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Shareholders' Equity
 9 Months Ended
Apr. 29, 2017
Stockholders' Equity Note [Abstract]  
Shareholders' Equity
Shareholders’ Equity
(a)
Cash Dividends on Shares of Common Stock
During the nine months ended April 29, 2017, the Company declared and paid cash dividends of $0.81 per common share, or $4.1 billion, on the Company’s outstanding common stock. During the nine months ended April 30, 2016, the Company declared and paid cash dividends of $0.68 per common share, or $3.4 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 29, 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 $12.9 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 30, 2016
4,591

 
$
21.04

 
$
96,597

Repurchase of common stock under the stock repurchase program (1)
80

 
31.27

 
2,505

Cumulative balance at April 29, 2017
4,671

 
$
21.21

 
$
99,102


(1) There were $34 million of stock repurchases pending settlement as of April 29, 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 nine months ended April 29, 2017 and April 30, 2016, the Company repurchased approximately 16 million and 18 million shares, or $497 million and $469 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.