Shareholders' Equity

6 Months Ended

Jan. 25, 2014

Stockholders' Equity Note [Abstract]

Shareholders' Equity

13. Shareholders’ Equity

(a) Cash Dividends on Shares of Common Stock

During the six months ended January 25, 2014, the Company declared and paid cash dividends of $0.34 per common share, or $1.8 billion, on the Company’s outstanding common stock. During the six months ended January 26, 2013, the Company declared and paid cash dividends of $0.28 per common share, or $1.5 billion, on the Company’s outstanding common stock.

On February 12, 2014, the Company's Board of Directors declared a quarterly dividend of $0.19 per common share to be paid on April 23, 2014 to all shareholders of record as of the close of business on April 3, 2014. 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 January 25, 2014, the Company’s Board of Directors had authorized an aggregate repurchase of up to $97 billion of common stock under this program, and the remaining authorized repurchase amount was $12.1 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 (1)	269	22.33		6,020
Cumulative balance at January 25, 2014	4,137	$	20.53	$	84,926

⁽¹⁾ Includes stock repurchases of $340 million, which were pending settlement as of January 25, 2014. There were no stock repurchases pending settlement as of July 27, 2013.

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 six months ended January 25, 2014 and January 26, 2013, the Company repurchased approximately 13 million and 11 million shares, or $309 million and $212 million, of common stock, respectively, in settlement of employee tax withholding obligations due upon the vesting of restricted stock or stock units.