NOTE 18 — STOCKHOLDERS’ EQUITY

Shares Outstanding

Shares of common stock outstanding were as follows:

(In millions)


Year Ended June 30,	2017			2016			2015

Balance, beginning of year		7,808			8,027			8,239
Issued		70			75			83
Repurchased		(170	)		(294	)		(295	)


Balance, end of year		7,708			7,808			8,027

Share Repurchases

On September 16, 2013, our Board of Directors approved a share repurchase program authorizing up to $40.0 billion in share repurchases. This share repurchase program became effective on October 1, 2013, and was completed on December 22, 2016.

On September 20, 2016, our Board of Directors approved a share repurchase program authorizing up to an additional $40.0 billion in share repurchases. This share repurchase program commenced on December 22, 2016 following completion of the prior program approved on September 16, 2013, has no expiration date, and may be suspended or discontinued at any time without notice. As of June 30, 2017, $36.8 billion remained of this $40.0 billion share repurchase program.

We repurchased the following shares of common stock under the share repurchase programs:

(In millions)	Shares		Amount		Shares		Amount		Shares		Amount


Year Ended June 30,	2017				2016				2015

First Quarter		63	$	3,550		89	$	4,000		43	$	2,000
Second Quarter		59		3,533		66		3,600		43		2,000
Third Quarter		25		1,600		69		3,600		116		5,000
Fourth Quarter		23		1,600		70		3,600		93		4,209


Total		170	$	10,283		294	$	14,800		295	$	13,209

Shares repurchased during the third and fourth quarter of fiscal year 2017 were under the share repurchase program approved September 20, 2016. All other shares repurchased were under the share repurchase program approved September 16, 2013. The above table excludes shares repurchased to settle statutory employee tax withholding related to the vesting of stock awards. All repurchases were made using cash resources.

Dividends

In fiscal year 2017, our Board of Directors declared the following dividends:

Declaration Date

Dividend

Per Share

Record Date

Total Amount

Payment Date

(In millions)

September 20, 2016

0.39

November 17, 2016

3,024

December 8, 2016

November 30, 2016

0.39

February 16, 2017

3,012

March 9, 2017

March 14, 2017

0.39

May 18, 2017

3,009

June 8, 2017

June 13, 2017

0.39

August 17, 2017

3,006

September 14, 2017

The dividend declared on June 13, 2017 will be paid after the filing date of the 2017 Form 10-K and was included in other current liabilities as of June 30, 2017.

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

2,800

September 8, 2016

The dividend declared on June 14, 2016 was included in other current liabilities as of June 30, 2016.