Stockholders' Equity

3 Months Ended

Oct. 28, 2023

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 October 28, 2023, the remaining authorized amount for stock repurchases under this program was approximately $9.7 billion with no termination date. A summary of the stock repurchase activity for fiscal 2024 and 2023 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 2024
October 28, 2023	23	$	54.53	$	1,252
Fiscal 2023
July 29, 2023	25	$	50.49	$	1,254
April 29, 2023	25	$	49.45	$	1,259
January 28, 2023	26	$	47.72	$	1,256
October 29, 2022	12	$	43.76	$	502

There were stock repurchases of $48 million that were pending settlement as of July 29, 2023.

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 November 15, 2023, our Board of Directors declared a quarterly dividend of $0.39 per common share to be paid on January 24, 2024, to all stockholders of record as of the close of business on January 4, 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 October 28, 2023, we had not issued any shares of preferred stock.