Shareholders’ Equity


(a)	Cash Dividends on Shares of Common Stock

We declared and paid cash dividends of $1.24, $1.10 and $0.94 per common share, or $6.0 billion, $5.5 billion and $4.8 billion, on our outstanding common stock during fiscal 2018, 2017, and 2016, respectively.

Any future dividends will be subject to the approval of our Board of Directors.


(b)	Stock Repurchase Program

In September 2001, our Board of Directors authorized a stock repurchase program. On February 14, 2018, our Board of Directors authorized a $25 billion increase to the stock repurchase program. As of July 28, 2018, the remaining authorized amount for stock repurchases under this program, including the additional authorization, is approximately $19.0 billion, with no termination date.

A summary of the stock repurchase activity under the stock repurchase program, reported based on the trade date, is as follows (in millions, except per-share amounts):



Years Ended	Shares	Weighted-Average Price per Share		Amount
July 28, 2018	432	$	40.88	$	17,661
July 29, 2017	118	$	31.38	$	3,706
July 30, 2016	148	$	26.45	$	3,918

There were $180 million, $66 million and $45 million in stock repurchases pending settlement as of July 28, 2018, July 29, 2017 and July 30, 2016, respectively.

The purchase price for the shares of our stock repurchased is reflected as a reduction to shareholders’ equity. We are 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

We repurchased approximately 20 million, 20 million and 21 million shares, or $703 million, $619 million and $557 million of common stock in settlement of employee tax withholding obligations due upon the vesting of restricted stock or stock units during fiscal 2018, 2017, and 2016, respectively.


(d)	Preferred Stock

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