Restructuring expenses

9 Months Ended

Apr. 30, 2025

Restructuring and Related Activities [Abstract]

Restructuring expenses

Restructuring expenses

The Company’s restructuring expenses are summarized below:

	Three months ended		Nine months ended
	April 30,		April 30,
(In millions)	2025	2024	2025	2024
Corporate restructuring expenses	$2	$12	$5	$20
Business restructuring expenses	68	—	68	—
Restructuring expenses	$70	$12	$73	$20

Corporate restructuring expenses

During fiscal 2024, corporate restructuring expenses primarily related to establishing a new corporate structure to domicile our ultimate parent company in the United States. During fiscal 2025, the Company recorded corporate restructuring expenses that were primarily related to transition activities following the establishment of our parent company’s domicile in the United States. The Company does not expect charges in connection with these actions, including any future charges, to be material.

Business restructuring expenses

During the third quarter of fiscal 2025, the Company implemented targeted actions to streamline operations, enhancing speed and efficiency to better serve customers and drive further profitable growth. As a result of these actions, non-recurring business restructuring expenses of $68 million were incurred in the quarter, primarily in the United States. The charges primarily related to severance costs of $41 million, as well as $15 million of non-cash branch and facility costs, mainly related to lease impairments. The Company does not expect charges in connection with these actions, including any future charges, to be material.