(In millions)

Year Ended June 30

2001

2002

2003

Common stock and paid-in capital

Balance, beginning of year

$ 23,195 

$ 28,390 

$ 31,647 

Common stock issued

  5,154 

  1,801 

  3,012 

Common stock repurchased

  (394)

  (676)

  (691)

Repurchases of put warrants

 (1,367)

  - 

  - 

Stock option income tax benefits

  2,066 

  1,596 

  1,376 

Other, net

  (264)

  536 

  - 

Balance, end of year

 28,390 

 31,647 

 35,344 

Retained earnings

Balance, beginning of year

 18,173 

 18,899 

 20,533 

Net income

  7,346 

  7,829 

  9,993 

Other comprehensive income:

Cumulative effect of accounting change

  (75)

  - 

  - 

Net gains/(losses) on derivative instruments

  634 

  (91)

  (102)

Net unrealized investment gains/(losses)

  (1,460)

  5 

  1,243 

Translation adjustments and other

  (39)

  82 

  116 

Comprehensive income

  6,406 

  7,825 

 11,250 

Common stock repurchased

 (5,680)

  (6,191)

  (5,250)

Common stock dividends

  - 

  - 

  (857)

Balance, end of year

 18,899 

 20,533 

 25,676 

Total stockholders' equity

$ 47,289 

$ 52,180 

$ 61,020