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Stockholders' Equity
 12 Months Ended
Jul. 31, 2021
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders’ Equity
(a)Cash Dividends on Shares of Common Stock
We declared and paid cash dividends of $1.46, $1.42 and $1.36 per common share, or $6.2 billion during fiscal 2021 and $6.0 billion, on our outstanding common stock during each of fiscal 2020 and 2019.
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. As of July 31, 2021, the remaining authorized amount for stock repurchases under this program was approximately $7.9 billion with no termination date.
A summary of the 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 EndedSharesWeighted-Average Price per ShareAmount
July 31, 202164 $45.48 $2,902 
July 25, 202059 $44.36 $2,619 
July 27, 2019418 $49.22 $20,577 
There was $25 million in stock repurchases that were pending settlement as of July 31, 2021. There was no stock repurchases pending settlement as of July 25, 2020. There was $40 million in stock repurchases that were pending settlement as of July 27, 2019.
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 July 31, 2021, we had not issued any shares of preferred stock.