See accompanying notes.
CASH FLOWS STATEMENTS
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(In millions)
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Year Ended June 30,
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2010
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2009
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2008
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Operations
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Net income
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$
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18,760
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$
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14,569
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$
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17,681
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Adjustments to reconcile net income to net cash from operations:
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Depreciation, amortization, and other noncash items
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2,673
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2,562
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2,056
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Stock-based compensation
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1,891
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1,708
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1,479
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Net recognized losses (gains) on investments and derivatives
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(208
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)
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683
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(572
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)
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Excess tax benefits from stock-based compensation
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(45
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)
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(52
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)
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(120
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)
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Deferred income taxes
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(220
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)
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762
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935
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Deferral of unearned revenue
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29,374
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24,409
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24,532
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Recognition of unearned revenue
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(28,813
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)
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(25,426
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)
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(21,944
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)
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Changes in operating assets and liabilities:
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Accounts receivable
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(2,238
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)
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2,215
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(1,569
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)
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Other current assets
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420
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(422
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)
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153
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Other long-term assets
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(223
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)
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(273
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)
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(98
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)
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Other current liabilities
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1,295
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(3,371
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)
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(748
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)
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Other long-term liabilities
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1,407
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1,673
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(173
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)
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Net cash from operations
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24,073
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19,037
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21,612
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Financing
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Short-term borrowings (repayments), maturities of 90 days or less, net
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(991
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)
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1,178
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0
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Proceeds from issuance of debt, maturities longer than 90 days
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4,167
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4,796
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0
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Repayments of debt, maturities longer than 90 days
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(2,986
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)
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(228
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)
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0
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Common stock issued
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2,311
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579
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3,494
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Common stock repurchased
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(11,269
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)
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(9,353
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)
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(12,533
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)
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Common stock cash dividends paid
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(4,578
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)
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(4,468
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)
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(4,015
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)
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Excess tax benefits from stock-based compensation
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45
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52
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120
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Other
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10
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(19
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)
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0
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Net cash used in financing
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(13,291
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)
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(7,463
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)
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(12,934
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)
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Investing
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Additions to property and equipment
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(1,977
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)
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(3,119
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)
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(3,182
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)
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Acquisition of companies, net of cash acquired
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(245
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)
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(868
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)
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(8,053
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)
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Purchases of investments
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(30,168
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)
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(36,850
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)
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(20,954
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)
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Maturities of investments
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7,453
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6,191
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2,597
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Sales of investments
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15,125
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19,806
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25,132
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Securities lending payable
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(1,502
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)
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(930
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)
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(127
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)
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Net cash used in investing
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(11,314
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)
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(15,770
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)
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(4,587
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)
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Effect of exchange rates on cash and cash equivalents
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(39
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)
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(67
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)
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137
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Net change in cash and cash equivalents
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(571
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)
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(4,263
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)
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4,228
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Cash and cash equivalents, beginning of period
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6,076
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10,339
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6,111
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Cash and cash equivalents, end of period
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$
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5,505
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$
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6,076
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$
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10,339
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