Intuit (INTU) 10-Q 23 Feb 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jan. 31, 2021	Feb. 16, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jan. 31, 2021
Document Transition Report	false
Entity File Number	0-21180
Entity Registrant Name	INTUIT INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0034661
Entity Address, Address Line One	2700 Coast Avenue
Entity Address, City or Town	Mountain View
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94043
City Area Code	650
Local Phone Number	944-6000
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	INTU
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		273,839,879
Entity Central Index Key	0000896878
Amendment Flag	false
Current Fiscal Year End Date	--07-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
Net revenue:
Net revenue:	$ 1,576	$ 1,696	$ 2,899	$ 2,861
Cost of revenue:
Amortization of acquired technology	14	6	21	12
Selling and marketing	580	593	942	976
Research and development	368	333	693	667
General and administrative	250	159	419	305
Amortization of other acquired intangible assets	36	1	38	3
Total costs and expenses	1,601	1,426	2,715	2,581
Operating income (loss)	(25)	270	184	280
Interest expense	(7)	(3)	(15)	(5)
Interest and other income, net	54	15	63	29
Income before income taxes	22	282	232	304
Income tax provision	2	42	14	7
Net income	$ 20	$ 240	$ 218	$ 297
Earnings Per Share, Basic
Basic net income per share (in dollars per share)	$ 0.07	$ 0.92	$ 0.82	$ 1.14
Shares used in basic per share calculations (in shares)	270,000,000	261,000,000	266,000,000	261,000,000
Earnings Per Share, Diluted
Diluted net income per share (in dollars per share)	$ 0.07	$ 0.91	$ 0.81	$ 1.13
Shares used in diluted per share calculations (in shares)	273,000,000	264,000,000	269,000,000	264,000,000
Dividends
Cash dividends declared per common share (in dollars per share)	$ 0.59	$ 0.53	$ 1.18	$ 1.06
Product
Net revenue:
Net revenue:	$ 495	$ 545	$ 862	$ 898
Cost of revenue:
Cost of revenue	22	24	37	41
Service and other
Net revenue:
Net revenue:	1,081	1,151	2,037	1,963
Cost of revenue:
Cost of revenue	$ 331	$ 310	$ 565	$ 577

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 20	$ 240	$ 218	$ 297
Other comprehensive income (loss), net of income taxes:
Unrealized gain (loss) on available-for-sale debt securities	0	1	(1)	2
Foreign currency translation gain (loss)	12	(1)	10	(1)
Total other comprehensive income, net	12	0	9	1
Comprehensive income	$ 32	$ 240	$ 227	$ 298

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jan. 31, 2021	Jul. 31, 2020
Current assets:
Cash and cash equivalents	$ 1,952	$ 6,442
Investments	786	608
Accounts receivable, net	465	149
Income taxes receivable	153	12
Prepaid expenses and other current assets	312	314
Current assets before funds held for customers	3,668	7,525
Funds held for customers	426	455
Total current assets	4,094	7,980
Long-term investments	41	19
Property and equipment, net	792	734
Operating lease right-of-use assets	392	226
Goodwill	5,598	1,654
Acquired intangible assets, net	3,384	28
Long-term deferred income taxes	6	65
Other assets	291	225
Total assets	14,598	10,931
Current liabilities:
Short-term debt	325	1,338
Accounts payable	486	305
Accrued compensation and related liabilities	326	482
Deferred revenue	752	652
Other current liabilities	362	297
Current liabilities before customer fund deposits	2,251	3,074
Customer fund deposits	426	455
Total current liabilities	2,677	3,529
Long-term debt	2,033	2,031
Long-term deferred income tax liabilities	580	2
Operating lease liabilities	391	221
Long-term obligations due after one year	49	42
Total liabilities	5,730	5,825
Commitments and contingencies
Stockholders’ equity:
Preferred stock	0	0
Common stock and additional paid-in capital	10,212	6,182
Treasury stock, at cost	(12,104)	(11,929)
Accumulated other comprehensive loss	(23)	(32)
Retained earnings	10,783	10,885
Total stockholders’ equity	8,868	5,106
Total liabilities and stockholders’ equity	$ 14,598	$ 10,931

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Shares of Common Stock	Common Stock and Additional Paid-In Capital	Treasury Stock	Accumulated Other Comprehensive Loss	Retained Earnings
Beginning Balance (in shares) at Jul. 31, 2019		260,180
Beginning Balance at Jul. 31, 2019	$ 3,749,000		$ 5,775,000	$ (11,611,000)	$ (36,000)	$ 9,621,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	298,000				1,000	297,000
Issuance of stock under employee stock plans, net of shares withheld for employee taxes (in shares)		1,376
Issuance of stock under employee stock plans, net of shares withheld for employee taxes	19,000		19,000
Stock repurchases under stock repurchase programs (in shares)		(1,039)
Stock repurchases under stock repurchase programs	(278,000)			(278,000)
Dividends and dividend rights declared	(281,000)					(281,000)
Share-based compensation expense	220,000		220,000
Issuance of stock in business combination	0
Ending Balance (in shares) at Jan. 31, 2020		260,517
Ending Balance at Jan. 31, 2020	3,727,000		6,014,000	(11,889,000)	(35,000)	9,637,000
Beginning Balance (in shares) at Oct. 31, 2019		260,355
Beginning Balance at Oct. 31, 2019	3,633,000		5,881,000	(11,750,000)	(35,000)	9,537,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	240,000				0	240,000
Issuance of stock under employee stock plans, net of shares withheld for employee taxes (in shares)		686
Issuance of stock under employee stock plans, net of shares withheld for employee taxes	25,000		25,000
Stock repurchases under stock repurchase programs (in shares)		(524)
Stock repurchases under stock repurchase programs	(139,000)			(139,000)
Dividends and dividend rights declared	(140,000)					(140,000)
Share-based compensation expense	108,000		108,000
Ending Balance (in shares) at Jan. 31, 2020		260,517
Ending Balance at Jan. 31, 2020	3,727,000		6,014,000	(11,889,000)	(35,000)	9,637,000
Beginning Balance (in shares) at Jul. 31, 2020		261,740
Beginning Balance at Jul. 31, 2020	5,106,000		6,182,000	(11,929,000)	(32,000)	10,885,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	227,000				9,000	218,000
Issuance of stock under employee stock plans, net of shares withheld for employee taxes (in shares)		1,367
Issuance of stock under employee stock plans, net of shares withheld for employee taxes	$ (60,000)		(60,000)
Stock repurchases under stock repurchase programs (in shares)	(470)	(470)
Stock repurchases under stock repurchase programs	$ (175,000)			(175,000)
Dividends and dividend rights declared	(320,000)					(320,000)
Share-based compensation expense	292,000		292,000
Issuance of stock in business combination (in shares)		11,324
Issuance of stock in business combination	3,798,000		3,798,000
Ending Balance (in shares) at Jan. 31, 2021		273,961
Ending Balance at Jan. 31, 2021	8,868,000		10,212,000	(12,104,000)	(23,000)	10,783,000
Beginning Balance (in shares) at Oct. 31, 2020		262,707
Beginning Balance at Oct. 31, 2020	5,245,000		6,283,000	(11,929,000)	(35,000)	10,926,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	32,000				12,000	20,000
Issuance of stock under employee stock plans, net of shares withheld for employee taxes (in shares)		400
Issuance of stock under employee stock plans, net of shares withheld for employee taxes	(49,000)		(49,000)
Stock repurchases under stock repurchase programs (in shares)		(470)
Stock repurchases under stock repurchase programs	(175,000)			(175,000)
Dividends and dividend rights declared	(163,000)					(163,000)
Share-based compensation expense	180,000		180,000
Issuance of stock in business combination (in shares)		11,324
Issuance of stock in business combination	3,798,000		3,798,000
Ending Balance (in shares) at Jan. 31, 2021		273,961
Ending Balance at Jan. 31, 2021	$ 8,868,000		$ 10,212,000	$ (12,104,000)	$ (23,000)	$ 10,783,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.59	$ 0.53	$ 1.18	$ 1.06	$ 1.06

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jan. 31, 2021	Jan. 31, 2020
Cash flows from operating activities:
Net income	$ 218,000	$ 297,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	77,000	98,000
Amortization of acquired intangible assets	60,000	16,000
Non-cash operating lease cost	28,000	32,000
Share-based compensation expense	291,000	218,000
Deferred income taxes	11,000	(30,000)
Other	(48,000)	4,000
Total adjustments	419,000	338,000
Originations of loans held for sale	(41,000)	0
Sale and principal payments of loans held for sale	143,000	0
Changes in operating assets and liabilities:
Accounts receivable	(178,000)	(516,000)
Income taxes receivable	(82,000)	13,000
Prepaid expenses and other assets	(63,000)	(82,000)
Accounts payable	87,000	175,000
Accrued compensation and related liabilities	(269,000)	(121,000)
Deferred revenue	90,000	51,000
Operating lease liabilities	(27,000)	(28,000)
Other liabilities	27,000	63,000
Total changes in operating assets and liabilities	(415,000)	(445,000)
Net cash provided by operating activities	324,000	190,000
Cash flows from investing activities:
Purchases of corporate and customer fund investments	(535,000)	(357,000)
Sales of corporate and customer fund investments	89,000	73,000
Maturities of corporate and customer fund investments	265,000	287,000
Purchases of property and equipment	(71,000)	(68,000)
Acquisitions of businesses, net of cash acquired	(3,045,000)	0
Originations of term loans to small businesses	(70,000)	(166,000)
Principal repayments of term loans from small businesses	53,000	155,000
Other	48,000	(20,000)
Net cash used in investing activities	(3,266,000)	(96,000)
Cash flows from financing activities:
Repayments on borrowings under unsecured revolving credit facility	(1,000,000)	0
Repayment of debt	(13,000)	(25,000)
Proceeds from issuance of stock under employee stock plans	108,000	121,000
Payments for employee taxes withheld upon vesting of restricted stock units	(168,000)	(104,000)
Cash paid for purchases of treasury stock	(164,000)	(278,000)
Dividends and dividend rights paid	(321,000)	(280,000)
Net change in customer fund deposits	(29,000)	25,000
Other	0	(1,000)
Net cash used in financing activities	(1,587,000)	(542,000)
Effect of exchange rates on cash, cash equivalents, restricted cash, and restricted cash equivalents	10,000	(2,000)
Net decrease in cash, cash equivalents, restricted cash, and restricted cash equivalents	(4,519,000)	(450,000)
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period	6,697,000	2,352,000
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period	2,178,000	1,902,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Total cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period	2,178,000	1,902,000
Supplemental schedule of non-cash investing activities:
Issuance of stock in business combination	$ 3,798,000	$ 0

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	6 Months Ended
	Jan. 31, 2021
Accounting Policies [Abstract]
Description of Business and Summary of Significant Accounting Policies	1. Description of Business and Summary of Significant Accounting Policies Description of Business Intuit helps consumers, small businesses, and the self-employed prosper by delivering financial management and compliance products and services. We also provide specialized tax products to accounting professionals, who are key partners that help us serve small business customers. Our flagship brands, QuickBooks, TurboTax and Mint, help customers run their small businesses, pay employees and send invoices, separate business and personal expenses, track their money, and file income taxes. ProSeries and Lacerte are our leading tax preparation offerings for professional accountants. On December 3, 2020 we acquired Credit Karma, Inc. (Credit Karma), a consumer technology platform that enables us to provide personalized financial offers to members including credit cards, loans, insurance, and savings and checking accounts. Incorporated in 1984 and headquartered in Mountain View, California, we sell our products and services primarily in the United States. Basis of Presentation These condensed consolidated financial statements include the financial statements of Intuit and its wholly owned subsidiaries. We have eliminated all significant intercompany balances and transactions in consolidation. We have included all adjustments, consisting only of normal recurring items, which we considered necessary for a fair presentation of our financial results for the interim periods presented. We have reclassified certain amounts previously reported in our financial statements to conform to the current presentation, including amounts related to reportable segments. In August 2020, we reorganized certain technology and customer success functions that support and benefit our overall platform. Additionally, certain legal, facility and employee service costs are now managed at the corporate level. As a result, these costs are no longer included in segment operating income and are now included in other corporate expenses. For the three and six months ended January 31, 2020, we reclassified $45 million and $88 million from Small Business & Self-Employed, $28 million and $53 million from Consumer, and $4 million and $7 million from ProConnect to other corporate expenses. In August 2020, we also renamed our Strategic Partner segment as the ProConnect segment. This segment continues to serve professional accountants. See Note 12, "Segment Information," for more information. On December 3, 2020 we acquired Credit Karma, a consumer technology platform. We have included the results of operations for Credit Karma in our condensed consolidated statements of operations from the date of acquisition. Credit Karma operates as a separate reportable segment. See Note 12, "Segment Information," for more information. These unaudited condensed consolidated financial statements and accompanying notes should be read together with the audited consolidated financial statements in Part II, Item 8 of our Annual Report on Form 10-K for the fiscal year ended July 31, 2020. Results for the six months ended January 31, 2021 do not necessarily indicate the results we expect for the fiscal year ending July 31, 2021 or any other future period. Seasonality Our Consumer and ProConnect offerings have a significant and distinct seasonal pattern as sales and revenue from our income tax preparation products and services are heavily concentrated in the period from November through April. This seasonal pattern results in higher net revenues during our second and third quarters ending January 31 and April 30, respectively. During fiscal 2020, as a relief measure in response to the COVID-19 pandemic, the Internal Revenue Service extended the filing deadline for the 2019 tax year from April 15, 2020 to July 15, 2020. Additionally, all states with a personal income tax also extended their due dates, predominantly to July. As a result, there was a shift in sales and revenue from our third fiscal quarter to our fourth fiscal quarter during fiscal 2020. During fiscal 2021 the IRS began accepting and processing returns on February 12, 2021, as opposed to January 27, 2020 in the prior year. As a result, revenue during our second quarter of fiscal 2021 was lower compared to the same quarter of fiscal 2020. Significant Accounting Policies We describe our significant accounting policies in Note 1 to the financial statements in Part II, Item 8 of our Annual Report on Form 10-K for the fiscal year ended July 31, 2020. See the discussion of changes to our policy for revenue recognition due to the acquisition of Credit Karma below and the adoption of accounting pronouncements in "Accounting Standards Recently Adopted" below. There have been no other changes to our significant accounting policies during the first six months of fiscal 2021. Revenue Recognition Update Revenue from our Credit Karma segment is primarily comprised of revenue from the delivery of qualified links that result in completed actions, or cost-per-action transactions. Credit Karma also generates revenue from cost-per-click, cost-per-lead, and to a lesser extent, cost-per-advertisement impression transactions. All revenue from our Credit Karma segment is included in service and other revenue on our condensed consolidated statement of operations. Cost-per-action revenue is earned based on a pre-determined fee for approved actions such as when credit cards are issued or when personal loans and other loans to businesses are funded and is recognized as the actions are completed. Cost-per-click and cost-per-lead revenue is primarily related to mortgage and insurance businesses. Cost-per-click revenue is earned as users click on our customers' advertisements and is recognized based on the number of clicks recorded each month. Cost-per-lead revenue is earned via customer advertisements that allow the generation of leads from consumers interested in the advertised products and is recognized at the time a consumer request or lead is delivered to the customer. Use of Estimates In preparing our condensed consolidated financial statements in accordance with U.S. generally accepted accounting principles (GAAP), we make certain judgments, estimates, and assumptions that affect the amounts reported in our financial statements and the disclosures made in the accompanying notes. For example, we use judgments and estimates in determining how revenue should be recognized. These judgments and estimates include identifying performance obligations, determining if the performance obligations are distinct, determining the standalone sales price (SSP) and timing of revenue recognition for each distinct performance obligation, and estimating variable consideration to be included in the transaction price. We use estimates in determining the collectibility of accounts receivable and notes receivable, the appropriate levels of various accruals including accruals for litigation contingencies, the discount rate used to calculate lease liabilities, the amount of our worldwide tax provision, the realizability of deferred tax assets, the credit losses of available-for-sale debt securities, and the fair value of assets acquired and liabilities assumed for business combinations. We also use estimates in determining the remaining economic lives and fair values of acquired intangible assets, property and equipment, and other long-lived assets. In addition, we use assumptions to estimate the fair value of reporting units and share-based compensation. Despite our intention to establish accurate estimates and use reasonable assumptions, actual results may differ from our estimates. Additionally, in the context of the ongoing global COVID-19 pandemic, while there has been no material impact on our estimates to date, in future periods, facts and circumstances could change and impact our estimates. Computation of Net Income (Loss) Per Share We compute basic net income or loss per share using the weighted average number of common shares outstanding during the period. We compute diluted net income per share using the weighted average number of common shares and dilutive potential common shares outstanding during the period. Dilutive potential common shares consist of the shares issuable upon the exercise of stock options and upon the vesting of restricted stock units (RSUs) under the treasury stock method. We include stock options with combined exercise prices and unrecognized compensation expense that are less than the average market price for our common stock, and RSUs with unrecognized compensation expense that is less than the average market price for our common stock, in the calculation of diluted net income per share. We exclude stock options with combined exercise prices and unrecognized compensation expense that are greater than the average market price for our common stock, and RSUs with unrecognized compensation expense that is greater than the average market price for our common stock, from the calculation of diluted net income per share because their effect is anti-dilutive. Under the treasury stock method, the amount that must be paid to exercise stock options and the amount of compensation expense for future service that we have not yet recognized for stock options and RSUs are assumed to be used to repurchase shares. All of the RSUs we grant have dividend rights. Dividend rights are accumulated and paid when the underlying RSUs vest. Since the dividend rights are subject to the same vesting requirements as the underlying equity awards they are considered a contingent transfer of value. Consequently, the RSUs are not considered participating securities and we do not present them separately in earnings per share. In loss periods, basic net loss per share and diluted net loss per share are the same since the effect of potential common shares is anti-dilutive and therefore excluded. The following table presents the composition of shares used in the computation of basic and diluted net income per share for the periods indicated. Three Months Ended Six Months Ended (In millions, except per share amounts) January 31, 2021 January 31, 2020 January 31, 2021 January 31, 2020 Numerator: Net income $ 20 $ 240 $ 218 $ 297 Denominator: Shares used in basic per share amounts: Weighted average common shares outstanding 270 261 266 261 Shares used in diluted per share amounts: Weighted average common shares outstanding 270 261 266 261 Dilutive common equivalent shares from stock options and restricted stock awards 3 3 3 3 Dilutive weighted average common shares outstanding 273 264 269 264 Basic and diluted net income per share: Basic net income per share $ 0.07 $ 0.92 $ 0.82 $ 1.14 Diluted net income per share $ 0.07 $ 0.91 $ 0.81 $ 1.13 Shares excluded from diluted net income per share: Weighted average stock options and restricted stock units that have been excluded from dilutive common equivalent shares outstanding due to their anti-dilutive effect 1 — 1 — Deferred Revenue We record deferred revenue when we have entered into a contract with a customer and cash payments are received or due prior to transfer of control or satisfaction of the related performance obligation. During the three and six months ended January 31, 2021, we recognized revenue of $144 million and $543 million, respectively, that was included in deferred revenue at July 31, 2020. During the three and six months ended January 31, 2020, we recognized revenue of $154 million and $509 million, respectively, that was included in deferred revenue at July 31, 2019. Our performance obligations are generally satisfied within 12 months of the initial contract date. As of January 31, 2021 and July 31, 2020, the deferred revenue balance related to performance obligations that will be satisfied after 12 months was $7 million and $13 million, respectively, and is included in other long-term obligations on our condensed consolidated balance sheets. Notes Receivable and Allowances for Loan Losses Notes receivable held for investment consist of term loans to small businesses and are included in prepaid expenses and other current assets and other assets on our condensed consolidated balance sheets. As of January 31, 2021 and July 31, 2020, the notes receivable balances were $62 million and $40 million, respectively, and the allowances for loan losses were not material. The term loans are not secured and are recorded at amortized cost, net of allowances for loan losses. We maintain an allowance for loan losses to reserve for potentially uncollectible notes receivable. We evaluate the creditworthiness of our loan portfolio on a pooled basis due to its composition of small, homogeneous loans with similar general credit risk and characteristics and apply a loss rate at the time of loan origination. The loss rate and underlying model are updated periodically to reflect actual loan performance and changes in assumptions. We make judgments about the known and inherent risks in the loan portfolio, adverse situations that may affect borrowers’ ability to repay and current economic conditions. When we determine that amounts are uncollectible, we write them off against the allowance. Paycheck Protection Program – In April 2020, Intuit was approved as a non-bank Small Business Administration (SBA) lender for the Paycheck Protection Program (PPP). The PPP was authorized under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to provide small businesses loans to pay payroll and group health costs, salaries and commissions, mortgage and rent payments, utilities, and interest on other debt which is designed to provide assistance to small businesses during the COVID-19 pandemic. Lending under the program expired on August 8, 2020. All of the loans held for sale under this program have been sold. When loans under this program do not qualify to be sold, they are held for investment. As of January 31, 2021 and July 31, 2020, PPP loans held for investment were not material and are included in prepaid expenses and other current assets and other assets on our condensed consolidated balance sheets. The SBA re-opened the PPP in January 2021 under the Coronavirus Response and Relief Supplemental Appropriations Act of 2021. We are marketing and referring small businesses to another lender under the re-opened program, but will not be originating or servicing loans in this round of the program. Concentration of Credit Risk and Significant Customers No customer accounted for 10% or more of total net revenue in the three or six months ended January 31, 2021 or January 31, 2020. Due to the seasonality of our consumer tax offerings, one large retailer accounted for 12% of gross accounts receivable at January 31, 2021. No customer accounted for 10% or more of gross accounts receivable at July 31, 2020. Accounting Standards Recently Adopted Internal-Use Software – In August 2018 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-15, “ Intangibles—Goodwill and Other (Topic 350): Internal-Use Software.” This standard aligns the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. We adopted this standard in the first quarter of our fiscal year beginning August 1, 2020 on a prospective basis. The adoption did not have a material impact on our condensed consolidated financial statements. Goodwill Impairment – In January 2017 the FASB issued ASU 2017-04, “ Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” This standard eliminates Step 2 from the goodwill impairment test. Instead, an entity should compare the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill allocated to the reporting unit. We adopted this standard in the first quarter of our fiscal year beginning August 1, 2020 on a prospective basis and will apply the guidance during our annual goodwill impairment test for the year ending July 31, 2021. The adoption did not have a material impact on our condensed consolidated financial statements. Financial Instruments – In June 2016 the FASB issued ASU 2016-13, “ Financial Instruments—Credit Losses (Topic 326). ” This standard requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. We adopted this standard in the first quarter of our fiscal year beginning August 1, 2020. The adoption did not have a material impact on our condensed consolidated financial statements.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jan. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	2. Fair Value Measurements Fair Value Hierarchy The authoritative guidance defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. When determining fair value, we consider the principal or most advantageous market for an asset or liability and assumptions that market participants would use when pricing the asset or liability. In addition, we consider and use all valuation methods that are appropriate in estimating the fair value of an asset or liability. The authoritative guidance establishes a fair value hierarchy that is based on the extent and level of judgment used to estimate the fair value of assets and liabilities. In general, the authoritative guidance requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. An asset or liability’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the measurement of its fair value. The three levels of input defined by the authoritative guidance are as follows: • Level 1 uses unadjusted quoted prices that are available in active markets for identical assets or liabilities. • Level 2 uses inputs other than quoted prices included in Level 1 that are either directly or indirectly observable through correlation with market data. These include quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar assets or liabilities in markets that are not active; and inputs to valuation models or other pricing methodologies that do not require significant judgment because the inputs used in the model, such as interest rates and volatility, can be corroborated by readily observable market data for substantially the full term of the assets or liabilities. • Level 3 uses one or more unobservable inputs that are supported by little or no market activity and that are significant to the determination of fair value. Level 3 assets and liabilities include those whose fair values are determined using pricing models, discounted cash flow methodologies or similar valuation techniques and significant management judgment or estimation. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table summarizes financial assets and financial liabilities that we measured at fair value on a recurring basis at the dates indicated, classified in accordance with the fair value hierarchy described above. January 31, 2021 July 31, 2020 (In millions) Level 1 Level 2 Total Level 1 Level 2 Total Assets: Cash equivalents, primarily money market funds and time deposits $ 327 $ — $ 327 $ 5,765 $ — $ 5,765 Available-for-sale debt securities: Municipal bonds — 34 34 — 9 9 Corporate notes — 869 869 — 752 752 U.S. agency securities — 83 83 — 47 47 Total available-for-sale debt securities — 986 986 — 808 808 Total assets measured at fair value on a recurring basis $ 327 $ 986 $ 1,313 $ 5,765 $ 808 $ 6,573 Liabilities: Senior unsecured notes (1) $ — $ 2,017 $ 2,017 $ — $ 2,042 $ 2,042 (1) Carrying value on our balance sheets at January 31, 2021 and July 31, 2020 was $1.99 billion and $1.98 billion, respectively . See Note 7, “Long-Term Obligations and Commitments,” for more information. The following table summarizes our cash equivalents and available-for-sale debt securities by balance sheet classification and level in the fair value hierarchy at the dates indicated. January 31, 2021 July 31, 2020 (In millions) Level 1 Level 2 Total Level 1 Level 2 Total Cash equivalents: In cash and cash equivalents $ 327 $ — $ 327 $ 5,765 $ — $ 5,765 Available-for-sale debt securities: In investments $ — $ 786 $ 786 $ — $ 608 $ 608 In funds held for customers — 200 200 — 200 200 Total available-for-sale debt securities $ — $ 986 $ 986 $ — $ 808 $ 808 We value our Level 1 assets, consisting primarily of money market funds and time deposits, using quoted prices in active markets for identical instruments. Financial assets whose fair values we measure on a recurring basis using Level 2 inputs consist of municipal bonds, corporate notes, and U.S. agency securities. We measure the fair values of these assets with the help of a pricing service that either provides quoted market prices in active markets for identical or similar securities or uses observable inputs for their pricing without applying significant adjustments. Our fair value processes include controls designed to ensure that we record appropriate fair values for our Level 2 investments. These controls include comparison to pricing provided by a secondary pricing service or investment manager, validation of pricing sources and models, review of key model inputs, analysis of period-over-period price fluctuations, and independent recalculation of prices where appropriate. Financial assets whose fair values we measure using Level 3 inputs consist of loans held for sale. These loans are recorded at the lower of cost or fair value and totaled $98 million at July 31, 2020. The difference between cost and fair value on that date was not material. We had no loans held for sale at January 31, 2021. Financial liabilities whose fair values we measure using Level 2 inputs consist of senior unsecured notes. See Note 7, “Long-Term Obligations and Commitments,” for more information. We measure the fair value of our senior unsecured notes based on their trading prices and the interest rates we could obtain for other borrowings with similar terms. There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the six months ended January 31, 2021.

Cash and Cash Equivalents, Inve

Cash and Cash Equivalents, Investments, and Funds Held for Customers	6 Months Ended
	Jan. 31, 2021
Cash and Cash Equivalents, Investments and Funds Held for Customers [Abstract]
Cash And Cash Equivalents Investments And Funds Held For Customers	3. Cash and Cash Equivalents, Investments, and Funds Held for Customers We consider highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. In all periods presented, cash equivalents consist primarily of money market funds and time deposits. Investments consist primarily of investment-grade available-for-sale debt securities. Funds held for customers represent cash held on behalf of our customers that is invested in cash and cash equivalents and investment-grade available-for-sale securities, restricted for use solely for the purpose of satisfying amounts we owe on behalf of our customers. Except for direct obligations of the United States government, securities issued by agencies of the United States government, and money market funds, we diversify our investments in debt securities by limiting our holdings with any individual issuer. The following table summarizes our cash and cash equivalents, investments, and funds held for customers by balance sheet classification at the dates indicated. January 31, 2021 July 31, 2020 (In millions) Amortized Fair Value Amortized Fair Value Classification on condensed consolidated balance sheets: Cash and cash equivalents $ 1,952 $ 1,952 $ 6,442 $ 6,442 Investments 781 786 600 608 Funds held for customers 426 426 455 455 Total cash and cash equivalents, investments, and funds $ 3,159 $ 3,164 $ 7,497 $ 7,505 The following table summarizes our cash and cash equivalents, investments, and funds held for customers by investment category at the dates indicated. January 31, 2021 July 31, 2020 (In millions) Amortized Fair Value Amortized Fair Value Type of issue: Total cash, cash equivalents, restricted cash, $ 2,178 $ 2,178 $ 6,697 $ 6,697 Available-for-sale debt securities: Municipal bonds 34 34 9 9 Corporate notes 864 869 744 752 U.S. agency securities 83 83 47 47 Total available-for-sale debt securities 981 986 800 808 Total cash, cash equivalents, restricted cash, restricted cash equivalents, and investments $ 3,159 $ 3,164 $ 7,497 $ 7,505 We use the specific identification method to compute gains and losses on investments. We include realized gains and losses on our available-for-sale debt securities in interest and other income on our condensed consolidated statements of operations. Gross realized gains and losses on our available-for-sale debt securities for the six months ended January 31, 2021 and January 31, 2020 were not significant. We accumulate unrealized gains and losses on our available-for-sale debt securities, net of tax, in accumulated other comprehensive income or loss in the stockholders’ equity section of our condensed consolidated balance sheets, except for certain unrealized losses described below. Gross unrealized gains and losses on our available-for-sale debt securities at January 31, 2021 and July 31, 2020 were not significant. For available-for sale debt securities in an unrealized loss position, we determine whether a credit loss exists. The estimate of the credit loss is determined by considering available information relevant to the collectibility of the security and information about past events, current conditions, and reasonable and supportable forecasts. The allowance for credit loss is recorded to interest and other income on our condensed consolidated statement of operations, not to exceed the amount of the unrealized loss. Any excess unrealized loss greater than the credit loss at a security level is recognized in accumulated other comprehensive income or loss in the stockholders' equity section of our condensed consolidated balance sheets. We determined there were no credit losses related to available-for-sale securities as of January 31, 2021. Unrealized losses on available-for-sale debt securities at January 31, 2021 were not significant. We do not intend to sell these investments. In addition, it is m ore likely than not that we will not be required to sell them before recovery of the amortized cost basis, which may be at maturity. The following table summarizes our available-for-sale debt securities, included in investments and funds held for customers, classified by the stated maturity date of the security at the dates indicated. January 31, 2021 July 31, 2020 (In millions) Amortized Fair Value Amortized Fair Value Due within one year $ 414 $ 415 $ 389 $ 390 Due within two years 284 287 256 261 Due within three years 277 278 137 139 Due after three years 6 6 18 18 Total available-for-sale debt securities $ 981 $ 986 $ 800 $ 808 Long-term investments represent non-marketable equity securities in privately held companies that do not have a readily determinable fair value. These investments are accounted for under the measurement alternative whereby we adjust the carrying value of these investments based on observable price changes from orderly transactions for identical or similar investments of the same issuer. As of January 31, 2021 and July 31, 2020, the carrying value of long-term investments was $41 million and $19 million, respectively, and adjustments to the carrying value of these investments for the six months ended January 31, 2021 were not significant. The following table summarizes our funds held for customers by investment category at the dates indicated. (In millions) January 31, 2021 July 31, 2020 Restricted cash and restricted cash equivalents $ 226 $ 255 Restricted available-for-sale debt securities 200 200 Total funds held for customers $ 426 $ 455 (In millions) January 31, 2020 July 31, 2019 Restricted cash and restricted cash equivalents $ 261 $ 236 Restricted available-for-sale debt securities 200 200 Total funds held for customers $ 461 $ 436

Goodwill and Acquired Intangibl

Goodwill and Acquired Intangible Assets	6 Months Ended
	Jan. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Acquired Intangible Assets	4. Goodwill and Acquired Intangible Assets Goodwill Changes in the carrying value of goodwill by reportable segment during the six months ended January 31, 2021 were as shown in the following table. Our reportable segments are described in Note 12, “Segment Information.” (In millions) Balance Goodwill Foreign Currency Translation Balance January 31, 2021 Small Business & Self-Employed $ 1,518 $ 43 $ 1 $ 1,562 Consumer 42 — — 42 ProConnect 94 — 1 95 Credit Karma — 3,899 — 3,899 Totals $ 1,654 $ 3,942 $ 2 $ 5,598 Goodwill is net of accumulated impairment losses of $114 million, which were recorded prior to July 31, 2020 and are included in our Consumer segment. The fiscal 2021 increase in goodwill in our new Credit Karma segment was primarily due to the acquisition of Credit Karma. See Note 5, "Business Combinations." 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 six months ended January 31, 2021 were primarily due to the acquisition of Credit Karma. See Note 5, "Business Combinations." The weighted average lives are calculated for assets that are not fully amortized. (Dollars in millions) Customer Purchased Trade Covenants Total At January 31, 2021: Cost $ 3,038 $ 681 $ 400 $ 42 $ 4,161 Accumulated amortization (282) (426) (29) (40) (777) Acquired intangible assets, net $ 2,756 $ 255 $ 371 $ 2 $ 3,384 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 January 31, 2021. Amortization of purchased technology is charged to cost of service and other revenue and 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 Twelve months ending July 31, 2021 (excluding the six months ended January 31, 2021) $ 136 2022 271 2023 263 2024 248 2025 247 Thereafter 2,219 Total expected future amortization expense $ 3,384

Business Combinations

Business Combinations	6 Months Ended
	Jan. 31, 2021
Business Combinations [Abstract]
Business Combinations	5. Business Combinations Credit Karma On December 3, 2020 we acquired all of the outstanding shares of Credit Karma, a consumer technology platform. We acquired Credit Karma to help consumers unlock smart money decisions and accelerate our mission of powering prosperity around the world, by creating a personal financial assistant that helps consumers find the right financial products, put more money in their pockets and access financial expertise and advice. Credit Karma is a separate reportable segment. See Note 12, "Segment Information," for more information. We have included the financial results of Credit Karma in the condensed consolidated financial statements from the date of acquisition. For the three and six months ended January 31, 2021, the transaction costs associated with the acquisition were approximately $26 million and $31 million, respectively, and were recorded in general and administrative expenses. We acquired Credit Karma for total consideration of $8.1 billion which included assumed equity awards and restricted shares subject to a revest provision. The fair value of the purchase price totaled $7.2 billion and included $3.4 billion in cash, 10.6 million shares of Intuit common stock with a fair value of $3.8 billion and assumed equity awards for services rendered through the acquisition date of $47 million. We also issued shares of common stock with a fair value of $275 million which are restricted due to a revest provision, and will be expensed over a service period of three years. The share-based compensation expense related to these restricted shares is non-deductible for income tax purposes. Additionally, we assumed equity awards, for services to be rendered in the future, with a fair value of $663 million that will be charged to expense over the remaining service periods, which average approximately three years. The fair value of the stock consideration is based on the December 2, 2020 closing price of Intuit common stock of $355.49. As part of the merger agreement, following the close of the transaction, we issued approximately $300 million of restricted stock units to the employees of Credit Karma, which will be charged to expense over a service period of four years. The preliminary allocation of the Credit Karma purchase price is as follows: (In millions) Amount Cash and cash equivalents $ 436 Accounts receivable, net 141 Income taxes receivable 59 Prepaid expenses and other current assets 8 Long-term investments 3 Property and equipment, net 63 Operating lease right-of-use assets 167 Goodwill 3,899 Intangible assets 3,372 Other assets 83 Accounts payable (86) Accrued compensation and related liabilities (113) Other current liabilities (24) Operating lease liabilities (172) Long-term deferred income tax liabilities (632) Other long-term obligations (10) Total preliminary purchase price allocation $ 7,194 The excess of purchase consideration over the fair value of the net assets acquired was recorded as goodwill, which is primarily attributed to the assembled workforce of Credit Karma and the synergies expected to be achieved. This goodwill is assigned to the new Credit Karma segment and is non-deductible for income tax purposes. The fair values assigned to tangible assets acquired and liabilities assumed are preliminary based on management's estimates and assumptions and may be subject to change as additional information is received and certain tax returns are finalized. We expect to finalize the valuation as soon as practicable, but not later than one year from the acquisition date. Intangible assets consist of user relationships, trade names/trademarks, purchased technology, and partner relationships. We amortize purchased intangible assets on a straight-line basis over their respective useful lives. The weighted average life of the total acquired identifiable intangible assets is 14.4 years. The following table presents the details of identifiable intangible assets acquired. (In millions, except years) Estimated Useful Life Amount User relationships 15 years $ 2,781 Trade names/Trademarks 15 years 375 Purchased technology 6 years 216 Total identifiable intangible assets $ 3,372 The following table summarizes the long-term deferred income tax liabilities included in the purchase price allocation above: (In millions) Amount Intangibles $ (847) Federal and state net operating loss carryforwards 135 Federal research and experimentation credit carryforwards 45 Other, net 35 Total long-term deferred income tax liabilities $ (632) The unaudited financial information in the table below summarizes the combined results of operations of Intuit and Credit Karma on a pro forma basis, as though the companies had been combined as of the beginning of our fiscal 2020. These pro forma results were based on estimates and assumptions, which we believe are reasonable. The pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place at the beginning of our fiscal 2020. The pro forma financial information assumes our senior unsecured notes were issued as of the beginning of our fiscal 2020 and includes adjustments to share-based compensation expense, amortization for acquired intangible assets, interest expense, transaction costs, capitalization and amortization of certain activities associated with the development of internal use software to conform with Intuit's accounting policy, and related tax effects. The pro forma financial information for the three months ended January 31, 2021 combines our results for the three months ended January 31, 2021, which include the results of Credit Karma subsequent to December 3, 2020, and the historical results for Credit Karma for the one month ended November 30, 2020. The pro forma financial information for the six months ended January 31, 2021 combines our results for the six months ended January 31, 2021, which include the results of Credit Karma subsequent to December 3, 2020, and the historical results for Credit Karma for the three months ended September 30, 2020 and one month ended November 30, 2020. The pro forma financial information for the three and six months ended January 31, 2020 combines our historical results for those periods with the historical results of Credit Karma for the three and six months ended December 31, 2019. The following table summarizes the pro forma financial information: Three Months Ended Six Months Ended (In millions) January 31, 2021 January 31, 2020 January 31, 2021 January 31, 2020 Total revenue $ 1,647 $ 1,958 $ 3,142 $ 3,381 Net income $ 23 $ 120 $ 104 $ 78 Basic net income per share $ 0.08 $ 0.44 $ 0.38 $ 0.29 Diluted net income per share $ 0.08 $ 0.44 $ 0.38 $ 0.28

Current Liabilities

Current Liabilities	6 Months Ended
	Jan. 31, 2021
Other Liabilities Disclosure [Abstract]
Current Liabilities	6. Current Liabilities Short-Term Debt On May 2, 2019 we entered into an amended and restated credit agreement with certain institutional lenders with an aggregate principal amount of $1.4 billion, including a $400 million unsecured term loan that matures on February 1, 2021 and a $1 billion unsecured revolving credit facility that matures on May 2, 2024. Under the amended and restated agreement we may, subject to certain customary conditions including lender approval, on one or more occasions increase commitments under the term loan in an amount not to exceed $400 million in the aggregate. The term loan accrues interest at rates that are equal to, at our election, either Bank of America's alternate base rate plus a margin that ranges from 0.0% to 0.125% or the London Interbank Offered Rate (LIBOR) plus a margin that ranges from 0.625% to 1.125%. Actual margins under either election will be based on our senior debt credit ratings. The amended and restated credit agreement includes customary affirmative and negative covenants, including financial covenants that require us to maintain a ratio of total gross debt to annual earnings before interest, taxes, depreciation and amortization (EBITDA) of not greater than 3.25 to 1.00 as of any date and a ratio of annual EBITDA to annual interest expense of not less than 3.00 to 1.00 as of the last day of each fiscal quarter. As of January 31, 2021 we were compliant with all required covenants. The term loan is subject to quarterly principal payments of $12.5 million through October 31, 2020, with the balance payable on February 1, 2021. At January 31, 2021, $325 million was outstanding under the term loan and was classified as short-term debt on our condensed consolidated balance sheet. The carrying value of the term loan approximates its fair value. Interest on the term loan is payable monthly. We paid $2 million for interest on the term loan during the six months ended January 31, 2021 and $6 million during the six months ended January 31, 2020. In February 2021, we repaid the remaining balance outstanding on the term loan of $325 million upon maturity. Unsecured Revolving Credit Facility The amended and restated credit agreement we entered into on May 2, 2019 includes a $1 billion unsecured revolving credit facility that will expire on May 2, 2024. Under this agreement we may, subject to certain customary conditions including lender approval, on one or more occasions increase commitments under the unsecured revolving credit facility in an amount not to exceed $250 million in the aggregate and may extend the maturity date up to two times. Advances under the unsecured revolving credit facility accrue interest at rates that are equal to, at our election, either Bank of America's alternate base rate plus a margin that ranges from 0.0% to 0.1% or LIBOR plus a margin that ranges from 0.69% to 1.1%. Actual margins under either election will be based on our senior debt credit ratings. The amended and restated credit agreement includes customary affirmative and negative covenants. See "Short-Term Debt" above for more information. We repaid the $1 billion that was outstanding as of July 31, 2020 under this unsecured revolving credit facility during the first quarter of fiscal 2021, and at January 31, 2021 no amounts were outstanding. We paid $1 million in interest on the unsecured revolving credit facility during the six months ended January 31, 2021 and no interest during the six months ended January 31, 2020. Other Current Liabilities Other current liabilities were as follows at the dates indicated: (In millions) January 31, 2021 July 31, Executive deferred compensation plan liabilities $ 139 $ 123 Current portion of operating lease liabilities 72 46 Reserve for promotional discounts and rebates 30 11 Reserve for returns and credits 50 24 Current portion of dividend payable 6 6 Interest payable 1 3 Other 64 84 Total other current liabilities $ 362 $ 297 The balances of several of our other current liabilities, particularly our reserves for product returns and promotional discounts and rebates, are affected by the seasonality of our business. See Note 1, “Description of Business and Summary of Significant Accounting Policies – Seasonality,” for more information.

Long-Term Obligations and Commi

Long-Term Obligations and Commitments	6 Months Ended
	Jan. 31, 2021
Debt Disclosure [Abstract]
Long-Term Obligations and Commitments	7. Long-Term Obligations and Commitments Senior Unsecured Notes In June 2020 we issued four series of senior unsecured notes (together, the Notes) pursuant to a public debt offering. The proceeds from the issuance were $1.98 billion, net of debt discount of $2 million and debt issuance costs of $15 million. The carrying value of the Notes was as follows at the dates indicated: (In millions) January 31, 2021 July 31, Effective Senior unsecured notes issued June 2020: 0.650% notes due July 2023 $ 500 $ 500 0.837% 0.950% notes due July 2025 500 500 1.127% 1.350% notes due July 2027 500 500 1.486% 1.650% notes due July 2030 500 500 1.767% Total senior unsecured notes 2,000 2,000 Unamortized discount and debt issuance costs (15) (17) Net carrying value senior unsecured notes $ 1,985 $ 1,983 Interest is payable semiannually on January 15 and July 15 of each year. The discount and debt issuance costs are amortized to interest expense over the term of the Notes under the effective interest method. We paid $12 million for interest on the Notes during the six months ended January 31, 2021. The Notes are senior unsecured obligations of Intuit and rank equally with all existing and future unsecured and unsubordinated indebtedness of Intuit and are redeemable by us at any time, subject to a make-whole premium. Upon the occurrence of change of control transactions that are accompanied by certain downgrades in the credit ratings of the Notes, we will be required to repurchase the Notes at a repurchase price equal to 101% of the aggregate outstanding principal plus any accrued and unpaid interest to but not including the date of repurchase. The indenture governing the Notes requires us to comply with certain covenants. For example, the Notes limit our ability to create certain liens and enter into sale and leaseback transactions. As of January 31, 2021 we were compliant with all covenants governing the Notes. Secured Revolving Credit Facility On February 19, 2019, a subsidiary of Intuit entered into a two-year $300 million secured revolving credit facility with a lender. The revolving credit facility is secured by cash and receivables of the subsidiary and is non-recourse to Intuit Inc. Advances under this secured revolving credit facility are used to fund a portion of our loans to qualified small businesses and accrue interest at LIBOR plus 2.39%. Unused portions of the credit facility accrue interest at a rate of 0.50%. On March 2, 2020, we amended the secured revolving credit facility to extend the commitment term from February 19, 2021 to February 19, 2022 and the final maturity date from August 19, 2021 to August 19, 2022. On October 13, 2020 the agreement was further amended to allow for the transition of the benchmark interest rate used to calculate finance charges from LIBOR to the Secured Overnight Financing Rate (SOFR) plus related benchmark adjustments that represent the prevailing market convention for dollar-denominated syndicated credit facilities. The agreement includes certain affirmative and negative covenants, including financial covenants that require the subsidiary to maintain specified financial ratios. As of January 31, 2021 we were compliant with all required covenants. At January 31, 2021, $48 million was outstanding under this facility, with a weighted-average interest rate of 5.69%, which includes the unused facility fee. The outstanding balance is secured by cash and receivables of the subsidiary totaling $157 million. Interest on the facility is payable monthly. We paid $1 million for interest on the secured revolving credit facility during the six months ended January 31, 2021 and $2 million during the six months ended January 31, 2020. Other Long-Term Obligations Other long-term obligations were as follows at the dates indicated: (In millions) January 31, 2021 July 31, Long-term income tax liabilities $ 26 $ 10 Total dividend payable 11 12 Long-term deferred revenue 7 13 Other 11 17 Total long-term obligations 55 52 Less current portion (included in other current liabilities) (6) (10) Long-term obligations due after one year $ 49 $ 42 Unconditional Purchase Obligations We describe our purchase obligations in Note 8 to the financial statements in Part II, Item 8 of our Annual Report on Form 10-K for the fiscal year ended July 31, 2020. In December 2020 we acquired Credit Karma and assumed certain non-cancellable contractual commitments totaling approximately $318 million as of January 31, 2021. These commitments primarily relate to cloud hosting services. There were no other significant changes in our purchase obligations during the six months ended January 31, 2021.

Leases

Leases	6 Months Ended
	Jan. 31, 2021
Leases [Abstract]
Leases	8. Leases We lease office facilities under non-cancellable operating lease arrangements. Our facility leases generally provide for periodic rent increases and may contain escalation clauses and renewal options. Our leases have remaining lease terms of up to 10 years, some of which include one or more options to extend the leases for up to 10 years per option, generally at rates to be determined in accordance with the agreements. Options to extend the lease are included in the lease liability if they are reasonably certain of being exercised. We do not have significant finance leases. We sublease certain office facilities to third parties. These subleases have remaining lease terms of up to 4 years, some of which include one or more options to extend the subleases for up to 5 years per option. The components of lease expense were as follows: Three Months Ended Six Months Ended (In millions) January 31, 2021 January 31, 2020 January 31, 2021 January 31, 2020 Operating lease cost (1) $ 18 $ 19 $ 33 $ 37 Variable lease cost 3 3 6 6 Sublease income (4) (7) (8) (14) Total net lease cost $ 17 $ 15 $ 31 $ 29 (1) Includes short-term leases, which were not significant for each of the three and six months ended January 31, 2021 and 2020. Supplemental cash flow information related to operating leases was as follows: Six Months Ended (In millions) January 31, 2021 January 31, 2020 Cash paid for amounts included in the measurement of operating lease liabilities $ 31 $ 33 Right-of-use assets obtained in exchange for new operating lease liabilities (1) $ 27 $ 328 (1) For the six months ended January 31, 2020, this includes $319 million for operating leases existing on August 1, 2019 and $9 million for operating leases that commenced in the first six months of fiscal 2020. Other information related to operating leases was as follows at the dates indicated: January 31, 2021 July 31, Weighted-average remaining lease term for operating leases 6.8 years 5.5 years Weighted-average discount rate for operating leases 2.3 % 3.1 % Future minimum lease payments under non-cancellable operating leases as of January 31, 2021 were as follows: (In millions) Operating Leases (1) Fiscal year ending July 31, 2021 (excluding the six months ended January 31, 2021) $ 38 2022 88 2023 81 2024 77 2025 60 Thereafter 156 Total future minimum lease payments 500 Less imputed interest (37) Present value of lease liabilities $ 463 (1) Non-cancellable sublease proceeds for the remainder of the fiscal year ending July 31, 2021 and the fiscal years ending July 31, 2022, 2023, 2024, and 2025, of $7 million, $10 million, $3 million, $2 million, and $1 million, respectively, are not included in the table above. Supplemental balance sheet information related to operating leases was as follows at the dates indicated: (In millions) January 31, 2021 July 31, Operating lease right-of-use assets $ 392 $ 226 Other current liabilities $ 72 $ 46 Operating lease liabilities 391 221 Total operating lease liabilities $ 463 $ 267

Income Taxes

Income Taxes	6 Months Ended
	Jan. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes Effective Tax Rate We compute our provision for or benefit from income taxes by applying the estimated annual effective tax rate to income or loss from recurring operations and adding the effects of any discrete income tax items specific to the period. For the three and six months ended January 31, 2021, we recognized excess tax benefits on share-based compensation of $12 million and $64 million, respectively, in our provision for income taxes. For the three and six months ended January 31, 2020, we recognized excess tax benefits on share-based compensation of $23 million and $52 million, respectively, in our provision for income taxes. Our effective tax rates for the three and six months ended January 31, 2021 were approximately 8% and 6%, respectively. The acquisition of Credit Karma has resulted in an increase in the annual effective tax rate from 25% at October 31, 2020 to 26% at January 31, 2021 primarily due to non-deductible share-based compensation and transaction costs. Excluding the effect of the change in annual effective tax rate for the quarter and discrete tax items, primarily related to share-based compensation tax benefits mentioned above, our effective tax rate for the three and six months ended January 31, 2021 was approximately 26% . The difference from the federal statutory rate of 21% was primarily due to state income taxes, non-deductible share-based compensation and non-deductible transaction costs related to the Credit Karma acquisition, which were partially offset by the tax benefit we received from the federal research and experimentation credit. Our effective tax rates for the three and six months ended January 31, 2020 were approximately 15% and 2%, respectively. Excluding discrete tax items primarily related to share-based compensation tax benefits mentioned above, our effective tax rate for both periods was 24%. The difference from the federal statutory rate of 21% was primarily due to state income taxes and non-deductible share-based compensation, which were partially offset by the tax benefit we received from the federal research and experimentation credit. Unrecognized Tax Benefits and Other Considerations The total amount of our unrecognized tax benefits at January 31, 2021 was $168 million. If we were to recognize these net benefits, our income tax expense would reflect a favorable net impact of $101 million. The increase in the unrecognized tax benefits during the six months ended January 31, 2021 was primarily related to the acquisition of Credit Karma. We do not believe that it is reasonably possible that there will be a significant increase or decrease in our unrecognized tax benefits over the next 12 months. We have offset a $70 million long-term liability for uncertain tax positions against our long-term income tax receivable at January 31, 2021. The long-term income tax receivable is primarily related to the government’s approval of a method of accounting change request for fiscal 2018 and a refund claim related to Credit Karma's alternative minimum tax credit that was recorded as part of the acquisition.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jan. 31, 2021
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. We repurchased 470,000 shares for $175 million under these programs during the six months ended January 31, 2021. Included in this amount were $11 million of repurchases which occurred in late January 2021 and settled in early February 2021. At January 31, 2021, we had authorization from our Board of Directors to expend up to an additional $2.2 billion for stock repurchases. Future stock repurchases under the current programs 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 six months ended January 31, 2021 we declared quarterly cash dividends that totaled $1.18 per share of outstanding common stock for a total of $320 million. In February 2021 our Board of Directors declared a quarterly cash dividend of $0.59 per share of outstanding common stock payable on April 19, 2021 to stockholders of record at the close of business on April 12, 2021. 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 or loss for the periods shown. Three Months Ended Six Months Ended (In millions) January 31, 2021 January 31, 2020 January 31, 2021 January 31, 2020 Cost of revenue $ 16 $ 14 $ 31 $ 29 Selling and marketing 44 29 76 59 Research and development 67 37 105 75 General and administrative 53 27 79 55 Total share-based compensation expense $ 180 $ 107 $ 291 $ 218 We capitalized $1 million in share-based compensation related to internal-use software projects during the six months ended January 31, 2021 and $2 million during the six months ended January 31, 2020. Assumed Share-Based Compensation Plans In connection with our acquisition of Credit Karma on December 3, 2020, we assumed the Credit Karma, Inc. 2015 Equity Incentive Plan, as amended (Credit Karma Plan), under which the assumed equity awards were granted. The assumed equity awards will be settled in shares of our common stock and will retain the terms and conditions under which they were originally granted. See Note 5, "Business Combinations," for more information on the Credit Karma acquisition and the related equity awards assumed. On December 3, 2020, we filed a Form S-8 to register a total of 4,298,127 shares of common stock. This includes 1,997,881 shares of common stock that are issuable upon vesting of assumed equity awards and 2,300,246 shares that are available for future issuance under the Credit Karma Plan. Share-Based Awards Available for Grant A summary of share-based awards available for grant under our plans for the six months ended January 31, 2021 was as follows: (Shares in thousands) Shares Balance at July 31, 2020 18,047 Shares available for grant under an assumed plan 4,298 Restricted stock units granted (1) (3,710) Options granted — Share-based awards canceled/forfeited/expired (1) (2) 2,384 Balance at January 31, 2021 21,019 (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. (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. Restricted Stock Unit and Restricted Stock Activity and Related Share-Based Compensation Expense A summary of restricted stock unit (RSU) and restricted stock activity for the six months ended January 31, 2021 was as follows: (Shares in thousands) Number Weighted Nonvested at July 31, 2020 5,664 $ 231.97 Assumed through acquisition 1,998 355.49 Granted (1) 1,306 364.24 Restricted stock subject to revest provisions 775 355.49 Vested (967) 224.10 Forfeited (644) 222.92 Nonvested at January 31, 2021 8,132 $ 296.98 (1) This includes 809,000 shares related to $300 million of restricted stock units issued to the employees of Credit Karma in connection with the acquisition. See Note 5, " Business Combinations. " At January 31, 2021, there was approximately $2.2 billion of unrecognized compensation cost related to non-vested RSUs and restricted stock with a weighted average vesting period of 2.9 years. We will adjust unrecognized compensation cost for actual forfeitures as they occur. Stock Option Activity and Related Share-Based Compensation Expense A summary of stock option activity for the six months ended January 31, 2021 was as follows: Options Outstanding (Shares in thousands) Number Weighted Balance at July 31, 2020 2,681 $ 185.83 Granted — — Exercised (454) 126.52 Canceled or expired (54) 257.25 Balance at January 31, 2021 2,173 $ 196.45 Exercisable at January 31, 2021 1,446 $ 153.46 At January 31, 2021, there was approximately $46 million of unrecognized compensation cost related to non-vested stock options with a weighted average vesting period of 2.9 years. We will adjust unrecognized compensation cost for actual forfeitures as they occur.

Litigation

Litigation	6 Months Ended
	Jan. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Litigation	11. Litigation Beginning in May 2019, various legal proceedings were filed and certain regulatory inquiries were commenced in connection with our provision and marketing of free online tax preparation programs. We believe that the allegations contained within these legal proceedings are without merit. We are vigorously defending our interests in the legal proceedings and cooperating in the inquiries. These proceedings include multiple putative class actions that were consolidated into a single putative class action in the Northern District of California in September 2019 and demands for arbitration that were filed beginning in October 2019. In August 2020, the Ninth Circuit Court of Appeals ordered that the putative class action claims be resolved through arbitration. Intuit entered into a proposed settlement agreement in November 2020 to resolve the putative class action, which was rejected by the court. As a result, we expect the claims asserted to proceed in arbitration and the ultimate outcome of this matter remains uncertain. In view of the complexity and ongoing nature of these proceedings and inquiries, at this time we are unable to estimate a reasonably possible financial loss or range of financial loss that we may incur to resolve or settle these matters. As of January 31, 2021, there are approximately 125,000 individual arbitration claims pending and we could incur significant arbitration and legal fees associated with the defense of these claims. We recorded approximately $14 million in arbitration fees related to these claims in fiscal 2020, approximately $10 million during the first quarter of fiscal 2021 and received a refund of approximately $6 million for the reduction in claim processing fees during the three months ended January 31, 2021. The arbitration fees are unrelated to the underlying merits of the claims and are accrued at the earlier of when invoiced or when the services are rendered. We could incur additional arbitration fees of approximately $380 million in future periods. We are continuing to dispute the applicability and propriety of these fees. To date, the legal and other fees we have incurred related to these proceedings and inquiries have not been material. The ongoing defense and any resolution or settlement of these proceedings and inquiries could involve significant costs to us. Intuit is subject to certain routine legal proceedings, including class action lawsuits, as well as demands, claims, government inquiries and threatened litigation, that arise in the normal course of our business, including assertions that we may be infringing patents or other intellectual property rights of others. Our failure to obtain necessary license or other rights, or litigation arising out of intellectual property claims could adversely affect our business. We currently believe that, in addition to any amounts accrued, the amount of potential losses, if any, for any pending claims of any type (either alone or combined) will not have a material impact on our condensed consolidated financial statements. The ultimate outcome of any legal proceeding is uncertain and, regardless of outcome, legal proceedings can have an adverse impact on Intuit because of defense costs, negative publicity, diversion of management resources and other factors.

Segment Information

Segment Information	6 Months Ended
	Jan. 31, 2021
Segment Reporting [Abstract]
Segment Information	12. Segment Information We have defined our four reportable segments, described below, based on factors such as how we manage our operations and how our chief operating decision maker views results. We define the chief operating decision maker as our Chief Executive Officer and our Chief Financial Officer. Our chief operating decision maker organizes and manages our business primarily on the basis of product and service offerings. In August 2020 we reorganized certain technology and customer success functions that support and benefit our overall platform. Additionally, certain legal, facility and employee service costs are now managed at the corporate level. As a result, these costs are no longer included in segment operating income and are now included in other corporate expenses. For the three and six months ended January 31, 2020, we reclassified $45 million and $88 million from Small Business & Self-Employed, $28 million and $53 million from Consumer, and $4 million and $7 million from ProConnect to other corporate expenses. In August 2020, we also renamed our Strategic Partner segment as the ProConnect segment. This segment continues to serve professional accountants. In December 2020 we acquired Credit Karma in a business combination and it operates as a separate reportable segment. We have included the results of operations of Credit Karma in our condensed consolidated statements of operations from the date of acquisition. See Note 5, "Business Combinations," for more information. Segment operating income for Credit Karma includes all direct expenses, which is different from our other reportable segments where we do not fully allocate corporate expenses. Small Business & Self-Employed : This segment serves small businesses and the self-employed around the world, and the accounting professionals who assist and advise them. Our offerings include QuickBooks financial and business management online services and desktop software, payroll solutions, merchant payment processing solutions, and financing for small businesses. Consumer : This segment serves consumers and includes do-it-yourself and assisted TurboTax income tax preparation products and services sold in the U.S. and Canada. Our Mint offering serves consumers and helps them understand and improve their financial lives by offering a view of their financial health. ProConnect : This segment serves professional accountants in the U.S. and Canada, who are essential to both small business success and tax preparation and filing. Our professional tax offerings include Lacerte, ProSeries, ProFile, and ProConnect Tax Online. Credit Karma : This segment serves consumers with a personal finance platform that provides personalized recommendations of credit card, home, auto and personal loan, and insurance products; online savings and checking accounts; and access to their credit scores and reports, credit and identity monitoring, credit report dispute, and data-driven resources. All of our segments operate primarily in the United States and sell primarily to customers in the United States. International total net revenue was approximately 6% for the three and six months ended January 31, 2021 and approximately 5% for the three and six months ended January 31, 2020. For our Small Business & Self-Employed, Consumer, and ProConnect reportable segments, we include expenses such as corporate selling and marketing, product development, and general and administrative, which are not allocated to specific segments, in unallocated corporate items as part of other corporate expenses. For Credit Karma, segment expenses include all direct expenses related to selling and marketing, product development, and general and administrative. Unallocated corporate items for all segments include share-based compensation, amortization of acquired technology, amortization of other acquired intangible assets, and goodwill and intangible asset impairment charges. The accounting policies of our reportable segments are the same as those described in the summary of significant accounting policies in Note 1 to the financial statements in Part II, Item 8 of our Annual Report on Form 10-K for the fiscal year ended July 31, 2020 and in Note 1, "Description of Business and Summary of Significant Accounting Policies – Significant Accounting Policies" in this Quarterly Report on Form 10-Q. Except for goodwill and purchased intangible assets, we do not generally track assets by reportable segment and, consequently, we do not disclose total assets by reportable segment. The following table shows our financial results by reportable segment for the periods indicated. Segment results for fiscal 2020 have been reclassified to conform to the fiscal 2021 segment presentation, as described earlier in this footnote. Three Months Ended Six Months Ended (In millions) January 31, 2021 January 31, 2020 January 31, 2021 January 31, 2020 Net revenue: Small Business & Self-Employed $ 1,078 $ 973 $ 2,259 $ 2,019 Consumer 147 499 266 599 ProConnect 207 224 230 243 Credit Karma 144 — 144 — Total net revenue $ 1,576 $ 1,696 $ 2,899 $ 2,861 Operating income (loss): Small Business & Self-Employed $ 592 $ 447 $ 1,359 $ 1,040 Consumer (155) 191 (151) 171 ProConnect 172 186 162 168 Credit Karma 38 — 38 — Total segment operating income 647 824 1,408 1,379 Unallocated corporate items: Share-based compensation expense (180) (107) (291) (218) Other corporate expenses (442) (440) (874) (866) Amortization of acquired technology (14) (6) (21) (12) Amortization of other acquired intangible assets (36) (1) (38) (3) Total unallocated corporate items (672) (554) (1,224) (1,099) Total operating income (loss) $ (25) $ 270 $ 184 $ 280 Revenue classified by significant product and service offerings was as follows: Three Months Ended Six Months Ended (In millions) January 31, 2021 January 31, 2020 January 31, 2021 January 31, 2020 Net revenue: QuickBooks Online Accounting $ 404 $ 330 $ 796 $ 636 Online Services 240 200 469 395 Total Online Ecosystem 644 530 1,265 1,031 QuickBooks Desktop Accounting 160 165 401 404 Desktop Services and Supplies 274 278 593 584 Total Desktop Ecosystem 434 443 994 988 Small Business & Self-Employed 1,078 973 2,259 2,019 Consumer 147 499 266 599 ProConnect 207 224 230 243 Credit Karma 144 — 144 — Total net revenue $ 1,576 $ 1,696 $ 2,899 $ 2,861 Revenue from our QuickBooks Desktop packaged software products was $25 million and $45 million for the three and six months ended January 31, 2021, respectively, and $34 million and $61 million for the three and six months ended January 31, 2020, respectively. These amounts are included in the QuickBooks Desktop Accounting revenue presented in the table above. Credit Karma revenue is primarily generated from cost-per-action transactions which are related to credit card issuances and personal loan funding.

Description of Business and S_2

Description of Business and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jan. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation These condensed consolidated financial statements include the financial statements of Intuit and its wholly owned subsidiaries. We have eliminated all significant intercompany balances and transactions in consolidation. We have included all adjustments, consisting only of normal recurring items, which we considered necessary for a fair presentation of our financial results for the interim periods presented. We have reclassified certain amounts previously reported in our financial statements to conform to the current presentation, including amounts related to reportable segments. In August 2020, we reorganized certain technology and customer success functions that support and benefit our overall platform. Additionally, certain legal, facility and employee service costs are now managed at the corporate level. As a result, these costs are no longer included in segment operating income and are now included in other corporate expenses. For the three and six months ended January 31, 2020, we reclassified $45 million and $88 million from Small Business & Self-Employed, $28 million and $53 million from Consumer, and $4 million and $7 million from ProConnect to other corporate expenses. In August 2020, we also renamed our Strategic Partner segment as the ProConnect segment. This segment continues to serve professional accountants. See Note 12, "Segment Information," for more information. On December 3, 2020 we acquired Credit Karma, a consumer technology platform. We have included the results of operations for Credit Karma in our condensed consolidated statements of operations from the date of acquisition. Credit Karma operates as a separate reportable segment. See Note 12, "Segment Information," for more information. These unaudited condensed consolidated financial statements and accompanying notes should be read together with the audited consolidated financial statements in Part II, Item 8 of our Annual Report on Form 10-K for the fiscal year ended July 31, 2020. Results for the six months ended January 31, 2021 do not necessarily indicate the results we expect for the fiscal year ending July 31, 2021 or any other future period.
Seasonality	Seasonality Our Consumer and ProConnect offerings have a significant and distinct seasonal pattern as sales and revenue from our income tax preparation products and services are heavily concentrated in the period from November through April. This seasonal pattern results in higher net revenues during our second and third quarters ending January 31 and April 30, respectively. During fiscal 2020, as a relief measure in response to the COVID-19 pandemic, the Internal Revenue Service extended the filing deadline for the 2019 tax year from April 15, 2020 to July 15, 2020. Additionally, all states with a personal income tax also extended their due dates, predominantly to July. As a result, there was a shift in sales and revenue from our third fiscal quarter to our fourth fiscal quarter during fiscal 2020. During fiscal 2021 the IRS began accepting and processing returns on February 12, 2021, as opposed to January 27, 2020 in the prior year. As a result, revenue during our second quarter of fiscal 2021 was lower compared to the same quarter of fiscal 2020.
Revenue Recognition and Deferred Revenue	Revenue Recognition Update Revenue from our Credit Karma segment is primarily comprised of revenue from the delivery of qualified links that result in completed actions, or cost-per-action transactions. Credit Karma also generates revenue from cost-per-click, cost-per-lead, and to a lesser extent, cost-per-advertisement impression transactions. All revenue from our Credit Karma segment is included in service and other revenue on our condensed consolidated statement of operations. Cost-per-action revenue is earned based on a pre-determined fee for approved actions such as when credit cards are issued or when personal loans and other loans to businesses are funded and is recognized as the actions are completed. Cost-per-click and cost-per-lead revenue is primarily related to mortgage and insurance businesses. Cost-per-click revenue is earned as users click on our customers' advertisements and is recognized based on the number of clicks recorded each month. Cost-per-lead revenue is earned via customer advertisements that allow the generation of leads from consumers interested in the advertised products and is recognized at the time a consumer request or lead is delivered to the customer. Deferred Revenue We record deferred revenue when we have entered into a contract with a customer and cash payments are received or due prior to transfer of control or satisfaction of the related performance obligation. During the three and six months ended January 31, 2021, we recognized revenue of $144 million and $543 million, respectively, that was included in deferred revenue at July 31, 2020. During the three and six months ended January 31, 2020, we recognized revenue of $154 million and $509 million, respectively, that was included in deferred revenue at July 31, 2019. Our performance obligations are generally satisfied within 12 months of the initial contract date. As of January 31, 2021 and July 31, 2020, the deferred revenue balance related to performance obligations that will be satisfied after 12 months was $7 million and $13 million, respectively, and is included in other long-term obligations on our condensed consolidated balance sheets.
Use of Estimates	Use of Estimates In preparing our condensed consolidated financial statements in accordance with U.S. generally accepted accounting principles (GAAP), we make certain judgments, estimates, and assumptions that affect the amounts reported in our financial statements and the disclosures made in the accompanying notes. For example, we use judgments and estimates in determining how revenue should be recognized. These judgments and estimates include identifying performance obligations, determining if the performance obligations are distinct, determining the standalone sales price (SSP) and timing of revenue recognition for each distinct performance obligation, and estimating variable consideration to be included in the transaction price. We use estimates in determining the collectibility of accounts receivable and notes receivable, the appropriate levels of various accruals including accruals for litigation contingencies, the discount rate used to calculate lease liabilities, the amount of our worldwide tax provision, the realizability of deferred tax assets, the credit losses of available-for-sale debt securities, and the fair value of assets acquired and liabilities assumed for business combinations. We also use estimates in determining the remaining economic lives and fair values of acquired intangible assets, property and equipment, and other long-lived assets. In addition, we use assumptions to estimate the fair value of reporting units and share-based compensation. Despite our intention to establish accurate estimates and use reasonable assumptions, actual results may differ from our estimates. Additionally, in the context of the ongoing global COVID-19 pandemic, while there has been no material impact on our estimates to date, in future periods, facts and circumstances could change and impact our estimates.
Computation of Net Income (Loss) Per Share	Computation of Net Income (Loss) Per Share We compute basic net income or loss per share using the weighted average number of common shares outstanding during the period. We compute diluted net income per share using the weighted average number of common shares and dilutive potential common shares outstanding during the period. Dilutive potential common shares consist of the shares issuable upon the exercise of stock options and upon the vesting of restricted stock units (RSUs) under the treasury stock method. We include stock options with combined exercise prices and unrecognized compensation expense that are less than the average market price for our common stock, and RSUs with unrecognized compensation expense that is less than the average market price for our common stock, in the calculation of diluted net income per share. We exclude stock options with combined exercise prices and unrecognized compensation expense that are greater than the average market price for our common stock, and RSUs with unrecognized compensation expense that is greater than the average market price for our common stock, from the calculation of diluted net income per share because their effect is anti-dilutive. Under the treasury stock method, the amount that must be paid to exercise stock options and the amount of compensation expense for future service that we have not yet recognized for stock options and RSUs are assumed to be used to repurchase shares. All of the RSUs we grant have dividend rights. Dividend rights are accumulated and paid when the underlying RSUs vest. Since the dividend rights are subject to the same vesting requirements as the underlying equity awards they are considered a contingent transfer of value. Consequently, the RSUs are not considered participating securities and we do not present them separately in earnings per share. In loss periods, basic net loss per share and diluted net loss per share are the same since the effect of potential common shares is anti-dilutive and therefore excluded.
Notes Receivable and Allowances for Loan Losses	Notes Receivable and Allowances for Loan Losses Notes receivable held for investment consist of term loans to small businesses and are included in prepaid expenses and other current assets and other assets on our condensed consolidated balance sheets. As of January 31, 2021 and July 31, 2020, the notes receivable balances were $62 million and $40 million, respectively, and the allowances for loan losses were not material. The term loans are not secured and are recorded at amortized cost, net of allowances for loan losses. We maintain an allowance for loan losses to reserve for potentially uncollectible notes receivable. We evaluate the creditworthiness of our loan portfolio on a pooled basis due to its composition of small, homogeneous loans with similar general credit risk and characteristics and apply a loss rate at the time of loan origination. The loss rate and underlying model are updated periodically to reflect actual loan performance and changes in assumptions. We make judgments about the known and inherent risks in the loan portfolio, adverse situations that may affect borrowers’ ability to repay and current economic conditions. When we determine that amounts are uncollectible, we write them off against the allowance. Paycheck Protection Program – In April 2020, Intuit was approved as a non-bank Small Business Administration (SBA) lender for the Paycheck Protection Program (PPP). The PPP was authorized under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to provide small businesses loans to pay payroll and group health costs, salaries and commissions, mortgage and rent payments, utilities, and interest on other debt which is designed to provide assistance to small businesses during the COVID-19 pandemic. Lending under the program expired on August 8, 2020. All of the loans held for sale under this program have been sold. When loans under this program do not qualify to be sold, they are held for investment. As of January 31, 2021 and July 31, 2020, PPP loans held for investment were not material and are included in prepaid expenses and other current assets and other assets on our condensed consolidated balance sheets. The SBA re-opened the PPP in January 2021 under the Coronavirus Response and Relief Supplemental Appropriations Act of 2021. We are marketing and referring small businesses to another lender under the re-opened program, but will not be originating or servicing loans in this round of the program.
Concentration of Credit Risk And Significant Customers	Concentration of Credit Risk and Significant Customers No customer accounted for 10% or more of total net revenue in the three or six months ended January 31, 2021 or January 31, 2020. Due to the seasonality of our consumer tax offerings, one large retailer accounted for 12% of gross accounts receivable at January 31, 2021. No customer accounted for 10% or more of gross accounts receivable at July 31, 2020.
Accounting Standards Recently Adopted	Accounting Standards Recently Adopted Internal-Use Software – In August 2018 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-15, “ Intangibles—Goodwill and Other (Topic 350): Internal-Use Software.” This standard aligns the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. We adopted this standard in the first quarter of our fiscal year beginning August 1, 2020 on a prospective basis. The adoption did not have a material impact on our condensed consolidated financial statements. Goodwill Impairment – In January 2017 the FASB issued ASU 2017-04, “ Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” This standard eliminates Step 2 from the goodwill impairment test. Instead, an entity should compare the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill allocated to the reporting unit. We adopted this standard in the first quarter of our fiscal year beginning August 1, 2020 on a prospective basis and will apply the guidance during our annual goodwill impairment test for the year ending July 31, 2021. The adoption did not have a material impact on our condensed consolidated financial statements. Financial Instruments – In June 2016 the FASB issued ASU 2016-13, “ Financial Instruments—Credit Losses (Topic 326). ” This standard requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. We adopted this standard in the first quarter of our fiscal year beginning August 1, 2020. The adoption did not have a material impact on our condensed consolidated financial statements.
Fair Value Measurement	Fair Value Hierarchy The authoritative guidance defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. When determining fair value, we consider the principal or most advantageous market for an asset or liability and assumptions that market participants would use when pricing the asset or liability. In addition, we consider and use all valuation methods that are appropriate in estimating the fair value of an asset or liability. The authoritative guidance establishes a fair value hierarchy that is based on the extent and level of judgment used to estimate the fair value of assets and liabilities. In general, the authoritative guidance requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. An asset or liability’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the measurement of its fair value. The three levels of input defined by the authoritative guidance are as follows: • Level 1 uses unadjusted quoted prices that are available in active markets for identical assets or liabilities. • Level 2 uses inputs other than quoted prices included in Level 1 that are either directly or indirectly observable through correlation with market data. These include quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar assets or liabilities in markets that are not active; and inputs to valuation models or other pricing methodologies that do not require significant judgment because the inputs used in the model, such as interest rates and volatility, can be corroborated by readily observable market data for substantially the full term of the assets or liabilities. • Level 3 uses one or more unobservable inputs that are supported by little or no market activity and that are significant to the determination of fair value. Level 3 assets and liabilities include those whose fair values are determined using pricing models, discounted cash flow methodologies or similar valuation techniques and significant management judgment or estimation.

Description of Business and S_3

Description of Business and Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jan. 31, 2021
Accounting Policies [Abstract]
Composition of shares used in the computation of basic and diluted net income per share	The following table presents the composition of shares used in the computation of basic and diluted net income per share for the periods indicated. Three Months Ended Six Months Ended (In millions, except per share amounts) January 31, 2021 January 31, 2020 January 31, 2021 January 31, 2020 Numerator: Net income $ 20 $ 240 $ 218 $ 297 Denominator: Shares used in basic per share amounts: Weighted average common shares outstanding 270 261 266 261 Shares used in diluted per share amounts: Weighted average common shares outstanding 270 261 266 261 Dilutive common equivalent shares from stock options and restricted stock awards 3 3 3 3 Dilutive weighted average common shares outstanding 273 264 269 264 Basic and diluted net income per share: Basic net income per share $ 0.07 $ 0.92 $ 0.82 $ 1.14 Diluted net income per share $ 0.07 $ 0.91 $ 0.81 $ 1.13 Shares excluded from diluted net income per share: Weighted average stock options and restricted stock units that have been excluded from dilutive common equivalent shares outstanding due to their anti-dilutive effect 1 — 1 —

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jan. 31, 2021
Fair Value Disclosures [Abstract]
Financial assets and liabilities measured at fair value on recurring basis	The following table summarizes financial assets and financial liabilities that we measured at fair value on a recurring basis at the dates indicated, classified in accordance with the fair value hierarchy described above. January 31, 2021 July 31, 2020 (In millions) Level 1 Level 2 Total Level 1 Level 2 Total Assets: Cash equivalents, primarily money market funds and time deposits $ 327 $ — $ 327 $ 5,765 $ — $ 5,765 Available-for-sale debt securities: Municipal bonds — 34 34 — 9 9 Corporate notes — 869 869 — 752 752 U.S. agency securities — 83 83 — 47 47 Total available-for-sale debt securities — 986 986 — 808 808 Total assets measured at fair value on a recurring basis $ 327 $ 986 $ 1,313 $ 5,765 $ 808 $ 6,573 Liabilities: Senior unsecured notes (1) $ — $ 2,017 $ 2,017 $ — $ 2,042 $ 2,042 (1) Carrying value on our balance sheets at January 31, 2021 and July 31, 2020 was $1.99 billion and $1.98 billion, respectively . See Note 7, “Long-Term Obligations and Commitments,” for more information.
Cash equivalents and available-for-sale debt and equity securities by balance sheet classification and level in the fair value hierarchy	The following table summarizes our cash equivalents and available-for-sale debt securities by balance sheet classification and level in the fair value hierarchy at the dates indicated. January 31, 2021 July 31, 2020 (In millions) Level 1 Level 2 Total Level 1 Level 2 Total Cash equivalents: In cash and cash equivalents $ 327 $ — $ 327 $ 5,765 $ — $ 5,765 Available-for-sale debt securities: In investments $ — $ 786 $ 786 $ — $ 608 $ 608 In funds held for customers — 200 200 — 200 200 Total available-for-sale debt securities $ — $ 986 $ 986 $ — $ 808 $ 808

Cash and Cash Equivalents, In_2

Cash and Cash Equivalents, Investments, and Funds Held for Customers (Tables)	6 Months Ended
	Jan. 31, 2021
Cash and Cash Equivalents, Investments and Funds Held for Customers [Abstract]
Cash and cash equivalents, investments and funds held for customers by balance sheet classification	The following table summarizes our cash and cash equivalents, investments, and funds held for customers by balance sheet classification at the dates indicated. January 31, 2021 July 31, 2020 (In millions) Amortized Fair Value Amortized Fair Value Classification on condensed consolidated balance sheets: Cash and cash equivalents $ 1,952 $ 1,952 $ 6,442 $ 6,442 Investments 781 786 600 608 Funds held for customers 426 426 455 455 Total cash and cash equivalents, investments, and funds $ 3,159 $ 3,164 $ 7,497 $ 7,505
Cash and cash equivalents, investments and funds held for customers by investment category	The following table summarizes our cash and cash equivalents, investments, and funds held for customers by investment category at the dates indicated. January 31, 2021 July 31, 2020 (In millions) Amortized Fair Value Amortized Fair Value Type of issue: Total cash, cash equivalents, restricted cash, $ 2,178 $ 2,178 $ 6,697 $ 6,697 Available-for-sale debt securities: Municipal bonds 34 34 9 9 Corporate notes 864 869 744 752 U.S. agency securities 83 83 47 47 Total available-for-sale debt securities 981 986 800 808 Total cash, cash equivalents, restricted cash, restricted cash equivalents, and investments $ 3,159 $ 3,164 $ 7,497 $ 7,505
Available-for-sale debt securities classified by the stated maturity date of the security	The following table summarizes our available-for-sale debt securities, included in investments and funds held for customers, classified by the stated maturity date of the security at the dates indicated. January 31, 2021 July 31, 2020 (In millions) Amortized Fair Value Amortized Fair Value Due within one year $ 414 $ 415 $ 389 $ 390 Due within two years 284 287 256 261 Due within three years 277 278 137 139 Due after three years 6 6 18 18 Total available-for-sale debt securities $ 981 $ 986 $ 800 $ 808
Schedule of funds held for customers	The following table summarizes our funds held for customers by investment category at the dates indicated. (In millions) January 31, 2021 July 31, 2020 Restricted cash and restricted cash equivalents $ 226 $ 255 Restricted available-for-sale debt securities 200 200 Total funds held for customers $ 426 $ 455 (In millions) January 31, 2020 July 31, 2019 Restricted cash and restricted cash equivalents $ 261 $ 236 Restricted available-for-sale debt securities 200 200 Total funds held for customers $ 461 $ 436

Goodwill and Acquired Intangi_2

Goodwill and Acquired Intangible Assets (Tables)	6 Months Ended
	Jan. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill By Reportable Segment	Changes in the carrying value of goodwill by reportable segment during the six months ended January 31, 2021 were as shown in the following table. Our reportable segments are described in Note 12, “Segment Information.” (In millions) Balance Goodwill Foreign Currency Translation Balance January 31, 2021 Small Business & Self-Employed $ 1,518 $ 43 $ 1 $ 1,562 Consumer 42 — — 42 ProConnect 94 — 1 95 Credit Karma — 3,899 — 3,899 Totals $ 1,654 $ 3,942 $ 2 $ 5,598
Schedule of Intangible Assets Acquired	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 six months ended January 31, 2021 were primarily due to the acquisition of Credit Karma. See Note 5, "Business Combinations." The weighted average lives are calculated for assets that are not fully amortized. (Dollars in millions) Customer Purchased Trade Covenants Total At January 31, 2021: Cost $ 3,038 $ 681 $ 400 $ 42 $ 4,161 Accumulated amortization (282) (426) (29) (40) (777) Acquired intangible assets, net $ 2,756 $ 255 $ 371 $ 2 $ 3,384 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
Schedule of Future Amortization Expense	The following table shows the expected future amortization expense for our acquired intangible assets at January 31, 2021. Amortization of purchased technology is charged to cost of service and other revenue and 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 Twelve months ending July 31, 2021 (excluding the six months ended January 31, 2021) $ 136 2022 271 2023 263 2024 248 2025 247 Thereafter 2,219 Total expected future amortization expense $ 3,384

Business Combinations (Tables)

Business Combinations (Tables)	6 Months Ended
	Jan. 31, 2021
Business Combinations [Abstract]
Preliminary Purchase Price Allocation	The preliminary allocation of the Credit Karma purchase price is as follows: (In millions) Amount Cash and cash equivalents $ 436 Accounts receivable, net 141 Income taxes receivable 59 Prepaid expenses and other current assets 8 Long-term investments 3 Property and equipment, net 63 Operating lease right-of-use assets 167 Goodwill 3,899 Intangible assets 3,372 Other assets 83 Accounts payable (86) Accrued compensation and related liabilities (113) Other current liabilities (24) Operating lease liabilities (172) Long-term deferred income tax liabilities (632) Other long-term obligations (10) Total preliminary purchase price allocation $ 7,194
Schedule of Intangible Assets Acquired	The following table presents the details of identifiable intangible assets acquired. (In millions, except years) Estimated Useful Life Amount User relationships 15 years $ 2,781 Trade names/Trademarks 15 years 375 Purchased technology 6 years 216 Total identifiable intangible assets $ 3,372
Schedule Of Long Term Deferred Tax Assets And Liabilities Acquired	The following table summarizes the long-term deferred income tax liabilities included in the purchase price allocation above: (In millions) Amount Intangibles $ (847) Federal and state net operating loss carryforwards 135 Federal research and experimentation credit carryforwards 45 Other, net 35 Total long-term deferred income tax liabilities $ (632)
Schedule of Pro Forma Information	The following table summarizes the pro forma financial information: Three Months Ended Six Months Ended (In millions) January 31, 2021 January 31, 2020 January 31, 2021 January 31, 2020 Total revenue $ 1,647 $ 1,958 $ 3,142 $ 3,381 Net income $ 23 $ 120 $ 104 $ 78 Basic net income per share $ 0.08 $ 0.44 $ 0.38 $ 0.29 Diluted net income per share $ 0.08 $ 0.44 $ 0.38 $ 0.28

Current Liabilities (Tables)

Current Liabilities (Tables)	6 Months Ended
	Jan. 31, 2021
Other Liabilities Disclosure [Abstract]
Other current liabilities	Other current liabilities were as follows at the dates indicated: (In millions) January 31, 2021 July 31, Executive deferred compensation plan liabilities $ 139 $ 123 Current portion of operating lease liabilities 72 46 Reserve for promotional discounts and rebates 30 11 Reserve for returns and credits 50 24 Current portion of dividend payable 6 6 Interest payable 1 3 Other 64 84 Total other current liabilities $ 362 $ 297

Long-Term Obligations and Com_2

Long-Term Obligations and Commitments (Tables)	6 Months Ended
	Jan. 31, 2021
Debt Disclosure [Abstract]
Senior unsecured notes	The carrying value of the Notes was as follows at the dates indicated: (In millions) January 31, 2021 July 31, Effective Senior unsecured notes issued June 2020: 0.650% notes due July 2023 $ 500 $ 500 0.837% 0.950% notes due July 2025 500 500 1.127% 1.350% notes due July 2027 500 500 1.486% 1.650% notes due July 2030 500 500 1.767% Total senior unsecured notes 2,000 2,000 Unamortized discount and debt issuance costs (15) (17) Net carrying value senior unsecured notes $ 1,985 $ 1,983
Other long-term obligations	Other long-term obligations were as follows at the dates indicated: (In millions) January 31, 2021 July 31, Long-term income tax liabilities $ 26 $ 10 Total dividend payable 11 12 Long-term deferred revenue 7 13 Other 11 17 Total long-term obligations 55 52 Less current portion (included in other current liabilities) (6) (10) Long-term obligations due after one year $ 49 $ 42

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jan. 31, 2021
Leases [Abstract]
Components of Lease Expense	The components of lease expense were as follows: Three Months Ended Six Months Ended (In millions) January 31, 2021 January 31, 2020 January 31, 2021 January 31, 2020 Operating lease cost (1) $ 18 $ 19 $ 33 $ 37 Variable lease cost 3 3 6 6 Sublease income (4) (7) (8) (14) Total net lease cost $ 17 $ 15 $ 31 $ 29 (1) Includes short-term leases, which were not significant for each of the three and six months ended January 31, 2021 and 2020. Supplemental cash flow information related to operating leases was as follows: Six Months Ended (In millions) January 31, 2021 January 31, 2020 Cash paid for amounts included in the measurement of operating lease liabilities $ 31 $ 33 Right-of-use assets obtained in exchange for new operating lease liabilities (1) $ 27 $ 328 (1) For the six months ended January 31, 2020, this includes $319 million for operating leases existing on August 1, 2019 and $9 million for operating leases that commenced in the first six months of fiscal 2020. Other information related to operating leases was as follows at the dates indicated: January 31, 2021 July 31, Weighted-average remaining lease term for operating leases 6.8 years 5.5 years Weighted-average discount rate for operating leases 2.3 % 3.1 % Supplemental balance sheet information related to operating leases was as follows at the dates indicated: (In millions) January 31, 2021 July 31, Operating lease right-of-use assets $ 392 $ 226 Other current liabilities $ 72 $ 46 Operating lease liabilities 391 221 Total operating lease liabilities $ 463 $ 267
Future Minimum Lease Payments	Future minimum lease payments under non-cancellable operating leases as of January 31, 2021 were as follows: (In millions) Operating Leases (1) Fiscal year ending July 31, 2021 (excluding the six months ended January 31, 2021) $ 38 2022 88 2023 81 2024 77 2025 60 Thereafter 156 Total future minimum lease payments 500 Less imputed interest (37) Present value of lease liabilities $ 463 (1) Non-cancellable sublease proceeds for the remainder of the fiscal year ending July 31, 2021 and the fiscal years ending July 31, 2022, 2023, 2024, and 2025, of $7 million, $10 million, $3 million, $2 million, and $1 million, respectively, are not included in the table above.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jan. 31, 2021
Equity [Abstract]
Total share-based compensation expense	The following table summarizes the total share-based compensation expense that we recorded in operating income or loss for the periods shown. Three Months Ended Six Months Ended (In millions) January 31, 2021 January 31, 2020 January 31, 2021 January 31, 2020 Cost of revenue $ 16 $ 14 $ 31 $ 29 Selling and marketing 44 29 76 59 Research and development 67 37 105 75 General and administrative 53 27 79 55 Total share-based compensation expense $ 180 $ 107 $ 291 $ 218
Summary of share-based awards available for grant	A summary of share-based awards available for grant under our plans for the six months ended January 31, 2021 was as follows: (Shares in thousands) Shares Balance at July 31, 2020 18,047 Shares available for grant under an assumed plan 4,298 Restricted stock units granted (1) (3,710) Options granted — Share-based awards canceled/forfeited/expired (1) (2) 2,384 Balance at January 31, 2021 21,019 (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.
Summary of restricted stock unit activity	A summary of restricted stock unit (RSU) and restricted stock activity for the six months ended January 31, 2021 was as follows: (Shares in thousands) Number Weighted Nonvested at July 31, 2020 5,664 $ 231.97 Assumed through acquisition 1,998 355.49 Granted (1) 1,306 364.24 Restricted stock subject to revest provisions 775 355.49 Vested (967) 224.10 Forfeited (644) 222.92 Nonvested at January 31, 2021 8,132 $ 296.98 (1) This includes 809,000 shares related to $300 million of restricted stock units issued to the employees of Credit Karma in connection with the acquisition. See Note 5, " Business Combinations. "
Summary of stock option activity	A summary of stock option activity for the six months ended January 31, 2021 was as follows: Options Outstanding (Shares in thousands) Number Weighted Balance at July 31, 2020 2,681 $ 185.83 Granted — — Exercised (454) 126.52 Canceled or expired (54) 257.25 Balance at January 31, 2021 2,173 $ 196.45 Exercisable at January 31, 2021 1,446 $ 153.46

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jan. 31, 2021
Segment Reporting [Abstract]
Financial results by reportable segment	The following table shows our financial results by reportable segment for the periods indicated. Segment results for fiscal 2020 have been reclassified to conform to the fiscal 2021 segment presentation, as described earlier in this footnote. Three Months Ended Six Months Ended (In millions) January 31, 2021 January 31, 2020 January 31, 2021 January 31, 2020 Net revenue: Small Business & Self-Employed $ 1,078 $ 973 $ 2,259 $ 2,019 Consumer 147 499 266 599 ProConnect 207 224 230 243 Credit Karma 144 — 144 — Total net revenue $ 1,576 $ 1,696 $ 2,899 $ 2,861 Operating income (loss): Small Business & Self-Employed $ 592 $ 447 $ 1,359 $ 1,040 Consumer (155) 191 (151) 171 ProConnect 172 186 162 168 Credit Karma 38 — 38 — Total segment operating income 647 824 1,408 1,379 Unallocated corporate items: Share-based compensation expense (180) (107) (291) (218) Other corporate expenses (442) (440) (874) (866) Amortization of acquired technology (14) (6) (21) (12) Amortization of other acquired intangible assets (36) (1) (38) (3) Total unallocated corporate items (672) (554) (1,224) (1,099) Total operating income (loss) $ (25) $ 270 $ 184 $ 280
Revenue classified by significant product and service offerings	Revenue classified by significant product and service offerings was as follows: Three Months Ended Six Months Ended (In millions) January 31, 2021 January 31, 2020 January 31, 2021 January 31, 2020 Net revenue: QuickBooks Online Accounting $ 404 $ 330 $ 796 $ 636 Online Services 240 200 469 395 Total Online Ecosystem 644 530 1,265 1,031 QuickBooks Desktop Accounting 160 165 401 404 Desktop Services and Supplies 274 278 593 584 Total Desktop Ecosystem 434 443 994 988 Small Business & Self-Employed 1,078 973 2,259 2,019 Consumer 147 499 266 599 ProConnect 207 224 230 243 Credit Karma 144 — 144 — Total net revenue $ 1,576 $ 1,696 $ 2,899 $ 2,861

Description of Business and S_4

Description of Business and Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020	Jul. 31, 2020
Segment Reporting Information [Line Items]
Total operating income (loss)	$ (25)	$ 270	$ 184	$ 280
Revenue recognized	144	154	$ 543	509
Description of timing			12 months
Long-term deferred revenue	7		$ 7		$ 13
Notes receivable	62		62		$ 40
Segment Reconciling Items
Segment Reporting Information [Line Items]
Other Expenses	442	440	874	866
Segment Reconciling Items | Segment Reclass | Small Business & Self-Employed
Segment Reporting Information [Line Items]
Other Expenses		45		88
Segment Reconciling Items | Segment Reclass | Consumer
Segment Reporting Information [Line Items]
Other Expenses		28		53
Segment Reconciling Items | Segment Reclass | ProConnect
Segment Reporting Information [Line Items]
Other Expenses		4		7
Operating Segments
Segment Reporting Information [Line Items]
Total operating income (loss)	647	824	1,408	1,379
Operating Segments | Small Business & Self-Employed
Segment Reporting Information [Line Items]
Total operating income (loss)	592	447	1,359	1,040
Operating Segments | Consumer
Segment Reporting Information [Line Items]
Total operating income (loss)	(155)	191	(151)	171
Operating Segments | ProConnect
Segment Reporting Information [Line Items]
Total operating income (loss)	$ 172	186	$ 162	168
Operating Segments | Segment Reclass | Small Business & Self-Employed
Segment Reporting Information [Line Items]
Total operating income (loss)		45		88
Operating Segments | Segment Reclass | Consumer
Segment Reporting Information [Line Items]
Total operating income (loss)		28		53
Operating Segments | Segment Reclass | ProConnect
Segment Reporting Information [Line Items]
Total operating income (loss)		$ 4		$ 7

Description of Business and S_5

Description of Business and Summary of Significant Accounting Policies - Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
Accounting Policies [Abstract]
Net income	$ 20	$ 240	$ 218	$ 297
Shares used in basic per share amounts:
Weighted average common shares outstanding (in shares)	270,000,000	261,000,000	266,000,000	261,000,000
Shares used in diluted per share amounts:
Weighted average common shares outstanding (in shares)	270,000,000	261,000,000	266,000,000	261,000,000
Dilutive common equivalent shares from stock options and restricted stock awards (in shares)	3,000,000	3,000,000	3,000,000	3,000,000
Dilutive weighted average common shares outstanding (in shares)	273,000,000	264,000,000	269,000,000	264,000,000
Basic and diluted net income per share:
Basic net income per share (in dollars per share)	$ 0.07	$ 0.92	$ 0.82	$ 1.14
Diluted net income per share (in dollars per share)	$ 0.07	$ 0.91	$ 0.81	$ 1.13
Shares excluded from diluted net income per share:
Weighted average stock options and restricted stock units that have been excluded from dilutive common equivalent shares outstanding due to their anti-dilutive effect (in shares)	1,000,000	0	1,000,000	0

Fair Value Measurements - Recur

Fair Value Measurements - Recurring Basis (Details) - USD ($) $ in Millions	Jan. 31, 2021	Jul. 31, 2020
Assets:
Cash equivalents, primarily money market funds and time deposits	$ 1,952	$ 6,442
Available-for-sale debt securities:	986	808
Long-term debt	2,033	2,031
Senior Unsecured Notes
Assets:
Long-term debt	1,990	1,980
Fair value, measurements, recurring
Assets:
Cash equivalents, primarily money market funds and time deposits	327	5,765
Available-for-sale debt securities:	986	808
Total assets measured at fair value on a recurring basis	1,313	6,573
Fair value, measurements, recurring | Senior Unsecured Notes
Assets:
Senior unsecured notes	2,017	2,042
Fair value, measurements, recurring | Level 1
Assets:
Cash equivalents, primarily money market funds and time deposits	327	5,765
Available-for-sale debt securities:	0	0
Total assets measured at fair value on a recurring basis	327	5,765
Fair value, measurements, recurring | Level 1 | Senior Unsecured Notes
Assets:
Senior unsecured notes	0	0
Fair value, measurements, recurring | Level 2
Assets:
Cash equivalents, primarily money market funds and time deposits	0	0
Available-for-sale debt securities:	986	808
Total assets measured at fair value on a recurring basis	986	808
Fair value, measurements, recurring | Level 2 | Senior Unsecured Notes
Assets:
Senior unsecured notes	2,017	2,042
Fair value, measurements, recurring | Municipal bonds
Assets:
Available-for-sale debt securities:	34	9
Fair value, measurements, recurring | Municipal bonds | Level 1
Assets:
Available-for-sale debt securities:	0	0
Fair value, measurements, recurring | Municipal bonds | Level 2
Assets:
Available-for-sale debt securities:	34	9
Fair value, measurements, recurring | Corporate notes
Assets:
Available-for-sale debt securities:	869	752
Fair value, measurements, recurring | Corporate notes | Level 1
Assets:
Available-for-sale debt securities:	0	0
Fair value, measurements, recurring | Corporate notes | Level 2
Assets:
Available-for-sale debt securities:	869	752
Fair value, measurements, recurring | U.S. agency securities
Assets:
Available-for-sale debt securities:	83	47
Fair value, measurements, recurring | U.S. agency securities | Level 1
Assets:
Available-for-sale debt securities:	0	0
Fair value, measurements, recurring | U.S. agency securities | Level 2
Assets:
Available-for-sale debt securities:	$ 83	$ 47

Fair Value Measurements - Balan

Fair Value Measurements - Balance Sheet Classification (Details) - USD ($) $ in Millions	Jan. 31, 2021	Jul. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	$ 1,952	$ 6,442
Available-for-sale debt securities:	986	808
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of loans held-for-sale		98
Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	327	5,765
Available-for-sale debt securities:	986	808
Fair value, measurements, recurring | In cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	327	5,765
Fair value, measurements, recurring | Available for sale debt securities in investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities:	786	608
Fair value, measurements, recurring | Available for sale debt securities in funds held for customers
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities:	200	200
Fair value, measurements, recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	327	5,765
Available-for-sale debt securities:	0	0
Fair value, measurements, recurring | Level 1 | In cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	327	5,765
Fair value, measurements, recurring | Level 1 | Available for sale debt securities in investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities:	0	0
Fair value, measurements, recurring | Level 1 | Available for sale debt securities in funds held for customers
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities:	0	0
Fair value, measurements, recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	0	0
Available-for-sale debt securities:	986	808
Fair value, measurements, recurring | Level 2 | In cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	0	0
Fair value, measurements, recurring | Level 2 | Available for sale debt securities in investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities:	786	608
Fair value, measurements, recurring | Level 2 | Available for sale debt securities in funds held for customers
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities:	$ 200	$ 200

Cash and Cash Equivalents, In_3

Cash and Cash Equivalents, Investments, and Funds Held for Customers - Classification on Balance Sheets (Details) - USD ($) $ in Millions	Jan. 31, 2021	Jul. 31, 2020	Jan. 31, 2020
Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 1,952	$ 6,442	$ 1,641
Available-for-sale debt securities, amortized cost	981	800
Total cash and cash equivalents, investments, and funds held for customers, amortized cost	3,159	7,497
Cash equivalents:	1,952	6,442
Available-for-sale debt securities, fair value	986	808
Total cash and cash equivalents, investments, and funds held for customers, fair value	3,164	7,505
Investments
Cash and Cash Equivalents Items [Line Items]
Available-for-sale debt securities, amortized cost	781	600
Available-for-sale debt securities, fair value	786	608
Funds held for customers
Cash and Cash Equivalents Items [Line Items]
Available-for-sale debt securities, amortized cost	426	455
Available-for-sale debt securities, fair value	$ 426	$ 455

Cash and Cash Equivalents, In_4

Cash and Cash Equivalents, Investments, and Funds Held for Customers - Type of issue (Details) - USD ($) $ in Millions	Jan. 31, 2021	Jul. 31, 2020	Jan. 31, 2020	Jul. 31, 2019
Cash and Cash Equivalents Items [Line Items]
Total cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period	$ 2,178	$ 6,697	$ 1,902	$ 2,352
Available-for-sale securities:
Available-for-sale debt securities, amortized cost	981	800
Available-for-sale debt securities:	986	808
Total cash and cash equivalents, investments, and funds held for customers, amortized cost	3,159	7,497
Total cash and cash equivalents, investments, and funds held for customers, fair value	3,164	7,505
Total cash, cash equivalents, restricted cash, and restricted cash equivalents
Cash and Cash Equivalents Items [Line Items]
Total cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period	2,178	6,697
Cash, cash equivalents, restricted cash, and restricted cash equivalents, fair value	2,178	6,697
Municipal bonds
Available-for-sale securities:
Available-for-sale debt securities, amortized cost	34	9
Available-for-sale debt securities:	34	9
Corporate notes
Available-for-sale securities:
Available-for-sale debt securities, amortized cost	864	744
Available-for-sale debt securities:	869	752
U.S. agency securities
Available-for-sale securities:
Available-for-sale debt securities, amortized cost	83	47
Available-for-sale debt securities:	$ 83	$ 47

Cash and Cash Equivalents, In_5

Cash and Cash Equivalents, Investments, and Funds Held for Customers - Classified by the stated maturity date (Details) - USD ($) $ in Millions	Jan. 31, 2021	Jul. 31, 2020
Amortized Cost
Due within one year	$ 414	$ 389
Due within two years	284	256
Due within three years	277	137
Due after three years	6	18
Total available-for-sale debt securities	981	800
Fair Value
Due within one year	415	390
Due within two years	287	261
Due within three years	278	139
Due after three years	6	18
Total available-for-sale debt securities	986	808
Long-term investments	$ 41	$ 19

Cash and Cash Equivalents, In_6

Cash and Cash Equivalents, Investments, and Funds Held for Customers - Investments in Funds Held for Customers (Details) - USD ($) $ in Millions	Jan. 31, 2021	Jul. 31, 2020	Jan. 31, 2020	Jul. 31, 2019
Cash and Cash Equivalents, Investments and Funds Held for Customers [Abstract]
Restricted cash and restricted cash equivalents	$ 226	$ 255	$ 261	$ 236
Restricted available-for-sale debt securities	200	200	200	200
Total funds held for customers	$ 426	$ 455	$ 461	$ 436

Goodwill and Acquired Intangi_3

Goodwill and Acquired Intangible Assets - Goodwill (Details) $ in Millions	6 Months Ended
	Jan. 31, 2021USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 1,654
Goodwill Acquired	3,942
Foreign Currency Translation	2
Ending balance	5,598
Small Business & Self-Employed
Goodwill [Roll Forward]
Beginning balance	1,518
Goodwill Acquired	43
Foreign Currency Translation	1
Ending balance	1,562
Consumer
Goodwill [Roll Forward]
Beginning balance	42
Goodwill Acquired	0
Foreign Currency Translation	0
Ending balance	42
Accumulated impairment loss	114
ProConnect
Goodwill [Roll Forward]
Beginning balance	94
Goodwill Acquired	0
Foreign Currency Translation	1
Ending balance	95
Credit Karma
Goodwill [Roll Forward]
Beginning balance	0
Goodwill Acquired	3,899
Foreign Currency Translation	0
Ending balance	$ 3,899

Goodwill and Acquired Intangi_4

Goodwill and Acquired Intangible Assets - Intangible Assets Acquired (Details) - USD ($) $ in Millions	6 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jul. 31, 2020
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	$ 4,161		$ 744
Accumulated amortization	(777)		(716)
Acquired intangible assets, net	$ 3,384		28
Weighted average life in years	14 years	4 years
Customer Lists / User Relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	$ 3,038		256
Accumulated amortization	(282)		(248)
Acquired intangible assets, net	$ 2,756		8
Weighted average life in years	15 years	5 years
Purchased Technology
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	$ 681		421
Accumulated amortization	(426)		(404)
Acquired intangible assets, net	$ 255		17
Weighted average life in years	5 years	3 years
Trade Names and Logos
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	$ 400		25
Accumulated amortization	(29)		(25)
Acquired intangible assets, net	$ 371		0
Weighted average life in years	15 years	0 years
Covenants Not to Compete or Sue
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	$ 42		42
Accumulated amortization	(40)		(39)
Acquired intangible assets, net	$ 2		$ 3
Weighted average life in years	3 years	3 years

Goodwill and Acquired Intangi_5

Goodwill and Acquired Intangible Assets - Future Amortization (Details) - USD ($) $ in Millions	Jan. 31, 2021	Jul. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
2021 (excluding the six months ended January 31, 2021)	$ 136
2022	271
2023	263
2024	248
2025	247
Thereafter	2,219
Acquired intangible assets, net	$ 3,384	$ 28

Business Combinations Narrative

Business Combinations Narrative (Details) - Credit Karma - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Dec. 03, 2020	Jan. 31, 2021	Jan. 31, 2021
Business Acquisition [Line Items]
Transaction cost associated with the acquisition		$ 26	$ 31
Consideration transferred	$ 8,100
Fair value of purchase price	7,194
Cash paid for acquisition	$ 3,400
Share price (in dollars per share)	$ 355.49
Shares of Common Stock
Business Acquisition [Line Items]
Equity interest issued (in shares)	10.6
Equity interest issued	$ 3,800
Revest Provision
Business Acquisition [Line Items]
Equity interest issued	$ 275
Period of recognition for equity awards	3 years
Equity Award
Business Acquisition [Line Items]
Period of recognition for equity awards	3 years
Equity awards assumed included in purchase price	$ (47)
Equity awards assumed not included in purchase price	663
Restricted Stock Units (RSUs)
Business Acquisition [Line Items]
Equity interest issued	300
Restricted Stock Units (RSUs) | Employees of Credit Karma
Business Acquisition [Line Items]
Equity interest issued	$ 300
Period of recognition for equity awards	4 years

Business Combinations - Purchas

Business Combinations - Purchase Price Allocation (Details) - USD ($) $ in Millions	Jan. 31, 2021	Dec. 03, 2020	Jul. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 5,598		$ 1,654
Credit Karma
Business Acquisition [Line Items]
Cash and cash equivalents		$ 436
Accounts receivable, net		141
Income taxes receivable		59
Prepaid expenses and other current assets		8
Long-term investments		3
Property and equipment, net		63
Operating lease right-of-use assets		167
Goodwill		3,899
Intangible assets		3,372
Other assets		83
Accounts payable		(86)
Accrued compensation and related liabilities		(113)
Other current liabilities		(24)
Operating lease liabilities		(172)
Long-term deferred income tax liabilities		(632)
Other long-term obligations		(10)
Total preliminary purchase price allocation		$ 7,194

Business Combinations - Intangi

Business Combinations - Intangible Assets (Details) - Credit Karma $ in Millions	Dec. 03, 2020USD ($)
Business Acquisition [Line Items]
Estimated Useful Life	14 years 4 months 24 days
Intangible assets	$ 3,372
User relationships
Business Acquisition [Line Items]
Estimated Useful Life	15 years
Intangible assets	$ 2,781
Trade Names and Logos
Business Acquisition [Line Items]
Estimated Useful Life	15 years
Intangible assets	$ 375
Purchased technology
Business Acquisition [Line Items]
Estimated Useful Life	6 years
Intangible assets	$ 216

Business Combinations - Deferre

Business Combinations - Deferred Tax Liability (Details) - USD ($) $ in Millions	Jan. 31, 2021	Dec. 03, 2020	Jul. 31, 2020
Business Acquisition [Line Items]
Long-term deferred income tax liabilities	$ (580)		$ (2)
Credit Karma
Business Acquisition [Line Items]
Intangibles		$ (847)
Federal and state net operating loss carryforwards		135
Federal research and experimentation credit carryforwards		45
Other, net		35
Long-term deferred income tax liabilities		$ (632)

Business Combinations - Pro For

Business Combinations - Pro Forma (Details) - Credit Karma - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
Business Acquisition, Pro Forma Information [Abstract]
Total revenue	$ 1,647	$ 1,958	$ 3,142	$ 3,381
Net income	$ 23	$ 120	$ 104	$ 78
Basic net income per share (dollars per share)	$ 0.08	$ 0.44	$ 0.38	$ 0.29
Diluted net income per share (dollars per share)	$ 0.08	$ 0.44	$ 0.38	$ 0.28

Current Liabilities - Narrative

Current Liabilities - Narrative (Details)	May 02, 2019USD ($)extension	Oct. 31, 2020USD ($)	Jan. 31, 2021USD ($)	Jan. 31, 2020USD ($)	Jul. 31, 2020USD ($)
Debt Instrument [Line Items]
Short-term debt			$ 325,000,000		$ 1,338,000,000
Repayments of lines of credit			1,000,000,000	$ 0
Amendment to Master Credit Agreement
Debt Instrument [Line Items]
Master credit agreement	$ 1,400,000,000
Amendment to Master Credit Agreement | Term Loan
Debt Instrument [Line Items]
Interest paid			2,000,000	6,000,000
Amendment to Master Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Debt to EBITDA ratio (not greater than)	3.25
EBITDA to interest payable ratio (not less than)	3
Amendment to Master Credit Agreement | Line of Credit | Term Loan
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity	$ 400,000,000
Term loan, increase limit	400,000,000
Quarterly principal payment	$ 12,500,000
Short-term debt			325,000,000
Amendment to Master Credit Agreement | Line of Credit | Term Loan | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.00%
Amendment to Master Credit Agreement | Line of Credit | Term Loan | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	0.125%
Amendment to Master Credit Agreement | Line of Credit | Term Loan | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.625%
Amendment to Master Credit Agreement | Line of Credit | Term Loan | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.125%
Amendment to Master Credit Agreement | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Unsecured revolving credit facility	$ 1,000,000,000
Interest paid			1,000,000	$ 0
Revolving credit facility, increase limit	$ 250,000,000
Unsecured revolving credit facility extension | extension	2
Repayments of lines of credit		$ 1,000,000,000
Fair value of amount outstanding			$ 0
Amendment to Master Credit Agreement | Line of Credit | Revolving Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.00%
Amendment to Master Credit Agreement | Line of Credit | Revolving Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	0.10%
Amendment to Master Credit Agreement | Line of Credit | Revolving Credit Facility | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.69%
Amendment to Master Credit Agreement | Line of Credit | Revolving Credit Facility | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.10%

Current Liabilities - Other Cur

Current Liabilities - Other Current Liabilities (Details) - USD ($) $ in Millions	Jan. 31, 2021	Jul. 31, 2020
Other Liabilities, Current [Abstract]
Executive deferred compensation plan liabilities	$ 139	$ 123
Current portion of operating lease liabilities	72	46
Reserve for promotional discounts and rebates	30	11
Reserve for returns and credits	50	24
Current portion of dividend payable	6	6
Interest payable	1	3
Other	64	84
Total other current liabilities	$ 362	$ 297

Long-Term Obligations and Com_3

Long-Term Obligations and Commitments - Senior Unsecured Notes (Details) - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	Jun. 30, 2020	Jan. 31, 2020	Jan. 31, 2021	Jul. 31, 2020
Debt Instrument [Line Items]
Long-term debt			$ 2,033	$ 2,031
Senior Unsecured Notes | The Senior Unsecured Notes Member
Debt Instrument [Line Items]
Proceeds from issuance	$ 1,980
Unamortized discount	2
Debt issuance costs	$ 15
Long-term debt, gross			2,000	2,000
Unamortized discount and debt issuance costs			(15)	(17)
Long-term debt			$ 1,985	1,983
Interest paid		$ 12
Redemption price (in percent)	101.00%
Senior Unsecured Notes | 0.650% notes due July 2023
Debt Instrument [Line Items]
Stated interest rate (in percent)			0.65%
Long-term debt, gross			$ 500	500
Effective Interest Rate			0.837%
Senior Unsecured Notes | 0.950% notes due July 2025
Debt Instrument [Line Items]
Stated interest rate (in percent)			0.95%
Long-term debt, gross			$ 500	500
Effective Interest Rate			1.127%
Senior Unsecured Notes | 1.350% notes due July 2027
Debt Instrument [Line Items]
Stated interest rate (in percent)			1.35%
Long-term debt, gross			$ 500	500
Effective Interest Rate			1.486%
Senior Unsecured Notes | 1.650% notes due July 2030
Debt Instrument [Line Items]
Stated interest rate (in percent)			1.65%
Long-term debt, gross			$ 500	$ 500
Effective Interest Rate			1.767%

Long-Term Obligations and Com_4

Long-Term Obligations and Commitments - Secured Revolving Credit Facility (Details) - Revolving Credit Facility - 2019 Secured Revolving Credit Facility - USD ($)	Feb. 19, 2019	Jan. 31, 2021	Jan. 31, 2020
Debt Instrument [Line Items]
Periodic interest payment		$ 1,000,000	$ 2,000,000
Subsidiary | Line of Credit
Debt Instrument [Line Items]
Debt instrument, term	2 years
Line of credit, maximum borrowing capacity	$ 300,000,000
Interest rate on unused portion of line of credit	0.50%
Fair value of amount outstanding		$ 48,000,000
Interest rate at period end		5.69%
Secured amount		$ 157,000,000
Subsidiary | Line of Credit | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.39%

Long-Term Obligations and Com_5

Long-Term Obligations and Commitments - Other Long-Term Obligations (Details) - USD ($) $ in Millions	Jan. 31, 2021	Jul. 31, 2020
Debt Disclosure [Abstract]
Long-term income tax liabilities	$ 26	$ 10
Total dividend payable	11	12
Long-term deferred revenue	7	13
Other	11	17
Total long-term obligations	55	52
Less current portion (included in other current liabilities)	(6)	(10)
Long-term obligations due after one year	49	$ 42
Non-cancellable contractual commitments	$ 318

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	6 Months Ended
	Jan. 31, 2021USD ($)option_to_extend
Lessee, Lease, Description [Line Items]
Number of options to extend | option_to_extend	1
Option to extend operating leases	10 years
Option to extend sublease	5 years
Leases not yet commenced | $	$ 41
Minimum
Lessee, Lease, Description [Line Items]
Terms for leases not yet commenced	3 years
Maximum
Lessee, Lease, Description [Line Items]
Operating lease terms	10 years
Operating sublease terms	4 years
Terms for leases not yet commenced	11 years

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
Leases [Abstract]
Operating lease cost	$ 18	$ 19	$ 33	$ 37
Variable lease cost	3	3	6	6
Sublease income	(4)	(7)	(8)	(14)
Total net lease cost	$ 17	$ 15	$ 31	$ 29

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flows (Details) - USD ($) $ in Millions	6 Months Ended
	Jan. 31, 2021	Jan. 31, 2020
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 31	$ 33
Right-of-use assets obtained in exchange for new operating lease liabilities	27	328
Right-of-use assets, obtained in exchange for new operating lease liabilities, existing prior to August 1, 2019		$ 319
Right-of-use assets, obtained in exchange for new operating lease liabilities, operating leases not yet commenced	$ 9

Leases - Other Lease Informatio

Leases - Other Lease Information (Details)	Jan. 31, 2021	Jul. 31, 2020
Leases [Abstract]
Weighted-average remaining lease term for operating leases	6 years 9 months 18 days	5 years 6 months
Weighted-average discount rate for operating leases	2.30%	3.10%

Leases - Schedule of Future Pay

Leases - Schedule of Future Payments (Details) - USD ($) $ in Millions	Jan. 31, 2021	Jul. 31, 2020
Operating Lease Maturity
2021 (excluding the six months ended January 31, 2021)	$ 38
2022	88
2023	81
2024	77
2025	60
Thereafter	156
Total future minimum lease payments	500
Less imputed interest	(37)
Present value of lease liabilities	463	$ 267
Sublease Income Maturity
Remainder of fiscal year 2021	7
2022	10
2023	3
2024	2
2025	$ 1

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet (Details) - USD ($) $ in Millions	Jan. 31, 2021	Jul. 31, 2020
Leases [Abstract]
Operating lease right-of-use assets	$ 392	$ 226
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesCurrent
Other current liabilities	$ 72	46
Operating lease liabilities	391	221
Total operating lease liabilities	$ 463	$ 267

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	Jan. 31, 2021	Aug. 31, 2020	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
Income Tax Disclosure [Abstract]
Excess tax benefits on share-based compensation			$ 12	$ 23	$ 64	$ 52
Effective tax rate	26.00%	25.00%	8.00%	15.00%	6.00%	2.00%
Effective tax rate, excluding discrete tax benefits			26.00%	24.00%	26.00%	24.00%
Federal statutory income tax rate					21.00%	21.00%
Total amount of unrecognized tax benefits	$ 168		$ 168		$ 168
Favorable net impact to income tax expense due to recognition of tax benefits	101		101		101
Noncurrent income taxes receivable	$ 70		$ 70		$ 70

Stockholders' Equity - Stock Re

Stockholders' Equity - Stock Repurchase Programs, Treasury Shares, and Dividends on Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 28, 2021	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock repurchased (in shares)				470
Stock repurchases under stock repurchase programs		$ 175,000,000	$ 139,000,000	$ 175,000,000	$ 278,000,000
Stock repurchases under stock repurchase programs settled after period end				11,000,000
Stock repurchase program, remaining authorized repurchase amount		2,200,000,000		$ 2,200,000,000
Common stock, dividends, per share, cash paid (in dollars per share)				$ 1.18
Dividends declared		$ 163,000,000	$ 140,000,000	$ 320,000,000	$ 281,000,000
Cash dividends declared per common share (in dollars per share)		$ 0.59	$ 0.53	$ 1.18	$ 1.06	$ 1.06
Treasury Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchases under stock repurchase programs		$ 175,000,000	$ 139,000,000	$ 175,000,000	$ 278,000,000
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash dividends declared per common share (in dollars per share)	$ 0.59

Stockholders' Equity - Share-Ba

Stockholders' Equity - Share-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 180	$ 107	$ 291	$ 218
Software and Software Development Costs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Capitalized computer software, gross			1	2
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	16	14	31	29
Selling and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	44	29	76	59
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	67	37	105	75
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 53	$ 27	$ 79	$ 55

Stockholders' Equity - Share-_2

Stockholders' Equity - Share-Based Awards Available for Grant (Details) shares in Thousands	6 Months Ended
	Jan. 31, 2021shares
Shares Available for Grant
Shares available for grant, beginning balance	18,047
Shares available for grant under an assumed plan	4,298
Restricted stock units granted	(3,710)
Options granted	0
Share-based awards canceled/forfeited/expired	2,384
Shares available for grant, ending balance	21,019
Pool shares reduced for each share granted	2.3
Pool shares increased for each share forfeited	2.3

Stockholders' Equity - Restrict

Stockholders' Equity - Restricted Stock Unit Activity and Related Share-Based Compensation Expense (Details) - Restricted Stock Units (RSUs) - USD ($) $ / shares in Units, $ in Billions	Dec. 03, 2020	Jan. 31, 2021
Number of Shares
Nonvested at beginning of period (in shares)		5,664,000
Assumed through acquisition (in shares)		1,998,000
Granted (in shares)		1,306,000
Restricted stock awards subject to revest provisions issued in connection with acquisition (in shares)		775,000
Vested (in shares)		(967,000)
Forfeited (in shares)		(644,000)
Nonvested at end of period (in shares)		8,132,000
Weighted Average Grant Date Fair Value
Nonvested, weighted average grant date fair value, at beginning of period (in dollars per shares)		$ 231.97
Assumed through acquisition, weighted average grant date fair value (in dollars per shares)		355.49
Granted, weighted average grant date fair value (in dollars per shares)		364.24
Restricted stock awards subject to revest provisions issued in connection with acquisition, weighted average grant date fair value (in dollars per share)		355.49
Vested, weighted average grant date fair value (in dollars per shares)		224.10
Forfeited, weighted average grant date fair value (in dollars per shares)		222.92
Nonvested, weighted average grant date fair value, at end of period (in dollars per shares)		$ 296.98
Unrecognized compensation cost related to non-vested RSUs		$ 2.2
Weighted average vesting period, in years		2 years 10 months 24 days
Credit Karma
Number of Shares
Assumed through acquisition (in shares)	1,997,881
Granted (in shares)		809,000

Stockholders' Equity - Stock-Op

Stockholders' Equity - Stock-Option Activity and Related Share-Based Compensation Expense (Details) $ / shares in Units, shares in Thousands, $ in Millions	6 Months Ended
	Jan. 31, 2021USD ($)$ / sharesshares
Number of Shares
Options granted, number of shares (in shares)	0
Employee Stock Option
Number of Shares
Options outstanding, beginning balance (in shares)	2,681
Options granted, number of shares (in shares)	0
Options exercised, number of shares (in shares)	(454)
Options canceled or expired, number of shares (in shares)	(54)
Options outstanding, ending balance (in shares)	2,173
Weighted Average Exercise Price Per Share
Weighted average exercise price per share, beginning balance (in dollars per share) | $ / shares	$ 185.83
Options granted, weighted average exercise price per share (in dollars per share) | $ / shares	0
Options exercised, weighted average exercise price per share (in dollars per share) | $ / shares	126.52
Options canceled or expired, weighted average exercise price per share (in dollars per share) | $ / shares	257.25
Weighted average exercise price per share, ending balance (in dollars per share) | $ / shares	$ 196.45
Exercisable (in shares)	1,446
Exercisable, weighted average exercise price per share (in dollars per share) | $ / shares	$ 153.46
Unrecognized compensation cost related to non-vested share based compensation expense | $	$ 46
Expected weighted average vesting period to recognize compensation cost related to share based compensation expense, in years	2 years 10 months 24 days

Stockholders' Equity - Assumed

Stockholders' Equity - Assumed Share-Based Compensation Plans (Details) - shares	Dec. 03, 2020	Jan. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant under an assumed plan		4,298,000
Credit Karma
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant under an assumed plan	4,298,127
Shares available for future issuance under assumed plan	2,300,246
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance upon vesting		1,998,000
Restricted Stock Units (RSUs) | Credit Karma
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance upon vesting	1,997,881

Litigation (Details)

Litigation (Details) claim in Thousands, $ in Millions	6 Months Ended	12 Months Ended
	Jan. 31, 2021USD ($)claim	Jul. 31, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Number of pending claims | claim	125
Arbitration fees	$ 10	$ 14
Refund For Reduction In Claim Processing Fees	$ 6

Segment Information - Narrative

Segment Information - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 31, 2021USD ($)	Jan. 31, 2020USD ($)	Jan. 31, 2021USD ($)segment	Jan. 31, 2020USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			4
Total operating income (loss)	$ (25)	$ 270	$ 184	$ 280
International total net revenue as a percentage of total (less than)	6.00%			5.00%
Segment Reconciling Items
Segment Reporting Information [Line Items]
Other corporate expenses	$ (442)	(440)	(874)	$ (866)
Segment Reconciling Items | Segment Reclass | Small Business & Self-Employed
Segment Reporting Information [Line Items]
Other corporate expenses		(45)		(88)
Segment Reconciling Items | Segment Reclass | Consumer
Segment Reporting Information [Line Items]
Other corporate expenses		(28)		(53)
Segment Reconciling Items | Segment Reclass | ProConnect
Segment Reporting Information [Line Items]
Other corporate expenses		(4)		(7)
Operating Segments
Segment Reporting Information [Line Items]
Total operating income (loss)	647	824	1,408	1,379
Operating Segments | Small Business & Self-Employed
Segment Reporting Information [Line Items]
Total operating income (loss)	592	447	1,359	1,040
Operating Segments | Consumer
Segment Reporting Information [Line Items]
Total operating income (loss)	(155)	191	(151)	171
Operating Segments | ProConnect
Segment Reporting Information [Line Items]
Total operating income (loss)	$ 172	186	$ 162	168
Operating Segments | Segment Reclass | Small Business & Self-Employed
Segment Reporting Information [Line Items]
Total operating income (loss)		45		88
Operating Segments | Segment Reclass | Consumer
Segment Reporting Information [Line Items]
Total operating income (loss)		28		53
Operating Segments | Segment Reclass | ProConnect
Segment Reporting Information [Line Items]
Total operating income (loss)		$ 4		$ 7

Segment Information - Results b

Segment Information - Results by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
Financial results by reportable segment
Net revenue:	$ 1,576	$ 1,696	$ 2,899	$ 2,861
Total operating income (loss)	(25)	270	184	280
Unallocated corporate items:
Share-based compensation expense	(180)	(107)	(291)	(218)
Amortization of acquired technology	(14)	(6)	(21)	(12)
Amortization of other acquired intangible assets	(36)	(1)	(38)	(3)
Operating Segments
Financial results by reportable segment
Total operating income (loss)	647	824	1,408	1,379
Segment Reconciling Items
Unallocated corporate items:
Share-based compensation expense	(180)	(107)	(291)	(218)
Other corporate expenses	(442)	(440)	(874)	(866)
Amortization of acquired technology	(14)	(6)	(21)	(12)
Amortization of other acquired intangible assets	(36)	(1)	(38)	(3)
Total unallocated corporate items	(672)	(554)	(1,224)	(1,099)
Small Business & Self-Employed
Financial results by reportable segment
Net revenue:	1,078	973	2,259	2,019
Small Business & Self-Employed | Operating Segments
Financial results by reportable segment
Total operating income (loss)	592	447	1,359	1,040
Consumer
Financial results by reportable segment
Net revenue:	147	499	266	599
Consumer | Operating Segments
Financial results by reportable segment
Total operating income (loss)	(155)	191	(151)	171
ProConnect
Financial results by reportable segment
Net revenue:	207	224	230	243
ProConnect | Operating Segments
Financial results by reportable segment
Total operating income (loss)	172	186	162	168
Credit Karma
Financial results by reportable segment
Net revenue:	144	0	144	0
Credit Karma | Operating Segments
Financial results by reportable segment
Total operating income (loss)	$ 38	$ 0	$ 38	$ 0

Segment Information - Disaggreg

Segment Information - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
Revenue from External Customer [Line Items]
Net revenue:	$ 1,576	$ 1,696	$ 2,899	$ 2,861
Small Business & Self-Employed
Revenue from External Customer [Line Items]
Net revenue:	1,078	973	2,259	2,019
Consumer
Revenue from External Customer [Line Items]
Net revenue:	147	499	266	599
ProConnect
Revenue from External Customer [Line Items]
Net revenue:	207	224	230	243
Credit Karma
Revenue from External Customer [Line Items]
Net revenue:	144	0	144	0
Online Ecosystem Subsegment | Small Business & Self-Employed
Revenue from External Customer [Line Items]
Net revenue:	644	530	1,265	1,031
Online Ecosystem Subsegment | Small Business & Self-Employed | QuickBooks
Revenue from External Customer [Line Items]
Net revenue:	404	330	796	636
Online Ecosystem Subsegment | Small Business & Self-Employed | Online Services
Revenue from External Customer [Line Items]
Net revenue:	240	200	469	395
Desktop Ecosystem Subsegment | Small Business & Self-Employed
Revenue from External Customer [Line Items]
Net revenue:	434	443	994	988
Desktop Ecosystem Subsegment | Small Business & Self-Employed | QuickBooks
Revenue from External Customer [Line Items]
Net revenue:	160	165	401	404
Desktop Ecosystem Subsegment | Small Business & Self-Employed | Desktop Services and Supplies
Revenue from External Customer [Line Items]
Net revenue:	274	278	593	584
Desktop Ecosystem Subsegment | Small Business & Self-Employed | QuickBooks Packaged Software
Revenue from External Customer [Line Items]
Net revenue:	$ 25	$ 34	$ 45	$ 61