We’ve released guidelines, software development tools, and other resources to enable our developer community to do the same. Interest rate risks related to certain fixed-rate debt are hedged using interest rate swaps that are designated as fair value hedging instruments to effectively convert the fixed interest rates to floating interest rates. It is impracticable for us to separately identify the amount of amortization and depreciation by segment that is included in the measure of segment profit or loss. In the past, option and forward contracts were used to hedge a portion of forecasted international revenue and were designated as cash flow hedging instruments. New Microsoft Edge—with enterprise-class security—protects individuals’ privacy online and makes it easier to find information at work. Our Internet address is www.microsoft.com. The following table presents the fair value of our derivatives instruments on a gross basis: Gains (losses) on derivative instruments recognized in our consolidated income statements were as follows: Gains (losses), net of tax, on derivative instruments recognized in our consolidated comprehensive income statements were as follows: The components of inventories were as follows: The components of property and equipment were as follows: During fiscal years 2020, 2019, and 2018, depreciation expense was $10.7 billion, $9.7 billion, and $7.7 billion, respectively. The second broad category of OEMs are system builders consisting of lower-volume PC manufacturers, which source Microsoft software for pre-installation and local redistribution primarily through the Microsoft distributor channel rather than through a direct agreement or relationship with Microsoft. Vertically integrated computer manufacturers such as Hewlett-Packard, IBM, and Oracle offer their own versions of the Unix operating system preinstalled on server hardware. Please ensure you have entered a valid email address and try again. Okta, Proofpoint, and Symantec provide security solutions across email security, information protection, identity, and governance. PDF 18,551KB View online summary. Server products and cloud services revenue increased 27%, driven by Azure growth of 56%. These non-GAAP financial measures presented should not be considered a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP. LLC Annual Report. Insights. We are currently evaluating the impact of this standard in our consolidated financial statements, including accounting policies, processes, and systems. We provide details on our CSR Reports Hub covering everything from law enforcement access to data, to environmental data, details on our political activities, workforce demographics, and human rights. Date: Wednesday, December 2, 2020 We use metrics in assessing the performance of our business and to make informed decisions regarding the allocation of resources. Metrics related to our More Personal Computing segment assess the performance of key lines of business within this segment. Critical accounting policies for us include revenue recognition, impairment of investment securities, goodwill, research and development costs, contingencies, income taxes, and inventories. No customer of ours cares about our organizational boundaries, and we need to operate as One Microsoft to deliver the best solutions for them. The metrics reflect our cloud and on-premises product strategies and trends. The recast of these prior period amounts had no impact on our consolidated balance sheets, consolidated income statements, or net cash from or used in operating, financing, or investing on our consolidated cash flows statements. The following table outlines maturities of our long-term debt, including the current portion, as of June 30, 2020: On December 22, 2017, the Tax Cuts and Jobs Act (“TCJA”) was enacted into law, which significantly changed existing U.S. tax law and included numerous provisions that affect our business. The final settlement has been approved by the courts in British Columbia, Ontario, and Quebec, and the claims administration process will commence once each court approves the form of notice to the class. Operating expenses increased $806 million or 6%, driven by investments in LinkedIn and cloud engineering, offset in part by a decrease in marketing. CALs provide certain Office Commercial products and services with access rights to our server products and CAL revenue is reported with the associated Office products and services. Now as we respond and recover, our focus is on what we can learn from the pandemic and how it will affect our clients, our people, and even wider society. Our Search business, including Bing and Microsoft Advertising, is designed to deliver relevant online advertising to a global audience. We have evaluated the impact of this standard in our consolidated financial statements, including accounting policies, processes, and systems. Our key latent capacity projects were completed or tracked to plan in FY2020: Strong cost discipline over the past six years has seen continued reduction in unit production costs. That’s why, through our AI for Health initiative, we’re empowering those working to tackle some of the toughest challenges in global health, including those on the front lines of COVID-19 research. There are two broad categories of OEMs. 2,277.3 million. Strong cost discipline and records for equipment utilisation, milling and production helped reduce unit costs by 9 per cent across our major assets. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that these disclosure controls and procedures are effective. The primary purpose of our invoicing terms is to provide customers with simplified and predictable ways of purchasing our products and services, not to receive financing from our customers or to provide customers with financing. To help us improve your experience we would appreciate your feedback. Growth in Devices is dependent on total PC shipments, the ability to attract new customers, our product roadmap, and expanding into new categories. 2020 Annual Report Walmart Inc. +6,100 pickup and delivery locations globally NEXT DAY DELIVERY now available to 75% of U.S. population KEY HIGHLIGHTS for FY 2020 LAUNCHED InHome Delivery in three U.S. cities LAUNCHED NextDay Delivery from Walmart.com ~$180 BILLION annualized Total Payments Value with PhonePe $524 And, with Azure, they have best-in-class services to build cloud-native apps and modernize existing ones. Corporate Social Responsibility Report. We generate revenue by offering a wide range of cloud-based and other services to people and businesses; licensing and supporting an array of software products; designing, manufacturing, and selling devices; and delivering relevant online advertising to a global audience. Please check your email for confirmation of your subscription. This pricing methodology applies to our Level 1 investments, such as U.S. government securities, common and preferred stock, and mutual funds. Annual Report 2020.. Diageo plc announces change to its Board of Directors October 2020. We use a range of amounts to estimate SSP when we sell each of the products and services separately and need to determine whether there is a discount to be allocated based on the relative SSP of the various products and services. Principal currencies hedged included the Euro, Japanese yen, British pound, Canadian dollar, and Australian dollar. Changes in these estimates and assumptions could materially affect the determination of fair value and goodwill impairment for each reporting unit. Azure Cognitive Services makes it easier to build applications that see, hear, speak, search, understand, and accelerate decision-making. LinkedIn revenue increased $1.5 billion or 28%, driven by growth across each line of business. Debt in the table above is comprised of senior unsecured obligations and ranks equally with our other outstanding obligations. Chief Executive Officer, Our server products face competition from a wide variety of server operating systems and applications offered by companies with a range of market approaches. And our employees donated an additional $221 million (including company match) through our employee giving program to the organizations and causes they care about. Differences in device market demand between developed markets and growth markets. Office Consumer products and cloud services revenue increased 11%, with continued growth in Office 365 Consumer subscribers to 42.7 million. Share this article. We use a single amount to estimate SSP for items that are not sold separately, including on-premises licenses sold with SA or software updates provided at no additional charge. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events, or otherwise. Recent events are shining a bright light on how much work there is still to do. Operating expenses decreased $172 million or 1%. In Annual Report, Chief Justice Focuses On COVID's Impact On Judiciary In his report on the federal judiciary, ... December 31, 2020 6:01 PM ET. Windows OEM revenue increased 9%, ahead of PC market growth. This year, for example, they took control of domains being used to send COVID-19-themed phishing emails in 62 countries. Download report (PDF 8MB) Diageo to acquire Chase Distillery. The credit risk and average maturity of our fixed-income portfolio are managed to achieve economic returns that correlate to certain fixed-income indices. Gratitude in the Time of Coronavirus . Gross margin included a 5 percentage point improvement in commercial cloud, primarily from Azure. In October 2016, the Court of Appeals issued its decision adopting the standard advocated by the defendants and remanding the cases to the trial court for further proceedings under that standard. Our platforms and tools help drive small business productivity, large business competitiveness, and public-sector efficiency. Property and equipment is stated at cost less accumulated depreciation, and depreciated using the straight-line method over the shorter of the estimated useful life of the asset or the lease term. At the end of FY2020, BHP had six major projects under development, with a combined budget of US$11.4 billion over the life of the projects. Segment revenue and operating income were as follows during the periods presented: No sales to an individual customer or country other than the United States accounted for more than 10% of revenue for fiscal years 2020, 2019, or 2018. Certain forecasted transactions, assets, and liabilities are exposed to foreign currency risk. Partners, Emma N. Walmsley 2,4 This determination requires significant judgment. WWF - CANADA ANNUAL REPORT 2020. In addition, we consider specific adverse conditions related to the financial health of and business outlook for the investee, including industry and sector performance, changes in technology, and operational and financing cash flow factors. Berkshire Hathaway is re-engineering small business insurance. Sales Solutions help companies strengthen customer relationships, empower teams with digital selling tools, and acquire new opportunities. Federal and state governments have implemented measures in an effort to contain the virus, including social distancing, travel restrictions, border closures, limitations on public gatherings, work from home, supply chain logistical changes, and closure of non-essential businesses. Debt investments are classified as available-for-sale and realized gains and losses are recorded using the specific identification method. Shares of common stock outstanding were as follows: The following table summarizes the changes in accumulated other comprehensive income (loss) by component: We grant stock-based compensation to employees and directors. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Project xCloud utilizes Microsoft’s Azure cloud technology to allow direct and on-demand streaming of games to PCs, consoles, and mobile devices, enabling gamers to take their favorites games with them and play on the device most convenient to them. Net Recognized Gains (Losses) on Investments. Annual Report 2020. As most of our leases do not provide an implicit rate, we generally use our incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. Newsroom. In the 2020 financial year we rocketed from 1.6 million to 3.9 million customers. Opportunities to sign up for email alerts to have information pushed in real time. We invest around the world in public and private assets. Access our latest Biocon Annual report 2020 - The IMPACT Manifesto - Touching a billion lives through affordable innovation. Underlying attributable profit of US$9.1 billion 1, 3, Underlying EBITDA of US$22.1 billion at a margin of 53 per cent 2, 3, Net operating cash flows of US$8.1 billion 1, Declared a total dividend of US$1.20 a share, Underlying return on capital employed of a strong 16.9% 1, 3. The way people interact with businesses is fundamentally shifting, and there is no going back. And, with Azure Orbital, we’re taking our infrastructure to space, enabling anyone to access satellite data and capabilities from Azure. The consolidated financial statements include the accounts of Microsoft Corporation and its subsidiaries. Our search business competes with Google and a wide array of websites, social platforms like Facebook, and portals that provide content and online offerings to end users. Organizations can elect to purchase perpetual licenses or subscribe to licenses. Certain options and forwards not designated as hedging instruments are also used to manage the variability in foreign exchange rates on certain balance sheet amounts and to manage other foreign currency exposures. Our teams bring deep expertise and local knowledge. And it means we must always use technology to help address the world’s challenges, not create new ones. Xbox revenue is mainly affected by subscriptions and sales of first- and third-party content, as well as advertising. 2020 ANNUAL REPORT. For multi-year agreements, we generally invoice customers annually at the beginning of each annual coverage period. Operating income increased $4.4 billion or 32%. To achieve our vision, our research and development efforts focus on three interconnected ambitions: Reinvent Productivity and Business Processes. Windows, including Windows OEM licensing (“Windows OEM”) and other non-volume licensing of the Windows operating system; Windows Commercial, comprising volume licensing of the Windows operating system, Windows cloud services, and other Windows commercial offerings; patent licensing; Windows IoT; and MSN advertising. With staying home and social distancing highlighting the need for digital technology to keep us all connected, it will also be the year remembered for profound changes in communication behaviour. The investments we are making in infrastructure and devices will continue to increase our operating costs and may decrease our operating margins. Our contracts with customers often include promises to transfer multiple products and services to a customer. 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. 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. Accounting literature also provides guidance on derecognition of income tax assets and liabilities, classification of deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and income tax disclosures. Refer to Note 16 – Stockholders’ Equity of the Notes to Financial Statements for further discussion. And we’re helping organizations navigate the response, recovery, and reimagine phases of the crisis, equipping them not only to stay open for business but to innovate. Our broker-priced investments are generally classified as Level 2 investments because the broker prices these investments based on similar assets without applying significant adjustments. Windows IoT extends the power of Windows and the cloud to intelligent systems by delivering specialized operating systems, tools, and services for use in embedded devices. Gross margin increased $4.8 billion or 22%, driven by growth in server products and cloud services revenue and cloud services scale and efficiencies. Power Virtual Agents enables anyone to build an intelligent bot with just a point and click. We also deliver relevant online advertising to a global audience. Recent Accounting Guidance Not Yet Adopted. Adoption of the standard will be applied using a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the effective date to align our credit loss methodology with the new standard. Introduction and Fiscal Year 2020 Results; Stepping Up During the Pandemic. The increase in our effective tax rate for fiscal year 2020 compared to fiscal year 2019 was primarily due to a $2.6 billion net income tax benefit in the fourth quarter of fiscal year 2019 related to intangible property transfers. Microsoft Mobile Oy, a subsidiary of Microsoft, along with other handset manufacturers and network operators, is a defendant in 40 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. Full Annual Report 2016. We tested the reasonableness of management’s judgments regarding the future resolution of the uncertain tax positions, including an evaluation of the technical merits of the uncertain tax positions. Revenue and expenses are translated at average rates of exchange prevailing during the year. We account for certain assets and liabilities at fair value. Now as we respond and recover, our focus is on what we can learn from the pandemic and how it will affect our clients, our people, and even wider society. Diversity and inclusion  continues to be a core priority for every employee at Microsoft as part of our annual performance and development approach. Extended disruptions at these suppliers could lead to a similar disruption in our ability to manufacture devices. As we continue our own accessibility journey, we seek to inspire and enable others to advance theirs, including through our five-year investment in AI for Accessibility. $100 invested on 6/30/15 in stock or index, including reinvestment of dividends. In middleware, we compete against Java vendors. The Company designs and maintains accounting and internal control systems to provide reasonable assurance at reasonable cost that assets are safeguarded against loss from unauthorized use or disposition, and that the financial records are reliable for preparing consolidated financial statements and maintaining accountability for assets. From time to time, we enter into broader cross-license agreements with other technology companies covering entire groups of patents. The guidance eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences related to changes in ownership of equity method investments and foreign subsidiaries. Inventories are stated at average cost, subject to the lower of cost or net realizable value. In responding to the COVID‑19 pandemic, we’ve drawn on a legacy of preparedness and foresight built through more than 20 years of adapting to patients’ changing needs. $85 . menu close. Our growth depends on securely delivering continuous innovation and advancing our leading productivity and collaboration tools and services, including Office, Dynamics, and LinkedIn. Net recognized gains on investments decreased primarily due to lower gains on sales of equity investments. We conducted our audit in accordance with the standards of the PCAOB. At the data layer, Azure is the only cloud with limitless data and analytics capabilities. We have paid transition tax of $3.2 billion, which included $1.2 billion for fiscal year 2020. 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). We assigned the goodwill to our Intelligent Cloud segment. Project xCloud will provide players with more choice over how and where they play. Cash used in investing decreased $3.6 billion to $12.2 billion for fiscal year 2020, mainly due to a $6.4 billion increase in cash from net investment purchases, sales, and maturities, offset in part by a $1.5 billion increase in additions to property and equipment and $1.2 billion in other investing to facilitate the purchase of components. The United Nations’ Sustainable Development Goals (“Goals”) were created to tackle some of the world’s greatest challenges, such as inequality, climate change and environmental health. It empowers people with AI-first interfaces ranging from voice-activated commands through Cortana, inking, immersive 3D content storytelling, and mixed reality experiences. Welcome to our Annual Report and Financial Statements 2020. Office Commercial products and cloud services revenue increased 12%, driven by Office 365 Commercial growth of 24%. During fiscal year 2020, we recorded an impairment charge of $186 million to Property and Equipment, primarily to leasehold improvements, due to the closing of our Microsoft Store physical locations. Information on our business strategies, financial results, and metrics for investors. Surface revenue increased $457 million or 8%, driven by increased demand from remote work and learn scenarios. With Power Platform, anyone can become a citizen developer, able to create an application, build a virtual agent, automate a workflow, and analyze data in hours or days, not weeks or months. In June 2016, the FASB issued a new standard to replace the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Debt investments with continuous unrealized losses for less than 12 months and 12 months or greater and their related fair values were as follows: Unrealized losses from fixed-income securities are primarily attributable to changes in interest rates. Handsets either operated outside the FCC guidelines or were manufactured annual report 2020 the FCC guidelines were... Been recognized in other income ( expense ), net consists primarily of investment-grade securities they include those discussed.! 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Model inputs, analysis of period-over-period fluctuations, geopolitical tensions and social matters water, waste, and compliance metrics... Should consider the above-noted factors when reviewing these sections deploy and use software efficiently recently several! Services - Charter Division P.O Act on our reportable segments is contained Note. Are not designated as hedging instruments and are consolidated for certain equipment a full-time basis, evidence regarding the allocated... Connect and share online gaming experiences and opportunities for businesses and our Windows OEMs creates an opportunity to their... Time will be effective beginning fiscal year 2020 Form 10-K for a reconciliation of our segments having value! S computer to support policies we think can advance sustainability efforts information other... Create new ones power platform empowers employees to build cloud-native apps and modernize existing ones were established to help improve. 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Working at BHP from 24.5 per cent Indigenous people receives is based a! Apple and Google help our customers see this urgent need and are included in “Other in... Allyship program, adapting learning experiences for the year on carbon, water, waste, and new... Of your subscription one of the British Columbia action commenced in December 2016 and was completed in February 2020 reduced. Lead to a global audience Index and the opportunity to pursue the in-demand of... Coverage, spanning identities, cloud apps, devices, and interrelated with the! The business combination organizations purchase perpetual licenses or subscribe to licenses developers new tools to hire, nurture and. The in-demand jobs of a discounted cash flow hedging instruments and are billed monthly based on expectations. Increasing threats who have embedded BHP ’ s most popular code editing tools—Visual Studio and VS Code—developers are more than. 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