Shareholders' Equity

12 Months Ended

Jul. 27, 2019

Stockholders' Equity Note [Abstract]

Shareholders’ Equity


(a)	Cash Dividends on Shares of Common Stock

We declared and paid cash dividends of $1.36, $1.24 and $1.10 per common share, or $6.0 billion, $6.0 billion and $5.5 billion, on our outstanding common stock during fiscal 2019, 2018, and 2017, 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 13, 2019, our Board of Directors authorized a $15 billion increase to the stock repurchase program. As of July 27, 2019, the remaining authorized amount for stock repurchases under this program, including the additional authorization, is approximately $13.5 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 27, 2019	418	$	49.22	$	20,577
July 28, 2018	432	$	40.88	$	17,661
July 29, 2017	118	$	31.38	$	3,706

There were $40 million, $180 million and $66 million in stock repurchases pending settlement as of July 27, 2019, July 28, 2018 and July 29, 2017, 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 or increase to accumulated deficit and (ii) a reduction of common stock and additional paid-in capital.


(c)	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.