Intuit Inc., balance sheet: property, plant and equipment

US$ in millions

	Jul 31, 2024	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019
Computer software	810)	898)	911)	899)	870)	860)
Buildings	636)	382)	378)	375)	372)	368)
Leasehold improvements	495)	404)	366)	350)	298)	278)
Equipment	177)	214)	208)	199)	226)	421)
Furniture and fixtures	141)	104)	101)	96)	93)	90)
Land	96)	79)	79)	79)	79)	79)
Capital in progress	17)	360)	283)	122)	90)	65)
Property and equipment, cost	2,372)	2,441)	2,326)	2,120)	2,028)	2,161)
Accumulated depreciation and amortization	(1,363)	(1,472)	(1,438)	(1,340)	(1,294)	(1,381)
Property and equipment, net	1,009)	969)	888)	780)	734)	780)

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Item	Description	The company
Property and equipment, cost	Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.	Intuit Inc. property and equipment, cost increased from 2022 to 2023 but then slightly decreased from 2023 to 2024 not reaching 2022 level.
Property and equipment, net	Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.	Intuit Inc. property and equipment, net increased from 2022 to 2023 and from 2023 to 2024.

Intuit Inc., asset age ratios

	Jul 31, 2024	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019
Average age ratio	59.89%	62.32%	64.00%	65.65%	66.39%	66.33%
Estimated total useful life (years)	14	15	12	12	10	10
Estimated age, time elapsed since purchase (years)	9	9	8	8	7	7
Estimated remaining life (years)	6	6	4	4	3	4

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Asset age ratio	Description	The company
Average age ratio	As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company fixed asset base is old or new. Newer assets are likely to be more efficient.	Intuit Inc. average age ratio of depreciable property, plant and equipment improved from 2022 to 2023 and from 2023 to 2024.
Estimated total useful life	Over longer time periods, this ratio is a useful measure of company depreciation policy and can be used for comparisons with competitors.	Intuit Inc. estimated total useful life of depreciable property, plant and equipment increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.
Estimated time elapsed since purchase	The approximate age in years of a company fixed assets. Useful for comparison purposes.	Intuit Inc. estimated time elapsed since purchase of depreciable property, plant and equipment deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Estimated remaining life		Intuit Inc. estimated remaining life of depreciable property, plant and equipment increased from 2022 to 2023 and from 2023 to 2024.

	Jul 31, 2024	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019
Selected Financial Data (US$ in millions)
Accumulated depreciation and amortization	1,363)	1,472)	1,438)	1,340)	1,294)	1,381)
Property and equipment, cost	2,372)	2,441)	2,326)	2,120)	2,028)	2,161)
Land	96)	79)	79)	79)	79)	79)
Asset Age Ratio
Average age¹	59.89%	62.32%	64.00%	65.65%	66.39%	66.33%

2024 Calculations

¹ Average age = 100 × Accumulated depreciation and amortization ÷ (Property and equipment, cost – Land)
= 100 × 1,363 ÷ (2,372 – 96) = 59.89%

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Asset age ratio	Description	The company
Average age	As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company fixed asset base is old or new. Newer assets are likely to be more efficient.	Intuit Inc. average age ratio of depreciable property, plant and equipment improved from 2022 to 2023 and from 2023 to 2024.

	Jul 31, 2024	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019
Selected Financial Data (US$ in millions)
Property and equipment, cost	2,372)	2,441)	2,326)	2,120)	2,028)	2,161)
Land	96)	79)	79)	79)	79)	79)
Depreciation expense	159)	160)	187)	166)	189)	199)
Asset Age Ratio (Years)
Estimated total useful life¹	14	15	12	12	10	10

2024 Calculations

¹ Estimated total useful life = (Property and equipment, cost – Land) ÷ Depreciation expense
= (2,372 – 96) ÷ 159 = 14

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Asset age ratio	Description	The company
Estimated total useful life	Over longer time periods, this ratio is a useful measure of company depreciation policy and can be used for comparisons with competitors.	Intuit Inc. estimated total useful life of depreciable property, plant and equipment increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

	Jul 31, 2024	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019
Selected Financial Data (US$ in millions)
Accumulated depreciation and amortization	1,363)	1,472)	1,438)	1,340)	1,294)	1,381)
Depreciation expense	159)	160)	187)	166)	189)	199)
Asset Age Ratio (Years)
Time elapsed since purchase¹	9	9	8	8	7	7

2024 Calculations

¹ Time elapsed since purchase = Accumulated depreciation and amortization ÷ Depreciation expense
= 1,363 ÷ 159 = 9

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Asset age ratio	Description	The company
Estimated time elapsed since purchase	The approximate age in years of a company fixed assets. Useful for comparison purposes.	Intuit Inc. estimated time elapsed since purchase of depreciable property, plant and equipment deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

	Jul 31, 2024	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019
Selected Financial Data (US$ in millions)
Property and equipment, net	1,009)	969)	888)	780)	734)	780)
Land	96)	79)	79)	79)	79)	79)
Depreciation expense	159)	160)	187)	166)	189)	199)
Asset Age Ratio (Years)
Estimated remaining life¹	6	6	4	4	3	4

2024 Calculations

¹ Estimated remaining life = (Property and equipment, net – Land) ÷ Depreciation expense
= (1,009 – 96) ÷ 159 = 6

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Asset age ratio	Description	The company
Estimated remaining life		Intuit Inc. estimated remaining life of depreciable property, plant and equipment increased from 2022 to 2023 and from 2023 to 2024.

Intuit Inc. (NASDAQ:INTU)

Analysis of Property, Plant and Equipment