STOCKHOLDERS' EQUITY

12 Months Ended

May 31, 2013

Stockholders' Equity [Abstract]

STOCKHOLDERS' EQUITY

13. STOCKHOLDERS’ EQUITY

Stock Repurchases

Our Board of Directors has approved a program for us to repurchase shares of our common stock. On June 18, 2012, we announced that our Board of Directors approved an expansion of our stock repurchase program by an additional $10.0 billion. On June 20, 2013, we announced that our Board of Directors approved a further expansion by an additional $12.0 billion. Approximately $2.1 billion remained available for stock repurchases as of May 31, 2013 pursuant to our stock repurchase program prior to the additional amount authorized in June 2013. We repurchased 346.1 million shares for $11.0 billion (including 3.2 million shares for $109 million that were repurchased but not settled), 207.3 million shares for $6.0 billion and 40.4 million shares for $1.2 billion in fiscal 2013, 2012 and 2011, respectively, under the stock repurchase program.

Our stock repurchase authorization does not have an expiration date and the pace of our repurchase activity will depend on factors such as our working capital needs, our cash requirements for acquisitions and dividend payments, our debt repayment obligations or repurchase of our debt, our stock price, and economic and market conditions. Our stock repurchases may be effected from time to time through open market purchases or pursuant to a Rule 10b5-1 plan. Our stock repurchase program may be accelerated, suspended, delayed or discontinued at any time.

Dividends on Common Stock

During fiscal 2013, 2012 and 2011, our Board of Directors declared cash dividends of $0.30, $0.24 and $0.21 per share of our outstanding common stock, respectively, which we paid during the same period.

The cash dividends of $0.30 per share of outstanding common stock declared by our Board of Directors during fiscal 2013 included an accelerated cash dividend of $0.18 per share of outstanding common stock paid on December 21, 2012. This accelerated cash dividend was intended by our Board of Directors to be in lieu of quarterly dividends that we would have otherwise announced with our earnings results for the second, third and fourth quarters of fiscal 2013, and that would have been paid in calendar year 2013. During fiscal 2012, we declared and paid cash dividends totaling $0.24 per share of outstanding common stock.

In June 2013, our Board of Directors declared a quarterly cash dividend of $0.12 per share of outstanding common stock. This $0.12 per share cash dividend was an increase of $0.06 per share over the last regular quarterly cash dividend of $0.06 per share of outstanding common stock paid on November 2, 2012 and was declared earlier than the Board of Directors had previously planned. The $0.12 per share cash dividend is payable on August 2, 2013 to stockholders of record as of the close of business on July 12, 2013. We currently expect to continue paying comparable cash dividends on a quarterly basis in the future; however, future declarations of dividends and the establishment of future record and payment dates are subject to the final determination of our Board of Directors.

Accumulated Other Comprehensive (Loss) Income

The following table summarizes, as of each balance sheet date, the components of our accumulated other comprehensive (loss) income, net of income taxes:

	May 31,
(in millions)	2013		2012
Foreign currency translation (losses) gains and other, net	$	(3)	$	120
Unrealized losses on defined benefit plans, net		(176)		(108)
Unrealized gains on marketable securities, net		80		100
Total accumulated other comprehensive (loss) income	$	(99)	$	112