Stockholders' Equity

3 Months Ended

Apr. 26, 2015

Notes to financial statements [Abstract]

Stockholders' Equity

Shareholders’ Equity

Share Repurchase Program

Beginning August 2004, our Board of Directors authorized us, subject to certain specifications, to repurchase shares of our common stock. Most recently, in May 2015, the Board extended the previously authorized repurchase program through December 2018 and authorized an additional $1.62 billion under the repurchase program.

As part of our share repurchase program, we repurchased a total of 2.4 million shares of our common stock during the first three months of fiscal year 2016 for $53 million.

Through April 26, 2015, we have repurchased an aggregate of 208 million shares under our share repurchase program for a total cost of $3.32 billion. All shares delivered from these repurchases have been placed into treasury stock. As of April 26, 2015, we were authorized, subject to certain specifications, to repurchase shares of our common stock up to $382 million. However, as noted above, in May 2015, the Board authorized an additional $1.62 billion under the repurchase program for an aggregate of $2.00 billion available for future repurchases.

Cash Dividends

We paid $46 million in cash dividends to our common shareholders for each of the three months endedApril 26, 2015 and April 27, 2014. These dividends were equivalent to $0.085 per share on a quarterly basis.

Convertible Preferred Stock

There are no shares of preferred stock outstanding.

Common Stock

We are authorized to issue up to 2.00 billion shares of our common stock at $0.001 per share par value.