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Goodwill and Acquired Intangible Assets | 12 Months Ended
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Jul. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Acquired Intangible Assets |
5. Goodwill and Acquired Intangible Assets
Goodwill
Changes in the carrying value of goodwill by reportable segment during the twelve months ended July 31, 2021 and July 31, 2020 were as shown in the following table. Our reportable segments are described in Note 14, “Segment Information.”
(In millions) | Balance July 31, 2019 |  | Goodwill Acquired |  | Foreign Currency Translation |  | Balance July 31, 2020 |  | Goodwill Acquired |  | Foreign Currency Translation |  | Balance July 31, 2021
Small Business & Self-Employed | $ | 1,518 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,518 |  |  | $ | 59 |  |  | $ | 1 |  |  | $ | 1,578 |
Consumer | 42 |  |  | — |  |  | — |  |  | 42 |  |  | — |  |  | — |  |  | 42 |
ProConnect | 95 |  |  | — |  |  | (1) |  |  | 94 |  |  | — |  |  | 1 |  |  | 95 |
Credit Karma | — |  |  | — |  |  | — |  |  | — |  |  | 3,898 |  |  | — |  |  | 3,898 |
Totals | $ | 1,655 |  |  | $ | — |  |  | $ | (1) |  |  | $ | 1,654 |  |  | $ | 3,957 |  |  | $ | 2 |  |  | $ | 5,613 |
Goodwill is net of accumulated impairment losses of $114 million, which were recorded prior to July 31, 2019 and are included in our Consumer segment. The increase in goodwill during the twelve months ended July 31, 2021 was primarily due to the acquisition of Credit Karma.
Acquired Intangible Assets
The following table shows the cost, accumulated amortization and weighted average life in years for our acquired intangible assets at the dates indicated. The increases in intangible assets during the twelve months ended July 31, 2021 were primarily related to the acquisition of Credit Karma. See Note 6, “Business Combinations.” The weighted average lives are calculated for assets that are not fully amortized.
(Dollars in millions) | Customer Lists / User Relationships |  | Purchased Technology |  | Trade Names and Logos |  | Covenants Not to Compete or Sue |  | Total
At July 31, 2021: |  |  |  |  |  |  |  |  |
Cost | $ | 3,038 |  |  | $ | 686 |  |  | $ | 400 |  |  | $ | 42 |  |  | $ | 4,166 |
Accumulated amortization | (377) |  |  | (455) |  |  | (41) |  |  | (41) |  |  | (914) |
Acquired intangible assets, net | $ | 2,661 |  |  | $ | 231 |  |  | $ | 359 |  |  | $ | 1 |  |  | $ | 3,252 |
Weighted average life in years | 15 |  | 5 |  | 15 |  | 3 |  | 14
At July 31, 2020: |  |  |  |  |  |  |  |  |
Cost | $ | 256 |  |  | $ | 421 |  |  | $ | 25 |  |  | $ | 42 |  |  | $ | 744 |
Accumulated amortization | (248) |  |  | (404) |  |  | (25) |  |  | (39) |  |  | (716) |
Acquired intangible assets, net | $ | 8 |  |  | $ | 17 |  |  | $ | — |  |  | $ | 3 |  |  | $ | 28 |
Weighted average life in years | 5 |  | 3 |  | 0 |  | 3 |  | 4
The following table shows the expected future amortization expense for our acquired intangible assets at July 31, 2021. Amortization of purchased technology is charged to amortization of acquired technology in our consolidated statements of operations. Amortization of other acquired intangible assets such as customer lists is charged to amortization of other acquired intangible assets in our consolidated statements of operations. If impairment events occur, they could accelerate the timing of acquired intangible asset charges.
(In millions) | Expected Future Amortization Expense
Twelve months ending July 31, |
2022 | $ | 274 |
2023 | 264 |
2024 | 248 |
2025 | 247 |
2026 | 247 |
Thereafter | 1,972 |
Total expected future amortization expense | $ | 3,252 |

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