Accounting Policies
Stock Split
Accounting Changes
Unearned Revenue
Cash and Short-Term Investments
Inventories
Property and Equipment
Equity and Other Investments
Goodwill
Intangible Assets
Derivatives
Investment Income/(Loss)
Income Taxes
Stockholders' Equity
Other Comprehensive Income
Employee Stock and Savings Plans
Earnings Per Share
Acquisitions
Commitments and Guarantees
Contingencies
Segment Information
Note 14-Stockholders' Equity
Shares of common stock outstanding were as follows:
(In
millions)
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|
|
|
|
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Year
Ended June 30
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2001
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2002
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2003
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|
|
|
|
|
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Balance, beginning of year
|
10,566
|
|
10,766
|
|
10,718
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Issued
|
378
|
|
208
|
|
291
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Repurchased
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(178)
|
|
(256)
|
|
(238)
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Balance, end of year
|
10,766
|
|
10,718
|
|
10,771
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We repurchase our common shares
primarily to manage the dilutive effects of our stock option and stock purchase
plans, and other issuances of common shares. In 2002, we acquired 10.2 million
of our shares as a result of a structured stock repurchase transaction entered
into in 2001, which gave us the right to acquire such shares in exchange for an
up-front net payment of $264 million. To enhance our stock repurchase program,
we have sold put warrants to independent third parties. These put warrants entitled
the holders to sell shares of our common stock to us on certain dates at
specified prices. In the third quarter of fiscal 2001, we issued 5.6 million
shares to settle a portion of the outstanding put warrants. At June 30, 2001,
2002, and 2003 no put warrants were outstanding. In any period, cash used in
financing activities related to common stock repurchased may differ from the
comparable change in Stockholders' Equity, reflecting timing differences
between the recognition of share repurchase transactions and their settlement
for cash.
On January 16, 2003, our Board of
Directors declared an annual dividend on our common stock of $0.08 per share,
payable March 7,
2003 to shareholders of record at the close of business on February 21, 2003.
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