Maximum annual contributions per employee

[Table of Contents](#ic5e280ddd1ef46fe9ace2a18e7a582b7_7)   
  
14.     Net Income Per Share   
Basic net income per share is computed using the weighted average number of shares of common stock outstanding during the period. Diluted net income per share is computed using the weighted average number of shares of common stock outstanding during the period and potentially dilutive common shares, including the effect of restricted stock units, performance share awards, and stock options using the treasury stock method. The following table sets forth the computation of the numerators and denominators used in the basic and diluted net income per share amounts:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   | Fiscal Year Ended January 31, |
|   | 2022 |  | 2021 |  | 2020 |
| Numerator: |  |  |  |  |  |
| Net income | $ | 497.0  |  |  | $ | 1,208.2  |  |  | $ | 214.5  |  |
| Denominator: |  |  |  |  |  |
| Weighted average shares for basic net income per share | 219.7  |  |  | 219.4  |  |  | 219.7  |  |
| Effect of dilutive securities | 2.3  |  |  | 2.7  |  |  | 2.8  |  |
| Weighted average shares for dilutive net income per share | 222.0  |  |  | 222.1  |  |  | 222.5  |  |
| Basic net income per share | $ | 2.26  |  |  | $ | 5.51  |  |  | $ | 0.98  |  |
| Diluted net income per share | $ | 2.24  |  |  | $ | 5.44  |  |  | $ | 0.96  |  |

  
The computation of diluted net income per share does not include shares that are anti-dilutive under the treasury stock method because their exercise prices are higher than the average market value of Autodesk’s stock during the fiscal year. The effect of 0.2 million and 0.1 million potentially anti-dilutive shares were excluded from the computation of diluted net income per share for the fiscal years ended January 31, 2022 and 2021, respectively. There were no potentially anti-dilutive shares excluded from the computation of diluted net income per share for the fiscal year ended January 31, 2020.  
15.     Retirement Benefit Plans   
Pretax Savings Plan  
Autodesk has a 401(k) plan that covers nearly all U.S. employees. Eligible employees may contribute up to 75% of their pretax salary, subject to limitations mandated by the Internal Revenue Service. Autodesk makes voluntary cash contributions and matches a portion of employee contributions in cash. Autodesk’s contributions were $24.3 million in fiscal 2022, $21.6 million in fiscal 2021, and $21.4 million in fiscal 2020. Autodesk does not allow participants to invest in Autodesk common stock through the 401(k) plan.  
Defined Benefit Pension Plans  
Autodesk provides certain defined benefit pension plans to employees located in countries outside of the United States, primarily the United Kingdom, Switzerland, and Japan. The Company deposits funds for specific plans, consistent with the requirements of local law, with insurance companies or third-party trustees, or into government-managed accounts, and accrues for the unfunded portion of the obligation, where material.  
The projected benefit obligation was $106.7 million and $110.0 million as of January 31, 2022, and January 31, 2021, respectively. The accumulated benefit obligation was $99.5 million and $105.2 million as of January 31, 2022, and January 31, 2021, respectively. The related fair value of plan assets was $112.5 million and $107.2 million as of January 31, 2022, and January 31, 2021, respectively. Our defined pension plan assets are measured at fair value and consist primarily of insurance contracts categorized as level 2 in the fair value hierarchy and an investment fund valued using net asset value. The insurance contracts represent the immediate cash surrender value of assets managed by qualified insurance companies. The assets held in the investment fund are invested in a diversified growth fund actively managed by a third party.  
Autodesk recognized an aggregate pension liability for the funded status of $9.3 million and $12.1 million in “Long-term other liabilities” on the Consolidated Balance Sheet as of January 31, 2022, and January 31, 2021, respectively. Our total net periodic pension plan cost was $2.6 million, $2.8 million and $3.7 million for fiscal years 2022, 2021, and 2020, respectively.   
Our expected funding for the plans during fiscal 2023 is approximately $4.8 million.   
  
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