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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
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 No. 000-17948
ELECTRONIC ARTS INC.
(Exact name of registrant as specified in its charter)
Delaware94-2838567
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
209 Redwood Shores Parkway
94065
Redwood CityCalifornia
(Address of principal executive offices)(Zip Code)
(650) 628-1500
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class  Trading SymbolName of Each Exchange on Which Registered
Common Stock, $0.01 par value  EANASDAQ Global Select Market
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  
As of November 3, 2023, there were 268,966,447 shares of the Registrant’s Common Stock, par value $0.01 per share, outstanding.
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Table of Contents
ELECTRONIC ARTS INC.
FORM 10-Q
FOR THE PERIOD ENDED SEPTEMBER 30, 2023
Table of Contents
 
  Page
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
2


Table of Contents
PART I – FINANCIAL INFORMATION

Item 1.Condensed Consolidated Financial Statements (Unaudited)

ELECTRONIC ARTS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In millions, except par value data)
September 30, 2023
March 31, 2023 (a)
ASSETS
Current assets:
Cash and cash equivalents$1,946 $2,424 
Short-term investments359 343 
Receivables, net 1,047 684 
Other current assets492 518 
Total current assets3,844 3,969 
Property and equipment, net542 549 
Goodwill5,378 5,380 
Acquisition-related intangibles, net538 618 
Deferred income taxes, net2,353 2,462 
Other assets484 481 
TOTAL ASSETS$13,139 $13,459 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$152 $99 
Accrued and other current liabilities1,138 1,285 
Deferred net revenue (online-enabled games)1,498 1,901 
Total current liabilities2,788 3,285 
Senior notes, net1,881 1,880 
Income tax obligations458 607 
Deferred income taxes, net1 1 
Other liabilities436 393 
Total liabilities5,564 6,166 
Commitments and contingencies (See Note 12)
Stockholders’ equity:
Common stock, $0.01 par value. 1,000 shares authorized; 270 and 273 shares issued and outstanding, respectively
3 3 
Additional paid-in capital  
Retained earnings7,606 7,357 
Accumulated other comprehensive income (loss)(34)(67)
Total stockholders’ equity7,575 7,293 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$13,139 $13,459 

See accompanying Notes to Condensed Consolidated Financial Statements (unaudited).
(a) Derived from audited Consolidated Financial Statements.
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Table of Contents
ELECTRONIC ARTS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)Three Months Ended
September 30,
Six Months Ended
September 30,
(In millions, except per share data)2023202220232022
Net revenue$1,914 $1,904 $3,838 $3,671 
Cost of revenue456 462 824 776 
Gross profit1,458 1,442 3,014 2,895 
Operating expenses:
Research and development602 565 1,198 1,137 
Marketing and sales280 233 509 467 
General and administrative173 174 336 341 
Amortization and impairment of intangibles24 43 49 82 
Restructuring (See Note 7)
2  3  
Total operating expenses1,081 1,015 2,095 2,027 
Operating income377 427 919 868 
Interest and other income (expense), net14  28 (5)
Income before provision for (benefits from) income taxes391 427 947 863 
Provision for (benefits from) income taxes(8)128 146 253 
Net income$399 $299 $801 $610 
Earnings per share:
Basic$1.47 $1.08 $2.94 $2.19 
Diluted$1.47 $1.07 $2.93 $2.18 
Number of shares used in computation:
Basic271 278 272 279 
Diluted272 279 273 280 

See accompanying Notes to Condensed Consolidated Financial Statements (unaudited).

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Table of Contents
ELECTRONIC ARTS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)Three Months Ended
September 30,
Six Months Ended
September 30,
(In millions)2023202220232022
Net income$399 $299 $801 $610 
Other comprehensive income (loss), net of tax:
Net gains (losses) on available-for-sale securities   (1)
Net gains (losses) on derivative instruments56 109 41 199 
Foreign currency translation adjustments(15)(43)(8)(76)
Total other comprehensive income (loss), net of tax41 66 33 122 
Total comprehensive income$440 $365 $834 $732 

See accompanying Notes to Condensed Consolidated Financial Statements (unaudited).
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Table of Contents
ELECTRONIC ARTS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
 Common Stock
Additional Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (loss)
Total
Stockholders’
Equity
(In millions, except share data in thousands)SharesAmount
Balances as of March 31, 2023
272,914 $3 $ $7,357 $(67)$7,293 
Total comprehensive income— — — 402 (8)394 
Stock-based compensation— — 130 — — 130 
Issuance of common stock1,408 — (105)— — (105)
Common stock repurchases and excise tax(2,574)— (25)(301)— (326)
Cash dividends declared ($0.19 per common share)
— — — (52)— (52)
Balances as of June 30, 2023271,748 $3 $ $7,406 $(75)$7,334 
Total comprehensive income— — — 399 41 440 
Stock-based compensation— — 155 — — 155 
Issuance of common stock673 — 25 — — 25 
Common stock repurchases and excise tax(2,581)— (180)(148)— (328)
Cash dividends declared ($0.19 per common share)
— — — (51)— (51)
Balances as of September 30, 2023269,840 $3 $ $7,606 $(34)$7,575 
(Unaudited)
 Common Stock
Additional Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (loss)
Total
Stockholders’
Equity
(In millions, except share data in thousands)SharesAmount
Balances as of March 31, 2022
280,051 $3 $ $7,607 $15 $7,625 
Total comprehensive income— — — 311 56 367 
Stock-based compensation— — 125 — — 125 
Issuance of common stock1,413 — (103)— — (103)
Common stock repurchases(2,512)— (22)(298)— (320)
Cash dividends declared ($0.19 per common share)
— — — (53)— (53)
Balances as of June 30, 2022278,952 $3 $ $7,567 $71 $7,641 
Total comprehensive income— — — 299 66 365 
Stock-based compensation— — 140 — — 140 
Issuance of common stock641 — 30 — — 30 
Common stock repurchases(2,569)— (170)(155)— (325)
Cash dividends declared ($0.19 per common share)
— — — (53)— (53)
Balances as of September 30, 2022277,024 $3 $ $7,658 $137 $7,798 

See accompanying Notes to Condensed Consolidated Financial Statements (unaudited).
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ELECTRONIC ARTS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)Six Months Ended
September 30,
(In millions)20232022
OPERATING ACTIVITIES
Net income$801 $610 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation, amortization, accretion and impairment173 241 
Stock-based compensation285 265 
Change in assets and liabilities:
Receivables, net(367)(276)
Other assets74 (25)
Accounts payable57 53 
Accrued and other liabilities(257)(269)
Deferred income taxes, net108 (156)
Deferred net revenue (online-enabled games)(403)(633)
Net cash provided by (used in) operating activities471 (190)
INVESTING ACTIVITIES
Capital expenditures(96)(112)
Proceeds from maturities and sales of short-term investments302 166 
Purchase of short-term investments(313)(173)
Net cash used in investing activities(107)(119)
FINANCING ACTIVITIES
Proceeds from issuance of common stock40 44 
Cash dividends paid(103)(106)
Cash paid to taxing authorities for shares withheld from employees(120)(117)
Common stock repurchases(650)(645)
Net cash used in financing activities(833)(824)
Effect of foreign exchange on cash and cash equivalents(9)(60)
Increase (decrease) in cash and cash equivalents(478)(1,193)
Beginning cash and cash equivalents2,424 2,732 
Ending cash and cash equivalents$1,946 $1,539 
Supplemental cash flow information:
Cash paid during the period for income taxes, net$56 $310 
Cash paid during the period for interest28 28 
Non-cash investing activities:
Change in accrued capital expenditures$(2)$(21)

See accompanying Notes to Condensed Consolidated Financial Statements (unaudited).
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ELECTRONIC ARTS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

(1) DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Electronic Arts is a global leader in digital interactive entertainment. We develop, market, publish and deliver games, content and services that can be experienced on game consoles, PCs, mobile phones and tablets. At our core is a portfolio of intellectual property from which we create innovative games and experiences that deliver high-quality entertainment and drive engagement across our network of hundreds of millions of unique active accounts. Our portfolio includes brands that we either wholly own (such as Apex Legends, Battlefield, and The Sims) or license from others (such as EA SPORTS Madden NFL, Star Wars, and the 300+ licenses within our EA SPORTS FC ecosystem). Through our live services offerings, we offer high-quality experiences designed to provide value to players, and extend and enhance gameplay. These live services include extra content, subscription offerings and other revenue generated in addition to the sale of our base games. We are focusing on building games and experiences that grow the global online communities around our key franchises; reaching more players through connecting interactive storytelling to key intellectual property; and building re-occurring revenue from our annualized sports franchises, our console, PC and mobile catalog titles, and our live services.
Our fiscal year is reported on a 52- or 53-week period that ends on the Saturday nearest March 31. Our results of operations for the fiscal year ending March 31, 2024 contains 52 weeks and ends on March 30, 2024. Our results of operations for the fiscal year ended March 31, 2023 contained 52 weeks and ended on April 1, 2023. Our results of operations for the three and six months ended September 30, 2023 contained 13 weeks and 26 weeks, respectively, and ended on September 30, 2023. Our results of operations for the three and six months ended September 30, 2022 contained 13 weeks and 26 weeks, respectively, and ended on October 1, 2022. For simplicity of disclosure, all fiscal periods are referred to as ending on a calendar month end.
The Condensed Consolidated Financial Statements are unaudited and reflect all adjustments (consisting only of normal recurring accruals unless otherwise indicated) that, in the opinion of management, are necessary for a fair presentation of the results for the interim periods presented. The preparation of these Condensed Consolidated Financial Statements requires management to make estimates and assumptions that affect the amounts reported in these Condensed Consolidated Financial Statements and accompanying notes. Actual results could differ materially from those estimates. The results of operations for the current interim periods are not necessarily indicative of results to be expected for the current year or any other period.
These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2023, as filed with the United States Securities and Exchange Commission (“SEC”) on May 24, 2023.

(2) FAIR VALUE MEASUREMENTS
There are various valuation techniques used to estimate fair value, the primary one being the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining fair value, we consider the principal or most advantageous market in which we would transact and consider assumptions that market participants would use when pricing the asset or liability. We measure certain financial and nonfinancial assets and liabilities at fair value on a recurring and nonrecurring basis.
Fair Value Hierarchy
The three levels of inputs that may be used to measure fair value are as follows:
Level 1. Quoted prices in active markets for identical assets or liabilities.
Level 2. Observable inputs other than quoted prices included within Level 1, such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated with observable market data for substantially the full term of the assets or liabilities.
Level 3. Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities.
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Assets and Liabilities Measured at Fair Value on a Recurring Basis
As of September 30, 2023 and March 31, 2023, our assets and liabilities that were measured and recorded at fair value on a recurring basis were as follows (in millions):
  Fair Value Measurements at Reporting Date Using  
 
As of
September 30, 2023
Quoted Prices in
Active Markets 
for Identical
Financial
Instruments
Significant
Other
Observable
Inputs
Significant
Unobservable
Inputs
Balance Sheet 
Classification
 (Level 1)(Level 2)(Level 3)
Assets
Bank and time deposits$57 $57 $ $ Cash equivalents
Money market funds601 601   Cash equivalents
Available-for-sale securities:
Corporate bonds94  94  Short-term investments
U.S. Treasury securities105 105   Short-term investments
U.S. agency securities19  19  Short-term investments
Commercial paper78  78  Short-term investments and cash equivalents
Foreign government securities7  7  Short-term investments
Asset-backed securities41  41  Short-term investments
Certificates of deposit18  18  Short-term investments
Foreign currency derivatives82  82  Other current assets and other assets
Deferred compensation plan assets (a)
28 28   Other assets
Total assets at fair value$1,130 $791 $339 $ 
Liabilities
Foreign currency derivatives$21 $ $21 $ Accrued and other current liabilities and other liabilities
Deferred compensation plan liabilities (a)
29 29   Other liabilities
Total liabilities at fair value$50 $29 $21 $ 
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  Fair Value Measurements at Reporting Date Using 
 
As of
March 31, 2023
Quoted Prices in
Active Markets for Identical
Financial Instruments
Significant
Other
Observable
Inputs
Significant
Unobservable
Inputs
Balance Sheet 
Classification
 (Level 1)(Level 2)(Level 3)
Assets
Bank and time deposits$56 $56 $ $ Cash equivalents
Money market funds956 956   Cash equivalents
Available-for-sale securities:
Corporate bonds113  113  Short-term investments
U.S. Treasury securities80 80   Short-term investments
U.S. agency securities28  28  Short-term investments and cash equivalents
Commercial paper66  66  Short-term investments and cash equivalents
Foreign government securities11  11  Short-term investments
Asset-backed securities37  37  Short-term investments
Certificates of deposit 14  14  Short-term investments
Foreign currency derivatives29  29  Other current assets and other assets
Deferred compensation plan assets (a)
23 23   Other assets
Total assets at fair value$1,413 $1,115 $298 $ 
Liabilities
Foreign currency derivatives$65 $ $65 $ Accrued and other current liabilities and other liabilities
Deferred compensation plan liabilities (a)
24 24   Other liabilities
Total liabilities at fair value$89 $24 $65 $ 

(a)The Deferred Compensation Plan consists of various mutual funds. See Note 15 in our Annual Report on Form 10-K for the fiscal year ended March 31, 2023, for additional information regarding our Deferred Compensation Plan.

(3) FINANCIAL INSTRUMENTS
Cash and Cash Equivalents
As of September 30, 2023 and March 31, 2023, our cash and cash equivalents were $1,946 million and $2,424 million, respectively. Cash equivalents were valued using quoted market prices or other readily available market information.
Short-Term Investments
Short-term investments consisted of the following as of September 30, 2023 and March 31, 2023 (in millions):
 
As of September 30, 2023
As of March 31, 2023
 Cost or
Amortized
Cost
Gross UnrealizedFair
Value
Cost or
Amortized
Cost
Gross UnrealizedFair
Value
 GainsLossesGainsLosses
Corporate bonds$95 $ $(1)$94 $114 $ $(1)$113 
U.S. Treasury securities105   105 80   80 
U.S. agency securities19   19 25   25 
Commercial paper75   75 63   63 
Foreign government securities7   7 11   11 
Asset-backed securities41   41 37   37 
Certificates of deposit18   18 14   14 
Short-term investments$360 $ $(1)$359 $344 $ $(1)$343 
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The following table summarizes the amortized cost and fair value of our short-term investments, classified by stated maturity as of September 30, 2023 and March 31, 2023 (in millions):
 
As of September 30, 2023
As of March 31, 2023
 Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Short-term investments
Due within 1 year$283 $282 $267 $266 
Due 1 year through 5 years73 73 72 72 
Due after 5 years4 4 5 5 
Short-term investments$360 $359 $344 $343 

(4) DERIVATIVE FINANCIAL INSTRUMENTS
Assets or liabilities associated with our derivative instruments and hedging activities are recorded at fair value in other current assets/other assets, or accrued and other current liabilities/other liabilities, respectively, on our Condensed Consolidated Balance Sheets. As discussed below, the accounting for gains and losses resulting from changes in fair value depends on the use of the derivative instrument and whether it is designated and qualifies for hedge accounting.
We transact business in various foreign currencies and have significant international sales and expenses denominated in foreign currencies, subjecting us to foreign currency risk. We purchase foreign currency forward contracts, generally with maturities of 18 months or less, to reduce the volatility of cash flows primarily related to forecasted revenue and expenses denominated in certain foreign currencies. Our cash flow risks are primarily related to fluctuations in the Euro, British pound sterling, Canadian dollar, Swedish krona, Australian dollar, Japanese yen, Chinese yuan, South Korean won and Polish zloty. In addition, we utilize foreign currency forward contracts to mitigate foreign currency exchange risk associated with foreign-currency-denominated monetary assets and liabilities, primarily intercompany receivables and payables. The foreign currency forward contracts not designated as hedging instruments generally have a contractual term of approximately three months or less and are transacted near month-end. We do not use foreign currency forward contracts for speculative trading purposes.
Cash Flow Hedging Activities
Certain of our forward contracts are designated and qualify as cash flow hedges. To qualify for hedge accounting treatment, all hedging relationships are formally documented at the inception of the hedges and must be highly effective in offsetting changes to future cash flows on hedged transactions. The derivative assets or liabilities associated with our hedging activities are recorded at fair value in other current assets/other assets, or accrued and other current liabilities/other liabilities, respectively, on our Condensed Consolidated Balance Sheets. The gains or losses resulting from changes in the fair value of these hedges is initially reported, net of tax, as a component of accumulated other comprehensive income (loss) in stockholders’ equity. The gains or losses resulting from changes in the fair value of these hedges are subsequently reclassified into net revenue or research and development expenses, as appropriate, in the period when the forecasted transaction is recognized in our Condensed Consolidated Statements of Operations. In the event that the underlying forecasted transactions do not occur, or it becomes remote that they will occur within the defined hedge period, the gains or losses on the related cash flow hedges are reclassified from accumulated other comprehensive income (loss) to net revenue or research and development expenses, in our Condensed Consolidated Statements of Operations.
Total gross notional amounts and fair values for currency derivatives with cash flow hedge accounting designation are as follows (in millions):
As of September 30, 2023
As of March 31, 2023
Notional AmountFair ValueNotional AmountFair Value
AssetLiabilityAssetLiability
Forward contracts to purchase$276 $1 $6 $371 $2 $9 
Forward contracts to sell$1,879 $68 $10 $2,255 $23 $46 
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The effects of cash flow hedge accounting in our Condensed Consolidated Statements of Operations for the three and six months ended September 30, 2023 and 2022 are as follows (in millions):
Three Months Ended September 30,Six Months Ended September 30,
2023202220232022
Net revenueResearch and developmentNet revenueResearch and developmentNet revenueResearch and developmentNet revenueResearch and development
Total amounts presented in our Condensed Consolidated Statements of Operations in which the effects of cash flow hedges are recorded$1,914 $602 $1,904 $565 $3,838 $1,198 $3,671 $1,137 
Gains (losses) on foreign currency forward contracts designated as cash flow hedges$11 $(2)$61 $(5)$41 $(7)$80 $(8)
Balance Sheet Hedging Activities
Our foreign currency forward contracts that are not designated as hedging instruments are accounted for as derivatives whereby the fair value of the contracts are reported as other current assets or accrued and other current liabilities on our Condensed Consolidated Balance Sheets, and gains and losses resulting from changes in the fair value are reported in interest and other income (expense), net, in our Condensed Consolidated Statements of Operations. The gains and losses on these foreign currency forward contracts generally offset the gains and losses in the underlying foreign-currency-denominated monetary assets and liabilities, which are also reported in interest and other income (expense), net, in our Condensed Consolidated Statements of Operations.
Total gross notional amounts and fair values for currency derivatives that are not designated as hedging instruments are accounted for as follows (in millions):
As of September 30, 2023
As of March 31, 2023
Notional AmountFair ValueNotional AmountFair Value
AssetLiabilityAssetLiability
Forward contracts to purchase$462 $ $5 $504 $4 $ 
Forward contracts to sell$748 $13 $ $587 $ $10 
The effect of foreign currency forward contracts not designated as hedging instruments in our Condensed Consolidated Statements of Operations for the three and six months ended September 30, 2023 and 2022 was as follows (in millions):
 Three Months Ended
September 30,
Six Months Ended
September 30,
 2023202220232022
Interest and other income (expense), net
Total amounts presented in our Condensed Consolidated Statements of Operations in which the effects of balance sheet hedges are recorded$14 $ $28 $(5)
Gains (losses) on foreign currency forward contracts not designated as hedging instruments$13 $14 $16 $27 

(5) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
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The changes in accumulated other comprehensive income (loss) by component, net of tax, for the three months ended September 30, 2023 and 2022 are as follows (in millions):
Unrealized Net Gains (Losses) on Available-for-Sale SecuritiesUnrealized Net Gains (Losses) on Derivative InstrumentsForeign Currency Translation AdjustmentsTotal
Balances as of June 30, 2023$(1)$(2)$(72)$(75)
Other comprehensive income (loss) before reclassifications 65 (15)50 
Amounts reclassified from accumulated other comprehensive income (loss) (9) (9)
Total other comprehensive income (loss), net of tax
 56 (15)41 
Balances as of September 30, 2023$(1)$54 $(87)$(34)
Unrealized Net Gains (Losses) on Available-for-Sale SecuritiesUnrealized Net Gains (Losses) on Derivative InstrumentsForeign Currency Translation AdjustmentsTotal
Balances as of June 30, 2022$(4)$137 $(62)$71 
Other comprehensive income (loss) before reclassifications 165 (43)122 
Amounts reclassified from accumulated other comprehensive income (loss) (56) (56)
Total other comprehensive income (loss), net of tax
 109 (43)66 
Balances as of September 30, 2022$(4)$246 $(105)$137 

The changes in accumulated other comprehensive income (loss) by component, net of tax, for the six months ended September 30, 2023 and 2022 are as follows (in millions):
Unrealized Net Gains (Losses) on Available-for-Sale SecuritiesUnrealized Net Gains (Losses) on Derivative InstrumentsForeign Currency Translation AdjustmentsTotal
Balances as of March 31, 2023$(1)$13 $(79)$(67)
Other comprehensive income (loss) before reclassifications 75 (8)67 
Amounts reclassified from accumulated other comprehensive income (loss) (34) (34)
Total other comprehensive income (loss), net of tax
 41 (8)33 
Balances as of September 30, 2023$(1)$54 $(87)$(34)
Unrealized Net Gains (Losses) on Available-for-Sale SecuritiesUnrealized Net Gains (Losses) on Derivative InstrumentsForeign Currency Translation AdjustmentsTotal
Balances as of March 31, 2022$(3)$47 $(29)$15 
Other comprehensive income (loss) before reclassifications(1)271 (76)194 
Amounts reclassified from accumulated other comprehensive income (loss) (72) (72)
Total other comprehensive income (loss), net of tax
(1)199 (76)122 
Balances as of September 30, 2022$(4)$246 $(105)$137 
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The effects on net income of amounts reclassified from accumulated other comprehensive income (loss) for the three and six months ended September 30, 2023 were as follows (in millions):
 Amount Reclassified From Accumulated Other Comprehensive Income (Loss)
Statement of Operations Classification
Three Months Ended
September 30, 2023
Six Months Ended
September 30, 2023
(Gains) losses on foreign currency forward contracts designated as cash flow hedges
Net revenue$(11)$(41)
Research and development2 7 
Total net (gain) loss reclassified, net of tax$(9)$(34)
The effects on net income of amounts reclassified from accumulated other comprehensive income (loss) for the three and six months ended September 30, 2022 were as follows (in millions):
 Amount Reclassified From Accumulated Other Comprehensive Income (Loss)
Statement of Operations ClassificationThree Months Ended
September 30, 2022
Six Months Ended
September 30, 2022
(Gains) losses on foreign currency forward contracts designated as cash flow hedges
Net revenue$(61)$(80)
Research and development5 8 
Total net (gain) loss reclassified, net of tax$(56)$(72)

(6) GOODWILL AND ACQUISITION-RELATED INTANGIBLES, NET
The changes in the carrying amount of goodwill for the six months ended September 30, 2023 are as follows (in millions):
As of
March 31, 2023
ActivityEffects of Foreign Currency Translation
As of
September 30, 2023
Goodwill$5,748 $ $(2)$5,746 
Accumulated impairment(368)— — (368)
Total$5,380 $ $(2)$5,378 
Acquisition-related intangibles consisted of the following (in millions):
 
As of September 30, 2023
As of March 31, 2023
 Gross
Carrying
Amount
Accumulated
Amortization
Acquisition-
Related
Intangibles, Net
Gross
Carrying
Amount
Accumulated
Amortization
Acquisition-
Related
Intangibles, Net
Finite-lived acquisition-related intangibles
Developed and core technology$1,051 $(796)$255 $1,051 $(754)$297 
Trade names and trademarks596 (317)279 596 (285)311 
Registered user base and other intangibles56 (56) 56 (50)6 
Total finite-lived acquisition-related intangibles$1,703 $(1,169)$534 $1,703 $(1,089)$614 
Indefinite-lived acquisition-related intangibles
In-process research and development
$4 $ $4 $4 $ $4 
Total acquisition-related intangibles, net$1,707 $(1,169)$538 $1,707 $(1,089)$618 
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Amortization of intangibles, including impairments for the three and six months ended September 30, 2023 and 2022 are classified in the Condensed Consolidated Statements of Operations as follows (in millions):
Three Months Ended
September 30,
Six Months Ended
September 30,
2023202220232022
Cost of revenue$15 $39 $31 $69 
Operating expenses24 43 49 82 
Total$39 $82 $80 $151 
During the three and six months ended September 30, 2023, there were no impairment charges for acquisition-related intangible assets.
During the three months ended September 30, 2022, we recorded an $18 million impairment charge for acquisition-related intangible assets, of which $12 million was recorded within cost of revenue and $6 million was recorded in operating expenses.
Acquisition-related intangible assets are generally amortized using the straight-line method over the lesser of their estimated useful lives or the agreement terms, currently ranging from 2 to 7 years. As of September 30, 2023 and March 31, 2023, the weighted-average remaining useful life for acquisition-related intangible assets was approximately 4.5 and 4.8 years, respectively.
As of September 30, 2023, future amortization of finite-lived acquisition-related intangibles that will be recorded in the Condensed Consolidated Statements of Operations is estimated as follows (in millions):
Fiscal Year Ending March 31, 
2024 (remaining six months)$70 
2025122 
2026118 
202799 
202896 
202929 
Total$534 

(7) RESTRUCTURING ACTIVITIES
In fiscal year 2023, we announced a restructuring plan (the “2023 Restructuring Plan” or the “Plan”) focused on prioritizing investments to our growth opportunities and optimizing our real estate portfolio. The Plan included actions driven by portfolio rationalization including headcount reductions, in addition to office space reductions. The actions associated with the Plan were substantially completed by September 30, 2023.
Since the inception of the 2023 Restructuring Plan through September 30, 2023, we have incurred net charges of $158 million. We do not expect to record material future charges.

Restructuring activities as of September 30, 2023 were as follows (in millions):
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Acquisition-Related Intangibles Impairments and Other Charges (a)
Workforce (a)
Office Space Reductions (b)
Total
Charges to operations$68 $43 $44 $155 
Charges settled in cash (10) (10)
Non-cash items(66) (44)(110)
Liability as of March 31, 2023$2 $33 $ $35 
Charges to operations 3  3 
Charges settled in cash(2)(29) (31)
Liability as of September 30, 2023$ $7 $ $7 
(a) Charges are recorded within Restructuring in the Condensed Consolidated Statement of Operations.
(b) Charges are recorded within General and administrative expenses in the Condensed Consolidated Statement of Operations.
The restructuring liability of $7 million as of September 30, 2023, is included in accrued and other current liabilities on the Condensed Consolidated Balance Sheets.

(8) ROYALTIES AND LICENSES
Our royalty expenses consist of payments to (1) content licensors, (2) independent software developers, and (3) co-publishing and distribution affiliates. Content license royalties consist of payments made to celebrities, professional sports organizations, movie studios and other organizations for our use of their trademarks, copyrights, personal publicity rights, content and/or other intellectual property. Royalty payments to independent software developers are payments for the development of intellectual property related to our games. Co-publishing and distribution royalties are payments made to third parties for the delivery of products.
During the three and six months ended September 30, 2023 and 2022, we did not recognize any material losses or impairment charges on royalty-based commitments.
The current and long-term portions of prepaid royalties and minimum guaranteed royalty-related assets, included in other current assets and other assets, consisted of (in millions):
As of
September 30, 2023
As of
March 31, 2023
Other current assets$88 $105 
Other assets31 31 
Royalty-related assets$119 $136 
At any given time, depending on the timing of our payments to our co-publishing and/or distribution affiliates, content licensors, and/or independent software developers, we classify any recognized unpaid royalty amounts due to these parties as accrued liabilities. The current and long-term portions of accrued royalties, included in accrued and other current liabilities and other liabilities, consisted of (in millions):
As of
September 30, 2023
As of
March 31, 2023
Accrued and other current liabilities$176 $208 
Other liabilities10  
Royalty-related liabilities$186 $208 
As of September 30, 2023, we were committed to pay approximately $2,300 million to content licensors, independent software developers, and co-publishing and/or distribution affiliates, but performance remained with the counterparty (i.e., delivery of the product or content or other factors) and such commitments were therefore not recorded in our Condensed Consolidated Financial Statements. See Note 12 for further information on our developer and licensor commitments.

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(9) BALANCE SHEET DETAILS
Property and Equipment, Net
Property and equipment, net, as of September 30, 2023 and March 31, 2023 consisted of (in millions):
As of
September 30, 2023
As of
March 31, 2023
Computer, equipment and software$916 $892 
Buildings371 369 
Leasehold improvements177 186 
Equipment, furniture and fixtures, and other90 92 
Land66 66 
Construction in progress38 11 
1,658