STOCKHOLDERS' EQUITY

12 Months Ended

Jun. 30, 2020

NOTE 16 — STOCKHOLDERS’ EQUITY

Shares Outstanding

Shares of common stock outstanding were as follows:

(In millions)


Year Ended June 30,	2020			2019			2018

Balance, beginning of year		7,643			7,677			7,708
Issued		54			116			68
Repurchased		(126	)		(150	)		(99	)


Balance, end of year		7,571			7,643			7,677

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, 2020, $31.7 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,	2020				2019				2018

First Quarter		29	$	4,000		24	$	2,600		22	$	1,600
Second Quarter		32		4,600		57		6,100		22		1,800
Third Quarter		37		6,000		36		3,899		34		3,100
Fourth Quarter		28		5,088		33		4,200		21		2,100


Total		126	$	19,688		150	$	16,799		99	$	8,600

Shares repurchased during 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 $3.3 billion, $2.7 billion, and $2.1 billion for fiscal years 2020, 2019, and 2018, 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 2020								(In millions)

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		3,861


Total						$	2.04	$	15,488

Fiscal Year 2019

September 18, 2018		November 15, 2018		December 13, 2018		$	0.46	$	3,544
November 28, 2018		February 21, 2019		March 14, 2019			0.46		3,526
March 11, 2019		May 16, 2019		June 13, 2019			0.46		3,521
June 12, 2019		August 15, 2019		September 12, 2019			0.46		3,510


Total						$	1.84	$	14,101

The dividend declared on June 17, 2020 was included in other current liabilities as of June 30, 2020.