Shareholders' Equity

3 Months Ended

Oct. 26, 2013

Stockholders' Equity Note [Abstract]

Shareholders' Equity

13. Shareholders’ Equity

(a) Cash Dividends on Shares of Common Stock

During the three months ended October 26, 2013, the Company declared and paid cash dividends of $0.17 per common share, or $914 million, on the Company’s outstanding common stock. During the three months ended October 27, 2012, the Company declared and paid cash dividends of $0.14 per common share, or $744 million, on the Company’s outstanding common stock.

Any future dividends will be subject to the approval of the Company’s Board of Directors.

(b) Stock Repurchase Program

In September 2001, the Company’s Board of Directors authorized a stock repurchase program. As of October 26, 2013, the Company’s Board of Directors had authorized an aggregate repurchase of up to $82 billion of common stock under this program.

In November 2013, the Company’s Board of Directors authorized up to $15 billion in additional repurchases of common stock under this program. The remaining authorized amount for stock repurchases under this program, including the additional authorization, is approximately $16.1 billion, with no termination date. A summary of the stock repurchase activity under the stock repurchase program, reported based on the trade date, is summarized as follows (in millions, except per-share amounts):

	Shares Repurchased	Weighted- Average Price per Share		Amount Repurchased
Cumulative balance at July 27, 2013	3,868	$	20.40	$	78,906
Repurchase of common stock under the stock repurchase program	84	23.65		2,000
Cumulative balance at October 26, 2013	3,952	$	20.47	$	80,906

The purchase price for the shares of the Company’s stock repurchased is reflected as a reduction to shareholders’ equity. The Company is required to allocate the purchase price of the repurchased shares as (i) a reduction to retained earnings and (ii) a reduction of common stock and additional paid-in capital. Issuance of common stock and the tax benefit related to employee stock incentive plans are recorded as an increase to common stock and additional paid-in capital.

(c) Other Repurchases of Common Stock

For the three months ended October 26, 2013 and October 27, 2012, the Company repurchased approximately 12 million and 11 million shares, or $286 million and $203 million, of common stock, respectively, in settlement of employee tax withholding obligations due upon the vesting of restricted stock or stock units.