Financial Analysis

13. Legal Proceedings Beginning in May 2019, various legal proceedings were filed and certain regulatory inquiries were commenced in connection with our provision and marketing of free online tax preparation programs. We believe that the allegations contained within these legal proceedings are without merit and continue to defend our interests in them. These proceedings included, among others, multiple putative class actions that were consolidated into a single putative class action in the Northern District of California in September 2019 (the Intuit Free File Litigation). In August 2020, the Ninth Circuit Court of Appeals ordered that the putative class action claims be resolved through arbitration. In May 2021, the Intuit Free File Litigation was dismissed on a non-class basis after we entered into an agreement that resolved the matter on an individual non-class basis, without any admission of wrongdoing, for an amount that was not material. These proceedings also include a class action lawsuit that was filed in the Ontario (Canada) Superior Court of Justice on August 25, 2022. These proceedings also included individual demands for arbitration that were filed beginning in October 2019. As of January 31, 2023, we settled all of these arbitration claims, without any admission of wrongdoing, for an amount that was not material. In June 2021, we received a demand and draft complaint from the Federal Trade Commission (FTC) and certain state attorneys general relating to the ongo …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

7. Debt The carrying value of our debt was as follows at the dates indicated: July 31, July 31, Effective (Dollars in millions) 2025 2024 Interest Rate Senior unsecured notes issued June 2020: 0.950% notes due July 2025 $ $ 500 1.127% 1.350% notes due July 2027 500 500 1.486% 1.650% notes due July 2030 500 500 1.767% Senior unsecured notes issued September 2023: 5.250% notes due September 2026 750 750 5.325% 5.125% notes due September 2028 750 750 5.258% 5.200% notes due September 2033 1,250 1,250 5.312% 5.500% notes due September 2053 1,250 1,250 5.576% Secured revolving credit facilities 1,014 585 Total principal balance of debt 6,014 6,085 Unamortized discount and debt issuance costs (41) (47) Net carrying value of debt $ 5,973 $ 6,038 Short-term debt $ $ 499 Long-term debt $ 5,973 $ 5,539 Future principal payments for debt at July 31, 2025 were as shown in the table below. (In millions) Fiscal year ending July 31, 2026 $ 2027 1,250 2028 300 2029 1,464 2030 500 Thereafter 2,500 Total future principal payments for debt $ 6,014 Senior Unsecured Notes 2020 Notes. In June 2020, we issued four series of senior unsecured notes (together, the 2020 Notes) pursuant to a public debt offering. The proceeds from the issuance were $1.98 billion, net of debt discount of $2 million and debt issuance costs of $15 million. During the fourth quarter of fiscal 2025, we repaid the $500 million in notes due in July 2025 when they became due using cash from operations. As of July 31, 2025, $1.0 …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

2. Fair Value Measurements Fair Value Hierarchy The authoritative guidance defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. When determining fair value, we consider the principal or most advantageous market for an asset or liability and assumptions that market participants would use when pricing the asset or liability. In addition, we consider and use all valuation methods that are appropriate in estimating the fair value of an asset or liability. The authoritative guidance establishes a fair value hierarchy that is based on the extent and level of judgment used to estimate the fair value of assets and liabilities. In general, the authoritative guidance requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. An asset or liabilitys categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the measurement of its fair value. The three levels of input defined by the authoritative guidance are as follows: Level 1 uses unadjusted quoted prices that are available in active markets for identical assets or liabilities. Level 2 uses inputs other than quoted prices included in Level 1 that are either directly or indirectly observable through correlation with market data. These include quoted prices in active markets for similar …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

6. Goodwill and Acquired Intangible Assets Goodwill Changes in the carrying value of goodwill by reportable segment during the twelve months ended July 31, 2025 and July 31, 2024 were as shown in the following table. Our reportable segments are described in Note 14, Segment Information. (In millions) Balance July 31, 2023 Goodwill Acquired/ Adjusted Foreign Currency Translation Balance July 31, 2024 Goodwill Acquired/ Adjusted Foreign Currency Translation Balance July 31, 2025 Global Business Solutions $ 9,691 $ $ (1) $ 9,690 $ 134 $ 1 $ 9,825 Consumer 51 51 51 Credit Karma 3,941 65 4,006 1 4,007 ProTax 97 97 97 Totals $ 13,780 $ 65 $ (1) $ 13,844 $ 134 $ 2 $ 13,980 Goodwill is net of accumulated impairment losses of $114 million, which were recorded prior to July 31, 2023 and are included in our Consumer segment. The increases in goodwill during the twelve months ended July 31, 2025 and July 31, 2024 were primarily due to acquisitions. Acquired Intangible Assets The following table shows the cost, accumulated amortization, and weighted-average life in years for our acquired intangible assets at the dates indicated. The weighted-average lives are calculated for assets that are not fully amortized. (Dollars in millions) Customer and User Relationships Purchased Technology Trade Names and Logos Total At July 31, 2025: Cost $ 6,198 $ 1,765 $ 680 $ 8,643 Accumulated amortization (2,034) (1,061) (246) (3,341) Acquired intangible assets, net $ 4,164 $ 704 $ 434 $ 5,302 Weighted-ave …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

10. Income Taxes The provision for income taxes consisted of the following for the periods indicated: Twelve Months Ended July 31, (In millions) 2025 2024 2023 Current: Federal $ 1,219 $ 984 $ 970 State 237 202 208 Foreign 25 36 86 Total current 1,481 1,222 1,264 Deferred: Federal (453) (523) (559) State (70) (97) (99) Foreign 7 (15) (1) Total deferred (516) (635) (659) Total provision for income taxes $ 965 $ 587 $ 605 We recognized excess tax benefits on share-based compensation of $143 million, $183 million, and $32 million in the provision for income taxes for the twelve months ended July 31, 2025, 2024, and 2023, respectively. The sources of income before the provision for income taxes consisted of the following for the periods indicated: Twelve Months Ended July 31, (In millions) 2025 2024 2023 United States $ 4,700 $ 3,449 $ 2,798 Foreign 134 101 191 Total $ 4,834 $ 3,550 $ 2,989 Differences between income taxes calculated using the federal statutory income tax rate and the provision for income taxes were as follows for the periods indicated: Twelve Months Ended July 31, (In millions) 2025 2024 2023 Income before income taxes $ 4,834 $ 3,550 $ 2,989 Statutory federal income tax $ 1,015 $ 746 $ 628 State income tax, net of federal benefit 132 83 86 Federal research and experimentation credits (113) (109) (106) Share-based compensation 47 43 58 Excess tax benefits related to share-based compensation (120) (153) (26) Effects of non-U.S. operations 1 (28) Other, net 3 (23) …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

9. Leases We lease office facilities under non-cancellable operating lease arrangements. Our facility leases generally provide for periodic rent increases and may contain escalation clauses and renewal options. Our leases have remaining lease terms of up to 17 years, which include options to extend that are reasonably certain of being exercised. Some of our leases include one or more options to extend the lease for up to 10 years per option, which we are not reasonably certain to exercise. The options to extend are generally at rates to be determined in accordance with the agreements. Options to extend the lease are included in the lease liability if they are reasonably certain of being exercised. We sublease certain office facilities to third parties. These subleases have remaining lease terms of up to 5 years, one of which includes an option to extend the sublease for up to 5 years. The components of lease expense were as follows: Twelve Months Ended July 31, (In millions) 2025 2024 2023 Operating lease cost (1) $ 111 $ 108 $ 124 Variable lease cost 22 23 20 Sublease income (10) (11) (12) Total net lease cost $ 123 $ 120 $ 132 (1) Includes short-term leases, which were not material for the twelve months ended July 31, 2025, 2024, or 2023. Supplemental cash flow information related to operating leases was as follows: Twelve Months Ended July 31, (In millions) 2025 2024 2023 Cash paid for amounts included in the measurement of operating lease liabilities $ 101 $ 89 $ 107 Righ …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Accounting Standards Recently Adopted Segment Information - In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This standard requires incremental segment information disclosures, including disclosures of significant segment expenses that are regularly provided to the chief operating decision maker (CODM), a description of other segment items by reportable segment, and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. We adopted ASU 2023-07 in the fourth quarter of fiscal 2025 on a retrospective basis. The adoption did not have a material impact on our consolidated financial statements and related disclosures. See Note 14, Segment Information , for more information. Accounting Standards Not Yet Adopted Income Tax - In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . This standard requires additional disclosures related to the income tax rate reconciliation, income taxes paid by jurisdiction, and other income tax-related disclosures. The standard is effective for fiscal years beginning after December 15, 2024, which means that it will be effective for us for the fiscal year ending July 31, 2026. Early adoption is permitted on either a prospective or retrospective basis. We are currently evaluating the impact of our …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

15. Restructuring In July 2024, our management approved, committed to, and initiated a plan of reorganization (the Plan) focused on reallocating resources to our key growth areas. The Plan included the exit of employees and the closing of real estate sites in certain markets to support growing technology teams and capabilities in strategic locations. The actions associated with the Plan were substantially complete in the first quarter of fiscal 2025. Total restructuring costs associated with the Plan were $238 million. During the twelve months ended July 31, 2025 and 2024, we recorded charges in connection with the Plan of $15 million and $223 million, respectively. These charges are primarily related to severance and employee benefits and are recorded to restructuring in our consolidated statements of operations. The following table summarizes the activity for the Plan by segment. (In millions) Accrued July 31, 2024 Additional Costs/Adjustments Cash Payments Non-Cash Items Accrued July 31, 2025 Total Costs Incurred to Date Total Expected Plan Cost Global Business Solutions $ 84 $ 5 $ (86) $ $ 3 $ 101 $ 101 Consumer 9 (9) 9 9 Credit Karma ProTax 2 (2) 2 2 Corporate 92 10 (97) (5) 126 126 Totals $ 187 $ 15 $ (194) $ (5) $ 3 $ 238 $ 238 Accrued July 31, 2023 Initial Costs Cash Payments Non-Cash Items Accrued July 31, 2024 Global Business Solutions $ $ 96 $ $ (12) $ 84 Consumer 9 9 Credit Karma ProTax 2 2 Corporate 116 (24) 92 Totals $ $ 223 $ $ (36) $ 187 The liability for rest …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

14. Segment Information We have defined our four reportable segments, described below, based on factors such as how we manage our operations and how our chief operating decision maker (CODM) views results. We define the CODM as our Chief Executive Officer and our Chief Financial Officer. Our CODM uses regularly provided segment revenue and segment operating income to assess operating performance and allocate company resources. On August 1, 2024, we renamed our Small Business & Self-Employed segment as the Global Business Solutions segment. This new name better aligns with the global reach of the Mailchimp and QuickBooks platform, our focus on serving both small and mid-market businesses, and our vision to become the all-in-one platform that customers use to grow and run their business. On August 1, 2024, we reorganized certain technology and customer success functions in our Global Business Solutions, Consumer, and ProTax segments that support and benefit our overall platform and are managed at the corporate level rather than at the segment level. As a result of these reorganizations, costs associated with these functions are no longer included in segment operating income and are now included in other corporate expenses. For the twelve months ended July 31, 2024 and 2023, we reclassified expenses totaling $1.4 billion and $1.3 billion from Global Business Solutions, $573 million and $475 million from Consumer, and $33 million and $34 million from ProTax to other corporate …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

11. Stockholders Equity Stock Repurchase Programs and Treasury Shares Intuits Board of Directors has authorized a series of common stock repurchase programs. Shares of common stock repurchased under these programs become treasury shares. Under these programs, we repurchased 4.3 million shares of our common stock for $2.8 billion during the twelve months ended July 31, 2025. At July 31, 2025, we had authorization from our Board of Directors for up to $2.1 billion in stock repurchases. On August 19, 2025, our Board of Directors approved an increase in the authorization under the existing stock repurchase program under which we are authorized to repurchase up to an additional $3.2 billion of our common stock. Future stock repurchases under the current program are at the discretion of management, and authorization of future stock repurchase programs is subject to the final determination of our Board of Directors. Our treasury shares are repurchased at the market price on the trade date; accordingly, all amounts paid to reacquire these shares have been recorded as treasury stock on our consolidated balance sheets. Any direct costs to acquire treasury stock are recorded to treasury stock on our consolidated balance sheets. Repurchased shares of our common stock are held as treasury shares until they are reissued or retired. When we reissue treasury stock, if the proceeds from the sale are more than the average price we paid to acquire the shares, we record an increase in additional …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

11. Legal Proceedings Beginning in May 2019, various legal proceedings were filed and certain regulatory inquiries were commenced in connection with our provision and marketing of free online tax preparation programs. We believe that the allegations contained within these legal proceedings are without merit and continue to defend our interests in them. These proceedings included, among others, multiple putative class actions that were consolidated into a single putative class action in the Northern District of California in September 2019 (the Intuit Free File Litigation). In August 2020, the Ninth Circuit Court of Appeals ordered that the putative class action claims be resolved through arbitration. In May 2021, the Intuit Free File Litigation was dismissed on a non-class basis after we entered into an agreement that resolved the matter on an individual non-class basis, without any admission of wrongdoing, for an amount that was not material. These proceedings also include a class action lawsuit that was filed in the Ontario (Canada) Superior Court of Justice on August 25, 2022. These proceedings also included individual demands for arbitration that were filed beginning in October 2019. As of January 31, 2023, we settled all of these arbitration claims, without any admission of wrongdoing, for an amount that was not material. In June 2021, we received a demand and draft complaint from the Federal Trade Commission (FTC) and certain state attorneys general relating to the ongo …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

6. Debt The carrying value of our debt was as follows at the dates indicated: (Dollars in millions) January 31, 2026 July 31, 2025 Effective Interest Rate Senior unsecured notes issued June 2020: 1.350% notes due July 2027 $ 500 $ 500 1.486% 1.650% notes due July 2030 500 500 1.767% Senior unsecured notes issued September 2023: 5.250% notes due September 2026 750 750 5.325% 5.125% notes due September 2028 750 750 5.258% 5.200% notes due September 2033 1,250 1,250 5.312% 5.500% notes due September 2053 1,250 1,250 5.576% Secured revolving credit facilities 1,200 1,014 Total principal balance of debt 6,200 6,014 Unamortized discount and debt issuance costs (40) (41) Net carrying value of debt $ 6,160 $ 5,973 Short-term debt $ 749 $ Long-term debt $ 5,411 $ 5,973 Future principal payments for debt at January 31, 2026 were as shown in the table below. (In millions) Future Principal Payments Fiscal year ending July 31, 2026 (excluding the six months ended January 31, 2026) $ 2027 1,250 2028 400 2029 1,250 2030 800 Thereafter 2,500 Total future principal payments for debt $ 6,200 Senior Unsecured Notes 2020 Notes. In June 2020, we issued four series of senior unsecured notes (together, the 2020 Notes) pursuant to a public debt offering. The proceeds from the issuance were $1.98 billion, net of debt discount of $2 million and debt issuance costs of $15 million. As of January 31, 2026, $1.0 billion in principal on the 2020 Notes remained outstanding. Interest is payable semiannually …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

2. Fair Value Measurements Fair Value Hierarchy The authoritative guidance defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. When determining fair value, we consider the principal or most advantageous market for an asset or liability and assumptions that market participants would use when pricing the asset or liability. In addition, we consider and use all valuation methods that are appropriate in estimating the fair value of an asset or liability. The authoritative guidance establishes a fair value hierarchy that is based on the extent and level of judgment used to estimate the fair value of assets and liabilities. In general, the authoritative guidance requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. An asset or liabilitys categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the measurement of its fair value. The three levels of input defined by the authoritative guidance are as follows: Level 1 uses unadjusted quoted prices that are available in active markets for identical assets or liabilities. Level 2 uses inputs other than quoted prices included in Level 1 that are either directly or indirectly observable through correlation with market data. These include quoted prices in active markets for similar …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

5. Goodwill and Acquired Intangible Assets Goodwill Changes in the carrying value of goodwill by reportable segment during the six months ended January 31, 2026 were as shown in the following table. Our reportable segments are described in Note 12, Segment Information. (In millions) Balance July 31, 2025 Goodwill Acquired Foreign Currency Translation Balance January 31, 2026 Global Business Solutions $ 9,825 $ $ 2 $ 9,827 Consumer 4,155 1 4,156 Totals $ 13,980 $ $ 3 $ 13,983 Goodwill is net of accumulated impairment losses of $114 million, which were recorded prior to July 31, 2025 and are included in our Consumer segment. Acquired Intangible Assets The following table shows the cost, accumulated amortization, and weighted-average life in years for our acquired intangible assets at the dates indicated. The weighted-average lives are calculated for assets that are not fully amortized. (Dollars in millions) Customer and User Relationships Purchased Technology Trade Names and Logos Total At January 31, 2026: Cost $ 6,199 $ 1,765 $ 680 $ 8,644 Accumulated amortization (2,250) (1,150) (273) (3,673) Acquired intangible assets, net $ 3,949 $ 615 $ 407 $ 4,971 Weighted-average life in years 14 8 13 13 At July 31, 2025: Cost $ 6,198 $ 1,765 $ 680 $ 8,643 Accumulated amortization (2,034) (1,061) (246) (3,341) Acquired intangible assets, net $ 4,164 $ 704 $ 434 $ 5,302 Weighted-average life in years 14 8 13 13 The following table shows the expected future amortization expense for our ac …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

9. Income Taxes Effective Tax Rate We compute our provision for or benefit from income taxes by applying the estimated annual effective tax rate to income or loss from recurring operations and adding the effects of any discrete income tax items specific to the period. For the three and six months ended January 31, 2026, we recognized excess tax benefits on share-based compensation of $21 million and $51 million, respectively, in our provision for income taxes. For the three and six months ended January 31, 2025, we recognized excess tax benefits on share-based compensation of $29 million and $57 million, respectively, in our provision for income taxes. Our effective tax rate for the three and six months ended January 31, 2026 was approximately 20%. Excluding discrete tax items primarily related to share-based compensation tax benefits including those mentioned above, our effective tax rate for both periods was approximately 24% . The difference from the federal statutory rate of 21% was primarily due to state income taxes and non-deductible share-based compensation, which were partially offset by the tax benefit we received from the federal research and experimentation credit. Our effective tax rates for the three and six months ended January 31, 2025 were approximately 17% and 15%, respectively. Excluding discrete tax items primarily related to share-based compensation tax benefits including those mentioned above, our effective tax rate for both periods was approximately 24% …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

8. Leases We lease office facilities under noncancellable operating lease arrangements. Our facility leases generally provide for periodic rent increases and may contain escalation clauses and renewal options. Our leases have remaining lease terms of up to 16 years, which include options to extend that are reasonably certain of being exercised. Some of our leases include one or more options to extend the lease for up to 10 years per option, which we are not reasonably certain to exercise. The options to extend are generally at rates to be determined in accordance with the agreements. Options to extend the lease are included in the lease liability if they are reasonably certain of being exercised. We sublease certain office facilities to third parties. These subleases have remaining lease terms of up to 5 years, one of which includes an option to extend the sublease for up to 3 years. The components of lease expense were as follows: Three Months Ended Six Months Ended (In millions) January 31, 2026 January 31, 2025 January 31, 2026 January 31, 2025 Operating lease cost (1) $ 34 $ 25 $ 65 $ 54 Variable lease cost 6 5 12 10 Sublease income (2) (3) (4) (6) Total net lease cost $ 38 $ 27 $ 73 $ 58 (1) Includes short-term leases, which were not material for the three and six months ended January 31, 2026 and 2025. Supplemental cash flow information related to operating leases was as follows: Six Months Ended (In millions) January 31, 2026 January 31, 2025 Cash paid for amounts incl …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"Accounting Standards Not Yet Adopted Income Tax: In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, ""Income Taxes (Topic 740): Improvements to Income Tax Disclosures."" This standard requires additional disclosures related to the income tax rate reconciliation, income taxes paid by jurisdiction, and other income tax-related disclosures. The standard is effective for fiscal years beginning after December 15, 2024, which means that it will be effective for us for our annual reporting for the fiscal year ending July 31, 2026. Early adoption is permitted on either a prospective or retrospective basis. Disaggregation of Income Statement Expenses: In November 2024, the FASB issued ASU 2024-03, ""Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,"" and in January 2025, the FASB issued ASU 2025-01, ""Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date,"" which clarified the effective date of ASU 2024-03. This standard requires entities to disaggregate operating expenses into specific categories such as employee compensation, depreciation, and intangible asset amortization, by relevant expense caption on the statement of operations. The standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years b …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

"12. Segment Information We have defined our two reportable segments, described below, based on factors such as how we manage our operations and how our chief operating decision maker views results. We define the chief operating decision maker as our Chief Executive Officer and our Chief Financial Officer. Our chief operating decision maker organizes and manages our business primarily on the basis of service and product offerings. Effective August 1, 2025, we combined our Consumer, Credit Karma, and ProTax businesses into a single Consumer segment in order to better serve the diverse financial needs of our customers as one consumer platform. Our chief operating decision maker allocates resources and assesses segment performance using regularly provided segment revenue and segment operating income information under this updated segment structure. To align results under this segment change, certain selling and marketing, product development, and general and administrative expenses for Credit Karma that were managed at the segment level are now managed at the platform level and are included in other corporate expenses rather than in segment expenses. Also on August 1, 2025, we reorganized certain marketing, communications, and customer success functions in our Global Business Solutions segment that support and benefit our overall platform and are managed at that level rather than at the segment level. Additionally, certain data science and analytics teams that were managed at th …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

10. Stockholders Equity Stock Repurchase Programs and Treasury Shares Intuits Board of Directors has authorized a series of common stock repurchase programs. Shares of common stock repurchased under these programs become treasury shares. During the six months ended January 31, 2026, we repurchased a total of 2.8 million shares for $1.8 billion under these programs. Included in this amount were $30 million of repurchases, which occurred in late January 2026 and settled in early February 2026. On August 19, 2025, our Board of Directors approved an increase in the authorization under the existing stock repurchase program under which we are authorized to repurchase up to an additional $3.2 billion of our common stock. At January 31, 2026, we had authorization from our Board of Directors for up to $3.5 billion in stock repurchases. Future stock repurchases under the current program are at the discretion of management, and authorization of future stock repurchase programs is subject to the final determination of our Board of Directors. Our treasury shares are repurchased at the market price on the trade date; accordingly, all amounts paid to reacquire these shares have been recorded as treasury stock on our condensed consolidated balance sheets. Any direct costs to acquire treasury stock are recorded to treasury stock on our condensed consolidated balance sheets. Repurchased shares of our common stock are held as treasury shares until they are reissued or retired. When we reissue t …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing