Thomson Reuters Corp 6-K, filed May 3, 2024

Thomson Reuters Corp (TRI)

6-K 2024-05-03 For: 2024-05-03

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Added on April 06, 2026

About this 6-K

Thomson Reuters Corp filed this 6-K on May 3, 2024.

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THOMSON REUTERS CORPORATION (Registrant)

By:		/s/ Jennifer Ruddick
		Name: Jennifer Ruddick
		Title: Deputy Company Secretary


Exhibit Number		Description

99.1		Management’s Discussion and Analysis

99.2		Unaudited Consolidated Financial Statements

99.3		Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

99.4		Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

99.5		Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

99.6		Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002


•	Executive Summary – an overview of our business and key financial highlights	3

•	Results of Operations – a comparison of our current and prior-year period results	4

•	Investment in LSEG – a discussion of our current ownership interest in LSEG	11

•	Liquidity and Capital Resources – a discussion of our cash flow and debt	12

•	Outlook – our financial outlook, including material assumptions and material risks	17

•	Related Party Transactions – a discussion of transactions with our principal and controlling shareholder, Woodbridge and other related parties	19

•	Subsequent Events – a discussion of material events occurring after March 31, 2024 and through the date of this management’s discussion and analysis	20

•	Changes in Accounting Policies – a discussion of changes in our accounting policies	20

•	Critical Accounting Estimates and Judgments – a discussion of critical estimates and judgments made by our management in applying accounting policies	20

•	Additional Information – other required disclosures	20

•	Appendix – supplemental information	22


Term		Definition
AI		Artificial Intelligence
“Big 3” segments		Our combined Legal Professionals, Corporates and Tax & Accounting Professionals segments
Blackstone’s consortium		The Blackstone Group and its subsidiaries, and private equity funds affiliated with Blackstone
bp		Basis points — one basis point is equal to 1/100^th of 1%; “100bp” is equivalent to 1%
Change Program		A two-year initiative, completed in December 2022, that focused on transforming our company from a holding company to an operating company and from a content provider into a content-driven technology company
constant currency		A non-IFRS measure derived by applying the same foreign currency exchange rates to the financial results of the current and equivalent prior-year period
EPS		Earnings per share
LSEG		London Stock Exchange Group plc
ML		Machine Learning
n/a		Not applicable
n/m		Not meaningful
organic or organically		A non-IFRS measure that represents changes in revenues of our existing businesses at constant currency. The metric excludes the distortive impacts of acquisitions and dispositions from not owning the business in both comparable periods
Woodbridge		The Woodbridge Company Limited, our principal and controlling shareholder
YPL		York Parent Limited, the entity that owns LSEG shares, which is jointly owned by our company and the Blackstone consortium. References to YPL also include its subsidiaries.
$ and US$		U.S. dollars


				First Quarter 2024 Revenues
		Legal Professionals Serves law firms and governments with research and workflow products, focusing on intuitive legal research powered by emerging technologies, including generative AI, and integrated legal workflow solutions that combine content, tools and analytics.
		Corporates Serves corporate customers from small businesses to multinational organizations, including the seven largest global accounting firms, with our full suite of content-driven technologies, including generative AI, providing integrated workflow solutions designed to help our customers digitally transform and achieve their business outcomes.
		Tax & Accounting Professionals Serves tax, accounting and audit professionals in accounting firms (other than the seven largest, which are served by our Corporates segment) with research and workflow products, focusing on intuitive tax offerings and automating tax workflows.
		Reuters News Supplies business, financial and global news to the world’s media organizations, professionals and news consumers through Reuters News Agency, Reuters.com, Reuters Events, Thomson Reuters products and to financial market professionals exclusively via LSEG products.
		Global Print Provides legal and tax information primarily in print format to customers around the world.

Thomson Reuters Corp 6-K, filed May 3, 2024

About this 6-K

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	Three months ended March 31,
						Change
(millions of U.S. dollars, except per share amounts and margins)	2024		2023			Total		Constant Currency
IFRS Financial Measures
Revenues		1,885		1,738			8%
Operating profit		557		508			10%
Diluted EPS		$1.06		$1.59			(33%)
Non-IFRS Financial Measures
Revenues		1,885		1,738			8%		8%
Organic revenue growth									9%
Adjusted EBITDA		806		677			19%		19%
Adjusted EBITDA margin		42.7%		38.8%			390bp		390bp
Adjusted EBITDA less accrued capital expenditures		672		556			21%
Adjusted EBITDA less accrued capital expenditures margin		35.6%		31.8%			380bp
Adjusted EPS		$1.11		$0.84	⁽¹⁾		32%		32%
“Big 3” Segments
Revenues		1,556		1,431			9%		9%
Organic revenue growth									10%
Adjusted EBITDA		716		621			15%		16%
Adjusted EBITDA margin		45.8%		43.1%			270bp		290bp



	Three months ended March 31,
					Change

(millions of U.S. dollars)	2024		2023		Total		Constant Currency		Organic
Recurring revenues		1,426		1,323		8%		8%		9%
Transactions revenues		335		277		21%		22%		22%
Global Print revenues		124		138		(10%)		(10%)		(10%)
Revenues		1,885		1,738		8%		8%		9%


	Three months ended March 31,
					Change
(millions of U.S. dollars, except per share amounts)	2024		2023		Total		Constant Currency
IFRS Financial Measures
Net earnings		478		756		(37%)
Diluted EPS	$	1.06	$	1.59		(33%)
Non-IFRS Financial Measures⁽¹⁾
Adjusted earnings		503		396		27%
Adjusted EPS	$	1.11	$	0.84		32%		32%



	Three months ended March 31,

					Change

(millions of U.S. dollars, except margins)	2024		2023		Total		Constant Currency		Organic
Recurring revenues		698		672		4%		4%		7%
Transactions revenues		23		42		(46%)		(44%)		4%
Revenues		721		714		1%		1%		7%
Segment adjusted EBITDA		342		318		7%		8%
Segment adjusted EBITDA margin		47.4%		44.6%		280bp		310bp



	Three months ended March 31,

					Change

(millions of U.S. dollars, except margins)	2024		2023		Total		Constant Currency		Organic
Recurring revenues		164		155		6%		7%		4%
Transactions revenues		46		20		127%		126%		110%
Revenues		210		175		20%		21%		17%
Segment adjusted EBITDA		60		29		105%		109%
Segment adjusted EBITDA margin		28.3%		16.6%		1170bp		1190bp



	Three months ended March 31,

(millions of U.S. dollars)	2024		2023		$ Change
Net cash provided by operating activities		432		267		165
Net cash provided by investing activities		643		1,668		(1,025)
Net cash used in financing activities		(470)		(1,315)		845
Translation adjustments		(2)		1		(3)
Increase in cash and cash equivalents		603		621		(18)
Cash and cash equivalents at beginning of period		1,298		1,069		229
Cash and cash equivalents at end of period		1,901		1,690		211
Non-IFRS Financial Measure ⁽¹⁾
Free cash flow		271		133		138


	Moody’s	S&P Global Ratings	DBRS Limited	Fitch
Long-term debt	Baa1	BBB	BBB (high)	BBB+
Commercial paper	P-2	A-2	R-2 (high)	F1
Trend/Outlook	Stable	Stable	Stable	Stable



	March 31,		December 31,

(millions of U.S. dollars)	2024		2023
Net debt⁽¹⁾		2,185		2,207
Leverage ratio of net debt to adjusted EBITDA
Adjusted EBITDA⁽¹⁾		2,807		2,678
Net debt / adjusted EBITDA⁽¹⁾		0.8:1		0.8:1



Total Thomson Reuters	2023 Actual	2024 Outlook 2/8/2024	2024 Outlook 5/2/2024
Revenue growth	3%	Approx. 6.5%	Approx 6.5% - 7.0%
*Organic revenue growth⁽¹⁾*	6%	Approx. 6.0%	Approx. 6.0%- 6.5%
Adjusted EBITDA margin⁽¹⁾	39.3%	Approx. 38%	Unchanged
Corporate costs	$115 million	$120 - $130 million	Unchanged
Free cash flow⁽¹⁾	$1.9 billion	Approx. $1.8 billion	Unchanged
Accrued capital expenditures as a percentage of revenues⁽¹⁾	7.8%	Approx. 8.5%	Unchanged
Depreciation and amortization of computer software	$628 million	$730 - $750 million	Unchanged
Depreciation and amortization of internally developed software	$556 million	$595 - $615 million
Amortization of acquired software	$72 million	Approx. $135 million
Interest expense⁽²⁾	$164 million	$150 - $170 million	Unchanged
Effective tax rate on adjusted earnings⁽¹⁾	16.5%	Approx. 18%	Unchanged

“Big 3” Segments⁽¹⁾	2023 Actual	2024 Outlook 2/8/2024	2024 Outlook 5/2/2024
Revenue growth	3%	Approx. 8.0%	Approx 8.0% - 8.5%
*Organic revenue growth*	7%	Approx. 7.5%	Approx 7.5% - 8.0%
Adjusted EBITDA margin	43.8%	Approx. 43%	Unchanged



Revenues
Material assumptions		Material risks
^● Uncertain macroeconomic and geopolitical conditions will continue to disrupt the economy and cause periods of volatility ^● Continued need for trusted products and services that help customers navigate evolving and complex legal, tax, accounting, regulatory, geopolitical and commercial changes, developments and environments, and for cloud-based digital tools that drive productivity ^● Continued ability to deliver innovative products that meet evolving customer demands ^● Acquisition of new customers through expanded and improved digital platforms, simplification of the product portfolio and through other sales initiatives ^● Improvement in customer retention through commercial simplification efforts and customer service improvements		^● Ongoing geopolitical instability and uncertainty regarding interest rates and inflation, continue to impact the global economy. The severity and duration of any one, or a combination, of these conditions could impact the global economy and lead to lower demand for our products and services (beyond our assumption that these disruptions will cause periods of volatility) ^● Uncertainty in the legal regulatory regime relating to AI. Potential future legislation may make it harder for us to conduct business using AI, lead to regulatory fines or penalties, require us to change product offerings or business practices, or prevent or limit our use of AI ^● Demand for our products and services could be reduced by changes in customer buying patterns, or our inability to execute on key product design or customer support initiatives ^● Competitive pricing actions and product innovation could impact our revenues ^● Our sales, commercial simplification and product design initiatives may be insufficient to retain customers or generate new sales



	Three months ended March 31,

					Change

(millions of U.S. dollars)	2024		2023		Total		Constant Currency
Operating expenses		1,081		1,074		1%		1%
Remove fair value adjustments⁽¹⁾		2		(4)
Operating expenses, excluding fair value adjustments		1083		1,070		1%		1%



	Three months ended March 31,

(millions of U.S. dollars)	2024		2023
YPL		-		574
Other equity method investments		(8)		(4)
Share of post-tax (losses) earnings in equity method investments		(8)		570



	Three months ended March 31,

(millions of U.S. dollars)	2024		2023
(Decrease) increase in LSEG share price		(49)		478
Foreign exchange (losses) gains on LSEG shares		(7)		159
Loss from forward contract		-		(77)
Gain from call options		22		-
Historical excluded equity investment⁽¹⁾		34		14
YPL - Share of post-tax earnings in equity method investments		-		574


	Three months ended March 31,

(millions of U.S. dollars)	2024		2023⁽¹⁾

Tax expense (benefit)

Tax items impacting comparability:

Discrete changes to uncertain tax positions⁽²⁾		(15)		-
Deferred tax adjustments⁽³⁾		4		-

Subtotal		(11)		-
Tax related to:

Amortization of acquired computer software⁽¹⁾		(9)		(2)

Amortization of other identifiable intangible assets		(6)		(6)

Other operating (losses) gains, net		(5)		(1)

Other finance (costs) income		(6)		(16)

Share of post-tax (losses) earnings in equity method investments		(5)		136

Other items		(1)		(1)

Subtotal		(32)		110

Total		(43)		110



How We Define It	Why We Use It and Why It Is Useful to Investors	Most Directly Comparable IFRS Measure

Adjusted EBITDA and the related margin
Represents earnings or losses from continuing operations before tax expense or benefit, net interest expense, other finance costs or income, depreciation, amortization of computer software and other identifiable intangible assets, our share of post-tax earnings or losses in equity method investments, other operating gains and losses, certain asset impairment charges and fair value adjustments, including those related to acquired deferred revenue. The related margin is adjusted EBITDA expressed as a percentage of revenues. For purposes of this calculation, revenues are before fair value adjustments to acquired deferred revenue.	Provides a consistent basis to evaluate operating profitability and performance trends by excluding items that we do not consider to be controllable activities for this purpose. Also represents a measure commonly reported and widely used by investors as a valuation metric, as well as to assess our ability to incur and service debt.	Earnings from continuing operations

Adjusted EBITDA less accrued capital expenditures and the related margin
Represents adjusted EBITDA less accrued capital expenditures, where accrued capital expenditures include amounts that remain unpaid at the reporting date. The related margin is adjusted EBITDA less accrued capital expenditures expressed as a percentage of revenues. For purposes of this calculation, revenues are before fair value adjustments to acquired deferred revenue.	Provides a basis for evaluating the operating profitability and capital intensity of a business in a single measure. This measure captures investments regardless of whether they are expensed or capitalized, and reflects the basis on which management measures capital spending.	Earnings from continuing operations

Accrued capital expenditures as a percentage of revenues
Accrued capital expenditures expressed as a percentage of revenues. For purposes of this calculation, revenues are before fair value adjustments to acquired deferred revenue.	Reflects the basis on how we manage capital expenditures for internal budgeting purposes.	Capital expenditures



	Three months ended March 31,				Year ended December 31,

(millions of U.S. dollars, except margins)	2024		2023		2023

Earnings from continuing operations		464		737		2,646

Adjustments to remove:

Tax expense		67		196		417

Other finance (income) costs		(22)		90		192

Net interest expense		40		55		152

Amortization of other identifiable intangible assets		25		25		97

Amortization of computer software		153		118		512

Depreciation		28		30		116

EBITDA		755		1,251		4,132

Adjustments to remove:

Share of post-tax losses (earnings) in equity method investments		8		(570)		(1,075)

Other operating losses (gains), net		41		(17)		(397)

Fair value adjustments⁽¹⁾		2		13		18

Adjusted EBITDA		806		677		2,678

Deduct: Accrued capital expenditures		(134)		(121)		(532)

Adjusted EBITDA less accrued capital expenditures		672		556		2,146

Adjusted EBITDA margin		42.7%		38.8%		39.3%

Adjusted EBITDA less accrued capital expenditures margin		35.6%		31.8%		31.5%



	Year ended December 31,

(millions of U.S. dollars, except percentages)	2023

Adjusted earnings		1,629

Plus: Dividends declared on preference shares		5

Plus: Tax expense on adjusted earnings		324

Pre-tax adjusted earnings		1,958

IFRS tax expense		417

Remove tax related to:

Amortization of acquired computer software		17

Amortization of other identifiable intangible assets		22

Share of post-tax earnings in equity method investments		(253)

Other finance costs		31

Other operating gains, net		(81)

Other items		(1)

Subtotal – Remove tax expense on pre-tax items removed from adjusted earnings		(265)

Remove: Tax items impacting comparability		172

Total – Remove all items impacting comparability		(93)

Tax expense on adjusted earnings		324

Effective tax rate on adjusted earnings		16.5%



	Three months ended March 31, 2023

(millions of U.S. dollars, except margins)	IFRS revenues		Remove fair value adjustments to acquired deferred revenue		Revenues excluding fair value adjustments to acquired deferred revenue		Adjusted EBITDA		Adjusted EBITDA margin

Revenues
Legal Professionals		714		–		714		318		44.6%
Corporates		435		2		437		154		35.1%
Tax & Accounting Professionals		282		7		289		149		51.4%
“Big 3” Segments Combined		1,431		9		1,440		621		43.1%
Reuters News		175		–		175		29		16.6%
Global Print		138		–		138		50		36.5%
Eliminations/Rounding		(6)		–		(6)		–		n/a
Corporate costs		–		–		–		(23)		n/a
Consolidated totals		1,738		9		1,747		677		38.8%



	Quarters ended

(millions of U.S. dollars, except per share amounts)	March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022		September 30, 2022		June 30, 2022
Revenues		1,885		1,815		1,594		1,647		1,738		1,765		1,574		1,614
Operating profit		557		558		441		825		508		631		398		391
Earnings (loss) from continuing operations		464		650		370		889		737		179		265		(71)
Earnings (loss) from discontinued operations, net of tax		14		28		(3)		5		19		39		(37)		(44)
Net earnings (loss)		478		678		367		894		756		218		228		(115)
Earnings (loss) attributable to: Common shareholders		481		678		367		894		756		218		228		(115)
Non-controlling interests		(3)		—		—		—		—		—		—		—

Basic earnings (loss) per share
From continuing operations		$1.03		$1.43		$0.81		$1.89		$1.56		$0.37		$0.55		$(0.15)
From discontinued operations		0.03		0.06		(0.01)		0.01		0.04		0.08		(0.08)		(0.09)
		$1.06		$1.49		$0.80		$1.90		$1.60		$0.45		$0.47		$(0.24)

Diluted earnings (loss) per share
From continuing operations		$1.03		$1.43		$0.81		$1.89		$1.55		$0.37		$0.55		$(0.15)
From discontinued operations		0.03		0.06		(0.01)		0.01		0.04		0.08		(0.08)		(0.09)
		$1.06		$1.49		$0.80		$1.90		$1.59		$0.45		$0.47		$(0.24)



	Three months ended March 31, 2023

(millions of U.S. dollars)	Parent		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated

CONTINUING OPERATIONS

Revenues		–		–		569		1,353		(184)		1,738

Operating expenses		–		–		(433)		(825)		184		(1,074)

Depreciation		–		–		(11)		(19)		–		(30)

Amortization of computer software		–		–		(5)		(113)		–		(118)

Amortization of other identifiable intangible assets		–		–		(12)		(13)		–		(25)

Other operating gains (losses), net		23		–		(4)		(2)		–		17

Operating profit		23		–		104		381		–		508

Finance (costs) income, net:

Net interest expense		(51)		–		(1)		(3)		–		(55)

Other finance costs		(3)		–		–		(87)		–		(90)

Intercompany net interest income (expense)		66		–		(12)		(54)		–		–

Income before tax and equity method investments		35		–		91		237		–		363

Share of post-tax earnings in equity method investments		–		–		–		570		–		570

Share of post-tax earnings (losses) in subsidiaries		721		–		(3)		68		(786)		–

Tax expense		–		–		(23)		(173)		–		(196)

Earnings from continuing operations		756		–		65		702		(786)		737

Earnings from discontinued operations, net of tax		–		–		–		19		–		19

Net earnings		756		–		65		721		(786)		756

Earnings attributable to:

Common shareholders		756		–		65		721		(786)		756

Non-controlling interests		–		–		–		–		–		–



	December 31, 2023

(millions of U.S. dollars)	Parent		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated

Cash and cash equivalents		24		–		182		1,092		–		1,298

Trade and other receivables		–		–		276		846		–		1,122

Intercompany receivables		2,666		–		465		3,402		(6,533)		–

Other financial assets		–		–		6		60		–		66

Prepaid expenses and other current assets		–		–		212		223		–		435

Current assets		2,690		–		1,141		5,623		(6,533)		2,921

Property and equipment, net		–		–		200		247		–		447

Computer software, net		–		–		49		1,187		–		1,236

Other identifiable intangible assets, net		–		–		1,021		2,144		–		3,165

Goodwill		–		–		3,803		2,916		–		6,719

Equity method investments		–		–		–		2,030		–		2,030

Other financial assets		116		–		6		322		–		444

Other non-current assets		–		–		116		502		–		618

Intercompany receivables		188		–		2		778		(968)		–

Investments in subsidiaries		14,572		–		489		3,943		(19,004)		–

Deferred tax		–		–		–		1,104		–		1,104

Total assets		17,566		–		6,827		20,796		(26,505)		18,684

LIABILITIES AND EQUITY

Liabilities

Current indebtedness		372		–		–		–		–		372

Payables, accruals and provisions		55		–		317		742		–		1,114

Current tax liabilities		–		–		–		248		–		248

Deferred revenue		–		–		337		655		–		992

Intercompany payables		2,768		–		634		3,131		(6,533)		–

Other financial liabilities		400		–		15		92		–		507

Current liabilities		3,595		–		1,303		4,868		(6,533)		3,233

Long-term indebtedness		2,905		–		–		–		–		2,905

Provisions and other non-current liabilities		2		–		6		684		–		692

Other financial liabilities		–		–		76		161		–		237

Intercompany payables		–		–		778		190		(968)		–

Deferred tax		–		–		232		321		–		553

Total liabilities		6,502		–		2,395		6,224		(7,501)		7,620

Equity

Total equity		11,064		–		4,432		14,572		(19,004)		11,064

Total liabilities and equity		17,566		–		6,827		20,796		(26,505)		18,684



			Three months ended March 31,

(millions of U.S. dollars)	Notes		2024		2023

Net earnings				478		756

Other comprehensive (loss) income:

Items that have been or may be subsequently reclassified to net earnings:

Cash flow hedges adjustments to net earnings		7		30		(2)

Cash flow hedges adjustments to equity				(21)		(1)

Foreign currency translation adjustments to equity				(71)		69

				(62)		66

Items that will not be reclassified to net earnings:

Fair value adjustments on financial assets		11		1		(1)

Remeasurement on defined benefit pension plans				17		5

Related tax expense on remeasurement on defined benefit pension plans				(4)		(1)

				14		3

Other comprehensive (loss) income				(48)		69

Total comprehensive income				430		825

Comprehensive income (loss) for the period attributable to:

Common shareholders:

Continuing operations				424		806

Discontinued operations				14		19

Non-controlling interests				(8)		—

Total comprehensive income				430		825



(millions of U.S. dollars)	Stated share capital		Contributed surplus		Total capital		Retained earnings		Unrecognized gain (loss) on financial instruments		Foreign currency translation adjustments		AOCL		Shareholders’ equity		Non- controlling interests		Total equity

Balance, December 31, 2022		3,864		1,534		5,398		7,642		17		(1,172)		(1,155)		11,885		–		11,885

Net earnings		–				–		756		–		–		–		756		–		756

Other comprehensive income (loss)		–				–		4		(4)		69		65		69		–		69

Total comprehensive income (loss)		–				–		760		(4)		69		65		825		–		825

Dividends declared on preference shares		–				–		(1)		–		–		–		(1)		–		(1)

Dividends declared on common shares		–				–		(232)		–		–		–		(232)		–		(232)

Shares issued under DRIP		8		–		8		–		–		–		–		8		–		8

Repurchases of common shares (see note 15)		2		–		2		(2)		–		–		–		–		–		–

Stock compensation plans		84		(90)		(6)		–		–		–		–		(6)		–		(6)

Balance, March 31, 2023		3,958		1,444		5,402		8,167		13		(1,103)		(1,090)		12,479		–		12,479



Revenues by type	Legal								Tax & Accounting								Global				Eliminations/
Three months ended	Professionals				Corporates				Professionals				Reuters News				Print				Rounding				Total
March 31,	2024		2023		2024		2023		2024		2023		2024		2023		2024		2023		2024		2023		2024		2023

Recurring		698		672		370		326		199		176		164		155		–		–		(5)		(6)		1,426		1,323
Transactions		23		42		137		109		129		106		46		20		–		–		–		–		335		277
Global Print		–		–		–		–		–		–		–		–		124		138		–		–		124		138
Total		721		714		507		435		328		282		210		175		124		138		(5)		(6)		1,885		1,738


Revenues by geography (country of destination)	Legal								Tax & Accounting								Global				Eliminations/
Three months ended	Professionals				Corporates				Professionals				Reuters News				Print				Rounding				Total
March 31,	2024		2023		2024		2023		2024		2023		2024		2023		2024		2023		2024		2023		2024		2023

U.S.		586		583		391		351		265		227		62		30		95		105		(5)		(6)		1,394		1,290
Canada (country of domicile)		23		20		5		4		13		12		1		1		10		13		–		–		52		50
Other		7		7		26		19		38		33		2		2		3		4		–		–		76		65

Americas (North America, Latin America, South America)		616		610		422		374		316		272		65		33		108		122		(5)		(6)		1,522		1,405

U.K.		66		68		34		29		7		5		105		102		9		8		–		–		221		212
Other		10		9		35		17		1		–		28		27		1		1		–		–		75		54
EMEA (Europe, Middle East and Africa)		76		77		69		46		8		5		133		129		10		9		–		–		296		266
Asia Pacific		29		27		16		15		4		5		12		13		6		7		–		–		67		67
Total		721		714		507		435		328		282		210		175		124		138		(5)		(6)		1,885		1,738


	March 31,		December 31,

	2024		2023
YPL		611		1,798
Other equity method investments		225		232
Total equity method investments		836		2,030



March 31, 2024	Assets/ (Liabilities) at Amortized Cost		Assets/ (Liabilities) at Fair Value through Earnings		Assets at Fair Value through Other Comprehensive Income or Loss		Derivatives Used for Hedging		Total

Cash and cash equivalents		384		1,517		-		-		1,901
Trade and other receivables		1,040		-		-		-		1,040
Other financial assets - current		8		10		-		-		18
Other financial assets - non-current		17		262		105		42		426
Current indebtedness		(941)		-		-		-		(941)
Trade payables (see note 13)		(145)		-		-		-		(145)
Accruals (see note 13)		(627)		-		-		-		(627)
Other financial liabilities - current⁽¹⁾⁽²⁾		(337)		(53)		-		-		(390)
Long-term indebtedness		(2,879)		-		-		-		(2,879)
Other financial liabilities - non current⁽³⁾		(232)		(21)		-		-		(253)
Total		(3,712)		1,715		105		42		(1,850)


December 31, 2023	Assets/ (Liabilities) at Amortized Cost		Assets/ (Liabilities) at Fair Value through Earnings		Assets at Fair Value through Other Comprehensive Income or Loss		Derivatives Used for Hedging		Total

Cash and cash equivalents		392		906		-		-		1,298
Trade and other receivables		1,122		-		-		-		1,122
Other financial assets - current		8		58		-		-		66
Other financial assets - non-current		18		263		98		65		444
Current indebtedness		(372)		-		-		-		(372)
Trade payables (see note 13)		(181)		-		-		-		(181)
Accruals (see note 13)		(798)		-		-		-		(798)
Other financial liabilities - current⁽¹⁾⁽²⁾		(463)		(44)		-		-		(507)
Long-term indebtedness		(2,905)		-		-		-		(2,905)
Other financial liabilities - non current⁽³⁾		(227)		(10)		-		-		(237)
Total		(3,406)		1,173		98		65		(2,070)


	Carrying Amount				Fair Value
December 31, 2023	Primary Debt Instruments		Derivative Instruments (Asset)		Primary Debt Instruments		Derivative Instruments (Asset)
Commercial paper		130		–		130		–
C$1,400, 2.239% Notes, due 2025		1,060		(65)		1,026		(65)
$450, 3.85% Notes, due 2024⁽¹⁾		242		–		239		–
$500, 3.35% Notes, due 2026		499		–		482		–
$350, 4.50% Notes, due 2043⁽¹⁾		116		–		95		–
$350, 5.65% Notes, due 2043		342		–		346		–
$400, 5.50% Debentures, due 2035		396		–		415		–
$500, 5.85% Debentures, due 2040		492		–		519		–
Total		3,277		(65)		3,252		(65)
Current portion		372		–
Long-term portion		2,905		(65)


December 31, 2023				Total

Assets	Level 1	Level 2	Level 3		Balance

Money market accounts	–	906	–		906

Other receivables⁽¹⁾	–	–	263		263

Foreign exchange contracts⁽⁴⁾	–	58	–		58

Financial assets at fair value through earnings	–	964	263		1,227

Financial assets at fair value through other comprehensive income⁽²⁾	33	–	65		98

Derivatives used for hedging⁽³⁾	–	65	–		65

Total assets	33	1,029	328		1,390

Liabilities

Foreign exchange contracts⁽⁴⁾	–	(32)	–		(32)

Contingent consideration⁽⁵⁾	–	–	(22)		(22)

Financial liabilities at fair value through earnings	–	(32)	(22)		(54)

Total liabilities	–	(32)	(22)		(54)



Date	Company	Acquiring Segments	Description
January 2024	Pagero Group AB (publ) (“Pagero”)	Corporates	A global leader in e-invoicing and indirect tax solutions, which it delivers through its Smart Business Network.
January 2024	World Business Media Limited	Reuters News	A cross-platform, subscription-based provider of editorial coverage for the global P&C and specialty (re)insurance industry.
January 2023	SurePrep LLC	Corporates and Tax & Accounting Professionals	A provider of tax automation software and services.