Property and Equipment

12 Months Ended

Jul. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment

5. Property and Equipment

Property and equipment consisted of the following at the dates indicated:

	Life in	July 31,
(Dollars in millions)	Years	2022		2021
Equipment	3-5	$	208	$	199
Computer software	2-6	911		899
Furniture and fixtures	5	101		96
Leasehold improvements	2-16	366		350
Land	NA	79		79
Buildings	5-30	378		375
Capital in progress	NA	283		122
		2,326		2,120
Less accumulated depreciation and amortization		(1,438)		(1,340)
Total property and equipment, net		$	888	$	780

__________________________

NA = Not Applicable

Capital in progress at July 31, 2022 and 2021, consisted primarily of costs related to various buildings and site improvements that have not yet been placed into service.

As discussed in Note 1, “Description of Business and Summary of Significant Accounting Policies – Internal Use Software,” we capitalize costs related to the development of computer software for internal use. We capitalized internal use software costs totaling $72 million for the twelve months ended July 31, 2022; $72 million for the twelve months ended July 31, 2021; and $78 million for the twelve months ended July 31, 2020. These amounts included capitalized labor costs of $13 million, $30 million, and $40 million, respectively. Costs related to internal use software projects are included in the capital in progress category of property and equipment until project completion, at which time they are transferred to the computer software category.