and other claims for hardware products such as Xbox;



•	sales channel disruption, such as the bankruptcy of a major distributor;



•	the effects of the Consent Decree in U.S. v. Microsoft and Final Judgment in State of New York v. Microsoft on the Windows operating system and server business, including those associated with protocol and other disclosures required by the Decree and Final Judgment and the ability of PC manufacturers to hide end-user access to certain new Windows features;



•	currency fluctuations;



•	our ability to implement operating cost structures that align with revenue growth;



•	the continued availability of third-party distribution channels for MSN service and other online services;



•	factors associated with our international operations, as described under Operations on pages 9-10 of this report; and



•	financial market volatility or other changes affecting the value of our investments, such as the Comcast Corporation securities held by us that may result in a reduction in carrying value and recognition of losses including impairment charges.