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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 4/05/24 Jabil Inc. 10-Q 2/29/24 89:7.7M Workiva Inc Wde… FA01/FA |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 1.43M 2: EX-31.1 Certification -- §302 - SOA'02 HTML 33K 3: EX-31.2 Certification -- §302 - SOA'02 HTML 33K 4: EX-32.1 Certification -- §906 - SOA'02 HTML 27K 5: EX-32.2 Certification -- §906 - SOA'02 HTML 27K 11: R1 Cover Page HTML 78K 12: R2 Condensed Consolidated Balance Sheets HTML 165K 13: R3 Condensed Consolidated Balance Sheets HTML 51K (Parenthetical) 14: R4 Condensed Consolidated Statements of Operations HTML 124K 15: R5 Condensed Consolidated Statements of Comprehensive HTML 75K Income 16: R6 Condensed Consolidated Statements of Stockholders' HTML 90K Equity 17: R7 Condensed Consolidated Statements of Cash Flows HTML 90K 18: R8 Basis of Presentation HTML 29K 19: R9 Trade Accounts Receivable Sale Programs HTML 69K 20: R10 Inventories HTML 35K 21: R11 Notes Payable and Long-Term Debt HTML 52K 22: R12 Asset-Backed Securitization Program HTML 69K 23: R13 Accrued Expenses HTML 37K 24: R14 Postretirement and Other Employee Benefits HTML 52K 25: R15 Derivative Financial Instruments and Hedging HTML 51K Activities 26: R16 Accumulated Other Comprehensive Income HTML 76K 27: R17 Stockholders' Equity HTML 63K 28: R18 Concentration of Risk and Segment Data HTML 102K 29: R19 Restructuring, Severance and Related Charges HTML 64K 30: R20 Income Taxes HTML 38K 31: R21 Earnings Per Share and Dividends HTML 47K 32: R22 Business Acquisitions and Divestitures HTML 34K 33: R23 Fair Value Measurements HTML 80K 34: R24 Commitments and Contingencies HTML 28K 35: R25 New Accounting Guidance HTML 37K 36: R26 Pay vs Performance Disclosure HTML 38K 37: R27 Insider Trading Arrangements HTML 44K 38: R28 New Accounting Guidance (Policies) HTML 27K 39: R29 Trade Accounts Receivable Sale Programs (Tables) HTML 40K 40: R30 Inventories (Tables) HTML 36K 41: R31 Notes Payable and Long-Term Debt (Tables) HTML 47K 42: R32 Asset-Backed Securitization Program (Tables) HTML 40K 43: R33 Accrued Expenses (Tables) HTML 36K 44: R34 Postretirement and Other Employee Benefits HTML 48K (Tables) 45: R35 Derivative Financial Instruments and Hedging HTML 51K Activities (Tables) 46: R36 Accumulated Other Comprehensive Income (Tables) HTML 77K 47: R37 Stockholders' Equity (Tables) HTML 67K 48: R38 Concentration of Risk and Segment Data (Tables) HTML 98K 49: R39 Restructuring, Severance and Related Charges HTML 62K (Tables) 50: R40 Income Taxes (Tables) HTML 35K 51: R41 Earnings Per Share and Dividends (Tables) HTML 48K 52: R42 Fair Value Measurements (Tables) HTML 79K 53: R43 Trade Accounts Receivable Sale Programs - HTML 48K Additional Information (Details) 54: R44 Trade Accounts Receivable Sale Programs - Trade HTML 34K Accounts Receivable Sale Programs Amounts Recognized (Details) 55: R45 Inventories (Details) HTML 44K 56: R46 Notes Payable and Long-Term Debt - Schedule of HTML 78K Notes Payable and Long-term Debt (Details) 57: R47 Notes Payable and Long-Term Debt - Additional HTML 46K Information (Details) 58: R48 Asset-Backed Securitization Program - Additional HTML 29K Information (Details) 59: R49 Asset-Backed Securitization Program - HTML 34K Securitization Activity (Details) 60: R50 Accrued Expenses (Details) HTML 48K 61: R51 Postretirement and Other Employee Benefits HTML 49K (Details) 62: R52 Derivative Financial Instruments and Hedging HTML 35K Activities - Additional Information (Details) 63: R53 Derivative Financial Instruments and Hedging HTML 46K Activities - Schedule of Maturity Date and Aggregate Notional Amount Outstanding of Net Investment Hedges (Details) 64: R54 Derivative Financial Instruments and Hedging HTML 34K Activities - Fair Value of Derivative Instruments Recorded on Consolidated Statements of Operations (Details) 65: R55 Accumulated Other Comprehensive Income - Change in HTML 77K AOCI, Net of Tax (Details) 66: R56 Accumulated Other Comprehensive Income - HTML 71K Reclassification from AOCI (Details) 67: R57 Stockholders' Equity - Recognized Stock-Based HTML 41K Compensation (Details) 68: R58 Stockholders' Equity - Additional Information HTML 54K (Details) 69: R59 Stockholders' Equity - Stock-based Compensation HTML 30K Information (Details) 70: R60 Stockholders' Equity - Common Stock Outstanding HTML 72K (Details) 71: R61 Concentration of Risk and Segment Data - HTML 36K Additional Information (Details) 72: R62 Concentration of Risk and Segment Data - Segment HTML 62K Income (Details) 73: R63 Concentration of Risk and Segment Data - Revenues HTML 47K Disaggregated by Segment (Details) 74: R64 Concentration of Risk and Segment Data - Foreign HTML 33K Source Revenue (Details) 75: R65 Restructuring, Severance and Related Charges - HTML 46K Schedule of Restructuring, Severance and Related Charges (Details) 76: R66 Restructuring, Severance and Related Charges - HTML 42K Additional Information (Details) 77: R67 Restructuring, Severance and Related Charges - HTML 59K Liability Activity (Details) 78: R68 Income Taxes - Schedule of U.S. Federal Statutory HTML 30K Income Tax Rate Compared to Actual Income Tax Expense (Details) 79: R69 Income Taxes - Additional Information (Details) HTML 27K 80: R70 Earnings Per Share and Dividends - Earnings Per HTML 30K Share (Details) 81: R71 Earnings Per Share and Dividends - Cash Dividends HTML 31K Declared by the Company to Common Stockholders (Details) 82: R72 Business Acquisitions and Divestitures - HTML 63K Additional Information (Details) 83: R73 Fair Value Measurements - Fair Value Measurements HTML 46K on a Recurring Basis (Details) 84: R74 Fair Value Measurements - Fair Value of Financial HTML 65K Instruments (Details) 86: XML IDEA XML File -- Filing Summary XML 164K 89: XML XBRL Instance -- jbl-20240229_htm XML 1.89M 85: EXCEL IDEA Workbook of Financial Report Info XLSX 141K 7: EX-101.CAL XBRL Calculations -- jbl-20240229_cal XML 166K 8: EX-101.DEF XBRL Definitions -- jbl-20240229_def XML 612K 9: EX-101.LAB XBRL Labels -- jbl-20240229_lab XML 1.53M 10: EX-101.PRE XBRL Presentations -- jbl-20240229_pre XML 1.04M 6: EX-101.SCH XBRL Schema -- jbl-20240229 XSD 156K 87: JSON XBRL Instance as JSON Data -- MetaLinks 531± 769K 88: ZIP XBRL Zipped Folder -- 0001628280-24-014951-xbrl Zip 329K
jbl-20240229 |
i ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i Delaware | i 38-1886260 | |||||||
(State
or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
i Common Stock, $0.001 par value per share | i JBL | i New York Stock Exchange |
i Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | i ☐ | ||||||||
Emerging growth company | i ☐ |
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
Item 1. | Financial Statements |
February 29, 2024 (Unaudited) | August 31, 2023 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | i 2,566 | $ | i 1,804 | |||||||
Accounts receivable, net of allowance for credit losses | i 2,648 | i 3,647 | |||||||||
Contract assets | i 1,086 | i 1,035 | |||||||||
Inventories, net of reserve for excess and obsolete inventory | i 4,821 | i 5,206 | |||||||||
Prepaid expenses and other current assets | i 1,349 | i 1,109 | |||||||||
Assets held for sale | i — | i 1,929 | |||||||||
Total current assets | i 12,470 | i 14,730 | |||||||||
Property, plant and equipment, net of accumulated depreciation
of $ i 4,655 as of February 29, 2024 and $ i 4,512
as of August 31, 2023 | i 3,045 | i 3,137 | |||||||||
Operating lease right-of-use asset | i 363 | i 367 | |||||||||
Goodwill | i 656 | i 621 | |||||||||
Intangible assets, net of accumulated amortization | i 167 | i 142 | |||||||||
Deferred income taxes | i 131 | i 159 | |||||||||
Other assets | i 291 | i 268 | |||||||||
Total assets | $ | i 17,123 | $ | i 19,424 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Current installments of notes payable and long-term debt | $ | i — | $ | i — | |||||||
Accounts payable | i 5,041 | i 5,679 | |||||||||
Accrued expenses | i 5,548 | i 5,515 | |||||||||
Current operating lease liabilities | i 102 | i 104 | |||||||||
Liabilities held for sale | i — | i 1,397 | |||||||||
Total current liabilities | i 10,691 | i 12,695 | |||||||||
Notes payable and long-term debt, less current installments | i 2,878 | i 2,875 | |||||||||
Other liabilities | i 374 | i 319 | |||||||||
Non-current operating lease liabilities | i 272 | i 269 | |||||||||
Income tax liabilities | i 110 | i 131 | |||||||||
Deferred income taxes | i 140 | i 268 | |||||||||
Total liabilities | i 14,465 | i 16,557 | |||||||||
Commitments and contingencies | i | i | |||||||||
Equity: | |||||||||||
Jabil Inc. stockholders’ equity: | |||||||||||
Preferred stock, $ i i 0.001 /
par value, authorized i i 10,000,000 / shares; i i no /
shares issued and i i no / shares outstanding | i — | i — | |||||||||
Common
stock, $ i i 0.001 / par value, authorized i i 500,000,000 /
shares; i 276,057,643 and i 273,949,811 shares issued and i 122,440,607
and i 131,294,422 shares outstanding as of February 29, 2024 and August 31, 2023, respectively | i — | i — | |||||||||
Additional paid-in capital | i 2,877 | i 2,795 | |||||||||
Retained earnings | i 5,512 | i 4,412 | |||||||||
Accumulated
other comprehensive loss | ( i 17) | ( i 17) | |||||||||
Treasury
stock at cost, i 153,617,036 and i 142,655,389 shares as of February 29, 2024 and August 31, 2023, respectively | ( i 5,714) | ( i 4,324) | |||||||||
Total Jabil Inc. stockholders’ equity | i 2,658 | i 2,866 | |||||||||
Noncontrolling interests | i — | i 1 | |||||||||
Total equity | i 2,658 | i 2,867 | |||||||||
Total liabilities and equity | $ | i 17,123 | $ | i 19,424 |
Three months ended | Six months ended | ||||||||||||||||||||||
February 29, 2024 | February 28, 2023 | February 29, 2024 | February 28, 2023 | ||||||||||||||||||||
Net revenue | $ | i 6,767 | $ | i 8,134 | $ | i 15,154 | $ | i 17,769 | |||||||||||||||
Cost of revenue | i 6,137 | i 7,473 | i 13,749 | i 16,365 | |||||||||||||||||||
Gross profit | i 630 | i 661 | i 1,405 | i 1,404 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Selling, general and administrative | i 308 | i 285 | i 622 | i 604 | |||||||||||||||||||
Research and development | i 10 | i 8 | i 20 | i 17 | |||||||||||||||||||
Amortization of intangibles | i 9 | i 9 | i 15 | i 17 | |||||||||||||||||||
Restructuring, severance and related charges | i 70 | i — | i 197 | i 45 | |||||||||||||||||||
Gain from the divestiture of businesses | ( i 944) | i — | ( i 944) | i — | |||||||||||||||||||
Acquisition and divestiture related charges | i 46 | i — | i 61 | i — | |||||||||||||||||||
Operating income | i 1,131 | i 359 | i 1,434 | i 721 | |||||||||||||||||||
Other
expense | i 22 | i 17 | i 43 | i 32 | |||||||||||||||||||
Interest expense, net | i 47 | i 55 | i 94 | i 103 | |||||||||||||||||||
Income before income tax | i 1,062 | i 287 | i 1,297 | i 586 | |||||||||||||||||||
Income tax expense | i 135 | i 80 | i 176 | i 156 | |||||||||||||||||||
Net income | i 927 | i 207 | i 1,121 | i 430 | |||||||||||||||||||
Net income attributable to noncontrolling interests, net of tax | i — | i — | i — | i — | |||||||||||||||||||
Net income attributable to Jabil Inc. | $ | i 927 | $ | i 207 | $ | i 1,121 | $ | i 430 | |||||||||||||||
Earnings per share attributable to the stockholders of Jabil Inc.: | |||||||||||||||||||||||
Basic | $ | i 7.41 | $ | i 1.55 | $ | i 8.80 | $ | i 3.21 | |||||||||||||||
Diluted | $ | i 7.31 | $ | i 1.52 | $ | i 8.66 | $ | i 3.14 | |||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Basic | i 125.2 | i 133.6 | i 127.4 | i 134.2 | |||||||||||||||||||
Diluted | i 126.9 | i 136.3 | i 129.5 | i 137.1 |
Three months ended | Six months ended | ||||||||||||||||||||||
February 29, 2024 | February 28, 2023 | February 29, 2024 | February 28, 2023 | ||||||||||||||||||||
Net income | $ | i 927 | $ | i 207 | $ | i 1,121 | $ | i 430 | |||||||||||||||
Other comprehensive (loss) income: | |||||||||||||||||||||||
Change in foreign currency translation | ( i 7) | i 14 | ( i 7) | i 18 | |||||||||||||||||||
Change in derivative instruments: | |||||||||||||||||||||||
Change in fair value of derivatives | ( i 1) | i 18 | ( i 4) | ( i 7) | |||||||||||||||||||
Adjustment
for net (gains) losses realized and included in net income | ( i 2) | i 1 | i 14 | i 44 | |||||||||||||||||||
Total change in derivative instruments | ( i 3) | i 19 | i 10 | i 37 | |||||||||||||||||||
Actuarial
loss | ( i 2) | ( i 2) | ( i 5) | ( i 5) | |||||||||||||||||||
Prior
service credit | i 1 | i — | i 2 | i 1 | |||||||||||||||||||
Total other comprehensive (loss) income | ( i 11) | i 31 | i — | i 51 | |||||||||||||||||||
Comprehensive income | $ | i 916 | $ | i 238 | $ | i 1,121 | $ | i 481 | |||||||||||||||
Comprehensive income attributable to noncontrolling interests | i — | i — | i — | i — | |||||||||||||||||||
Comprehensive income attributable to Jabil Inc. | $ | i 916 | $ | i 238 | $ | i 1,121 | $ | i 481 |
Three months ended | Six months ended | ||||||||||||||||||||||
February 29, 2024 | February 28, 2023 | February 29, 2024 | February 28, 2023 | ||||||||||||||||||||
Total stockholders' equity, beginning balances | $ | i 2,536 | $ | i 2,530 | $ | i 2,867 | $ | i 2,452 | |||||||||||||||
Common
stock: | — | — | — | — | |||||||||||||||||||
Additional paid-in capital: | |||||||||||||||||||||||
Beginning balances | i 2,827 | i 2,696 | i 2,795 | i 2,655 | |||||||||||||||||||
Shares
issued under employee stock purchase plan | i 31 | i 27 | i 31 | i 27 | |||||||||||||||||||
Purchase of noncontrolling interest | ( i 2) | — | ( i 2) | — | |||||||||||||||||||
Treasury shares purchased | — | — | ( i 13) | — | |||||||||||||||||||
Recognition of stock-based compensation | i 21 | i 19 | i 66 | i 60 | |||||||||||||||||||
Ending
balances | i 2,877 | i 2,742 | i 2,877 | i 2,742 | |||||||||||||||||||
Retained
earnings: | |||||||||||||||||||||||
Beginning balances | i 4,595 | i 3,849 | i 4,412 | i 3,638 | |||||||||||||||||||
Declared
dividends | ( i 10) | ( i 10) | ( i 21) | ( i 22) | |||||||||||||||||||
Net income attributable to Jabil Inc. | i 927 | i 207 | i 1,121 | i 430 | |||||||||||||||||||
Ending
balances | i 5,512 | i 4,046 | i 5,512 | i 4,046 | |||||||||||||||||||
Accumulated other comprehensive (loss) income: | |||||||||||||||||||||||
Beginning balances | ( i 6) | ( i 22) | ( i 17) | ( i 42) | |||||||||||||||||||
Total
other comprehensive (loss) income | ( i 11) | i 31 | — | i 51 | |||||||||||||||||||
Ending
balances | ( i 17) | i 9 | ( i 17) | i 9 | |||||||||||||||||||
Treasury
stock: | |||||||||||||||||||||||
Beginning balances | ( i 4,881) | ( i 3,994) | ( i 4,324) | ( i 3,800) | |||||||||||||||||||
Purchases
of treasury stock under employee stock plans | — | ( i 3) | ( i 67) | ( i 36) | |||||||||||||||||||
Treasury
shares purchased | ( i 825) | ( i 127) | ( i 1,312) | ( i 288) | |||||||||||||||||||
Excise taxes related to treasury shares purchased | ( i 8) | — | ( i 11) | — | |||||||||||||||||||
Ending
balances | ( i 5,714) | ( i 4,124) | ( i 5,714) | ( i 4,124) | |||||||||||||||||||
Noncontrolling
interests: | |||||||||||||||||||||||
Beginning balances | i 1 | i 1 | i 1 | i 1 | |||||||||||||||||||
Net
income attributable to noncontrolling interests | — | — | — | — | |||||||||||||||||||
Purchase of noncontrolling interest | ( i 1) | — | ( i 1) | — | |||||||||||||||||||
Ending
balances | — | i 1 | — | i 1 | |||||||||||||||||||
Total
stockholders' equity, ending balances | $ | i 2,658 | $ | i 2,674 | $ | i 2,658 | $ | i 2,674 |
Six months ended | |||||||||||
February 29, 2024 | February 28, 2023 | ||||||||||
Cash flows provided by operating activities: | |||||||||||
Net income | $ | i 1,121 | $ | i 430 | |||||||
Depreciation, amortization, and other, net | i 356 | i 514 | |||||||||
Gain from the divestiture of businesses | ( i 944) | i — | |||||||||
Change in operating assets and liabilities, exclusive of net assets acquired | i 133 | ( i 364) | |||||||||
Net
cash provided by operating activities | i 666 | i 580 | |||||||||
Cash
flows provided by (used in) investing activities: | |||||||||||
Acquisition of property, plant and equipment | ( i 554) | ( i 637) | |||||||||
Proceeds and advances from sale of property, plant and equipment | i 109 | i 169 | |||||||||
Cash paid for business and intangible asset acquisitions, net of cash | ( i 93) | i — | |||||||||
Proceeds from the divestiture of businesses, net of cash | i 2,108 | i — | |||||||||
Other, net | ( i 12) | ( i 16) | |||||||||
Net
cash provided by (used in) investing activities | i 1,558 | ( i 484) | |||||||||
Cash
flows used in financing activities: | |||||||||||
Borrowings under debt agreements | i 1,799 | i 2,021 | |||||||||
Payments toward debt agreements | ( i 1,866) | ( i 2,070) | |||||||||
Payments to acquire treasury stock | ( i 1,325) | ( i 288) | |||||||||
Dividends paid to stockholders | ( i 22) | ( i 23) | |||||||||
Net proceeds from exercise of stock options and issuance of common stock under employee stock purchase plan | i 31 | i 27 | |||||||||
Treasury stock minimum tax withholding related to vesting of restricted stock | ( i 67) | ( i 36) | |||||||||
Other, net | ( i 5) | ( i 2) | |||||||||
Net
cash used in financing activities | ( i 1,455) | ( i 371) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | ( i 7) | ( i 3) | |||||||||
Net
increase (decrease) in cash and cash equivalents | i 762 | ( i 278) | |||||||||
Cash and cash equivalents at beginning of period | i 1,804 | i 1,478 | |||||||||
Cash and cash equivalents at end of period | $ | i 2,566 | $ | i 1,200 | |||||||
Three months ended | Six months ended | ||||||||||||||||||||||
February 29, 2024 | February 28, 2023 | February 29, 2024 | February 28, 2023 | ||||||||||||||||||||
Trade accounts receivable sold(1) | $ | i 1,818 | $ | i 2,922 | $ | i 3,854 | $ | i 6,450 | |||||||||||||||
Cash proceeds received | $ | i 1,809 | $ | i 2,914 | $ | i 3,834 | $ | i 6,432 | |||||||||||||||
Pre-tax
losses on sale of receivables(2) | $ | i 9 | $ | i 8 | $ | i 20 | $ | i 18 |
February 29, 2024 | |||||||||||
Raw materials | $ | i 4,445 | $ | i 4,804 | |||||||
Work in process | i 232 | i 217 | |||||||||
Finished goods | i 198 | i 243 | |||||||||
Reserve for excess and obsolete inventory | ( i 54) | ( i 58) | |||||||||
Inventories, net | $ | i 4,821 | $ | i 5,206 |
Maturity Date | February 29, 2024 | August 31, 2023 | ||||||||||||||||||
i 3.950% Senior Notes | Jan 12, 2028 | i 498 | i 497 | |||||||||||||||||
i 3.600%
Senior Notes | Jan 15, 2030 | i 497 | i 496 | |||||||||||||||||
i 3.000%
Senior Notes | Jan 15, 2031 | i 593 | i 593 | |||||||||||||||||
i 1.700%
Senior Notes | Apr 15, 2026 | i 498 | i 498 | |||||||||||||||||
i 4.250%
Senior Notes | May 15, 2027 | i 496 | i 495 | |||||||||||||||||
i 5.450%
Senior Notes | Feb 1, 2029 | i 296 | i 296 | |||||||||||||||||
Borrowings
under credit facilities(1)(2) | Jan 22, 2026 and Jan 22, 2028 | i — | i — | |||||||||||||||||
Borrowings under loans | Jul 31, 2026 | i — | i — | |||||||||||||||||
Total notes payable and long-term debt | i 2,878 | i 2,875 | ||||||||||||||||||
Less
current installments of notes payable and long-term debt | i — | i — | ||||||||||||||||||
Notes
payable and long-term debt, less current installments | $ | i 2,878 | $ | i 2,875 |
Three months ended | Six months ended | ||||||||||||||||||||||
February 29, 2024 | February 28, 2023 | February 29, 2024 | February 28, 2023 | ||||||||||||||||||||
Trade accounts receivable sold(1) | $ | i 968 | $ | i 998 | $ | i 1,957 | $ | i 2,064 | |||||||||||||||
Cash
proceeds received(2) | $ | i 955 | $ | i 989 | $ | i 1,934 | $ | i 2,047 | |||||||||||||||
Pre-tax
losses on sale of receivables(3) | $ | i 13 | $ | i 9 | $ | i 23 | $ | i 17 |
February 29, 2024 | |||||||||||
Inventory deposits | $ | i 1,699 | $ | i 1,839 | |||||||
Contract
liabilities(1) | i 976 | i 886 | |||||||||
Accrued compensation and employee benefits | i 573 | i 743 | |||||||||
Other accrued expenses | i 2,300 | i 2,047 | |||||||||
Accrued expenses | $ | i 5,548 | $ | i 5,515 |
Three months ended | Six months ended | ||||||||||||||||||||||
February 29, 2024 | February 28, 2023 | February 29, 2024 | February 28, 2023 | ||||||||||||||||||||
Service cost(1) | $ | i 5 | $ | i 4 | $ | i 10 | $ | i 8 | |||||||||||||||
Interest
cost(2) | i 3 | i 3 | i 6 | i 6 | |||||||||||||||||||
Expected
long-term return on plan assets(2) | ( i 5) | ( i 3) | ( i 9) | ( i 8) | |||||||||||||||||||
Recognized
actuarial gain(2) | ( i 1) | ( i 2) | ( i 3) | ( i 4) | |||||||||||||||||||
Amortization
of actuarial gain(2)(3) | ( i 1) | ( i 2) | ( i 2) | ( i 3) | |||||||||||||||||||
Amortization
of prior service cost(2) | i 1 | i 1 | i 2 | i 2 | |||||||||||||||||||
Net periodic benefit cost | $ | i 2 | $ | i 1 | $ | i 4 | $ | i 1 |
Maturity date | February 29, 2024 | August 31, 2023 | |||||||||
September 2023 | $ | i — | $ | i 34 | |||||||
October 2023 | i — | i 96 | |||||||||
January 2024 | i — | i 96 | |||||||||
April 2024 | i 103 | i 68 | |||||||||
July 2024 | i 178 | i 102 | |||||||||
October 2024 | i 96 | i — | |||||||||
Total | $ | i 377 | $ | i 396 |
Derivatives Not Designated as Hedging Instruments Under ASC 815 | Location of (Loss) Gain on Derivatives Recognized in Net Income | Amount of (Loss) Gain Recognized in Net Income on Derivatives | ||||||||||||||||||||||||||||||
Three months ended | Six months ended | |||||||||||||||||||||||||||||||
February 29, 2024 | February 28, 2023 | February 29, 2024 | February 28, 2023 | |||||||||||||||||||||||||||||
Forward foreign exchange contracts(1) | Cost of revenue | $ | ( i 11) | $ | i 30 | $ | i 7 | $ | ( i 16) |
Foreign
Currency Translation Adjustment | Net Investment Hedges | Derivative Instruments | Actuarial Gain (Loss) | Prior Service (Cost) Credit | Total | ||||||||||||||||||||||||||||||||||||||||||
Balance as of August 31, 2023 | $ | ( i 59) | $ | ( i 4) | $ | i 14 | $ | i 46 | $ | ( i 14) | $ | ( i 17) | |||||||||||||||||||||||||||||||||||
Other comprehensive loss before reclassifications | ( i 1) | i — | ( i 4) | i — | i — | ( i 5) | |||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI | ( i 2) | ( i 4) | i 14 | ( i 5) | i 2 | i 5 | |||||||||||||||||||||||||||||||||||||||||
Other
comprehensive (loss) income(1) | ( i 3) | ( i 4) | i 10 | ( i 5) | i 2 | i — | |||||||||||||||||||||||||||||||||||||||||
Balance
as of February 29, 2024 | $ | ( i 62) | $ | ( i 8) | $ | i 24 | $ | i 41 | $ | ( i 12) | $ | ( i 17) |
Three months ended | Six months ended | |||||||||||||||||||||||||||||||
Comprehensive Income Components | Financial Statement Line Item | February 29, 2024 | February 28, 2023 | February 29, 2024 | February 28, 2023 | |||||||||||||||||||||||||||
Realized gains on foreign currency translation | Gain from the divestiture of businesses | $ | ( i 2) | $ | i — | $ | ( i 2) | $ | i — | |||||||||||||||||||||||
Realized gains on net investment hedges | Gain from the divestiture of businesses | ( i 4) | i — | ( i 4) | i — | |||||||||||||||||||||||||||
Realized
(gains) losses on derivative instruments:(1) | ||||||||||||||||||||||||||||||||
Foreign exchange contracts | Cost of revenue | ( i 2) | i 1 | i 15 | i 44 | |||||||||||||||||||||||||||
Interest rate contracts | Interest expense, net | i — | i — | ( i 1) | i — | |||||||||||||||||||||||||||
Realized (gains) losses on pension and postretirement plans: | ||||||||||||||||||||||||||||||||
Actuarial gains | (2) | ( i 2) | ( i 4) | ( i 5) | ( i 7) | |||||||||||||||||||||||||||
Prior
service costs | (2) | i 1 | i 1 | i 2 | i 2 | |||||||||||||||||||||||||||
Total
amounts reclassified from AOCI(3) | $ | ( i 9) | $ | ( i 2) | $ | i 5 | $ | i 39 |
Three months ended | Six months ended | ||||||||||||||||||||||
February 29, 2024 | February 28, 2023 | February 29, 2024 | February 28, 2023 | ||||||||||||||||||||
Restricted stock units | $ | i 18 | $ | i 16 | $ | i 60 | $ | i 54 | |||||||||||||||
Employee stock purchase plan | i 5 | i 4 | i 9 | i 8 | |||||||||||||||||||
Total | $ | i 23 | $ | i 20 | $ | i 69 | $ | i 62 |
February 29, 2024 | |||||
Unrecognized stock-based compensation expense – restricted stock units | $ | i 67 | |||
Remaining weighted-average period for restricted stock units expense | i 1.5 years |
Three months ended | Six months ended | ||||||||||||||||||||||
February 29, 2024 | February 28, 2023 | February 29, 2024 | February 28, 2023 | ||||||||||||||||||||
Common stock outstanding: | |||||||||||||||||||||||
Beginning balances | i 128,647,431 | i 134,231,300 | i 131,294,422 | i 135,493,980 | |||||||||||||||||||
Shares
issued under employee stock purchase plan | i 338,316 | i 629,336 | i 338,316 | i 629,336 | |||||||||||||||||||
Vesting
of restricted stock | i 2,741 | i 148,718 | i 1,769,516 | i 2,010,396 | |||||||||||||||||||
Purchases
of treasury stock under employee stock plans | ( i 795) | ( i 47,242) | ( i 526,823) | ( i 570,649) | |||||||||||||||||||
Treasury
shares purchased(1)(2) | ( i 6,547,086) | ( i 1,723,744) | ( i 10,434,824) | ( i 4,324,695) | |||||||||||||||||||
Ending
balances | i 122,440,607 | i 133,238,368 | i 122,440,607 | i 133,238,368 |
Three months ended | Six months ended | ||||||||||||||||||||||
February 29, 2024 | February 28, 2023 | February 29, 2024 | February 28, 2023 | ||||||||||||||||||||
Segment income and reconciliation of income before income tax | |||||||||||||||||||||||
EMS | $ | i 145 | $ | i 205 | $ | i 310 | $ | i 403 | |||||||||||||||
DMS | i 193 | i 186 | i 527 | i 449 | |||||||||||||||||||
Total segment income | $ | i 338 | $ | i 391 | $ | i 837 | $ | i 852 | |||||||||||||||
Reconciling items: | |||||||||||||||||||||||
Amortization of intangibles | ( i 9) | ( i 9) | ( i 15) | ( i 17) | |||||||||||||||||||
Stock-based compensation expense and related charges | ( i 23) | ( i 20) | ( i 69) | ( i 62) | |||||||||||||||||||
Restructuring, severance and related charges | ( i 70) | i — | ( i 197) | ( i 45) | |||||||||||||||||||
Gain from the divestiture of businesses | i 944 | i — | i 944 | i — | |||||||||||||||||||
Acquisition and divestiture related charges | ( i 46) | i — | ( i 61) | i — | |||||||||||||||||||
Other expense (net of periodic benefit cost) | ( i 25) | ( i 20) | ( i 48) | ( i 39) | |||||||||||||||||||
Interest expense, net | ( i 47) | ( i 55) | ( i 94) | ( i 103) | |||||||||||||||||||
Income before income tax | $ | i 1,062 | $ | i 287 | $ | i 1,297 | $ | i 586 |
Three months ended | |||||||||||||||||||||||||||||||||||
February 29, 2024 | February 28, 2023 | ||||||||||||||||||||||||||||||||||
EMS | DMS | Total | EMS | DMS | Total | ||||||||||||||||||||||||||||||
Timing of transfer | |||||||||||||||||||||||||||||||||||
Point in time | $ | i 1,206 | $ | i 773 | $ | i 1,979 | $ | i 1,267 | $ | i 1,416 | $ | i 2,683 | |||||||||||||||||||||||
Over time | i 2,125 | i 2,663 | i 4,788 | i 2,784 | i 2,667 | i 5,451 | |||||||||||||||||||||||||||||
Total | $ | i 3,331 | $ | i 3,436 | $ | i 6,767 | $ | i 4,051 | $ | i 4,083 | $ | i 8,134 |
Six months ended | |||||||||||||||||||||||||||||||||||
February 29, 2024 | February 28, 2023 | ||||||||||||||||||||||||||||||||||
EMS | DMS | Total | EMS | DMS | Total | ||||||||||||||||||||||||||||||
Timing of transfer | |||||||||||||||||||||||||||||||||||
Point in time | $ | i 2,301 | $ | i 2,787 | $ | i 5,088 | $ | i 2,805 | $ | i 3,696 | $ | i 6,501 | |||||||||||||||||||||||
Over time | i 4,622 | i 5,444 | i 10,066 | i 5,792 | i 5,476 | i 11,268 | |||||||||||||||||||||||||||||
Total | $ | i 6,923 | $ | i 8,231 | $ | i 15,154 | $ | i 8,597 | $ | i 9,172 | $ | i 17,769 |
Three months ended | Six months ended | ||||||||||||||||||||||
February 29, 2024 | February 28, 2023 | February 29, 2024 | February 28, 2023 | ||||||||||||||||||||
Foreign source revenue | i 82.5 | % | i 84.0 | % | i 84.7 | % | i 85.0 | % |
Three months ended | Six months ended | ||||||||||||||||||||||
Employee severance and benefit costs | $ | i 28 | $ | ( i 4) | $ | i 123 | $ | i 36 | |||||||||||||||
Lease costs | i 1 | i — | i 1 | i — | |||||||||||||||||||
Asset write-off costs | i 33 | i 4 | i 55 | i 5 | |||||||||||||||||||
Other costs | i 8 | i — | i 18 | i 4 | |||||||||||||||||||
Total
restructuring, severance and related charges(3) | $ | i 70 | $ | i — | $ | i 197 | $ | i 45 |
Employee Severance and Benefit Costs | Lease Costs | Asset Write-off Costs | Other Related Costs | Total | |||||||||||||||||||||||||
Balance as of August 31, 2023 | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | |||||||||||||||||||
Restructuring related charges | i 123 | i 1 | i 55 | i 18 | i 197 | ||||||||||||||||||||||||
Asset write-off charge and other non-cash activity | i — | i — | ( i 55) | ( i 5) | ( i 60) | ||||||||||||||||||||||||
Cash payments | ( i 57) | ( i 1) | i — | ( i 4) | ( i 62) | ||||||||||||||||||||||||
Balance
as of February 29, 2024 | $ | i 66 | $ | i — | $ | i — | $ | i 9 | $ | i 75 |
Three months ended | Six months ended | ||||||||||||||||||||||
February 29, 2024 | February 28, 2023 | February 29, 2024 | February 28, 2023 | ||||||||||||||||||||
U.S. federal statutory income tax rate | i 21.0 | % | i 21.0 | % | i 21.0 | % | i 21.0 | % | |||||||||||||||
Effective income tax rate | i 12.7 | % | i 27.6 | % | i 13.6 | % | i 26.6 | % |
Three months ended | Six months ended | ||||||||||||||||||||||
February 29, 2024 | February 28, 2023 | February 29, 2024 | February 28, 2023 | ||||||||||||||||||||
Restricted stock units | i 293.5 | i 363.7 | i 309.5 | i 363.7 | |||||||||||||||||||
Dividend Declaration Date | Dividend per Share | Total of Cash Dividends Declared | Date of Record for Dividend Payment | Dividend
Cash Payment Date | |||||||||||||||||||||||||
Fiscal Year 2024: | October 19, 2023 | $ | i 0.08 | $ | i 11 | November 15, 2023 | December 4, 2023 | ||||||||||||||||||||||
January 25, 2024 | $ | i 0.08 | $ | i 10 | February 15, 2024 | March 4, 2024 | |||||||||||||||||||||||
Fiscal Year 2023: | October 20, 2022 | $ | i 0.08 | $ | i 12 | November 15, 2022 | December 2, 2022 | ||||||||||||||||||||||
January 26, 2023 | $ | i 0.08 | $ | i 10 | February 15, 2023 | March 2, 2023 | |||||||||||||||||||||||
Fair Value Hierarchy | February 29, 2024 | August 31, 2023 | |||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
Cash equivalents | Level 1 | (1) | $ | i 572 | $ | i — | |||||||||||
Prepaid expenses and other current assets: | |||||||||||||||||
Short-term investments | Level 1 | i 26 | i 25 | ||||||||||||||
Forward foreign exchange contracts: | |||||||||||||||||
Derivatives designated as hedging instruments (Note 8) | Level 2 | (2) | i 9 | i 4 | |||||||||||||
Derivatives
not designated as hedging instruments (Note 8) | Level 2 | (2) | i 12 | i 20 | |||||||||||||
Net investment hedges: | |||||||||||||||||
Derivatives designated as hedging instruments (Note 8) | Level 2 | (2) | i 7 | i 9 | |||||||||||||
Liabilities: | |||||||||||||||||
Accrued expenses: | |||||||||||||||||
Forward foreign exchange contracts: | |||||||||||||||||
Derivatives designated as hedging instruments (Note 8) | Level 2 | (2) | $ | i 7 | $ | i 17 | |||||||||||
Derivatives
not designated as hedging instruments (Note 8) | Level 2 | (2) | i 8 | i 64 | |||||||||||||
Net investment hedges: | |||||||||||||||||
Derivatives designated as hedging instruments (Note 8) | Level 2 | (2) | i 1 | i 1 | |||||||||||||
February 29, 2024 | August 31, 2023 | |||||||||||||||||||||||||||||||
Fair Value Hierarchy | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||||||||||
Notes payable and long-term debt: (Note 4) | ||||||||||||||||||||||||||||||||
i 3.950%
Senior Notes | Level 2 | (1) | $ | i 498 | $ | i 473 | $ | i 497 | $ | i 468 | ||||||||||||||||||||||
i 3.600%
Senior Notes | Level 2 | (1) | $ | i 497 | $ | i 451 | $ | i 496 | $ | i 448 | ||||||||||||||||||||||
i 3.000%
Senior Notes | Level 2 | (1) | $ | i 593 | $ | i 512 | $ | i 593 | $ | i 502 | ||||||||||||||||||||||
i 1.700%
Senior Notes | Level 2 | (1) | $ | i 498 | $ | i 463 | $ | i 498 | $ | i 452 | ||||||||||||||||||||||
i 4.250%
Senior Notes | Level 2 | (1) | $ | i 496 | $ | i 483 | $ | i 495 | $ | i 478 | ||||||||||||||||||||||
i 5.450%
Senior Notes | Level 2 | (1) | $ | i 296 | $ | i 300 | $ | i 296 | $ | i 297 |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Three months ended | Six months ended | ||||||||||||||||||||||
February 29, 2024 | February 28, 2023 | February 29, 2024 | February 28, 2023 | ||||||||||||||||||||
Net revenue | $ | 6,767 | $ | 8,134 | $ | 15,154 | $ | 17,769 | |||||||||||||||
Gross profit | $ | 630 | $ | 661 | $ | 1,405 | $ | 1,404 | |||||||||||||||
Operating income | $ | 1,131 | $ | 359 | $ | 1,434 | $ | 721 | |||||||||||||||
Net income attributable to Jabil Inc. | $ | 927 | $ | 207 | $ | 1,121 | $ | 430 | |||||||||||||||
Earnings per share – basic | $ | 7.41 | $ | 1.55 | $ | 8.80 | $ | 3.21 | |||||||||||||||
Earnings per share – diluted | $ | 7.31 | $ | 1.52 | $ | 8.66 | $ | 3.14 |
Three months ended | |||||||||||||||||
February 29, 2024 | February 28, 2023 | ||||||||||||||||
Sales cycle(2) | 48 days | 42 days | 50 days | ||||||||||||||
Inventory turns (annualized)(3) | 4 turns | 5 turns | 4 turns | ||||||||||||||
Days in accounts receivable(4) | 35 days | 43 days | 41 days | ||||||||||||||
Days in inventory(5) | 87 days | 78 days | 93 days | ||||||||||||||
Days in accounts
payable(6) | 74 days | 78 days | 84 days |
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||||
(dollars in millions) | February 29, 2024 | February 28, 2023 | Change | February 29, 2024 | February 28, 2023 | Change | |||||||||||||||||||||||||||||
Net revenue | $ | 6,767 | $ | 8,134 | (16.8) | % | $ | 15,154 | $ | 17,769 | (14.7) | % |
Three months ended | Six months ended | ||||||||||||||||||||||
February 29, 2024 | February 28, 2023 | February 29, 2024 | February 28, 2023 | ||||||||||||||||||||
EMS | 49 | % | 50 | % | 46 | % | 48 | % | |||||||||||||||
DMS | 51 | % | 50 | % | 54 | % | 52 | % | |||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % |
Three months ended | Six months ended | ||||||||||||||||||||||
February 29, 2024 | February 28, 2023 | February 29, 2024 | February 28, 2023 | ||||||||||||||||||||
Foreign source revenue | 82.5 | % | 84.0 | % | 84.7 | % | 85.0 | % |
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||||
(dollars in millions) | February 29, 2024 | February 28, 2023 | February 29, 2024 | February 28, 2023 | |||||||||||||||||||||||||||||||
Gross profit | $ | 630 | $ | 661 | $ | 1,405 | $ | 1,404 | |||||||||||||||||||||||||||
Percent of net revenue | 9.3 | % | 8.1 | % | 9.3 | % | 7.9 | % |
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||||
(in millions) | February 29, 2024 | February 28, 2023 | Change | February 29, 2024 | February 28, 2023 | Change | |||||||||||||||||||||||||||||
Selling, general and administrative | $ | 308 | $ | 285 | $ | 23 | $ | 622 | $ | 604 | $ | 18 |
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||||
(dollars in millions) | February 29, 2024 | February 28, 2023 | February 29, 2024 | February 28, 2023 | |||||||||||||||||||||||||||||||
Research and development | $ | 10 | $ | 8 | $ | 20 | $ | 17 | |||||||||||||||||||||||||||
Percent of net revenue | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % |
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||||
(in millions) | February 29, 2024 | February 28, 2023 | Change | February 29, 2024 | February 28, 2023 | Change | |||||||||||||||||||||||||||||
Amortization of intangibles | $ | 9 | $ | 9 | $ | — | $ | 15 | $ | 17 | $ | (2) |
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||||
(in millions) | February 29, 2024 | February 28, 2023 | Change | February 29, 2024 | February 28, 2023 | Change | |||||||||||||||||||||||||||||
Restructuring, severance and related charges | $ | 70 | $ | — | $ | 70 | $ | 197 | $ | 45 | $ | 152 |
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||||
(in millions) | February 29, 2024 | February 28, 2023 | Change | February 29, 2024 | February 28, 2023 | Change | |||||||||||||||||||||||||||||
Gain from the divestiture of businesses | $ | (944) | $ | — | $ | (944) | $ | (944) | $ | — | $ | (944) |
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||||
(in millions) | February 29, 2024 | February 28, 2023 | Change | February 29, 2024 | February 28, 2023 | Change | |||||||||||||||||||||||||||||
Acquisition and divestiture related charges | $ | 46 | $ | — | $ | 46 | $ | 61 | $ | — | $ | 61 |
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||||
(in millions) | February 29, 2024 | February 28, 2023 | Change | February 29, 2024 | February 28, 2023 | Change | |||||||||||||||||||||||||||||
Other expense | $ | 22 | $ | 17 | $ | 5 | $ | 43 | $ | 32 | $ | 11 |
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||||
(in millions) | February 29, 2024 | February 28, 2023 | Change | February 29, 2024 | February 28, 2023 | Change | |||||||||||||||||||||||||||||
Interest expense, net | $ | 47 | $ | 55 | $ | (8) | $ | 94 | $ | 103 | $ | (9) |
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||||
February 29, 2024 | February 28, 2023 | Change | February 29, 2024 | February 28, 2023 | Change | ||||||||||||||||||||||||||||||
Effective income tax rate | 12.7 | % | 27.6 | % | (14.9) | % | 13.6 | % | 26.6 | % | (13.0) | % |
Three months ended | Six months ended | ||||||||||||||||||||||
(in millions, except for per share data) | February 29, 2024 | February 28, 2023 | February 29, 2024 | February 28, 2023 | |||||||||||||||||||
Operating income (U.S. GAAP) | $ | 1,131 | $ | 359 | $ | 1,434 | $ | 721 | |||||||||||||||
Amortization of intangibles | 9 | 9 | 15 | 17 | |||||||||||||||||||
Stock-based compensation expense and related charges | 23 | 20 | 69 | 62 | |||||||||||||||||||
Restructuring,
severance and related charges(1) | 70 | — | 197 | 45 | |||||||||||||||||||
Net periodic benefit cost(2) | 3 | 3 | 5 | 7 | |||||||||||||||||||
Gain
from the divestiture of businesses(3) | (944) | — | (944) | — | |||||||||||||||||||
Acquisition and divestiture related charges(3) | 46 | — | 61 | — | |||||||||||||||||||
Adjustments to operating income | (793) | 32 | (597) | 131 | |||||||||||||||||||
Core operating income (Non-GAAP) | $ | 338 | $ | 391 | $ | 837 | $ | 852 | |||||||||||||||
Net
income attributable to Jabil Inc. (U.S. GAAP) | $ | 927 | $ | 207 | $ | 1,121 | $ | 430 | |||||||||||||||
Adjustments to operating income | (793) | 32 | (597) | 131 | |||||||||||||||||||
Net
periodic benefit cost(2) | (3) | (3) | (5) | (7) | |||||||||||||||||||
Adjustments for taxes(4) | 82 | 20 | 37 | 21 | |||||||||||||||||||
Core earnings (Non-GAAP) | $ | 213 | $ | 256 | $ | 556 | $ | 575 | |||||||||||||||
Diluted
earnings per share (U.S. GAAP) | $ | 7.31 | $ | 1.52 | $ | 8.66 | $ | 3.14 | |||||||||||||||
Diluted
core earnings per share (Non-GAAP) | $ | 1.68 | $ | 1.88 | $ | 4.30 | $ | 4.19 | |||||||||||||||
Diluted weighted average shares outstanding (U.S. GAAP and Non-GAAP) | 126.9 | 136.3 | 129.5 | 137.1 | |||||||||||||||||||
Six months ended | |||||||||||
(in millions) | February 29, 2024 | February 28, 2023 | |||||||||
Net cash provided by operating activities (U.S. GAAP) | $ | 666 | $ | 580 | |||||||
Acquisition of property, plant and equipment (“PP&E”)(1) | (554) | (637) | |||||||||
Proceeds
and advances from sale of PP&E(1) | 109 | 169 | |||||||||
Adjusted free cash flow (Non-GAAP) | $ | 221 | $ | 112 |
(in millions) | 3.950% Senior Notes | 3.600% Senior Notes | 3.000% Senior Notes | 1.700% Senior Notes | 4.250% Senior Notes | 5.450% Senior Notes | Borrowings under revolving credit facilities(1)(2) | Borrowings under loans | Total
notes payable and credit facilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of August 31, 2023 | $ | 497 | $ | 496 | $ | 593 | $ | 498 | $ | 495 | $ | 296 | $ | — | $ | — | $ | 2,875 | |||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | — | — | — | — | — | — | 1,799 | — | 1,799 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments | — | — | — | — | — | — | (1,799) | — | (1,799) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 1 | 1 | — | — | 1 | — | — | — | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of February 29, 2024 | $ | 498 | $ | 497 | $ | 593 | $ | 498 | $ | 496 | $ | 296 | $ | — | $ | — | $ | 2,878 | |||||||||||||||||||||||||||||||||||||||||||||||
Maturity Date | Jan 12, 2028 | Jan 15, 2030 | Jan 15, 2031 | Apr 15, 2026 | May 15, 2027 | Feb 1, 2029 | Jan 22, 2026 and Jan 22, 2028 | Jul 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Original Facility/ Maximum Capacity | $500 million | $500 million | $600 million | $500 million | $500 million | $300 million | $3.9 billion(2) | $1
million |
Six months ended | ||||||||||||||
February 29, 2024 | February 28, 2023 | |||||||||||||
Net cash provided by operating activities | $ | 666 | $ | 580 | ||||||||||
Net cash provided by (used in) investing activities | 1,558 | (484) | ||||||||||||
Net
cash used in financing activities | (1,455) | (371) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (7) | (3) | ||||||||||||
Net increase (decrease) in cash and cash equivalents | $ | 762 | $ | (278) |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings |
Item 1A. | Risk Factors |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Period | Total Number of
Shares Purchased(1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Program(2) | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (in millions)(2) | |||||||||||||||||||
December 1, 2023 – December 31, 2023 | 1,101,820 | $ | 117.26 | 1,101,820 | $ | 1,871 | |||||||||||||||||
January 1, 2024 – January 31, 2024 | 4,845,608 | $ | 126.94 | 4,844,813 | $ | 1,256 | |||||||||||||||||
February 1, 2024 – February 29, 2024 | 600,453 | $ | 133.54 | 600,453 | $ | 1,176 | |||||||||||||||||
Total | 6,547,881 | $ | 125.91 | 6,547,086 |
Item 3. | Defaults Upon Senior Securities |
Item 4. | Mine Safety Disclosures |
Item 5. | Other Information |
Item 6. | Exhibits |
Incorporated by Reference Herein | |||||||||||||||||||||||||||||||||||||||||
Exhibit No. | Description | Form | Exhibit | Filing Date/Period End Date | |||||||||||||||||||||||||||||||||||||
3.1 | 10-Q | 3.1 | 5/31/2017 | ||||||||||||||||||||||||||||||||||||||
3.2 | 10-K | 3.2 | 8/31/2022 | ||||||||||||||||||||||||||||||||||||||
4.1 | Form of Certificate for Shares of the Registrant’s Common Stock. (P) | S-1 | 3/17/1993 | ||||||||||||||||||||||||||||||||||||||
4.2 | 8-K | 4.2 | 1/17/2008 | ||||||||||||||||||||||||||||||||||||||
4.3 | 8-K | 4.1 | 4/13/2023 | ||||||||||||||||||||||||||||||||||||||
4.4 | 8-K | 4.1 | 5/4/2022 | ||||||||||||||||||||||||||||||||||||||
4.5 | 8-K | 4.1 | 4/13/2023 | ||||||||||||||||||||||||||||||||||||||
4.6 | 8-K | 4.1 | 5/4/2022 | ||||||||||||||||||||||||||||||||||||||
4.7 | 8-K | 4.1 | 4/14/2021 | ||||||||||||||||||||||||||||||||||||||
4.8 | 8-K | 4.1 | 7/13/2020 | ||||||||||||||||||||||||||||||||||||||
4.9 | 8-K | 4.1 | 1/15/2020 | ||||||||||||||||||||||||||||||||||||||
4.10 | 8-K | 4.1 | 1/17/2018 | ||||||||||||||||||||||||||||||||||||||
10.1 | 8-K | 10.1 | 2/26/2024 | ||||||||||||||||||||||||||||||||||||||
31.1* | |||||||||||||||||||||||||||||||||||||||||
31.2* | |||||||||||||||||||||||||||||||||||||||||
32.1* | |||||||||||||||||||||||||||||||||||||||||
32.2* | |||||||||||||||||||||||||||||||||||||||||
101 | The
following financial information from Jabil’s Quarterly Report on Form 10-Q for the quarterly period ended February 29, 2024, formatted in Inline XBRL: (i) Condensed Consolidated Balance Sheets as of February 29, 2024 and August 31, 2023, (ii) Condensed Consolidated Statements of Operations for the three months and six months ended February 29, 2024 and February 28, 2023, (iii) Condensed Consolidated Statements of Comprehensive Income for the three months and six months ended February 29, 2024 and February 28, 2023, (iv) Condensed Consolidated Statements of Stockholders’ Equity for the three months and six months ended February
29, 2024 and February 28, 2023, (v) Condensed Consolidated Statements of Cash Flows for the six months ended February 29, 2024 and February 28, 2023, and (vi) the Notes to Condensed Consolidated Financial Statements. | ||||||||||||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (Embedded within the inline XBRL Document in Exhibit 101). | ||||||||||||||||||||||||||||||||||||||||
* | Filed or furnished herewith | ||||||||||||||||||||||||||||||||||||||||
JABIL INC. Registrant | ||||||||
Date: April 5, 2024 | By: | /s/ KENNETH S. WILSON | ||||||
Kenneth S. Wilson Chief Executive Officer | ||||||||
Date: April 5, 2024 | By: | /s/ MICHAEL DASTOOR | ||||||
Michael
Dastoor Chief Financial Officer |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
1/22/28 | ||||
5/15/27 | ||||
1/22/26 | ||||
12/31/25 | ||||
12/5/25 | ||||
11/30/24 | ||||
11/25/24 | ||||
8/31/24 | ||||
Filed on: | 4/5/24 | |||
3/28/24 | 4 | |||
3/4/24 | ||||
3/1/24 | ||||
For Period end: | 2/29/24 | |||
2/23/24 | 8-K | |||
2/20/24 | ||||
2/15/24 | ||||
2/1/24 | ||||
1/31/24 | 4 | |||
1/25/24 | 3, 4, 8-K, DEF 14A | |||
1/15/24 | ||||
1/1/24 | ||||
12/31/23 | ||||
12/29/23 | 144, 4, 8-K | |||
12/4/23 | ||||
12/1/23 | ||||
11/30/23 | 10-Q | |||
11/15/23 | ||||
11/1/23 | 4 | |||
10/19/23 | 4 | |||
9/28/23 | 8-K | |||
9/26/23 | 8-K | |||
8/31/23 | 10-K | |||
3/2/23 | ||||
2/28/23 | 10-Q | |||
2/15/23 | ||||
1/26/23 | 4, 8-K, DEF 14A | |||
12/2/22 | 4 | |||
11/15/22 | 4 | |||
10/20/22 | 4 | |||
9/27/22 | 8-K | |||
8/31/22 | 10-K, 5 | |||
1/22/20 | 8-K | |||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/26/24 Jabil Inc. 8-K:1,2,9 2/23/24 11:1.2M Donnelley … Solutions/FA 4/13/23 Jabil Inc. 8-K:1,8,9 4/13/23 13:514K Donnelley … Solutions/FA 10/25/22 Jabil Inc. 10-K 8/31/22 133:16M Donnelley … Solutions/FA 5/04/22 Jabil Inc. 8-K:1,8,9 5/04/22 13:517K Donnelley … Solutions/FA 4/14/21 Jabil Inc. 8-K:1,8,9 4/14/21 13:506K Donnelley … Solutions/FA 7/13/20 Jabil Inc. 8-K:1,8,9 7/13/20 13:497K Donnelley … Solutions/FA 1/15/20 Jabil Inc. 8-K:1,8,9 1/15/20 13:512K Donnelley … Solutions/FA 1/17/18 Jabil Inc. 8-K:1,8,9 1/17/18 5:316K Donnelley … Solutions/FA 6/30/17 Jabil Inc. 10-Q 5/31/17 73:7.2M Donnelley … Solutions/FA 1/17/08 Jabil Inc. 8-K:1,2,9 1/11/08 6:857K Donnelley … Solutions/FA |