Common Stock Repurchases

12 Months Ended

Jun. 29, 2019

Common Stock Repurchases [Abstract]

Treasury Stock [Text Block]

COMMON STOCK REPURCHASES

On July 20, 2017, the Board of Directors of the Company authorized the repurchase of up to $1.0 billion of the Company's common stock. The stock repurchase authorization did not have an expiration date and the pace of repurchase activity depended on factors such as current stock price, levels of cash generation from operations, cash requirements, and other factors. The prior authorization by the Company’s Board of Directors for repurchase of common stock was cancelled and superseded by this repurchase authorization.

On October 30, 2018, the Board of Directors of the Company authorized the repurchase of up to $1.5 billion of the Company’s common stock. The stock repurchase authorization does not have an expiration date and the pace of repurchase activity will depend on factors such as current stock price, levels of cash generation from operations, cash requirements, and other factors. The prior authorization by the Company’s Board of Directors for repurchase of common stock was cancelled and superseded by this repurchase authorization.

During fiscal years 2020, 2019 and 2018, the Company repurchased approximately 7.9 million, 9.8 million and 7.5 million shares of its common stock for $440.8 million, $539.2 million and $408.0 million, respectively. As of June 27, 2020, the Company had a remaining authorization of $0.7 billion for future share repurchases. The Company suspended its repurchase program on July 13, 2020, the date the Company announced its planned merger with ADI.