Restructuring

3 Months Ended

Oct. 31, 2024

Restructuring and Related Activities [Abstract]


13. Restructuring

In July 2024, our management approved, committed to, and initiated a plan of reorganization (the Plan) focused on reallocating resources to our key growth areas. The Plan includes the exit of employees and the closing of real estate sites in certain markets in service to growing technology teams and capabilities in strategic locations. The actions associated with the Plan were substantially complete in the first quarter of fiscal 2025. Total restructuring costs associated with the Plan are estimated to be approximately $237 million. During the three months ended October 31, 2024, we recorded a $9 million charge in connection with the Plan. This charge is primarily related to severance, employee benefits, and site closure costs and is recorded to restructuring in our condensed consolidated statements of operations. Any changes to the estimates of executing the Plan will be reflected in future results of operations.

The following table summarizes the activity for the Plan.


(In millions)	Accrued July 31, 2024		Additional Costs/ Adjustments		Cash Payments		Non-Cash Items		Accrued October 31, 2024		Total Costs Incurred to Date		Total Expected Plan Cost
Global Business Solutions	$	84	$	2	$	(78)	$	—	$	8	$	98	$	100
Consumer	9		—		(9)		—		—		9		9
Credit Karma	—		—		—		—		—		—		—
ProTax	2		—		(2)		—		—		2		2
Corporate (1)	92		7		(85)		(5)		9		123		126
Totals	$	187	$	9	$	(174)	$	(5)	$	17	$	232	$	237

(1)Restructuring costs within corporate relate to platform expenses and other administrative functions that are not allocated to the segments.

The liability for restructuring charges is included in accrued compensation and related liabilities in the accompanying condensed consolidated balance sheets.