The decrease from the federal statutory rate in fiscal year 2022 is primarily due to the net income tax benefit related to the transfer of intangible properties, earnings taxed at lower rates in foreign jurisdictions resulting from producing and distributing our products and services through our foreign regional operations center in Ireland, and tax benefits relating to stock-based compensation. They consist predominantly of highly liquid investment-grade fixed-income securities, diversified among industries and individual issuers. Enter the email address you signed up with and we'll email you a reset link. And were extending our infrastructure to the 5G network edge with Azure for Operators, introducing new solutions to help telecom operators deliver ultra-low-latency services closer to end users. We should all be proud of this workand I am. Compliance Certificate under SEBI (Share Based Employee Benefits and Sweat Equity Regulation), 2021. Basic earnings per share (EPS) is computed based on the weighted average number of shares of common stock outstanding during the period. Changes in operating assets and liabilities: Acquisition of companies, net of cash acquired, and purchases of intangible and other assets, Effect of foreign exchange rates on cash and cash equivalents, Cash and cash equivalents, beginning of period, Accounts receivable, net of allowance for doubtful accounts, Net income available for common shareholders (A), Weighted average outstanding shares of common stock (B), Common stock and common stock equivalents (C), Realized gains from sales of available-for-sale securities, Realized losses from sales of available-for-sale securities, Impairments and allowance for credit losses, Net unrealized gains on investments still held, Gross amounts of derivatives offset in the balance sheet, Amount reclassified from accumulated other comprehensive income, Foreign-derived intangible income deduction, State income taxes, net of federal benefit, Excess tax benefits relating to stock-based compensation, Deferred income tax assets, net of valuation allowance, Book/tax basis differences in investments and debt, Long-term deferred income tax liabilities, Increases for tax positions related to the current year, Increases for tax positions related to prior years, Decreases for tax positions related to prior years, Decreases due to lapsed statutes of limitations. We perform a qualitative assessment on a periodic basis and recognize an impairment if there are sufficient indicators that the fair value of the investment is less than carrying value. Windows 11 security and privacy features include operating system security, application security, and user and identity security. 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. 2838 kb. Microsoft Mobile Oy, a subsidiary of Microsoft, along with other handset manufacturers and network operators, is a defendant in 46 lawsuits, including 45 lawsuits filed in the Superior Court for the District of Columbia by individual plaintiffs who allege that radio emissions from cellular handsets caused their brain tumors and other adverse health effects. Across our ecosystem, we are more than 90% of the way toward our commitment to spend an incremental $500 million with Black- and African American-owned suppliers. 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. Because of its inherent limitations, internal control over financial reporting is not intended to provide absolute assurance that a misstatement of our consolidated financial statements would be prevented or detected. Fiscal responsibility and transparency. We repurchased the following shares of common stock under the share repurchase programs: All repurchases were made using cash resources. Since 1976, the Spanish network of stores has been expanded in a great number of cities all over the world. For those uncertain tax positions that had not been effectively settled, we evaluated whether management had appropriately considered new information that could significantly change the recognition, measurement or disclosure of the uncertain tax positions. Competitors to Office include software and global application vendors, such as Apple, Cisco Systems, Meta, Google, IBM, Okta, Proofpoint, Slack, Symantec, Zoom, and numerous web-based and mobile application competitors as well as local application developers. Annual General Meeting Recordings - 2022. Business Responsibility & Sustainability Report. We report our financial performance based on the following segments: Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. These amounts are primarily included in Server products and cloud services, Office products and cloud services, and LinkedIn in the table above. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. Padmasree Warrior 2 Refer to Note 19 Segment Information and Geographic Data for further information, including revenue by significant product and service offering. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE. Were dedicated to preserving our customers privacy and their ability to control their own data. We evaluated the reasonableness of management's estimate of stand-alone selling prices for products and services that are not sold separately. Our effective tax rate for fiscal years 2022 and 2021 was 13% and 14%, respectively. From GitHub to Visual Studio, we provide a developer tool chain for everyone, no matter the technical experience, across all platforms, whether Azure, Windows, or any other cloud or client platform. To serve the needs of customers around the world and to improve the quality and usability of products in international markets, we localize many of our products to reflect local languages and conventions. Our intended result is a global performance and development approach that fosters our culture, and competitive compensation that ensures equitable pay by role while supporting pay for performance. Our leases have remaining lease terms of 1 year to 19 years, some of which include options to extend the leases for up to 5 years, and some of which include options to terminate the leases within 1 year. The transfer of intangible properties resulted in a $3.3 billion net income tax benefit in the first quarter of fiscal year 2022, as the value of future U.S. tax deductions exceeds the current tax liability from the U.S. global intangible low-taxed income tax. The twelve-month period ended 31 January 2021 will hereinafter For the Period Ended March 2022. We evaluated the reasonableness of management's estimates by considering how tax law, including statutes, regulations and case law, impacted management's judgments. Surface is designed to help organizations, students, and consumers be more productive. Consolidated statement of comprehensive income. The case for digital transformation has never been more urgent. The three factors this report will cover are the Demographic impacts, Economic impacts, and Technological impacts. Goodwill is tested for impairment at the reporting unit level (operating segment or one level below an operating segment) on an annual basis (May 1 for us) and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. Our hybrid infrastructure consistency spans security, compliance, identity, and management, helping to support the real-world needs and evolving regulatory requirements of commercial customers and enterprises. We manage credit exposures relative to broad-based indices and to facilitate portfolio diversification. 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 Microsoft 365 Consumer subscriptions. Deloitte & Touche LLP and the internal auditors each have full and free access to the Audit Committee. Prior year net income and diluted EPS were positively impacted by the net tax benefit related to the India Supreme Court decision on withholding taxes, which resulted in an increase to net income and diluted EPS of $620 million and $0.08, respectively. Organizations also license our products and services indirectly, primarily through licensing solution partners (LSP), distributors, value-added resellers (VAR), and retailers. The COVID-19 pandemic led to record unemployment, disrupting livelihoods of people around the world. We use derivative instruments to manage risks related to foreign currencies, interest rates, equity prices, and credit; to enhance investment returns; and to facilitate portfolio diversification. 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. Our practice is to ship our products promptly upon receipt of purchase orders from customers; consequently, backlog is not significant. We expect to recognize approximately 45% of this revenue over the next 12 months and the remainder thereafter. In fiscal years 2022, 2021, and 2020, our foreign regional operating centers in Ireland and Puerto Rico, which are taxed at rates lower than the U.S. rate, generated 71%, 82%, and 86% of our foreign income before tax. Inventories are stated at average cost, subject to the lower of cost or net realizable value. Research and development expenses include payroll, employee benefits, stock-based compensation expense, and other headcount-related expenses associated with product development. 8 This year, we continued our journey to address racial injustice and inequity by increasing representation within Microsoft, engaging our ecosystem, and strengthening our communities. The Inter IKEA Group business year is the period from 1 September to 31 August. At times, we may hold options, futures, and swap contracts. The investments are predominantly U.S. dollar-denominated securities, but also include foreign currency-denominated securities to diversify risk. The fair value of stock awards is based on the quoted price of our common stock on the grant date less the present value of expected dividends not received during the vesting period. This starts with increasing access to digital skills. Our consolidated financial statements and accompanying notes are prepared in accordance with GAAP. Course Hero is not sponsored or endorsed by any college or university. Fiscal Year 2019 Annual Report. We issue new shares of Microsoft common stock to satisfy vesting of awards granted under our stock plans. We adopted the standard effective July 1, 2021. And LinkedIn in the table above of stand-alone selling prices for products and services considered. To diversify risk obligations that should be accounted for separately versus together may require significant judgment and. Our financial performance based on the weighted average number of cities all over the next 12 months the... Expense, and LinkedIn in the table above net realizable value year is the period of... With ACCOUNTANTS on ACCOUNTING and financial DISCLOSURE and swap contracts realizable value industries individual... By significant product and service offering the internal auditors each have full free. At average cost, subject to the lower of cost or net realizable value products and that! 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