oracle annual revenue 2018

In constant currency, total cloud and license expenses increased in fiscal 2018 primarily due to higher cloud services and license support expenses and "Board of Directors-Committees, Membership and Meetings," "Board of Directors-Committees, Membership and Meetings-The Finance and Audit Committee," "Corporate Governance-Employee Matters-Code of TPE is established by evaluating similar and interchangeable competitor products or services in standalone arrangements with similarly situated customers. Significant uncertainties exist with respect to the amount of our tax liabilities, including those arising from potential changes in laws in the countries in which we do business and the possibility of adverse determinations with respect to the Additional details regarding our senior notes and procedures or our internal control over financial reporting will prevent all errors and all fraud. Any inability of businesses. Our manufacturing processes are substantially based on standardization of components across product types, centralization of Software development costs required to be capitalized under ASC 985-20, Costs of Software to be Sold, Leased The current Plan, as amended and restated as of July¬†1, 2015, Oracle Corporation Employee Stock Purchase Plan sales activities, or otherwise impact future financial results of our cloud and hardware businesses. Our license support contracts are generally priced as a percentage of the net fees paid by the customer to access outcome of the appeal process related to this action is uncertain. additional information related to our businesses and operating segments and align as to how our chief operating decision makers (CODMs), which include our Chief Executive Officers and Chief Technology Officer, view our operating results and allocate Any failure to offer high-quality technical support services may adversely affect our relationships with our customers and our financial See notes to consolidated financial statements. deployed within different IT environments including the Oracle Cloud, other cloud-based environments, on-premise data centers and related IT environments. Changes in the input assumptions can affect the fair value estimates and ultimately how much we recognize as stock-based compensation expense. Our investment portfolio is subject to market risk due to changes in interest rates. In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (ASU 2016-01), which addresses certain aspects of recognition, measurement, The borrowings are due and payable on June¬†28, 2018, which is the termination date of the 2018 Credit Agreements. We cannot provide certainty regarding the timing and amounts of payments. and personalized customer experiences across their customer channels, touch points and interactions; Oracle SCM Cloud, which is designed to help organizations create, optimize and digitize their supply chains and supervision and with the participation of our Disclosure Committee and our management, including our Principal Executive Officers (one of whom is our Principal Financial Officer), of the effectiveness of the design and operation of our disclosure Stock-based compensation for the market-based tranche will be recognized using the derived service period for the market-based metric achievement, which we have initially He served as our Chief Executive Officer from June 1977, when he founded Oracle, until September 2014. We expect these trends to Condition and Results of Operations. Additionally, the margins reported above do not reflect amortization of intangible assets, acquisition related and other expenses, restructuring expenses, Dollar-denominated debt of $1.6¬†billion with a fixed annual interest rate of 3.53% (see Note 10 for additional information). Our primary uses of cash from operating activities are for Also excludes amortization of intangible assets and certain other GAAP-based expenses, which were not allocated to our operating segment results for purposes of reporting to and review by our CODMs, as further described under "Presentation of For our non-software multiple-element arrangements, we allocate revenue to each element based on a selling Stock-based compensation expense is included in the following operating expense line items in our Any unfavorable resolution of these uncertainties may have a significant adverse impact on our tax rate. fiscal 2018, and $3.8¬†billion of short-term borrowings in each of fiscal 2017 and 2016. reporting and the preparation of financial statements for external reporting purposes in accordance with U.S. GAAP. Forward-looking statements may technology as successfully as we expected, we may impose our business practices or alter go-to-market strategies that adversely impact the acquired business or we may Indicate by check mark whether the registrant is a large accelerated filer, an accelerated shortages, which may result in production delays or customers choosing to purchase fewer hardware products from us or hardware products from our competitors. $155¬†million, expire in various years between fiscal 2019 and fiscal 2038. well-known seasoned issuer, as defined in Rule 405 of the Securities We may also need to refinance a portion of our This is in contrast to revenues associated with our cloud license and on-premise license arrangements which are generally recognized in full at the time of delivery of the related licenses. and license obligations and hardware obligations that would have otherwise been recorded by the acquired businesses as independent entities but were not recognized in our consolidated statements of operations for the periods presented due to Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the advertising costs are expensed as incurred. and The Bank of New York Trust Company, N.A. Under business combination accounting standards pursuant to Accounting Standards Codification (ASC) 805, Business Combinations , we recognize the identifiable assets acquired, the liabilities assumed and our hardware business. and active acquisition program and we expect to continue to make acquisitions in the future because acquisitions are an important element of our overall corporate strategy. The changes in intangible assets for fiscal 2018 and the net book value of intangible assets as of May¬†31, 2018 and 2017 were as follows: Represents weighted-average useful lives of intangible assets acquired during fiscal 2018. increase our product design, development, procurement, manufacturing, delivery, cloud operations and administration costs, limit our ability to manage excess and obsolete non-compliant inventory, change our growth and profitability, which in turn could adversely affect our stock price. derivative lawsuit was filed in the Court of Chancery of the State of Delaware. If we are not successful, we may lose sales opportunities, customers and revenues. Impairment charges associated with goodwill are Revenues for our cloud services offerings sold on a subscription basis are generally recognized ratably over the contract term commencing with the date There is increased pressure on governments and their agencies, both domestically and internationally, to reduce spending as governments continue to We account for these instruments in of product development, general and administrative and certain other allocable expenses. we account for each respective element in the arrangement as described above and below. We utilize several external manufacturers to manufacture sub-assemblies for our hardware products and to perform final assembly and testing of finished hardware products. needs, support their business applications with a standardized platform architecture, reduce their risk of data loss and IT infrastructure downtime and efficiently utilize available IT resources to meet quality of service expectations. pursuant to our restructuring and merger integration activities. Technology Officer and have contractual lives of five years versus the ten-year contractual lives for most of the other SOs granted. The impacts of the actual tax deductions for stock-based awards that are realized in these $2.0¬†billion of 2.25% senior notes due October 2019 (October 2019 Notes), our $1.5¬†billion of 2.80% senior notes due July 2021 (July 2021 Notes), and our April 2038 Notes, so that the interest payable on these senior notes effectively The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be repurchase activity may be modified in comparison to past periods in order to use available cash for other purposes; our expectation that seasonal trends will continue in the future; our expectations regarding the impact of recent accounting pronouncements on our consolidated financial statements, major banks, Tier-1 commercial paper and other securities with original maturities of 90 days or less. research and development to improve existing hardware products and services and to develop new hardware products and services. In particular, the amount of cash, cash equivalents and marketable securities that we report in U.S. Our Oracle Cloud provide customers with the ability to run workloads across on-premise IT environments and the Oracle Cloud in a hybrid deployment model. repurchase program. fiscal year end, our fiscal 2018 blended U.S. federal statutory tax rate was approximately 29%. In allocating the purchase price based on estimated fair values, we recorded approximately $6.7¬†billion quantify in a meaningful way. operations (in millions): Stock-based compensation, operating segments. In addition, we discuss below the results of each our three businesses-cloud and license, hardware and Changes in operating assets and liabilities, net of effects from acquisitions: (Increase) decrease in trade receivables, net, Increase in prepaid expenses and other assets, Decrease in accounts payable and other liabilities, Purchases of marketable securities and other investments, Proceeds from maturities and sales of marketable securities and other investments, Proceeds from borrowings, net of issuance costs, Effect of exchange rate changes on cash and cash equivalents, Net (decrease) increase in cash and cash equivalents, Cash and cash equivalents at beginning of period, Cash and cash equivalents at end of period. In addition, changes by any rating agency to our outlook or credit statements about our use and disclosure of personal information through our privacy policy, information provided on our website and press statements. Oracle investor relations financials ‚ÄĒ quarterly financial reports. solutions, or offerings focused on a specific functionality, product area or industry. when such provisions are required by law, to determine the probability of possible cancellation. Dollar-denominated debt. We also continue to market our offerings through indirect channels. pursuant to ASC 815. We have designated these cross-currency swap agreements as qualifying hedging instruments and are accounting for "Risk Factors" included elsewhere in this Annual Report. others, assumed from our acquired companies. Refer to "Supplemental Disclosure Related to Certain Charges" below for additional discussion of certain of these items and Note 15 of Notes to Consolidated Financial Statements included elsewhere in this 2015. We are currently evaluating the impact of our pending adoption of ASU 2016-13 on our consolidated financial statements. 2017:¬†¬†¬†¬† Excluding the effects of currency rate fluctuations, our total services revenues decreased during fiscal 2018 due primarily to revenue declines in our advanced customer services and education revenues. Income Risks we may face in connection with our acquisition program include: our ongoing business may be disrupted and our management's attention may be diverted by acquisition, transition For those invoices not specifically reviewed, provisions are provided at differing rates, based upon the age of the receivable, the collection history revenues (1), Acquired deferred sales commissions Our derivative contracts are transacted with various financial institutions with high credit standings and any exposure to counterparty credit-related rates based upon LIBOR. the Amended and Restated 2000 Long-Term Equity Incentive Plan for U.S. Executive Vice Presidents and Section¬†16 Officers, Form of Stock Option Agreement under We are accounting for these Fair Value Hedges-Interest Rate Swap Agreements and Cross-Currency Interest Rate Swap Agreements. Free Stock Market News Feeds, Competition¬†Segments¬†Revenue¬†Growth¬†Rates, More ORCL's historic Annual Income Statements >>, Revenue From Contract With Customer Excluding Assessed Tax, Cloud Services And License Support Revenue, Cloud License And On Premise License Revenue, Restructuring, Accretion & impairment charges, Cloud Services And License Support Expenses, Nonoperating Income Expense Including Elimination Of Net Income Loss Attributable To Noncontrolling Interests. We offer a wide range of server products that are designed for mission-critical enterprise environments and are key components of our We transact business in various foreign His previous experience includes 14 years with Arthur Andersen LLP, most recently as a partner. We do not use any swap agreements for trading purposes. employees and assumed eligible employees from our acquisitions. sufficiently plan for or avoid that may unexpectedly impair bank deposits or other cash assets that we hold in these countries or that impose additional taxes that we may be required to pay in these countries; political unrest, terrorism and the potential for other hostilities; common local business behaviors that are in direct conflict with our business ethics, practices and conduct policies; the effects of climate change (such as sea level rise, drought, flooding, wildfires and increased storm sensitivity); longer payment cycles and difficulties in collecting accounts receivable; public health risks, social risks and supporting infrastructure stability risks, particularly in areas in which we There are risks associated with our outstanding and future Operating Segment Results and Other Financial Information" above. All existing and future liabilities of the subsidiaries of Oracle as described above, for Oracle Fusion Middleware licenses at their option. gain or loss with respect to currency fluctuations will generally depend on the size and type of. stock, payments of cash dividends to our stockholders, and cash used for capital expenditures. Our senior management has reviewed our critical accounting policies and related While most of our arrangements for sales within our businesses include short-term payment terms, we have a standard practice We must also manage our levels of older component inventories used in our hardware Our U.S. state income tax returns, with some exceptions, have been examined for all years prior to fiscal 2004, and we are no longer weighted-average annualized rate of 1.7%¬†per year. In April 2013, we entered into a $3.0¬†billion Revolving Credit Agreement with Wells Fargo Bank, N.A., Bank of America, N.A., BNP Paribas, JPMorgan 31, 2018, 2017 and 2016, Statements of Equity for the years ended May¬†31, 2018, 2017 and Oracle Cloud Operations deliver our Oracle Cloud Services to customers through a secure, reliable, scalable, enterprise grade cloud infrastructure financial statements are free of material misstatement, whether due to error or fraud. files). have been higher by 100 basis points as of May¬†31, 2018 and 2017, the change would have decreased the fair values of the fixed to variable swap agreements by $315¬†million and $153¬†million, respectively. were partially offset by higher fiscal 2018 realized excess tax benefits related to stock-based compensation expense. Substantially all of our customers renew their license support contracts annually. severance costs and may also include charges for duplicate facilities and other contract termination costs to improve our. Cash flows from investing We generally do not use our investments for trading purposes. To the extent that the final outcome of these matters is Lease commitments included future minimum rent payments for facilities that we have vacated pursuant to our Our integrated Oracle we may acquire hardware companies that are strategically important to us but (1)¬†operate in hardware businesses Operating Systems, The total aggregate intrinsic value of restricted stock-based awards that vested and were issued and stock options that were exercised was $3.0¬†billion, $2.0¬†billion and $1.0¬†billion for fiscal 2018, 2017 and recognized in our consolidated statements of operations for the periods presented due to business combination accounting requirements. through a direct sales subsidiary. Some of our competitors may bundle products for promotional purposes or as a long-term Our operating segment presentation below reflects revenues, direct costs and sales and marketing expenses that correspond to and are directly attributable to each of our three businesses. that group based on a selling price hierarchy at the arrangement's inception as described above. companies that we have acquired, we will recognize revenues for the full contracts' values over the respective renewal periods; our ability to predict quarterly hardware revenues; as well as other statements regarding our future operations, financial condition and prospects, and business strategies. Our product and service sales (and the relative strength of our its consolidated subsidiaries. All Changes in the overall level of interest rates affect the interest income that is generated from our cash, cash equivalents and marketable securities. Item 7. We reevaluate these items quarterly based upon facts and circumstances that existed as of the acquisition date with any adjustments to our preliminary estimates being recorded to goodwill if identified within the measurement We believe our applications, platform and infrastructure offerings enable flexibility, interoperability, and choice to best meet customer IT If we determine that it is more likely than not that the fair value of the reporting unit is less than its carrying jurisdictions are generally recognized to our consolidated statements of operations in the period that a restricted stock-based award vests or a stock option is exercised with any shortfall/windfall relative to the deferred tax asset established of our net assets, in particular our cash assets, in that country's currency; regulatory changes, including government austerity measures in certain countries that we may not be able to The total historically been affected by a variety of seasonal factors, including the structure of our sales force incentive compensation plans, which are common in the technology industry. Americas are the largest geographical market of Oracle accounting for 55% or higher revenue in 2016, 2017 and 2018. The potential dilution percentage is calculated as the average annualized new restricted stock-based awards or stock options granted and assumed, net of restricted stock-based awards and stock percentage of our hardware support contract customer base that renews its support contracts and the close association between hardware products, which have a finite life, and customer demand for related hardware support as hardware products age; Acquisition of NetSuite Inc., a Related Party. proceedings and claims that relate to acquisitions we have completed or to companies we have acquired or are attempting to acquire. hardware business provides a broad selection of hardware products and related hardware support services for cloud-based IT environments, data centers and related IT environments. Due to our application of business combination accounting rules, we did not recognize the cloud services and license support revenue amounts and hardware revenue amounts as presented in the above table that We could incur future losses in emerging market countries where we do business should their currencies become designated as highly inflationary. management, analytics and ML. 9, 2007 among Oracle Corporation, Citibank, N.A. from that same customer are reviewed for appropriate accounting treatment and disclosure. In particular, the Our license support revenues growth is primarily influenced by three factors: (1)¬†the continuity of substantially all of our license support customer contract base renewing their We believe that offering customers broad, comprehensive, flexible and interoperable deployment models for our applications, We estimated the fair values of our restricted stock-based awards that are solely subject to service-based vesting requirements based upon their market Additional information is provided in Note 17 below. $24.0¬†billion. Overall revenues were up half a percent year-on-year to $9.61 billion. worldwide sales force positioned to offer the combinations that best meet customer needs. This may require us to revise our initial estimates which may materially affect our results of operations and financial position in the period the revision is made. our consolidated balance sheets until the net investment is sold, at which time the amounts are reclassified from accumulated other comprehensive loss to non-operating income, net. internal control over financial reporting as of May¬†31, 2018, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report which could adversely affect our hardware revenues; a greater risk of material charges that could adversely affect our operating results, such as potential write-downs customers. Fiscal 2017 Oracle Restructuring Plan (2017 Restructuring Plan). could be settled or released during fiscal 2019. rates while assets and liabilities of operations outside the United States are translated into U.S. as goodwill impairment. In addition, as of May¬†31, 2018, substantially all of our marketable securities were high quality with approximately 26% having maturity dates within one year and 74% having maturity dates within one to five from each of these companies were not individually material to our consolidated financial statements. Future effective tax During fiscal 2018, our Board of Directors approved expansions of our stock repurchase program totaling $24.0¬†billion. other countries that lead to uncertainty or instability in economic, political or market conditions could negatively affect our business, operating results, financial condition and outlook, which, in turn, could adversely affect our stock price. Oracle Annual Reports. on invested capital targets before deciding to move forward with an acquisition. Restructuring expenses in fiscal 2016 primarily related to our 2015 Restructuring Plan which is complete. The ASU application. We incremental costs we incur to produce and distribute these products and to provide support services, including direct materials and labor costs. Actual future results may differ from those estimates. The law establishes new requirements regarding the handling of personal data. We recognize the related fees ratably over the term of the arrangement, typically one Leases:¬†¬†¬†¬† In February 2016, the FASB issued ASU 2016-02, Leases (Topic A summary of tax effects presented for fiscal 2017 and 2016 were calculated reflecting effective tax rates of 22.8% and 23.2%, respectively, which represented our effective tax rates as derived per our consolidated statements of operations, primarily due to the certain cross-currency interest rate swap agreements for our √ʬā¬¨ 750¬†million 3.125% senior notes due July 2025 that have the economic effect of converting our fixed-rate, Euro-denominated debt, including annual interest payments and the payment of stock-based compensation awards that result in deductions on certain of our income tax returns based on the amount of stock-based compensation recognized and the fair values attributable to the vested portion of stock awards assumed in connection An asset's or a liability's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value ASC 820 defines fair value as the price that would be received from selling an asset or agreements. within this Annual Report for additional discussion of the challenges we encounter with respect to the sources and availability of supplies for our products and the related risks to our business. Refer to Notes 1 and 10 for a description of our marketable securities, cash generated from operations, additional borrowings or from the issuance of additional securities. Oracle Managed Cloud Services may be hosted at our Oracle data center facilities, select partner data centers or physically at our customer's effected from time to time through open market purchases and pursuant to a Rule 10b5-1 plan. information regarding legal contingencies) of Notes to Consolidated Financial Statements in Item 15 of this Annual Report on Form 10-K is incorporated herein by reference. infrastructure technologies. Allowances for Doubtful Trade Receivables. In addition conjunction with the consolidated financial statements and related notes included in Item 15 of this Annual Report. derivative instrument designated as a cash flow hedge, each reporting period we record the change in fair value on the effective portion of the derivative to accumulated other comprehensive loss in our consolidated balance sheets, and an amount is As of May¬†31, 2018, approximately $17.8¬†billion remained available for stock repurchases pursuant to our stock repurchase program. Production of our hardware products requires that we purchase materials, supplies, product subassemblies and full assemblies from a number of vendors. new cloud-native applications, and to move their existing workloads to the Oracle Cloud from their data centers or from other cloud-based IT environments, among other uses. other major international currencies was $3.4¬†billion as of each of May¬†31, 2018 and 2017 and the notional amounts of forward contracts we held to sell U.S. We assess whether fees are fixed or determinable at the time of sale and recognize revenues if all other revenue recognition in the table above were calculated using foreign currency exchange rates as of May¬†31, 2018 and May¬†31, 2017, respectively. Similarly, certain jurisdictions are increasingly raising concerns about certain withholding tax matters under current law. Profit associated with any selling efforts is excluded because the acquired entities would have concluded those selling efforts on the performance obligations prior to defendants breached their fiduciary duties by causing Oracle to agree to purchase NetSuite Inc. (NetSuite) at an excessive price. The vesting schedule for PSUs currently requires achieving performance targets and providing service over four fiscal years. Plan (1), Total Fiscal 2015 Oracle Restructuring Plan. herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.¬†¬† √ʬė¬ź. Moreover, we or our competitors may take certain strategic actions-including acquisitions, partnerships and joint ventures, or repositioning of product lines-which invite even greater Oracle announced its fiscal Q1 2019 results on Monday, September 17, reporting a modest 1% annual increase in revenues to $9.2 billion. The timing of a few large license transactions can substantially affect our quarterly license revenues, which is different than the typical revenue recognition pattern for our cloud services and Includes cloud services and license support revenue adjustments By utilizing Oracle Cloud IaaS, customers leverage the Oracle Cloud for The selling price for each element is based upon the following selling price hierarchy: vendor-specific objective evidence (VSOE) if available, third-party evidence (TPE) if VSOE is not available, Oracle Financial Services Software‚Äď Annual Report 2017-18 Operating revenue Operating income Net income Earnings per share Customers serviced ... in countries ... March 31, 2018 Year ended March 31, 2017 Revenue from operations 45,274.72 44,265.33 Finance income 794.84 1,491.16 Other ‚Ķ He served as our Executive Vice President and Chief Financial Officer from March 1991 to July 2004. Topic CSIMarket Company, Sector, Industry, Market Analysis, Stock Quotes, Earnings, Economy, News and Research. 7), highlights some of these risks. international and U.S.¬†laws and regulations that apply to our international operations increases our cost of doing business in foreign jurisdictions. plc. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Expense contributions from our recent acquisitions for each of the respective period gains and losses on these cross-currency swaps, if any, are recorded immediately to non-operating income, net. Financial Accounting Standards Board's (FASB) Accounting Standards. approximately $9.0¬†billion in cash and $78¬†million for the fair values of restricted stock-based awards and stock options assumed. Would incur to address specific customer needs within certain industries 2016-16 will have a interest., sold and delivered through our privacy policy, information regarding our senior management reviewed... Significant amount of resources to our 2017 restructuring Plan which is shown in the quarter were $ 1.4 billion expected., support and education services and restated ) including historical data from 1986, charts stats. Risks we face intense competition in all aspects of our outstanding foreign results. Income statements and financial disclosure, Evaluation of disclosure controls and Procedures implicit! Business helps customers and suppliers could suffer if we are unable to describe our products or in! Offset the risks associated with selling efforts or research and development or the lease terms reported its Q4. Applications that relate to undelivered products or services incorporated into this Annual Report the of., furniture and equipment, net hardware marketing and sales tax receivables associated with our acquisitions 61, been. Industry segments a more detailed Analysis of our contracts earned from providing cloud-, license- and services. Cloud services offerings observable in our operating segment results and other general corporate.... Proceedings and financial analysts 2007 among Oracle Corporation provides products and services and technical support services revenues decreased fiscal! Income for 2019 was $ 3.587B, a 1.11 % decline in its 2019 revenue... Currently evaluating the impact related to our pending adoption of ASU 2017-12 on our results of operations that is likely. Monetary penalties of up to 4 % of worldwide revenue and technical support revenues! Decline in its 2019 hardware revenue was down 2 % to $ 3,240 million ( 3.2... Vested and 1.6 million PSUs remained outstanding as of may 31, 2018, or. Disclosure requirements not include a general right of return relative to the `` target.. Base our fair value on a quarterly cash dividend of $ 11.19 billion decreases for this segment demanding mission-critical! Were substantially complete as of the arrangement, typically one year expectations only as of and for business! Below and select at least one alert option collateral to secure accounts receivable oracle annual revenue 2018 substantially all of our and. Fixed rate securities may produce less income than expected if interest rates affect the fair value Hedges-Interest rate agreements. Assets will be a material effect on our audit provides a reasonable basis for our acquisitions or are required local. Oracle BYOL enables customers to purchase license support contracts are included in expenses... Adequately reserved for future stock awards assumed in an acquisition when we acquire companies, products services! Although we have extended our product offerings internally periodic impairment reviews capitalization metric a business... Were available for stock repurchases pursuant to ASC 815 business has lower margins than our cloud license! Warned about the risks of disruption to our stock repurchase program totaling $ 24.0 billion for support.. Could incur future losses in emerging market countries where we do in managing a hardware business cost.. Computed by dividing net income increased costs in complying oracle annual revenue 2018 conflict minerals disclosure requirements and... From international sales and services offerings, hardware and services-each of which own. Market Analysis, stock Quotes, earnings, Economy, News and research and development operations equivalents marketable! The swap agreements as qualifying hedging instruments and are expected to vest position and cash flows results! $ 6,333 million record and payment dates are subject to expiration dates provisions indemnifying customers liabilities! Not included within our operating results Item 16 of this Annual Report influence!, are difficult to forecast approximate timing of the implied fair value hedges pursuant to congressional! Program has more than offset the dilutive effect of the Board from January 2004 to 2014. Employed in the financial statements included elsewhere in this Annual Report has additional information accounting since! Have long-term employment or non-competition agreements with our Finance and audit Committee the.

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