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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 29, 2024
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-20200831_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 8, 2024 was 670,421,742 (which number includes 41,692,798 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 8, 2024 was 314,754.



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 29, 2024 and August 31, 2023
February 29, 2024August 31, 2023
ASSETS(Unaudited)
CURRENT ASSETS:
Cash and cash equivalents$5,121,107 $9,045,032 
Short-term investments4,540 4,575 
Receivables and contract assets13,080,504 12,227,186 
Other current assets2,122,670 2,105,138 
Total current assets20,328,821 23,381,931 
NON-CURRENT ASSETS:
Contract assets126,355 106,994 
Investments238,934 197,443 
Property and equipment, net1,458,836 1,530,007 
Lease assets2,635,038 2,637,479 
Goodwill17,947,306 15,573,003 
Deferred contract costs815,715 851,972 
Deferred tax assets4,098,881 4,154,878 
Other non-current assets3,657,585 2,811,598 
Total non-current assets30,978,650 27,863,374 
TOTAL ASSETS$51,307,471 $51,245,305 
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt and bank borrowings$111,141 $104,810 
Accounts payable2,228,446 2,491,173 
Deferred revenues5,363,972 4,907,152 
Accrued payroll and related benefits5,955,341 7,506,030 
Income taxes payable420,452 720,778 
Lease liabilities682,553 690,417 
Other accrued liabilities1,374,109 1,588,678 
Total current liabilities16,136,014 18,009,038 
NON-CURRENT LIABILITIES:
Long-term debt71,635 43,093 
Deferred revenues647,020 653,954 
Retirement obligation1,607,405 1,595,638 
Deferred tax liabilities454,496 395,280 
Income taxes payable1,304,336 1,313,971 
Lease liabilities2,293,252 2,310,714 
Other non-current liabilities836,889 465,024 
Total non-current liabilities7,215,033 6,777,674 
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY:
Ordinary shares, par value 1.00 euros per share, 40,000 shares authorized and issued as of February 29, 2024 and August 31, 2023
57 57 
Class A ordinary shares, par value $0.0000225 per share, 20,000,000,000 shares authorized, 670,405,499 and 664,616,285 shares issued as of February 29, 2024 and August 31, 2023, respectively
15 15 
Class X ordinary shares, par value $0.0000225 per share, 1,000,000,000 shares authorized, 314,754 and 325,438 shares issued and outstanding as of February 29, 2024 and August 31, 2023, respectively
  
Restricted share units1,863,338 2,403,374 
Additional paid-in capital14,555,758 12,778,782 
Treasury shares, at cost: Ordinary, 40,000 shares as of February 29, 2024 and August 31, 2023; Class A ordinary, 41,577,466 and 36,351,137 shares as of February 29, 2024 and August 31, 2023, respectively
(8,790,812)(7,062,512)
Retained earnings21,151,637 19,316,224 
Accumulated other comprehensive loss(1,657,140)(1,743,101)
Total Accenture plc shareholders’ equity27,122,853 25,692,839 
Noncontrolling interests833,571 765,754 
Total shareholders’ equity27,956,424 26,458,593 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$51,307,471 $51,245,305 
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 29, 2024 and February 28, 2023
(Unaudited)
Three Months EndedSix Months Ended
February 29, 2024February 28, 2023February 29, 2024February 28, 2023
REVENUES:
Revenues $15,799,514 $15,814,158 $32,023,817 $31,561,960 
OPERATING EXPENSES:
Cost of services 10,921,045 10,979,392 21,697,407 21,541,052 
Sales and marketing 1,631,185 1,563,567 3,341,076 3,113,586 
General and administrative costs 1,085,448 1,082,228 2,118,947 2,125,251 
Business optimization costs115,409 244,390 255,073 244,390 
Total operating expenses13,753,087 13,869,577 27,412,503 27,024,279 
OPERATING INCOME2,046,427 1,944,581 4,611,314 4,537,681 
Interest income65,269 50,259 167,249 94,964 
Interest expense(10,305)(11,634)(24,800)(18,914)
Other income (expense), net (5,652)(36,300)(41,371)(65,207)
INCOME BEFORE INCOME TAXES2,095,739 1,946,906 4,712,392 4,548,524 
Income tax expense386,537 396,223 993,209 1,001,541 
NET INCOME1,709,202 1,550,683 3,719,183 3,546,983 
Net income attributable to noncontrolling interests in Accenture Canada Holdings Inc.(1,675)(1,604)(3,691)(3,689)
Net income attributable to noncontrolling interests – other(32,668)(25,431)(67,189)(54,696)
NET INCOME ATTRIBUTABLE TO ACCENTURE PLC$1,674,859 $1,523,648 $3,648,303 $3,488,598 
Weighted average Class A ordinary shares:
Basic629,016,555 630,845,147 628,488,831 630,485,134 
Diluted636,797,814 637,735,390 637,069,356 638,350,779 
Earnings per Class A ordinary share:
Basic$2.66 $2.42 $5.80 $5.53 
Diluted$2.63 $2.39 $5.73 $5.47 
Cash dividends per share$1.29 $1.12 $2.58 $2.24 
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 29, 2024 and February 28, 2023
(Unaudited)
Three Months EndedSix Months Ended
February 29, 2024February 28, 2023February 29, 2024February 28, 2023
NET INCOME$1,709,202 $1,550,683 $3,719,183 $3,546,983 
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Foreign currency translation(91,773)112,625 (23,581)196,793 
Defined benefit plans5,238 6,539 41,630 98,219 
Cash flow hedges56,610 (7,762)67,912 (48,940)
OTHER COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ACCENTURE PLC(29,925)111,402 85,961 246,072 
Other comprehensive income (loss) attributable to noncontrolling interests(2,257)2,469 (372)5,338 
COMPREHENSIVE INCOME$1,677,020 $1,664,554 $3,804,772 $3,798,393 
COMPREHENSIVE INCOME ATTRIBUTABLE TO ACCENTURE PLC$1,644,934 $1,635,050 $3,734,264 $3,734,670 
Comprehensive income attributable to noncontrolling interests32,086 29,504 70,508 63,723 
COMPREHENSIVE INCOME$1,677,020 $1,664,554 $3,804,772 $3,798,393 
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 29, 2024
(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, 2023$57 40 $15 666,512 $ 318 $2,553,022 $13,353,477 $(8,032,018)(39,560)$20,429,413 $(1,627,215)$26,676,751 $808,686 $27,485,437 
Net income1,674,859 1,674,859 34,343 1,709,202 
Other comprehensive income (loss)(29,925)(29,925)(2,257)(32,182)
Purchases of Class A shares1,153 (1,318,412)(3,742)(1,317,259)(1,153)(1,318,412)
Share-based compensation expense641,871 641,871 641,871 
Purchases/redemptions of Accenture Canada Holdings Inc. exchangeable shares and Class X shares(3)(3,434)(3,434)(3,434)
Issuances of Class A shares for employee share programs3,893 (1,369,402)1,197,930 559,618 1,685 (103,022)285,124 249 285,373 
Dividends37,847 (849,613)(811,766)(812)(812,578)
Other, net6,632 6,632 (5,485)1,147 
Balance as of February 29, 2024$57 40 $15 670,405 $ 315 $1,863,338 $14,555,758 $(8,790,812)(41,617)$21,151,637 $(1,657,140)$27,122,853 $833,571 $27,956,424 
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, 2023
(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, 2022$57 40 $15 658,255 $ 499 $2,167,437 $11,051,309 $(5,169,967)(28,850)$16,981,432 $(2,055,672)$22,974,611 $691,339 $23,665,950 
Net income1,523,648 1,523,648 27,035 1,550,683 
Other comprehensive income (loss)111,402 111,402 2,469 113,871 
Purchases of Class A shares1,014 (1,117,535)(4,085)(1,116,521)(1,014)(1,117,535)
Share-based compensation expense631,871 (1)631,870 631,870 
Purchases/redemptions of Accenture Canada Holdings Inc. exchangeable shares and Class X shares(160)(676)(676)(676)
Issuances of Class A shares for employee share programs4,151 (1,193,792)1,108,186 694,492 1,754 (267,284)341,602 312 341,914 
Dividends30,639 (737,795)(707,156)(866)(708,022)
Other, net3,839 3,839 (24,616)(20,777)
Balance as of February 28, 2023$57 40 $15 662,406 $ 339 $1,636,155 $12,163,671 $(5,593,010)(31,181)$17,500,001 $(1,944,270)$23,762,619 $694,659 $24,457,278 
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 29, 2024
(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, 2023$57 40 $15 664,616 $ 325 $2,403,374 $12,778,782 $(7,062,512)(36,391)$19,316,224 $(1,743,101)$25,692,839 $765,754 $26,458,593 
Net income3,648,303 3,648,303 70,880 3,719,183 
Other comprehensive income (loss)85,961 85,961 (372)85,589 
Purchases of Class A shares2,203 (2,506,701)(7,552)(2,504,498)(2,203)(2,506,701)
Share-based compensation expense1,007,582 57,289 1,064,871 1,064,871 
Purchases/redemptions of Accenture Canada Holdings Inc. exchangeable shares and Class X shares(10)(6,273)(6,273)(6,273)
Issuances of Class A shares for employee share programs5,789 (1,614,744)1,723,265 778,401 2,326 (124,773)762,149 658 762,807 
Dividends67,126 (1,688,117)(1,620,991)(1,643)(1,622,634)
Other, net492 492 497 989 
Balance as of February 29, 2024$57 40 $15 670,405 $ 315 $1,863,338 $14,555,758 $(8,790,812)(41,617)$21,151,637 $(1,657,140)$27,122,853 $833,571 $27,956,424 
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, 2023
(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, 2022$57 40 $15 664,561 $ 501 $2,091,382 $10,679,180 $(6,678,037)(33,434)$18,203,842 $(2,190,342)$22,106,097 $640,991 $22,747,088 
Net income3,488,598 3,488,598 58,385 3,546,983 
Other comprehensive income (loss)246,072 246,072 5,338 251,410 
Purchases of Class A shares2,318 (2,534,683)(9,295)(2,532,365)(2,318)(2,534,683)
Cancellation of treasury shares(8,828)(175,701)2,595,281 8,828 (2,419,580)— — 
Share-based compensation expense1,001,365 55,974 1,057,339 1,057,339 
Purchases/redemptions of Accenture Canada Holdings Inc. exchangeable shares and Class X shares(162)(2,230)(2,230)(2,230)
Issuances of Class A shares for employee share programs6,673 (1,512,994)1,599,816 1,024,429 2,720 (304,363)806,888 733 807,621 
Dividends56,402 (1,468,496)(1,412,094)(1,495)(1,413,589)
Other, net4,314 4,314 (6,975)(2,661)
Balance as of February 28, 2023$57 40 $15 662,406 $ 339 $1,636,155 $12,163,671 $(5,593,010)(31,181)$17,500,001 $(1,944,270)$23,762,619 $694,659 $24,457,278 
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 29, 2024 and February 28, 2023
(Unaudited)
February 29, 2024February 28, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$3,719,183 $3,546,983 
Adjustments to reconcile Net income to Net cash provided by (used in) operating activities —
Depreciation, amortization and other1,050,328 1,038,705 
Share-based compensation expense1,064,871 1,057,339 
Deferred tax expense (benefit)(34,140)(92,295)
Other, net(167,097)57,334 
Change in assets and liabilities, net of acquisitions —
Receivables and contract assets, current and non-current(647,335)(358,519)
Other current and non-current assets(627,563)(535,273)
Accounts payable(313,941)(151,738)
Deferred revenues, current and non-current432,849 419,313 
Accrued payroll and related benefits(1,540,799)(1,713,468)
Income taxes payable, current and non-current(309,203)(110,828)
Other current and non-current liabilities(27,559)(332,044)
Net cash provided by (used in) operating activities2,599,594 2,825,509 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment(178,756)(206,378)
Purchases of businesses and investments, net of cash acquired(2,909,480)(1,076,987)
Proceeds from the sale of businesses and investments20,905 17,875 
Other investing, net3,653 5,119 
Net cash provided by (used in) investing activities(3,063,678)(1,260,371)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of shares762,807 807,621 
Purchases of shares(2,512,974)(2,536,913)
Proceeds from (repayments of) debt, net(12,196)(408)
Cash dividends paid(1,622,634)(1,413,589)
Other financing, net(32,657)(48,912)
Net cash provided by (used in) financing activities(3,417,654)(3,192,201)
Effect of exchange rate changes on cash and cash equivalents(42,187)(23,983)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS(3,923,925)(1,651,046)
CASH AND CASH EQUIVALENTS, beginning of period
9,045,032 7,889,833 
CASH AND CASH EQUIVALENTS, end of period
$5,121,107 $6,238,787 
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid, net$1,487,004 $1,318,515 
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, 2023 included in our Annual Report on Form 10-K filed with the SEC on October 12, 2023.
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 29, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending August 31, 2024.
Allowance for Credit Losses—Client Receivables and Contract Assets
As of February 29, 2024 and August 31, 2023, the total allowance for credit losses recorded for client receivables and contract assets was $23,887 and $26,343, 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 29, 2024August 31, 2023
Equity method investments$24,511 $23,985 
Investments without readily determinable fair values214,423 173,458 
Total non-current investments$238,934 $197,443 
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.









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 29, 2024 and August 31, 2023, total accumulated depreciation was $2,730,911 and $2,574,685, respectively. See table below for a summary of depreciation on fixed assets, deferred transition amortization, intangible assets amortization and operating lease cost for the three and six months ended February 29, 2024 and February 28, 2023, respectively.
 Three Months EndedSix Months Ended
 February 29, 2024February 28, 2023February 29, 2024February 28, 2023
Depreciation$134,997 $137,742 $268,242 $281,791 
Amortization - Deferred transition92,865 85,160 191,356 155,600 
Amortization - Intangible assets119,625 120,212 231,256 229,281 
Operating lease cost173,215 184,226 348,229 364,728 
Other8,226 5,136 11,245 7,305 
Total depreciation, amortization and other$528,928 $532,476 $1,050,328 $1,038,705 
Business Optimization
During the second quarter of fiscal 2023, we initiated actions to streamline our operations, transform our non-billable corporate functions and consolidate our office space to reduce costs. We recorded $1.1 billion in fiscal 2023 related to these actions and expect to record approximately $450 million in fiscal 2024 for a total of $1.5 billion, primarily related to employee severance. The actual amount and timing of severance and other personnel costs are dependent in part upon local country consultation processes and regulations and may differ from our current expectations and estimates.
Total business optimization costs by reportable operating segment for the three and six months ended February 29, 2024 and February 28, 2023, respectively, were as follows:
Three Months EndedSix Months Ended
February 29, 2024February 28, 2023February 29, 2024February 28, 2023
North America$4,689 $176,980 $50,618 $176,980 
EMEA (1)85,561 40,960 156,365 40,960 
Growth Markets (1)25,159 26,450 48,090 26,450 
Total business optimization costs$115,409 $244,390 $255,073 $244,390 
(1)Effective September 1, 2023, we revised the reporting of our geographic markets for the movement of our Middle East and Africa market units from Growth Markets to Europe, and the Europe market is now referred to as our EMEA (Europe, Middle East and Africa) geographic market. Prior period amounts have been reclassified to conform with the current period presentation.
New Accounting Pronouncements
On November 27, 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Improvements to Reportable Segment Disclosures, which requires entities to enhance disclosures regarding their segments, including significant segment expenses. The ASU will be effective beginning with our annual fiscal 2025 financial statements and requires a retrospective method upon adoption. We are currently evaluating the impact of this standard on our segment disclosures.
On December 14, 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. The ASU will be effective beginning with our annual fiscal 2026 financial statements and allows for adoption on a prospective basis, with a retrospective option. We are in the process of assessing the impacts and method of adoption. This ASU will impact our income tax disclosures, but not 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 $27 billion and $26 billion as of February 29, 2024 and August 31, 2023, 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 51% of our remaining performance obligations as of February 29, 2024 as revenue in fiscal 2024, an additional 26% in fiscal 2025, 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 29, 2024 and February 28, 2023, respectively.
Contract Balances
Deferred transition revenues were $647,020 and $653,954 as of February 29, 2024 and August 31, 2023, 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 $815,715 and $851,972 as of February 29, 2024 and August 31, 2023, respectively, and are included in Deferred contract costs. Generally, deferred transition costs are recoverable under the contract in the event of early termination 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 29, 2024As of August 31, 2023
Receivables$11,374,099 $10,690,713 
Contract assets (current)1,706,405 1,536,473 
Receivables and contract assets, net of allowance (current)13,080,504 12,227,186 
Contract assets (non-current)126,355 106,994 
Deferred revenues (current)5,363,972 4,907,152 
Deferred revenues (non-current)647,020 653,954 
Changes in the contract asset and liability balances during the six months ended February 29, 2024 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 29, 2024 that were included in Deferred revenues as of November 30, 2023 and August 31, 2023 were $2.5 billion and $3.6 billion, respectively. Revenues recognized during the three and six months ended February 28, 2023 that were included in Deferred revenues as of November 30, 2022 and August 31, 2022 were $2.5 billion and $3.3 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:
 Three Months EndedSix Months Ended
 February 29, 2024February 28, 2023February 29, 2024February 28, 2023
Basic earnings per share
Net income attributable to Accenture plc$1,674,859 $1,523,648 $3,648,303 $3,488,598 
Basic weighted average Class A ordinary shares629,016,555 630,845,147 628,488,831 630,485,134 
Basic earnings per share$2.66 $2.42 $5.80 $5.53 
Diluted earnings per share
Net income attributable to Accenture plc$1,674,859 $1,523,648 $3,648,303 $3,488,598 
Net income attributable to noncontrolling interests in Accenture Canada Holdings Inc. (1)1,675 1,604 3,691 3,689 
Net income for diluted earnings per share calculation$1,676,534 $1,525,252 $3,651,994 $3,492,287 
Basic weighted average Class A ordinary shares629,016,555 630,845,147 628,488,831 630,485,134 
Class A ordinary shares issuable upon redemption/exchange of noncontrolling interests (1)629,053 664,218 635,356 666,479 
Diluted effect of employee compensation related to Class A ordinary shares6,804,596 5,865,118 7,665,966 6,861,930 
Diluted effect of share purchase plans related to Class A ordinary shares347,610 360,907 279,203 337,236 
Diluted weighted average Class A ordinary shares636,797,814 637,735,390 637,069,356 638,350,779 
Diluted earnings per share$2.63 $2.39 $5.73 $5.47 
(1)Diluted earnings per share assumes the exchange of all Accenture Canada Holdings Inc. exchangeable shares for Accenture plc Class A ordinary shares on a one-for-one basis. The income effect does not take into account “Net income attributable to noncontrolling interests - other,” since those shares are not redeemable or exchangeable for Accenture plc Class A ordinary shares.


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
15

4. Accumulated Other Comprehensive Loss
The following table summarizes the changes in the accumulated balances for each component of accumulated other comprehensive loss attributable to Accenture plc:
Three Months EndedSix Months Ended
February 29, 2024February 28, 2023February 29, 2024February 28, 2023
Foreign currency translation
    Beginning balance$(1,442,440)$(1,768,152)$(1,510,632)$(1,852,320)
             Foreign currency translation(93,076)117,726 (25,287)204,710 
             Income tax benefit (expense) (1,014)(2,631)1,226 (2,631)
             Portion attributable to noncontrolling interests2,317 (2,470)480 (5,286)
             Foreign currency translation, net of tax(91,773)112,625 (23,581)196,793 
    Ending balance(1,534,213)(1,655,527)(1,534,213)(1,655,527)
Defined benefit plans
    Beginning balance(190,111)(257,091)(226,503)(348,771)
             Reclassifications into net periodic pension and
             post-retirement expense
6,514 8,719 50,808 134,890 
             Income tax benefit (expense)(1,272)(2,174)(9,137)(36,568)
             Portion attributable to noncontrolling interests(4)(6)(41)(103)
             Defined benefit plans, net of tax5,238 6,539 41,630 98,219 
    Ending balance(184,873)(250,552)(184,873)(250,552)
Cash flow hedges
    Beginning balance5,336 (30,429)(5,966)10,749 
             Unrealized gain (loss) 73,761 (32,837)97,375 (92,716)
             Reclassification adjustments into Cost of services(4,846)18,000 (15,446)20,606 
             Income tax benefit (expense) (12,249)7,068 (13,950)23,119 
             Portion attributable to noncontrolling interests(56)7 (67)51 
             Cash flow hedges, net of tax56,610 (7,762)67,912 (48,940)
    Ending balance (1)61,946 (38,191)61,946 (38,191)
Accumulated other comprehensive loss$(1,657,140)$(1,944,270)$(1,657,140)$(1,944,270)
(1)As of February 29, 2024, $54,434 of net unrealized gains related to derivatives designated as cash flow hedges is expected to be reclassified into Cost of services in the next twelve months.


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
16

5. Business Combinations
During the six months ended February 29, 2024, we completed individually immaterial acquisitions for total consideration of $2,900,194, net of cash acquired. The pro forma effects of these acquisitions on our operations were not material.
6. Goodwill and Intangible Assets
Goodwill
The changes in the carrying amount of goodwill by reportable operating segment are as follows:
August 31,
2023
Additions/
Adjustments
Foreign
Currency
Translation
February 29, 2024
North America$8,876,050 $1,650,701 $1,885 $10,528,636 
EMEA (1)5,152,149 634,695 (27,923)5,758,921 
Growth Markets (1)1,544,804 127,179 (12,234)1,659,749 
Total$15,573,003 $2,412,575 $(38,272)$17,947,306 
(1)Effective September 1, 2023, we revised the reporting of our geographic markets for the movement of our Middle East and Africa market units from Growth Markets to Europe, and the Europe market is now referred to as our EMEA (Europe, Middle East and Africa) geographic market. Prior period amounts have been reclassified to conform with the current period presentation.
Goodwill includes immaterial adjustments related to prior period acquisitions.
Intangible Assets
Our definite-lived intangible assets by major asset class are as follows:
August 31, 2023February 29, 2024
Intangible Asset ClassGross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Customer-related$2,842,257 $(999,604)$1,842,653 $3,272,419 $(1,136,317)$2,136,102 
Technology289,989 (141,022)148,967 327,808 (160,826)166,982 
Patents123,579 (70,472)53,107 122,112 (70,797)51,315 
Other65,138 (36,908)28,230 131,673 (33,513)98,160 
Total$3,320,963 $(1,248,006)$2,072,957 $3,854,012 $(1,401,453)$2,452,559 
Total amortization related to our intangible assets was $119,625 and $231,256 for the three and six months ended February 29, 2024, respectively. Total amortization related to our intangible assets was $120,212 and $229,281 for the three and six months ended February 28, 2023, respectively. Estimated future amortization related to intangible assets held as of February 29, 2024 is as follows:
Fiscal YearEstimated Amortization
Remainder of 2024$252,239 
2025477,355 
2026427,761 
2027357,839 
2028330,181 
Thereafter607,184 
Total$2,452,559 



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
17

7. Shareholders’ Equity
Dividends
Our dividend activity during the six months ended February 29, 2024 is as follows:
 Dividend Per
Share
Accenture plc Class A
Ordinary Shares
Accenture Canada Holdings
Inc. Exchangeable Shares
Total Cash
Outlay
Dividend Payment DateRecord DateCash OutlayRecord DateCash Outlay
November 15, 2023$1.29 October 12, 2023$809,225 October 10, 2023$831 $810,056 
February 15, 20241.29 January 18, 2024811,766 January 16, 2024812 812,578 
Total Dividends$1,620,991 $1,643 $1,622,634 
The payment of cash dividends includes the net effect of $67,126 of additional restricted stock units being issued as a part of our share plans, which resulted in 191,319 restricted share units being issued.
Subsequent Event
On March 20, 2024, the Board of Directors of Accenture plc declared a quarterly cash dividend of $1.29 per share on our Class A ordinary shares for shareholders of record at the close of business on April 11, 2024 payable on May 15, 2024.



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
18

8. Financial Instruments
Derivatives
In the normal course of business, we use derivative financial instruments to manage foreign currency exchange rate risk. Our derivative financial instruments consist of deliverable and non-deliverable foreign currency forward contracts.
Cash Flow Hedges
For a cash flow hedge, the effective portion of the change in estimated fair value of a hedging instrument is recorded in Accumulated other comprehensive loss as a separate component of Shareholders’ Equity and is reclassified into Cost of services in the Consolidated Income Statements during the period in which the hedged transaction is recognized. For information related to derivatives designated as cash flow hedges that were reclassified into Cost of services during the three and six months ended February 29, 2024 and February 28, 2023, as well as those expected to be reclassified into Cost of services in the next twelve months, see Note 4 (Accumulated Other Comprehensive Loss) to these Consolidated Financial Statements.
Other Derivatives
Realized gains or losses and changes in the estimated fair value of foreign currency forward contracts that have not been designated as hedges were net losses of $26,056 and $46,336 for the three and six months ended February 29, 2024, respectively, and net gains of $7,431 and net losses of $22,260 for the three and six months ended February 28, 2023, respectively. Gains and losses on these contracts are recorded in Other income (expense), net in the Consolidated Income Statements and are offset by gains and losses on the related hedged items.
Fair Value of Derivative Instruments
The notional and fair values of all derivative instruments are as follows:
February 29, 2024August 31, 2023
Assets
Cash Flow Hedges
Other current assets$71,862 $52,995 
Other non-current assets56,820 44,739 
Other Derivatives
Other current assets9,865 6,686 
Total assets$138,547 $104,420 
Liabilities
Cash Flow Hedges
Other accrued liabilities$17,428 $50,020 
Other non-current liabilities6,834 26,076 
Other Derivatives
Other accrued liabilities14,510 38,645 
Total liabilities$38,772 $114,741 
Total fair value$99,775 $(10,321)
Total notional value$13,860,671 $13,390,031 
We utilize standard counterparty master agreements containing provisions for the netting of certain foreign currency transaction obligations and for the set-off of certain obligations in the event of an insolvency of one of the parties to the transaction. In the Consolidated Balance Sheets, we record derivative assets and liabilities at gross fair value. The potential effect of netting derivative assets against liabilities under the counterparty master agreements is as follows:
February 29, 2024August 31, 2023
Net derivative assets$109,330 $50,528 
Net derivative liabilities9,555 60,849 
Total fair value$99,775 $(10,321)



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
19

9. Income Taxes
We apply an estimated annual effective tax rate to our year-to-date operating results to determine the interim provision for income tax expense. In addition, we recognize taxes related to unusual or infrequent items or resulting from a change in judgment regarding a position taken in a prior year as discrete items in the interim period in which the event occurs.
Our effective tax rates for the three months ended February 29, 2024 and February 28, 2023 were 18.4% and 20.4%, respectively. The lower effective tax rate for the three months ended February 29, 2024 was primarily due to higher tax benefits from share-based payments. Our effective tax rates for the six months ended February 29, 2024 and February 28, 2023 were 21.1% and 22.0%, respectively.
10. Commitments and Contingencies
Indemnifications and Guarantees
In the normal course of business and in conjunction with certain client engagements, we have entered into contractual arrangements through which we may be obligated to indemnify clients with respect to certain matters.
As of February 29, 2024 and August 31, 2023, our aggregate potential liability to our clients for expressly limited guarantees involving the performance of third parties was approximately $2,008,000 and $1,793,000, respectively, of which all but approximately $60,000 and $51,000, respectively, may be recovered from the other third parties if we are obligated to make payments to the indemnified parties as a consequence of a performance default by the other third parties. For arrangements with unspecified limitations, we cannot reasonably estimate the aggregate maximum potential liability, as it is inherently difficult to predict the maximum potential amount of such payments, due to the conditional nature and unique facts of each particular arrangement.
As of February 29, 2024 and August 31, 2023, we have issued or provided guarantees in the form of letters of credit and surety bonds of $1,291,091 and $1,294,653, respectively, the majority of which support certain contracts that require us to provide them as a guarantee of our performance. These guarantees are typically renewed annually and remain in place until the contractual obligations are satisfied. In general, we would only be liable for these guarantees in the event we defaulted in performing our obligations under each contract, the probability of which we believe is remote.
To date, we have not been required to make any significant payment under any of the arrangements described above. We have assessed the current status of performance/payment risk related to arrangements with limited guarantees, warranty obligations, unspecified limitations, indemnification provisions, letters of credit and surety bonds, and believe that any potential payments would be immaterial to the Consolidated Financial Statements, as a whole.
Legal Contingencies
As of February 29, 2024, we or our present personnel had been named as a defendant in various litigation matters. We and/or our personnel also from time to time are involved in investigations by various regulatory or legal authorities concerning matters arising in the course of our business around the world. Based on the present status of these matters, except as otherwise noted below, management believes the range of reasonably possible losses in addition to amounts accrued, net of insurance recoveries, will not have a material effect on our results of operations or financial condition.
On July 24, 2019, Accenture was named in a putative class action lawsuit filed by consumers of Marriott International, Inc. (“Marriott”) in the U.S. District Court for the District of Maryland. The complaint alleges negligence by us, and seeks monetary damages, costs and attorneys’ fees and other related relief, relating to a data security incident involving unauthorized access to the reservations database of Starwood Worldwide Resorts, Inc. (“Starwood”), which was acquired by Marriott on September 23, 2016. Since 2009, we have provided certain IT infrastructure outsourcing services to Starwood. On May 3, 2022, the court issued an order granting in part the plaintiffs’ motion for class certification, which we appealed. On August 17, 2023, the appeals court vacated the class certification and remanded the case to the district court for consideration of, among other things, the class action waiver signed by Starwood customer plaintiffs. On November 29, 2023, the district court reinstated the classes previously certified by the court in May 2022. We are appealing the district court's decision. We continue to believe the lawsuit is without merit and we will vigorously defend it. At present, we do not believe any losses from this matter will have a material effect on our results of operations or financial condition.


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
20