GOODWILL AND INTANGIBLE ASSETS, NET

9 Months Ended

Apr. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 5—GOODWILL AND INTANGIBLE ASSETS, NET

Changes in the carrying value of Goodwill by reportable segment that have goodwill consisted of the following:


(in millions)	Wholesale			Other			Total
Goodwill as of July 31, 2021	$	10	(1)	$	10	(2)	$	20



Change in foreign exchange rates	—			—			—
Goodwill as of April 30, 2022	$	10	(1)	$	10	(2)	$	20

(1)Wholesale amounts are net of accumulated goodwill impairment charges of $717 million as of July 31, 2021 and April 30, 2022.

(2)Other amounts are net of accumulated goodwill impairment charges of $10 million as of July 31, 2021 and April 30, 2022.

Identifiable intangible assets, net consisted of the following:


	April 30, 2022						July 31, 2021
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Amortizing intangible assets:
Customer relationships	$	1,007	$	279	$	728	$	1,007	$	234	$	773
Pharmacy prescription files	33		17		16		33		13		20
Operating lease intangibles	6		4		2		7		4		3
Trademarks and tradenames	84		49		35		84		45		39
Total amortizing intangible assets	1,130		349		781		1,131		296		835
Indefinite lived intangible assets:
Trademarks and tradenames	56		—		56		56		—		56
Intangibles assets, net	$	1,186	$	349	$	837	$	1,187	$	296	$	891

Amortization expense was $18 million and $18 million for the third quarters of fiscal 2022 and 2021, respectively, and $54 million and $60 million for fiscal 2022 and 2021 year-to-date, respectively. The estimated future amortization expense for each of the next five fiscal years and thereafter on definite lived intangible assets existing as of April 30, 2022 is as follows:


Fiscal Year:	(in millions)
Remaining fiscal 2022	$	18
2023	72
2024	72
2025	70
2026	66
Thereafter	483
	$	781