Shareholders' Equity

6 Months Ended

Jan. 24, 2015

Stockholders' Equity Note [Abstract]

Shareholders' Equity

13. Shareholders’ Equity

(a) Cash Dividends on Shares of Common Stock

During the six months ended January 24, 2015, the Company declared and paid cash dividends of $0.38 per common share, or $1.9 billion, on the Company’s outstanding 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.

On February 11, 2015, the Company’s Board of Directors declared a quarterly dividend of $0.21 per common share to be paid on April 22, 2015 to all shareholders of record as of the close of business on April 2, 2015. 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 24, 2015, 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 $6.3 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 26, 2014	4,288	$	20.63	$	88,445
Repurchase of common stock under the stock repurchase program (1)	85	26.15		2,221
Cumulative balance at January 24, 2015	4,373	$	20.73	$	90,666

⁽¹⁾ Includes stock repurchases of $150 million, which were pending settlement as of January 24, 2015. There were $126 million of stock repurchases that were pending settlement as of July 26, 2014.

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 six months ended January 24, 2015 and January 25, 2014, the Company repurchased approximately 15 million and 13 million shares, or $369 million and $309 million, of common stock, respectively, in settlement of employee tax withholding obligations due upon the vesting of restricted stock or stock units.