Microsoft was built for this moment. Using Windows to fuel our cloud business, grow our share of the PC market, and drive increased engagement with our services like Microsoft 365 Consumer, Teams, Edge, Bing, Xbox Game Pass, and more. SMB segment and subsegments. With Azure Mixed Reality Services, digital information can be represented within the context of the three-dimensional world we live in. Internal control over financial reporting includes maintaining records that in reasonable detail accurately and fairly reflect our transactions; providing reasonable assurance that transactions are recorded as necessary for preparation of our consolidated financial statements; providing reasonable assurance that receipts and expenditures of company assets are made in accordance with management authorization; and providing reasonable assurance that unauthorized acquisition, use, or disposition of company assets that could have a material effect on our consolidated financial statements would be prevented or detected on a timely basis. Our fixed-income investments are exposed to interest rate risk and credit risk. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. We offer an array of services, including cloud-based solutions that provide customers with software, services, platforms, and content, and we provide solution support and consulting services. The fair values of these investments approximate their carrying values. Former Executive Vice President and In particular, among the responsibilities of the Boards Regulatory and Public Policy Committee is to review and provide guidance to the Board and management about the Companys policies and programs that relate to CSR. As we pursue the opportunities ahead, we also recognize our increased responsibility in a world that will require much more from technology to address its most pressing challenges. For more about Microsofts CSR commitments and performance, please visit: www.microsoft.com/transparency. 12,820. Certain of our employees are subject to collective bargaining agreements. Tested managements identification and treatment of contract terms. Microsoft forecast Intelligent Cloud revenue of $21.1 billion to $21.35 billion for its fiscal fourth quarter, driven by strong growth in its Azure platform. Unearned revenue is generally invoiced annually at the beginning of each contract period for multi-year agreements and recognized ratably over the coverage period. During the past year, our partner OpenAI achieved dramatic advances training models like GPT-3the largest and most advanced language model in the worldon our Azure AI supercomputer. In cases where we allocate revenue to software updates, primarily because the updates are provided at no additional charge, revenue is recognized as the updates are provided, which is generally ratably over the estimated life of the related device or license. Xbox content and services revenue increased $2.3 billion or 23% driven by growth in third-party titles, Xbox Game Pass subscriptions, and first-party titles. We have the opportunity to redefine what customers and partners can expect and are working to deliver new solutions that reflect the best of Microsoft. As organizations focus on creating their own technology solutions, they will need standardized tools to modernize existing apps and build new ones. These forward-looking statements generally are identified by the words believe, project, expect, anticipate, estimate, intend, strategy, future, opportunity, plan, may, should, will, would, will be, will continue, will likely result, and similar expressions. 17,465. (Old reporting data is available in the, Biggest companies in the world by market value 2022, Lifetime global unit sales of video game consoles as of September 2021, Operating systems market share of desktop PCs 2013-2023, by month, Current-gen video game console unit sales worldwide 2017-2021. 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. Azure enables customers to devote more resources to development and use of applications that benefit their organizations, rather than managing on-premises hardware and software. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Source:Microsoft. Revenue and expenses are translated at average rates of exchange prevailing during the year. Before releasing new software platforms, and as we make significant modifications to existing platforms, we provide application vendors with a range of resources and guidelines for development, training, and testing. Additionally, we have agreed to cover damages resulting from breaches of certain security and privacy commitments in our cloud business. Research and development expenses include payroll, employee benefits, stock-based compensation expense, and other headcount-related expenses associated with product development. , Oct 10, 2022. To expand usage and deepen engagement, we continue to invest in content, community, and cloud services as we pursue the expansive opportunity in the gaming industry. 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. Economic Conditions, Challenges, and Risks. The acquisition is expected to empower developers to achieve more at every stage of the development lifecycle, accelerate enterprise use of GitHub, and bring Microsofts developer tools and services to new audiences. Server products revenue is mainly affected by purchases through volume licensing programs, licenses sold to original equipment manufacturers (OEM), and retail packaged products. We also have an ESPP for all eligible employees. Growth depends on our ability to attract new users, understand intent, and match intent with relevant content and advertiser offerings. And with our pending acquisition of Nuance Communications, well provide ambient clinical intelligence capabilities for healthcare organizations that improve the patient experience and reduce the overwhelming burden of work that physicians struggle with today. The components of basic and diluted EPS were as follows: Anti-dilutive stock-based awards excluded from the calculations of diluted EPS were immaterial during the periods presented. IMPORTANT NOTICE TO USERS (summary only, click here for full text of notice); All information is unaudited unless otherwise noted or accompanied by an audit opinion and is subject to the more comprehensive information contained in our SEC reports and filings. Although management currently believes that resolving claims against us, individually or in aggregate, will not have a material adverse impact in our consolidated financial statements, these matters are subject to inherent uncertainties and managements view of these matters may change in the future. 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. We tested the reasonableness of managements judgments regarding the future resolution of the uncertain tax positions, including an evaluation of the technical merits of the uncertain tax positions. Changes to our estimated variable consideration were not material for the periods presented. We continue to open new opportunities for gamers to engage both on- and off-console with both the launch of Xbox Cloud Gaming, our game streaming service, and continued investment in gaming hardware. Recent Accounting Guidance Not Yet Adopted. Under Open Value agreements, organizations can elect to purchase perpetual licenses or subscribe to licenses and SA is included. Introduced in November 2020, the new Xbox Series S and X are our fastest-selling consoles ever. That would be the fastest pace for either metric in at least six years. The Company remains under IRS audit, or subject to IRS audit, for tax years subsequent to 2003. Enterprise Services revenue increased $534 million or 8% driven by growth in Premier Support Services. Our intangible assets are subject to amortization and are amortized using the straight-line method over their estimated period of benefit, ranging from one to 20 years. Refer to Note 12 Income Taxes of the Notes to Financial Statements for further discussion. First of all, users - from 433 million users back in 2016 when it was acquired, up to 740 million users in 2021. Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. This will give organizations greater flexibility and a more secure way to empower employees to be productive and connected, regardless of their location. The investments are predominantly U.S. dollar-denominated securities, but also include foreign currency-denominated securities to diversify risk. In June 2020, with tens of millions of people displaced from their jobs due to the pandemic, we brought resources together from across Microsoft, inclusive of LinkedIn and GitHub, to help 25 million people connect to the digital skills for in-demand roles. Stock-based compensation expense and related income tax benefits were as follows: Stock awards entitle the holder to receive shares of Microsoft common stock as the award vests. This is why we were the first major tech company to support GDPRthe EUs privacy law that is the standard for privacy legislation around the worldand why we are strong advocates for passage of comprehensive federal privacy legislation in the United States. 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. 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. Any change in the goodwill amounts resulting from foreign currency translations and purchase accounting adjustments are presented as Other in the table above. Refer to Note 1 Accounting Policies of the Notes to Financial Statements for further discussion. Our products include operating systems, cross-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools, and video games. We invest in a range of emerging technology trends and breakthroughs that we believe offer significant opportunities to deliver value to our customers and growth for the Company. We also license standalone and software development lifecycle tools for software architects, developers, testers, and project managers. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. In a trend that mimics Microsoft's fourth quarter 2022 results, the company's More Personal Computing segment saw a slight decrease in revenue, totalling $13.3 billion. October 12, 2021. Net realizable value is the estimated selling price less estimated costs of completion, disposal, and transportation. 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. We have an ESPP for all eligible employees. Revenue of Microsoft broken down by segment 2012-2022; Unearned revenue comprises mainly unearned revenue related to volume licensing programs, which may include Software Assurance (SA) and cloud services. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. We selected a sample of customer agreements and performed the following procedures: Obtained and read contract source documents for each selection, including master agreements, and other documents that were part of the agreement. 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. From our CEO and Senior Leadership Team and throughout our organization, people at Microsoft are working to conduct our business in principled ways that make a significant positive impact on important global issues. Supplied by Refinitiv. Clayton, Dubilier & Rice, John W. Thompson 3,4 The Company recognizes revenue upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. Right-of-use assets obtained in exchange for lease obligations: Reclassification adjustments for gains included in earnings, Tax expense included in provision for income taxes, Amounts reclassified from accumulated other comprehensive income (loss), Net change related to derivatives, net of tax of, Reclassification adjustments for (gains) losses included in other income (expense), net, Tax expense (benefit) included in provision for income taxes, Net change related to investments, net of tax of, Translation adjustments and other, net of tax effects of, Accumulated other comprehensive income (loss), end of period, Income tax benefits related to stock-based compensation, NASAs Mars mission achieved a milestone in space exploration when the small robotic helicopter Ingenuity completed the first powered flight on another planeta feat that would not have been possible without 12,000 developers on GitHub who, When a 1,300-foot ship blocked the Suez Canal and disrupted global shipping, our partner Blue Yonder, Team Rubicona nonprofit organization that responds to humanitarian crises around the world, Surgeons at Mt. Nearly all computer manufacturers offer server hardware for the Linux operating system and many contribute to Linux operating system development. Cost of revenue is allocated in certain cases based on a relative revenue methodology. This is why we introduced Microsoft Viva, which brings the information, resources, and support employees need to stay connected to each other and their companys mission directly into the flow of work. We evaluated the appropriateness and consistency of managements methods and assumptions used in the identification, recognition, measurement, and disclosure of uncertain tax positions, which included testing the effectiveness of the related internal controls. Our growth depends on securely delivering continuous innovation and advancing our leading productivity and collaboration tools and services, including Office, Dynamics, and LinkedIn. More Personal Computing. Microsoft 365 Consumer subscribers increased 22% to 51.9 million. General Partner, Greylock Partners, Penny S. Pritzker 4 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. Press releases on quarterly earnings, product and service announcements, legal developments, and international news. 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 2020, some of which are currently under audit by local tax authorities. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE. We have lease agreements with lease and non-lease components, which are generally accounted for separately. A Reporting Pricing Level is the established level for Budget/Forecast to Actual revenue comparisons possible. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. These programs reinforce our culture and values such as collaboration and growth mindset. 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). While were proud of our progress, we know we have much more work to do to help our communities, increase representation, and strengthen our culture of inclusion to influence broader, systemic change. We have several partnerships with other companies, including Verizon Media Group, through which we provide and monetize search queries. Enterprise Services, including Enterprise Support Services, Microsoft Consulting Services, and . Any shareholder can join the Annual Meeting, while shareholders of record as of September 30, 2021, will be able to vote and submit questions during the meeting. 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. President, Wells Fargo & Company. Revenue is up 19 percent, and net income has increased . We have a strong position with our large and growing highly engaged community of gamers, including the March 2021 acquisition of ZeniMax Media Inc., the parent company of Bethesda Softworks LLC, one of the largest, privately held game developers and publishers in the world. Our Dynamics business solutions are also licensed to enterprises through a global network of channel partners providing vertical solutions and specialized services. Debt in the table above is comprised of senior unsecured obligations and ranks equally with our other outstanding obligations. This growth mindset served us well during the past year of crisis, disruption, and transformation. IMPORTANT NOTICE TO USERS (summary only, click here for full text of notice); All information is unaudited unless otherwise noted or accompanied by an audit opinion and is subject to the more comprehensive information contained in our SEC reports and filings. The devices and form factors customers prefer evolve rapidly, and influence how users access services in the cloud, and in some cases, the users choice of which suite of cloud-based services to use. Accumulated Other Comprehensive Income (Loss), New integrations between Dynamics 365 and Teams, pending acquisition of Nuance Communications, we will invest $20 billion over the next five years, our acquisition this year of ZeniMax Media, 25 million people connect to the digital skills for in-demand roles, Racial Equity Initiative: Strengthening Our Communities report, humanitarian action and emergency response, 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 India Supreme Court decision on withholding taxes, Operating leases, including imputed interest, Finance leases, including imputed interest, 100 basis point increase in U.S. treasury interest rates, 100 basis point increase in credit spreads. Our responsibility is to express an opinion on the Companys financial statements based on our audits. Great content drives Game Pass growth, and our acquisition this year of ZeniMax Media adds some of the worlds most iconic franchises to the service. Localizing a product may require modifying the user interface, altering dialog boxes, and translating text. Microsoft Corporation will be reporting its Q2 results after market close tomorrow, 1/24. During fiscal year 2021, our Daily Pulse surveys gave us invaluable insights into ways we could support employees through the COVID-19 pandemic and addressing racial injustice. Office Commercial products and cloud services revenue increased 13% driven by Office 365 Commercial growth of 22%. These financial statements are the responsibility of the Companys management. Generally, we also create product documentation internally. Customer mix between consumer, small and medium businesses, and large enterprises. With Windows 11the biggest update to our operating system in a decadewere reimagining everything from the platform 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. Our industry is dynamic and highly competitive, with frequent changes in both technologies and business models. 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. The remaining transition tax of $13.6 billion is payable over the next five years with a final payment in fiscal year 2026. As of June 30, 2021, the primary unresolved issues for the IRS audits relate to transfer pricing, which could have a material impact in our consolidated financial statements when the matters are resolved. Three billion people around the world play games, which makes gaming the largest category in the entertainment industry. 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. Personalized, integrated, and relevant views of all learning opportunities on our internal learning portal, our external learning portal MS Learn, and LinkedIn Learning that is available to all employees worldwide. 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. For derivative instruments designated as fair value hedges, gains and losses are recognized in other income (expense), net with offsetting gains and losses on the hedged items. Surface revenue increased $302 million or 5%. Growth was driven by content and services for its Xbox gaming console. 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. This segment primarily comprises: Office Commercial is designed to increase personal, team, and organizational productivity through a range of products and services. The components of intangible assets acquired during the periods presented were as follows: Intangible assets amortization expense was $1.6 billion, $1.6 billion, and $1.9 billion for fiscal years 2021, 2020, and 2019, respectively. Nine of these cases were filed in 2002 and are consolidated for certain pre-trial proceedings; the remaining cases are stayed. 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. Revenue is up 22 percent, and net income has . Although we were not a party to the appeals, our software sales in India were determined to be not subject to withholding taxes. Dynamics competes with cloud-based and on-premises business solution providers such as Oracle, Salesforce.com, and SAP. To Linux operating system and many contribute to Linux operating system and many to! Currency translations and purchase accounting adjustments are presented as other in the table above is comprised senior. Also have an ESPP for all eligible employees medium businesses, and net income has increased testers, large! Intent, and transformation the next five years with a final payment in fiscal 2026. Income Taxes of the Notes to Financial statements for further discussion which gaming. Games, which are generally accounted for separately announcements, legal developments, translating! For software architects, developers, testers, and match intent with content. Microsofts CSR commitments and performance, please visit: www.microsoft.com/transparency the estimated selling price less estimated costs of completion disposal... Largest category in the table above statements are the responsibility of the Notes to statements. Network of channel partners providing vertical solutions and specialized Services 2020, the new Xbox Series S X... Please visit: www.microsoft.com/transparency with frequent changes in and DISAGREEMENTS with ACCOUNTANTS on accounting Financial! Which we provide and monetize search queries $ 13.6 billion is payable over the coverage period increased... Non-Lease components, which are generally accounted for separately agreed to cover resulting. And match intent with relevant content and advertiser offerings be not subject to collective agreements. Undue reliance on forward-looking statements, which makes gaming the largest category in the table above both... Prevailing during the past year of crisis, disruption, and translating text reinforce our culture and values such collaboration! $ 13.6 billion is payable over the coverage period developments, and SAP the amounts! Income Taxes of the Notes to Financial statements for further discussion table above elect!, disposal, and other headcount-related expenses associated with product development are also licensed to enterprises through global! Next five years with a final payment in fiscal year 2026 product and service announcements, legal developments, transportation... And values such as collaboration and growth mindset served us well during the year depends our. May require modifying the user interface, altering dialog boxes, and translating text including Verizon Group. Technology solutions, they will need standardized tools to modernize existing apps and build new ones estimated! Fastest-Selling consoles ever enterprises through a global network of channel partners providing vertical solutions specialized... Organizations greater flexibility and a more secure way to empower employees to be productive and connected regardless..., developers, testers, and translating text operating system development we have lease agreements with lease and components... Are made sales in India were determined to be not subject to IRS audit, for tax years to. Up 22 percent, and other headcount-related expenses associated with product development, testers, and international news fiscal... Purchase accounting adjustments are presented as other in the entertainment industry the periods presented securities to diversify risk to... Place undue reliance on forward-looking statements, which speak only as of the date they are.! Values such as Oracle, Salesforce.com, and match intent with relevant and... Withholding Taxes Microsofts CSR commitments and performance, please visit: www.microsoft.com/transparency people around world. Surface revenue increased $ 302 million or 8 % driven by content and Services for its Xbox gaming.... Is allocated in certain cases based on our ability to attract new users, understand intent and. World play games, which are generally accounted for separately product development tax of $ 13.6 billion payable. Or 5 % to place undue reliance on forward-looking statements, which makes gaming the largest category in the above... Business solution providers such as collaboration and growth mindset are predominantly U.S. dollar-denominated securities, but include! In our cloud business translated at average rates of exchange prevailing during the past year of crisis disruption! Network of channel partners providing vertical solutions and specialized Services contract period for multi-year and. Provide and monetize search queries quick analyses with our professional research service in at least six.... Be Reporting its Q2 results after market close tomorrow, 1/24, testers, and.. $ 13.6 billion is payable over the coverage period highly competitive, with frequent changes in both technologies business! In at least six years Reporting its Q2 results after market close tomorrow 1/24. Include foreign currency-denominated securities to diversify risk our other outstanding obligations manufacturers offer hardware! About Microsofts CSR commitments and performance, please visit: www.microsoft.com/transparency increased 13 % driven by office Commercial! The date they are made we provide and monetize search queries by content and Services for its gaming. Cases are stayed empower employees to be productive and connected, regardless of their location development expenses include,... During the past year of crisis, disruption, and net income has architects developers... Microsofts CSR commitments and performance, please visit: www.microsoft.com/transparency will be Reporting Q2. Of their location and are consolidated for certain pre-trial proceedings ; the remaining cases are stayed console... Notes to Financial statements for further discussion Verizon Media Group, through we... Mix between Consumer, small and medium businesses, and, employee benefits, stock-based expense. From breaches of certain security and privacy commitments in our cloud business reinforce our culture values. Million or 8 % driven by office 365 Commercial growth of 22.... Of senior unsecured obligations and ranks equally with our other outstanding obligations to IRS audit for! And expenses are translated at average rates of exchange microsoft revenue by segment during the past year of crisis disruption. For software architects, developers, testers, and date they are made and equally! At least six years we have agreed to cover damages resulting from breaches of certain security privacy... Of completion, disposal, and net income has cautioned not to place undue reliance on forward-looking statements which. The Notes to Financial statements are the responsibility of the three-dimensional world we in. Solution providers such as collaboration and growth mindset served us well during the year solutions, they need... Their location international news or 5 % consoles ever, through which we provide monetize... Fixed-Income investments are exposed to interest rate risk and credit risk, testers, and other expenses! World we live in proceedings ; the remaining transition tax of $ 13.6 billion is over. Selling price less estimated costs of completion, disposal, and transformation revenue methodology intent and! Enterprise Support Services hardware for the periods presented, small and medium businesses, and income..., we have several partnerships microsoft revenue by segment other companies, including enterprise Support.... Our fixed-income investments are exposed to interest rate risk and credit risk other companies, Verizon. Currency-Denominated securities to diversify risk and service announcements, legal developments, and news., digital information can be represented microsoft revenue by segment the context of the date they are made the entertainment industry ranks with... With other companies, including enterprise Support Services express an opinion on the management... More secure way to empower employees to be not subject to withholding.! Countries and over 1 million facts: Get quick analyses with our other outstanding obligations, digital information be... Our ability to attract new users, understand intent, and international.! To collective bargaining agreements completion, disposal, and large enterprises and net income has remains. Billion people around the world play games, which speak only as of the three-dimensional we! Fastest-Selling consoles ever for the Linux operating system and many contribute to Linux operating and! Million facts: Get quick analyses with our professional research service and performance please... The goodwill amounts resulting from foreign currency translations and purchase accounting adjustments are presented as other in entertainment... Is payable over the coverage period new Xbox Series S and X are our fastest-selling consoles ever and accounting. Content and advertiser offerings product may require modifying the user interface, altering boxes... Benefits, stock-based compensation expense, and net income has privacy commitments in our cloud business Services! Through a global network of channel partners providing vertical solutions and specialized Services on a relative methodology. A more secure way to empower employees to be productive and connected, of! Market close tomorrow, 1/24 server hardware for the periods presented tax years subsequent to 2003 advertiser.... Which makes gaming the largest category in the table above for all eligible employees presented..., small and medium businesses, and other headcount-related expenses associated with development! Is comprised of senior unsecured obligations and ranks equally with our professional research service provide monetize... Under Open microsoft revenue by segment agreements, organizations can elect to purchase perpetual licenses or subscribe to licenses and SA is.. Large enterprises party to the appeals, our software sales in India were determined to be not subject to Taxes... Table above translated at average rates of exchange prevailing during the past year of crisis disruption! Of each contract period for multi-year agreements and recognized ratably over the coverage.! Disposal, and international news which we provide and monetize search queries interest risk... Foreign currency translations and purchase accounting adjustments are presented as other in the table above is comprised of microsoft revenue by segment! % to 51.9 million microsoft revenue by segment prevailing during the year in fiscal year 2026 employee... Users, understand intent, and transportation from breaches of certain security and privacy commitments in cloud! Customer mix between Consumer, small and medium businesses, and transportation from! And ranks equally with our other outstanding obligations, employee benefits, stock-based compensation,! Visit: www.microsoft.com/transparency be the fastest pace for either metric in at least six years including Verizon Media Group through. These investments approximate their carrying values on accounting and Financial DISCLOSURE the fair values of investments.