Microsoft 2014 Annual Report Download - page 34

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33
The notes in this table are senior unsecured obligations and rank equally with our other senior unsecured debt
outstanding. Interest on these notes is paid semi-annually, except for the euro-denominated debt securities on which
interest is paid annually. As of June 30, 2014, the aggregate unamortized discount for our long-term debt was
$100 million.
Unearned Revenue
Unearned revenue at June 30, 2014 was comprised mainly of unearned revenue from volume licensing programs.
Unearned revenue from volume licensing programs represents customer billings for multi-year licensing arrangements
paid for either at inception of the agreement or annually at the beginning of each coverage period and accounted for as
subscriptions with revenue recognized ratably over the coverage period. Unearned revenue at June 30, 2014 also
included payments for: post-delivery support and consulting services to be performed in the future; Xbox Live
subscriptions and prepaid points; Microsoft Dynamics business solutions products; Office 365 subscriptions; Bundled
Offerings; Skype prepaid credits and subscriptions; and other offerings for which we have been paid in advance and earn
the revenue when we provide the service or software, or otherwise meet the revenue recognition criteria.
The following table outlines the expected future recognition of unearned revenue as of June 30, 2014:
(In millions)
Three Months Ending,
September 30, 2014 $ 8,667
December 31, 2014 7,380
March 31, 2015 4,812
June 30, 2015 2,291
Thereafter 2,008
Total $ 25,158
Share Repurchases
On September 16, 2013, our Board of Directors approved a new share repurchase program authorizing up to $40.0 billion
in share repurchases. The share repurchase program became effective on October 1, 2013, has no expiration date, and
may be suspended or discontinued at any time without notice. As of June 30, 2014, $35.1 billion remained of the $40.0
billion share repurchase program.
During fiscal year 2014, we repurchased 175 million shares of Microsoft common stock for $6.4 billion; 128 million shares
were repurchased for $4.9 billion under the share repurchase program approved by our Board of Directors on
September 16, 2013 and 47 million shares were repurchased for $1.5 billion under the share repurchase program that
was announced on September 22, 2008 and expired September 30, 2013. During fiscal years 2013 and 2012, we
repurchased 158 million shares for $4.6 billion and 142 million shares for $4.0 billion, respectively, under the share
repurchase program announced on September 22, 2008. All repurchases were made using cash resources.
Dividends
During fiscal years 2014 and 2013, our Board of Directors declared the following dividends:
Declaration Date Dividend
Per Share Record Date Total Amount Payment Date
(In millions)
Fiscal Year 2014
September 16, 2013 $ 0.28 November 21, 2013 $ 2,332 December 12, 2013
November 19, 2013 $ 0.28 February 20, 2014 $ 2,322 March 13, 2014
March 11, 2014 $ 0.28 May 15, 2014 $ 2,309 June 12, 2014
June 10, 2014 $ 0.28 August 21, 2014 $ 2,307 September 11, 2014
Fiscal Year 2013
September 18, 2012 $ 0.23 November 15, 2012 $ 1,933 December 13, 2012
November 28, 2012 $ 0.23 February 21, 2013 $ 1,925 March 14, 2013
March 11, 2013 $ 0.23 May 16, 2013 $ 1,921 June 13, 2013
June 12, 2013 $ 0.23 August 15, 2013 $ 1,916 September 12, 2013