Shareholders' Equity

6 Months Ended

Jan. 23, 2016

Stockholders' Equity Note [Abstract]

Shareholders' Equity

13. Shareholders’ Equity

(a) Cash Dividends on Shares of Common Stock

During the six months ended January 23, 2016, the Company declared and paid cash dividends of$0.42 per common share, or $2.1 billion, on the Company’s outstanding 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.

On February 10, 2016, the Company's Board of Directors declared a quarterly dividend of $0.26 per common share to be paid on April 27, 2016 to all shareholders of record as of the close of business on April 6, 2016. 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 23, 2016, the Company’s Board of Directors had authorized an aggregate repurchase of up to $97 billion of common stock under this program.

On February 10, 2016, the Company’s Board of Directors authorized a $15 billion increase to the stock repurchase program. The remaining authorized amount for stock repurchases under this program, including the additional authorization, is approximately $16.9 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 25, 2015	4,443	$	20.86	$	92,679
Repurchase of common stock under the stock repurchase program (1)	93	26.46		2,469
Cumulative balance at January 23, 2016	4,536	$	20.97	$	95,148

⁽¹⁾ Includes stock repurchases of $161 million, which were pending settlement as of January 23, 2016. There were $36 million of stock repurchases that were pending settlement as of July 25, 2015.

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 23, 2016 and January 24, 2015, the Company repurchased approximately 16 million and 15 million shares, or $412 million and $369 million, of common stock, respectively, in settlement of employee tax withholding obligations due upon the vesting of restricted stock or stock units.