STOCKHOLDERS' EQUITY STATEMENTS
(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 


See accompanying notes.