Our Board of Directors has approved a program for us to repurchase shares of our common stock. As of August 31, 2020, approximately $11.6 billion remained available for stock repurchases pursuant to our stock repurchase program. We repurchased 89.8 million shares for $5.0 billion during the three months ended August 31, 2020 (including 0.9 million shares for $55 million that were repurchased but not settled) and 89.5 million shares for $5.0 billion during the three months ended August 31, 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 September 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 October 22, 2020 to stockholders of record as of the close of business on October 8, 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 quarter of fiscal 2021, we issued 42 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 2021 stock-based awards issuances were partially offset by stock-based award forfeitures and cancellations of 20 million shares during the first quarter of fiscal 2021.

The RSUs that were granted during the three months ended August 31, 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, 2020.

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

	Three Months Ended August 31,
(in millions)	2020		2019
Cloud services and license support	$	30	$	31
Hardware		3		3
Services		12		14
Sales and marketing		71		88
Research and development		276		271
General and administrative		36		39
Total stock-based compensation	$	428	$	446