Shareholders' Equity

6 Months Ended

Jan. 25, 2020

Stockholders' Equity Note [Abstract]

Shareholders’ Equity


(a)	Cash Dividends on Shares of Common Stock

We declared and paid cash dividends of $0.35 and $0.33 per common share, or $1.5 billion on our outstanding common stock for each of the second quarters of fiscal 2020 and 2019. We declared and paid cash dividends of $0.70 and $0.66 per common share, or $3.0 billion, on our outstanding common stock for each of the first six months of fiscal 2020 and 2019.

On February 12, 2020, our Board of Directors declared a quarterly dividend of $0.36 per common share to be paid on April 22, 2020 to all shareholders of record as of the close of business on April 3, 2020. 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. As of January 25, 2020, the remaining authorized amount for stock repurchases under this program, including the additional authorization, was approximately $11.8 billion with no termination date. A summary of the stock repurchase activity for fiscal 2020 and 2019 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 2020
January 25, 2020	18	$	46.71	$	870
October 26, 2019	16	$	48.91	$	768

Fiscal 2019
July 27, 2019	82	$	54.99	$	4,515
April 27, 2019	116	$	52.14	$	6,020
January 26, 2019	111	$	45.09	$	5,016
October 27, 2018	109	$	46.01	$	5,026

There were $30 million and $40 million of stock repurchases that were pending settlement as of January 25, 2020 and July 27, 2019, 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.

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.