NOTE 18 — STOCKHOLDERS’ EQUITY

Shares Outstanding

Shares of common stock outstanding were as follows:

(In millions)


Year Ended June 30,	2018			2017			2016

Balance, beginning of year		7,708			7,808			8,027
Issued		68			70			75
Repurchased		(99	)		(170	)		(294	)


Balance, end of year		7,677			7,708			7,808

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, 2018, $28.2 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,	2018				2017				2016

First Quarter		22	$	1,600		63	$	3,550		89	$	4,000
Second Quarter		22		1,800		59		3,533		66		3,600
Third Quarter		34		3,100		25		1,600		69		3,600
Fourth Quarter		21		2,100		23		1,600		70		3,600


Total		99	$	8,600		170	$	10,283		294	$	14,800

Shares repurchased beginning in the third 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 employee tax withholding related to the vesting of stock awards. All repurchases were made using cash resources.

Dividends

Our Board of Directors declared the following dividends:

Declaration Date

Dividend

Per Share

Record Date

Amount

Payment Date

Fiscal Year 2018

(in millions)

September 19, 2017

0.42

November 16, 2017

3,238

December 14, 2017

November 29, 2017

0.42

February 15, 2018

3,232

March 8, 2018

March 12, 2018

0.42

May 17, 2018

3,226

June 14, 2018

June 13, 2018

0.42

August 16, 2018

3,224

September 13, 2018

Fiscal Year 2017

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

3,003

September 14, 2017

The dividend declared on June 13, 2018 was included in other current liabilities as of June 30, 2018.