We conducted our audit in accordance with the standards of the PCAOB. The fate of Call of Duty is proving to be the biggest obstacle in Microsofts acquisition of Activision Blizzard, which now looks to be in serious jeopardy. eCFR Photo Credit: Daimler/Hoch Zwei, Piximus. Chief Executive Officer These systems are augmented by written policies, an organizational structure providing division of responsibilities, careful selection and training of qualified personnel, and a program of internal audits. Office Consumer revenue increased $286 million or 7%, driven by Office 365 Consumer, due to recurring subscription revenue and transactional strength in Japan. Under the Executive Incentive Plan, the Compensation Committee approves stock awards to executive officers and certain senior executives. The markets for software, devices, and cloud-based services are dynamic and highly competitive. We have more compliance certifications and more datacenter regions than any other cloud provider, and this year, we were the first to open cloud datacenters in the Middle East and in South Africa. Not to mention the value of all the cars, and technology. For software warranties, we estimate the costs to provide bug fixes, such as security patches, over the estimated life of the software. Microsoft Online Subscription Agreements are designed for small and medium organizations that want to subscribe to, activate, provision, and maintain cloud services seamlessly and directly via the web. We design, manufacture, and sell devices, including Surface, PC accessories, and other intelligent devices. These estimates and assumptions are affected by managements application of accounting policies. Morningstar Retirement Manager can help you differentiate your retirement plan by extending your benefits offering beyond target-date funds and other, less-personalized options. The increase in our effective tax rate for fiscal year 2018 compared to fiscal year 2017 was primarily due to the net charge related to the enactment of the TCJA and the realization of tax benefits attributable to previous Phone business losses in fiscal year 2017. This era of the intelligent cloud and intelligent edge is shaping the next phase of innovation, powering intelligent systems and experiences that previously would have been unimaginable, and transforming nearly everything around us. These entities have been included in our consolidated results of operations since their respective acquisition dates. We are accelerating adoption of AI innovations from research to products. Circulate materials by hand, email, or by posting on your intranet. And, we expanded our family of Surface devices this year including the new Surface Go and Surface Hub 2S. Marketing Solutions competes with online and offline outlets that generate revenue from advertisers and marketers. Finally, more broadly, weve expanded our support for the nonprofit sector. Growth depends on our ability to reach new users, add value to our core product set, and continue to expand our product and service offerings into new markets. of Management, BMW AG, John W. Stanton 2,4 Cash from operations increased $4.4 billion to $43.9 billion for fiscal year 2018, mainly due to an increase in cash received from customers, offset in part by an increase in cash paid to employees, net cash paid for income taxes, cash paid for interest on debt, and cash paid to suppliers. Microsoft 365 brings together Office 365, Windows 10, and Enterprise Mobility + Security to help organizations empower their employees with AI-backed tools that unlock creativity, increase teamwork, and fuel innovation, all the while enabling compliance coverage and data protection. It takes about five minutes to get started with setting up a planand that plan will be personalized to the participants unique situation. Server products revenue increased 6%, due to continued demand for premium versions and hybrid solutions, GitHub, and demand ahead of end-of-support for SQL Server 2008 and Windows Server 2008. We have determined that technological feasibility for our software products is reached after all high-risk development issues have been resolved through coding and testing. Aggregate demand for our software, services, and devices is correlated to global macroeconomic and geopolitical factors, which remain dynamic. Prior year net income and diluted EPS were negatively impacted by the net charge related to the enactment of the TCJA, which resulted in a decrease to net income and diluted EPS of $13.7 billion and $1.75, respectively. Our management is responsible for establishing and maintaining adequate internal control over financial reporting for the Company. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Patent licensing includes our programs to license patents we own for use across a broad array of technology areas, including mobile devices and cloud offerings. The cost? We also respect individual opinionsthey represent the unvarnished thinking of our people and exacting analysis of our research processes. Devices, including Microsoft Surface, PC accessories, and other intelligent devices. With elegant casinos,lack of capital gains, income and inheritance taxes, and a $400,000 minimum deposit to open a bank account, it is easy to see why. If our review indicates a reduction in utility below carrying value, we reduce our inventory to a new cost basis through a charge to cost of revenue. During the periods presented, we reported our financial performance based on the following segments: Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. Our employees generously donated an additional $170 million (including company match) through our employee giving program to support nonprofits in local communities around the world. And we are broadening our opportunity, bringing Teams for the first time to new and underpenetrated markets including healthcare, hospitality, and retail, as well as firstline workers. Office Consumer revenue is mainly affected by the percentage of customers that buy Office with their new devices and the continued shift from Office licensed on-premises to Office 365. Enterprise Agreements offer large organizations a manageable volume licensing program that gives them the flexibility to buy cloud services and software licenses under one agreement. The regional center in Ireland supports the European, Middle Eastern, and African region; the center in Singapore supports the Japan, India, Greater China, and Asia-Pacific region; and the centers in Fargo, North Dakota, Fort Lauderdale, Florida, Puerto Rico, Redmond, Washington, and Reno, Nevada support Latin America and North America. We record a receivable when revenue is recognized prior to invoicing, or unearned revenue when revenue is recognized subsequent to invoicing. Cost includes materials, labor, and manufacturing overhead related to the purchase and production of inventories. We are a leader among technology companies in pursuing patents and currently have a portfolio of over 61,000 U.S. and international patents issued and over 26,000 pending. A large network of partner advisors support many of these sales. Instead, experiences are expanding to many devices as people move from home to work to on the go. MSN advertising includes both native and display ads. We provide indemnifications of varying scope and size to certain customers against claims of intellectual property infringement made by third parties arising from the use of our products and certain other matters. Opinion on Internal Control over Financial Reporting. The Company engaged Deloitte & Touche LLP, an independent registered public accounting firm, to audit and render an opinion on the consolidated financial statements and internal control over financial reporting in accordance with the standards of the Public Company Accounting Oversight Board (United States). All three have been certified on behalf of Canadian indirect purchasers who acquired licenses for Microsoft operating system software and/or productivity application software between 1998 and 2010. Our increasing engagement with open source software will also cause us to license our intellectual property rights broadly in certain situations. Judgment is required in determining when technological feasibility of a product is established. The lifecycle for gaming and entertainment consoles averages five to ten years. Unearned revenue comprises mainly unearned revenue related to volume licensing programs, which may include Software Assurance (SA) and cloud services. See additional disclosureshere. Our revenue fluctuates quarterly and is generally higher in the second and fourth quarters of our fiscal year. LinkedIn revenue primarily consisted of revenue from Talent Solutions. Operating expenses increased $2.4 billion or 22%, driven by investments in cloud and AI engineering, GitHub, and commercial sales capacity. Send Us a Message: ASK FLDFS It brings together low-code, no-code app development, robotic process automation, and self-service analytics into a single, comprehensive platform. Advertising expense was $1.6 billion, $1.6 billion, and $1.5 billion in fiscal years 2019, 2018, and 2017, respectively. That means the impact could spread far beyond the agencys payday lending rule. If the cost of an investment exceeds its fair value, we evaluate, among other factors, general market conditions, credit quality of debt instrument issuers, and the duration and extent to which the fair value is less than cost. Our sales force performs a variety of functions, including working directly with enterprises and public-sector organizations worldwide to identify and meet their technology requirements; managing OEM relationships; and supporting system integrators, independent software vendors, and other partners who engage directly with our customers to perform sales, consulting, and fulfillment functions for our products and services. In middleware, we compete against Java vendors. Selectmen to estimate town's expenses; tax levy to pay current expenses. We believe these non-GAAP measures aid investors by providing additional insight into our operational performance and help clarify trends affecting our business. We have operating and finance leases for datacenters, corporate offices, research and development facilities, retail stores, and certain equipment. We are on a journey to close the gap between our espoused culture and the lived experience for every employee at Microsoft. This segment primarily comprises: Our server products are designed to make IT professionals, developers, and their systems more productive and efficient. Executive Vice President and Chief Financial Officer, Frank H. Brod Net losses on derivatives decreased primarily due to lower losses on equity, foreign exchange, and commodity derivatives, offset in part by losses on interest rate derivatives in the current period as compared to gains in the prior period. Service and other revenue includes sales from cloud-based solutions that provide customers with software, services, platforms, and content such as Microsoft Office 365, Microsoft Azure, Microsoft Dynamics 365, and Xbox Live; solution support; and consulting services. Tested managements identification of significant terms for completeness, including the identification of distinct performance obligations and variable consideration. No instances of impairment were identified in our May 1, 2019, May 1, 2018, or May 1, 2017 tests. Customers are looking to us to accelerate their own digital transformations and to unlock new opportunity in this era of intelligent cloud and intelligent edge. We protect our intellectual property investments in a variety of ways. Windows Commercial revenue increased 14%. Our department manages the financial responsibilities for the State of Florida. During fiscal year 2019, we completed 19 additional acquisitions for $1.6 billion, substantially all of which were paid in cash. Chicago Bears and the New York Mets. Our principal audit procedures related to the Companys revenue recognition for these customer agreements included the following: Income Taxes Uncertain Tax Positions Refer to Note 12 to the Financial Statements. Attachment of Windows to devices shipped. Management We compete by providing powerful, flexible, secure, integrated industry-specific, and easy-to-use productivity and collaboration tools and services that create comprehensive solutions and work well with technologies our customers already have both on-premises or in the cloud. The niceties enjoyed by Monacos residents pales in comparison to the amount of money spent, and the miles traveled in pursuit of the Formula One Championship title. I am proud of how we are helping organizations of every size in every industry innovate and thrive using our platforms and tools. In fiscal year 2018, the TCJA required us to incur a transition tax on deferred foreign income not previously subject to U.S. income tax at a rate of 15.5% for foreign cash and certain other net current assets, and 8% on the remaining income. We compete to provide enterprise-wide computing solutions and point solutions with numerous commercial software vendors that offer solutions and middleware technology platforms, software applications for connectivity (both Internet and intranet), security, hosting, database, and e-business servers. Operating expenses decreased $172 million or 1%. At Microsoft, we push the boundaries of what is possible through a broad range of research and development activities that seek to identify and address the changing demands of customers and users, industry trends, and competitive forces. Our goal is to lead the industry in several distinct areas of technology over the long-term, which we expect will translate to sustained growth. Revenue from distinct on-premises licenses is recognized upfront at the point in time when the software is made available to the customer. Because we act in a fiduciary capacity to the participant, the managed account service can help you fulfill some of your fiduciary obligations to your participants. We plan to continue to make significant investments in a broad range of research and development efforts. We see more emerging use cases and needs for compute and security at the edge and are accelerating our innovation across the spectrum of intelligent edge devices, from IoT sensors to gateway devices and edge hardware to build, manage, and secure edge workloads. Founded in 1975, we develop and support software, services, devices, and solutions that deliver new value for customers and help people and businesses realize their full potential. We appreciate the inquiries we receive from many investors about our commitment to corporate social responsibility. There are two broad categories of OEMs. Nearly all computer manufacturers offer server hardware for the Linux operating system and many contribute to Linux operating system development. Financial Instruments Recognition, Measurement, Presentation, and Disclosure. Zoom offers videoconferencing and cloud phone solutions. Microsoft Teams had a breakout year with more than 13 million daily active users and 19 million weekly active users. Marketing Solutions enables companies to advertise to LinkedIns member base. Read our editorial policy to learn more about our process. Our consolidated financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). Additionally, for certain equipment leases, we apply a portfolio approach to effectively account for the operating lease ROU assets and liabilities. WebMount Vernon is an American landmark and former plantation of Founding Father, commander of the Continental Army in the Revolutionary War, and the first president of the United States George Washington and his wife, Martha.The estate is on the banks of the Potomac River in Fairfax County, Virginia.It is located south of Washington, D.C. and The TCJA reduced the U.S. federal statutory tax rate from 35% to 21% effective January 1, 2018. It also provides support, tools, and training to help customers deploy and use software efficiently. On November 16, 2018, LinkedIn acquired Glint, an employee engagement platform, to expand its Talent Solutions offerings. Our fixed-income investments are exposed to interest rate risk and credit risk. That's down from a $10.3 billion profit, or $6,882 per Class A share, a year ago when the stock market was soaring. On-premises licenses are considered distinct performance obligations when sold with SA. These changes are due to market forces, or volatility in the market, which cause the value of your portfolio to shift. This figure does not include engines, which are developed and built separately from the cars. Our Dynamics business solutions are also licensed to enterprises through a global network of channel partners providing vertical solutions and specialized services. Press releases on quarterly earnings, product and service announcements, legal developments, and international news. We describe risks and uncertainties that could cause actual results and events to differ materially in Risk Factors, Managements Discussion and Analysis of Financial Condition and Results of Operations, and Quantitative and Qualitative Disclosures about Market Risk in our fiscal year 2019 Form 10-K. We did not incur Corporate and Other activity in fiscal years 2019 or 2018. The software giant claims the UK CMA regulator has been listening too much to Sonys arguments over its Activision Blizzard acquisition. Preparing consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Acquisition costs and other nonrecurring charges were immaterial and are included in the earliest period presented. Our gaming platform is designed to provide a unique variety of entertainment using our devices, peripherals, applications, online services, and content. Cash received is recorded as an asset with a corresponding liability. WebBy the late 17th century, it had become an ever more widely held view that equitable rules and the law of trusts varied unpredictably, as the jurist John Selden remarked, according to the size of the "Chancellor's foot". We manage the average maturity of the fixed-income portfolio to achieve economic returns that correlate to certain global fixed-income indices. Server products and cloud services, including Microsoft SQL Server, Windows Server, Visual Studio, System Center, and related CALs, GitHub, and Azure. Research and development expenses increased $1.7 billion or 13%, primarily due to investments in cloud engineering and LinkedIn expenses. We adopted the standard effective July 1, 2018. Recent Accounting Guidance Not Yet Adopted, Financial Instruments Targeted Improvements to Accounting for Hedging Activities. For access to additional financial information, visit the Investor Relations website online at: www.microsoft.com/investor. WebThe management of the banks asset portfolios also remains a challenge in today's economic environment. Revenue from search advertising is recognized when the advertisement appears in the search results or when the action necessary to earn the revenue has been completed. The components of our long-term debt, including the current portion, and the associated interest rates were as follows: The notes in the table above are senior unsecured obligations and rank equally with our other senior unsecured debt outstanding. The fair value of stock awards was estimated on the date of grant using the following assumptions: During fiscal year 2019, the following activity occurred under our stock plans: As of June 30, 2019, there was approximately $8.6 billion of total unrecognized compensation costs related to stock awards. Unbanked American households hit record low numbers in 2021 WebStatutory Notes and Related Subsidiaries Positive Law; Citation. This is the Formula One Grand Prix of Monaco. Though the weight minimum for the 2013 season is a scant 1,412 pounds each car manages to pack in three quarters of a miles worth of electrical wiring connecting 150 sensors. Geico has been hampered by soaring costs since the second half of last year. Shares of our common stock may be purchased by employees at three-month intervals at 90% of the fair market value on the last trading day of each three-month period. Microsoft Research is one of the worlds largest corporate research organizations and works in close collaboration with top universities around the world to advance the state-of-the-art in computer science and a broad range of other disciplines, providing us a unique perspective on future trends and contributing to our innovation. Plaintiffs sought an interlocutory appeal to the U.S. Court of Appeals for the Ninth Circuit, which was granted in September 2018. Increasing your savings rates can ultimately lead to more wealth in retirement1. The largest category of OEMs are direct OEMs as our relationship with them is managed through a direct agreement between Microsoft and the OEM. Our effective tax rate for fiscal years 2019 and 2018 was 10% and 55%, respectively. We use derivative instruments to manage risks related to foreign currencies, equity prices, interest rates, and credit; to enhance investment returns; and to facilitate portfolio diversification. At the board level, the slate of directors nominated for election at the 2019 annual shareholders meeting includes five women (accounting for 38 percent of our directors) and two of our four board committees will be chaired by women. And, finally, we build AI responsibly, taking a principled approach and asking difficult questions, like not what computers can do, but what computers should do. 12-122a. We are helping every business build out their system of communication and collaboration to drive their productivity as well as their business transformation. And the Outlook apps on iOS and Android also surpassed more than 100 million users for the first time. And, in nearly every country, leading companies from. MD&A is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and the accompanying Notes to Financial Statements. We operate as One Microsoft to build and deliver the best solutions for customers. The weighted average grant-date fair value of stock awards granted was $107.02, $75.88, and $55.64 for fiscal years 2019, 2018, and 2017, respectively. Non-GAAP operating income, net income, and diluted earnings per share (EPS) exclude the net tax impact of transfer of intangible properties, the net tax impact of the TCJA, and restructuring expenses. There were 44 patent infringement cases pending against Microsoft as of June 30, 2019, none of which are material individually or in aggregate. However, the cornerstone of our approach to risk is you. 5 or 10 years.) Vendor Determination, DFS-A2-PD - Florida Single Audit Act State Project Determination ChecklistDFS-A2-PD - Florida Single Audit Act State Project Determination Checklist, DFS-A6-692 - Payment of Court Related FeesDFS-A6-692 - Payment of Court Related Fees, DFS-AA-13 - Authorization to Incur TravelDFS-AA-13 - Authorization to Incur Travel, DFS-AA-15 - Voucher for Reimbursement of TravelDFS-AA-15 - Voucher for Reimbursement of Travel, DFS-AA-25 - Advance Travel ExpensesDFS-AA-25 - Advance Travel Expenses, DFS-A1-1823 - Revolving Fund Request FormDFS-A1-1823 - Revolving Fund Request Form, DFS-A1-1824-1825-1826 - Revenue Cap WorkbookDFS-A1-1824-1825-1826 - Revenue Cap Workbook, DFS-A1-1829 - Florida Debt Collection Referral Placement TemplateDFS-A1-1829 - Florida Debt Collection Referral Placement Template, DFS-A1-1830 - SEFA FormDFS-A1-1830 - SEFA Form, DFS-A1-1831 - Statewide Financial Statements Compliance ChecklistDFS-A1-1831 - Statewide Financial Statements Compliance Checklist, DFS-A1-1831-A - 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On December 22, 2017, the TCJA was enacted into law, which significantly changed existing U.S. tax law and included numerous provisions that affect our business, such as imposing a one-time transition tax on deemed repatriation of deferred foreign income, reducing the U.S. federal statutory tax rate, and adopting a territorial tax system. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. Commercial cloud revenue, which includes Microsoft Office 365 Commercial, Microsoft Azure, the commercial portion of LinkedIn, Microsoft Dynamics 365, and other commercial cloud properties, increased 43% to $38.1 billion. Microsoft Sales and marketing expenses increased $2.0 billion or 13%, primarily due to LinkedIn expenses and investments in commercial sales capacity, offset in part by a decrease in Windows marketing expenses. The proceeds of these issuances were or will be used for general corporate purposes, which may include, among other things, funding for working capital, capital expenditures, repurchases of capital stock, acquisitions, and repayment of existing debt. Cloud services, which allow customers to use hosted software over the contract period without taking possession of the software, are provided on either a subscription or consumption basis. The ability to convert data into AI drives our competitive advantage. The transfers of intangible properties resulted in a $2.6 billion net income tax benefit recorded in the fourth quarter of fiscal year 2019, as the value of future tax deductions exceeded the current tax liability from foreign jurisdictions and U.S. GILTI tax. Operating Partner, Enterprise Services revenue increased 5%. Berkshire Hathaway reported a quarterly loss Saturday of $2.7 billion, or $1,832 per Class A share. Morningstar Retirement Manager helps to take the guesswork out of saving for retirement. Our other current financial assets and current financial liabilities have fair values that approximate their carrying values. The street race in Monaco has been held without interruption since 1955. Certain acquired net operating loss carryforwards are subject to an annual limitation, but are expected to be realized with the exception of those which have a valuation allowance. August 1, 2019, DIRECTORS AND EXECUTIVE OFFICERS OF MICROSOFT CORPORATION, John W. Thompson 3,4 A companys internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements. We regularly review inventory quantities on hand, future purchase commitments with our suppliers, and the estimated utility of our inventory. Two day ticket packages for the race (for practice and qualifying on Saturday and the official race on Sunday) range anywhere from 134 euros for bottom of the barrel general admission tickets, to 1,600 euros and 4,877 euros for VIP packages. LinkedIn offers services that can be used by customers to transform the way they hire, market, sell, and learn. They consist predominantly of highly liquid investment-grade fixed-income securities, diversified among industries and individual issuers. We manage the average maturity of our fixed-income portfolio to achieve economic returns that correlate to certain broad-based fixed-income indices using exchange-traded option and futures contracts, and over-the-counter swap and option contracts, none of which are designated as hedging instruments. We expect the IRS to begin an examination of tax years 2014 to 2017 within the next 12 months. When a cloud-based service includes both on-premises software licenses and cloud services, judgment is required to determine whether the software license is considered distinct and accounted for separately, or not distinct and accounted for together with the cloud service and recognized over time. We have lease agreements with lease and non-lease components, which are generally accounted for separately. Dynamics 365 uniquely enables any organization to create digital feedback loops that take data from one system and use it to optimize the outcomes of another, enabling any business to become AI-first. Our strategy requires continued investment in datacenters and other hybrid and edge infrastructure to support our services. With employees focused on todays priorities, it can be hard for them to find the time and motivation to focus on planning their financial futures. We have recast prior period commercial cloud revenue to include the commercial portion of LinkedIn to provide a comparable view of our commercial cloud business performance. Clayton, Dubilier & Rice. Its a healthy mix of art and science that emphasizes disciplined saving and investing rather than chasing market returns. Refer to Note 20 Segment Information and Geographic Data for further information, including revenue by significant product and service offering. Compensation cost for RSUs is recognized using the straight-line method and for PSUs is recognized using the accelerated method. Receive from many investors about our commitment to corporate social responsibility not include engines which. Test basis, evidence regarding the amounts and disclosures in the earliest period presented performance help... Pc accessories, and other, less-personalized options Formula One Grand Prix of Monaco lease... 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