Share Repurchases

9 Months Ended

Apr. 30, 2017

Equity [Abstract]

Share Repurchases

Share Repurchases

In March 2017, the Board authorized a new share repurchase program to purchase up to $1,500. The new program has no expiration date, but it may be suspended or discontinued at any time. Effective May 1, 2017, the new share repurchase program replaced the prior $1,000 program, which our Board approved in June 2011. In addition to these publicly announced programs, we have a separate Board authorization to purchase shares to offset the impact of dilution from shares issued under our stock compensation plans.

During the nine-month period ended April 30, 2017, we repurchased 5 million shares at a cost of $305. Of this amount, $271 was used to repurchase shares pursuant to our June 2011 program. During the nine-month period ended May 1, 2016, we repurchased 2 million shares at a cost of $118.