10-Q 1 acn-20220531.htm 10-Q acn-20220531
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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 May 31, 2022
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to            
Commission File Number: 001-34448
acn-20220531_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) (1) 646-2000
(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 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 ☑
The number of shares of the registrant’s Class A ordinary shares, par value $0.0000225 per share, outstanding as of June 9, 2022 was 664,188,290 (which number includes 31,640,581 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 June 9, 2022 was 503,837.


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

Consolidated Financial Statements
(In thousands of U.S. dollars, except share and per share amounts)
ACCENTURE FORM 10-Q
3
Part I — Financial Information
Item 1. Financial Statements
Consolidated Balance Sheets
May 31, 2022 and August 31, 2021
May 31, 2022August 31, 2021
ASSETS(Unaudited)
CURRENT ASSETS:
Cash and cash equivalents$6,703,568 $8,168,174 
Short-term investments4,322 4,294 
Receivables and contract assets12,219,074 9,728,212 
Other current assets2,080,776 1,765,831 
Total current assets21,007,740 19,666,511 
NON-CURRENT ASSETS:
Contract assets35,714 38,334 
Investments331,503 329,526 
Property and equipment, net1,665,478 1,639,105 
Lease assets3,178,636 3,182,519 
Goodwill12,499,443 11,125,861 
Deferred contract costs826,042 731,445 
Deferred tax assets4,013,089 4,007,130 
Other non-current assets2,537,553 2,455,412 
Total non-current assets25,087,458 23,509,332 
TOTAL ASSETS$46,095,198 $43,175,843 
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt and bank borrowings$8,768 $12,080 
Accounts payable2,384,352 2,274,057 
Deferred revenues4,561,147 4,229,177 
Accrued payroll and related benefits7,047,124 6,747,853 
Income taxes payable615,959 423,400 
Lease liabilities733,805 744,164 
Accrued consumption taxes640,252 609,553 
Other accrued liabilities571,185 668,583 
Total current liabilities16,562,592 15,708,867 
NON-CURRENT LIABILITIES:
Long-term debt51,546 53,473 
Deferred revenues733,982 700,080 
Retirement obligation2,026,018 2,016,021 
Deferred tax liabilities364,951 243,636 
Income taxes payable1,197,105 1,105,896 
Lease liabilities2,694,489 2,696,917 
Other non-current liabilities452,792 553,839 
Total non-current liabilities7,520,883 7,369,862 
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY:
Ordinary shares, par value 1.00 euros per share, 40,000 shares authorized and issued as of May 31, 2022 and August 31, 2021
57 57 
Class A ordinary shares, par value $0.0000225 per share, 20,000,000,000 shares authorized, 663,985,273 and 656,590,625 shares issued as of May 31, 2022 and August 31, 2021, respectively
15 15 
Class X ordinary shares, par value $0.0000225 per share, 1,000,000,000 shares authorized, 503,837 and 512,655 shares issued and outstanding as of May 31, 2022 and August 31, 2021, respectively
— — 
Restricted share units1,753,930 1,750,784 
Additional paid-in capital10,534,282 8,617,838 
Treasury shares, at cost: Ordinary, 40,000 shares as of May 31, 2022 and August 31, 2021; Class A ordinary, 31,527,538 and 24,504,666 shares as of May 31, 2022 and August 31, 2021, respectively
(6,122,402)(3,408,491)
Retained earnings17,177,358 13,988,748 
Accumulated other comprehensive loss(1,954,146)(1,419,497)
Total Accenture plc shareholders’ equity21,389,094 19,529,454 
Noncontrolling interests622,629 567,660 
Total shareholders’ equity22,011,723 20,097,114 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$46,095,198 $43,175,843 
The accompanying Notes are an integral part of these Consolidated Financial Statements.

Consolidated Financial Statements
(In thousands of U.S. dollars, except share and per share amounts)
ACCENTURE FORM 10-Q
4
Consolidated Income Statements
For the Three and Nine Months Ended May 31, 2022 and 2021
(Unaudited)
Three Months EndedNine Months Ended
May 31, 2022May 31, 2021May 31, 2022May 31, 2021
REVENUES:
Revenues $16,158,803 $13,263,795 $46,170,649 $37,114,105 
OPERATING EXPENSES:
Cost of services 10,844,069 8,859,411 31,415,167 25,216,193 
Sales and marketing 1,660,919 1,406,606 4,530,158 3,773,268 
General and administrative costs 1,050,697 879,122 3,126,332 2,461,804 
Total operating expenses13,555,685 11,145,139 39,071,657 31,451,265 
OPERATING INCOME2,603,118 2,118,656 7,098,992 5,662,840 
Interest income8,727 4,551 22,046 23,643 
Interest expense(12,050)(28,739)(34,449)(46,515)
Other income (expense), net (8,877)(467)(39,089)203,343 
Loss on disposition of Russia business(96,294)— (96,294)— 
INCOME BEFORE INCOME TAXES2,494,624 2,094,001 6,951,206 5,843,311 
Income tax expense675,308 524,429 1,654,631 1,290,189 
NET INCOME1,819,316 1,569,572 5,296,575 4,553,122 
Net income attributable to noncontrolling interests in Accenture Canada Holdings Inc.(1,902)(1,699)(5,578)(5,001)
Net income attributable to noncontrolling interests – other(31,339)(18,447)(78,956)(57,560)
NET INCOME ATTRIBUTABLE TO ACCENTURE PLC$1,786,075 $1,549,426 $5,212,041 $4,490,561 
Weighted average Class A ordinary shares:
Basic632,749,442 635,203,753 632,969,487 635,151,632 
Diluted641,004,741 645,454,021 643,692,440 646,244,001 
Earnings per Class A ordinary share:
Basic$2.82 $2.44 $8.23 $7.07 
Diluted$2.79 $2.40 $8.11 $6.96 
Cash dividends per share$0.97 $0.88 $2.91 $2.64 
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 Nine Months Ended May 31, 2022 and 2021
(Unaudited)
Three Months EndedNine Months Ended
May 31, 2022May 31, 2021May 31, 2022May 31, 2021
NET INCOME$1,819,316 $1,569,572 $5,296,575 $4,553,122 
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Foreign currency translation(231,311)68,079 (442,664)234,390 
Defined benefit plans10,292 11,048 6,865 32,184 
Cash flow hedges(57,642)70,554 (98,850)34,457 
Investments— — — 49 
OTHER COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ACCENTURE PLC(278,661)149,681 (534,649)301,080 
Other comprehensive income (loss) attributable to noncontrolling interests(4,456)3,993 (10,032)5,965 
COMPREHENSIVE INCOME$1,536,199 $1,723,246 $4,751,894 $4,860,167 
COMPREHENSIVE INCOME ATTRIBUTABLE TO ACCENTURE PLC$1,507,414 $1,699,107 $4,677,392 $4,791,641 
Comprehensive income attributable to noncontrolling interests28,785 24,139 74,502 68,526 
COMPREHENSIVE INCOME$1,536,199 $1,723,246 $4,751,894 $4,860,167 
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 May 31, 2022
(Unaudited)
 Ordinary
Shares		Class A
Ordinary
Shares		Class X
Ordinary
Shares		Restricted
Share
Units		Additional
Paid-in
Capital		Treasury SharesRetained
Earnings		Accumulated
Other
Comprehensive
Loss		Total
Accenture plc
Shareholders’
Equity		Noncontrolling
Interests		Total
Shareholders’
Equity
 $No.
Shares		$No.
Shares		$No.
Shares		$No.
Shares
Balance as of February 28, 2022$57 40 $15 662,417 $— 504 $1,438,596 $10,065,790 $(5,297,349)(29,035)$16,028,399 $(1,675,485)$20,560,023 $596,956 $21,156,979 
Net income1,786,075 1,786,075 33,241 1,819,316 
Other comprehensive income (loss)(278,661)(278,661)(4,456)(283,117)
Purchases of Class A shares925 (972,171)(3,102)(971,246)(925)(972,171)
Share-based compensation expense346,666 60,591 407,257 407,257 
Purchases/redemptions of Accenture Canada Holdings Inc. exchangeable shares and Class X shares— — 
Issuances of Class A shares for employee share programs1,568 (55,313)405,704 147,118 569 497,509 465 497,974 
Dividends23,981 (637,116)(613,135)(650)(613,785)
Other, net1,272 1,272 (2,002)(730)
Balance as of May 31, 2022$57 40 $15 663,985 $— 504 $1,753,930 $10,534,282 $(6,122,402)(31,568)$17,177,358 $(1,954,146)$21,389,094 $622,629 $22,011,723 
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 May 31, 2021
(Unaudited)
 Ordinary
Shares		Class A
Ordinary
Shares		Class X
Ordinary
Shares		Restricted
Share
Units		Additional
Paid-in
Capital		Treasury SharesRetained
Earnings		Accumulated
Other
Comprehensive
Loss		Total
Accenture plc
Shareholders’
Equity		Noncontrolling
Interests		Total
Shareholders’
Equity
 $No.
Shares		$No.
Shares		$No.
Shares		$No.
Shares
Balance as of February 28, 2021$57 40 $15 665,115 $— 521 $1,207,161 $8,389,344 $(3,913,917)(29,508)$14,035,805 $(1,410,438)$18,308,027 $534,400 $18,842,427 
Net income1,549,426 1,549,426 20,146 1,569,572 
Other comprehensive income (loss)149,681 149,681 3,993 153,674 
Purchases of Class A shares811 (832,456)(3,006)(831,645)(811)(832,456)
Share-based compensation expense282,861 48,177 331,038 331,038 
Purchases/redemptions of Accenture Canada Holdings Inc. exchangeable shares and Class X shares(5)(2,539)(2,539)(2,539)
Issuances of Class A shares for employee share programs1,279 (30,160)315,312 106,950 515 392,102 376 392,478 
Dividends22,495 (580,950)(558,455)(615)(559,070)
Other, net5,210 5,210 (6,370)(1,160)
Balance as of May 31, 2021$57 40 $15 666,394 $— 516 $1,482,357 $8,756,315 $(4,639,423)(31,999)$15,004,281 $(1,260,757)$19,342,845 $551,119 $19,893,964 
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 Nine Months Ended May 31, 2022
(Unaudited)
Ordinary
Shares		Class A
Ordinary
Shares		Class X
Ordinary
Shares		Restricted
Share
Units		Additional
Paid-in
Capital		Treasury SharesRetained
Earnings		Accumulated
Other
Comprehensive
Loss		Total
Accenture plc
Shareholders’
Equity		Noncontrolling
Interests		Total
Shareholders’
Equity
$No.
Shares		$No.
Shares		$No.
Shares		$No.
Shares
Balance as of August 31, 2021$57 40 $15 656,591 $— 513 $1,750,784 $8,617,838 $(3,408,491)(24,545)$13,988,748 $(1,419,497)$19,529,454 $567,660 $20,097,114 
Net income5,212,041 5,212,041 84,534 5,296,575 
Other comprehensive income (loss)(534,649)(534,649)(10,032)(544,681)
Purchases of Class A shares3,388 (3,506,617)(10,119)(3,503,229)(3,388)(3,506,617)
Share-based compensation expense1,210,825 108,730 1,319,555 1,319,555 
Purchases/redemptions of Accenture Canada Holdings Inc. exchangeable shares and Class X shares(9)(4,274)(4,274)(4,274)
Issuances of Class A shares for employee share programs7,394 (1,285,617)1,795,507 792,706 3,096 (103,889)1,198,707 1,144 1,199,851 
Dividends77,938 (1,919,542)(1,841,604)(1,972)(1,843,576)
Other, net13,093 13,093 (15,317)(2,224)
Balance as of May 31, 2022$57 40 $15 663,985 $— 504 $1,753,930 $10,534,282 $(6,122,402)(31,568)$17,177,358 $(1,954,146)$21,389,094 $622,629 $22,011,723 
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 Nine Months Ended May 31, 2021
(Unaudited)
Ordinary
Shares		Class A
Ordinary
Shares		Class X
Ordinary
Shares		Restricted
Share
Units		Additional
Paid-in
Capital		Treasury SharesRetained
Earnings		Accumulated
Other
Comprehensive
Loss		Total
Accenture plc
Shareholders’
Equity		Noncontrolling
Interests		Total
Shareholders’
Equity
$No.
Shares		$No.
Shares		$No.
Shares		$No.
Shares
Balance as of August 31, 2020$57 40 $15 658,549 $— 528 $1,585,302 $7,167,227 $(2,565,761)(24,423)$12,375,533 $(1,561,837)$17,000,536 $498,637 $17,499,173 
Net income4,490,561 4,490,561 62,561 4,553,122 
Other comprehensive income (loss)301,080 301,080 5,965 307,045 
Purchases of Class A shares2,732 (2,780,928)(10,970)(2,778,196)(2,732)(2,780,928)
Share-based compensation expense977,979 89,272 1,067,251 1,067,251 
Purchases/redemptions of Accenture Canada Holdings Inc. exchangeable shares and Class X shares(12)(7,548)(7,548)(7,548)
Issuances of Class A shares for employee share programs7,845 (1,145,096)1,497,827 707,266 3,394 (121,342)938,655 909 939,564 
Dividends64,172 (1,740,471)(1,676,299)(1,865)(1,678,164)
Other, net6,805 6,805 (12,356)(5,551)
Balance as of May 31, 2021$57 40 $15 666,394 $— 516 $1,482,357 $8,756,315 $(4,639,423)(31,999)$15,004,281 $(1,260,757)$19,342,845 $551,119 $19,893,964 
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 Nine Months Ended May 31, 2022 and 2021
(Unaudited)
May 31, 2022May 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$5,296,575 $4,553,122 
Adjustments to reconcile Net income to Net cash provided by (used in) operating activities —
Depreciation, amortization and other1,553,311 1,404,961 
Share-based compensation expense1,319,555 1,067,251 
Deferred tax expense (benefit)(27,784)(59,713)
Other, net(99,979)(291,096)
Change in assets and liabilities, net of acquisitions —
Receivables and contract assets, current and non-current(2,594,564)(1,311,984)
Other current and non-current assets(713,632)(369,888)
Accounts payable142,286 522,087 
Deferred revenues, current and non-current585,497 477,116 
Accrued payroll and related benefits489,743 915,407 
Income taxes payable, current and non-current360,262 192,362 
Other current and non-current liabilities(560,251)(560,909)
Net cash provided by (used in) operating activities5,751,019 6,538,716 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment(540,947)(343,837)
Purchases of businesses and investments, net of cash acquired(2,212,388)(1,544,412)
Proceeds from the sale of businesses and investments, net of cash transferred(108,099)409,828 
Other investing, net9,397 19,971 
Net cash provided by (used in) investing activities(2,852,037)(1,458,450)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of shares1,199,851 939,564 
Purchases of shares(3,510,891)(2,788,476)
Proceeds from (repayments of) long-term debt, net(11,530)(1,286)
Cash dividends paid(1,843,576)(1,678,164)
Other financing, net(43,468)(30,190)
Net cash provided by (used in) financing activities(4,209,614)(3,558,552)
Effect of exchange rate changes on cash and cash equivalents(153,974)72,336 
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS(1,464,606)1,594,050 
CASH AND CASH EQUIVALENTS, beginning of period
8,168,174 8,415,330 
CASH AND CASH EQUIVALENTS, end of period
$6,703,568 $10,009,380 
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid, net$1,264,631 $1,090,696 
The accompanying Notes are an integral part of these Consolidated Financial Statements.



Notes To Consolidated Financial Statements
(In thousands of U.S. dollars, except share and per share amounts or as otherwise disclosed)
ACCENTURE FORM 10-Q
11
1. Basis of Presentation
The accompanying unaudited interim Consolidated Financial Statements of Accenture plc and its controlled subsidiary companies have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and do not include all of the information and note disclosures required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. We use the terms “Accenture,” “we” and “our” in the Notes to Consolidated Financial Statements to refer to Accenture plc and its subsidiaries. These Consolidated Financial Statements should therefore be read in conjunction with the Consolidated Financial Statements and Notes thereto for the fiscal year ended August 31, 2021 included in our Annual Report on Form 10-K filed with the SEC on October 15, 2021.
The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with U.S. GAAP, which requires management to make estimates and assumptions that affect amounts reported in the Consolidated Financial Statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that we may undertake in the future, actual results may differ from those estimates. The Consolidated Financial Statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for a fair presentation of results for these interim periods. The results of operations for the three and nine months ended May 31, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending August 31, 2022.
Allowance for Credit Losses - Client Receivables and Contract Assets
As of May 31, 2022 and August 31, 2021, the total allowance for credit losses recorded for client receivables and contract assets was $25,895 and $32,206, respectively. The change in the allowance is primarily due to immaterial write-offs and changes in gross client receivables and contract assets.
Investments
All available-for-sale securities and liquid investments with an original maturity greater than three months but less than one year are considered to be Short-term investments. Non-current investments consist of equity securities in publicly-traded and privately-held companies and are accounted for using either the equity or fair value measurement alternative method of accounting (for investments without readily determinable fair values).
Our non-current investments are as follows:
May 31, 2022August 31, 2021
Equity method investments$172,512 $184,157 
Investments without readily determinable fair values158,991 145,369 
Total non-current investments$331,503 $329,526 
For investments in which we can exercise significant influence but do not control, we use the equity method of accounting. Equity method investments are initially recorded at cost and our proportionate share of gains and losses of the investee are included as a component of Other income (expense), net. Our equity method investments consist primarily of an investment in Duck Creek Technologies. As of May 31, 2022, the carrying amount of our investment was $148,140, and the estimated fair value of our approximately 16% ownership was $340,426. We account for the investment under the equity method because we have the ability to influence operations through the combination of our voting power and through other factors, such as representation on the board and our business relationship.






Notes To Consolidated Financial Statements
(In thousands of U.S. dollars, except share and per share amounts or as otherwise disclosed)
ACCENTURE FORM 10-Q
12
Depreciation and Amortization
As of May 31, 2022 and August 31, 2021, total accumulated depreciation was $2,625,468 and $2,412,449, respectively. See table below for summary of depreciation on fixed assets, deferred transition amortization, intangible assets amortization and operating lease cost for the three and nine months ended May 31, 2022, respectively.
 Three Months EndedNine Months Ended
 May 31, 2022May 31, 2021 (1)May 31, 2022May 31, 2021 (1)
Depreciation$150,272 $124,502 $438,937 $377,910 
Amortization - Deferred transition68,420 65,417 203,957 228,390 
Amortization - Intangible assets109,855 93,980 328,228 234,933 
Operating lease cost193,209 193,763 576,320 559,712 
Other2,430 1,324 5,869 4,016 
Total depreciation, amortization and other$524,186 $478,986 $1,553,311 $1,404,961 
(1)Prior period amounts have been reclassified to conform with the current period presentation.
Recently Adopted Accounting Pronouncements
Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. 2021-08 ("Topic 805")
On September 1, 2021, we early adopted FASB ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires an acquirer to recognize and measure contract assets and liabilities acquired in a business combination in accordance with Revenue from Contracts with Customers (Topic 606) rather than adjust them to fair value at the acquisition date. The adoption did not have a material impact on our Consolidated Financial Statements.


















Notes To Consolidated Financial Statements
(In thousands of U.S. dollars, except share and per share amounts or as otherwise disclosed)
ACCENTURE FORM 10-Q
13
2. Revenues
Disaggregation of Revenue
See Note 11 (Segment Reporting) to these Consolidated Financial Statements for our disaggregated revenues.
Remaining Performance Obligations
We had remaining performance obligations of approximately $24 billion and $23 billion as of May 31, 2022 and August 31, 2021, respectively. Our remaining performance obligations represent the amount of transaction price for which work has not been performed and revenue has not been recognized. The majority of our contracts are terminable by the client on short notice with little or no termination penalties, and some without notice. Under Topic 606, only the non-cancelable portion of these contracts is included in our performance obligations. Additionally, our performance obligations only include variable consideration if we assess it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty is resolved. Based on the terms of our contracts, a significant portion of what we consider contract bookings is not included in our remaining performance obligations. We expect to recognize approximately 40% of our remaining performance obligations as of May 31, 2022 as revenue in fiscal 2022, an additional 36% in fiscal 2023, and the balance thereafter.
Contract Estimates
Adjustments in contract estimates related to performance obligations satisfied or partially satisfied in prior periods were immaterial for the three and nine months ended May 31, 2022 and 2021, respectively.
Contract Balances
Deferred transition revenues were $733,982 and $700,080 as of May 31, 2022 and August 31, 2021, respectively, and are included in Non-current deferred revenues. Costs related to these activities are also deferred and are expensed as the services are provided. Deferred transition costs were $826,042 and $731,445 as of May 31, 2022 and August 31, 2021, respectively, and are included in Deferred contract costs. Generally, deferred amounts are protected in the event of early termination of the contract and are monitored regularly for impairment. Impairment losses are recorded when projected remaining undiscounted operating cash flows of the related contract are not sufficient to recover the carrying amount of contract assets.
The following table provides information about the balances of our Receivables and Contract assets, net of allowance, and Contract liabilities (Deferred revenues):