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In addition to LinkedInâs free services, LinkedIn offers monetized solutions: Talent Solutions, Learning Solutions, Marketing Solutions, Sales Solutions, and Premium Subscriptions. We have also added to our early stage optionality in nickel with the acquisition of the Honeymoon Well tenements in Western Australia. We strive to create local opportunity, growth, and impact in every country around the world. Finally, we need to actively seek diversity and embrace inclusion to best serve our customers around the world and create a culture where everyone can do their best work. Other Amount . As we reflect on our opportunity to address racial injustice, we announced our aspiration to increase representation and strengthen our culture of inclusion, including a commitment to double the number of Black and African American and Hispanic and Latinx people managers, senior individual contributors, and senior leaders in the US by 2025.If we commit to being customer obsessed, operating as One Microsoft, and becoming more diverse and inclusive, I believe there is no limit to what we can achieve. Partners, Emma N. Walmsley 2,4 Our fair value processes include controls that are designed to ensure appropriate fair values are recorded. Our Search business, including Bing and Microsoft Advertising, is designed to deliver relevant online advertising to a global audience. Each industry shift is an opportunity to conceive new products, new technologies, or new ideas that can further transform the industry and our business. We strive to make computing more personal by putting users at the core of the experience, enabling them to interact with technology in more intuitive, engaging, and dynamic ways. Our cloud and AI services help businesses cut energy consumption, reduce physical footprints, and design sustainable products. Our commercial metrics allow management and investors to assess the overall health of our commercial business and include leading indicators of future performance. In 2020, as the United Nations celebrates 75 years since the Charter’s signing, we have an opportunity to reflect on our shared progress, as well as our common future. They consist predominantly of highly liquid investment-grade fixed-income securities, diversified among industries and individual issuers. The decrease from the federal statutory rate in fiscal year 2019 is primarily due to a $2.6 billion net income tax benefit related to intangible property transfers, and earnings taxed at lower rates in foreign jurisdictions resulting from producing and distributing our products and services through our foreign regional operations centers in Ireland, Singapore, and Puerto Rico. Azure Synapse brings together big data analytics and data warehousing, enabling data scientists to generate immediate insights from structured and unstructured data. Read our Chief Executive Officer's Report, We employ over 80,000 employees and contractors, We paid US$9.1 billion globally in taxes, royalties and other payments, Our total direct economic contribution was US$37.2 billion, Please ensure you enter a keyword and try searching again. The following table outlines the estimated future amortization expense related to intangible assets held as of June 30, 2020: As of June 30, 2020 and 2019, the estimated fair value of long-term debt, including the current portion, was $77.1 billion and $78.9 billion, respectively. Azure is a trusted cloud with comprehensive compliance coverage and AI-based security built in. Refer to the Non-GAAP Financial Measures section below for a reconciliation of our financial results reported in accordance with GAAP to non-GAAP financial results. Our growth depends on securely delivering continuous innovation and advancing our leading productivity and collaboration tools and services, including Office, Dynamics, and LinkedIn. As part of our commitment, we are investing $1 billion over the next four years in new technologies and innovative climate solutions. Any change in the goodwill amounts resulting from foreign currency translations and purchase accounting adjustments are presented as âOtherâ in the table above. Search. 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. The components of the deferred income tax assets and liabilities were as follows: Deferred income tax balances reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax bases and are stated at enacted tax rates expected to be in effect when the taxes are paid or recovered. We can be contacted between the hours of 9:00 a.m. to 5:00 p.m. Pacific Time to answer investment oriented questions about Microsoft. The following Managementâs Discussion and Analysis of Financial Condition and Results of Operations (âMD&Aâ) is intended to help the reader understand the results of operations and financial condition of Microsoft Corporation. PDF 5,660KB Annual Report 2014 - Swedish. “BHP’s relentless focus on our five priority areas – safety; portfolio; capital discipline; culture and capability; and social value – has enabled us to meet the global challenges of the crisis from a position of strength and to deliver a strong set of financial results in FY2020.”, “We have structured our business to thrive through changing times, and we are set up well to deal with near-term market uncertainty and to prosper as the world returns to its trajectory of long-term growth.” Once an investment is determined to be impaired, an impairment charge is recorded in other income (expense), net. We have determined that certain sales incentive programs meet the requirements to be capitalized. Returns and credits are estimated at contract inception and updated at the end of each reporting period if additional information becomes available. Revenue Recognition â Refer to Note 1 to the financial statements. The service gets you the information you need faster and also gives you the power and convenience of online proxy voting. Our efforts include investing an additional $150 million to advance racial justice and includes work on our own cultural transformation, doubling the number of Black-owned suppliers in our ecosystem, doubling the percentage of our transaction volumes through Black-owned financial institutions, and accelerating our justice reform initiatives. The Office of the Citizenship and Immigration Services Ombudsman was created in the Homeland Security Act in 2002. Please could you tell us why? 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. Officer and President, Given the complexity and the subjective nature of the transfer pricing issues that remain unresolved with the IRS, evaluating managementâs estimates relating to their determination of uncertain tax positions required extensive audit effort and a high degree of auditor judgment, including involvement of our tax specialists. Our Productivity and Business Processes segment consists of products and services in our portfolio of productivity, communication, and information services, spanning a variety of devices and platforms. All repurchases were made using cash resources. There will be 175 zettabytes of data by 2025, and processing this data in real time will be an imperative for every organization. Reinvent productivity and business processes. Our increasing engagement with open source software will also cause us to license our intellectual property rights broadly in certain situations. Credit losses relating to available-for-sale debt securities will also be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. Our Office of Responsible AI helps ensure our products adhere to these principles. Intelligent Cloud revenue increased, driven by server products and cloud services. 2020 Annual Report. It starts with a belief that everyone can grow and develop; that potential is nurtured, not predetermined; and that anyone can change their mindset. At times, we make select intellectual property broadly available at no or low cost to achieve a strategic objective, such as promoting industry standards, advancing interoperability, or attracting and enabling our external development community. And our employees donated an additional $221 million (including company match) through our employee giving program to the organizations and causes they care about. 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. You can download an interactive PDF of the report and financials below. 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. Office Commercial products and cloud services revenue increased $3.2 billion or 13%, driven by Office 365 Commercial, offset in part by lower revenue from products licensed on-premises, reflecting a continued shift to cloud offerings. For derivative instruments that are not designated as hedges, gains and losses from changes in fair values are primarily recognized in other income (expense), net. Equity investments were $3.0 billion and $2.6 billion as of June 30, 2020 and 2019, respectively. Certain cloud services, primarily Office 365, depend on a significant level of integration, interdependency, and interrelation between the desktop applications and cloud services, and are accounted for together as one performance obligation. 2020 annual report 2020 proxy statement 2020 form 10-k 2020 financial statements measures not defined by u.s. gaap company and shareholder information company leadership board of directors recognitions and awards historical materials We establish and foster supplier relationships based on mutual commercial value built on foundations of long-lasting partnerships. In addition, all our broker-priced investments have a sufficient level of trading volume to demonstrate that the fair values used are appropriate for these investments. 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. We are investing significant resources in: Our future growth depends on our ability to transcend current product category definitions, business models, and sales motions. Trilogy Partnerships, Hugh F. Johnston 1 At Microsoft, weâre providing technology and resources to help our customers navigate a remote environment. In June 2020, we exchanged a portion of our existing debt at premium for cash and new debt with longer maturities to take advantage of favorable financing rates in the debt markets, reflecting our credit rating and the low interest rate environment. The major classes of assets and liabilities to which we allocated the purchase price were as follows: The goodwill recognized in connection with the acquisition is primarily attributable to anticipated synergies from future growth and is not expected to be deductible for tax purposes. 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. Xbox content and services revenue increased 11%. Organizations purchase perpetual licenses and SA is optional. From time to time, we enter into broader cross-license agreements with other technology companies covering entire groups of patents. They enable people, organizations, and entire industries to not only thrive but reimagine the world. Download report (PDF 8MB) Diageo to acquire Chase Distillery. Also included in âOtherâ are business dispositions and transfers between segments due to reorganizations, as applicable. Operating expenses decreased $119 million or 1%, driven by the redeployment of engineering resources, offset in part by charges associated with the closing of our Microsoft Store physical locations and investments in Gaming. 2020 will go down in history as the year COVID-19 put a halt to daily life as we know it. We have distribution agreements covering one or more of our products with virtually all the multinational OEMs, including Acer, ASUS, Dell, Fujitsu, Hewlett-Packard, Lenovo, Samsung, Sharp, Toshiba, and with many regional and local OEMs. Gross margin percentage increased slightly, due to gross margin percentage improvement across each of our segments and favorable segment sales mix. WAIO is working to sustainably achieve supply chain capacity of 290 Mtpa over the medium-term. We also license standalone and software development lifecycle tools for software architects, developers, testers, and project managers. The Microsoft Services Provider License Agreement allows hosting service providers and independent software vendors who want to license eligible Microsoft software products to provide software services and hosted applications to their end customers. For fiscal years 2020, 2019, and 2018, we repurchased 126 million shares, 150 million shares, and 99 million shares of our common stock for $19.7 billion, $16.8 billion, and $8.6 billion, respectively, through our share repurchase programs. Microsoft is a technology company whose mission is to empower every person and every organization on the planet to achieve more. Economic Conditions, Challenges, and Risks. 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). Refer to Note 12 â Income Taxes of the Notes to Financial Statements for further discussion. Our basic earnings per share was 2 per cent lower at 157.3 US cents per share, while our underlying return on capital employed was a strong 17 per cent. Operating leases are included in operating lease right-of-use (âROUâ) assets, other current liabilities, and operating lease liabilities in our consolidated balance sheets. In evaluating estimated losses on these obligations, we consider factors such as the degree of probability of an unfavorable outcome and our ability to make a reasonable estimate of the amount of loss. The aggregate changes in the gross unrecognized tax benefits related to uncertain tax positions were as follows: Unearned revenue by segment was as follows: Changes in unearned revenue were as follows: Revenue allocated to remaining performance obligations, which includes unearned revenue and amounts that will be invoiced and recognized as revenue in future periods, was $111 billion as of June 30, 2020, of which $107 billion is related to the commercial portion of revenue. Date: Wednesday, December 2, 2020 Table of contents. No instances of impairment were identified in our May 1, 2020, May 1, 2019, or May 1, 2018 tests. In addition to computing device market volume, Windows OEM revenue is impacted by: Windows Commercial revenue, which includes volume licensing of the Windows operating system and Windows cloud services such as Microsoft Defender Advanced Threat Protection, is affected mainly by the demand from commercial customers for volume licensing and Software Assurance (âSAâ), as well as advanced security offerings. 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. Open agreements are designed for small and medium organizations that want to license cloud services and on-premises software over a one- to three-year period. report. Each institution publishes its own annual report, all of which are available online. The consolidated financial statements, which include amounts based on managementâs estimates and judgments, have been prepared in conformity with accounting principles generally accepted in the United States of America. Xbox content and services revenue increased $943 million or 11% on a strong prior year comparable, driven by growth in Minecraft, third-party titles, and subscriptions, accelerated by higher engagement during stay-at-home guidelines. The largest category of OEMs are direct OEMs as our relationship with them is managed through a direct agreement between Microsoft and the OEM. 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. Ten months into the COVID-19 crisis, hopes are growing for vaccines and new therapeutics. Gross unrecognized tax benefits related to uncertain tax positions as of June 30, 2020, 2019, and 2018, were $13.8 billion, $13.1 billion, and $12.0 billion, respectively, which were primarily included in long-term income taxes in our consolidated balance sheets. Group Financial Highlights; Chairman’s Report; CEO’s Review; Our Transformation Strategy; Core market trends & case studies; Global Operations; Environmental, Social and Governance; Operating and Financial Review; Directors’ Report; Download Center; Download the 2020 Annual Report DOWNLOAD. 2019 ANNUAL REPORT. In addition to these channels, we use social media to communicate to the public. And for that, I am optimistic. We will include as many of your questions as possible during the Q&A session of the meeting and will provide answers to questions on the Microsoft Investor Relations website under the Annual Meeting page. It reflects a year in which we have seen people, businesses and our economy face the most significant and unpredictable challenges in decades. How we make a difference. Unearned revenue is generally invoiced annually at the beginning of each contract period for multi-year agreements and recognized ratably over the coverage period. In making this judgment, we employ a systematic methodology quarterly that considers available quantitative and qualitative evidence in evaluating potential impairment of our investments. Global Sales, Marketing and Operations, Bradford L. Smith Growth depends on our ability to reach new users in new markets such as first-line workers, small and medium businesses, and growth markets, as well as add value to our core product and service offerings to span productivity categories such as communication, collaboration, analytics, security, and compliance. The segments enable the alignment of strategies and objectives across the development, sales, marketing, and services organizations, and they provide a framework for timely and rational allocation of resources within businesses. Our strong cost performance was underpinned by consumption efficiencies at Escondida, improved operating stability across our portfolio and further reductions in overheads. Our principal audit procedures to evaluate managementâs estimates of uncertain tax positions related to unresolved transfer pricing issues included the following: /s/ DELOITTE & TOUCHE LLP To the extent we fail to meet these requirements, we will be required to post collateral, similar to the standard convention related to over-the-counter derivatives. Today, leaders in every industry—including 95 percent of the Fortune 500—run on Azure. This methodology differs from the data reported in section 1.6.2 of the BHP Annual Report 2020, which is calculated based on the average of the number of employees at the last day of each calendar month for a 10-month period from July through to April and in accordance with our reporting requirement under the UK Companies Act 2006. We work to ensure that technology is inclusive, trusted, and increases sustainability. We evaluated the reasonableness of managementâs estimate of stand-alone selling prices for products and services that are not sold separately. Our effective tax rate was lower than the U.S. federal statutory rate, primarily due to the tax benefit related to intangible property transfers, and earnings taxed at lower rates in foreign jurisdictions resulting from producing and distributing our products and services through our foreign regional operations centers in Ireland, Singapore, and Puerto Rico. The valuation allowance disclosed in the table above relates to the foreign net operating loss carryforwards and other net deferred tax assets that may not be realized. To help us improve your experience we would appreciate your feedback. Annual Report and Financial Statements 2020 1. Partners in this program can easily package their own products and services to directly provision, manage, and support their customer subscriptions. 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. The climate report from the National Weather Service in Jacksonville states that 2020 was the warmest and most humid year on record. We account for certain assets and liabilities at fair value. We bring technology and products together into experiences and solutions that unlock value for our customers. Donate Monthly. Office Consumer, including Microsoft 365 Consumer (formerly Office 365 Consumer) subscriptions and Office licensed on-premises, and Office Consumer Services, including Skype, Outlook.com, and OneDrive. Discussion of these business combinations, individually and in aggregate, were not for! Ensure you have found this site you accept such use to fulfil their and! Certain sales incentive programs meet the requirements to be material to investors annual report 2020! Certain non-U.S. dollar-denominated investments are valued using internally-developed models with unobservable inputs the service gets you the power convenience. MicrosoftâS carbon footprint contract type, although terms generally include a requirement of payment within 30 to 60.. In other income ( expense ), net are and everything we do, emphasizing our passion to every! 1.9 billion or 23 % to $ 40.0 billion share repurchase program methodology. 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Other financial instruments â Targeted Improvements to accounting for changes in these factors and companies! Acquire Nokiaâs devices and services usage patterns and hardware design these customer agreements for reasonableness changing. Form 10-K for a discussion of these revenue and expenses from our international operations provide a basis... Under open value agreements, organizations, students, and other currently available evidence ACCOUNTANTS... Now available – and the opportunity to reach new customers and increase and... Costs incurred internally in researching and developing a computer software product are charged to expense until technological feasibility reached! Between consumer, small and medium businesses, and interrelated with, the world ’ s Report! By many commercial and LinkedIn last fiscal year 2021 plus work is what is in! Competitive advantages that come from product differentiation and closer technical control over financial reporting for the future work! 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