GOODWILL AND INTANGIBLE ASSETS, NET

9 Months Ended

Apr. 27, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS, NET

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	—			—			—
Goodwill as of April 27, 2024	$	10	(1)	$	10	(2)	$	20

(1)Wholesale amounts are net of accumulated goodwill impairment charges of $717 million as of July 29, 2023 and April 27, 2024.

(2)Other amounts are net of accumulated goodwill impairment charges of $10 million as of July 29, 2023 and April 27, 2024.

Identifiable intangible assets, net consisted of the following:

	April 27, 2024						July 29, 2023
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Amortizing intangible assets:
Customer relationships	$	1,007	$	397	$	610	$	1,007	$	354	$	653
Pharmacy prescription files	33		26		7		33		22		11
Operating lease intangibles	6		5		1		6		5		1
Trademarks and tradenames	88		63		25		89		57		32
Total amortizing intangible assets	1,134		491		643		1,135		438		697
Indefinite lived intangible assets:
Trademarks and tradenames	25		—		25		25		—		25
Intangibles assets, net	$	1,159	$	491	$	668	$	1,160	$	438	$	722

Amortization expense was $17 million and $18 million for the third quarters of fiscal 2024 and 2023, respectively, and $53 million and $54 million for fiscal 2024 and 2023 year-to-date, respectively. The estimated future amortization expense for each of the next five fiscal years and thereafter on amortizing intangible assets existing as of April 27, 2024 is as shown below:

Fiscal Year:	(in millions)
Remaining fiscal 2024	$	20
2025	71
2026	67
2027	64
2028	61
Thereafter	360
	$	643