v3.19.1

Employee Benefit Plans (Tables)

9 Months Ended

Apr. 27, 2019

Retirement Benefits [Abstract]

Summary of Share-Based Compensation Expense

The following table summarizes share-based compensation expense (in millions):

	Three Months Ended								Nine Months Ended
	April 27, 2019				April 28, 2018				April 27, 2019				April 28, 2018
Cost of sales—product	$	22			$	24			$	67			$	70
Cost of sales—service	32				33				96				98
Share-based compensation expense in cost of sales	54				57				163				168
Research and development	135				139				398				409
Sales and marketing	124				142				386				412
General and administrative	63				61				190				189
Restructuring and other charges	3				6				45				24
Share-based compensation expense in operating expenses	325				348				1,019				1,034
Total share-based compensation expense	$	379			$	405			$	1,182			$	1,202
Income tax benefit for share-based compensation	$	98			$	140			$	389			$	411

Summary of Share-Based Awards Available for Grant

A summary of share-based awards available for grant is as follows (in millions):

	Share-Based Awards Available for Grant
BALANCE AT JULY 29, 2017	272
Restricted stock, stock units, and other share-based awards granted	(70	)
Share-based awards canceled/forfeited/expired	18
Shares withheld for taxes and not issued	25
BALANCE AT JULY 28, 2018	245
Restricted stock, stock units, and other share-based awards granted	(41	)
Share-based awards canceled/forfeited/expired	16
Shares withheld for taxes and not issued	17
Other	1
BALANCE AT APRIL 27, 2019	238

Summary of Restricted Stock and Stock Unit Activity

A summary of the restricted stock and stock unit activity, which includes time-based and performance-based or market-based RSUs, is as follows (in millions, except per-share amounts):

	Restricted Stock/ Stock Units			Weighted-Average Grant Date Fair Value per Share				Aggregate Fair  Value
UNVESTED BALANCE AT JULY 29, 2017	141			$	26.94
Granted	46			35.62
Assumed from acquisitions	1			28.26
Vested	(53	)		26.02				$	1,909
Canceled/forfeited/other	(16	)		28.37
UNVESTED BALANCE AT JULY 28, 2018	119			30.56
Granted	27			45.01
Vested	(36	)		28.30				$	1,698
Canceled/forfeited/other	(12	)		31.39
UNVESTED BALANCE AT APRIL 27, 2019	98			$	35.30

Summary of Stock Option Activity

A summary of the stock option activity is as follows (in millions, except per-share amounts):

	STOCK OPTIONS OUTSTANDING
	Number Outstanding			Weighted-Average Exercise Price per Share
BALANCE AT JULY 29, 2017	12			$	6.15
Assumed from acquisitions	3			8.20
Exercised	(8	)		5.77
Canceled/forfeited/expired	(1	)		8.75
BALANCE AT JULY 28, 2018	6			7.18
Exercised	(3	)		6.88
BALANCE AT APRIL 27, 2019	3			$	7.35

Summary of Significant Ranges of Outstanding and Exercisable Stock Options

The following table summarizes significant ranges of outstanding and exercisable stock options as of April 27, 2019 (in millions, except years and share prices):

		STOCK OPTIONS OUTSTANDING													STOCK OPTIONS EXERCISABLE
Range of Exercise Prices		Number Outstanding			Weighted- Average Remaining Contractual Life (in Years)		Weighted- Average Exercise Price per Share				Aggregate Intrinsic Value				Number Exercisable			Weighted- Average Exercise Price per Share				Aggregate Intrinsic Value
$   0.01 – 35.00		3			5.3		$	7.35			$	141			2			$	7.22			$	117

Schedule of Assumptions Used

The assumptions for the valuation of time-based RSUs and PRSUs are summarized as follows:

	RESTRICTED STOCK UNITS								PERFORMANCE BASED RESTRICTED STOCK UNITS
Three Months Ended	April 27, 2019				April 28, 2018				April 27, 2019			April 28, 2018
Number of shares granted (in millions)	2				2				—			—
Grant date fair value per share	$	48.17			$	39.31			N/A			$	43.44
Weighted-average assumptions/inputs:
Expected dividend yield	2.7		%		2.9		%		N/A			3.0		%
Range of risk-free interest rates	2.2% – 2.6%				0.0% – 2.6%				N/A			1.5%-2.5%
Range of expected volatilities for index	N/A				N/A				N/A			12.5%-82.8%

	RESTRICTED STOCK UNITS								PERFORMANCE BASED RESTRICTED STOCK UNITS
Nine Months Ended	April 27, 2019				April 28, 2018				April 27, 2019				April 28, 2018
Number of shares granted (in millions)	25				30				2				3
Grant date fair value per share	$	44.84			$	33.97			$	47.00			$	31.96
Weighted-average assumptions/inputs:
Expected dividend yield	2.8		%		3.2		%		2.8		%		3.5		%
Range of risk-free interest rates	0.0% – 2.9%				0.0% – 2.6%				2.1% – 3.0%				1.0%-2.5%
Range of expected volatilities for index	N/A				N/A				13.0% – 65.2%				12.5%-82.8%

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Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets.

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Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.

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Tabular disclosure for share-based compensation plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

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Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for stock options and stock appreciation rights that were outstanding at the beginning and end of the year, exercisable at the end of the year, and the number of stock options and stock appreciation rights that were granted, exercised or converted, forfeited, and expired during the year.

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