| STOCKHOLDERS' EQUITY |
NOTE 18 —
STOCKHOLDERS’ EQUITY
Shares Outstanding
Shares of common stock
outstanding were as follows:
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| Year Ended June 30, |
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2014 |
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2013 |
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2012 |
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Balance, beginning of year
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8,328 |
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8,381 |
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8,376 |
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Issued
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86 |
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105 |
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147 |
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Repurchased
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(175 |
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(158 |
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(142 |
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Balance, end of year
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8,239 |
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8,328 |
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8,381 |
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Share Repurchases
On September 16,
2013, our Board of Directors approved a new share repurchase
program authorizing up to $40.0 billion in share repurchases. The
share repurchase program became effective on October 1, 2013,
has no expiration date, and may be suspended or discontinued at any
time without notice. This new share repurchase program replaced the
share repurchase program that was announced on September 22,
2008 and expired on September 30, 2013. As of June 30,
2014, $35.1 billion remained of our $40.0 billion share repurchase
program. All repurchases were made using cash resources.
We repurchased the
following shares of common stock under the above-described
repurchase plans:
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| (In millions) |
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Shares |
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Amount |
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Shares |
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Amount |
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Shares |
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Amount |
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| Year Ended June 30, |
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2014 (a) |
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2013 (b) |
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2012 (b) |
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First quarter
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47 |
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$ |
1,500 |
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33 |
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$ |
1,000 |
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38 |
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$ |
1,000 |
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Second quarter
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53 |
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2,000 |
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58 |
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1,607 |
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39 |
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1,000 |
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Third quarter
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47 |
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1,791 |
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36 |
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1,000 |
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31 |
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1,000 |
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Fourth quarter
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28 |
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1,118 |
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31 |
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1,000 |
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34 |
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1,000 |
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Total
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175 |
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$ |
6,409 |
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158 |
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$ |
4,607 |
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142 |
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$ |
4,000 |
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| (a) |
Of
the 175 million shares repurchased in fiscal year 2014,
128 million shares were repurchased for $4.9 billion under the
share repurchase program approved by our Board of Directors on
September 16, 2013 and 47 million shares were repurchased
for $1.5 billion under the share repurchase program that was
announced on September 22, 2008 and expired on
September 30, 2013.
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| (b) |
All
shares repurchased in fiscal years 2013 and 2012 were repurchased
under the repurchase plan that was announced on September 22,
2008 and expired on September 30, 2013.
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The above table excludes
shares repurchased to settle statutory employee tax withholding
related to the vesting of stock awards.
Dividends
In fiscal year 2014, our
Board of Directors declared the following dividends:
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| Declaration Date |
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Dividend
Per Share
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Record Date |
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Total Amount |
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Payment Date |
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(In millions) |
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September 16,
2013
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$ 0.28 |
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November 21, 2013 |
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$ 2,332 |
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December 12, 2013 |
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November 19,
2013
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$ 0.28 |
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February 20, 2014 |
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$ 2,322 |
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March 13, 2014 |
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March 11, 2014
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$ 0.28 |
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May 15, 2014 |
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$ 2,309 |
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June 12, 2014 |
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June 10, 2014
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$ 0.28 |
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August 21, 2014 |
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$ 2,307 |
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September 11, 2014 |
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The dividend declared on
June 10, 2014 will be paid after the filing date of this Form
10-K and was included in other current liabilities as of
June 30, 2014.
In fiscal year 2013, our
Board of Directors declared the following dividends:
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| Declaration Date |
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Dividend
Per Share
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Record Date |
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Total Amount |
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Payment Date |
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(In millions) |
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September 18, 2012
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$ |
0.23 |
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November 15, 2012 |
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$ |
1,933 |
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December 13, 2012 |
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November 28, 2012
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$ |
0.23 |
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February 21, 2013 |
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$ |
1,925 |
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March 14, 2013 |
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March 11, 2013
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$ |
0.23 |
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May 16, 2013 |
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$ |
1,921 |
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June 13, 2013 |
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June 12, 2013
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$ |
0.23 |
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August 15, 2013 |
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$ |
1,916 |
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September 12, 2013 |
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The dividend declared on
June 12, 2013 was included in other current liabilities as of
June 30, 2013.
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