Shareholders' Equity

9 Months Ended

Apr. 26, 2014

Stockholders' Equity Note [Abstract]

Shareholders' Equity

13. Shareholders’ Equity

(a) Cash Dividends on Shares of Common Stock

During the nine months ended April 26, 2014, the Company declared and paid cash dividends of $0.53 per common share, or $2.8 billion, on the Company’s outstanding common stock. During the nine months ended April 27, 2013, the Company declared and paid cash dividends of $0.45 per common share, or $2.4 billion, 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 April 26, 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 $10.1 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)	359	22.31		8,025
Cumulative balance at April 26, 2014	4,227	$	20.56	$	86,931

⁽¹⁾Includes stock repurchases of $60 million, which were pending settlement as of April 26, 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) Restricted Stock Unit Withholdings

For the nine months ended April 26, 2014 and April 27, 2013, the Company repurchased approximately 14 million and 13 million shares, or $345 million and $249 million, of common stock, respectively, in settlement of employee tax withholding obligations due upon the vesting of restricted stock or stock units.