Shareholders' Equity

9 Months Ended

Apr. 25, 2020

Stockholders' Equity Note [Abstract]

Shareholders’ Equity


(a)	Cash Dividends on Shares of Common Stock

We declared and paid cash dividends of $0.36 and $0.35 per common share, or $1.5 billion, on our outstanding common stock for each of the third quarters of fiscal 2020 and 2019. We declared and paid cash dividends of $1.06 and $1.01 per common share, or $4.5 billion, on our outstanding common stock for each of the first nine months of fiscal 2020 and 2019.


(b)	Stock Repurchase Program

In September 2001, our Board of Directors authorized a stock repurchase program. As of April 25, 2020, the remaining authorized amount for stock repurchases under this program was approximately $10.8 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
April 25, 2020	25	$	39.71	$	981
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 $40 million of stock repurchases that were pending settlement as of July 27, 2019.

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/increase to accumulated deficit 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.