Shareholders' Equity

6 Months Ended

Jan. 23, 2021

Stockholders' Equity Note [Abstract]

Shareholders' Equity

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 second quarters of fiscal 2021 and 2020. We declared and paid cash dividends of $0.72 and $0.70 per common share, or $3.0 billion, on our outstanding common stock for each of the first six months of fiscal 2021 and 2020.

On February 9, 2021, our Board of Directors declared a quarterly dividend of $0.37 per common share to be paid on April 28, 2021 to all stockholders of record as of the close of business on April 6, 2021. 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 23, 2021, the remaining authorized amount for stock repurchases under this program was approximately $9.2 billion with no termination date. A summary of the stock repurchase activity for fiscal 2021 and 2020 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 2021
January 23, 2021	19	$	42.82	$	801
October 24, 2020	20	$	40.44	$	800
Fiscal 2020
July 25, 2020	—	$	—	$	—
April 25, 2020	25	$	39.71	$	981
January 25, 2020	18	$	46.71	$	870
October 26, 2019	16	$	48.91	$	768

There were $32 million stock repurchases that were pending settlement as of January 23, 2021. There were no stock repurchases that were pending settlement as of July 25, 2020.

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.

(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.