Shareholders’ Equity


(a)	Cash Dividends on Shares of Common Stock

During the six months ended January 27, 2018, the Company declared and paid cash dividends of $0.58 per common share, or $2.9 billion, on the Company’s outstanding 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.

On February 14, 2018, the Company’s Board of Directors declared a quarterly dividend of $0.33 per common share to be paid on April 25, 2018 to all shareholders of record as of the close of business on April 5, 2018. 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. On February 14, 2018, the Company’s Board of Directors authorized a $25 billion increase to the stock repurchase program. The remaining authorized amount for stock repurchases under this program, including the additional authorization, is approximately $31 billion, with no termination date. A summary of the stock repurchase activity for fiscal year 2018 and 2017 under the stock repurchase program, reported based on the trade date, is summarized as follows (in millions, except per-share amounts):



Quarter Ended	Shares	Weighted-Average Price per Share		Amount
Fiscal 2018
January 27, 2018	103	$	39.07	$	4,011
October 28, 2017	51	$	31.80	$	1,620

Fiscal 2017
July 29, 2017	38	$	31.61	$	1,201
April 29, 2017	15	$	33.71	$	503
January 28, 2017	33	$	30.33	$	1,001
October 29, 2016	32	$	31.12	$	1,001

There were $240 million stock repurchases pending settlement as of January 27, 2018. There were $66 million of stock repurchases that were pending settlement as of July 29, 2017.

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

The Company repurchased approximately 13 million and 14 million shares, for the six months ended January 27, 2018 and January 28, 2017, or $433 million and $432 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.