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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2023
Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from                      to                     
Commission File Number 0-24429
Cognizant.jpg
 COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
Delaware 13-3728359
(State or Other Jurisdiction of
Incorporation or Organization)
 (I.R.S. Employer
Identification No.)
300 Frank W. Burr Blvd.
Teaneck, New Jersey 07666
(Address of Principal Executive Offices including Zip Code)
Registrant’s telephone number, including area code: (201801-0233
N/A
(Former Name, Former Address and Former Fiscal Year,
if Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock,
$0.01 par value per share
CTSHThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes     No:  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes      No:  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No  
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of October 27, 2023:
Class Number of Shares
Class A Common Stock, par value $0.01 per share 501,412,546




Table of Contents
COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION
TABLE OF CONTENTS
 
  Page
PART I.
Item 1.
Item 2.
Item 3.
Item 4.
PART II.
Item 1.
Item 1A.
Item 2.
Item 5.
Item 6.




Table of Contents
GLOSSARY
Defined TermDefinition
10b5-1 Plan
Trading plan adopted pursuant to Rule 10b5-1 of the Exchange Act
Adjusted Diluted EPSAdjusted diluted earnings per share
ASCAccounting Standards Codification
ASRAccelerated Stock Repurchase
CCConstant Currency
CEContinental Europe
CITACommissioner of Income Tax (Appeals) in India
CMTCommunications, Media and Technology
Credit AgreementCredit agreement with a commercial bank syndicate dated October 6, 2022
CTS IndiaOur principal operating subsidiary in India
DOJUnited States Department of Justice
DSODays Sales Outstanding
DTSADefend Trade Secrets Act
EPSEarnings per share
EUEuropean Union
Exchange ActSecurities Exchange Act of 1934, as amended
FSFinancial Services
GAAPGenerally Accepted Accounting Principles in the United States of America
HSHealth Sciences
High CourtMadras, India High Court
India Defined Contribution ObligationCertain statutory defined contribution obligations of employees and employers in India
IoTInternet of Things
IRSInternal Revenue Service
ITAT
Income Tax Appellate Tribunal in India
ITDIndian Income Tax Department
MobicaMOBICA HOLDINGS LIMITED
NANorth America
P&RProducts & Resources
RoWRest of World
SCISupreme Court of India
SECUnited States Securities and Exchange Commission
Second CircuitUnited States Court of Appeals for the Second Circuit
SG&ASelling, general and administrative
Syntel
Syntel Sterling Best Shores Mauritius Ltd.
Tax Reform ActTax Cuts and Jobs Act
Term LoanUnsecured term loan under the Credit Agreement
TriZetto
The TriZetto Group, Inc., now known as Cognizant Technology Software Group, Inc.
UKUnited Kingdom
USDC-NJUnited States District Court for the District of New Jersey
USDC-SDNY
United States District Court for the Southern District of New York







Cognizant Technology Solutions
1
September 30, 2023 Form 10-Q
                        

Table of Contents
Forward Looking Statements
The statements contained in this Quarterly Report on Form 10-Q that are not historical facts are forward-looking statements (within the meaning of Section 21E of the Exchange Act) that involve risks and uncertainties. Such forward-looking statements may be identified by, among other things, the use of forward-looking terminology such as “believe,” “expect,” “may,” “could,” “would,” “plan,” “intend,” “estimate,” “predict,” “potential,” “continue,” “should” or “anticipate” or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. From time to time, we or our representatives have made or may make forward-looking statements, orally or in writing.
Such forward-looking statements may be included in various filings made by us with the SEC, in press releases or in oral statements made by or with the approval of one of our authorized executive officers. These forward-looking statements, such as statements regarding our anticipated future revenues or operating margin, earnings, capital expenditures, impacts to our business, financial results and financial condition as a result of the competitive marketplace for talent and future attrition trends, anticipated effective income tax rate and income tax expense, liquidity, financing strategy, access to capital, capital return strategy, investment strategies, cost management, plans and objectives, including those related to the NextGen program, investment in our business, potential acquisitions, industry trends, client behaviors and trends, the outcome of and costs associated with regulatory and litigation matters, the appropriateness of the accrual related to the India Defined Contribution Obligation and other statements regarding matters that are not historical facts, are based on our current expectations, estimates and projections, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Actual results, performance, achievements and outcomes could differ materially from the results expressed in, or anticipated or implied by, these forward-looking statements. There are a number of important factors that could cause our results to differ materially from those indicated by such forward-looking statements, including:
economic and geopolitical conditions globally, in particular in the markets in which our clients and operations are concentrated;
our ability to attract, train and retain skilled employees, including highly skilled technical personnel and personnel with experience in key digital areas and senior management to lead our business globally, at an acceptable cost;
unexpected terminations of client contracts on short notice or reduced spending by clients for reasons beyond our control;
challenges related to growing our business organically as well as inorganically through acquisitions, and our ability to achieve our targeted growth rates;
our ability to successfully implement our NextGen program and the amount of costs, timing of incurring costs, and ultimate benefits of such plans;
our ability to achieve our profitability goals and maintain our capital return strategy;
the impact of future pandemics, epidemics or other outbreaks of disease, on our business, results of operations, liquidity and financial condition;
fluctuations in foreign currency exchange rates, or the failure of our hedging strategies to mitigate such fluctuations;
our ability to meet specified service levels or milestones required by certain of our contracts;
intense and evolving competition and significant technological advances that our service offerings must keep pace with in the rapidly changing markets we compete in;
legal, reputation and financial risks if we fail to protect client and/or our data from security breaches and/or cyber attacks;
climate change impact on our business;
the effectiveness of our risk management, business continuity and disaster recovery plans and the potential that our global delivery capabilities could be impacted;
restrictions on visas, in particular in the United States, UK and EU, or immigration more generally or increased costs of such visas or the wages we are required to pay employees on visas, which may affect our ability to compete for and provide services to our clients;
risks related to anti-outsourcing legislation, if adopted, and negative perceptions associated with offshore outsourcing, both of which could impair our ability to serve our clients;
risks and costs related to complying with numerous and evolving legal and regulatory requirements and client expectations in the many jurisdictions in which we operate;
potential changes in tax laws, or in their interpretation or enforcement, failure by us to adapt our corporate structure and intercompany arrangements, or adverse outcomes of tax audits, investigations or proceedings;





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potential exposure to litigation and legal claims in the conduct of our business; and
the factors set forth in "Part I, Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022.
You are advised to consult any further disclosures we make on related subjects in the reports we file with the SEC, including this report in the section titled “Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Part I, Item 1. Business” in our Annual Report on Form 10-K for the year ended December 31, 2022. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.





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PART I. FINANCIAL INFORMATION
 
Item 1.     Consolidated Financial Statements (Unaudited).
COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Unaudited)
(in millions, except par values)September 30, 2023December 31, 2022
Assets
Current assets:
Cash and cash equivalents$2,204 $2,191 
Short-term investments164 310 
Trade accounts receivable, net3,807 3,796 
Other current assets952 969 
Total current assets7,127 7,266 
Property and equipment, net1,048 1,101 
Operating lease assets, net718 876 
Goodwill6,013 5,710 
Intangible assets, net1,174 1,168 
Deferred income tax assets, net935 642 
Long-term investments432 427 
Other noncurrent assets632 662 
Total assets$18,079 $17,852 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$325 $360 
Deferred revenue302 398 
Short-term debt33 8 
Operating lease liabilities164 174 
Accrued expenses and other current liabilities2,367 2,407 
Total current liabilities3,191 3,347 
Deferred revenue, noncurrent34 19 
Operating lease liabilities, noncurrent634 714 
Deferred income tax liabilities, net220 180 
Long-term debt614 638 
Long-term income taxes payable157 283 
Other noncurrent liabilities347 362 
Total liabilities5,197 5,543 
Commitments and contingencies (See Note 12)
Stockholders’ equity:
Preferred stock, $0.10 par value, 15 shares authorized, none issued
  
Class A common stock, $0.01 par value, 1,000 shares authorized, 501 and 509 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively
5 5 
Additional paid-in capital16 15 
Retained earnings13,146 12,588 
Accumulated other comprehensive income (loss)(285)(299)
Total stockholders’ equity12,882 12,309 
Total liabilities and stockholders’ equity$18,079 $17,852 
The accompanying notes are an integral part of the unaudited consolidated financial statements.





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COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

 
 (in millions, except per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
 2023202220232022
Revenues$4,897 $4,857 $14,595 $14,589 
Operating expenses:
Cost of revenues (exclusive of depreciation and amortization expense shown separately below)3,209 3,080 9,583 9,296 
Selling, general and administrative expenses801 838 2,466 2,583 
Restructuring charges72  189  
Depreciation and amortization expense129 141 392 428 
Income from operations686 798 1,965 2,282 
Other income (expense), net:
Interest income32 17 92 32 
Interest expense(11)(6)(30)(11)
Foreign currency exchange gains (losses), net 3 3 (1)
Other, net6  8  
Total other income (expense), net27 14 73 20 
Income before provision for income taxes713 812 2,038 2,302 
Provision for income taxes(191)(183)(473)(537)
Income (loss) from equity method investments3  3 4 
Net income$525 $629 $1,568 $1,769 
Basic earnings per share$1.04 $1.22 $3.10 $3.40 
Diluted earnings per share$1.04 $1.22 $3.09 $3.40 
Weighted average number of common shares outstanding - Basic504 516 506 520 
Dilutive effect of shares issuable under stock-based compensation plans1 1 1 1 
Weighted average number of common shares outstanding - Diluted505 517 507 521 
The accompanying notes are an integral part of the unaudited consolidated financial statements.





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COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

 
 (in millions)
Three Months Ended
September 30,
Nine Months Ended
September 30,
 2023202220232022
Net income$525 $629 $1,568 $1,769 
Change in Accumulated other comprehensive income (loss), net of tax:
Foreign currency translation adjustments(129)(197)(35)(427)
Unrealized gains and losses on cash flow hedges(15)(45)49 (121)
Other comprehensive income (loss)(144)(242)14 (548)
Comprehensive income$381 $387 $1,582 $1,221 
The accompanying notes are an integral part of the unaudited consolidated financial statements.





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COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
 (in millions)
Class A Common StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
 Total
Shares    Amount
Balance, December 31, 2022509 $5 $15 $12,588 $(299)$12,309 
Net income— — — 580 — 580 
Other comprehensive income (loss)— — — — 77 77 
Common stock issued, stock-based compensation plans2 — 23 — — 23 
Stock-based compensation expense— — 44 — — 44 
Repurchases of common stock(4)— (60)(163)— (223)
Dividends declared, $0.29 per share
— — — (149)— (149)
Balance, March 31, 2023507 5 22 12,856 (222)12,661 
Net income— — — 463 — 463 
Other comprehensive income (loss)— — — — 81 81 
Common stock issued, stock-based compensation plans1 — 18 — — 18 
Stock-based compensation expense— — 42 — — 42 
Repurchases of common stock(3)— (65)(150)— (215)
Dividends declared, $0.29 per share
— — — (147)— (147)
Balance, June 30, 2023505 5 17 13,022 (141)12,903 
Net income— — — 525 — 525 
Other comprehensive income (loss)— — — — (144)(144)
Common stock issued, stock-based compensation plans — 16 — — 16 
Stock-based compensation expense— — 47 — — 47 
Repurchases of common stock(4)— (64)(253)— (317)
Dividends declared, $0.29 per share
— — — (148)— (148)
Balance, September 30, 2023501 $5 $16 $13,146 $(285)$12,882 
The accompanying notes are an integral part of the unaudited consolidated financial statements.





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COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
 (in millions)
Class A Common StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
 Total
Shares    Amount
Balance, December 31, 2021525 $5 $27 $11,922 $37 $11,991 
Net income— — — 563 — 563 
Other comprehensive income (loss)— — — — (56)(56)
Common stock issued, stock-based compensation plans1 — 31 — — 31 
Stock-based compensation expense— — 56 — — 56 
Repurchases of common stock(5)— (83)(387)— (470)
Dividends declared, $0.27 per share
— — — (142)— (142)
Balance, March 31, 2022521 5 31 11,956 (19)11,973 
Net income— — — 577 — 577 
Other comprehensive income (loss)— — — — (250)(250)
Common stock issued, stock-based compensation plans
1 — 21 — — 21 
Stock-based compensation expense— — 89 — — 89 
Repurchases of common stock(4)— (120)(198)— (318)
Dividends declared, $0.27 per share
— — — (142)— (142)
Balance, June 30, 2022518 5 21 12,193 (269)11,950 
Net income— — — 629 — 629 
Other comprehensive income (loss)— — — — (242)(242)
Common stock issued, stock-based compensation plans1 — 19 — — 19 
Stock-based compensation expense— — 58 — — 58 
Repurchases of common stock(5)— (81)(234)— (315)
Dividends declared, $0.27 per share
— — — (141)— (141)
Balance, September 30, 2022514 $5 $17 $12,447 $(511)$11,958 
The accompanying notes are an integral part of the unaudited consolidated financial statements.





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COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

 (in millions)
For the Nine Months Ended
September 30,
 20232022
Cash flows from operating activities:
Net income$1,568 $1,769 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization419 428 
Deferred income taxes(287)(128)
Stock-based compensation expense133 203 
Other57 81 
Changes in assets and liabilities, net of the effect of business combinations:
Trade accounts receivable, current(14)(173)
Other current and noncurrent assets142 261 
Accounts payable(35)(17)
Deferred revenues, current and noncurrent(93)(77)
Other current and noncurrent liabilities(297)(481)
Net cash provided by operating activities1,593 1,866 
Cash flows from investing activities:
Purchases of property and equipment(239)(242)
Purchases of available-for-sale investment securities(59)(1,068)
Proceeds from maturity or sale of available-for-sale investment securities225 774 
Purchases of held-to-maturity investment securities(3)(44)
Proceeds from maturity of held-to-maturity investment securities24 48 
Purchases of other investments(399)(418)
Proceeds from maturity or sale of other investments361 894 
Proceeds from sales of businesses 28 
Payments for business combinations, net of cash acquired(409) 
Net cash (used in) investing activities(499)(28)
Cash flows from financing activities:
Issuance of common stock under stock-based compensation plans57 71 
Repurchases of common stock(751)(1,107)
Repayment of Term Loan borrowings and finance lease and earnout obligations(15)(47)
Dividends paid(445)(425)
Net cash (used in) financing activities(1,154)(1,508)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(30)(80)
(Decrease) increase in cash, cash equivalents and restricted cash
(90)250 
Cash, cash equivalents and restricted cash beginning of year2,294 1,792 
Cash and cash equivalents, end of period$2,204 $2,042 
The accompanying notes are an integral part of the unaudited consolidated financial statements.





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COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1 — Interim Consolidated Financial Statements
The terms “Cognizant,” “we,” “our,” “us” and “the Company” refer to Cognizant Technology Solutions Corporation and its subsidiaries unless the context indicates otherwise. We have prepared the accompanying unaudited consolidated financial statements included herein in accordance with GAAP and the Exchange Act. The accompanying unaudited consolidated financial statements should be read in conjunction with our audited consolidated financial statements (and notes thereto) included in our Annual Report on Form 10-K for the year ended December 31, 2022. In our opinion, all adjustments considered necessary for a fair statement of the accompanying unaudited consolidated financial statements have been included and all adjustments are of a normal and recurring nature. Operating results for the interim periods are not necessarily indicative of results that may be expected to occur for the entire year.
Note 2 — Revenues and Trade Accounts Receivable
Disaggregation of Revenues

The tables below present disaggregated revenues from contracts with clients by client location, service line and contract type for each of the business segments. We believe this disaggregation best depicts how the nature, amount, timing and uncertainty of revenues and cash flows are affected by industry, market and other economic factors. Our consulting and technology services include consulting, application development, systems integration and application testing services as well as software solutions and related services while our outsourcing services include application maintenance, infrastructure and business process services. Revenues are attributed to geographic regions based upon client location, which is the client's billing address. Substantially all revenues in the North America region relate to clients in the United States.
Three Months Ended
September 30, 2023
Nine Months Ended
September 30, 2023
(in millions)FSHSP&RCMTTotalFSHSP&RCMTTotal
Revenues
Geography:
North America$1,040 $1,194 $785 $580 $3,599 $3,100 $3,675 $2,306 $1,652 $10,733 
United Kingdom156 43 137 150 486 473 124 406 434 1,437 
Continental Europe151 139 153 41 484 458 398 463 120 1,439 
Europe - Total307 182 290 191 970 931 522 869 554 2,876 
Rest of World 128 29 95 76 328 383 81 290 232 986 
Total$1,475 $1,405 $1,170 $847 $4,897 $4,414 $4,278 $3,465 $2,438 $14,595 
Service line:
Consulting and technology services$1,013 $806 $763 $440 $3,022 $3,019 $2,440 $2,258 $1,318 $9,035 
Outsourcing services462 599 407 407 1,875 1,395 1,838 1,207 1,120 5,560 
Total$1,475 $1,405 $1,170 $847 $4,897 $4,414 $4,278 $3,465 $2,438 $14,595 
Type of contract:
Time and materials$806 $513 $471 $471 $2,261 $2,478 $1,520 $1,391 $1,395 $6,784 
Fixed-price611 640 610 328 2,189 1,764 1,945 1,807 926 6,442 
Transaction or volume-based58 252 89 48 447 172 813 267 117 1,369 
Total$1,475 $1,405 $1,170 $847 $4,897 $4,414 $4,278 $3,465 $2,438 $14,595 






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Three Months Ended
September 30, 2022
Nine Months Ended
September 30, 2022
(in millions)FSHSP&RCMTTotalFSHSP&RCMTTotal
Revenues
Geography:
North America$1,086 $1,212 $779 $544 $3,621 $3,270 $3,617 $2,310 $1,649 $10,846 
United Kingdom148 41 130 127 446 446 129 396 386 1,357 
Continental Europe143 119 143 33 438 443 365 431 103 1,342 
Europe - Total291 160 273 160 884 889 494 827 489 2,699 
Rest of World 144 33 96 79 352 432 94 281 237 1,044 
Total$1,521 $1,405 $1,148 $783 $4,857 $4,591 $4,205 $3,418 $2,375 $14,589 
Service line:
Consulting and technology services$1,062 $802 $756 $429 $3,049 $3,197 $2,411 $2,263 $1,342 $9,213 
Outsourcing services459 603 392 354 1,808 1,394 1,794 1,155 1,033 5,376 
Total$1,521 $1,405 $1,148 $783 $4,857 $4,591 $4,205 $3,418 $2,375 $14,589 
Type of contract:
Time and materials$890 $505 $469 $443 $2,307 $2,674 $1,504 $1,407 $1,362 $6,947 
Fixed-price564 609 592 303 2,068 1,699 1,844 1,745 904 6,192 
Transaction or volume-based67 291 87 37 482 218 857 266 109 1,450 
Total$1,521 $1,405 $1,148 $783 $4,857 $4,591 $4,205 $3,418 $2,375 $14,589 
Costs to Fulfill
The following table presents information related to the capitalized costs to fulfill for the nine months ended September 30:
(in millions)20232022
Beginning balance$265 $394 
Costs capitalized41 29 
Amortization expense(64)(82)
Ending balance$242 $341 
Costs to obtain contracts were immaterial for the periods disclosed.
Contract Balances
The table below shows movements in contract assets (current and noncurrent) for the nine months ended September 30:
(in millions)20232022
Beginning balance$326 $310 
Revenues recognized during the period but not billed370 377 
Amounts reclassified to trade accounts receivable(316)(287)
Amounts acquired in business combinations9  
Effect of foreign currency exchange movements (16)
Ending balance$389 $384 





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The table below shows movements in the deferred revenue balances (current and noncurrent) for the nine months ended September 30:
(in millions)20232022
Beginning balance$417 $443 
Amounts billed but not recognized as revenues228 326 
Revenues recognized related to the beginning balance of deferred revenue(321)(397)
Amounts acquired in business combinations13  
Effect of foreign currency exchange movements(1)(10)
Ending balance$336 $362 
Revenues recognized during the nine months ended September 30, 2023 for performance obligations satisfied or partially satisfied in previous periods were immaterial.
Remaining Performance Obligations
As of September 30, 2023, the aggregate amount of transaction price allocated to remaining performance obligations was $3,883 million, of which approximately 60% is expected to be recognized as revenues within 2 years and approximately 80% is expected to be recognized as revenues within 5 years. Disclosure is not required for performance obligations that meet any of the following criteria:
(1)contracts with a duration of one year or less as determined under ASC Topic 606: "Revenue from Contracts with Customers",
(2)contracts for which we recognize revenues based on the right to invoice for services performed,
(3)variable consideration allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct good or service that forms part of a single performance obligation in accordance with ASC 606-10-25-14(b), for which the criteria in ASC 606-10-32-40 have been met, or
(4)variable consideration in the form of a sales-based or usage-based royalty promised in exchange for a license of intellectual property.
Many of our performance obligations meet one or more of these exemptions and therefore are not included in the remaining performance obligation amount disclosed above.
Trade Accounts Receivable and Allowance for Credit Losses
We calculate expected credit losses for trade accounts receivable based on historical credit loss rates for each aging category as adjusted for the current market conditions and forecasts about future economic conditions. The following table presents the activity in the allowance for credit losses for trade accounts receivable for the nine months ended September 30:
(in millions)20232022
Beginning balance$43 $50 
Credit loss expense (1)
11  
Write-offs charged against the allowance(18)(11)
Ending balance$36 $39 
(1)Reported in "Selling, general and administrative expenses" in our unaudited consolidated statements of operations.

Note 3 — Business Combinations
Acquisitions completed during the nine months ended September 30, 2023 were not individually or in the aggregate material to our operations. Accordingly, pro forma results have not been presented. We have allocated the purchase price related to these transactions to tangible and intangible assets acquired and liabilities assumed, including goodwill, based on their estimated fair values.
During the nine months ended September 30, 2023, we acquired 100% ownership in each of the following:
certain net assets of OneSource Virtual, the professional and application management services business of OneSource Virtual, Inc. and OneSource Virtual (UK) Ltd., a leading provider of Workday services, solutions and products, acquired to complement our existing finance and human resources advisory implementation services related to Workday (acquired January 1, 2023), and





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Mobica, an IoT software engineering services provider, acquired to expand our IoT embedded software engineering capabilities (acquired March 10, 2023).
The allocations of preliminary purchase price to the fair value of the aggregate assets acquired and liabilities assumed were as follows:
(in millions)OneSource VirtualMobicaTotalWeighted Average Useful Life
Cash$ $20 $20 
Trade accounts receivable 10 10 
Other current assets4 8 12 
Property and equipment and other assets1 6 7 
Non-deductible goodwill18 202 220 
Tax-deductible goodwill88  88 
Customer relationship assets