STOCKHOLDERS' EQUITY

12 Months Ended

Jun. 30, 2021

NOTE 16 — STOCKHOLDERS’ EQUITY

Shares Outstanding

Shares of common stock outstanding were as follows:

(In millions)


Year Ended June 30,	2021			2020			2019

Balance, beginning of year		7,571			7,643			7,677
Issued		49			54			116
Repurchased		(101	)		(126	)		(150	)


Balance, end of year		7,519			7,571			7,643

Share Repurchases

On September 20, 2016, our Board of Directors approved a share repurchase program authorizing up to $40.0 billion in share repurchases. This share repurchase program commenced in December 2016 and was completed in February 2020.

On September 18, 2019, our Board of Directors approved a share repurchase program authorizing up to $40.0 billion in share repurchases. This share repurchase program commenced in February 2020, following completion of the program approved on September 20, 2016, has no expiration date, and may be terminated at any time. As of June 30, 2021, $8.7 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,	2021				2020				2019

First Quarter		25	$	5,270		29	$	4,000		24	$	2,600
Second Quarter		27		5,750		32		4,600		57		6,100
Third Quarter		25		5,750		37		6,000		36		3,899
Fourth Quarter		24		6,200		28		5,088		33		4,200


Total		101	$	22,970		126	$	19,688		150	$	16,799

Shares repurchased during fiscal year 2021 and the fourth quarter of fiscal year 2020 were under the share repurchase program approved on September 18, 2019. Shares repurchased during the third quarter of fiscal year 2020 were under the share repurchase programs approved on both September 20, 2016 and September 18, 2019. All other shares repurchased were under the share repurchase program approved on September 20, 2016. The above table excludes shares repurchased to settle employee tax withholding related to the vesting of stock awards of $4.4 billion, $3.3 billion, and $2.7 billion for fiscal years 2021, 2020, and 2019, respectively. All share repurchases were made using cash resources.

Dividends

Our Board of Directors declared the following dividends:

Declaration Date	Record Date		Payment Date		Dividend Per Share			Amount


Fiscal Year 2021								(In millions)

September 15, 2020		November 19, 2020		December 10, 2020		$	0.56	$	4,230
December 2, 2020		February 18, 2021		March 11, 2021			0.56		4,221
March 16, 2021		May 20, 2021		June 10, 2021			0.56		4,214
June 16, 2021		August 19, 2021		September 9, 2021			0.56		4,211


Total						$	2.24	$	16,876


Fiscal Year 2020

September 18, 2019		November 21, 2019		December 12, 2019		$	0.51	$	3,886
December 4, 2019		February 20, 2020		March 12, 2020			0.51		3,876
March 9, 2020		May 21, 2020		June 11, 2020			0.51		3,865
June 17, 2020		August 20, 2020		September 10, 2020			0.51		3,856


Total						$	2.04	$	15,483

The dividend declared on June 16, 2021 was included in other current liabilities as of June 30, 2021.