Collaborating with our shareholders, allies in transformation, 5.4. The metrics reflect our cloud and on-premises product strategies and trends. Certain employees are subject to collective bargaining agreements. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of June 30, 2022, based on criteria established inInternal Control Integrated Framework (2013)issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated July 28, 2022, expressed an unqualified opinion on the Company's internal control over financial reporting. The agreement allows customers to acquire monthly or annual subscriptions for cloud-based services. Inflation: a look under the hood; III. Azure and other cloud services revenue includes Nuance cloud services, and Server products revenue includes Nuance on-premises offerings. In 2014, the trial court granted in part and denied in part the defendants motion to exclude the plaintiffs general causation experts. 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 (GILTI) tax. Unless otherwise stated, the amounts shown in these consolidated annual accounts are expressed in companies To keep our customers secure, we build security by design into every product we sell, and we deliver end-to-end solutions spanning security, compliance, identity, device management, and privacy across clouds and platforms. (25) Our practice is to ship our products promptly upon receipt of purchase orders from customers; consequently, backlog is not significant. COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN* These controls include model validation, review of key model inputs, analysis of period-over-period fluctuations, and independent recalculation of prices where appropriate. Azure Orbital is a fully managed ground station as a service for fast downlinking of data. Our effective tax rate for fiscal years 2022 and 2021 was 13% and 14%, respectively. Xbox and our cloud gaming services face competition from various online gaming ecosystems and game streaming services, including those operated by Amazon, Apple, Meta, Google, and Tencent. This starts with increasing access to digital skills. New Dynamics 365 Connected Spaces helps organizations across diverse industriesfrom real estate and retail, to factories and constructionmanage their physical operations. Vertically integrated computer manufacturers such as Hewlett- Packard, IBM, and Oracle offer their own versions of the Unix operating system preinstalled on server hardware. Inventing new gaming experiences that bring people together around their shared love for games on any devices and pushing the boundaries of innovation with console and PC gaming by creating the next wave of entertainment. It reimagines everything from the user experience to the store to help people and organizations be more productive, connected, and secure, and to build a more open ecosystem for developers and creators. 1) (Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 LinkedIn has over 850 million members and has offices around the globe. But What is Inditex? Thats why weve committed to equip 10 million people from underserved communities with skills for jobs in the digital economy by 2025. On the one hand, better internal and external communication and greater productivity compensate for the company's higher costs of manufacturing in nearby areas. Our responsibility is to express an opinion on the Companys internal control over financial reporting based on our audit. 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. Click the button below to request a report when . Were always working to close the gap between our espoused culture and the lived experience of the more than 220,000 people who work at Microsoft. As an increase in cash flow from operations As a decrease in cash flow from financing As. Our fixed-income portfolio is diversified and consists primarily of investment-grade securities. 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. Office Commercial products revenue declined 22% driven by continued customer shift to cloud offerings. Nuance and GitHub include both cloud and on-premises offerings. And we have nearly 60 million Microsoft 365 consumer subscriptions as we help people create, connect, and share wherever they go. 74 (2,180) -26- (12) (12) (2,192) Inditex Annual Report 2021 | Consolidated Annual Accounts Notes to the consolidated The federal and state net operating loss carryforwards will expire in various years from fiscal 2023 through 2042, if not utilized. The critical audit matters communicated below are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. PDF full text (2.9 MB) | 138 pages. As a corporation, our purpose and actions must be aligned with addressing the worlds problems, not creating new ones. 8 And earlier this month, we announced that Microsoft will double the number of nonprofits we reach worldwide over the next five years. 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. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K/A (Amendment No. This global approach helps us remain competitive in local markets and enables us to continue to attract top talent from across the world. The stakeholder however has the power to stop the unethical incidents including making an event for the prevention of harm towards the customers. 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. Were unfavorable final outcomes to occur, there exists the possibility of a material adverse impact in our consolidated financial statements for the period in which the effects become reasonably estimable. The following table presents the notional amounts of our outstanding derivative instruments measured in U.S. dollar equivalents: The following table presents our derivative instruments: Gross derivative assets and liabilities subject to legally enforceable master netting agreements for which we have elected to offset were $343 million and $550 million, respectively, as of June 30, 2022, and $395 million and $335 million, respectively, as of June 30, 2021. 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. PG Family Foundation | Zara's Center. We also compete with other providers of entertainment services such as video streaming platforms. Principal currency exposures include the Euro, Japanese yen, British pound, Canadian dollar, and Australian dollar. Fiscal Year 2014 Annual Report. Environmental, Social, and Public Policy Committee. Operating income increased $5.3 billion or 22%. In March 2021, the India Supreme Court ruled favorably for companies in 86 separate appeals, some dating back to 2012, holding that software sales are not subject to India withholding taxes. The above table excludes shares repurchased to settle employee tax withholding related to the vesting of stock awards of $4.7 billion, $4.4 billion, and $3.3 billion for fiscal years 2022, 2021, and 2020, respectively. To foster their and our success, we seek to create an environment where people can thrive, where they can do their best work, where they can proudly be their authentic selves, guided by our values, and where they know their needs can be met. Revenue and costs are generally directly attributed to our segments. Other comprehensive income (loss), net of tax: Total cash, cash equivalents, and short-term investments, Accounts receivable, net of allowance for doubtful accounts of, Property and equipment, net of accumulated depreciation of, Common stock and paid-in capital shares authorized 24,000; outstanding, Accumulated other comprehensive income (loss), Total liabilities and stockholders equity. 5.7. Organizations of all sizes have digitized business-critical functions, redefining what they can expect from their business applications. (283) Any shareholder can join the Annual Meeting, while shareholders of record as of October 12, 2022, will be able to vote and submit questions during the meeting. LinkedIn, including Talent Solutions, Marketing Solutions, Premium Subscriptions, and Sales Solutions. Operating leases are included in operating lease right-of-use (ROU) assets, other current liabilities, and operating lease liabilities in our consolidated balance sheets. Adjusted net income and adjusted diluted earnings per share (EPS) are non-GAAP financial measures which exclude the net income tax benefit related to transfer of intangible properties in the first quarter of fiscal year 2022 and the net income tax benefit related to an India Supreme Court decision on withholding taxes in the third quarter of fiscal year 2021. We believe that our audit provides a reasonable basis for our opinion. And we now offer managed threat detection and response with Microsoft Security Experts. The largest category of OEMs are direct OEMs as our relationship with them is managed through a direct agreement between Microsoft and the OEM. We monitor pay equity and career progress across multiple dimensions. On September 14, 2021, our Board of Directors approved a share repurchase program authorizing up to $60.0 billion in share repurchases. We continue to develop complete, intelligent solutions for our customers that empower people to stay productive and collaborate, while safeguarding businesses and simplifying IT management. Growth depends on our ability to reach new users in new markets such as frontline 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. Second, the productive structure, combining nearby and distant manufacturing, and both dispersion and concentration spatially and in production, also relies on the effectiveness of the logistical model. We are subject to income tax in many jurisdictions outside the U.S. Our operations in certain jurisdictions remain subject to examination for tax years 1996 to 2021, some of which are currently under audit by local tax authorities. We evaluate the recoverability of intangible assets periodically by taking into account events or circumstances that may warrant revised estimates of useful lives or that indicate the asset may be impaired. Our culture is the foundation on which our mission and strategy stand, and cultivating it is our greatest priority. 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. Cost includes materials, labor, and manufacturing overhead related to the purchase and production of inventories. Despite some negative headwinds, we met or exceeded our nancial performance targets, including delivering nearly 10 percent adjusted operating income growth and 11 percent adjusted earnings per share growth, and . In December 2019, the Financial Accounting Standards Board issued a new standard to simplify the accounting for income taxes. Judgment is required in determining when technological feasibility of a product is established. Against the backdrop of financial uncertainty and rising costs, we made major strategic investments towards greater affordability . In addition to these channels, we use social media to communicate to the public. Shares repurchased during the first quarter of fiscal year 2022, fiscal year 2021, and the fourth quarter of fiscal year 2020 were under the share repurchase program approved on September 18, 2019. Unearned revenue is generally invoiced annually at the beginning of each contract period for multi-year agreements and recognized ratably over the coverage period. .. . Report on Internal Control Systems (ICFR). We first discuss the dilemmas that fashion retailers face when organising the supply chain and the contribution of logistics and transport to its functional and geographical integration. Compliance Certificate under SEBI (Share Based Employee Benefits and Sweat Equity Regulation), 2021. None of these changes had a material impact on previously reported amounts in our MD&A. 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. Office Consumer products and cloud services revenue increased 11% and Microsoft 365 Consumer subscribers grew to 59.7 million. We also help our suppliers and customers around the world use Microsoft technology to reduce their own carbon footprint. We believe our gaming platform is effectively positioned against, and uniquely differentiated from, competitive products and services based on significant innovation in hardware architecture, user interface, developer tools, online gaming and entertainment services, and continued strong exclusive content from our own first-party game franchises as well as other digital content offerings. The current Inter IKEA Group was established in 26 August 2016. measures include information that is essential to assess the evolution of the Group. Windows Commercial products and cloud services revenue increased 11% driven by demand for Microsoft 365. Net recognized gains (losses) on debt investments were as follows: Net recognized gains (losses) on equity investments were as follows: The components of investments were as follows: Equity investments presented as Other in the tables above include investments without readily determinable fair values measured using the equity method or measured at cost with adjustments for observable changes in price or impairments, and investments measured at fair value using net asset value as a practical expedient which are not categorized in the fair value hierarchy. Our server products face competition from a wide variety of server operating systems and applications offered by companies with a range of market approaches. We have not received a proposed assessment for the unresolved key transfer pricing issues and do not expect a final resolution of these issues in the next 12 months. Together, Microsoft and Nuance will enable organizations across industries to accelerate their business goals with security-focused, cloud- based solutions infused with powerful, vertically optimized AI. Cash from operations increased $12.3 billion to $89.0 billion for fiscal year 2022, mainly due to an increase in cash received from customers, offset in part by an increase in cash paid to suppliers and employees. I couldnt be more excited about our expansive opportunity ahead in this space. Our vision is to create economic opportunity for every member of the global workforce through the ongoing development of the worlds first Economic Graph, a digital representation of the global economy. We settled a portion of the Internal Revenue Service (IRS) audit for tax years 2004 to 2006 in fiscal year 2011. Talent Solutions also includes Learning Solutions, which help businesses close critical skills gaps in times where companies are having to do more with existing talent. In addition, we consider specific adverse conditions related to the financial health of, and business outlook for, the investee. We have paid transition tax of $6.2 billion, which included $1.5 billion for fiscal year 2022. By using our site, you agree to our collection of information through the use of cookies. However, some of our products contain certain components for which there are very few qualified suppliers. We encourage investors, the media, and others interested in Microsoft to review the information we post on the social media channels listed on our Investor Relations website. Our Board of Directors declared the following dividends: The dividend declared on June 14, 2022 was included in other current liabilities as of June 30, 2022. Land is not depreciated. Given our focus on understanding core company beliefs and compliance topics, all employees complete required learning programs like Standards of Business Conduct, Privacy, Unconscious Bias, and preventing harassment courses. . While our main product research and development facilities are located in Redmond, Washington, we also operate research and development facilities in other parts of the U.S. and around the world. The successful implementation of an integrated supply chain strategy enhances total control over the operations and thus enhances speed and flexibility. Management conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. As of July 2022, weve committed $257 million in financial and technology assistance to the global response to the war in Ukraine, including support for government, businesses, nonprofits, and humanitarian assistance for refugees. Addressing climate change requires swift, collective action and technical innovation. of the Inditex Group (393) This included a commitment to invest $1 billion over four years in new technologies and innovative climate solutions. At Microsoft we have an inherently inclusive mission: to empower every person and every organization on the planet to achieve more. The separate annual accounts of the Parent (Inditex) for 2021 were prepared by the Board of Directors We have over 27,000 people managers, all of whom must complete between 20-33 hours of required manager capability and excellence training and are assigned ongoing required training each year. First, efficient logistics and sufficiently fast transport, allow the company to enjoy short lead times and be present in economically and geographically very disparate markets. We are 90 percent of the way to our 2025 commitment to double the number of Black and African American people managers, senior individual contributors, and senior leaders in the U.S., and 50 percent of the way for Hispanic and Latinx people managers, senior individual contributors, and senior leaders in the U.S. We exceeded our goal on increasing the percentage of transaction volumes with Black- and African American-owned financial institutions and increased our deposits with Black- and African American-owned minority depository institutions, enabling increased funds into local communities. Nuance provides healthcare and enterprise AI solutions. The mix of computing devices based on form factor and screen size. 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. Changes in the carrying amount of goodwill were as follows: The measurement periods for the valuation of assets acquired and liabilities assumed end as soon as information on the facts and circumstances that existed as of the acquisition dates becomes available, but do not exceed 12 months. If quoted prices in active markets for identical assets or liabilities are not available to determine fair value, then we use quoted prices for similar assets and liabilities or inputs other than the quoted prices that are observable either directly or indirectly. The decrease in our effective tax rate for fiscal year 2022 compared to fiscal year 2021 was primarily due to a $3.3 billion net income tax benefit in the first quarter of fiscal year 2022 related to the transfer of intangible properties, offset in part by changes in the mix of our income before income taxes between the U.S. and foreign countries, as well as tax benefits in the prior year from the India Supreme Court decision on withholding taxes, an agreement between the U.S. and India tax authorities related to transfer pricing, and final Tax Cuts and Jobs Act (TCJA) regulations. In January 2020, we announced a bold commitment and detailed plan to be carbon negative by 2030, and to remove from the environment by 2050 all the carbon we have emitted since our founding in 1975. We then open the study of Inditex by describing the network of shops and manufacturing, presenting the principles of the logistical model, and providing details of the procedures applied for the functional and geographical integration of the chain of production of Zara, the best known of the company's 11 brands. 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. Operating expenses increased $2.8 billion or 16% driven by investments in Azure and other cloud services. Four of our datacenters received new or renewed Zero Waste certifications. Hence, the importance of Supply Chain (Management) has appeared. premium Retained Net recognized gains on investments decreased primarily due to lower gains on equity securities. Refer to Note 1 Accounting Policies of the Notes to Financial Statements in our fiscal year 2022 Form 10-K for further discussion. Server software is integrated server infrastructure and middleware designed to support software applications built on the Windows Server operating system. Timing of revenue recognition may differ from the timing of invoicing to customers. Contents. We developed hybrid guidelines for managers and employees to support the transition and continue to identify ways we can support hybrid work scenarios through our employee listening systems. Annual Status of Education Report (ASER) 2022: The Annual Status of Education Report (ASER) released today revealed that almost all (98.4%) students in the age bracket of 6-14 years are now enrolled in schools. Based on the information currently available, we do not anticipate a significant increase or decrease to our tax contingencies for these issues within the next 12 months. Every organization is looking to reconnect and reengage the workforce at home, in the office, and everywhere in between. Adoption of the standard did not have a material impact on our consolidated financial statements. While these programs may differ in various parts of the world, generally they include those discussed below. We measure the fair value of PSUs using a Monte Carlo valuation model. If we have plans to sell the security or it is more likely than not that we will be required to sell the security before recovery, then a decline in fair value below cost is recorded as an impairment charge in other income (expense), net and a new cost basis in the investment is established. We are committed to designing and marketing first-party devices to help drive innovation, create new device categories, and stimulate demand in the Windows ecosystem. In a separate 2009 decision, the Court of Appeals for the District of Columbia held that adverse health effect claims arising from the use of cellular handsets that operate within the U.S. Federal Communications Commission radio frequency emission guidelines (FCC Guidelines) are pre-empted by federal law.

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