Table of ContentsSelling, general and administrative (“SG&A”) expenses decreased $67 million, or 5%, in the three months endedSeptember 30, 2024 as compared to the three months ended September 30, 2023 driven by a $40 million decrease in employeeand labor costs, including professional services and a $32 million decrease in marketing expenses.SG&A expenses increased $317 million, or 9%, in the nine months ended September 30, 2024 as compared to the ninemonths ended September 30, 2023 driven by a $168 million increase in employee and labor costs, including professionalservices, and a $153 million increase in facilities related expenses.Restructuring and OtherThree Months EndedSeptember 30, ChangeNine Months EndedSeptember 30, Change(Dollars in millions)2024 2023 $ % 2024 2023 $ %Restructuring and other$ 55 $ — $ 55 Notmeaningful $ 677 $ — $ 677 NotmeaningfulIn the second quarter of 2024, we initiated and substantially completed certain restructuring actions to reduce costs andimprove efficiency. As a result, we recognized $583 million of employee termination expenses in Restructuring and other inour consolidated income statement. These expenses were substantially paid with an immaterial accrual remaining in Accruedliabilities and other in our consolidated balance sheet as of September 30, 2024.Interest IncomeThree Months EndedSeptember 30, ChangeNine Months EndedSeptember 30, Change(Dollars in millions)2024 2023 $ % 2024 2023 $ %Interest income$ 429 $ 282 $ 147 52 % $ 1,127 $ 733 $ 394 54 %Interest income increased $147 million, or 52%, in the three months ended September 30, 2024 and increased $394million, or 54%, in the nine months ended September 30, 2024 as compared to the three and nine months ended September 30,2023, respectively. The increases were primarily due to higher interest earned on our cash and cash equivalents and short-terminvestments compared to the prior periods due to increases in our portfolio balance and higher interest rates.Other (Expense) Income, NetThree Months EndedSeptember 30, ChangeNine Months EndedSeptember 30, Change(Dollars in millions)2024 2023 $ % 2024 2023 $ %Other (expense) income, net$ (270) $ 37 $ (307)Notmeaningful $ (142) $ 317 $ (459)NotmeaningfulOther (expense) income, net, changed unfavorably by $307 million in the three months ended September 30, 2024 ascompared to the three months ended September 30, 2023. Other (expense) income, net changed unfavorably by $459 million inthe nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023. The unfavorablechanges were primarily due to fluctuations in foreign currency exchange rates on our intercompany balances. As ourintercompany balances are significant in nature and we do not typically hedge foreign currency risk, we can experiencesignificant fluctuations in foreign currency exchange rate gains and losses from period to period.Provision for Income TaxesThree Months EndedSeptember 30, ChangeNine Months EndedSeptember 30, Change(Dollars in millions)2024 2023 $ % 2024 2023 $ %Provision for income taxes$ 601 $ 167 $ 434 260% $ 1,403 $ 751 $ 652 87%Effective tax rate22 % 8 % 23 % 10 %32
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