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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 September 30, 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 No. 000-17948
ELECTRONIC ARTS INC.
(Exact name of registrant as specified in its charter)
Delaware94-2838567
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
209 Redwood Shores Parkway
94065
Redwood CityCalifornia
(Address of principal executive offices)(Zip Code)
(650) 628-1500
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class  Trading SymbolName of Each Exchange on Which Registered
Common Stock, $0.01 par value  EANASDAQ Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☑    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☑    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☑
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange
Act. ☐  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐  No  ☑
As of October 30, 2024, there were 262,272,821 shares of the Registrant’s Common Stock, par value $0.01 per share, outstanding.
1

ELECTRONIC ARTS INC.
FORM 10-Q
FOR THE PERIOD ENDED SEPTEMBER 30, 2024
Table of Contents
 
  Page
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
2

PART I – FINANCIAL INFORMATION

Item 1.Condensed Consolidated Financial Statements (Unaudited)

ELECTRONIC ARTS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In millions, except par value data)		September 30, 2024
March 31, 2024 (a)
ASSETS
Current assets:
Cash and cash equivalents$2,197 $2,900 
Short-term investments366 362 
Receivables, net 1,012 565 
Other current assets397 420 
Total current assets3,972 4,247 
Property and equipment, net578 578 
Goodwill5,381 5,379 
Acquisition-related intangibles, net346 400 
Deferred income taxes, net2,431 2,380 
Other assets428 436 
TOTAL ASSETS$13,136 $13,420 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable, accrued, and other current liabilities$1,312 $1,276 
Deferred net revenue (online-enabled games)1,475 1,814 
Total current liabilities2,787 3,090 
Senior notes, net1,883 1,882 
Income tax obligations552 497 
Other liabilities506 438 
Total liabilities5,728 5,907 
Commitments and contingencies (See Note 12)
Stockholders’ equity:
Common stock, $0.01 par value. 1,000 shares authorized; 263 and 266 shares issued and outstanding, respectively
3 3 
Additional paid-in capital— — 
Retained earnings7,520 7,582 
Accumulated other comprehensive income (loss)(115)(72)
Total stockholders’ equity7,408 7,513 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$13,136 $13,420 

See accompanying Notes to Condensed Consolidated Financial Statements (unaudited).
(a) Derived from audited Consolidated Financial Statements.
3

ELECTRONIC ARTS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)Three Months Ended
September 30,		Six Months Ended
September 30,
(In millions, except per share data)2024202320242023
Net revenue$2,025 $1,914 $3,685 $3,838 
Cost of revenue456 456 719 824 
Gross profit1,569 1,458 2,966 3,014 
Operating expenses:
Research and development648 602 1,277 1,198 
Marketing and sales272 280 477 509 
General and administrative197 173 377 336 
Amortization and impairment of intangibles17 24 34 49 
Restructuring (See Note 7)
51 2 53 3 
Total operating expenses1,185 1,081 2,218 2,095 
Operating income384 377 748 919 
Interest and other income (expense), net15 14 45 28 
Income before provision for (benefits from) income taxes399 391 793 947 
Provision for (benefits from) income taxes105 (8)219 146 
Net income$294 $399 $574 $801 
Earnings per share:
Basic$1.11 $1.47 $2.17 $2.94 
Diluted$1.11 $1.47 $2.15 $2.93 
Number of shares used in computation:
Basic264 271 265 272 
Diluted266 272 267 273 

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

4

ELECTRONIC ARTS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)Three Months Ended
September 30,		Six Months Ended
September 30,
(In millions)2024202320242023
Net income$294 $399 $574 $801 
Other comprehensive income (loss), net of tax:
Net gains (losses) on available-for-sale securities1 — 1 — 
Net gains (losses) on derivative instruments(72)56 (56)41 
Foreign currency translation adjustments16 (15)12 (8)
Total other comprehensive income (loss), net of tax(55)41 (43)33 
Total comprehensive income$239 $440 $531 $834 

See accompanying Notes to Condensed Consolidated Financial Statements (unaudited).
5

ELECTRONIC ARTS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
 Common Stock
Additional Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (loss)		Total
Stockholders’
Equity
(In millions, except share data in thousands)SharesAmount
Balances as of March 31, 2024
266,415 $3 $— $7,582 $(72)$7,513 
Total comprehensive income— — — 280 12 292 
Stock-based compensation— — 143 — — 143 
Issuance of common stock1,565 — (121)— — (121)
Common stock repurchases and excise tax(2,847)— (22)(355)— (377)
Cash dividends declared ($0.19 per common share)
— — — (50)— (50)
Balances as of June 30, 2024265,133 $3 $— $7,457 $(60)$7,400 
Total comprehensive income— — — 294 (55)239 
Stock-based compensation— — 174 — — 174 
Issuance of common stock602 — 24 — — 24 
Common stock repurchases and excise tax(2,587)— (198)(180)— (378)
Cash dividends declared ($0.19 per common share)
— — — (51)— (51)
Balances as of September 30, 2024263,148 $3 $— $7,520 $(115)$7,408 
(Unaudited)
 Common Stock
Additional Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (loss)		Total
Stockholders’
Equity
(In millions, except share data in thousands)SharesAmount
Balances as of March 31, 2023
272,914 $3 $— $7,357 $(67)$7,293 
Total comprehensive income— — — 402 (8)394 
Stock-based compensation— — 130 — — 130 
Issuance of common stock1,408 — (105)— — (105)
Common stock repurchases and excise tax(2,574)— (25)(301)— (326)
Cash dividends declared ($0.19 per common share)
— — — (52)— (52)
Balances as of June 30, 2023271,748 $3 $— $7,406 $(75)$7,334 
Total comprehensive income— — — 399 41 440 
Stock-based compensation— — 155 — — 155 
Issuance of common stock673 — 25 — — 25 
Common stock repurchases and excise tax(2,581)— (180)(148)— (328)
Cash dividends declared ($0.19 per common share)
— — — (51)— (51)
Balances as of September 30, 2023269,840 $3 $— $7,606 $(34)$7,575 

See accompanying Notes to Condensed Consolidated Financial Statements (unaudited).
6

ELECTRONIC ARTS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)Six Months Ended
September 30,
(In millions)20242023
OPERATING ACTIVITIES
Net income$574 $801 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, accretion and impairment202 173 
Stock-based compensation317 285 
Change in assets and liabilities:
Receivables, net(447)(367)
Other assets(20)74 
Accounts payable, accrued, and other liabilities117 (200)
Deferred income taxes, net(50)108 
Deferred net revenue (online-enabled games)(339)(403)
Net cash provided by operating activities354 471 
INVESTING ACTIVITIES
Capital expenditures(117)(96)
Proceeds from maturities and sales of short-term investments239 302 
Purchase of short-term investments(237)(313)
Net cash used in investing activities(115)(107)
FINANCING ACTIVITIES
Proceeds from issuance of common stock42 40 
Cash dividends paid(101)(103)
Cash paid to taxing authorities for shares withheld from employees(139)(120)
Common stock repurchases(750)(650)
Net cash used in financing activities(948)(833)
Effect of foreign exchange on cash and cash equivalents6 (9)
Increase (decrease) in cash and cash equivalents(703)(478)
Beginning cash and cash equivalents2,900 2,424 
Ending cash and cash equivalents$2,197 $1,946 
Supplemental cash flow information:
Cash paid during the period for income taxes, net$209 $56 
Cash paid during the period for interest28 28 

See accompanying Notes to Condensed Consolidated Financial Statements (unaudited).
7

ELECTRONIC ARTS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

(1) DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Electronic Arts is a global leader in digital interactive entertainment. We develop, market, publish and deliver games, content and services that can be experienced on game consoles, PCs, mobile phones and tablets. At our core is a portfolio of intellectual property from which we create innovative games and experiences that deliver high-quality entertainment and drive engagement across our network of hundreds of millions of unique active accounts. Our portfolio includes brands that we either wholly own (such as Apex Legends, Battlefield, and The Sims) or license from others (such as the licenses within EA SPORTS FC and EA SPORTS Madden NFL). Through our live services offerings, we offer high-quality experiences designed to provide value to players, and extend and enhance gameplay. These live services include extra content, subscription offerings and other revenue generated in addition to the sale of our full games. We are focusing on building games and experiences that grow the global online communities around our key franchises; deepening engagement through connecting interactive storytelling to key intellectual property; and building re-occurring revenue from scaling our live services and growth in our annualized sports titles, our console, PC and mobile catalog titles.
Our fiscal year is reported on a 52- or 53-week period that ends on the Saturday nearest March 31. Our results of operations for the fiscal year ending March 31, 2025 contains 52 weeks and ends on March 29, 2025. Our results of operations for the fiscal year ended March 31, 2024 contained 52 weeks and ended on March 30, 2024. Our results of operations for the three and six months ended September 30, 2024 contained 13 weeks and 26 weeks, respectively, and ended on September 28, 2024. Our results of operations for the three and six months ended September 30, 2023 contained 13 weeks and 26 weeks and ended on September 30, 2023. For simplicity of disclosure, all fiscal periods are referred to as ending on a calendar month end.
The Condensed Consolidated Financial Statements are unaudited and reflect all adjustments (consisting only of normal recurring accruals unless otherwise indicated) that, in the opinion of management, are necessary for a fair presentation of the results for the interim periods presented. The preparation of these Condensed Consolidated Financial Statements requires management to make estimates and assumptions that affect the amounts reported in these Condensed Consolidated Financial Statements and accompanying notes. Actual results could differ materially from those estimates. The results of operations for the current interim periods are not necessarily indicative of results to be expected for the current year or any other period.
These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2024, as filed with the United States Securities and Exchange Commission (“SEC”) on May 22, 2024.
Recently Issued Accounting Standards
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this update expand annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. This update is effective for our annual report for fiscal year 2025, and interim periods thereafter, with early adoption permitted, and will be applied retrospectively to all prior periods presented in the financial statements. We are currently evaluating the impact of this ASU on our Consolidated Financial Statements and related disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures. The amendments further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. This ASU is effective for our annual report for fiscal year 2026, with early adoption permitted, and should be applied either prospectively or retrospectively. We are currently evaluating the timing of adoption and impact of this ASU on our Consolidated Financial Statements and related disclosures.


8

(2) FAIR VALUE MEASUREMENTS
There are various valuation techniques used to estimate fair value, the primary one being the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining fair value, we consider the principal or most advantageous market in which we would transact and consider assumptions that market participants would use when pricing the asset or liability. We measure certain financial and nonfinancial assets and liabilities at fair value on a recurring and nonrecurring basis.
Fair Value Hierarchy
The three levels of inputs that may be used to measure fair value are as follows:
•Level 1. Quoted prices in active markets for identical assets or liabilities.
•Level 2. Observable inputs other than quoted prices included within Level 1, such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated with observable market data for substantially the full term of the assets or liabilities.
•Level 3. Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
As of September 30, 2024 and March 31, 2024, our assets and liabilities that were measured and recorded at fair value on a recurring basis were as follows (in millions):
  Fair Value Measurements at Reporting Date Using  
 
As of
September 30, 2024
Quoted Prices in
Active Markets 
for Identical
Financial
Instruments		Significant
Other
Observable
Inputs		Significant
Unobservable
Inputs		Balance Sheet 
Classification
 (Level 1)(Level 2)(Level 3)
Assets
Bank and time deposits$61 $61 $— $— Cash equivalents
Money market funds535 535 — — Cash equivalents
Available-for-sale securities:
Corporate bonds140 — 140 — Short-term investments
U.S. Treasury securities91 91 — — Short-term investments and cash equivalents
U.S. agency securities4 — 4 — Short-term investments
Commercial paper78 — 78 — Short-term investments and cash equivalents
Foreign government securities5 — 5 — Short-term investments
Asset-backed securities43 — 43 — Short-term investments
Certificates of deposit19 — 19 — Short-term investments
Foreign currency derivatives16 — 16 — Other current assets and other assets
Deferred compensation plan assets (a)
35 35 — — Other assets
Total assets at fair value$1,027 $722 $305 $— 
Liabilities
Foreign currency derivatives$73 $— $73 $— Accounts payable, accrued, and other current liabilities and other liabilities
Deferred compensation plan liabilities (a)
36 36 — — Other liabilities
Total liabilities at fair value$109 $36 $73 $— 
9

  Fair Value Measurements at Reporting Date Using 
 
As of
March 31, 2024
Quoted Prices in
Active Markets for Identical
Financial Instruments		Significant
Other
Observable
Inputs		Significant
Unobservable
Inputs		Balance Sheet 
Classification
 (Level 1)(Level 2)(Level 3)
Assets
Bank and time deposits$58 $58 $— $— Cash equivalents
Money market funds1,038 1,038 — — Cash equivalents
Available-for-sale securities:
Corporate bonds130 — 130 — Short-term investments
U.S. Treasury securities95 95 — — Short-term investments
U.S. agency securities9 — 9 — Short-term investments
Commercial paper74 — 74 — Short-term investments and cash equivalents
Foreign government securities8 — 8 — Short-term investments
Asset-backed securities41 — 41 — Short-term investments
Certificates of deposit 13 — 13 — Short-term investments
Foreign currency derivatives29 — 29 — Other current assets and other assets
Deferred compensation plan assets (a)
30 30 — — Other assets
Total assets at fair value$1,525 $1,221 $304 $— 
Liabilities
Foreign currency derivatives$20 $— $20 $— Accounts payable, accrued, and other current liabilities and other liabilities
Deferred compensation plan liabilities (a)
31 31 — — Other liabilities
Total liabilities at fair value$51 $31 $20 $— 

(a)The Deferred Compensation Plan consists of various mutual funds. See Note 15 in our Annual Report on Form 10-K for the fiscal year ended March 31, 2024, for additional information regarding our Deferred Compensation Plan.

(3) FINANCIAL INSTRUMENTS
Cash and Cash Equivalents
As of September 30, 2024 and March 31, 2024, our cash and cash equivalents were $2,197 million and $2,900 million, respectively. Cash equivalents were valued using quoted market prices or other readily available market information.
10

Short-Term Investments
Short-term investments consisted of the following as of September 30, 2024 and March 31, 2024 (in millions):
 
As of September 30, 2024
As of March 31, 2024
 Cost or
Amortized
Cost		Gross UnrealizedFair
Value		Cost or
Amortized
Cost		Gross UnrealizedFair
Value
 GainsLossesGainsLosses
Corporate bonds$139 $1 $— $140 $130 $— $— $130 
U.S. Treasury securities84 — — 84 95 — — 95 
U.S. agency securities4 — — 4 9 — — 9 
Commercial paper71 — — 71 66 — — 66 
Foreign government securities5 — — 5 8 — — 8 
Asset-backed securities43 — — 43 41 — — 41 
Certificates of deposit19 — — 19 13 — — 13 
Short-term investments$365 $1 $— $366 $362 $— $— $362 
The following table summarizes the amortized cost and fair value of our short-term investments, classified by stated maturity as of September 30, 2024 and March 31, 2024 (in millions):
 
As of September 30, 2024
As of March 31, 2024
 Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Short-term investments
Due within 1 year$264 $264 $231 $231 
Due 1 year through 5 years96 97 126 126 
Due after 5 years5 5 5 5 
Short-term investments$365 $366 $362 $362 

(4) DERIVATIVE FINANCIAL INSTRUMENTS
Assets or liabilities associated with our derivative instruments and hedging activities are recorded at fair value in other current assets/other assets, or accounts payable, accrued, and other current liabilities/other liabilities, respectively, on our Condensed Consolidated Balance Sheets. As discussed below, the accounting for gains and losses resulting from changes in fair value depends on the use of the derivative instrument and whether it is designated and qualifies for hedge accounting.
We transact business in various foreign currencies and have significant international sales and expenses denominated in foreign currencies, subjecting us to foreign currency risk. We purchase foreign currency forward contracts, generally with maturities of 18 months or less, to reduce the volatility of cash flows primarily related to forecasted revenue and expenses denominated in certain foreign currencies. Our cash flow risks are primarily related to fluctuations in the Euro, British pound sterling, Canadian dollar, Swedish krona, Australian dollar, Japanese yen, Chinese yuan, South Korean won, and Polish zloty. In addition, we utilize foreign currency forward contracts to mitigate foreign currency exchange risk associated with foreign-currency-denominated monetary assets and liabilities, primarily intercompany receivables and payables. The foreign currency forward contracts not designated as hedging instruments generally have a contractual term of approximately three months or less and are transacted near month-end. We do not use foreign currency forward contracts for speculative trading purposes.
11

Cash Flow Hedging Activities
Certain of our forward contracts are designated and qualify as cash flow hedges. To qualify for hedge accounting treatment, all hedging relationships are formally documented at the inception of the hedges and must be highly effective in offsetting changes to future cash flows on hedged transactions. The derivative assets or liabilities associated with our hedging activities are recorded at fair value in other current assets/other assets, or accounts payable, accrued, and other current liabilities/other liabilities, respectively, on our Condensed Consolidated Balance Sheets. The gains or losses resulting from changes in the fair value of these hedges is initially reported, net of tax, as a component of accumulated other comprehensive income (loss) in stockholders’ equity. The gains or losses resulting from changes in the fair value of these hedges are subsequently reclassified into net revenue or research and development expenses, as appropriate, in the period when the forecasted transaction is recognized in our Condensed Consolidated Statements of Operations. In the event that the underlying forecasted transactions do not occur, or it becomes remote that they will occur within the defined hedge period, the gains or losses on the related cash flow hedges are reclassified from accumulated other comprehensive income (loss) to net revenue or research and development expenses, in our Condensed Consolidated Statements of Operations.
Total gross notional amounts and fair values for currency derivatives with cash flow hedge accounting designation are as follows (in millions):
As of September 30, 2024
As of March 31, 2024
Notional AmountFair ValueNotional AmountFair Value
AssetLiabilityAssetLiability
Forward contracts to purchase$305 $5 $— $413 $1 $4 
Forward contracts to sell$1,929 $2 $59 $2,329 $24 $11 
The effects of cash flow hedge accounting in our Condensed Consolidated Statements of Operations for the three and six months ended September 30, 2024 and 2023 are as follows (in millions):
Three Months Ended September 30,Six Months Ended September 30,
2024202320242023
Net revenueResearch and developmentNet revenueResearch and developmentNet revenueResearch and developmentNet revenueResearch and development
Total amounts presented in our Condensed Consolidated Statements of Operations in which the effects of cash flow hedges are recorded$2,025 $648 $1,914 $602 $3,685 $1,277 $3,838 $1,198 
Gains (losses) on foreign currency forward contracts designated as cash flow hedges$(2)$(1)$11 $(2)$5 $(3)$41 $(7)
Balance Sheet Hedging Activities
Our foreign currency forward contracts that are not designated as hedging instruments are accounted for as derivatives whereby the fair value of the contracts are reported as other current assets or accounts payable, accrued, and other current liabilities on our Condensed Consolidated Balance Sheets, and gains and losses resulting from changes in the fair value are reported in interest and other income (expense), net, in our Condensed Consolidated Statements of Operations. The gains and losses on these foreign currency forward contracts generally offset the gains and losses in the underlying foreign-currency-denominated monetary assets and liabilities, which are also reported in interest and other income (expense), net, in our Condensed Consolidated Statements of Operations.
12

Total gross notional amounts and fair values for currency derivatives that are not designated as hedging instruments are accounted for as follows (in millions):
As of September 30, 2024
As of March 31, 2024
Notional AmountFair ValueNotional AmountFair Value
AssetLiabilityAssetLiability
Forward contracts to purchase$670 $9 $— $452 $— $5 
Forward contracts to sell$977 $— $14 $419 $4 $— 
The effect of foreign currency forward contracts not designated as hedging instruments in our Condensed Consolidated Statements of Operations for the three and six months ended September 30, 2024 and 2023 was as follows (in millions):
 Three Months Ended
September 30,		Six Months Ended
September 30,
 2024202320242023
Interest and other income (expense), net
Total amounts presented in our Condensed Consolidated Statements of Operations in which the effects of balance sheet hedges are recorded$15 $14 $45 $28 
Gains (losses) on foreign currency forward contracts not designated as hedging instruments$(3)$13 $3 $16 

(5) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The changes in accumulated other comprehensive income (loss) by component, net of tax, for the three months ended September 30, 2024 and 2023 are as follows (in millions):
Unrealized Net Gains (Losses) on Available-for-Sale SecuritiesUnrealized Net Gains (Losses) on Derivative InstrumentsForeign Currency Translation AdjustmentsTotal
Balances as of June 30, 2024$— $26 $(86)$(60)
Other comprehensive income (loss) before reclassifications1 (75)16 (58)
Amounts reclassified from accumulated other comprehensive income (loss)— 3 — 3 
Total other comprehensive income (loss), net of tax
1 (72)16 (55)
Balances as of September 30, 2024$1 $(46)$(70)$(115)
Unrealized Net Gains (Losses) on Available-for-Sale SecuritiesUnrealized Net Gains (Losses) on Derivative InstrumentsForeign Currency Translation AdjustmentsTotal
Balances as of June 30, 2023$(1)$(2)$(72)$(75)
Other comprehensive income (loss) before reclassifications— 65 (15)50 
Amounts reclassified from accumulated other comprehensive income (loss)— (9)— (9)
Total other comprehensive income (loss), net of tax
— 56 (15)41 
Balances as of September 30, 2023$(1)$54 $(87)$(34)
13

The changes in accumulated other comprehensive income (loss) by component, net of tax, for the six months ended September 30, 2024 and 2023 are as follows (in millions):
Unrealized Net Gains (Losses) on Available-for-Sale SecuritiesUnrealized Net Gains (Losses) on Derivative InstrumentsForeign Currency Translation AdjustmentsTotal
Balances as of March 31, 2024$— $10 $(82)$(72)
Other comprehensive income (loss) before reclassifications1 (54)12 (41)
Amounts reclassified from accumulated other comprehensive income (loss)— (2)— (2)
Total other comprehensive income (loss), net of tax
1 (56)12 (43)
Balances as of September 30, 2024$1 $(46)$(70)$(115)
Unrealized Net Gains (Losses) on Available-for-Sale SecuritiesUnrealized Net Gains (Losses) on Derivative InstrumentsForeign Currency Translation AdjustmentsTotal
Balances as of March 31, 2023$(1)$13 $(79)$(67)
Other comprehensive income (loss) before reclassifications— 75 (8)67 
Amounts reclassified from accumulated other comprehensive income (loss)— (34)— (34)
Total other comprehensive income (loss), net of tax
— 41 (8)33 
Balances as of September 30, 2023$(1)$54 $(87)$(34)
The effects on net income of amounts reclassified from accumulated other comprehensive income (loss) for the three and six months ended September 30, 2024 were as follows (in millions):
 Amount Reclassified From Accumulated Other Comprehensive Income (Loss)
Statement of Operations Classification
Three Months Ended
September 30, 2024
Six Months Ended
September 30, 2024
(Gains) losses on foreign currency forward contracts designated as cash flow hedges
Net revenue$2 $(5)
Research and development1 3 
Total net (gain) loss reclassified, net of tax$3 $(2)
The effects on net income of amounts reclassified from accumulated other comprehensive income (loss) for the three and six months ended September 30, 2023 were as follows (in millions):
 Amount Reclassified From Accumulated Other Comprehensive Income (Loss)
Statement of Operations Classification
Three Months Ended
September 30, 2023
Six Months Ended
September 30, 2023
(Gains) losses on foreign currency forward contracts designated as cash flow hedges
Net revenue$(11)$(41)
Research and development2 7 
Total net (gain) loss reclassified, net of tax$(9)$(34)

14

(6) GOODWILL AND ACQUISITION-RELATED INTANGIBLES, NET
The changes in the carrying amount of goodwill for the six months ended September 30, 2024 are as follows (in millions):
As of
March 31, 2024
ActivityEffects of Foreign Currency Translation
As of
September 30, 2024
Goodwill$5,747 $— $2 $5,749 
Accumulated impairment(368)— — (368)
Total$5,379 $— $2 $5,381 
Acquisition-related intangibles consisted of the following (in millions):
 
As of September 30, 2024
As of March 31, 2024
 Gross
Carrying
Amount		Accumulated
Amortization 		Acquisition-
Related
Intangibles, Net		Gross
Carrying
Amount		Accumulated
Amortization 		Acquisition-
Related
Intangibles, Net
Developed and core technology$1,025 $(852)$173 $1,025 $(821)$204 
Trade names and trademarks502 (329)173 502 (306)196 
Registered user base and other intangibles56 (56)— 56 (56)— 
Total$1,583 $(1,237)$346 $1,583 $(1,183)$400 
Amortization of intangibles for the three and six months ended September 30, 2024 and 2023 are classified in the Condensed Consolidated Statements of Operations as follows (in millions):
Three Months Ended
September 30,		Six Months Ended
September 30,
2024202320242023
Cost of revenue$10 $15 $20 $31 
Operating expenses17 24 34 49 
Total$27 $39 $54 $80 
During the three and six months ended September 30, 2024 and 2023, there were no impairment charges recorded for acquisition-related intangible assets.
Acquisition-related intangible assets are generally amortized using the straight-line method over the lesser of their estimated useful lives or the agreement terms, currently ranging from 2 to 7 years. As of September 30, 2024 and March 31, 2024, the weighted-average remaining useful life for acquisition-related intangible assets was approximately 3.6 years and 4.1 years, respectively.
As of September 30, 2024, future amortization of finite-lived acquisition-related intangibles that will be recorded in the Condensed Consolidated Statements of Operations is estimated as follows (in millions):
Fiscal Year Ending March 31, 
2025 (remaining six months)$53 
2026102 
202783 
202880 
202928 
Total$346 

15

(7) RESTRUCTURING ACTIVITIES
In fiscal year 2024, we announced a restructuring plan (the “2024 Restructuring Plan”) focused on aligning our portfolio, investments, and resources in support of our strategic priorities and growth initiatives. This plan reflects actions driven by portfolio rationalization, including costs associated with licensor commitments, as well as reductions in real estate and headcount.
Under this plan, we estimate that we will incur approximately $125 million to $165 million in charges, consisting primarily of:
•$50 million to $65 million associated with office space reductions;
•$40 million to $55 million related to employee severance and employee-related costs; and
•$35 million to $45 million in costs associated with licensor commitments.

As of September 30, 2024, we expect the actions associated with this plan to be substantially completed by March 31, 2025.
Since the inception of the 2024 Restructuring Plan through September 30, 2024, we have incurred net charges of $119 million.
Restructuring activities under this plan as of September 30, 2024 were as follows (in millions):
Licensor Commitments (a)
Workforce (a)
Office Space ReductionsTotal
Charges to operations$30 $29 $2 $61 
Charges settled in cash(17)(5)— (22)
Impairment and other charges
(13)— (2)(15)
Liability as of March 31, 2024$— $24 $— $24 
Charges (credits) to operations