Microsoft 2008 Annual Report Download - page 60

Download and view the complete annual report

Please find page 60 of the 2008 Microsoft annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 73

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73

PAGE 59
estimate could be up to $2.2 billion in aggregate beyond recorded amounts. Were unfavorable final outcomes to
occur, there exists the possibility of a material adverse impact on our financial position, results of operations, and
cash flows for the period in which the effects become reasonably estimable.
NOTE 16 STOCKHOLDERS’ EQUITY
Shares of common stock outstanding were as follows:
(In millions)
Y
ear Ended June 30, 2008
2007 2006
Balance, beginning of year 9,380
10,062 10,710
Issued 173
289 106
Repurchased (402)
(971) (754)
Balance, end of year 9,151
9,380 10,062
On July 20, 2006, we announced the completion of the repurchase program initially approved by our Board of
Directors on July 20, 2004 to buy back up to $30.0 billion in Microsoft common stock.
On July 20, 2006, we also announced that our Board of Directors authorized two new share repurchase
programs: a $20.0 billion tender offer, which was completed on August 17, 2006; and authorization for up to an
additional $20.0 billion ongoing share repurchase program with an expiration of June 30, 2011. Under the tender
offer, we repurchased approximately 155 million shares of common stock, or 1.5% of our common shares
outstanding, for approximately $3.8 billion at a price per share of $24.75. On August 18, 2006, we announced that
the authorization for the $20.0 billion ongoing share repurchase program had been increased by approximately
$16.2 billion. As a result, we were authorized to repurchase additional shares in an amount up to $36.2 billion
through June 30, 2011. As of June 30, 2008, approximately $2.7 billion remained of the $36.2 billion approved
repurchase amount. Under these repurchase plans, we have made the following share repurchases:
(In millions)
Year Ended June 30, 2008
(1)
2007
(2)
2006
(3)
Shares
A
mount Shares Amount
Shares
A
mount
First quarter 81 $2,348 285 $ 6,965 114 $3,029
Second quarter 120 4,081 205 6,037 283 7,666
Third quarter 30 1,020 238 6,744 181 4,879
Fourth quarter 171 4,975 243 7,367 176 4,175
Total 402 $
1
2,424 971 $
2
7,113 754 $
1
9,749
(1) All amounts repurchased in fiscal year 2008 were repurchased under the repurchase plan approved by our
Board of Directors on July 20, 2006.
(2) Approximately 155 million shares of common stock for approximately $3.8 billion were repurchased under
our tender offer in the first quarter of fiscal year 2007. All other amounts repurchased were repurchased
under the repurchase plan approved by our Board of Directors on July 20, 2006.
(3) All amounts repurchased in fiscal year 2006 were repurchased under the repurchase plan approved by our
Board of Directors on July 20, 2004.