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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, 2024
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to            
Commission File Number: 001-34448
acn-20200831_g1.gif
Accenture plc
(Exact name of registrant as specified in its charter)
Ireland98-0627530
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
1 Grand Canal Square,
Grand Canal Harbour,
Dublin 2, Ireland
(Address of principal executive offices)
(353) (1646-2000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A ordinary shares, par value $0.0000225 per shareACNNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filer
Smaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ☑
The number of shares of the registrant’s Class A ordinary shares, par value $0.0000225 per share, outstanding as of June 6, 2024 was 671,956,882 (which number includes 45,572,471 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 6, 2024 was 308,754.



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


Consolidated Financial Statements
(In thousands of U.S. dollars, except share and per share amounts)
ACCENTURE FORM 10-Q
3


Part I — Financial Information
Item 1. Financial Statements
Consolidated Balance Sheets
May 31, 2024 and August 31, 2023
May 31, 2024August 31, 2023
ASSETS(Unaudited)
CURRENT ASSETS:
Cash and cash equivalents$5,537,217 $9,045,032 
Short-term investments4,878 4,575 
Receivables and contract assets13,199,388 12,227,186 
Other current assets2,333,935 2,105,138 
Total current assets21,075,418 23,381,931 
NON-CURRENT ASSETS:
Contract assets119,281 106,994 
Investments231,281 197,443 
Property and equipment, net1,451,599 1,530,007 
Lease assets2,587,408 2,637,479 
Goodwill19,842,707 15,573,003 
Deferred contract costs834,045 851,972 
Deferred tax assets4,074,545 4,154,878 
Intangibles2,749,965 2,072,957 
Other non-current assets1,175,070 738,641 
Total non-current assets33,065,901 27,863,374 
TOTAL ASSETS$54,141,319 $51,245,305 
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt and bank borrowings$1,610,025 $104,810 
Accounts payable2,251,330 2,491,173 
Deferred revenues5,299,334 4,907,152 
Accrued payroll and related benefits6,416,460 7,506,030 
Income taxes payable557,561 720,778 
Lease liabilities680,484 690,417 
Other accrued liabilities1,392,559 1,588,678 
Total current liabilities18,207,753 18,009,038 
NON-CURRENT LIABILITIES:
Long-term debt68,878 43,093 
Deferred revenues621,251 653,954 
Retirement obligation1,629,907 1,595,638 
Deferred tax liabilities516,745 395,280 
Income taxes payable1,389,233 1,313,971 
Lease liabilities2,242,156 2,310,714 
Other non-current liabilities845,654 465,024 
Total non-current liabilities7,313,824 6,777,674 
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY:
Ordinary shares, par value 1.00 euros per share, 40,000 shares authorized and issued as of May 31, 2024 and August 31, 2023
57 57 
Class A ordinary shares, par value $0.0000225 per share, 20,000,000,000 shares authorized, 671,948,015 and 664,616,285 shares issued as of May 31, 2024 and August 31, 2023, respectively
15 15 
Class X ordinary shares, par value $0.0000225 per share, 1,000,000,000 shares authorized, 308,754 and 325,438 shares issued and outstanding as of May 31, 2024 and August 31, 2023, respectively
  
Restricted share units2,242,122 2,403,374 
Additional paid-in capital15,013,157 12,778,782 
Treasury shares, at cost: Ordinary, 40,000 shares as of May 31, 2024 and August 31, 2023; Class A ordinary, 45,326,443 and 36,351,137 shares as of May 31, 2024 and August 31, 2023, respectively
(9,997,842)(7,062,512)
Retained earnings22,242,224 19,316,224 
Accumulated other comprehensive loss(1,755,244)(1,743,101)
Total Accenture plc shareholders’ equity27,744,489 25,692,839 
Noncontrolling interests875,253 765,754 
Total shareholders’ equity28,619,742 26,458,593 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$54,141,319 $51,245,305 
The accompanying Notes are an integral part of these Consolidated Financial Statements.


Consolidated Financial Statements
(In thousands of U.S. dollars, except share and per share amounts)
ACCENTURE FORM 10-Q
4


Consolidated Income Statements
For the Three and Nine Months Ended May 31, 2024 and 2023
(Unaudited)
Three Months EndedNine Months Ended
May 31, 2024May 31, 2023May 31, 2024May 31, 2023
REVENUES:
Revenues $16,466,828 $16,564,585 $48,490,645 $48,126,545 
OPERATING EXPENSES:
Cost of services 10,968,377 11,035,515 32,665,784 32,576,567 
Sales and marketing 1,750,366 1,738,621 5,091,442 4,852,207 
General and administrative costs 1,039,800 1,084,288 3,158,747 3,209,539 
Business optimization costs77,420 346,873 332,493 591,263 
Total operating expenses13,835,963 14,205,297 41,248,466 41,229,576 
OPERATING INCOME2,630,865 2,359,288 7,242,179 6,896,969 
Interest income53,690 81,818 220,939 176,782 
Interest expense(11,334)(11,208)(36,134)(30,122)
Other income (expense), net (18,851)201,783 (60,222)136,576 
INCOME BEFORE INCOME TAXES2,654,370 2,631,681 7,366,762 7,180,205 
Income tax expense673,022 583,346 1,666,231 1,584,887 
NET INCOME1,981,348 2,048,335 5,700,531 5,595,318 
Net income attributable to noncontrolling interests in Accenture Canada Holdings Inc.(1,901)(2,101)(5,592)(5,790)
Net income attributable to noncontrolling interests – other(47,264)(36,238)(114,453)(90,934)
NET INCOME ATTRIBUTABLE TO ACCENTURE PLC$1,932,183 $2,009,996 $5,580,486 $5,498,594 
Weighted average Class A ordinary shares:
Basic628,353,267 631,535,162 628,437,255 630,826,230 
Diluted635,607,597 638,743,434 636,611,310 638,404,751 
Earnings per Class A ordinary share:
Basic$3.07 $3.18 $8.88 $8.72 
Diluted$3.04 $3.15 $8.77 $8.62 
Cash dividends per share$1.29 $1.12 $3.87 $3.36 
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, 2024 and 2023
(Unaudited)
Three Months EndedNine Months Ended
May 31, 2024May 31, 2023May 31, 2024May 31, 2023
NET INCOME$1,981,348 $2,048,335 $5,700,531 $5,595,318 
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Foreign currency translation(55,682)13,252 (79,263)210,045 
Defined benefit plans4,876 6,722 46,506 104,941 
Cash flow hedges(47,298)23,373 20,614 (25,567)
OTHER COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ACCENTURE PLC(98,104)43,347 (12,143)289,419 
Other comprehensive income (loss) attributable to noncontrolling interests(2,273)827 (2,645)6,165 
COMPREHENSIVE INCOME$1,880,971 $2,092,509 $5,685,743 $5,890,902 
COMPREHENSIVE INCOME ATTRIBUTABLE TO ACCENTURE PLC$1,834,079 $2,053,343 $5,568,343 $5,788,013 
Comprehensive income attributable to noncontrolling interests46,892 39,166 117,400 102,889 
COMPREHENSIVE INCOME$1,880,971 $2,092,509 $5,685,743 $5,890,902 
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, 2024
(Unaudited)
 Ordinary
Shares
Class A
Ordinary
Shares
Class X
Ordinary
Shares
Restricted
Share
Units
Additional
Paid-in
Capital
Treasury SharesRetained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Accenture plc
Shareholders’
Equity
Noncontrolling
Interests
Total
Shareholders’
Equity
 $No.
Shares
$No.
Shares
$No.
Shares
$No.
Shares
Balance as of February 29, 2024$57 40 $15 670,405 $ 315 $1,863,338 $14,555,758 $(8,790,812)(41,617)$21,151,637 $(1,657,140)$27,122,853 $833,571 $27,956,424 
Net income1,932,183 1,932,183 49,165 1,981,348 
Other comprehensive income (loss)(98,104)(98,104)(2,273)(100,377)
Purchases of Class A shares1,153 (1,374,593)(4,289)(1,373,440)(1,153)(1,374,593)
Share-based compensation expense411,120 62,811 473,931 473,931 
Purchases/redemptions of Accenture Canada Holdings Inc. exchangeable shares and Class X shares(6)(8,649)(8,649)(8,649)
Issuances of Class A shares for employee share programs1,543 (62,289)400,310 167,563 540 (1,474)504,110 406 504,516 
Dividends29,953 (840,122)(810,169)(807)(810,976)
Other, net1,774 1,774 (3,656)(1,882)
Balance as of May 31, 2024$57 40 $15 671,948 $ 309 $2,242,122 $15,013,157 $(9,997,842)(45,366)$22,242,224 $(1,755,244)$27,744,489 $875,253 $28,619,742 
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, 2023
(Unaudited)
 Ordinary
Shares
Class A
Ordinary
Shares
Class X
Ordinary
Shares
Restricted
Share
Units
Additional
Paid-in
Capital
Treasury SharesRetained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Accenture plc
Shareholders’
Equity
Noncontrolling
Interests
Total
Shareholders’
Equity
 $No.
Shares
$No.
Shares
$No.
Shares
$No.
Shares
Balance as of February 28, 2023$57 40 $15 662,406 $ 339 $1,636,155 $12,163,671 $(5,593,010)(31,181)$17,500,001 $(1,944,270)$23,762,619 $694,659 $24,457,278 
Net income2,009,996 2,009,996 38,339 2,048,335 
Other comprehensive income (loss)43,347 43,347 827 44,174 
Purchases of Class A shares703 (787,299)(2,815)(786,596)(703)(787,299)
Share-based compensation expense406,504 66,191 472,695 472,695 
Purchases/redemptions of Accenture Canada Holdings Inc. exchangeable shares and Class X shares(4)(1,638)(1,638)(1,638)
Issuances of Class A shares for employee share programs1,719 (40,094)406,315 253,188 632 (82,866)536,543 473 537,016 
Dividends28,011 (735,013)(707,002)(740)(707,742)
Other, net2,467 2,467 (3,357)(890)
Balance as of May 31, 2023$57 40 $15 664,125 $ 335 $2,030,576 $12,637,709 $(6,127,121)(33,364)$18,692,118 $(1,900,923)$25,332,431 $729,498 $26,061,929 
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, 2024
(Unaudited)
Ordinary
Shares
Class A
Ordinary
Shares
Class X
Ordinary
Shares
Restricted
Share
Units
Additional
Paid-in
Capital
Treasury SharesRetained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Accenture plc
Shareholders’
Equity
Noncontrolling
Interests
Total
Shareholders’
Equity
$No.
Shares
$No.
Shares
$No.
Shares
$No.
Shares
Balance as of August 31, 2023$57 40 $15 664,616 $ 325 $2,403,374 $12,778,782 $(7,062,512)(36,391)$19,316,224 $(1,743,101)$25,692,839 $765,754 $26,458,593 
Net income5,580,486 5,580,486 120,045 5,700,531 
Other comprehensive income (loss)(12,143)(12,143)(2,645)(14,788)
Purchases of Class A shares3,356 (3,881,294)(11,841)(3,877,938)(3,356)(3,881,294)
Share-based compensation expense1,418,702 120,100 1,538,802 1,538,802 
Purchases/redemptions of Accenture Canada Holdings Inc. exchangeable shares and Class X shares(16)(14,922)(14,922)(14,922)
Issuances of Class A shares for employee share programs7,332 (1,677,033)2,123,575 945,964 2,866 (126,247)1,266,259 1,064 1,267,323 
Dividends97,079 (2,528,239)(2,431,160)(2,450)(2,433,610)
Other, net2,266 2,266 (3,159)(893)
Balance as of May 31, 2024$57 40 $15 671,948 $ 309 $2,242,122 $15,013,157 $(9,997,842)(45,366)$22,242,224 $(1,755,244)$27,744,489 $875,253 $28,619,742 
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, 2023
(Unaudited)
Ordinary
Shares
Class A
Ordinary
Shares
Class X
Ordinary
Shares
Restricted
Share
Units
Additional
Paid-in
Capital
Treasury SharesRetained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Accenture plc
Shareholders’
Equity
Noncontrolling
Interests
Total
Shareholders’
Equity
$No.
Shares
$No.
Shares
$No.
Shares
$No.
Shares
Balance as of August 31, 2022$57 40 $15 664,561 $ 501 $2,091,382 $10,679,180 $(6,678,037)(33,434)$18,203,842 $(2,190,342)$22,106,097 $640,991 $22,747,088 
Net income5,498,594 5,498,594 96,724 5,595,318 
Other comprehensive income (loss)289,419 289,419 6,165 295,584 
Purchases of Class A shares3,021 (3,321,982)(12,110)(3,318,961)(3,021)(3,321,982)
Cancellation of treasury shares(8,828)(175,701)2,595,281 8,828 (2,419,580)— — 
Share-based compensation expense1,407,869 122,165 1,530,034 1,530,034 
Purchases/redemptions of Accenture Canada Holdings Inc. exchangeable shares and Class X shares(166)(3,868)(3,868)(3,868)
Issuances of Class A shares for employee share programs8,392 (1,553,088)2,006,131 1,277,617 3,352 (387,229)1,343,431 1,206 1,344,637 
Dividends84,413 (2,203,509)(2,119,096)(2,235)(2,121,331)
Other, net6,781 6,781 (10,332)(3,551)
Balance as of May 31, 2023$57 40 $15 664,125 $ 335 $2,030,576 $12,637,709 $(6,127,121)(33,364)$18,692,118 $(1,900,923)$25,332,431 $729,498 $26,061,929 
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, 2024 and 2023
(Unaudited)
May 31, 2024May 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$5,700,531 $5,595,318 
Adjustments to reconcile Net income to Net cash provided by (used in) operating activities —
Depreciation, amortization and other1,571,633 1,639,804 
Share-based compensation expense1,538,802 1,530,034 
Deferred tax expense (benefit)77,743 (136,237)
Other, net(224,203)(228,922)
Change in assets and liabilities, net of acquisitions —
Receivables and contract assets, current and non-current(587,215)(410,214)
Other current and non-current assets(893,908)(588,958)
Accounts payable(348,143)(242,633)
Deferred revenues, current and non-current312,882 381,121 
Accrued payroll and related benefits(1,110,890)(1,064,577)
Income taxes payable, current and non-current(91,471)57,745 
Other current and non-current liabilities(204,165)(417,601)
Net cash provided by (used in) operating activities5,741,596 6,114,880 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment(302,873)(347,878)
Purchases of businesses and investments, net of cash acquired(5,239,180)(1,334,007)
Proceeds from the sale of businesses and investments20,905 418,113 
Other investing, net6,504 8,392 
Net cash provided by (used in) investing activities(5,514,644)(1,255,380)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of shares1,267,323 1,344,637 
Purchases of shares(3,896,216)(3,325,850)
Proceeds from debt1,599,033  
Repayments of debt(100,000) 
Cash dividends paid(2,433,610)(2,121,331)
Other financing, net(71,088)(62,481)
Net cash provided by (used in) financing activities(3,634,558)(4,165,025)
Effect of exchange rate changes on cash and cash equivalents(100,209)(48,862)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS(3,507,815)645,613 
CASH AND CASH EQUIVALENTS, beginning of period
9,045,032 7,889,833 
CASH AND CASH EQUIVALENTS, end of period
$5,537,217 $8,535,446 
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid, net$1,941,200 $1,774,337 
The accompanying Notes are an integral part of these Consolidated Financial Statements.




Notes To Consolidated Financial Statements
(In thousands of U.S. dollars, except share and per share amounts or as otherwise disclosed)
ACCENTURE FORM 10-Q
11

1. Basis of Presentation
The accompanying unaudited interim Consolidated Financial Statements of Accenture plc and its controlled subsidiary companies have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and do not include all of the information and note disclosures required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. We use the terms “Accenture,” “we” and “our” in the Notes to Consolidated Financial Statements to refer to Accenture plc and its subsidiaries. These Consolidated Financial Statements should therefore be read in conjunction with the Consolidated Financial Statements and Notes thereto for the fiscal year ended August 31, 2023 included in our Annual Report on Form 10-K filed with the SEC on October 12, 2023.
The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with U.S. GAAP, which requires management to make estimates and assumptions that affect amounts reported in the Consolidated Financial Statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that we may undertake in the future, actual results may differ from those estimates. The Consolidated Financial Statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for a fair presentation of results for these interim periods. The results of operations for the three and nine months ended May 31, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending August 31, 2024.
Allowance for Credit Losses—Client Receivables and Contract Assets
As of May 31, 2024 and August 31, 2023, the total allowance for credit losses recorded for client receivables and contract assets was $25,155 and $26,343, respectively. The change in the allowance is primarily due to immaterial write-offs and changes in gross client receivables and contract assets.
Investments
All available-for-sale securities and liquid investments with an original maturity greater than three months but less than one year are considered to be Short-term investments. Non-current investments consist of equity securities in publicly-traded and privately-held companies and are accounted for using either the equity or fair value measurement alternative method of accounting (for investments without readily determinable fair values).
Our non-current investments are as follows:
May 31, 2024August 31, 2023
Equity method investments$22,202 $23,985 
Investments without readily determinable fair values209,079 173,458 
Total non-current investments$231,281 $197,443 
For investments in which we can exercise significant influence but do not control, we use the equity method of accounting. Equity method investments are initially recorded at cost and our proportionate share of gains and losses of the investee are included as a component of Other income (expense), net.









Notes To Consolidated Financial Statements
(In thousands of U.S. dollars, except share and per share amounts or as otherwise disclosed)
ACCENTURE FORM 10-Q
12

Depreciation and Amortization
As of May 31, 2024 and August 31, 2023, total accumulated depreciation was $2,797,314 and $2,574,685, respectively. See table below for a summary of depreciation on fixed assets, deferred transition amortization, intangible assets amortization and operating lease cost for the three and nine months ended May 31, 2024 and 2023, respectively.
 Three Months EndedNine Months Ended
 May 31, 2024May 31, 2023May 31, 2024May 31, 2023
Depreciation$138,132 $165,053 $406,374 $446,844 
Amortization - Deferred transition74,196 91,480 265,552 247,080 
Amortization - Intangible assets133,097 101,814 364,353 331,095 
Operating lease cost172,293 240,601 520,522 605,329 
Other3,587 2,151 14,832 9,456 
Total depreciation, amortization and other$521,305 $601,099 $1,571,633 $1,639,804 
Business Optimization
During the second quarter of fiscal 2023, we initiated actions to streamline our operations, transform our non-billable corporate functions and consolidate our office space to reduce costs. We recorded $1.1 billion in fiscal 2023 related to these actions and expect to record approximately $450 million in fiscal 2024 for a total of $1.5 billion, primarily related to employee severance. The actual amount and timing of severance and other personnel costs are dependent in part upon local country consultation processes and regulations and may differ from our current expectations and estimates.
Total business optimization costs by reportable operating segment for the three and nine months ended May 31, 2024 and 2023, respectively, were as follows:
Three Months EndedNine Months Ended
May 31, 2024May 31, 2023May 31, 2024May 31, 2023
North America$(3,677)$96,349 $46,941 $273,329 
EMEA (1)74,937 167,205 231,302 208,165 
Growth Markets (1)6,160 83,319 54,250 109,769 
Total business optimization costs$77,420 $346,873 $332,493 $591,263 
(1)Effective September 1, 2023, we revised the reporting of our geographic markets for the movement of our Middle East and Africa market units from Growth Markets to Europe, and the Europe market is now referred to as our EMEA (Europe, Middle East and Africa) geographic market. Prior period amounts have been reclassified to conform with the current period presentation.
New Accounting Pronouncements
On November 27, 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Improvements to Reportable Segment Disclosures, which requires entities to enhance disclosures regarding their segments, including significant segment expenses. The ASU will be effective beginning with our annual fiscal 2025 financial statements and requires a retrospective method upon adoption. We are currently evaluating the impact of this standard on our segment disclosures.
On December 14, 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. The ASU will be effective beginning with our annual fiscal 2026 financial statements and allows for adoption on a prospective basis, with a retrospective option. We are in the process of assessing the impacts and method of adoption. This ASU will impact our income tax disclosures, but not our Consolidated Financial Statements.




Notes To Consolidated Financial Statements
(In thousands of U.S. dollars, except share and per share amounts or as otherwise disclosed)
ACCENTURE FORM 10-Q
13

2. Revenues
Disaggregation of Revenue
See Note 12 (Segment Reporting) to these Consolidated Financial Statements for our disaggregated revenues.
Remaining Performance Obligations
We had remaining performance obligations of approximately $29 billion and $26 billion as of May 31, 2024 and August 31, 2023, respectively. Our remaining performance obligations represent the amount of transaction price for which work has not been performed and revenue has not been recognized. The majority of our contracts are terminable by the client on short notice with little or no termination penalties, and some without notice. Under Topic 606, only the non-cancelable portion of these contracts is included in our performance obligations. Additionally, our performance obligations only include variable consideration if we assess it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty is resolved. Based on the terms of our contracts, a significant portion of what we consider contract bookings is not included in our remaining performance obligations. We expect to recognize approximately 35% of our remaining performance obligations as of May 31, 2024 as revenue in fiscal 2024, an additional 37% in fiscal 2025, and the balance thereafter.
Contract Estimates
Adjustments in contract estimates related to performance obligations satisfied or partially satisfied in prior periods were immaterial for the three and nine months ended May 31, 2024 and 2023.
Contract Balances
Deferred transition revenues were $621,251 and $653,954 as of May 31, 2024 and August 31, 2023, respectively, and are included in Non-current deferred revenues. Costs related to these activities are also deferred and are expensed as the services are provided. Deferred transition costs were $834,045 and $851,972 as of May 31, 2024 and August 31, 2023, respectively, and are included in Deferred contract costs. Generally, deferred transition costs are recoverable under the contract in the event of early termination and are monitored regularly for impairment. Impairment losses are recorded when projected remaining undiscounted operating cash flows of the related contract are not sufficient to recover the carrying amount of contract assets.
The following table provides information about the balances of our Receivables and Contract assets, net of allowance, and Contract liabilities (Deferred revenues):
As of May 31, 2024As of August 31, 2023
Receivables$11,336,441 $10,690,713 
Contract assets (current)1,862,947 1,536,473 
Receivables and contract assets, net of allowance (current)13,199,388 12,227,186 
Contract assets (non-current)119,281 106,994 
Deferred revenues (current)5,299,334 4,907,152 
Deferred revenues (non-current)621,251 653,954 
Changes in the contract asset and liability balances during the nine months ended May 31, 2024 were a result of normal business activity and not materially impacted by any other factors.
Revenues recognized during the three and nine months ended May 31, 2024 that were included in Deferred revenues as of February 29, 2024 and August 31, 2023 were $2.6 billion and $3.9 billion, respectively. Revenues recognized during the three and nine months ended May 31, 2023 that were included in Deferred revenues as of February 28, 2023 and August 31, 2022 were $2.7 billion and $3.7 billion, respectively.


Notes To Consolidated Financial Statements
(In thousands of U.S. dollars, except share and per share amounts or as otherwise disclosed)
ACCENTURE FORM 10-Q
14

3. Earnings Per Share
Basic and diluted earnings per share are calculated as follows:
 Three Months EndedNine Months Ended
 May 31, 2024May 31, 2023May 31, 2024May 31, 2023
Basic earnings per share
Net income attributable to Accenture plc$1,932,183 $2,009,996 $5,580,486 $5,498,594 
Basic weighted average Class A ordinary shares628,353,267 631,535,162 628,437,255 630,826,230 
Basic earnings per share$3.07 $3.18 $8.88 $8.72 
Diluted earnings per share
Net income attributable to Accenture plc$1,932,183 $2,009,996 $5,580,486 $5,498,594 
Net income attributable to noncontrolling interests in Accenture Canada Holdings Inc. (1)1,901 2,101 5,592 5,790 
Net income for diluted earnings per share calculation$1,934,084 $2,012,097 $5,586,078 $5,504,384 
Basic weighted average Class A ordinary shares628,353,267 631,535,162 628,437,255 630,826,230 
Class A ordinary shares issuable upon redemption/exchange of noncontrolling interests (1)618,083 660,083 629,556 664,324 
Diluted effect of employee compensation related to Class A ordinary shares6,539,124 6,505,805 7,293,668 6,830,076 
Diluted effect of share purchase plans related to Class A ordinary shares97,123 42,384 250,831 84,121 
Diluted weighted average Class A ordinary shares (2)635,607,597 638,743,434 636,611,310 638,404,751 
Diluted earnings per share$3.04 $3.15 $8.77 $8.62 
(1)Diluted earnings per share assumes the exchange of all Accenture Canada Holdings Inc. exchangeable shares for Accenture plc Class A ordinary shares on a one-for-one basis. The income effect does not take into account “Net income attributable to noncontrolling interests - other,” since those shares are not redeemable or exchangeable for Accenture plc Class A ordinary shares.
(2)The weighted average diluted shares outstanding for the calculation of diluted earnings per share excludes an immaterial amount of shares issuable upon the vesting of restricted stock units because their effects were antidilutive.


Notes To Consolidated Financial Statements
(In thousands of U.S. dollars, except share and per share amounts or as otherwise disclosed)
ACCENTURE FORM 10-Q
15

4. Accumulated Other Comprehensive Loss
The following table summarizes the changes in the accumulated balances for each component of accumulated other comprehensive loss attributable to Accenture plc:
Three Months EndedNine Months Ended
May 31, 2024May 31, 2023May 31, 2024May 31, 2023
Foreign currency translation
    Beginning balance$(1,534,213)$(1,655,527)$(1,510,632)$(1,852,320)
             Foreign currency translation(59,999)12,897 (85,286)217,607 
             Income tax benefit (expense) 2,088 1,152 3,314 (1,479)
             Portion attributable to noncontrolling interests2,229 (797)2,709 (6,083)
             Foreign currency translation, net of tax(55,682)13,252 (79,263)210,045 
    Ending balance(1,589,895)(1,642,275)(1,589,895)(1,642,275)
Defined benefit plans
    Beginning balance(184,873)(250,552)(226,503)(348,771)
             Reclassifications into net periodic pension and
             post-retirement expense
6,529 8,712 57,337 143,602 
             Income tax benefit (expense)(1,650)(1,984)(10,787)(38,552)
             Portion attributable to noncontrolling interests(3)(6)(44)(109)
             Defined benefit plans, net of tax4,876 6,722 46,506 104,941 
    Ending balance(179,997)(243,830)(179,997)(243,830)
Cash flow hedges
    Beginning balance61,946 (38,191)(5,966)10,749 
             Unrealized gain (loss) (47,583)25,722 49,792 (66,994)
             Reclassification adjustments into Cost of services(10,163)4,115 (25,609)24,721 
             Income tax benefit (expense) 10,401 (6,440)(3,549)16,679 
             Portion attributable to noncontrolling interests47 (24)(20)27 
             Cash flow hedges, net of tax(47,298)23,373 20,614 (25,567)
    Ending balance (1)14,648 (14,818)14,648 (14,818)
Accumulated other comprehensive loss$(1,755,244)$(1,900,923)$(1,755,244)$(1,900,923)
(1)As of May 31, 2024, $25,093 of net unrealized gains related to derivatives designated as cash flow hedges is expected to be reclassified into Cost of services in the next twelve months.


Notes To Consolidated Financial Statements
(In thousands of U.S. dollars, except share and per share amounts or as otherwise disclosed)
ACCENTURE FORM 10-Q
16

5. Business Combinations
During the nine months ended May 31, 2024, we completed individually immaterial acquisitions for total consideration of $5,229,853, net of cash acquired. The pro forma effects of these acquisitions on our operations were not material.
6. Goodwill and Intangible Assets
Goodwill
The changes in the carrying amount of goodwill by reportable operating segment are as follows:
August 31,
2023
Additions/
Adjustments
Foreign
Currency
Translation
May 31, 2024
North America$8,876,050 $2,587,017 $(1,757)$11,461,310 
EMEA (1)5,152,149 1,536,517 (30,099)6,658,567 
Growth Markets (1)1,544,804 207,147 (29,121)1,722,830 
Total$15,573,003 $4,330,681 $(60,977)$19,842,707 
(1)Effective September 1, 2023, we revised the reporting of our geographic markets for the movement of our Middle East and Africa market units from Growth Markets to Europe, and the Europe market is now referred to as our EMEA (Europe, Middle East and Africa) geographic market. Prior period amounts have been reclassified to conform with the current period presentation.
Goodwill includes immaterial adjustments related to prior period acquisitions.
Intangible Assets
Our definite-lived intangible assets by major asset class are as follows:
August 31, 2023May 31, 2024
Intangible Asset ClassGross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Customer-related$2,842,257 $(999,604)$1,842,653 $3,668,580 $(1,216,991)$2,451,589 
Technology289,989 (141,022)148,967 328,317 (177,196)151,121 
Patents123,579 (70,472)53,107 121,361 (71,860)49,501 
Other65,138 (36,908)28,230 132,991 (35,237)97,754 
Total$3,320,963 $(1,248,006)$2,072,957 $4,251,249 $(1,501,284)$2,749,965 
Total amortization related to our intangible assets was $133,097 and $364,353 for the three and nine months ended May 31, 2024, respectively. Total amortization related to our intangible assets was $101,814 and $331,095 for the three and nine months ended May 31, 2023, respectively. Estimated future amortization related to intangible assets held as of May 31, 2024 is as follows:
Fiscal YearEstimated Amortization
Remainder of 2024$147,127 
2025563,055 
2026504,392 
2027434,977 
2028407,243 
Thereafter693,171 
Total$2,749,965 



Notes To Consolidated Financial Statements
(In thousands of U.S. dollars, except share and per share amounts or as otherwise disclosed)
ACCENTURE FORM 10-Q
17

7. Shareholders’ Equity
Dividends
Our dividend activity during the nine months ended May 31, 2024 is as follows:
 Dividend Per
Share
Accenture plc Class A
Ordinary Shares
Accenture Canada Holdings
Inc. Exchangeable Shares
Total Cash
Outlay
Dividend Payment DateRecord DateCash OutlayRecord DateCash Outlay
November 15, 2023$1.29 October 12, 2023$809,225 October 10, 2023$831 $810,056 
February 15, 20241.29 January 18, 2024811,766 January 16, 2024812 812,578 
May 15, 20241.29 April 11, 2024810,169 April 9, 2024807 810,976 
Total Dividends$2,431,160 $2,450 $2,433,610 
The payment of cash dividends includes the net effect of $97,079 of additional restricted stock units being issued as a part of our share plans, which resulted in 290,133 restricted share units being issued.
Subsequent Event
On June 19, 2024, the Board of Directors of Accenture plc declared a quarterly cash dividend of $1.29 per share on our Class A ordinary shares for shareholders of record at the close of business on July 11, 2024 payable on August 15, 2024.



Notes To Consolidated Financial Statements
(In thousands of U.S. dollars, except share and per share amounts or as otherwise disclosed)
ACCENTURE FORM 10-Q
18

8. Financial Instruments
Derivatives
In the normal course of business, we use derivative financial instruments to manage foreign currency exchange rate risk. Our derivative financial instruments consist of deliverable and non-deliverable foreign currency forward contracts.
Cash Flow Hedges
For a cash flow hedge, the effective portion of the change in estimated fair value of a hedging instrument is recorded in Accumulated other comprehensive loss as a separate component of Shareholders’ Equity and is reclassified into Cost of services in the Consolidated Income Statements during the period in which the hedged transaction is recognized. For information related to derivatives designated as cash flow hedges that were reclassified into Cost of services during the three and nine months ended May 31, 2024 and 2023, as well as those expected to be reclassified into Cost of services in the next twelve months, see Note 4 (Accumulated Other Comprehensive Loss) to these Consolidated Financial Statements.
Other Derivatives
Realized gains or losses and changes in the estimated fair value of foreign currency forward contracts that have not been designated as hedges were net losses of $57,232 and $103,568 for the three and nine months ended May 31, 2024, respectively, and net losses of $72,091 and $94,351 for the three and nine months ended May 31, 2023, respectively. Gains and losses on these contracts are recorded in Other income (expense), net in the Consolidated Income Statements and are offset by gains and losses on the related hedged items.
Fair Value of Derivative Instruments
The notional and fair values of all derivative instruments are as follows:
May 31, 2024August 31, 2023
Assets
Cash Flow Hedges
Other current assets$59,171 $52,995 
Other non-current assets46,783 44,739 
Other Derivatives
Other current assets6,607 6,686 
Total assets$112,561 $104,420 
Liabilities
Cash Flow Hedges
Other accrued liabilities$34,078 $50,020 
Other non-current liabilities