XML 33 R17.htm IDEA: XBRL DOCUMENT
v3.22.1

Stockholders' Equity | 9 Months Ended
--- | ---
Apr. 30, 2022
Equity [Abstract] |
Stockholders' Equity |
10. Stockholders’ Equity
Stock Repurchase Programs and Treasury Shares
Intuit’s Board of Directors has authorized a series of common stock repurchase programs. Shares of common stock repurchased under these programs become treasury shares. During the nine months ended April 30, 2022 we repurchased a total of 2.4 million shares for $1.35 billion, of which $1.33 billion were repurchased under these stock repurchase programs. At April 30, 2022, we had authorization from our Board of Directors to expend up to an additional $2.0 billion for stock repurchases. Future stock repurchases under the current program are at the discretion of management, and authorization of future stock repurchase programs is subject to the final determination of our Board of Directors. Our treasury shares are repurchased at the market price on the trade date; accordingly, all amounts paid to reacquire these shares have been recorded as treasury stock on our condensed consolidated balance sheets. Repurchased shares of our common stock are held as treasury shares until they are reissued or retired. When we reissue treasury stock, if the proceeds from the sale are more than the average price we paid to acquire the shares we record an increase in additional paid-in capital. Conversely, if the proceeds from the sale are less than the average price we paid to acquire the shares, we record a decrease in additional paid-in capital to the extent of increases previously recorded for similar transactions and a decrease in retained earnings for any remaining amount. In the past we have satisfied option exercises and restricted stock unit vesting under our employee equity incentive plans by reissuing treasury shares, and we may do so again in the future. During the second quarter of fiscal 2014 we began issuing new shares of common stock to satisfy option exercises and RSU vesting under our 2005 Equity Incentive Plan. We have not yet determined the ultimate disposition of the shares that we have repurchased in the past, and consequently we continue to hold them as treasury shares.
Dividends on Common Stock
During the nine months ended April 30, 2022 we declared quarterly cash dividends that totaled $2.04 per share of outstanding common stock for a total of $586 million. In May 2022 our Board of Directors declared a quarterly cash dividend of $0.68 per share of outstanding common stock payable on July 18, 2022 to stockholders of record at the close of business on July 11, 2022. Future declarations of dividends and the establishment of future record dates and payment dates are subject to the final determination of our Board of Directors.
Share-Based Compensation Expense
The following table summarizes the total share-based compensation expense that we recorded in operating income for the periods shown.
| Three Months Ended |  | Nine Months Ended
(In millions) | April 30, 2022 |  | April 30, 2021 |  | April 30, 2022 |  | April 30, 2021
Cost of revenue | $ | 40 |  |  | $ | 16 |  |  | $ | 105 |  |  | $ | 47 |
Selling and marketing | 85 |  |  | 51 |  |  | 232 |  |  | 127 |
Research and development | 138 |  |  | 82 |  |  | 379 |  |  | 187 |
General and administrative | 83 |  |  | 69 |  |  | 246 |  |  | 148 |
Total share-based compensation expense | $ | 346 |  |  | $ | 218 |  |  | $ | 962 |  |  | $ | 509 |
We capitalized $1 million in share-based compensation related to internal-use software projects during the nine months ended April 30, 2022 and $1 million during the nine months ended April 30, 2021.
Share-Based Awards Available for Grant
On January 20, 2022 our stockholders approved an Amended and Restated 2005 Equity Incentive Plan, which includes an extension of the term through January 20, 2032 and an increase of 18 million shares available for issuance under that plan as well as 1,902,811 additional shares that were previously available for issuance under the Credit Karma Plan, adjusted for the fungible ratio of the 2005 Equity Incentive Plan. After January 20, 2022, no awards may be granted under the Credit Karma Plan. A summary of share-based awards available for grant under our plans for the nine months ended April 30, 2022 was as follows:
(Shares in thousands) | Shares Available for Grant
Balance at July 31, 2021 | 16,851 |
Additional shares authorized | 19,903 |
Restricted stock units granted (1) | (4,519) |
Options granted | — |
Share-based awards canceled/forfeited/expired (1) (2) | 3,339 |
Balance at April 30, 2022 | 35,574 |
(1)RSUs granted from the pool of shares available for grant under our 2005 Equity Incentive Plan reduce the pool by 2.3 shares for each share granted. RSUs forfeited and returned to the pool of shares available for grant under the 2005 Equity Incentive Plan increase the pool by 2.3 shares for each share forfeited. Through January 20, 2022 shares granted from the Credit Karma Plan reduce the pool by one share for each share granted and shares forfeited and returned to the pool from the Credit Karma Plan increase the pool by one share for each share forfeited. Beginning January 20, 2022, shares forfeited and returned to the pool from the Credit Karma Plan increase the pool by 2.3 shares for each share forfeited. No shares were granted from the Credit Karma Plan after January 20, 2022. (2)Stock options and RSUs canceled, expired or forfeited under our 2005 Equity Incentive Plan and Credit Karma Plan are returned to the pool of shares available for grant. Under the 2005 Equity Incentive Plan, shares withheld for income taxes upon vesting of RSUs that were granted on or after July 21, 2016 are also returned to the pool of shares available for grant. Stock options and RSUs canceled, expired or forfeited under older expired plans are not returned to the pool of shares available for grant. Under the Credit Karma Plan, shares withheld for income taxes are also returned to the pool of shares available for grant.
Restricted Stock Unit and Restricted Stock Activity
A summary of restricted stock unit (RSU) and restricted stock activity for the nine months ended April 30, 2022 was as follows:
(Shares in thousands) | Number of Shares |  | Weighted Average Grant Date Fair Value
Nonvested at July 31, 2021 | 9,038 |  |  | $ | 345.86 |
Granted (1) | 2,134 |  |  | 568.65 |
Vested | (2,205) |  |  | 318.74 |
Forfeited | (813) |  |  | 354.69 |
Nonvested at April 30, 2022 | 8,154 |  |  | $ | 410.63 |
(1)Includes approximately 583,000 RSUs granted to the employees of Mailchimp in substitution of outstanding equity incentive awards with a grant date fair value of $355 million and approximately 325,000 RSUs granted to the employees of Mailchimp in connection with the acquisition with a grant date fair value of $211 million. See Note 5, "Business Combinations." At April 30, 2022, there was approximately $2.8 billion of unrecognized compensation cost related to non-vested RSUs and restricted stock with a weighted average vesting period of 2.7 years. We will adjust unrecognized compensation cost for actual forfeitures as they occur.
Stock Option Activity
A summary of stock option activity for the nine months ended April 30, 2022 was as follows:
| Options Outstanding
(Shares in thousands) | Number of Shares |  | Weighted Average Exercise Price Per Share
Balance at July 31, 2021 | 2,204 |  |  | $ | 251.48 |
Granted | — |  |  | — |
Exercised | (151) |  |  | 166.02 |
Canceled or expired | (20) |  |  | 503.05 |
Balance at April 30, 2022 | 2,033 |  |  | $ | 255.38 |
Exercisable at April 30, 2022 | 1,400 |  |  | $ | 188.29 |
At April 30, 2022, there was approximately $53 million of unrecognized compensation cost related to non-vested stock options with a weighted average vesting period of 2.6 years. We will adjust unrecognized compensation cost for actual forfeitures as they occur.

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration