STOCKHOLDERS' EQUITY

12 Months Ended

Jun. 30, 2016

STOCKHOLDERS' EQUITY

NOTE 18 — STOCKHOLDERS’ EQUITY

Shares Outstanding

Shares of common stock outstanding were as follows:

(In millions)
Year Ended June 30,	2016			2015			2014
Balance, beginning of year		8,027			8,239			8,328
Issued		75			83			86
Repurchased		(294	)		(295	)		(175	)
Balance, end of year		7,808			8,027			8,239

Share Repurchases

On September 16, 2013, our Board of Directors approved a 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 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, 2016, $7.1 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:

(In millions)	Shares		Amount		Shares		Amount		Shares		Amount
Year Ended June 30,		2016				2015						2014	(a)
First quarter		89	$	4,000		43	$	2,000		47	$	1,500
Second quarter		66		3,600		43		2,000		53		2,000
Third quarter		69		3,600		116		5,000		47		1,791
Fourth quarter		70		3,600		93		4,209		28		1,118
Total		294	$	14,800		295	$	13,209		175	$	6,409

(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.

The above table excludes shares repurchased to settle statutory employee tax withholding related to the vesting of stock awards.

Dividends

In fiscal year 2016, our Board of Directors declared the following dividends:

Declaration Date	Dividend Per Share		Record Date		Total Amount		Payment Date
					(In millions)
September 15, 2015	$	0.36		November 19, 2015	$	2,868		December 10, 2015
December 2, 2015	$	0.36		February 18, 2016	$	2,842		March 10, 2016
March 15, 2016	$	0.36		May 19, 2016	$	2,821		June 9, 2016
June 14, 2016	$	0.36		August 18, 2016	$	2,811		September 8, 2016

The dividend declared on June 14, 2016 will be paid after the filing date of the 2016 Form 10-K and was included in other current liabilities as of June 30, 2016.

In fiscal year 2015, our Board of Directors declared the following dividends:

Declaration Date	Dividend Per Share		Record Date		Total Amount		Payment Date
					(In millions)
September 16, 2014	$	0.31		November 20, 2014	$	2,547		December 11, 2014
December 3, 2014	$	0.31		February 19, 2015	$	2,532		March 12, 2015
March 10, 2015	$	0.31		May 21, 2015	$	2,496		June 11, 2015
June 9, 2015	$	0.31		August 20, 2015	$	2,475		September 10, 2015

The dividend declared on June 9, 2015 was included in other current liabilities as of June 30, 2015.