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STOCK REPURCHASE PROGRAM
 9 Months Ended
Mar. 28, 2021
Equity [Abstract]  
STOCK REPURCHASE PROGRAM STOCK REPURCHASE PROGRAMIn November 2020, the Board of Directors authorized the Company to repurchase up to an additional $5.0 billion of Common Stock; this authorization supplements the remaining balances from any prior authorizations. These repurchases can be conducted on the open market or as private purchases and may include the use of derivative contracts with large financial institutions, in all cases subject to compliance with applicable law. This repurchase program has no termination date and may be suspended or discontinued at any time.
Repurchases under the repurchase program were as follows during the periods indicated:
PeriodTotal Number of
Shares
Repurchased		Total Cost of
Repurchase
Average Price
Paid Per Share (1)
Amount
Available Under
Repurchase
Program
(in thousands, except per share data)
Available balance as of June 28, 2020$1,773,427 
Quarter ended September 27, 20201,344 $461,998 $343.73 $1,311,429 
Board authorization, $5 billion increase, November 2020
$6,311,429 
Quarter ended December 27, 20201,789 $724,485 $404.98 $5,586,944 
Quarter ended March 28, 20211,474 $925,099 $519.30 $4,661,845 
(1) Average price paid per share excludes the effect of accelerated share repurchases. See additional disclosure below regarding the Company’s accelerated share repurchase activity during the nine months ended March 28, 2021.
In addition to the shares repurchased under the Board-authorized repurchase program shown above, during the three and nine months ended March 28, 2021, the Company acquired 257 thousand shares at a total cost of $152.3 million and 280 thousand shares at a total cost of $160.6 million, respectively, which the Company withheld through net settlements to cover minimum tax withholding obligations upon the vesting of restricted stock unit awards granted under the Company’s equity compensation plans. The shares retained by the Company through these net share settlements are not a part of the Board-authorized repurchase program but instead are authorized under the Company’s equity compensation plan.
Accelerated Share Repurchase Agreements
On February 11, 2021, the Company entered into an accelerated share repurchase agreement (the “February 2021 ASR") with a financial institution to repurchase a total of $500 million of Common Stock. The Company took an initial delivery of approximately 655 thousand shares, which represented 75% of the prepayment amount divided by the Company’s closing stock price on February 11, 2021. The total number of shares received under the February 2021 ASR will be based upon the average daily volume weighted average price of the Company’s Common Stock during the repurchase period, less an agreed upon discount. Final settlement of the February 2021 ASR will occur no later than June 9, 2021.