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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
 
(MARK ONE) 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. 
For the quarterly period ended July 31, 2024 
OR 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. 
For transition period from              to        
 Commission File Number: 001-15405
 AGILENT TECHNOLOGIES, INC.
(Exact Name of registrant as specified in its charter)
Delaware 77-0518772
(State or other jurisdiction of incorporation or organization)(IRS Employer Identification No.)
 
5301 Stevens Creek Blvd.,
Santa Clara, California 95051
(Address of principal executive offices)

Registrant’s telephone number, including area code: (800) 227-9770  

Securities registered pursuant to Section 12(b) of the Act:
Title of each ClassTrading SymbolName of each Exchange on which registered
Common Stock, $0.01 par valueANew 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 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 August 22, 2024, the registrant had 287,327,671 shares of common stock, $0.01 par value per share, outstanding.


AGILENT TECHNOLOGIES, INC.
TABLE OF CONTENTS
 
   Page
Number
 
 
  
  
  
  
 
 
 
 
 
 
 
 
Item 6.
Exhibits
  

2

PART I— FINANCIAL INFORMATION
 
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
 
AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(in millions, except per share data)
(Unaudited)
 
Three Months EndedNine Months Ended
 July 31,July 31,
 2024202320242023
Net revenue:    
Products$1,121 $1,222 $3,455 $3,819 
Services and other457 450 1,354 1,326 
Total net revenue1,578 1,672 4,809 5,145 
Costs and expenses:    
Cost of products491 784 1,486 1,890 
Cost of services and other232 230 704 705 
Total costs723 1,014 2,190 2,595 
Research and development127 118 368 367 
Selling, general and administrative395 407 1,171 1,241 
Total costs and expenses1,245 1,539 3,729 4,203 
Income from operations333 133 1,080 942 
Interest income19 13 56 34 
Interest expense(22)(24)(64)(73)
Other income (expense), net13 10 48 16 
Income before taxes343 132 1,120 919 
Provision for income taxes61 21 182 154 
Net income$282 $111 $938 $765 
Net income per share:  
Basic$0.97 $0.38 $3.21 $2.59 
Diluted$0.97 $0.38 $3.20 $2.58 
Weighted average shares used in computing net income per share:    
Basic290 294 292 295 
Diluted291 295 293 296 
 
The accompanying notes are an integral part of these condensed consolidated financial statements.

3

AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(in millions)
(Unaudited)

Three Months EndedNine Months Ended
 July 31,July 31,
 2024202320242023
Net income$282 $111 $938 $765 
Other comprehensive income (loss):
Unrealized gain (loss) on derivative instruments, net of tax expense (benefit) of $0, $0, $(1) and $(5)
(3)2 (3)(13)
Amounts reclassified into earnings related to derivative instruments, net of tax expense (benefit) of $(1), $1, $(2) and $0
(2)1 (5) 
Foreign currency translation, net of tax expense (benefit) of $0, $(1), $0 and $(2)
13 9 10 87 
Net defined benefit pension cost and post retirement plan costs:
Change in actuarial net gain (loss), net of tax expense (benefit) of $(2), $0, $(4) and $0
(2)(1)(6)3 
Change in net prior service benefit, net of tax expense of $0, $0, $0 and $0
   (1)
Other comprehensive income (loss)6 11 (4)76 
Total comprehensive income$288 $122 $934 $841 


The accompanying notes are an integral part of these condensed consolidated financial statements.

4

AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(in millions, except par value and share data)
(Unaudited)
 July 31,
2024
October 31,
2023
ASSETS  
Current assets:  
Cash and cash equivalents$1,779 $1,590 
Accounts receivable, net1,227 1,291 
Inventory978 1,031 
Other current assets272 274 
Total current assets4,256 4,186 
Property, plant and equipment, net1,446 1,270 
Goodwill3,965 3,960 
Other intangible assets, net392 475 
Long-term investments186 164 
Other assets751 708 
Total assets$10,996 $10,763 
LIABILITIES AND EQUITY  
Current liabilities:  
Accounts payable$497 $418 
Employee compensation and benefits309 371 
Deferred revenue524 505 
Short-term debt795  
Other accrued liabilities264 309 
Total current liabilities2,389 1,603 
Long-term debt2,137 2,735 
Retirement and post-retirement benefits96 103 
Other long-term liabilities471 477 
Total liabilities5,093 4,918 
Commitments and contingencies (Notes 9 and 12)
Total equity:  
Stockholders’ equity:  
Preferred stock; $0.01 par value; 125,000,000 shares authorized; none issued and outstanding at July 31, 2024 and October 31, 2023
  
Common stock; $0.01 par value; 2,000,000,000 shares authorized; 287,529,636 shares at July 31, 2024 and 292,123,241 shares at October 31, 2023 issued and outstanding
3 3 
Additional paid-in-capital5,458 5,387 
Retained earnings773 782 
Accumulated other comprehensive loss(331)(327)
Total stockholders' equity5,903 5,845 
Total liabilities and stockholders' equity$10,996 $10,763 

 
The accompanying notes are an integral part of these condensed consolidated financial statements.
5

AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(in millions)
(Unaudited)
Nine Months Ended
 July 31,
 20242023
Cash flows from operating activities:
Net income$938 $765 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization188 209 
Share-based compensation103 97 
Deferred taxes(8)(69)
Excess and obsolete inventory related charges33 27 
Net (gain) loss on equity securities(6)13 
Asset impairment charges8 277 
Change in fair value of contingent consideration 1 
Other non-cash (income) expense, net2 4 
Changes in assets and liabilities:  
Accounts receivable, net67 113 
Inventory15 (53)
Accounts payable78 (117)
Employee compensation and benefits(65)(137)
Other assets and liabilities(83)126 
Net cash provided by operating activities1,270 1,256 
Cash flows from investing activities:  
Payments to acquire property, plant and equipment(285)(214)
Proceeds from sale of equity securities 5 
Payments to acquire equity securities(5)(3)
Proceeds from convertible note 4 
Payments in exchange for convertible note(11)(11)
Payments to acquire businesses and intangible assets, net of cash acquired(3)(51)
Net cash used in investing activities(304)(270)
Cash flows from financing activities:  
Proceeds from issuance of common stock under employee stock plans76 65 
Payments of taxes related to net share settlement of equity awards(27)(53)
Payments for repurchase of common stock(815)(495)
Payments of dividends(206)(199)
Repayments of long-term debt(180) 
Net proceeds from (repayments of) short-term debt375 20 
Payment for contingent consideration (67)
Net cash used in financing activities(777)(729)
Effect of exchange rate movements 19 
Net increase (decrease) in cash, cash equivalents and restricted cash189 276 
Cash, cash equivalents and restricted cash at beginning of period1,593 1,056 
Cash, cash equivalents and restricted cash at end of period$1,782 $1,332 
Supplemental cash flow information:
Income tax paid, net of refunds received$284 $143 
Interest payments, net of capitalized interest$50 $60 
Net change in property, plant and equipment included in accounts payable and accrued liabilities-increase (decrease)$ $(20)
The accompanying notes are an integral part of these condensed consolidated financial statements.
6

AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENT OF EQUITY
(in millions, except number of shares in thousands)
(Unaudited)

 Common Stock Accumulated
Other
Comprehensive
Loss
 
Three Months Ended July 31, 2024Number
of
Shares
Par
Value
Additional
Paid-in
Capital
Retained Earnings Total Stockholders' Equity
Balance as of April 30, 2024291,588 $3 $5,458 $1,090 $(337)$6,214 
Components of comprehensive income, net of tax:
Net income— — — 282 — 282 
Other comprehensive income (loss)— — — — 6 6 
Total comprehensive income     288 
Cash dividends declared ($0.236 per common share)
— — — (68)— (68)
Share-based awards issued, net of tax of $1
339 — 31 — — 31 
Repurchase of common stock, including excise taxes(4,397)— (59)(531)— (590)
Share-based compensation— — 28 — — 28 
Balance as of July 31, 2024287,530 $3 $5,458 $773 $(331)$5,903 
 Common Stock Accumulated
Other
Comprehensive
Loss
 
Nine Months Ended July 31, 2024Number
of
Shares
Par
Value
Additional
Paid-in
Capital
Retained EarningsTotal Stockholders' Equity
Balance as of October 31, 2023292,123 $3 $5,387 $782 $(327)$5,845 
Components of comprehensive income, net of tax:
Net income— — — 938 — 938 
Other comprehensive income (loss)— — — — (4)(4)
Total comprehensive income     934 
Cash dividends declared ($0.708 per common share)             
— — — (206)— (206)
Share-based awards issued, net of tax of $27
1,398 — 48 — — 48 
Repurchase of common stock, including excise taxes(5,991)— (80)(741)— (821)
Share-based compensation— — 103 — — 103 
Balance as of July 31, 2024287,530 $3 $5,458 $773 $(331)$5,903 
7

 Common Stock Accumulated
Other
Comprehensive
Loss
 
Three Months Ended July 31, 2023Number
of
Shares
Par
Value
Additional
Paid-in
Capital
Retained
Earnings
Total Stockholders' Equity
Balance as of April 30, 2023295,261 $3 $5,360 $700 $(282)$5,781 
Components of comprehensive income, net of tax:
Net income— — — 111 — 111 
Other comprehensive income (loss)— — — — 11 11 
Total comprehensive income     122 
Cash dividends declared ($0.225 per common share)             
— — — (66)— (66)
Share-based awards issued, net of tax of $1
298 — 29 — — 29 
Repurchase of common stock, including excise taxes(2,812)— (36)(301)— (337)
Share-based compensation— — 29 — — 29 
Balance as of July 31, 2023292,747 $3 $5,382 $444 $(271)$5,558 
 Common Stock Accumulated
Other
Comprehensive
Loss
 
Nine Months Ended July 31, 2023Number
of
Shares
Par
Value
Additional
Paid-in
Capital
Retained EarningsTotal Stockholders' Equity
Balance as of October 31, 2022295,259 $3 $5,325 $324 $(347)$5,305 
Components of comprehensive income, net of tax:
Net income— — — 765 — 765 
Other comprehensive income (loss)— — — — 76 76 
Total comprehensive income     841 
Cash dividends declared ($0.675 per common share)             
— — — (199)— (199)
Share-based awards issued, net of tax of $53
1,405 — 11 — — 11 
Repurchase of common stock, including excise taxes(3,917)— (51)(446)— (497)
Share-based compensation— — 97 — — 97 
Balance as of July 31, 2023292,747 $3 $5,382 $444 $(271)$5,558 

The accompanying notes are an integral part of these condensed consolidated financial statements.
8

AGILENT TECHNOLOGIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

1. OVERVIEW, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
Overview. Agilent Technologies, Inc. ("we," "Agilent" or the "company"), incorporated in Delaware in May 1999, is a global leader in life sciences, diagnostics and applied chemical markets, providing application focused solutions that include instruments, software, services and consumables for the entire laboratory workflow.

Our fiscal year-end is October 31, and our fiscal quarters end on January 31, April 30 and July 31. Unless otherwise stated, these dates refer to our fiscal year and fiscal quarters.

New Segment Structure. In the first quarter of fiscal year 2024, we announced a change in our operating segments to move our cell analysis business from our life sciences and applied markets segment to our diagnostics and genomics operating segment in order to further strengthen growth opportunities for both organizations. Following this reorganization, we continue to have three business segments comprised of life sciences and applied markets, diagnostics and genomics and Agilent CrossLab, each of which continues to comprise a reportable segment. We began reporting under this new structure beginning with the Quarterly Report on Form 10-Q for the period ended January 31, 2024. All historical financial segment information has been recast to conform to this new presentation in our financial statements and accompanying notes. There was no change to our Agilent CrossLab business segment.

Acquisition. On July 21, 2024 we signed an agreement to acquire BIOVECTRA, a leading specialized contract development and manufacturing organization for $925 million in cash. The acquisition is subject to certain customary closing conditions, including receipt of regulatory approvals. The financial results of BIOVECTRA will be included within our financial results from the date of the close, which is expected to occur before calendar year 2025.

Basis of Presentation. We have prepared the accompanying financial data for the three and nine months ended July 31, 2024 and 2023 pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the U.S. have been condensed or omitted pursuant to such rules and regulations. The October 31, 2023 condensed balance sheet data was derived from audited financial statements but does not include all the disclosures required in audited financial statements by U.S. GAAP. The accompanying financial data and information should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended October 31, 2023.

In the opinion of management, the accompanying condensed consolidated financial statements contain all normal and recurring adjustments necessary for a fair statement of our condensed consolidated balance sheet as of July 31, 2024 and October 31, 2023, condensed consolidated statement of comprehensive income (loss) for the three and nine months ended July 31, 2024 and 2023, condensed consolidated statement of operations for the three and nine months ended July 31, 2024 and 2023, condensed consolidated statement of cash flows for the nine months ended July 31, 2024 and 2023 and condensed consolidated statement of equity for the three and nine months ended July 31, 2024 and 2023.

Use of Estimates. The preparation of condensed consolidated financial statements in accordance with GAAP in the U.S. requires management to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and accompanying notes. Management bases its estimates on historical experience and various other assumptions believed to be reasonable. Although these estimates are based on management’s best knowledge of current events and actions that may impact the company in the future, actual results may be different from the estimates. Our critical accounting policies are those that affect our financial statements materially and involve difficult, subjective or complex judgments by management. Those policies are revenue recognition, valuation of goodwill and purchased intangible assets, inventory valuation, retirement and post-retirement benefit plan assumptions and accounting for income taxes.

9

AGILENT TECHNOLOGIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - (Continued)




Restricted Cash and Restricted Cash Equivalents. Restricted cash and restricted cash equivalents are included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. A reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheet follows:
 July 31,October 31,
 20242023
(in millions)
Cash and cash equivalents$1,779 $1,590 
Restricted cash included in other assets3 3 
Total cash, cash equivalents and restricted cash$1,782 $1,593 

Leases. As of July 31, 2024 and October 31, 2023, operating lease right-of-use assets where we are the lessee were $178 million and $154 million, respectively, and were included within other assets in the accompanying condensed consolidated balance sheet. The associated operating lease liabilities were $184 million and $164 million as of July 31, 2024 and October 31, 2023, respectively, and were included in other accrued liabilities and other long-term liabilities in the accompanying condensed consolidated balance sheet.

Variable Interest Entities. We make a determination upon entering into an arrangement whether an entity in which we have made an investment is considered a Variable Interest Entity (“VIE”). We evaluate our investments in privately held companies on an ongoing basis. We have determined that as of July 31, 2024 and October 31, 2023, there were no VIEs required to be consolidated in our consolidated financial statements because we do not have a controlling financial interest in any of the VIEs in which we have invested nor are we the primary beneficiary. We account for these investments under either the equity method or as equity investments without readily determinable fair value ("RDFV"), depending on the circumstances. We periodically reassess whether we are the primary beneficiary of a VIE. The reassessment process considers whether we have acquired the power to direct the most significant activities of the VIE through changes in governing documents or other circumstances. We also reconsider whether entities previously determined not to be VIEs have become VIEs and vice-versa, based on changes in facts and circumstances including changes in contractual arrangements and capital structure.

As of July 31, 2024 and October 31, 2023, the total carrying value of investments and loans in privately held companies considered as VIEs was $93 million and $82 million, respectively. The maximum exposure is equal to the carrying value because we do not have future funding commitments. The investments are included on the long-term investments line and the loans on the other current assets and other assets lines (depending upon tenure of loan) on the condensed consolidated balance sheet.

Fair Value of Financial Instruments. The carrying values of certain of our financial instruments including cash and cash equivalents, accounts receivable, accounts payable, accrued compensation and other accrued liabilities approximate fair value because of their short maturities. The fair value of long-term equity investments which are readily determinable, and which are not accounted under the equity method are reported at fair value using quoted market prices for those securities when available with gains and losses included in net income. The fair value of long-term equity investments which are not readily determinable, and which are not accounted under the equity method are reported at cost with adjustments for observable changes in prices or impairments included in net income. As of July 31, 2024 and October 31, 2023, the fair value of the term loan approximates its carrying value. As of July 31, 2024, the fair value of our senior notes was $1,905 million with a carrying value of $2,137 million. This compares to the fair value of our senior notes of $1,747 million with a carrying value of $2,135 million as of October 31, 2023. The change in the fair value compared to carrying value in the nine months ended July 31, 2024 is primarily due to decreased market interest rates. The fair value was calculated from quoted prices which are primarily Level 1 inputs under the accounting guidance. The fair value of foreign currency contracts used for hedging purposes is estimated internally by using inputs tied to active markets. These inputs, for example, interest rate yield curves, foreign exchange rates, and forward and spot prices for currencies are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. See also Note 9, "Fair Value Measurements" for additional information on the fair value of financial instruments and contingent consideration.


10

AGILENT TECHNOLOGIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - (Continued)




 2. NEW ACCOUNTING PRONOUNCEMENTS

There were no additions to the new accounting pronouncements not yet adopted as described in our Annual Report on Form 10-K for the fiscal year ended October 31, 2023.
Other amendments to GAAP in the U.S. that have been issued by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on our condensed consolidated financial statements upon adoption.

3. REVENUE

The following table presents the company’s total revenue and segment revenue disaggregated by geographical region:
Three Months Ended July 31,
20242023
Life Sciences and Applied MarketsAgilent CrossLab
Diagnostics and Genomics
TotalLife Sciences and Applied MarketsAgilent CrossLab
Diagnostics and Genomics
Total
(in millions)
Revenue by Region
Americas$251 $170 $205 $626 $270 $159 $238 $667 
Europe193 113 126 432 203 108 121 432 
Asia Pacific338 128 54 520 381 129 63 573 
Total$782 $411 $385 $1,578 $854 $396 $422 $1,672 
Nine Months Ended July 31,
20242023
Life Sciences and Applied MarketsAgilent CrossLab
Diagnostics and Genomics
TotalLife Sciences and Applied MarketsAgilent CrossLab
Diagnostics and Genomics
Total
(in millions)
Revenue by Region
Americas$735 $501 $657 $1,893 $819 $467 $744 $2,030 
Europe605 335 376 1,316 649 309 363 1,321 
Asia Pacific1,042 382 176 1,600 1,203 388 203 1,794 
Total$2,382 $1,218 $1,209 $4,809 $2,671 $1,164 $1,310 $5,145 
The following table presents the company’s total revenue disaggregated by end markets and by revenue type:
Three Months EndedNine Months Ended
July 31,July 31,
2024202320242023
(in millions)
Revenue by End Markets
Pharmaceutical$540 $592 $1,647 $1,843 
Chemicals and Advanced Materials356 378 1,110 1,162 
Diagnostics and Clinical242 241 709 730 
Food144 151 440 472 
Academia and Government128 146 417 451 
Environmental and Forensics168 164 486 487 
Total$1,578 $1,672 $4,809 $5,145 
Revenue by Type
Instrumentation$556 $643 $1,734 $2,091 
Non-instrumentation and other1,022 1,029 3,075 3,054 
Total$1,578 $1,672 $4,809 $5,145 

11

AGILENT TECHNOLOGIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - (Continued)




Revenue by region is based on the ship to location of the customer. Revenue by end market is determined by the market indicator of the customer and by customer type. Instrumentation revenue includes sales from instruments, remarketed instruments and third-party products. Non-instrumentation and other revenue include sales from contract and per incident services, our companion diagnostics and our nucleic acid solutions businesses as well as sales from spare parts, consumables, reagents, vacuum pumps, subscriptions, software licenses and associated services.

Contract Balances

Contract Assets

Contract assets (unbilled accounts receivable) primarily relate to the company's right to consideration for work completed but not billed at the reporting date. The unbilled receivables are reclassified to trade receivables when billed to customers. Contract assets are generally classified as current assets and are included in "Accounts receivable, net" in the condensed consolidated balance sheet. The balances of contract assets as of July 31, 2024 and October 31, 2023, were $244 million and $252 million, respectively.

Contract Liabilities

The following table provides information about contract liabilities (deferred revenue) and the significant changes in the balances during the nine months ended July 31, 2024:
Contract
Liabilities
(in millions)
Ending balance as of October 31, 2023$616 
Net revenue deferred in the period456 
Revenue recognized that was included in the contract liability balance at the beginning of the period(422)
Change in deferrals from customer cash advances, net of revenue recognized(8)
Currency translation and other adjustments4 
Ending balance as of July 31, 2024$646 

During the nine months ended July 31, 2023 revenue recognized that was included in the contract liability balance at October 31, 2022 was $368 million.

Contract liabilities primarily relate to multiple element arrangements for which billing has occurred but transfer of control of all elements to the customer has either partially or not occurred at the balance sheet date. This includes cash received from customers for products and related installation and services in advance of the transfer of control. Contract liabilities are classified as either current in deferred revenue or long-term in other long-term liabilities in the condensed consolidated balance sheet based on the timing of when we expect to complete our performance obligation.

Contract Costs

Incremental costs of obtaining a contract with a customer are recognized as an asset if we expect the benefit of those costs to be longer than one year. We have determined that certain sales incentive programs meet the requirements to be capitalized. The change in total capitalized costs to obtain a contract was immaterial during the three and nine months ended July 31, 2024, and was included in other current and long-term assets on the condensed consolidated balance sheet. We have applied the practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less. These costs include the company's internal sales force compensation program, as we have determined that annual compensation is commensurate with annual sales activities.

Transaction Price Allocated to the Remaining Performance Obligations

We have applied the practical expedient in ASC 606-10-50-14 and have not disclosed information about transaction price allocated to remaining performance obligations that have original expected durations of one year or less.
12

AGILENT TECHNOLOGIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - (Continued)




The estimated revenue expected to be recognized for remaining performance obligations that have an original term of more than one year, as of July 31, 2024, was $344 million, the majority of which is expected to be recognized over the next 12 months. Remaining performance obligations primarily include extended warranty, customer manufacturing contracts, software maintenance contracts and revenue associated with lease arrangements.

4.     SHARE-BASED COMPENSATION
 
We account for share-based awards in accordance with the provisions of the authoritative accounting guidance which requires the measurement and recognition of compensation expense for all share-based payment awards made to our employees and directors including employee stock options, restricted stock units, employee stock purchases made under our employee stock purchase plan ("ESPP") and performance share awards granted to selected members of our senior management under the long-term performance plan (“LTPP”) based on estimated fair values.

We have two LTPP performance stock award programs, which are administered under the 2018 Stock Plan, for our executive officers and other key employees. Participants in our LTPP Total Stockholders’ Return (“TSR”) and LTPP Earnings Per Share (“EPS”) programs are entitled to receive shares of the company's stock after the end of a three-year period, if specified performance targets for the programs are met. The LTPP-TSR awards are generally designed to meet the criteria of a performance award with the performance metrics and peer group comparison based on the TSR set at the beginning of the performance period. The LTPP-EPS awards are based on the company’s EPS performance over a three-year period. The performance targets for the LTPP-EPS for year 2 and year 3 of the performance period are set in the first quarter of year 2 and year 3, respectively. All LTPP awards are subject to a one-year post-vest holding period.

The final LTPP award may vary from 0 percent to 200 percent of the target award. We consider the dilutive impact of these programs in our diluted net income per share calculation only to the extent that the performance conditions are expected to be met. Restricted stock units generally vest, with some exceptions, at a rate of 25 percent per year over a period of four years from the date of grant.

Stock options granted under the 2018 Stock Plan may be either "incentive stock options", as defined in Section 422 of the Internal Revenue Code, or non-statutory. Options generally vest at a rate of 25 percent per year over a period of four years from the date of grant with a maximum contractual term of ten years. The exercise price for stock options is generally not less than 100 percent of the fair market value of our common stock on the date the stock award is granted. We issue new shares of common stock when employee stock options are exercised.
The impact on our results for share-based compensation was as follows:
 
Three Months EndedNine Months Ended
July 31,July 31,
 2024202320242023
 (in millions)
Cost of products and services$9 $8 $32 $28 
Research and development4 5 13 13 
Selling, general and administrative15 16 59 57 
Total share-based compensation expense$28 $29 $104 $98 
 
At July 31, 2024 and October 31, 2023, no share-based compensation was capitalized within inventory.
13

AGILENT TECHNOLOGIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - (Continued)




The following assumptions were used to estimate the fair value of awards granted.
 
Three Months EndedNine Months Ended
July 31,July 31,
 2024202320242023
Stock Option Plans:    
Weighted average risk-free interest rate4.5%3.8%4.4%3.9%
Dividend yield0.7%0.7%0.8%0.6%
Weighted average volatility29%29%29%28%
Expected life5.5 years5.5 years5.5 years5.5 years
LTPP:
Volatility of Agilent shares28%31%28%31%
Volatility of selected peer-company shares
16%-70%
22%-84%
16%-70%
22%-84%
Pair-wise correlation with selected peers30%42%30%42%
Post-vest holding restriction discount for all executive awards6.4%7.1%6.4%7.1%
 
The fair value of share-based awards for our employee stock option awards was estimated using the Black-Scholes option pricing model. Shares granted under the LTPP (TSR) were valued using a Monte Carlo simulation model. The Monte Carlo simulation fair value model requires the use of highly subjective and complex assumptions, including the price volatility of the underlying stock.  For the volatility of our LTPP (TSR) grants, we used our own historical stock price volatility.  

The ESPP allows eligible employees to purchase shares of our common stock at 85 percent of the price at purchase and uses the purchase date to establish the fair market value.

We use historical volatility to estimate the expected stock price volatility assumption for employee stock option awards. In reaching the conclusion, we have considered many factors including the extent to which our options are currently traded and our ability to find traded options in the current market with similar terms and prices to the options we are valuing. In estimating the expected life of our options granted, we considered the historical option exercise behavior of our executives, which we believe is representative of future behavior.

The estimated fair value of restricted stock units and LTPP (EPS) awards is determined based on the market price of our common stock on the date of grant adjusted for expected dividend yield. The compensation cost for LTPP (EPS) reflects the cost of awards that are probable to vest at the end of the performance period.

All LTPP awards granted to our senior management employees have a one-year post-vest holding restriction. The estimated discount associated with post-vest holding restrictions is calculated using the Finnerty model. The model calculates the potential lost value if the employees were able to sell the shares during the lack of marketability period, instead of being required to hold the shares. The model used the same historical stock price volatility and dividend yield assumption used for the Monte Carlo simulation model and an expected dividend yield to compute the discount.

5.     INCOME TAXES

For the three and nine months ended July 31, 2024, our income tax expense was $61 million with an effective tax rate of 17.8 percent and $182 million with an effective tax rate of 16.3 percent, respectively. For the three months ended July 31, 2024, there were no significant discrete items. For the nine months ended July 31, 2024, our effective tax rate and the resulting provision for income taxes were impacted by the tax expense of $12 million related to the settlement of an audit in Singapore.

For the three and nine months ended July 31, 2023, our income tax expense was $21 million with an effective tax rate of 15.9 percent and $154 million with an effective tax rate of 16.8 percent, respectively. For the three and nine months ended July 31, 2023, our effective tax rate and the resulting provision for income taxes were impacted by the tax benefit of $63 million due to the asset impairment charge related to the shutdown of our Resolution Bioscience business. For the nine months ended July 31, 2023, our effective tax rate and the resulting provision for income taxes were also impacted by the excess tax benefits from stock-based compensation of $13 million along with the expiration of various foreign statutes of limitations which resulted in the recognition of previously unrecognized tax benefits of $10 million.

14

AGILENT TECHNOLOGIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - (Continued)




In the U.S., tax years remain open back to the year 2020 for federal income tax purposes and 2019 for significant states. In other major jurisdictions where the company conducts business, the tax years generally remain open back to the year 2014.

With these jurisdictions and the U.S., it is reasonably possible that some tax audits may be completed over the next twelve months. However, management is not able to provide a reasonably reliable estimate of the timing of any other future tax payments or change in unrecognized tax benefits, if any.

6. NET INCOME PER SHARE
 
The following is a reconciliation of the numerator and denominator of the basic and diluted net income per share computations for the periods presented below:
 
Three Months EndedNine Months Ended
July 31,July 31,
 2024202320242023
 (in millions)
Numerator:    
Net income$282 $111 $938 $765 
Denominator:
Basic weighted-average shares290 294 292 295 
Potential common shares— stock options and other employee stock plans1 1 1 1 
Diluted weighted-average shares291 295 293 296 
 
The dilutive effect of share-based awards is reflected in diluted net income per share by application of the treasury stock method, which includes consideration of unamortized share-based compensation expense and the dilutive effect of in-the-money options and non-vested restricted stock units. Under the treasury stock method, the amount the employee must pay for exercising stock options and unamortized share-based compensation expense collectively are assumed proceeds to be used to repurchase hypothetical shares. An increase in the fair market value of the company's common stock can result in a greater dilutive effect from potentially dilutive awards.

We exclude stock options with exercise prices greater than the average market price of our common stock from the calculation of diluted earnings per share because their effect would be anti-dilutive. In addition, we exclude from the calculation of diluted earnings per share stock options, ESPP, LTPP and restricted stock awards whose combined exercise price and unamortized fair value were greater than the average market price of our common stock because their effect would also be anti-dilutive.  

For both the three and nine months ended July 31, 2024 and 2023, potential common shares excluded from the calculation of diluted earnings per share were not material.

7. INVENTORY
 
Inventory as of July 31, 2024 and October 31, 2023 consisted of the following:

 July 31,
2024
October 31,
2023
 (in millions)
Finished goods$538 $570 
Purchased parts and fabricated assemblies440 461 
Inventory$978 $1,031 

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AGILENT TECHNOLOGIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - (Continued)




8. GOODWILL AND OTHER INTANGIBLE ASSETS
 
The following table presents goodwill balances and the movements for each of our reportable segments during the nine months ended July 31, 2024:
 
 Life Sciences and Applied MarketsDiagnostics and GenomicsAgilent CrossLabTotal
 (in millions)
Goodwill as of October 31, 2023$1,579 $2,124 $257 $3,960 
Foreign currency translation impact3  2 5 
Goodwill as of July 31, 2024$1,582 $2,124 $259 $3,965 

In the first quarter of fiscal year 2024, we reorganized our operating segments and moved our cell analysis business from our life sciences and applied markets business segment to our diagnostics and genomics business segment. As a result, we reassigned approximately $168 million of goodwill from our life sciences and applied markets business segment to our diagnostics and genomics business segment using the relative fair value allocation approach. Goodwill balances as of October 31, 2023, have been recast to conform to this new presentation. As a result of the reorganization, there was no change to our reporting units. In addition, we performed a goodwill impairment test, and the results of the analysis indicated that the fair values for all three of our reporting units were in excess of their carrying values by substantial amounts; therefore, no impairment was indicated.

The component parts of other intangible assets as of October 31, 2023 and July 31, 2024 are shown in the table below:
 
 Other Intangible Assets
 Gross
Carrying
Amount
Accumulated
Amortization
Net Book
Value
 (in millions)
As of October 31, 2023   
Purchased technology$1,467 $1,093 $374 
Trademark/Tradename196 163 33 
Customer relationships149 112 37 
Third-party technology and licenses34 13 21 
Total amortizable intangible assets1,846 1,381 465 
In-Process R&D10 — 10 
Total$1,856 $1,381 $475 
As of July 31, 2024   
Purchased technology$1,476 $1,151 $325 
Trademark/Tradename196 173 23 
Customer relationships149 121 28 
Third-party technology and licenses33 17 16 
Total amortizable intangible assets1,854 1,462 392 
In-Process R&D —  
Total$1,854 $1,462 $392 

During the nine months ended July 31, 2024, there were no additions to goodwill. During the nine months ended July 31, 2024, we recorded $3 million in additions to other intangible assets related to an acquisition. During the nine months ended July 31, 2024, we reclassified $4 million of in-process research and development intangible assets to purchased technology upon the completion of a project. During the nine months ended July 31, 2024, there was no change to other intangibles due to the impact of foreign currency.

In general, for U.S. federal tax purposes, goodwill from asset purchases is amortizable; however, any goodwill created as part of a stock acquisition is not deductible. 

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AGILENT TECHNOLOGIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - (Continued)




Each quarter we review the events and circumstances to determine if impairment of indefinite-lived intangible assets and goodwill is indicated. During the three months ended July 31, 2024, we did not identify any triggering events or circumstances which would indicate an impairment of goodwill or indefinite-lived intangible assets. During the nine months ended July 31, 2024, we recorded an impairment of in-process research and development of $6 million in research and development in the condensed consolidated statement of operations related to a project in our life sciences and applied markets segment. During the nine months ended July 31, 2024 we did not identify any triggering events or circumstances which would indicate an impairment of goodwill.

During the three and nine months ended July 31, 2023, we did not identify any triggering events or circumstances which would indicate an impairment of goodwill or indefinite-lived intangible assets. During the three and nine months ended July 31, 2023, we recorded an impairment of finite-lived intangible assets of $258 million related to the shutdown of our Resolution Bioscience business in our diagnostics and genomics segment. Of the $258 million, $249 million was recorded in cost of sales and $9 million was recorded in selling general and administrative expenses on our condensed consolidated statement of operations in both the three and nine months ended July 31, 2023.

Amortization expense of intangible assets was $25 million and $78 million for the three and nine months ended July 31, 2024, respectively. Amortization expense of intangible assets was $39 million and $113 million for the three and nine months ended July 31, 2023, respectively.

Future amortization expense related to existing finite-lived purchased intangible assets for the remainder of fiscal year 2024 and for each of the next five fiscal years and thereafter is estimated below:
Estimated future amortization expense:
(in millions)
Remainder of 2024$23 
2025$84 
2026$55 
2027$53 
2028$46 
2029$42 
Thereafter$89 
 
9. FAIR VALUE MEASUREMENTS
 
The authoritative guidance defines fair value as 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 the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, we consider the principal or most advantageous market and assumptions that market participants would use when pricing the asset or liability.

Fair Value Hierarchy

The guidance establishes a fair value hierarchy that prioritizes the use of inputs used in valuation techniques into three levels. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. There are three levels of inputs that may be used to measure fair value:

Level 1- applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2- applies to assets or liabilities for which there are inputs other than quoted prices included within level 1 that are observable, either directly or indirectly, for the asset or liability such as: quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in less active markets; or other inputs that can be derived principally from, or corroborated by, observable market data.

Level 3- applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

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AGILENT TECHNOLOGIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - (Continued)




Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
 
Financial assets and liabilities measured at fair value on a recurring basis as of July 31, 2024 were as follows:
 
  Fair Value Measurement at July 31, 2024 Using
 July 31,
2024
Quoted Prices
 in Active
 Markets for
 Identical Assets
 (Level 1)
Significant
 Other
 Observable
 Inputs
 (Level 2)
Significant
 Unobservable
 Inputs
 (Level 3)
 (in millions)
Assets:    
Short-term    
Cash equivalents (money market funds)$1,185 $1,185 $ $ 
Derivative instruments (foreign exchange contracts)9  9  
Long-term
Trading securities43 43   
Other investments31  31  
Total assets measured at fair value$1,268 $1,228 $40 $ 
Liabilities:    
Short-term
Derivative instruments (foreign exchange contracts) $