STOCKHOLDERS' EQUITY

12 Months Ended

Jun. 30, 2022

Equity [Abstract]

STOCKHOLDERS' EQUITY

NOTE 16 — STOCKHOLDERS’ EQUITY

Shares Outstanding

Shares of common stock outstanding were as follows:

(In millions)
Year Ended June 30,	2022			2021			2020
Balance, beginning of year		7,519			7,571			7,643
Issued		40			49			54
Repurchased		(95	)		(101	)		(126	)
Balance, end of year		7,464			7,519			7,571

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 and was completed in November 2021.

On September 14, 2021, our Board of Directors approved a share repurchase program authorizing up to $60.0 billion in share repurchases. This share repurchase program commenced in November 2021, following completion of the program approved on September 18, 2019, has no expiration date, and may be terminated at any time. As of June 30, 2022, $40.7 billion remained of this $60.0 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,	2022				2021				2020
First Quarter		21	$	6,200		25	$	5,270		29	$	4,000
Second Quarter		20		6,233		27		5,750		32		4,600
Third Quarter		26		7,800		25		5,750		37		6,000
Fourth Quarter		28		7,800		24		6,200		28		5,088
Total		95	$	28,033		101	$	22,970		126	$	19,688

All repurchases were made using cash resources. Shares repurchased during the fourth and third quarters of fiscal year 2022 were under the share repurchase program approved on September 14, 2021. Shares repurchased during the second quarter of fiscal year 2022 were under the share repurchase programs approved on both September 14, 2021 and September 18, 2019. Shares repurchased during the first quarter of fiscal year 2022, 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 $4.7 billion, $4.4 billion, and $3.3 billion for fiscal years 2022, 2021, and 2020, respectively.

Dividends

Our Board of Directors declared the following dividends:

Declaration Date	Record Date		Payment Date		Dividend Per Share			Amount
Fiscal Year 2022								(In millions)
September 14, 2021		November 18, 2021		December 9, 2021		$	0.62	$	4,652
December 7, 2021		February 17, 2022		March 10, 2022			0.62		4,645
March 14, 2022		May 19, 2022		June 9, 2022			0.62		4,632
June 14, 2022		August 18, 2022		September 8, 2022			0.62		4,627
Total						$	2.48	$	18,556
Fiscal Year 2021
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		4,206
Total						$	2.24	$	16,871

The dividend declared on June 14, 2022 was included in other current liabilities as of June 30, 2022.