Shareholders' Equity

12 Months Ended

Jul. 30, 2017

Equity [Abstract]

Share Repurchases

Shareholders' Equity

We have authorized 560 million shares of Capital stock with $.0375 par value and 40 million shares of Preferred stock, issuable in one or more classes, with or without par as may be authorized by the Board of Directors. No Preferred stock has been issued.

Share Repurchase Programs

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.

In 2017, we repurchased 8 million shares at a cost of $437. Of this amount, $129 was used to repurchase shares pursuant to our March 2017 publicly announced share repurchase program and $271 pursuant to our June 2011 program. Approximately $1,371 remained available under the March 2017 program as of July 30, 2017. In 2016, we repurchased 3 million shares at a cost of $143 and in 2015, we repurchased 5 million shares at a cost of $244.