Shareholders' Equity

6 Months Ended

Jan. 28, 2017

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity

(a) Cash Dividends on Shares of Common Stock

During the six months ended January 28, 2017, the Company declared and paid cash dividends of $0.52 per common share, or $2.6 billion, on the Company’s outstanding 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.

On February 15, 2017, the Company's Board of Directors declared a quarterly dividend of $0.29 per common share to be paid on April 26, 2017 to all shareholders of record as of the close of business on April 6, 2017. 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 28, 2017, 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$13.4 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 30, 2016	4,591	$	21.04	$	96,597
Repurchase of common stock under the stock repurchase program (1)	65	30.72		2,002
Cumulative balance at January 28, 2017	4,656	$	21.17	$	98,599

⁽¹⁾ There were$56 million of stock repurchases pending settlement as of January 28, 2017. There were $45 million of stock repurchases that 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 six months ended January 28, 2017 and January 23, 2016, the Company repurchased approximately14 million and16 million shares, or $432 million and$412 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.