SHAREHOLDERS' DEFICIT

3 Months Ended

Sep. 27, 2017

Stockholders' Equity Note [Abstract]

SHAREHOLDERS' DEFICIT

SHAREHOLDERS’ DEFICIT

In August 2017, our Board of Directors authorized a $250.0 million increase to our existing share repurchase program resulting in total authorizations of $4.6 billion. We repurchased approximately 1.3 million shares of our common stock for $41.7 million during the first quarter of fiscal 2018. The repurchased shares included shares purchased as part of our share repurchase program and shares repurchased to satisfy team member tax withholding obligations on the vesting of restricted shares. Repurchased common stock is reflected as an increase in treasury stock within shareholders’ deficit. As of September 27, 2017, approximately $324.9 million was available under our share repurchase authorizations. Our stock repurchase plan has been and will be used to return capital to shareholders and to minimize the dilutive impact of stock options and other share-based awards. We evaluate potential share repurchases under our plan based on several factors, including our cash position, share price, operational liquidity, proceeds from divestitures, borrowings, and planned investment and financing needs.

During the first quarter of fiscal 2018, we granted approximately 1.2 million stock options with a weighted average exercise price per share of $31.22 and a weighted average fair value per share of $4.45, and approximately 415,000 restricted share awards with a weighted average fair value per share of $31.22.

During the first quarter of fiscal 2018, we paid dividends of $17.0 million to common stock shareholders, compared to $18.3 million in the prior year. Additionally, our Board of Directors approved a 12% increase in the quarterly dividend from $0.34 to $0.38 per share effective with the dividend declared in August 2017, which was paid subsequent to the end of the quarter on September 28, 2017 in the amount of $18.4 million. The dividend accrual was included in other accrued liabilities on our consolidated balance sheet as of September 27, 2017.