We declared and paid cash dividends of $1.42, $1.36 and $1.24 per common share, or $6.0 billion each year, on our outstanding common stock during fiscal 2020, 2019, and 2018, respectively.

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

In September 2001, our Board of Directors authorized a stock repurchase program. As of July 25, 2020, the remaining authorized amount for stock repurchases under this program, including the additional authorization, is approximately $10.8 billion, with no termination date.

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



Years Ended	Shares	Weighted-Average Price per Share		Amount
July 25, 2020	59	$	44.36	$	2,619
July 27, 2019	418	$	49.22	$	20,577
July 28, 2018	432	$	40.88	$	17,661

There were no stock repurchases pending settlement as of July 25, 2020. There were $40 million and $180 million in stock repurchases that were pending settlement as of July 27, 2019 and July 28, 2018, 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 an 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.