Shareholders' Equity

12 Months Ended

Jul. 30, 2016

Stockholders' Equity Note [Abstract]

Shareholders' Equity

13. Shareholders’ Equity

(a) Cash Dividends on Shares of Common Stock

During fiscal 2016, the Company declared and paid cash dividends of $0.94 per common share, or $4.8 billion, on the Company’s outstanding common stock. During fiscal 2015, the Company declared and paid cash dividends of $0.80 per common share, or $4.1 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 July 30, 2016, the Company’s Board of Directors had authorized an aggregate repurchase of up to $112 billion of common stock under this program, and the remaining authorized repurchase amount was $15.4 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)	155	27.22		4,234
Cumulative balance at July 25, 2015	4,443	20.86		92,679
Repurchase of common stock under the stock repurchase program (2)	148	26.45		3,918
Cumulative balance at July 30, 2016	4,591	$	21.04	$	96,597

⁽¹⁾Includes stock repurchases of $36 million, which were pending settlement as of July 25, 2015.

⁽²⁾Includes stock repurchases of $45 million, which were pending settlement as of July 30, 2016.

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.

(c) Restricted Stock Unit Withholdings

For the years ended July 30, 2016 and July 25, 2015, the Company repurchased approximately 21 million and 20 million shares, or $557 million and $502 million, of common stock, respectively, in settlement of employee tax withholding obligations due upon the vesting of restricted stock or stock units.

(d) Preferred Stock

Under the terms of the Company’s Articles of Incorporation, the Board of Directors may determine the rights, preferences, and terms of the Company’s authorized but unissued shares of preferred stock.