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. Productivity and Business Processes revenue increased driven by Office 365 Commercial and LinkedIn. More Personal Computing revenue increased driven by Search and news advertising and Windows. Section 1 - ASIC's role (PDF 815 KB) - includes Chair's report, ASIC's roles and responsibilities, structure, key projects and financial summary. Refer to Note 19 Segment Information and Geographic Data for further information, including revenue by significant product and service offering. Today, through our Search, News, Mapping, and Browse services, Microsoft delivers unique trust, privacy, and safety features. Commercial competitors for our server applications for PC-based distributed client-server environments include CA Technologies, IBM, and Oracle. Microsoft Teams is a comprehensive platform for work, with meetings, calls, chat, collaboration, and business process automation. On July 25, 2022, there were 86,465 registered holders of record of our common stock. Windows original equipment manufacturer licensing (Windows OEM) revenue increased 11%. New tools to assist managers and employees in learning how to operate, be productive, and connect in the new flexible hybrid world of work. 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. Office Commercial products and cloud services revenue growth, Revenue from Office Commercial products and cloud services (Office 365 subscriptions, the Office 365 portion of Microsoft 365 Commercial subscriptions, and Office licensed on-premises), comprising Office, Exchange, SharePoint, Microsoft Teams, Office 365 Security and Compliance, and Microsoft Viva, Office Consumer products and cloud services revenue growth, Revenue from Office Consumer products and cloud services, including Microsoft 365 Consumer subscriptions, Office licensed on-premises, and other Office services, The number of Office 365 Commercial seats at end of period where seats are paid users covered by an Office 365 Commercial subscription, The number of Microsoft 365 Consumer subscribers at end of period, Dynamics products and cloud services revenue growth, Revenue from Dynamics products and cloud services, including Dynamics 365, comprising a set of intelligent, cloud-based applications across ERP, CRM, Customer Insights, Power Apps, and Power Automate; and on-premises ERP and CRM applications, Revenue from LinkedIn, including Talent Solutions, Marketing Solutions, Premium Subscriptions, and Sales Solutions, Server products and cloud services revenue growth, Revenue from Server products and cloud services, including Azure and other cloud services; SQL Server, Windows Server, Visual Studio, System Center, and related Client Access Licenses (CALs); and Nuance and GitHub. Our cloud business benefits from three economies of scale: datacenters that deploy computational resources at significantly lower cost per unit than smaller ones; datacenters that coordinate and aggregate diverse customer, geographic, and application demand patterns, improving the utilization of computing, storage, and network resources; and multi-tenancy locations that lower application maintenance labor costs. In addition, all employees complete skills training based on the profession they are in each year. Address by Dr. Y K Hamied, Chairman at the 86th Annual General Meeting. We have learned the impact of our work will not all be felt immediately, and our experience highlights how progress wont always be linear. 12656 kb. Inditex (ZARA) -- annual_report_2021.pdf - Inditex Annual. And were creating an entirely new market category with Microsoft Purview, as we help organizations govern, protect, and manage their data estate across platforms and clouds. Our strategy and growth model, the fuel for transformation, 4.2. These events or circumstances could include a significant change in the business climate, legal factors, operating performance indicators, competition, or sale or disposition of a significant portion of a reporting unit. Our work to help preserve, protect, and advance democracy by promoting a healthy information ecosystem and safeguarding electoral processes is as salient as ever in todays geopolitical climate. It was organized as the joint venture of the Inditex group and as a new holding company in 1975 (About ZARA, n. p.). In the second quarter of fiscal year 2021, we settled an additional portion of the IRS audits for tax years 2004 to 2013 and made a payment of $1.7 billion, including tax and interest. We also design and sell devices, including PCs, tablets, gaming and entertainment consoles, other intelligent devices, and related accessories. The company is a major contributor (70%) to the revenue of its parent brand, Inditex. Office Commercial products and cloud services revenue increased 13% driven by Office 365 Commercial growth of 18%. Gains and losses from changes in fair values of derivatives that are not designated as hedging instruments are primarily recognized in other income (expense), net. Excluding the impact of the change in accounting estimate, gross margin percentage increased 2 points driven by improvement across all cloud services. Executive Vice President, Marketing and Consumer We also sell commercial and consumer products and services directly to customers, such as cloud services, search, and gaming, through our digital marketplaces and online stores. June 30, 2022 at 10:30 am PT RH Headquarters, 15 Koch Road, Corte Madera, CA If we determine it is not possible or advisable to hold the 2022 Annual Meeting in person due to health or other considerations related to COVID-19 or other reasons, the 2022 Annual Meeting may be held by means of remote . We have made meaningful progress on representation and inclusion at Microsoft. We estimate that we have no significant residual value related to our intangible assets. Operating expenses increased $1.5 billion or 14% driven by investments in Gaming, Search and news advertising, and Windows marketing. In March, we released our second annual sustainability report, sharing our progress, challenges, and learnings as we pursue our commitments to become carbon negative, water positive, and zero waste. We provide for the estimated costs of fulfilling our obligations under hardware and software warranties at the time the related revenue is recognized. Our commitment to responsibly develop and use technologies like AI is core to who we are. As I write this, inflation is at a 40-year high, supply chains are stretched, and the war in Ukraine is ongoing. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that these disclosure controls and procedures are effective. Xbox revenue is mainly affected by subscriptions and sales of first- and third-party content, as well as advertising. These allocated costs include legal, including settlements and fines, information technology, human resources, finance, excise taxes, field selling, shared facilities services, and customer service and support. We are creating the tools and platforms that deliver better, faster, and more effective solutions to support new startups, improve educational and health outcomes, and empower human ingenuity. Zara-report Anna Mnyoki Abstract Zara Continue Reading Download Free PDF Related Papers Super Responsive Supply Chain: The Case of Spanish Fast Fashion Retailer Inditex-Zara Hong Chinh Do The successful implementation of an integrated supply chain strategy enhances total control over the operations and thus enhances speed and flexibility. In middleware, we compete against Java vendors. 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. Explore the report Report summary Addressing climate change requires swift, collective action and technical innovation. Based on our assessment of key technology trends, we maintain our long-term commitment to research and development across a wide spectrum of technologies, tools, and platforms spanning digital work and life experiences, cloud computing, AI, devices, and operating systems. Growth will depend on our ability to increase the number of LinkedIn members and our ability to continue offering services that provide value for our members and increase their engagement. Financial risk management policy and financial instruments. Under the terms of the ESPP that were approved in 2012, the plan was set to terminate on December 31, 2022. LinkedIn has over 850 million members and has offices around the globe. The majority of our foreign net operating loss carryforwards do not expire. We have nearly 25 million monthly active users. using the equity Excluding the impact of the fiscal year 2021 change in accounting estimate for the useful lives of our server and network equipment, gross margin percentage increased 1 point driven by improvement in Productivity and Business Processes. Our gaming platform is designed to provide a variety of entertainment through a unique combination of content, community, and cloud. Had they sold their entire inventory at their current prices, how many more dollars of contribution margin would it have brought, On the income statement, which of the following would be classified as a Period cost? President and Chief Financial Officer, Debt in the table above is comprised of senior unsecured obligations and ranks equally with our other outstanding obligations. Our principal audit procedures related to the Company's revenue recognition for these customer agreements included the following: Income Taxes Uncertain Tax Positions Refer to Note 12 to the financial statements. We work to ensure that technology is inclusive, trusted, and increases sustainability. Identification and treatment of contract terms that may impact the timing and amount of revenue recognized (e.g., variable consideration, optional purchases, and free services). 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. Customers can use Azure through our global network of datacenters for computing, networking, storage, mobile and web application services, AI, IoT, cognitive services, and machine learning. We intend to continue returning capital to shareholders in the form of dividends, subject to declaration by our Board of Directors. We believe our clouds global scale, coupled with our broad portfolio of identity and security solutions, allows us to effectively solve complex cybersecurity challenges for our customers and differentiates us from the competition. We have paid transition tax of $6.2 billion, which included $1.5 billion for fiscal year 2022. Leveraging our platform business model, we are in a strong position to achieve our GMV goal of more than 30 billion euros by 2025." Robert Gentz, Co-CEO Selected financial statements 2021 Key figures Spain is the biggest market with 547 stores (including Zara Kids and Zara Home), followed by China (229 stores), France (145), Russia (144) and Italy (134). Our devices are primarily manufactured by third-party contract manufacturers. Income tax expense includes U.S. and international income taxes, and interest and penalties on uncertain tax positions. Employees may purchase shares having a value not exceeding 15% of their gross compensation during an offering period. Since 1976, the Spanish network of stores has been expanded in a great number of cities all over the world. Although each type of reselling partner may reach organizations of all sizes, LSPs are primarily engaged with large organizations, distributors resell primarily to VARs, and VARs typically reach small and medium organizations. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Research and development expenses also include third-party development and programming costs, localization costs incurred to translate software for international markets, and the amortization of purchased software code and services content. Contents. This year, we responded to six humanitarian emergencies in five countries through donations, technology, services, and employee giving. Securities held in our equity investments portfolio are subject to market price risk. General and administrative expenses increased $793 million or 16% driven by investments in corporate functions. (2,180) 1 53 at 31 January 2022, as well as the results of its operations, the changes in equity and the cash flows for Search and news advertising revenue excluding traffic acquisition costs increased 27% driven by higher revenue per search and search volume. The COVID-19 pandemic led to record unemployment, disrupting livelihoods of people around the world. Our fair value processes include controls that are designed to ensure appropriate fair values are recorded. The decrease from the federal statutory rate in fiscal year 2021 is primarily due to 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 and Puerto Rico, tax benefits relating to stock-based compensation, and tax benefits from the India Supreme Court decision on withholding taxes. If recognized, the resulting tax benefit would affect our effective tax rates for fiscal years 2022, 2021, and 2020 by $13.3 billion, $12.5 billion, and $12.1 billion, respectively. Microsoft Experience Centers are designed to facilitate deeper engagement with our partners and customers across industries. We remain under audit for tax years 2004 to 2017. Management is responsible for the preparation of the consolidated financial statements and related information that are presented in this report. We distribute our retail packaged products primarily through independent non-exclusive distributors, authorized replicators, resellers, and retail outlets. With Azure Stack, organizations can extend Azure into their own datacenters to create a consistent stack across the public cloud and the intelligent edge. Section 2 - ASIC's annual performance statement (PDF 435 KB . Unearned revenue is generally invoiced annually at the beginning of each contract period for multi-year agreements and recognized ratably over the coverage period. 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. None of our achievements would be possible without the people here at Inditex. From smart factories, to smart buildings, to smart cities, were helping organizations use Azure IoT, Azure Digital Twins, and Microsoft Mesh to digitize people, places, and things, in order to visualize, simulate, and analyze any business process. Operating expenses increased $6.3 billion or 14% driven by investments in cloud engineering, LinkedIn, Gaming, and commercial sales. 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. Costs incurred internally in researching and developing a computer software product are charged to expense until technological feasibility has been established for the product. Phone: +91 9405611668 / 9925200742 Email: [email protected] coyotes single game tickets. The allowance for doubtful accounts reflects our best estimate of probable losses inherent in the accounts receivable balance. We also invested in base salary adjustments for our datacenter and retail hourly employees and hourly equivalents outside the U.S. Our increasing engagement with open source software will also cause us to license our intellectual property rights broadly in certain situations. Vice Chairman and Executive Vice In order of value, with most valuable assets first. We believe the acquisition will unlock opportunities for innovation and enable the industry to grow. As just one example of this work, use of our Office Accessibility Checkerour spell check for accessibilityhas grown by 9x over the past year. Unearned revenue also includes payments for consulting services to be performed in the future, LinkedIn subscriptions, Office 365 subscriptions, Xbox subscriptions, Windows post-delivery support, Dynamics business solutions, and other offerings for which we have been paid in advance and earn the revenue when we transfer control of the product or service. Revenue from certain contracts is allocated among the segments based on the relative value of the underlying products and services, which can include allocation based on actual prices charged, prices when sold separately, or estimated costs plus a profit margin. PDF; Form 10K (HTML) Polo Ralph Lauren Corp. does not currently have any hardcopy reports on AnnualReports.com. Innovation, vital for transformation. 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). The components of other income (expense), net were as follows: We use derivative instruments to manage risks related to foreign currencies, equity prices, interest rates, and credit; enhance investment returns; and facilitate portfolio diversification. This growth mindset served us well through the historic changes of the past few years. Fiscal Year 2019 Annual Report. 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. We also distributed a further US$19.6 billion as an in specie dividend through the merger of our Petroleum . Fiscal Year 2017 Annual Report. Net recognized gains on investments decreased primarily due to lower gains on equity securities. Our culture is the foundation on which our mission and strategy stand, and cultivating it is our greatest priority. 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. We license software to organizations under volume licensing agreements to allow the customer to acquire multiple licenses of products and services instead of having to acquire separate licenses through retail channels. Revenue from Office 365 is recognized ratably over the period in which the cloud services are provided. IBM and Oracle lead a group of companies focused on the Java Platform Enterprise Edition that competes with our enterprise-wide computing solutions. (393) We have broadened our approach to how we think about gaming end-to-end, from the way games are created and distributed to how they are played, including cloud gaming so players can stream across PC, console, and mobile. 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 in our fiscal year 2022 Form 10-K. Enter the email address you signed up with and we'll email you a reset link. For a discussion of the year ended June 30, 2021 compared to the year ended June 30, 2020, please refer to in our fiscal year 2022 Form 10-K, Managements Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended June 30, 2021. We continue to invest in high performance and sustainable computing to meet the growing demand for fast access to Microsoft services provided by our network of cloud computing infrastructure and datacenters. Although we were not a party to the appeals, our software sales in India were determined to be not subject to withholding taxes. In making this judgment, we employ a systematic methodology that considers available quantitative and qualitative evidence in evaluating potential impairment of our investments. Our innovation helps every developer be an AI developer, with approachable new tools from Azure Machine Learning Studio for creating simple machine learning models, to the powerful Azure Machine Learning Workbench for the most advanced AI modeling and data science. We have audited the internal control over financial reporting of Microsoft Corporation and subsidiaries (the Company) as of June 30, 2022, based on criteria established in Internal ControlIntegrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Many organizations that license our products and services transact directly with us through Enterprise Agreements and Enterprise Services contracts, with sales support from system integrators, independent software vendors, web agencies, and partners that advise organizations on licensing our products and services (Enterprise Agreement Software Advisors or ESA). The separate annual accounts of the Parent (Inditex) for 2021 were prepared by the Board of Directors Transforming the workplace to deliver new modern, modular business applications, drive deeper insights, and improve how people communicate, collaborate, learn, work, play, and interact with one another. Hence, the importance of Supply Chain (Management) has appeared. We strive to include others by holding ourselves accountable for diversity, driving global systemic change in our workplace and workforce, and creating an inclusive work environment. In comparison, the brand's valuation was around 18.4 billion U.S. dollars in 2019. m sand plant project report. 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. 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. RSUs generally vest ratably over a service period of four years. Constraints in the supply chain of device components. The plaintiffs allege that their handsets either operated outside the FCC Guidelines or were manufactured before the FCC Guidelines went into effect. Weve sold more Xbox Series S and Series X consoles life-to-date than any previous generation of Xbox, and with Xbox Cloud Gaming, were bringing games to entirely new endpoints. We support multiple highly active Employee Resource Groups for women, families, racial and ethnic minorities, military, people with disabilities, and employees who identify as LGBTQIA+, where employees can go for support, networking, and community-building. Sales and marketing expenses increased $1.7 billion or 8% driven by investments in commercial sales and LinkedIn. The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and the resulting designation. Analysis of Zara Corporation's Sustainability Report and How the Company Should Change Their Strategy to Boost Their Sustainability Category Business, Environment Subcategory Strategy, Nature, Corporation Topic Strategic Management, Sustainability, Zara Words 1326 (3 pages) Downloads 114 Download for Free The markets for software, devices, and cloud-based services are dynamic and highly competitive. The world in 2022 looks nothing like the world in 2019. 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 extent to which the fair value is less than cost. 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. The Group uses certain performance measures additional to those defined in IFRS, since these It sustains our everyday practice of customer obsession. 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. Spanish multinational clothing company Inditex (OTHER OTC:IDEXF -0.60%) , which owns large retailers like Zara and Bershka, announced in its 2020 annual report that its net income fell by . Announcements of investor conferences, speeches, and events at which our executives talk about our product, service, and competitive strategies. These reviews include analysis of demand forecasts, product life cycle status, product development plans, current sales levels, pricing strategy, and component cost trends. measures include information that is essential to assess the evolution of the Group. 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. The following table outlines the expected future recognition of unearned revenue as of June 30, 2022: If our customers choose to license cloud-based versions of our products and services rather than licensing transaction-based products and services, the associated revenue will shift from being recognized at the time of the transaction to being recognized over the subscription period or upon consumption, as applicable. Choice is equally important to developers, who we want to support with a diversity of distribution and business models for their games. Every organization in every industry will need to infuse technology into every business process and function so they can do more with less. As of June 30, 2022 and 2021, equity investments without readily determinable fair values measured at cost with adjustments for observable changes in price or impairments were $3.8 billion and $3.3 billion, respectively. Revenue: Over $500 million See Exact Annual Revenue: Employees: . We are accelerating progress toward a more sustainable future by reducing our environmental footprint, advancing research, helping our customers build sustainable solutions, and advocating for policies that benefit the environment. 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 these cases, the hardware and software license are accounted for as a single performance obligation and revenue is recognized at the point in time when ownership is transferred to resellers or directly to end customers through retail stores and online marketplaces. When it comes to advertising, we are creating a new monetization engine for the weban alternative that offers marketers and publishers more long-term viable ad solutionswhile upholding consumer privacy and strong data governance. Our mission to empower every person and every organization on the planet to achieve more has never been more urgent or more necessary. Accumulated Other Comprehensive Income (Loss), to create an industrial metaverse solution, is using the Microsoft Intelligent Data Platform, our new Microsoft Intelligent Data Platform, new market category with Microsoft Purview, new integrations between Dynamics 365 and Teams, our planned acquisition of Activision Blizzard, http://www.microsoft.com/investor/AnnualReports/default.aspx, Adjusted diluted earnings per share (non-GAAP), Net gains (losses) on foreign currency remeasurements, Net income tax benefit related to transfer of intangible properties, Net income tax benefit related to India Supreme Court decision on withholding taxes, Operating and finance leases, including imputed interest, 100 basis point increase in U.S. treasury interest rates, 100 basis point increase in credit spreads. All deferred income taxes are classified as long-term in our consolidated balance sheets. The major classes of assets and liabilities to which we have allocated the purchase price were as follows: Goodwill was assigned to our More Personal Computing segment. We have not engaged in any related party transactions or arrangements with unconsolidated entities or other persons that are reasonably likely to materially affect liquidity or the availability of capital resources. And the Microsoft Cloud surpassed $100 billion in annualized revenue for the first time. Good governance, corporate ethical culture and solid compliance architecture. 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. Our growth depends on securely delivering continuous innovation and advancing our leading productivity and collaboration tools and services, including Office 365, Dynamics 365, and LinkedIn. This lean working capital management offsets their higher production costs and enables them to boast rapid sales turnover rates. In March 2021, the India Supreme Court ruled favorably in the case of Engineering Analysis Centre of Excellence Private Limited vs The Commissioner of Income Tax for companies in 86 separate appeals, some dating back to 2012, holding that software sales are not subject to India withholding taxes. Operating income increased $1.5 billion or 8%. There is no more powerful input than digital technology to drive the worlds economic output. The fair value of stock awards vested was $14.1 billion, $13.4 billion, and $10.1 billion, for fiscal years 2022, 2021, and 2020, respectively. Publication Date: 29 April 2022. We also compete with other providers of entertainment services such as video streaming platforms. And earlier this month, we announced that Microsoft will double the number of nonprofits we reach worldwide over the next five years. . These annual accounts were prepared in accordance with the International Financial Reporting 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. Timing of revenue recognition may differ from the timing of invoicing to customers. We issue debt to take advantage of favorable pricing and liquidity in the debt markets, reflecting our credit rating and the low interest rate environment. Investments with maturities beyond one year may be classified as short-term based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations. 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 2022, 2021, or 2020. 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. 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. earnings 1,106 Zara increases 29 percent compared to the previous year. We tested the effectiveness of controls related to the identification of distinct performance obligations, the determination of the timing of revenue recognition, and the estimation of variable consideration. | File Size: 3.8 MB. And we have nearly 60 million Microsoft 365 consumer subscriptions as we help people create, connect, and share wherever they go. 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. 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. Enter the email address you signed up with and we'll email you a reset link. Our family of products plays a key role in the ways the world works, learns, and connects. But skills alone arent enoughwe need to help people better prepare for and connect to jobs. in a separate document to these consolidated annual accounts. Computershare, our transfer agent, can help you with a variety of shareholder related services including: Computershare also administers a direct stock purchase plan and a dividend reinvestment program for the company. Eligible U.S. employees may contribute a portion of their salary into the savings plans, subject to certain limitations. Unearned revenue comprises mainly unearned revenue related to volume licensing programs, which may include SA and cloud services. Value not exceeding 15 % of their gross compensation during an offering period swift, collective action and innovation... Applications for PC-based distributed client-server environments include CA Technologies, IBM, and share wherever they go the 86th General! Registered holders of record of our common stock Chain ( management ) appeared! Corporate functions and safety features form 10K ( HTML ) Polo Ralph Corp.! Revenue for the product 1,106 ZARA increases 29 percent compared to the revenue of its parent brand Inditex... 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