Stockholders' Equity

6 Months Ended

Jan. 29, 2022

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

(a)Cash Dividends on Shares of Common Stock

We declared and paid cash dividends of $0.37 and $0.36 per common share, or $1.5 billion, on our outstanding common stock for each of the second quarters of fiscal 2022 and 2021. We declared and paid cash dividends of $0.74 and $0.72 per common share, or $3.1 billion and $3.0 billion, on our outstanding common stock for the first six months of fiscal 2022 and 2021, respectively.

On February 16, 2022, our Board of Directors declared a quarterly dividend of $0.38 per common share to be paid on April 27, 2022 to all stockholders of record as of the close of business on April 6, 2022. 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 16, 2022, our Board of Directors authorized a $15 billion increase to the stock repurchase program. The remaining authorized amount for stock repurchases under this program, including the additional authorization, is approximately $18 billion with no termination date. A summary of the stock repurchase activity for fiscal 2022 and 2021 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 2022
January 29, 2022	82	$	58.36	$	4,824
October 30, 2021	5	$	56.49	$	256
Fiscal 2021
July 31, 2021	15	$	53.30	$	791
May 1, 2021	10	$	48.71	$	510
January 23, 2021	19	$	42.82	$	801
October 24, 2020	20	$	40.44	$	800

There were $25 million in stock repurchases that were pending settlement as of July 31, 2021.

The purchase price for the shares of our stock repurchased is reflected as a reduction to stockholders’ 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 Amended and Restated Certificate of Incorporation, the Board of Directors is authorized to issue preferred stock of one or more series and, in connection with the creation of such series, to fix by resolution the designation, powers (including voting powers (if any)), preferences and relative, participating, optional or other special rights of such series, and any qualification, limitations or restrictions thereof, of the shares of such series. As of January 29, 2022, we had not issued any shares of preferred stock.