Stockholders' Equity

12 Months Ended

Jul. 27, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

(a)Stock Repurchase Program

In September 2001, our Board of Directors authorized a stock repurchase program. As of July 27, 2024, the remaining authorized amount for stock repurchases under this program was approximately $5.2 billion with no termination date.

Our 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 27, 2024	117	$	49.45	$	5,764
July 29, 2023	88	$	48.49	$	4,271
July 30, 2022	146	$	52.82	$	7,734

There were $25 million, $48 million and $70 million in stock repurchases that were pending settlement as of July 27, 2024, July 29, 2023 and July 30, 2022, respectively.

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.

(b)Dividends Declared

On August 14, 2024, our Board of Directors declared a quarterly dividend of $0.40 per common share to be paid on October 23, 2024, to all stockholders of record as of the close of business on October 2, 2024. Future dividends will be subject to the approval of our Board of Directors.

(c)Preferred Stock

Under the terms of our Amended and Restated Certificate of Incorporation, the Board of Directors is authorized to issue preferred stock in 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, if any, of such series, and any qualifications, limitations or restrictions thereof, of the shares of such series. As of July 27, 2024, we have not issued any shares of preferred stock.