Shareholders' Equity

12 Months Ended

Jul. 31, 2016

Equity [Abstract]

Share Repurchases

Shareholders' Equity

We have authorized 560 million shares of Capital stock with $.0375 par value and 40 million shares of Preferred stock, issuable in one or more classes, with or without par as may be authorized by the Board of Directors. No Preferred stock has been issued.

Share Repurchase Programs

In June 2011, the Board authorized the purchase of up to $1,000 of our stock. This program has no expiration date. In addition to this publicly announced program, we also have a separate Board authorization to purchase shares to offset the impact of dilution from shares issued under our stock compensation plans.

In 2016, we repurchased 3 million shares at a cost of $143. Of this amount, $100 was used to repurchase shares pursuant to our June 2011 publicly announced share repurchase program. Approximately $450 remained available under this program as of July 31, 2016. In 2015, we repurchased 5 million shares at a cost of $244 and in 2014, we repurchased 2 million shares at a cost of $76.