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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 February 28, 2022
OR
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: 001-34448
acn-20220228_g1.gif
Accenture plc
(Exact name of registrant as specified in its charter)
Ireland98-0627530
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
1 Grand Canal Square,
Grand Canal Harbour,
Dublin 2, Ireland
(Address of principal executive offices)
(353) (1646-2000
(Registrant’s telephone number, including area code)
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 ordinary shares, par value $0.0000225 per shareACNNew York Stock Exchange
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 filerAccelerated filerNon-accelerated filer
Smaller reporting companyEmerging 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 ☑
The number of shares of the registrant’s Class A ordinary shares, par value $0.0000225 per share, outstanding as of March 3, 2022 was 662,434,315 (which number includes 29,033,579 issued shares held by the registrant). The number of shares of the registrant’s Class X ordinary shares, par value $0.0000225 per share, outstanding as of March 3, 2022 was 503,837.



Table of Contents
Page
Part I.
Item 1.
Item 2.
Item 3.
Item 4.
Part II.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.


Consolidated Financial Statements
(In thousands of U.S. dollars, except share and per share amounts)
ACCENTURE FORM 10-Q
3
Part I — Financial Information
Item 1. Financial Statements
Consolidated Balance Sheets
February 28, 2022 and August 31, 2021
February 28, 2022August 31, 2021
ASSETS(Unaudited)
CURRENT ASSETS:
Cash and cash equivalents$5,466,116 $8,168,174 
Short-term investments6,031 4,294 
Receivables and contract assets11,590,876 9,728,212 
Other current assets2,122,107 1,765,831 
Total current assets19,185,130 19,666,511 
NON-CURRENT ASSETS:
Contract assets39,442 38,334 
Investments336,876 329,526 
Property and equipment, net1,656,792 1,639,105 
Lease assets3,248,912 3,182,519 
Goodwill12,427,823 11,125,861 
Deferred contract costs793,800 731,445 
Deferred tax assets4,018,121 4,007,130 
Other non-current assets2,610,941 2,455,412 
Total non-current assets25,132,707 23,509,332 
TOTAL ASSETS$44,317,837 $43,175,843 
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt and bank borrowings$9,092 $12,080 
Accounts payable2,229,221 2,274,057 
Deferred revenues4,663,024 4,229,177 
Accrued payroll and related benefits6,151,644 6,747,853 
Income taxes payable517,660 423,400 
Lease liabilities728,381 744,164 
Accrued consumption taxes620,193 609,553 
Other accrued liabilities620,907 668,583 
Total current liabilities15,540,122 15,708,867 
NON-CURRENT LIABILITIES:
Long-term debt52,152 53,473 
Deferred revenues746,596 700,080 
Retirement obligation2,049,603 2,016,021 
Deferred tax liabilities335,515 243,636 
Income taxes payable1,232,982 1,105,896 
Lease liabilities2,763,519 2,696,917 
Other non-current liabilities440,369 553,839 
Total non-current liabilities7,620,736 7,369,862 
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY:
Ordinary shares, par value 1.00 euros per share, 40,000 shares authorized and issued as of February 28, 2022 and August 31, 2021
57 57 
Class A ordinary shares, par value $0.0000225 per share, 20,000,000,000 shares authorized, 662,416,619 and 656,590,625 shares issued as of February 28, 2022 and August 31, 2021, respectively
15 15 
Class X ordinary shares, par value $0.0000225 per share, 1,000,000,000 shares authorized, 503,837 and 512,655 shares issued and outstanding as of February 28, 2022 and August 31, 2021, respectively
  
Restricted share units1,438,596 1,750,784 
Additional paid-in capital10,065,790 8,617,838 
Treasury shares, at cost: Ordinary, 40,000 shares as of February 28, 2022 and August 31, 2021; Class A ordinary, 28,994,869 and 24,504,666 shares as of February 28, 2022 and August 31, 2021, respectively
(5,297,349)(3,408,491)
Retained earnings16,028,399 13,988,748 
Accumulated other comprehensive loss(1,675,485)(1,419,497)
Total Accenture plc shareholders’ equity20,560,023 19,529,454 
Noncontrolling interests596,956 567,660 
Total shareholders’ equity21,156,979 20,097,114 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$44,317,837 $43,175,843 
The accompanying Notes are an integral part of these Consolidated Financial Statements.


Consolidated Financial Statements
(In thousands of U.S. dollars, except share and per share amounts)
ACCENTURE FORM 10-Q
4
Consolidated Income Statements
For the Three and Six Months Ended February 28, 2022 and 2021
(Unaudited)
Three Months EndedSix Months Ended
February 28, 2022February 28, 2021February 28, 2022February 28, 2021
REVENUES:
Revenues $15,046,693 $12,088,125 $30,011,846 $23,850,310 
OPERATING EXPENSES:
Cost of services 10,522,734 8,492,893 20,571,098 16,356,782 
Sales and marketing 1,414,814 1,139,486 2,869,239 2,366,662 
General and administrative costs 1,047,565 802,231 2,075,635 1,582,682 
Total operating expenses12,985,113 10,434,610 25,515,972 20,306,126 
OPERATING INCOME2,061,580 1,653,515 4,495,874 3,544,184 
Interest income7,269 8,407 13,319 19,092 
Interest expense(11,216)(8,922)(22,399)(17,776)
Other income (expense), net (7,183)109,443 (30,212)203,810 
INCOME BEFORE INCOME TAXES2,050,450 1,762,443 4,456,582 3,749,310 
Income tax expense392,921 300,950 979,323 765,760 
NET INCOME1,657,529 1,461,493 3,477,259 2,983,550 
Net income attributable to noncontrolling interests in Accenture Canada Holdings Inc.(1,742)(1,602)(3,676)(3,302)
Net income attributable to noncontrolling interests – other(20,845)(19,032)(47,617)(39,113)
NET INCOME ATTRIBUTABLE TO ACCENTURE PLC$1,634,942 $1,440,859 $3,425,966 $2,941,135 
Weighted average Class A ordinary shares:
Basic633,956,712 635,993,980 633,108,627 635,137,704 
Diluted644,127,093 646,321,916 644,622,602 646,803,693 
Earnings per Class A ordinary share:
Basic$2.58 $2.27 $5.41 $4.63 
Diluted$2.54 $2.23 $5.32 $4.55 
Cash dividends per share$0.97 $0.88 $1.94 $1.76 
The accompanying Notes are an integral part of these Consolidated Financial Statements.


Consolidated Financial Statements
(In thousands of U.S. dollars)
ACCENTURE FORM 10-Q
5
Consolidated Statements of Comprehensive Income
For the Three and Six Months Ended February 28, 2022 and 2021
(Unaudited)
Three Months EndedSix Months Ended
February 28, 2022February 28, 2021February 28, 2022February 28, 2021
NET INCOME$1,657,529 $1,461,493 $3,477,259 $2,983,550 
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Foreign currency translation9,410 98,999 (211,353)166,311 
Defined benefit plans9,534 10,255 (3,427)21,136 
Cash flow hedges12,807 (40,490)(41,208)(36,097)
Investments   49 
OTHER COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ACCENTURE PLC31,751 68,764 (255,988)151,399 
Other comprehensive income (loss) attributable to noncontrolling interests96 511 (5,576)1,972 
COMPREHENSIVE INCOME$1,689,376 $1,530,768 $3,215,695 $3,136,921 
COMPREHENSIVE INCOME ATTRIBUTABLE TO ACCENTURE PLC$1,666,693 $1,509,623 $3,169,978 $3,092,534 
Comprehensive income attributable to noncontrolling interests22,683 21,145 45,717 44,387 
COMPREHENSIVE INCOME$1,689,376 $1,530,768 $3,215,695 $3,136,921 
The accompanying Notes are an integral part of these Consolidated Financial Statements.



Consolidated Financial Statements
(In thousands of U.S. dollars and share amounts)
ACCENTURE FORM 10-Q
6
Consolidated Shareholders’ Equity Statement
For the Three Months Ended February 28, 2022
(Unaudited)
 Ordinary
Shares
Class A
Ordinary
Shares
Class X
Ordinary
Shares
Restricted
Share
Units
Additional
Paid-in
Capital
Treasury SharesRetained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Accenture plc
Shareholders’
Equity
Noncontrolling
Interests
Total
Shareholders’
Equity
 $No.
Shares
$No.
Shares
$No.
Shares
$No.
Shares
Balance as of November 30, 2021$57 40 $15 658,333 $ 508 $1,931,366 $9,097,934 $(4,079,625)(26,287)$15,110,688 $(1,707,236)$20,353,199 $585,459 $20,938,658 
Net income1,634,942 1,634,942 22,587 1,657,529 
Other comprehensive income (loss)31,751 31,751 96 31,847 
Purchases of Class A shares1,639 (1,691,604)(4,582)(1,689,965)(1,639)(1,691,604)
Share-based compensation expense546,607 546,607 546,607 
Purchases/redemptions of Accenture Canada Holdings Inc. exchangeable shares and Class X shares(4)(1,750)(1,750)(1,750)
Issuances of Class A shares for employee share programs4,084 (1,067,053)959,264 473,880 1,834 (73,629)292,462 285 292,747 
Dividends27,676 (643,602)(615,926)(657)(616,583)
Other, net8,703 8,703 (9,175)(472)
Balance as of February 28, 2022$57 40 $15 662,417 $ 504 $1,438,596 $10,065,790 $(5,297,349)(29,035)$16,028,399 $(1,675,485)$20,560,023 $596,956 $21,156,979 
The accompanying Notes are an integral part of these Consolidated Financial Statements.


Consolidated Financial Statements
(In thousands of U.S. dollars and share amounts)
ACCENTURE FORM 10-Q
7
Consolidated Shareholders’ Equity Statement — (continued)
For the Three Months Ended February 28, 2021
(Unaudited)
 Ordinary
Shares
Class A
Ordinary
Shares
Class X
Ordinary
Shares
Restricted
Share
Units
Additional
Paid-in
Capital
Treasury SharesRetained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Accenture plc
Shareholders’
Equity
Noncontrolling
Interests
Total
Shareholders’
Equity
 $No.
Shares
$No.
Shares
$No.
Shares
$No.
Shares
Balance as of November 30, 2020$57 40 $15 660,519 $ 527 $1,721,681 $7,551,089 $(3,163,841)(26,939)$13,276,702 $(1,479,202)$17,906,501 $519,715 $18,426,216 
Net income1,440,859 1,440,859 20,634 1,461,493 
Other comprehensive income (loss)68,764 68,764 511 69,275 
Purchases of Class A shares1,156 (1,180,077)(4,623)(1,178,921)(1,156)(1,180,077)
Share-based compensation expense424,892 424,892 424,892 
Purchases/redemptions of Accenture Canada Holdings Inc. exchangeable shares and Class X shares(6)(4,509)(4,509)(4,509)
Issuances of Class A shares for employee share programs4,596 (961,863)838,732 430,001 2,054 (98,880)207,990 205 208,195 
Dividends22,451 (582,876)(560,425)(617)(561,042)
Other, net2,876 2,876 (4,892)(2,016)
Balance as of February 28, 2021$57 40 $15 665,115 $ 521 $1,207,161 $8,389,344 $(3,913,917)(29,508)$14,035,805 $(1,410,438)$18,308,027 $534,400 $18,842,427 
The accompanying Notes are an integral part of these Consolidated Financial Statements.















Consolidated Financial Statements
(In thousands of U.S. dollars and share amounts)
ACCENTURE FORM 10-Q
8
Consolidated Shareholders’ Equity Statement — (continued)
For the Six Months Ended February 28, 2022
(Unaudited)
Ordinary
Shares
Class A
Ordinary
Shares
Class X
Ordinary
Shares
Restricted
Share
Units
Additional
Paid-in
Capital
Treasury SharesRetained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Accenture plc
Shareholders’
Equity
Noncontrolling
Interests
Total
Shareholders’
Equity
$No.
Shares
$No.
Shares
$No.
Shares
$No.
Shares
Balance as of August 31, 2021$57 40 $15 656,591 $ 513 $1,750,784 $8,617,838 $(3,408,491)(24,545)$13,988,748 $(1,419,497)$19,529,454 $567,660 $20,097,114 
Net income3,425,966 3,425,966 51,293 3,477,259 
Other comprehensive income (loss)(255,988)(255,988)(5,576)(261,564)
Purchases of Class A shares2,463 (2,534,446)(7,017)(2,531,983)(2,463)(2,534,446)
Share-based compensation expense864,159 48,139 912,298 912,298 
Purchases/redemptions of Accenture Canada Holdings Inc. exchangeable shares and Class X shares(9)(4,274)(4,274)(4,274)
Issuances of Class A shares for employee share programs5,826 (1,230,304)1,389,803 645,588 2,527 (103,889)701,198 679 701,877 
Dividends53,957 (1,282,426)(1,228,469)(1,322)(1,229,791)
Other, net11,821 11,821 (13,315)(1,494)
Balance as of February 28, 2022$57 40 $15 662,417 $ 504 $1,438,596 $10,065,790 $(5,297,349)(29,035)$16,028,399 $(1,675,485)$20,560,023 $596,956 $21,156,979 
The accompanying Notes are an integral part of these Consolidated Financial Statements.















Consolidated Financial Statements
(In thousands of U.S. dollars and share amounts)
ACCENTURE FORM 10-Q
9
Consolidated Shareholders’ Equity Statement — (continued)
For the Six Months Ended February 28, 2021
(Unaudited)
Ordinary
Shares
Class A
Ordinary
Shares
Class X
Ordinary
Shares
Restricted
Share
Units
Additional
Paid-in
Capital
Treasury SharesRetained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Accenture plc
Shareholders’
Equity
Noncontrolling
Interests
Total
Shareholders’
Equity
$No.
Shares
$No.
Shares
$No.
Shares
$No.
Shares
Balance as of August 31, 2020$57 40 $15 658,549 $ 528 $1,585,302 $7,167,227 $(2,565,761)(24,423)$12,375,533 $(1,561,837)$17,000,536 $498,637 $17,499,173 
Net income2,941,135 2,941,135 42,415 2,983,550 
Other comprehensive income (loss)151,399 151,399 1,972 153,371 
Purchases of Class A shares1,921 (1,948,472)(7,964)(1,946,551)(1,921)(1,948,472)
Share-based compensation expense695,118 41,095 736,213 736,213 
Purchases/redemptions of Accenture Canada Holdings Inc. exchangeable shares and Class X shares(7)(5,009)(5,009)(5,009)
Issuances of Class A shares for employee share programs6,566 (1,114,936)1,182,515 600,316 2,879 (121,342)546,553 533 547,086 
Dividends41,677 (1,159,521)(1,117,844)(1,250)(1,119,094)
Other, net1,595 1,595 (5,986)(4,391)
Balance as of February 28, 2021$57 40 $15 665,115 $ 521 $1,207,161 $8,389,344 $(3,913,917)(29,508)$14,035,805 $(1,410,438)$18,308,027 $534,400 $18,842,427 
The accompanying Notes are an integral part of these Consolidated Financial Statements.


Consolidated Financial Statements
 (In thousands of U.S. dollars)
ACCENTURE FORM 10-Q
10
Consolidated Cash Flows Statements
For the Six Months Ended February 28, 2022 and 2021
(Unaudited)
February 28, 2022February 28, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$3,477,259 $2,983,550 
Adjustments to reconcile Net income to Net cash provided by (used in) operating activities —
Depreciation, amortization and other1,029,125 925,975 
Share-based compensation expense912,298 736,213 
Deferred tax expense (benefit)(15,670)4,506 
Other, net(110,458)(260,222)
Change in assets and liabilities, net of acquisitions —
Receivables and contract assets, current and non-current(1,800,345)(686,924)
Other current and non-current assets(610,693)(339,380)
Accounts payable(45,475)364,506 
Deferred revenues, current and non-current570,558 446,304 
Accrued payroll and related benefits(541,474)350,559 
Income taxes payable, current and non-current255,397 (19,978)
Other current and non-current liabilities(434,158)(367,543)
Net cash provided by (used in) operating activities2,686,364 4,137,566 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment(346,331)(185,625)
Purchases of businesses and investments, net of cash acquired(1,848,774)(1,115,175)
Proceeds from sales of businesses and investments3,561 410,142 
Other investing, net6,461 4,896 
Net cash provided by (used in) investing activities(2,185,083)(885,762)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of shares701,877 547,086 
Purchases of shares(2,538,720)(1,953,481)
Proceeds from (repayments of) long-term debt, net(8,877)(724)
Cash dividends paid(1,229,791)(1,119,094)
Other, net(30,664)(19,971)
Net cash provided by (used in) financing activities(3,106,175)(2,546,184)
Effect of exchange rate changes on cash and cash equivalents(97,164)45,628 
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS(2,702,058)751,248 
CASH AND CASH EQUIVALENTS, beginning of period
8,168,174 8,415,330 
CASH AND CASH EQUIVALENTS, end of period
$5,466,116 $9,166,578 
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid, net$874,413 $746,219 
The accompanying Notes are an integral part of these Consolidated Financial Statements.




Notes To Consolidated Financial Statements
(In thousands of U.S. dollars, except share and per share amounts or as otherwise disclosed)
ACCENTURE FORM 10-Q
11
1. Basis of Presentation
The accompanying unaudited interim Consolidated Financial Statements of Accenture plc and its controlled subsidiary companies have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and do not include all of the information and note disclosures required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. We use the terms “Accenture,” “we” and “our” in the Notes to Consolidated Financial Statements to refer to Accenture plc and its subsidiaries. These Consolidated Financial Statements should therefore be read in conjunction with the Consolidated Financial Statements and Notes thereto for the fiscal year ended August 31, 2021 included in our Annual Report on Form 10-K filed with the SEC on October 15, 2021.
The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with U.S. GAAP, which requires management to make estimates and assumptions that affect amounts reported in the Consolidated Financial Statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that we may undertake in the future, actual results may differ from those estimates. The Consolidated Financial Statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for a fair presentation of results for these interim periods. The results of operations for the three and six months ended February 28, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending August 31, 2022.
Allowance for Credit Losses - Client Receivables and Contract Assets
As of February 28, 2022 and August 31, 2021, the total allowance for credit losses recorded for client receivables and contract assets was $27,854 and $32,206, respectively. The change in the allowance is primarily due to immaterial write-offs and changes in gross client receivables and contract assets.
Investments
All available-for-sale securities and liquid investments with an original maturity greater than three months but less than one year are considered to be Short-term investments. Non-current investments consist of equity securities in publicly-traded and privately-held companies and are accounted for using either the equity or fair value measurement alternative method of accounting (for investments without readily determinable fair values).
Our non-current investments are as follows:
February 28, 2022August 31, 2021
Equity method investments$180,624 $184,157 
Investments without readily determinable fair values156,252 145,369 
Total non-current investments$336,876 $329,526 
For investments in which we can exercise significant influence but do not control, we use the equity method of accounting. Equity method investments are initially recorded at cost and our proportionate share of gains and losses of the investee are included as a component of Other income (expense), net. Our equity method investments consist primarily of an investment in Duck Creek Technologies. As of February 28, 2022, the carrying amount of our investment was $153,687, and the estimated fair value of our approximately 16% ownership was $430,436. We account for the investment under the equity method because we have the ability to influence operations through the combination of our voting power and through other factors, such as representation on the board and our business relationship.







Notes To Consolidated Financial Statements
(In thousands of U.S. dollars, except share and per share amounts or as otherwise disclosed)
ACCENTURE FORM 10-Q
12
Depreciation and Amortization
As of February 28, 2022 and August 31, 2021, total accumulated depreciation was $2,577,785 and $2,412,449, respectively. See table below for summary of depreciation on fixed assets, deferred transition amortization, intangible assets amortization and operating lease cost for the three and six months ended February 28, 2022, respectively.
 Three Months EndedSix Months Ended
 February 28, 2022February 28, 2021 (1)February 28, 2022February 28, 2021 (1)
Depreciation$149,872 $119,490 $288,665 $253,408 
Amortization - Deferred transition68,331 81,617 135,537 162,973 
Amortization - Intangible assets115,831 73,746 218,373 140,953 
Operating lease cost192,869 181,577 383,111 365,949 
Other1,357 1,345 3,439 2,692 
Total depreciation, amortization and other$528,260 $457,775 $1,029,125 $925,975 
(1)Prior period amounts have been reclassified to conform with the current period presentation.
Recently Adopted Accounting Pronouncements
Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. 2021-08 ("Topic 805")
On September 1, 2021, we early adopted FASB ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires an acquirer to recognize and measure contract assets and liabilities acquired in a business combination in accordance with Revenue from Contracts with Customers (Topic 606) rather than adjust them to fair value at the acquisition date. The adoption did not have a material impact on our Consolidated Financial Statements.



















Notes To Consolidated Financial Statements
(In thousands of U.S. dollars, except share and per share amounts or as otherwise disclosed)
ACCENTURE FORM 10-Q
13
2. Revenues
Disaggregation of Revenue
See Note 11 (Segment Reporting) to these Consolidated Financial Statements for our disaggregated revenues.
Remaining Performance Obligations
We had remaining performance obligations of approximately $25 billion and $23 billion as of February 28, 2022 and August 31, 2021, respectively. Our remaining performance obligations represent the amount of transaction price for which work has not been performed and revenue has not been recognized. The majority of our contracts are terminable by the client on short notice with little or no termination penalties, and some without notice. Under Topic 606, only the non-cancelable portion of these contracts is included in our performance obligations. Additionally, our performance obligations only include variable consideration if we assess it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty is resolved. Based on the terms of our contracts, a significant portion of what we consider contract bookings is not included in our remaining performance obligations. We expect to recognize approximately 56% of our remaining performance obligations as of February 28, 2022 as revenue in fiscal 2022, an additional 24% in fiscal 2023, and the balance thereafter.
Contract Estimates
Adjustments in contract estimates related to performance obligations satisfied or partially satisfied in prior periods were immaterial for the three and six months ended February 28, 2022 and 2021, respectively.
Contract Balances
Deferred transition revenues were $746,596 and $700,080 as of February 28, 2022 and August 31, 2021, respectively, and are included in Non-current deferred revenues. Costs related to these activities are also deferred and are expensed as the services are provided. Deferred transition costs were $793,800 and $731,445 as of February 28, 2022 and August 31, 2021, respectively, and are included in Deferred contract costs. Generally, deferred amounts are protected in the event of early termination of the contract and are monitored regularly for impairment. Impairment losses are recorded when projected remaining undiscounted operating cash flows of the related contract are not sufficient to recover the carrying amount of contract assets.
The following table provides information about the balances of our Receivables and Contract assets, net of allowance, and Contract liabilities (Deferred revenues):
As of February 28, 2022As of August 31, 2021
Receivables$10,342,236 $8,796,992 
Contract assets (current)1,248,640 931,220 
Receivables and contract assets, net of allowance (current)11,590,876 9,728,212 
Contract assets (non-current)39,442 38,334 
Deferred revenues (current)4,663,024 4,229,177 
Deferred revenues (non-current)746,596 700,080 
Changes in the contract asset and liability balances during the six months ended February 28, 2022, were a result of normal business activity and not materially impacted by any other factors.
Revenues recognized during the three and six months ended February 28, 2022 that were included in Deferred revenues as of November 30, 2021 and August 31, 2021 were $2.3 billion and $3.2 billion, respectively. Revenues recognized during the three and six months ended February 28, 2021 that were included in Deferred revenues as of November 30, 2020 and August 31, 2020 were $2.0 billion and $2.8 billion, respectively.


Notes To Consolidated Financial Statements
(In thousands of U.S. dollars, except share and per share amounts or as otherwise disclosed)
ACCENTURE FORM 10-Q
14
3. Earnings Per Share
Basic and diluted earnings per share are calculated as follows: