Property and Equipment

12 Months Ended

Jul. 31, 2024

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	2024		2023
Computer software	2-6	$	810	$	898
Buildings	5-30	636		382
Leasehold improvements	2-16	495		404
Equipment	3-5	177		214
Furniture and fixtures	5	141		104
Land	NA	96		79
Capital in progress	NA	17		360
		2,372		2,441
Less accumulated depreciation and amortization		(1,363)		(1,472)
Total property and equipment, net		$	1,009	$	969

__________________________

NA = Not Applicable

Capital in progress at July 31, 2024 and 2023, 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 $59 million for the twelve months ended July 31, 2024; $50 million for the twelve months ended July 31, 2023; and

$72 million for the twelve months ended July 31, 2022. There was no capitalized labor in these amounts for the twelve months ended July 31, 2024 and 2023. There was $13 million of capitalized labor in these amounts for the twelve months ended July 31, 2022. 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.