\u00a0 | 230\u00a0 | 200\u00a0 | 200\u00a0 | |||||||||||||||||||
| Total funds receivable and amounts held for customers | $ | 420\u00a0 | $ | 431\u00a0 | $ | 457\u00a0 | $ | 455\u00a0 |
| 4. Notes Receivable and Allowances for Loan Losses |
| 5. Property and Equipment |
| \u00a0 | Life in | July 31, | |||||||||||||||
| (Dollars in millions) | Years | 2023 | 2022 | ||||||||||||||
| Equipment | 3-5 | $ | 214\u00a0 | $ | 208\u00a0 | ||||||||||||
| Computer software | 2-6 | 898\u00a0 | 911\u00a0 | ||||||||||||||
| Furniture and fixtures | 5 | 104\u00a0 | 101\u00a0 | ||||||||||||||
| Leasehold improvements | 2-16 | 404\u00a0 | 366\u00a0 | ||||||||||||||
| Land | NA | 79\u00a0 | 79\u00a0 | ||||||||||||||
| Buildings | 5-30 | 382\u00a0 | 378\u00a0 | ||||||||||||||
| Capital in progress | NA | 360\u00a0 | 283\u00a0 | ||||||||||||||
| \u00a0 | \u00a0 | 2,441\u00a0 | 2,326\u00a0 | ||||||||||||||
| Less accumulated depreciation and amortization | \u00a0 | (1,472) | (1,438) | ||||||||||||||
| Total property and equipment, net | \u00a0 | $ | 969\u00a0 | $ | 888\u00a0 |
| \u00a0 | Life in | July 31, | |||||||||||||||
| (Dollars in millions) | Years | 2023 | 2022 | ||||||||||||||
| Equipment | 3-5 | $ | 214\u00a0 | $ | 208\u00a0 | ||||||||||||
| Computer software | 2-6 | 898\u00a0 | 911\u00a0 | ||||||||||||||
| Furniture and fixtures | 5 | 104\u00a0 | 101\u00a0 | ||||||||||||||
| Leasehold improvements | 2-16 | 404\u00a0 | 366\u00a0 | ||||||||||||||
| Land | NA | 79\u00a0 | 79\u00a0 | ||||||||||||||
| Buildings | 5-30 | 382\u00a0 | 378\u00a0 | ||||||||||||||
| Capital in progress | NA | 360\u00a0 | 283\u00a0 | ||||||||||||||
| \u00a0 | \u00a0 | 2,441\u00a0 | 2,326\u00a0 | ||||||||||||||
| Less accumulated depreciation and amortization | \u00a0 | (1,472) | (1,438) | ||||||||||||||
| Total property and equipment, net | \u00a0 | $ | 969\u00a0 | $ | 888\u00a0 |
| 6. Goodwill and Acquired Intangible Assets |
Goodwill |
| (In millions) | Balance July 31, 2021 | Goodwill Acquired/ Adjusted | Foreign Currency Translation | Balance July 31, 2022 | Goodwill Acquired/ Adjusted | Foreign Currency Translation | Balance July 31, 2023 | ||||||||||||||||||||||||||||||||||
| Small Business & Self-Employed | $ | 1,578\u00a0 | $ | 8,115\u00a0 | $ | (4) | $ | 9,689\u00a0 | $ | 1\u00a0 | $ | 1\u00a0 | $ | 9,691\u00a0 | |||||||||||||||||||||||||||
| Consumer | 42\u00a0 | 10\u00a0 | (1) | 51\u00a0 | \u2014\u00a0 | \u2014\u00a0 | 51\u00a0 | ||||||||||||||||||||||||||||||||||
| Credit Karma | 3,898\u00a0 | 5\u00a0 | (4) | 3,899\u00a0 | 40\u00a0 | 2\u00a0 | 3,941\u00a0 | ||||||||||||||||||||||||||||||||||
| ProTax | 95\u00a0 | 2\u00a0 | \u2014\u00a0 | 97\u00a0 | \u2014\u00a0 | \u2014\u00a0 | 97\u00a0 | ||||||||||||||||||||||||||||||||||
| Totals | $ | 5,613\u00a0 | $ | 8,132\u00a0 | $ | (9) | $ | 13,736\u00a0 | $ | 41\u00a0 | $ | 3\u00a0 | $ | 13,780\u00a0 |
Acquired Intangible Assets |
| (Dollars in millions) | Customer Lists / User Relationships | Purchased Technology | Trade Names and Logos | Covenants Not to Compete or Sue | Total | ||||||||||||||||||||||||
| At July 31, 2023: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||||||||||||||||||||||||
| Cost | $ | 6,197\u00a0 | $ | 1,616\u00a0 | $ | 680\u00a0 | $ | 42\u00a0 | $ | 8,535\u00a0 | |||||||||||||||||||
| Accumulated amortization | (1,178) | (756) | (140) | (42) | (2,116) | ||||||||||||||||||||||||
| Acquired intangible assets, net | $ | 5,019\u00a0 | $ | 860\u00a0 | $ | 540\u00a0 | $ | \u2014\u00a0 | $ | 6,419\u00a0 | |||||||||||||||||||
| Weighted-average life in years | 14 | 8 | 13 | 0 | 13 | ||||||||||||||||||||||||
| At July 31, 2022: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||||||||||||||||||||||||
| Cost | $ | 6,197\u00a0 | $ | 1,612\u00a0 | $ | 680\u00a0 | $ | 42\u00a0 | $ | 8,531\u00a0 | |||||||||||||||||||
| Accumulated amortization | (748) | (593) | (87) | (42) | (1,470) | ||||||||||||||||||||||||
| Acquired intangible assets, net | $ | 5,449\u00a0 | $ | 1,019\u00a0 | $ | 593\u00a0 | $ | \u2014\u00a0 | $ | 7,061\u00a0 | |||||||||||||||||||
| Weighted-average life in years | 14 | 8 | 13 | 0 | 13 |
| (In millions) | Expected Future Amortization Expense | ||||
| Twelve months ending July\u00a031, | \u00a0 | ||||
| 2024 | $ | 626\u00a0 | |||
| 2025 | 624\u00a0 | ||||
| 2026 | 620\u00a0 | ||||
| 2027 | 594\u00a0 | ||||
| 2028 | 581\u00a0 | ||||
| Thereafter | 3,374\u00a0 | ||||
| Total expected future amortization expense | $ | 6,419\u00a0 |
| (In millions) | Balance July 31, 2021 | Goodwill Acquired/ Adjusted | Foreign Currency Translation | Balance July 31, 2022 | Goodwill Acquired/ Adjusted | Foreign Currency Translation | Balance July 31, 2023 | ||||||||||||||||||||||||||||||||||
| Small Business & Self-Employed | $ | 1,578\u00a0 | $ | 8,115\u00a0 | $ | (4) | $ | 9,689\u00a0 | $ | 1\u00a0 | $ | 1\u00a0 | $ | 9,691\u00a0 | |||||||||||||||||||||||||||
| Consumer | 42\u00a0 | 10\u00a0 | (1) | 51\u00a0 | \u2014\u00a0 | \u2014\u00a0 | 51\u00a0 | ||||||||||||||||||||||||||||||||||
| Credit Karma | 3,898\u00a0 | 5\u00a0 | (4) | 3,899\u00a0 | 40\u00a0 | 2\u00a0 | 3,941\u00a0 | ||||||||||||||||||||||||||||||||||
| ProTax | 95\u00a0 | 2\u00a0 | \u2014\u00a0 | 97\u00a0 | \u2014\u00a0 | \u2014\u00a0 | 97\u00a0 | ||||||||||||||||||||||||||||||||||
| Totals | $ | 5,613\u00a0 | $ | 8,132\u00a0 | $ | (9) | $ | 13,736\u00a0 | $ | 41\u00a0 | $ | 3\u00a0 | $ | 13,780\u00a0 |
| (Dollars in millions) | Customer Lists / User Relationships | Purchased Technology | Trade Names and Logos | Covenants Not to Compete or Sue | Total | ||||||||||||||||||||||||
| At July 31, 2023: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||||||||||||||||||||||||
| Cost | $ | 6,197\u00a0 | $ | 1,616\u00a0 | $ | 680\u00a0 | $ | 42\u00a0 | $ | 8,535\u00a0 | |||||||||||||||||||
| Accumulated amortization | (1,178) | (756) | (140) | (42) | (2,116) | ||||||||||||||||||||||||
| Acquired intangible assets, net | $ | 5,019\u00a0 | $ | 860\u00a0 | $ | 540\u00a0 | $ | \u2014\u00a0 | $ | 6,419\u00a0 | |||||||||||||||||||
| Weighted-average life in years | 14 | 8 | 13 | 0 | 13 | ||||||||||||||||||||||||
| At July 31, 2022: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||||||||||||||||||||||||
| Cost | $ | 6,197\u00a0 | $ | 1,612\u00a0 | $ | 680\u00a0 | $ | 42\u00a0 | $ | 8,531\u00a0 | |||||||||||||||||||
| Accumulated amortization | (748) | (593) | (87) | (42) | (1,470) | ||||||||||||||||||||||||
| Acquired intangible assets, net | $ | 5,449\u00a0 | $ | 1,019\u00a0 | $ | 593\u00a0 | $ | \u2014\u00a0 | $ | 7,061\u00a0 | |||||||||||||||||||
| Weighted-average life in years | 14 | 8 | 13 | 0 | 13 |
| (In millions) | Expected Future Amortization Expense | ||||
| Twelve months ending July\u00a031, | \u00a0 | ||||
| 2024 | $ | 626\u00a0 | |||
| 2025 | 624\u00a0 | ||||
| 2026 | 620\u00a0 | ||||
| 2027 | 594\u00a0 | ||||
| 2028 | 581\u00a0 | ||||
| Thereafter | 3,374\u00a0 | ||||
| Total expected future amortization expense | $ | 6,419\u00a0 |
| 7. Business Combinations |
Mailchimp |
| (In millions) | Amount | ||||
| Cash and cash equivalents | $ | 42\u00a0 | |||
| Investments | 126\u00a0 | ||||
| Accounts receivable, net | 25\u00a0 | ||||
| Income taxes receivable | 1\u00a0 | ||||
| Prepaid expenses and other current assets | 24\u00a0 | ||||
| Long-term investments | 1\u00a0 | ||||
| Property and equipment, net | 15\u00a0 | ||||
| Operating lease right-of-use assets | 31\u00a0 | ||||
| Goodwill | 8,102\u00a0 | ||||
| Intangible assets | 4,340\u00a0 | ||||
| Long-term deferred income tax assets | 6\u00a0 | ||||
| Other assets | 1\u00a0 | ||||
| Accounts payable | (163) | ||||
| Accrued compensation and related liabilities | (409) | ||||
| Deferred revenue | (52) | ||||
| Other current liabilities | (69) | ||||
| Long-term portion of operating lease liabilities | (20) | ||||
| Other long-term obligations | (5) | ||||
| Total purchase price allocation | $ | 11,996\u00a0 |
| (In millions, except years) | Estimated Useful Life | Amount | |||||||||
| Customer lists | 13 years | $ | 3,160\u00a0 | ||||||||
| Purchased technology | 9 years | 900\u00a0 | |||||||||
| Trade names/trademarks | 10 years | 280\u00a0 | |||||||||
| Total identifiable intangible assets | $ | 4,340\u00a0 |
Credit Karma |
| (In millions) | Amount | ||||
| Cash and cash equivalents | $ | 436\u00a0 | |||
| Accounts receivable, net | 141\u00a0 | ||||
| Income taxes receivable | 59\u00a0 | ||||
| Prepaid expenses and other current assets | 7\u00a0 | ||||
| Long-term investments | 3\u00a0 | ||||
| Property and equipment, net | 63\u00a0 | ||||
| Operating lease right-of-use assets | 167\u00a0 | ||||
| Goodwill | 3,898\u00a0 | ||||
| Intangible assets | 3,372\u00a0 | ||||
| Other assets | 81\u00a0 | ||||
| Accounts payable | (86) | ||||
| Accrued compensation and related liabilities | (113) | ||||
| Other current liabilities | (24) | ||||
| Operating lease liabilities | (172) | ||||
| Long-term deferred income tax liabilities | (627) | ||||
| Other long-term obligations | (10) | ||||
| Total purchase price allocation | $ | 7,195\u00a0 |
| (In millions, except years) | Estimated Useful Life | Amount | |||||||||
| User relationships | 15 years | $ | 2,781\u00a0 | ||||||||
| Trade names/Trademarks | 15 years | 375\u00a0 | |||||||||
| Purchased technology | 6 years | 216\u00a0 | |||||||||
| Total identifiable intangible assets | $ | 3,372\u00a0 |
| (In millions) | Amount | ||||
| Intangibles | $ | (851) | |||
| Federal and state net operating loss carryforwards | 138\u00a0 | ||||
| Federal research and experimentation credit carryforwards | 51\u00a0 | ||||
| Other, net | 35\u00a0 | ||||
| Total net long-term deferred income tax liabilities | $ | (627) |
| (In millions) | Amount | ||||
| Cash and cash equivalents | $ | 42\u00a0 | |||
| Investments | 126\u00a0 | ||||
| Accounts receivable, net | 25\u00a0 | ||||
| Income taxes receivable | 1\u00a0 | ||||
| Prepaid expenses and other current assets | 24\u00a0 | ||||
| Long-term investments | 1\u00a0 | ||||
| Property and equipment, net | 15\u00a0 | ||||
| Operating lease right-of-use assets | 31\u00a0 | ||||
| Goodwill | 8,102\u00a0 | ||||
| Intangible assets | 4,340\u00a0 | ||||
| Long-term deferred income tax assets | 6\u00a0 | ||||
| Other assets | 1\u00a0 | ||||
| Accounts payable | (163) | ||||
| Accrued compensation and related liabilities | (409) | ||||
| Deferred revenue | (52) | ||||
| Other current liabilities | (69) | ||||
| Long-term portion of operating lease liabilities | (20) | ||||
| Other long-term obligations | (5) | ||||
| Total purchase price allocation | $ | 11,996\u00a0 |
| (In millions) | Amount | ||||
| Cash and cash equivalents | $ | 436\u00a0 | |||
| Accounts receivable, net | 141\u00a0 | ||||
| Income taxes receivable | 59\u00a0 | ||||
| Prepaid expenses and other current assets | 7\u00a0 | ||||
| Long-term investments | 3\u00a0 | ||||
| Property and equipment, net | 63\u00a0 | ||||
| Operating lease right-of-use assets | 167\u00a0 | ||||
| Goodwill | 3,898\u00a0 | ||||
| Intangible assets | 3,372\u00a0 | ||||
| Other assets | 81\u00a0 | ||||
| Accounts payable | (86) | ||||
| Accrued compensation and related liabilities | (113) | ||||
| Other current liabilities | (24) | ||||
| Operating lease liabilities | (172) | ||||
| Long-term deferred income tax liabilities | (627) | ||||
| Other long-term obligations | (10) | ||||
| Total purchase price allocation | $ | 7,195\u00a0 |
| (In millions, except years) | Estimated Useful Life | Amount | |||||||||
| Customer lists | 13 years | $ | 3,160\u00a0 | ||||||||
| Purchased technology | 9 years | 900\u00a0 | |||||||||
| Trade names/trademarks | 10 years | 280\u00a0 | |||||||||
| Total identifiable intangible assets | $ | 4,340\u00a0 |
| (In millions, except years) | Estimated Useful Life | Amount | |||||||||
| User relationships | 15 years | $ | 2,781\u00a0 | ||||||||
| Trade names/Trademarks | 15 years | 375\u00a0 | |||||||||
| Purchased technology | 6 years | 216\u00a0 | |||||||||
| Total identifiable intangible assets | $ | 3,372\u00a0 |
| (In millions) | Amount | ||||
| Intangibles | $ | (851) | |||
| Federal and state net operating loss carryforwards | 138\u00a0 | ||||
| Federal research and experimentation credit carryforwards | 51\u00a0 | ||||
| Other, net | 35\u00a0 | ||||
| Total net long-term deferred income tax liabilities | $ | (627) |
| 8. Debt |
| \u00a0 | July 31, | July 31, | Effective | ||||||||||||||
| (In millions) | 2023 | 2022 | Interest Rate | ||||||||||||||
| Senior unsecured notes issued June 2020: | |||||||||||||||||
0.650% notes due July 2023 | $ | \u2014\u00a0 | $ | 500\u00a0 | 0.837% | ||||||||||||
0.950% notes due July 2025 | 500\u00a0 | 500\u00a0 | 1.127% | ||||||||||||||
1.350% notes due July 2027 | 500\u00a0 | 500\u00a0 | 1.486% | ||||||||||||||
1.650% notes due July 2030 | 500\u00a0 | 500\u00a0 | 1.767% | ||||||||||||||
| Term loan | 4,200\u00a0 | 4,700\u00a0 | |||||||||||||||
| Secured revolving credit facilities | 430\u00a0 | 230\u00a0 | |||||||||||||||
| Total principal balance of debt | 6,130\u00a0 | 6,930\u00a0 | |||||||||||||||
| Unamortized discount and debt issuance costs | (10) | (16) | |||||||||||||||
| Net carrying value of debt | $ | 6,120\u00a0 | $ | 6,914\u00a0 | |||||||||||||
| Short-term debt | $ | \u2014\u00a0 | $ | 499\u00a0 | |||||||||||||
| Long-term debt | $ | 6,120\u00a0 | $ | 6,415\u00a0 |
| (In millions) | |||||
| Fiscal year ending July\u00a031, | |||||
| 2024 | $ | \u2014\u00a0 | |||
| 2025 | 4,700\u00a0 | ||||
| 2026 | 430\u00a0 | ||||
| 2027 | 500\u00a0 | ||||
| 2028 | \u2014\u00a0 | ||||
| Thereafter | 500\u00a0 | ||||
| Total future principal payments for debt | $ | 6,130\u00a0 |
Senior Unsecured Notes |
Unsecured Credit Facility |
Secured Revolving Credit Facilities |
| \u00a0 | July 31, | July 31, | Effective | ||||||||||||||
| (In millions) | 2023 | 2022 | Interest Rate | ||||||||||||||
| Senior unsecured notes issued June 2020: | |||||||||||||||||
0.650% notes due July 2023 | $ | \u2014\u00a0 | $ | 500\u00a0 | 0.837% | ||||||||||||
0.950% notes due July 2025 | 500\u00a0 | 500\u00a0 | 1.127% | ||||||||||||||
1.350% notes due July 2027 | 500\u00a0 | 500\u00a0 | 1.486% | ||||||||||||||
1.650% notes due July 2030 | 500\u00a0 | 500\u00a0 | 1.767% | ||||||||||||||
| Term loan | 4,200\u00a0 | 4,700\u00a0 | |||||||||||||||
| Secured revolving credit facilities | 430\u00a0 | 230\u00a0 | |||||||||||||||
| Total principal balance of debt | 6,130\u00a0 | 6,930\u00a0 | |||||||||||||||
| Unamortized discount and debt issuance costs | (10) | (16) | |||||||||||||||
| Net carrying value of debt | $ | 6,120\u00a0 | $ | 6,914\u00a0 | |||||||||||||
| Short-term debt | $ | \u2014\u00a0 | $ | 499\u00a0 | |||||||||||||
| Long-term debt | $ | 6,120\u00a0 | $ | 6,415\u00a0 |
| (In millions) | |||||
| Fiscal year ending July\u00a031, | |||||
| 2024 | $ | \u2014\u00a0 | |||
| 2025 | 4,700\u00a0 | ||||
| 2026 | 430\u00a0 | ||||
| 2027 | 500\u00a0 | ||||
| 2028 | \u2014\u00a0 | ||||
| Thereafter | 500\u00a0 | ||||
| Total future principal payments for debt | $ | 6,130\u00a0 |
| 9. Other Liabilities and Commitments |
Other Current Liabilities |
| \u00a0 | July 31, | ||||||||||
| (In millions) | 2023 | 2022 | |||||||||
| Executive deferred compensation plan liabilities | $ | 171\u00a0 | $ | 147\u00a0 | |||||||
| Current portion of operating lease liabilities | 89\u00a0 | 84\u00a0 | |||||||||
| Sales, property, and other taxes | 45\u00a0 | 40\u00a0 | |||||||||
| Reserve for returns, credits, and promotional discounts | 32\u00a0 | 31\u00a0 | |||||||||
| Accrued settlement for state attorneys general | \u2014\u00a0 | 141\u00a0 | |||||||||
| Other | 111\u00a0 | 128\u00a0 | |||||||||
| Total other current liabilities | $ | 448\u00a0 | $ | 571\u00a0 |
Other Long-Term Obligations |
| \u00a0 | July 31, | ||||||||||
| (In millions) | 2023 | 2022 | |||||||||
| Income tax liabilities | $ | 76\u00a0 | $ | 44\u00a0 | |||||||
| Dividend payable | 16\u00a0 | 12\u00a0 | |||||||||
| Deferred revenue | 5\u00a0 | 6\u00a0 | |||||||||
| Other | 20\u00a0 | 25\u00a0 | |||||||||
| Total other long-term obligations | $ | 117\u00a0 | $ | 87\u00a0 | |||||||
Unconditional Purchase Obligations |
| (In millions) | Purchase Obligations | ||||
| Fiscal year ending July\u00a031, | |||||
| 2024 | $ | 596\u00a0 | |||
| 2025 | 574\u00a0 | ||||
| 2026 | 313\u00a0 | ||||
| 2027 | 68\u00a0 | ||||
| 2028 | 55\u00a0 | ||||
| Thereafter | 440\u00a0 | ||||
| Total commitments | $ | 2,046\u00a0 |
| \u00a0 | July 31, | ||||||||||
| (In millions) | 2023 | 2022 | |||||||||
| Executive deferred compensation plan liabilities | $ | 171\u00a0 | $ | 147\u00a0 | |||||||
| Current portion of operating lease liabilities | 89\u00a0 | 84\u00a0 | |||||||||
| Sales, property, and other taxes | 45\u00a0 | 40\u00a0 | |||||||||
| Reserve for returns, credits, and promotional discounts | 32\u00a0 | 31\u00a0 | |||||||||
| Accrued settlement for state attorneys general | \u2014\u00a0 | 141\u00a0 | |||||||||
| Other | 111\u00a0 | 128\u00a0 | |||||||||
| Total other current liabilities | $ | 448\u00a0 | $ | 571\u00a0 |
| \u00a0 | July 31, | ||||||||||
| (In millions) | 2023 | 2022 | |||||||||
| Income tax liabilities | $ | 76\u00a0 | $ | 44\u00a0 | |||||||
| Dividend payable | 16\u00a0 | 12\u00a0 | |||||||||
| Deferred revenue | 5\u00a0 | 6\u00a0 | |||||||||
| Other | 20\u00a0 | 25\u00a0 | |||||||||
| Total other long-term obligations | $ | 117\u00a0 | $ | 87\u00a0 | |||||||
| (In millions) | Purchase Obligations | ||||
| Fiscal year ending July\u00a031, | |||||
| 2024 | $ | 596\u00a0 | |||
| 2025 | 574\u00a0 | ||||
| 2026 | 313\u00a0 | ||||
| 2027 | 68\u00a0 | ||||
| 2028 | 55\u00a0 | ||||
| Thereafter | 440\u00a0 | ||||
| Total commitments | $ | 2,046\u00a0 |
| 10. Leases |
| Twelve Months Ended July 31, | |||||||||||||||||
| (In millions) | 2023 | 2022 | 2021 | ||||||||||||||
Operating lease cost (1) | $ | 124\u00a0 | $ | 105\u00a0 | $ | 75\u00a0 | |||||||||||
| Variable lease cost | 20\u00a0 | 15\u00a0 | 11\u00a0 | ||||||||||||||
| Sublease income | (12) | (17) | (16) | ||||||||||||||
| Total net lease cost | $ | 132\u00a0 | $ | 103\u00a0 | $ | 70\u00a0 |
| Twelve Months Ended July 31, | |||||||||||||||||
| (In millions) | 2023 | 2022 | 2021 | ||||||||||||||
| Cash paid for amounts included in the measurement of operating lease liabilities | $ | 107\u00a0 | $ | 104\u00a0 | $ | 76\u00a0 | |||||||||||
| Right-of-use assets obtained in exchange for operating lease liabilities | $ | 28\u00a0 | $ | 238\u00a0 | $ | 60\u00a0 |
| July 31, | |||||||||||||||||
| 2023 | 2022 | 2021 | |||||||||||||||
| Weighted-average remaining lease term for operating leases | 7.9 years | 8.1 years | 6.8 years | ||||||||||||||
| Weighted-average discount rate for operating leases | 3\u00a0 | % | 2.9\u00a0 | % | 2.3\u00a0 | % |
| (In millions) | Operating Leases (1) | ||||
| Fiscal year ending July\u00a031, | \u00a0 | ||||
| 2024 | $ | 76\u00a0 | |||
| 2025 | 95\u00a0 | ||||
| 2026 | 78\u00a0 | ||||
| 2027 | 70\u00a0 | ||||
| 2028 | 60\u00a0 | ||||
| Thereafter | 281\u00a0 | ||||
| Total future minimum lease payments | 660\u00a0 | ||||
| Less imputed interest | (91) | ||||
| Present value of lease liabilities | $ | 569\u00a0 |
| July 31, | |||||||||||
| (In millions) | 2023 | 2022 | |||||||||
| Operating lease right-of-use assets | $ | 469\u00a0 | $ | 549\u00a0 | |||||||
| $ | 89\u00a0 | $ | 84\u00a0 | ||||||||
| Operating lease liabilities | 480\u00a0 | 542\u00a0 | |||||||||
| Total operating lease liabilities | $ | 569\u00a0 | $ | 626\u00a0 |
| Twelve Months Ended July 31, | |||||||||||||||||
| (In millions) | 2023 | 2022 | 2021 | ||||||||||||||
Operating lease cost (1) | $ | 124\u00a0 | $ | 105\u00a0 | $ | 75\u00a0 | |||||||||||
| Variable lease cost | 20\u00a0 | 15\u00a0 | 11\u00a0 | ||||||||||||||
| Sublease income | (12) | (17) | (16) | ||||||||||||||
| Total net lease cost | $ | 132\u00a0 | $ | 103\u00a0 | $ | 70\u00a0 |
| Twelve Months Ended July 31, | |||||||||||||||||
| (In millions) | 2023 | 2022 | 2021 | ||||||||||||||
| Cash paid for amounts included in the measurement of operating lease liabilities | $ | 107\u00a0 | $ | 104\u00a0 | $ | 76\u00a0 | |||||||||||
| Right-of-use assets obtained in exchange for operating lease liabilities | $ | 28\u00a0 | $ | 238\u00a0 | $ | 60\u00a0 |
| July 31, | |||||||||||||||||
| 2023 | 2022 | 2021 | |||||||||||||||
| Weighted-average remaining lease term for operating leases | 7.9 years | 8.1 years | 6.8 years | ||||||||||||||
| Weighted-average discount rate for operating leases | 3\u00a0 | % | 2.9\u00a0 | % | 2.3\u00a0 | % |
| July 31, | |||||||||||
| (In millions) | 2023 | 2022 | |||||||||
| Operating lease right-of-use assets | $ | 469\u00a0 | $ | 549\u00a0 | |||||||
| $ | 89\u00a0 | $ | 84\u00a0 | ||||||||
| Operating lease liabilities | 480\u00a0 | 542\u00a0 | |||||||||
| Total operating lease liabilities | $ | 569\u00a0 | $ | 626\u00a0 |
| (In millions) | Operating Leases (1) | ||||
| Fiscal year ending July\u00a031, | \u00a0 | ||||
| 2024 | $ | 76\u00a0 | |||
| 2025 | 95\u00a0 | ||||
| 2026 | 78\u00a0 | ||||
| 2027 | 70\u00a0 | ||||
| 2028 | 60\u00a0 | ||||
| Thereafter | 281\u00a0 | ||||
| Total future minimum lease payments | 660\u00a0 | ||||
| Less imputed interest | (91) | ||||
| Present value of lease liabilities | $ | 569\u00a0 |
| 11. Income Taxes |
| \u00a0 | Twelve Months Ended July 31, | ||||||||||||||||
| (In millions) | 2023 | 2022 | 2021 | ||||||||||||||
| Current: | \u00a0 | \u00a0 | \u00a0 | ||||||||||||||
| Federal | $ | 970\u00a0 | $ | 253\u00a0 | $ | 399\u00a0 | |||||||||||
| State | 208\u00a0 | 93\u00a0 | 121\u00a0 | ||||||||||||||
| Foreign | 86\u00a0 | 31\u00a0 | 17\u00a0 | ||||||||||||||
| \u00a0Total current | 1,264\u00a0 | 377\u00a0 | 537\u00a0 | ||||||||||||||
| Deferred: | \u00a0 | \u00a0 | \u00a0 | ||||||||||||||
| Federal | (559) | 85\u00a0 | (33) | ||||||||||||||
| State | (99) | 18\u00a0 | (11) | ||||||||||||||
| Foreign | (1) | (4) | 1\u00a0 | ||||||||||||||
| Total deferred | (659) | 99\u00a0 | (43) | ||||||||||||||
| Total provision for income taxes | $ | 605\u00a0 | $ | 476\u00a0 | $ | 494\u00a0 |
| \u00a0 | Twelve Months Ended July 31, | ||||||||||||||||
| (In millions) | 2023 | 2022 | 2021 | ||||||||||||||
| United States | $ | 2,798\u00a0 | $ | 2,433\u00a0 | $ | 2,497\u00a0 | |||||||||||
| Foreign | 191\u00a0 | 109\u00a0 | 59\u00a0 | ||||||||||||||
| Total | $ | 2,989\u00a0 | $ | 2,542\u00a0 | $ | 2,556\u00a0 |
| \u00a0 | Twelve Months Ended July 31, | ||||||||||||||||
| (In millions) | 2023 | 2022 | 2021 | ||||||||||||||
| Income before income taxes | $ | 2,989\u00a0 | $ | 2,542\u00a0 | $ | 2,556\u00a0 | |||||||||||
| Statutory federal income tax | $ | 628\u00a0 | $ | 534\u00a0 | $ | 537\u00a0 | |||||||||||
| State income tax, net of federal benefit | 86\u00a0 | 87\u00a0 | 87\u00a0 | ||||||||||||||
| Federal research and experimentation credits | (106) | (94) | (70) | ||||||||||||||
| Share-based compensation | 58\u00a0 | 45\u00a0 | 32\u00a0 | ||||||||||||||
| Excess tax benefits related to share-based compensation | (26) | (112) | (105) | ||||||||||||||
| Effects of non-U.S. operations | (28) | 4\u00a0 | 4\u00a0 | ||||||||||||||
| Other, net | (7) | 12\u00a0 | 9\u00a0 | ||||||||||||||
| Total provision for income taxes | $ | 605\u00a0 | $ | 476\u00a0 | $ | 494\u00a0 |
| \u00a0 | July 31, | ||||||||||
| (In millions) | 2023 | 2022 | |||||||||
| Deferred tax assets: | \u00a0 | \u00a0 | |||||||||
| Accruals and reserves not currently deductible | $ | 31\u00a0 | $ | 84\u00a0 | |||||||
Capitalized research and development (1) | 667\u00a0 | \u2014\u00a0 | |||||||||
| Operating lease liabilities | 153\u00a0 | 168\u00a0 | |||||||||
| Accrued and deferred compensation | 90\u00a0 | 84\u00a0 | |||||||||
| Loss and tax credit carryforwards | 256\u00a0 | 224\u00a0 | |||||||||
| Intangible assets | \u2014\u00a0 | 25\u00a0 | |||||||||
| Share-based compensation | 94\u00a0 | 97\u00a0 | |||||||||
| Other, net | 27\u00a0 | 23\u00a0 | |||||||||
| Total gross deferred tax assets | 1,318\u00a0 | 705\u00a0 | |||||||||
| Valuation allowance | (235) | (244) | |||||||||
| Total deferred tax assets | 1,083\u00a0 | 461\u00a0 | |||||||||
| Deferred tax liabilities: | \u00a0 | \u00a0 | |||||||||
| Operating lease right-of-use assets | 128\u00a0 | 149\u00a0 | |||||||||
| Intangibles | 840\u00a0 | 868\u00a0 | |||||||||
| Property and equipment | 8\u00a0 | 9\u00a0 | |||||||||
| Other, net | 47\u00a0 | 43\u00a0 | |||||||||
| Total deferred tax liabilities | 1,023\u00a0 | 1,069\u00a0 | |||||||||
| Net deferred tax assets (liabilities) | $ | 60\u00a0 | $ | (608) |
| \u00a0 | July 31, | ||||||||||
| (In millions) | 2023 | 2022 | |||||||||
| Long-term deferred income tax assets | $ | 64\u00a0 | $ | 11\u00a0 | |||||||
| Long-term deferred income tax liabilities | (4) | (619) | |||||||||
| Net deferred tax assets (liabilities) | $ | 60\u00a0 | $ | (608) |
Unrecognized Tax Benefits |
| \u00a0 | Twelve Months Ended July 31, | ||||||||||||||||
| (In millions) | 2023 | 2022 | 2021 | ||||||||||||||
| Gross unrecognized tax benefits, beginning balance | $ | 216\u00a0 | $ | 190\u00a0 | $ | 101\u00a0 | |||||||||||
| Increases related to tax positions from prior fiscal years, including acquisitions | 11\u00a0 | 9\u00a0 | 69\u00a0 | ||||||||||||||
| Decreases related to tax positions from prior fiscal years | (16) | (13) | \u2014\u00a0 | ||||||||||||||
| Increases related to tax positions taken during current fiscal year | 38\u00a0 | 31\u00a0 | 31\u00a0 | ||||||||||||||
| Settlements with tax authorities | (2) | \u2014\u00a0 | \u2014\u00a0 | ||||||||||||||
| Lapse of statute of limitations | (1) | (1) | (11) | ||||||||||||||
| Gross unrecognized tax benefits, ending balance | $ | 246\u00a0 | $ | 216\u00a0 | $ | 190\u00a0 |
| \u00a0 | Twelve Months Ended July 31, | ||||||||||||||||
| (In millions) | 2023 | 2022 | 2021 | ||||||||||||||
| Current: | \u00a0 | \u00a0 | \u00a0 | ||||||||||||||
| Federal | $ | 970\u00a0 | $ | 253\u00a0 | $ | 399\u00a0 | |||||||||||
| State | 208\u00a0 | 93\u00a0 | 121\u00a0 | ||||||||||||||
| Foreign | 86\u00a0 | 31\u00a0 | 17\u00a0 | ||||||||||||||
| \u00a0Total current | 1,264\u00a0 | 377\u00a0 | 537\u00a0 | ||||||||||||||
| Deferred: | \u00a0 | \u00a0 | \u00a0 | ||||||||||||||
| Federal | (559) | 85\u00a0 | (33) | ||||||||||||||
| State | (99) | 18\u00a0 | (11) | ||||||||||||||
| Foreign | (1) | (4) | 1\u00a0 | ||||||||||||||
| Total deferred | (659) | 99\u00a0 | (43) | ||||||||||||||
| Total provision for income taxes | $ | 605\u00a0 | $ | 476\u00a0 | $ | 494\u00a0 |
| \u00a0 | Twelve Months Ended July 31, | ||||||||||||||||
| (In millions) | 2023 | 2022 | 2021 | ||||||||||||||
| United States | $ | 2,798\u00a0 | $ | 2,433\u00a0 | $ | 2,497\u00a0 | |||||||||||
| Foreign | 191\u00a0 | 109\u00a0 | 59\u00a0 | ||||||||||||||
| Total | $ | 2,989\u00a0 | $ | 2,542\u00a0 | $ | 2,556\u00a0 |
| \u00a0 | Twelve Months Ended July 31, | ||||||||||||||||
| (In millions) | 2023 | 2022 | 2021 | ||||||||||||||
| Income before income taxes | $ | 2,989\u00a0 | $ | 2,542\u00a0 | $ | 2,556\u00a0 | |||||||||||
| Statutory federal income tax | $ | 628\u00a0 | $ | 534\u00a0 | $ | 537\u00a0 | |||||||||||
| State income tax, net of federal benefit | 86\u00a0 | 87\u00a0 | 87\u00a0 | ||||||||||||||
| Federal research and experimentation credits | (106) | (94) | (70) | ||||||||||||||
| Share-based compensation | 58\u00a0 | 45\u00a0 | 32\u00a0 | ||||||||||||||
| Excess tax benefits related to share-based compensation | (26) | (112) | (105) | ||||||||||||||
| Effects of non-U.S. operations | (28) | 4\u00a0 | 4\u00a0 | ||||||||||||||
| Other, net | (7) | 12\u00a0 | 9\u00a0 | ||||||||||||||
| Total provision for income taxes | $ | 605\u00a0 | $ | 476\u00a0 | $ | 494\u00a0 |
| \u00a0 | July 31, | ||||||||||
| (In millions) | 2023 | 2022 | |||||||||
| Deferred tax assets: | \u00a0 | \u00a0 | |||||||||
| Accruals and reserves not currently deductible | $ | 31\u00a0 | $ | 84\u00a0 | |||||||
Capitalized research and development (1) | 667\u00a0 | \u2014\u00a0 | |||||||||
| Operating lease liabilities | 153\u00a0 | 168\u00a0 | |||||||||
| Accrued and deferred compensation | 90\u00a0 | 84\u00a0 | |||||||||
| Loss and tax credit carryforwards | 256\u00a0 | 224\u00a0 | |||||||||
| Intangible assets | \u2014\u00a0 | 25\u00a0 | |||||||||
| Share-based compensation | 94\u00a0 | 97\u00a0 | |||||||||
| Other, net | 27\u00a0 | 23\u00a0 | |||||||||
| Total gross deferred tax assets | 1,318\u00a0 | 705\u00a0 | |||||||||
| Valuation allowance | (235) | (244) | |||||||||
| Total deferred tax assets | 1,083\u00a0 | 461\u00a0 | |||||||||
| Deferred tax liabilities: | \u00a0 | \u00a0 | |||||||||
| Operating lease right-of-use assets | 128\u00a0 | 149\u00a0 | |||||||||
| Intangibles | 840\u00a0 | 868\u00a0 | |||||||||
| Property and equipment | 8\u00a0 | 9\u00a0 | |||||||||
| Other, net | 47\u00a0 | 43\u00a0 | |||||||||
| Total deferred tax liabilities | 1,023\u00a0 | 1,069\u00a0 | |||||||||
| Net deferred tax assets (liabilities) | $ | 60\u00a0 | $ | (608) |
| \u00a0 | July 31, | ||||||||||
| (In millions) | 2023 | 2022 | |||||||||
| Long-term deferred income tax assets | $ | 64\u00a0 | $ | 11\u00a0 | |||||||
| Long-term deferred income tax liabilities | (4) | (619) | |||||||||
| Net deferred tax assets (liabilities) | $ | 60\u00a0 | $ | (608) |
| \u00a0 | Twelve Months Ended July 31, | ||||||||||||||||
| (In millions) | 2023 | 2022 | 2021 | ||||||||||||||
| Gross unrecognized tax benefits, beginning balance | $ | 216\u00a0 | $ | 190\u00a0 | $ | 101\u00a0 | |||||||||||
| Increases related to tax positions from prior fiscal years, including acquisitions | 11\u00a0 | 9\u00a0 | 69\u00a0 | ||||||||||||||
| Decreases related to tax positions from prior fiscal years | (16) | (13) | \u2014\u00a0 | ||||||||||||||
| Increases related to tax positions taken during current fiscal year | 38\u00a0 | 31\u00a0 | 31\u00a0 | ||||||||||||||
| Settlements with tax authorities | (2) | \u2014\u00a0 | \u2014\u00a0 | ||||||||||||||
| Lapse of statute of limitations | (1) | (1) | (11) | ||||||||||||||
| Gross unrecognized tax benefits, ending balance | $ | 246\u00a0 | $ | 216\u00a0 | $ | 190\u00a0 |
| 12. Stockholders\u2019 Equity |
Stock Repurchase Programs and Treasury Shares |
Dividends on Common Stock |
Description of 2005 Equity Incentive Plan and Credit Karma, Inc. 2015 Equity Incentive Plan |
Description of Employee Stock Purchase Plan |
Share-Based Compensation Expense |
| \u00a0 | Twelve Months Ended July 31, | ||||||||||||||||
| (In millions except per share amounts) | 2023 | 2022 | 2021 | ||||||||||||||
| Cost of product revenue | $ | 3\u00a0 | $ | 2\u00a0 | $ | 1\u00a0 | |||||||||||
| Cost of service and other revenue | 371\u00a0 | 144\u00a0 | 68\u00a0 | ||||||||||||||
| Selling and marketing | 429\u00a0 | 309\u00a0 | 183\u00a0 | ||||||||||||||
| Research and development | 532\u00a0 | 521\u00a0 | 281\u00a0 | ||||||||||||||
| General and administrative | 377\u00a0 | 332\u00a0 | 220\u00a0 | ||||||||||||||
| Total share-based compensation expense | 1,712\u00a0 | 1,308\u00a0 | 753\u00a0 | ||||||||||||||
| Income tax benefit | (373) | (396) | (269) | ||||||||||||||
| Decrease in net income | $ | 1,339\u00a0 | $ | 912\u00a0 | $ | 484\u00a0 | |||||||||||
| Decrease in net income per share: | \u00a0 | \u00a0 | \u00a0 | ||||||||||||||
| Basic | $ | 4.77\u00a0 | $ | 3.26\u00a0 | $ | 1.79\u00a0 | |||||||||||
| Diluted | $ | 4.73\u00a0 | $ | 3.21\u00a0 | $ | 1.77\u00a0 |
Determining Fair Value |
| \u00a0 | Twelve Months Ended July 31, | ||||||||||||||||
| 2023 | 2022 | 2021 | |||||||||||||||
| Assumptions for stock options: | \u00a0 | \u00a0 | |||||||||||||||
| Expected volatility (range) | 30.41% - 33.19% | 35\u00a0 | % | 29\u00a0 | % | ||||||||||||
| Weighted-average expected volatility | 30.67\u00a0 | % | 35\u00a0 | % | 29\u00a0 | % | |||||||||||
| Risk-free interest rate (range) | 3.52% - 4.46% | 2.73\u00a0 | % | 0.62\u00a0 | % | ||||||||||||
| Expected dividend yield | 0.63\u00a0 | % | 0.61\u00a0 | % | 0.45\u00a0 | % | |||||||||||
| Assumptions for ESPP: | \u00a0 | \u00a0 | \u00a0 | ||||||||||||||
| Expected volatility (range) | 38% - 48% | 26% - 39% | 31% - 36% | ||||||||||||||
| Weighted-average expected volatility | 42\u00a0 | % | 23\u00a0 | % | 34\u00a0 | % | |||||||||||
| Risk-free interest rate (range) | 1.59% - 4.74% | 0.04% - 0.44% | 0.02% - 0.17% | ||||||||||||||
| Expected dividend yield (range) | 0.74% - 0.81% | 0.47% - 0.59% | 0.60% - 0.75% |
Share-Based Awards Available for Grant |
| (Shares in thousands) | Shares Available for Grant | ||||
| Balance at July 31, 2020 | 18,047\u00a0 | ||||
| Shares available for grant under the Credit Karma Plan | 4,298\u00a0 | ||||
Restricted stock units granted (1) | (9,191) | ||||
| Options granted | (323) | ||||
Share-based awards canceled/forfeited/expired (1)(2) | 4,020\u00a0 | ||||
| Balance at July 31, 2021 | 16,851\u00a0 | ||||
| Additional shares authorized | 19,903\u00a0 | ||||
Restricted stock units granted (1) | (14,868) | ||||
| Options granted | (400) | ||||
Share-based awards canceled/forfeited/expired (1)(2) | 4,774\u00a0 | ||||
| Balance at July 31, 2022 | 26,260\u00a0 | ||||
Restricted stock units granted (1) | (12,098) | ||||
| Options granted | (413) | ||||
Share-based awards canceled/forfeited/expired (1)(2) | 5,277\u00a0 | ||||
| Balance at July 31, 2023 | 19,026\u00a0 |
Restricted Stock Unit and Restricted Stock Activity |
| (Shares in thousands) | Number of Shares | Weighted Average Grant Date Fair Value | |||||||||
| Nonvested at July 31, 2020 | 5,664\u00a0 | $231.97\u00a0 | |||||||||
| Assumed through acquisition | 1,998\u00a0 | 355.49\u00a0 | |||||||||
Granted(1) | 3,877\u00a0 | 431.82\u00a0 | |||||||||
| Restricted stock subject to revest provisions issued in connection with acquisition | 775\u00a0 | 355.49\u00a0 | |||||||||
| Vested | (2,242) | 262.23\u00a0 | |||||||||
| Forfeited | (1,034) | 251.41\u00a0 | |||||||||
| Nonvested at July 31, 2021 | 9,038\u00a0 | 345.86\u00a0 | |||||||||
Granted(2) | 6,634\u00a0 | 466.12\u00a0 | |||||||||
| Vested | (3,154) | 351.80\u00a0 | |||||||||
| Forfeited | (1,051) | 351.15\u00a0 | |||||||||
| Nonvested at July 31, 2022 | 11,467\u00a0 | 413.32\u00a0 | |||||||||
| Granted | 5,260\u00a0 | 452.45\u00a0 | |||||||||
| Vested | (4,019) | 414.12\u00a0 | |||||||||
| Forfeited | (814) | 364.45\u00a0 | |||||||||
| Nonvested at July 31, 2023 | 11,894\u00a0 | $433.70\u00a0 |
| Twelve Months Ended July 31, | |||||||||||||||||
| (In millions) | 2023 | 2022 | 2021 | ||||||||||||||
| Total fair market value of shares vested | $ | 1,673\u00a0 | $ | 1,658\u00a0 | $ | 942\u00a0 | |||||||||||
| Share-based compensation for RSUs | $ | 1,636\u00a0 | $ | 1,248\u00a0 | $ | 708\u00a0 | |||||||||||
| Total tax benefit related to RSU share-based compensation expense | $ | 339\u00a0 | $ | 375\u00a0 | $ | 225\u00a0 | |||||||||||
| Cash tax benefits realized for tax deductions for RSUs | $ | 347\u00a0 | $ | 334\u00a0 | $ | 221\u00a0 |
Stock Option Activity |
| \u00a0 | Options Outstanding | ||||||||||
| (Shares in thousands) | Number of Shares | Weighted Average Exercise Price Per Share | |||||||||
| Balance at July 31, 2020 | 2,681\u00a0 | $185.83\u00a0 | |||||||||
| Granted | 323\u00a0 | 525.51\u00a0 | |||||||||
| Exercised | (718) | 128.39\u00a0 | |||||||||
| Canceled or expired | (82) | 264.53\u00a0 | |||||||||
| Balance at July 31, 2021 | 2,204\u00a0 | 251.48\u00a0 | |||||||||
| Granted | 400\u00a0 | 448.59\u00a0 | |||||||||
| Exercised | (242) | 164.94\u00a0 | |||||||||
| Canceled or expired | (70) | 426.22\u00a0 | |||||||||
| Balance at July 31, 2022 | 2,292\u00a0 | 289.62\u00a0 | |||||||||
| Granted | 413\u00a0 | 489.85\u00a0 | |||||||||
| Exercised | (551) | 163.64\u00a0 | |||||||||
| Canceled or expired | (24) | 368.72\u00a0 | |||||||||
| Balance at July 31, 2023 | 2,130\u00a0 | $360.17\u00a0 |
| Number of Shares (in thousands) | Weighted- Average Remaining Contractual Life (in years) | Weighted- Average Exercise Price per Share | Aggregate Intrinsic Value (in millions) | ||||||||||||||||||||
| Options outstanding | 2,130\u00a0 | 4.26 | $360.17\u00a0 | $327\u00a0 | |||||||||||||||||||
| Options exercisable | 1,205\u00a0 | 2.84 | $278.28\u00a0 | $283\u00a0 |
| Twelve Months Ended July 31, | |||||||||||||||||
| (In millions except per share amounts) | 2023 | 2022 | 2021 | ||||||||||||||
| Weighted-average fair value of options granted (per share) | $ | 144.92\u00a0 | $ | 136.76\u00a0 | $ | 122.16\u00a0 | |||||||||||
| Total grant date fair value of options vested | $ | 33\u00a0 | $ | 25\u00a0 | $ | 17\u00a0 | |||||||||||
| Aggregate intrinsic value of options exercised | $ | 150\u00a0 | $ | 78\u00a0 | $ | 179\u00a0 | |||||||||||
| Share-based compensation expense for stock options and ESPP | $ | 76\u00a0 | $ | 60\u00a0 | $ | 45\u00a0 | |||||||||||
| Total tax benefit for stock option and ESPP share-based compensation | $ | 34\u00a0 | $ | 21\u00a0 | $ | 44\u00a0 | |||||||||||
| Cash received from option exercises | $ | 90\u00a0 | $ | 40\u00a0 | $ | 92\u00a0 | |||||||||||
| Cash tax benefits realized related to tax deductions for non-qualified option exercises and disqualifying dispositions under all share-based payment arrangements | $ | 31\u00a0 | $ | 37\u00a0 | $ | 48\u00a0 |
Accumulated Other Comprehensive Loss |
| July 31, | |||||||||||
| (In millions) | 2023 | 2022 | |||||||||
| Unrealized loss on available-for-sale debt securities | $ | (7) | $ | (7) | |||||||
| Foreign currency translation adjustments | (48) | (53) | |||||||||
| Total accumulated other comprehensive loss | $ | (55) | $ | (60) |
| \u00a0 | Twelve Months Ended July 31, | ||||||||||||||||
| (In millions except per share amounts) | 2023 | 2022 | 2021 | ||||||||||||||
| Cost of product revenue | $ | 3\u00a0 | $ | 2\u00a0 | $ | 1\u00a0 | |||||||||||
| Cost of service and other revenue | 371\u00a0 | 144\u00a0 | 68\u00a0 | ||||||||||||||
| Selling and marketing | 429\u00a0 | 309\u00a0 | 183\u00a0 | ||||||||||||||
| Research and development | 532\u00a0 | 521\u00a0 | 281\u00a0 | ||||||||||||||
| General and administrative | 377\u00a0 | 332\u00a0 | 220\u00a0 | ||||||||||||||
| Total share-based compensation expense | 1,712\u00a0 | 1,308\u00a0 | 753\u00a0 | ||||||||||||||
| Income tax benefit | (373) | (396) | (269) | ||||||||||||||
| Decrease in net income | $ | 1,339\u00a0 | $ | 912\u00a0 | $ | 484\u00a0 | |||||||||||
| Decrease in net income per share: | \u00a0 | \u00a0 | \u00a0 | ||||||||||||||
| Basic | $ | 4.77\u00a0 | $ | 3.26\u00a0 | $ | 1.79\u00a0 | |||||||||||
| Diluted | $ | 4.73\u00a0 | $ | 3.21\u00a0 | $ | 1.77\u00a0 |
| \u00a0 | Twelve Months Ended July 31, | ||||||||||||||||
| 2023 | 2022 | 2021 | |||||||||||||||
| Assumptions for stock options: | \u00a0 | \u00a0 | |||||||||||||||
| Expected volatility (range) | 30.41% - 33.19% | 35\u00a0 | % | 29\u00a0 | % | ||||||||||||
| Weighted-average expected volatility | 30.67\u00a0 | % | 35\u00a0 | % | 29\u00a0 | % | |||||||||||
| Risk-free interest rate (range) | 3.52% - 4.46% | 2.73\u00a0 | % | 0.62\u00a0 | % | ||||||||||||
| Expected dividend yield | 0.63\u00a0 | % | 0.61\u00a0 | % | 0.45\u00a0 | % | |||||||||||
| Assumptions for ESPP: | \u00a0 | \u00a0 | \u00a0 | ||||||||||||||
| Expected volatility (range) | 38% - 48% | 26% - 39% | 31% - 36% | ||||||||||||||
| Weighted-average expected volatility | 42\u00a0 | % | 23\u00a0 | % | 34\u00a0 | % | |||||||||||
| Risk-free interest rate (range) | 1.59% - 4.74% | 0.04% - 0.44% | 0.02% - 0.17% | ||||||||||||||
| Expected dividend yield (range) | 0.74% - 0.81% | 0.47% - 0.59% | 0.60% - 0.75% |
| (Shares in thousands) | Shares Available for Grant | ||||
| Balance at July 31, 2020 | 18,047\u00a0 | ||||
| Shares available for grant under the Credit Karma Plan | 4,298\u00a0 | ||||
Restricted stock units granted (1) | (9,191) | ||||
| Options granted | (323) | ||||
Share-based awards canceled/forfeited/expired (1)(2) | 4,020\u00a0 | ||||
| Balance at July 31, 2021 | 16,851\u00a0 | ||||
| Additional shares authorized | 19,903\u00a0 | ||||
Restricted stock units granted (1) | (14,868) | ||||
| Options granted | (400) | ||||
Share-based awards canceled/forfeited/expired (1)(2) | 4,774\u00a0 | ||||
| Balance at July 31, 2022 | 26,260\u00a0 | ||||
Restricted stock units granted (1) | (12,098) | ||||
| Options granted | (413) | ||||
Share-based awards canceled/forfeited/expired (1)(2) | 5,277\u00a0 | ||||
| Balance at July 31, 2023 | 19,026\u00a0 |
| (Shares in thousands) | Number of Shares | Weighted Average Grant Date Fair Value | |||||||||
| Nonvested at July 31, 2020 | 5,664\u00a0 | $231.97\u00a0 | |||||||||
| Assumed through acquisition | 1,998\u00a0 | 355.49\u00a0 | |||||||||
Granted(1) | 3,877\u00a0 | 431.82\u00a0 | |||||||||
| Restricted stock subject to revest provisions issued in connection with acquisition | 775\u00a0 | 355.49\u00a0 | |||||||||
| Vested | (2,242) | 262.23\u00a0 | |||||||||
| Forfeited | (1,034) | 251.41\u00a0 | |||||||||
| Nonvested at July 31, 2021 | 9,038\u00a0 | 345.86\u00a0 | |||||||||
Granted(2) | 6,634\u00a0 | 466.12\u00a0 | |||||||||
| Vested | (3,154) | 351.80\u00a0 | |||||||||
| Forfeited | (1,051) | 351.15\u00a0 | |||||||||
| Nonvested at July 31, 2022 | 11,467\u00a0 | 413.32\u00a0 | |||||||||
| Granted | 5,260\u00a0 | 452.45\u00a0 | |||||||||
| Vested | (4,019) | 414.12\u00a0 | |||||||||
| Forfeited | (814) | 364.45\u00a0 | |||||||||
| Nonvested at July 31, 2023 | 11,894\u00a0 | $433.70\u00a0 |
| Twelve Months Ended July 31, | |||||||||||||||||
| (In millions) | 2023 | 2022 | 2021 | ||||||||||||||
| Total fair market value of shares vested | $ | 1,673\u00a0 | $ | 1,658\u00a0 | $ | 942\u00a0 | |||||||||||
| Share-based compensation for RSUs | $ | 1,636\u00a0 | $ | 1,248\u00a0 | $ | 708\u00a0 | |||||||||||
| Total tax benefit related to RSU share-based compensation expense | $ | 339\u00a0 | $ | 375\u00a0 | $ | 225\u00a0 | |||||||||||
| Cash tax benefits realized for tax deductions for RSUs | $ | 347\u00a0 | $ | 334\u00a0 | $ | 221\u00a0 |
| \u00a0 | Options Outstanding | ||||||||||
| (Shares in thousands) | Number of Shares | Weighted Average Exercise Price Per Share | |||||||||
| Balance at July 31, 2020 | 2,681\u00a0 | $185.83\u00a0 | |||||||||
| Granted | 323\u00a0 | 525.51\u00a0 | |||||||||
| Exercised | (718) | 128.39\u00a0 | |||||||||
| Canceled or expired | (82) | 264.53\u00a0 | |||||||||
| Balance at July 31, 2021 | 2,204\u00a0 | 251.48\u00a0 | |||||||||
| Granted | 400\u00a0 | 448.59\u00a0 | |||||||||
| Exercised | (242) | 164.94\u00a0 | |||||||||
| Canceled or expired | (70) | 426.22\u00a0 | |||||||||
| Balance at July 31, 2022 | 2,292\u00a0 | 289.62\u00a0 | |||||||||
| Granted | 413\u00a0 | 489.85\u00a0 | |||||||||
| Exercised | (551) | 163.64\u00a0 | |||||||||
| Canceled or expired | (24) | 368.72\u00a0 | |||||||||
| Balance at July 31, 2023 | 2,130\u00a0 | $360.17\u00a0 |
| Number of Shares (in thousands) | Weighted- Average Remaining Contractual Life (in years) | Weighted- Average Exercise Price per Share | Aggregate Intrinsic Value (in millions) | ||||||||||||||||||||
| Options outstanding | 2,130\u00a0 | 4.26 | $360.17\u00a0 | $327\u00a0 | |||||||||||||||||||
| Options exercisable | 1,205\u00a0 | 2.84 | $278.28\u00a0 | $283\u00a0 |
| Twelve Months Ended July 31, | |||||||||||||||||
| (In millions except per share amounts) | 2023 | 2022 | 2021 | ||||||||||||||
| Weighted-average fair value of options granted (per share) | $ | 144.92\u00a0 | $ | 136.76\u00a0 | $ | 122.16\u00a0 | |||||||||||
| Total grant date fair value of options vested | $ | 33\u00a0 | $ | 25\u00a0 | $ | 17\u00a0 | |||||||||||
| Aggregate intrinsic value of options exercised | $ | 150\u00a0 | $ | 78\u00a0 | $ | 179\u00a0 | |||||||||||
| Share-based compensation expense for stock options and ESPP | $ | 76\u00a0 | $ | 60\u00a0 | $ | 45\u00a0 | |||||||||||
| Total tax benefit for stock option and ESPP share-based compensation | $ | 34\u00a0 | $ | 21\u00a0 | $ | 44\u00a0 | |||||||||||
| Cash received from option exercises | $ | 90\u00a0 | $ | 40\u00a0 | $ | 92\u00a0 | |||||||||||
| Cash tax benefits realized related to tax deductions for non-qualified option exercises and disqualifying dispositions under all share-based payment arrangements | $ | 31\u00a0 | $ | 37\u00a0 | $ | 48\u00a0 |
| July 31, | |||||||||||
| (In millions) | 2023 | 2022 | |||||||||
| Unrealized loss on available-for-sale debt securities | $ | (7) | $ | (7) | |||||||
| Foreign currency translation adjustments | (48) | (53) | |||||||||
| Total accumulated other comprehensive loss | $ | (55) | $ | (60) |
| 13. Benefit Plans |
Non-Qualified Deferred Compensation Plan |
401(k) Plans |
| 14. Legal Proceedings |
| 15. Segment Information |
Small Business & Self-Employed: This segment serves small businesses and the self-employed around the world, and the accounting professionals who assist and advise them. Our QuickBooks offerings include financial and business management online services and desktop software, payroll solutions, time tracking, merchant payment processing and bill pay solutions, and checking accounts through an FDIC member bank partner and financing for small businesses. Our Mailchimp offerings include marketing automation and customer relationship management. Consumer: This segment serves consumers and includes do-it-yourself and assisted TurboTax income tax preparation products and services sold in the U.S. and Canada. Credit Karma: This segment serves consumers with a personal finance platform that provides personalized recommendations of credit card, home, auto, and personal loan, and insurance products; online savings and checking accounts through an FDIC member bank partner; and access to their credit scores and reports, credit and identity monitoring, credit report dispute, credit building tools, and tools to help understand net worth and make financial progress. Our Mint offering is a personal finance offering which helps customers track their finances and daily financial behaviors. ProTax: This segment serves professional accountants in the U.S. and Canada, who are essential to both small business success and tax preparation and filing. Our professional tax offerings include Lacerte, ProSeries, and ProConnect Tax Online in the U.S., and ProFile and ProTax Online in Canada. |
| \u00a0 | Twelve Months Ended July 31, | ||||||||||||||||
| (In millions) | 2023 | 2022 | 2021 | ||||||||||||||
| Net revenue: | \u00a0 | \u00a0 | |||||||||||||||
| Small Business & Self-Employed | $ | 8,038\u00a0 | $ | 6,460\u00a0 | $ | 4,688\u00a0 | |||||||||||
| Consumer | 4,135\u00a0 | 3,915\u00a0 | 3,563\u00a0 | ||||||||||||||
| Credit Karma | 1,634\u00a0 | 1,805\u00a0 | 865\u00a0 | ||||||||||||||
| ProTax | 561\u00a0 | 546\u00a0 | 517\u00a0 | ||||||||||||||
| Total net revenue | $ | 14,368\u00a0 | $ | 12,726\u00a0 | $ | 9,633\u00a0 | |||||||||||
| Operating income: | \u00a0 | \u00a0 | \u00a0 | ||||||||||||||
| Small Business & Self-Employed | $ | 4,532\u00a0 | $ | 3,499\u00a0 | $ | 2,590\u00a0 | |||||||||||
| Consumer | 2,707\u00a0 | 2,483\u00a0 | 2,237\u00a0 | ||||||||||||||
| Credit Karma | 428\u00a0 | 531\u00a0 | 182\u00a0 | ||||||||||||||
| ProTax | 395\u00a0 | 383\u00a0 | 372\u00a0 | ||||||||||||||
| Total segment operating income | 8,062\u00a0 | 6,896\u00a0 | 5,381\u00a0 | ||||||||||||||
| Unallocated corporate items: | \u00a0 | \u00a0 | \u00a0 | ||||||||||||||
| Share-based compensation expense | (1,712) | (1,308) | (753) | ||||||||||||||
| Other corporate expenses | (2,563) | (2,461) | (1,932) | ||||||||||||||
| Amortization of acquired technology | (163) | (140) | (50) | ||||||||||||||
| Amortization of other acquired intangible assets | (483) | (416) | (146) | ||||||||||||||
| Total unallocated corporate items | (4,921) | (4,325) | (2,881) | ||||||||||||||
| Total operating income | $ | 3,141\u00a0 | $ | 2,571\u00a0 | $ | 2,500\u00a0 |
| \u00a0 | Twelve Months Ended July 31, | ||||||||||||||||
| (In millions) | 2023 | 2022 | 2021 | ||||||||||||||
| Net revenue: | \u00a0 | \u00a0 | |||||||||||||||
| QuickBooks Online Accounting | $ | 2,849\u00a0 | $ | 2,267\u00a0 | $ | 1,699\u00a0 | |||||||||||
| Online Services | 2,910\u00a0 | 2,171\u00a0 | 1,051\u00a0 | ||||||||||||||
| Total Online Ecosystem | 5,759\u00a0 | 4,438\u00a0 | 2,750\u00a0 | ||||||||||||||
| QuickBooks Desktop Accounting | 1,110\u00a0 | 851\u00a0 | 789\u00a0 | ||||||||||||||
| Desktop Services and Supplies | 1,169\u00a0 | 1,171\u00a0 | 1,149\u00a0 | ||||||||||||||
| Total Desktop Ecosystem | 2,279\u00a0 | 2,022\u00a0 | 1,938\u00a0 | ||||||||||||||
| Small Business & Self-Employed | 8,038\u00a0 | 6,460\u00a0 | 4,688\u00a0 | ||||||||||||||
| Consumer | 4,135\u00a0 | 3,915\u00a0 | 3,563\u00a0 | ||||||||||||||
| Credit Karma | 1,634\u00a0 | 1,805\u00a0 | 865\u00a0 | ||||||||||||||
| ProTax | 561\u00a0 | 546\u00a0 | 517\u00a0 | ||||||||||||||
| Total net revenue | $ | 14,368\u00a0 | $ | 12,726\u00a0 | $ | 9,633\u00a0 |
| \u00a0 | Twelve Months Ended July 31, | ||||||||||||||||
| (In millions) | 2023 | 2022 | 2021 | ||||||||||||||
| Net revenue: | \u00a0 | \u00a0 | |||||||||||||||
| Small Business & Self-Employed | $ | 8,038\u00a0 | $ | 6,460\u00a0 | $ | 4,688\u00a0 | |||||||||||
| Consumer | 4,135\u00a0 | 3,915\u00a0 | 3,563\u00a0 | ||||||||||||||
| Credit Karma | 1,634\u00a0 | 1,805\u00a0 | 865\u00a0 | ||||||||||||||
| ProTax | 561\u00a0 | 546\u00a0 | 517\u00a0 | ||||||||||||||
| Total net revenue | $ | 14,368\u00a0 | $ | 12,726\u00a0 | $ | 9,633\u00a0 | |||||||||||
| Operating income: | \u00a0 | \u00a0 | \u00a0 | ||||||||||||||
| Small Business & Self-Employed | $ | 4,532\u00a0 | $ | 3,499\u00a0 | $ | 2,590\u00a0 | |||||||||||
| Consumer | 2,707\u00a0 | 2,483\u00a0 | 2,237\u00a0 | ||||||||||||||
| Credit Karma | 428\u00a0 | 531\u00a0 | 182\u00a0 | ||||||||||||||
| ProTax | 395\u00a0 | 383\u00a0 | 372\u00a0 | ||||||||||||||
| Total segment operating income | 8,062\u00a0 | 6,896\u00a0 | 5,381\u00a0 | ||||||||||||||
| Unallocated corporate items: | \u00a0 | \u00a0 | \u00a0 | ||||||||||||||
| Share-based compensation expense | (1,712) | (1,308) | (753) | ||||||||||||||
| Other corporate expenses | (2,563) | (2,461) | (1,932) | ||||||||||||||
| Amortization of acquired technology | (163) | (140) | (50) | ||||||||||||||
| Amortization of other acquired intangible assets | (483) | (416) | (146) | ||||||||||||||
| Total unallocated corporate items | (4,921) | (4,325) | (2,881) | ||||||||||||||
| Total operating income | $ | 3,141\u00a0 | $ | 2,571\u00a0 | $ | 2,500\u00a0 |
| \u00a0 | Twelve Months Ended July 31, | ||||||||||||||||
| (In millions) | 2023 | 2022 | 2021 | ||||||||||||||
| Net revenue: | \u00a0 | \u00a0 | |||||||||||||||
| QuickBooks Online Accounting | $ | 2,849\u00a0 | $ | 2,267\u00a0 | $ | 1,699\u00a0 | |||||||||||
| Online Services | 2,910\u00a0 | 2,171\u00a0 | 1,051\u00a0 | ||||||||||||||
| Total Online Ecosystem | 5,759\u00a0 | 4,438\u00a0 | 2,750\u00a0 | ||||||||||||||
| QuickBooks Desktop Accounting | 1,110\u00a0 | 851\u00a0 | 789\u00a0 | ||||||||||||||
| Desktop Services and Supplies | 1,169\u00a0 | 1,171\u00a0 | 1,149\u00a0 | ||||||||||||||
| Total Desktop Ecosystem | 2,279\u00a0 | 2,022\u00a0 | 1,938\u00a0 | ||||||||||||||
| Small Business & Self-Employed | 8,038\u00a0 | 6,460\u00a0 | 4,688\u00a0 | ||||||||||||||
| Consumer | 4,135\u00a0 | 3,915\u00a0 | 3,563\u00a0 | ||||||||||||||
| Credit Karma | 1,634\u00a0 | 1,805\u00a0 | 865\u00a0 | ||||||||||||||
| ProTax | 561\u00a0 | 546\u00a0 | 517\u00a0 | ||||||||||||||
| Total net revenue | $ | 14,368\u00a0 | $ | 12,726\u00a0 | $ | 9,633\u00a0 |
INTUIT INC. SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||||
| (In millions) | Beginning Balance | Additions Charged to Expense/ Revenue | Deductions | Ending Balance | |||||||||||||||||||
| Year ended July 31, 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |||||||||||||||||||
| Allowance for doubtful accounts | $ | 31\u00a0 | $ | 57\u00a0 | $ | (81) | $ | 7\u00a0 | |||||||||||||||
| Reserve for returns, credits, and promotional discounts | 31\u00a0 | 261\u00a0 | (260) | 32\u00a0 | |||||||||||||||||||
| Year ended July 31, 2022 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |||||||||||||||||||
| Allowance for doubtful accounts | $ | 96\u00a0 | $ | 74\u00a0 | $ | (139) | $ | 31\u00a0 | |||||||||||||||
| Reserve for returns, credits, and promotional discounts | 31\u00a0 | 247\u00a0 | (247) | 31\u00a0 | |||||||||||||||||||
| Year ended July 31, 2021 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |||||||||||||||||||
| Allowance for doubtful accounts | $ | 12\u00a0 | $ | 92\u00a0 | $ | (8) | $ | 96\u00a0 | |||||||||||||||
| Reserve for returns, credits, and promotional discounts | 35\u00a0 | 230\u00a0 | (234) | 31\u00a0 |