Our Board of Directors has approved a program for us to repurchase shares of our common stock. On September 11, 2019 and March 12, 2020, we announced that our Board of Directors approved expansions of our stock repurchase program collectively totaling $30.0 billion. As of February 29, 2020, approximately $6.8 billion remained available for stock repurchases pursuant to our stock repurchase program. We repurchased 254.4 million shares for $14.0 billion during the nine months ended February 29, 2020 (including 2.0 million shares for $104 million that were repurchased but not settled) and 621.8 million shares for $30.0 billion during the nine months ended February 28, 2019 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 repurchases 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.

In March 2020, our Board of Directors declared a quarterly cash dividend of $0.24 per share of our outstanding common stock. The dividend is payable on April 23, 2020 to stockholders of record as of the close of business on April 9, 2020. Future declarations of dividends and the establishment of future record and payment dates are subject to the final determination of our Board of Directors.

During the first nine months of fiscal 2020, we issued 45 million restricted stock-based units (RSUs), substantially all of which were issued as a part of our annual stock-based award process and are subject to service‑based vesting restrictions. These fiscal 2020 stock-based awards issuances were partially offset by stock-based award forfeitures and cancellations of 14 million shares during the first nine months of fiscal 2020.

The RSUs that were granted during the nine months ended February 29, 2020 have vesting restrictions, valuations and contractual lives of a similar nature to those described in Note 13 of Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended May 31, 2019.

Stock‑based compensation expense is included in the following operating expense line items in our condensed consolidated statements of operations:

	Three Months Ended				Nine Months Ended
(in millions)	February 29, 2020		February 28, 2019		February 29, 2020		February 28, 2019
Cloud services and license support	$	22	$	26	$	83	$	74
Hardware		3		2		8		7
Services		14		12		42		37
Sales and marketing		67		89		192		278
Research and development		238		254		781		732
General and administrative		17		44		98		131
Total stock-based compensation	$	361	$	427	$	1,204	$	1,259