Stockholders' Equity

12 Months Ended

Jun. 25, 2022

Equity [Abstract]

Stockholders' Equity

10. Stockholders’ Equity

Preferred Stock

We are authorized, subject to limitations imposed by Delaware law, to issue up to a total of 10,000,000 shares of preferred stock in one or more series without stockholder approval. Our Board of Directors has the power to establish, from time to time, the number of shares to be included in each series and to fix the rights, preferences, and privileges of the shares of each wholly unissued series and any of its qualifications, limitations, or restrictions. Our Board of Directors can also increase or decrease the number of shares of a series, but not below the number of shares of that series then outstanding, without any further vote or action by the stockholders.

Our Board of Directors may authorize the issuance of preferred stock with voting or conversion rights that could harm the voting power or other rights of the holders of our common stock. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could, among other things, have the effect of delaying, deferring, or preventing a change in control of our company and might harm the market price of our common stock and the voting power and other rights of the holders of our common stock. As of the end of fiscal 2022, there were no shares of preferred stock outstanding.

Shares Reserved for Future Issuance

Shares of common stock reserved for future issuance as of the end of fiscal 2022 were as follows:

Stock options outstanding	31,185
Restricted stock units outstanding	1,220,573
Market stock units outstanding	251,974
Performance stock units outstanding	441,375
Awards available for grant under all share-based    compensation plans	4,449,604
Reserved for future issuance	6,394,711

Treasury Stock

Our cumulative authorization of repurchases under our common stock repurchase program as of the end of fiscal 2022 was $1.8 billion expiring July 2025. The program authorizes us to repurchase our common stock in the open market or in privately negotiated transactions depending upon market conditions and other factors. The number of shares repurchased and the timing of repurchases is based on the level of our cash balances, general business and market conditions, and other factors, including alternative investment opportunities. Common stock repurchased under this program is held as treasury stock. As of the end of fiscal 2022, we had $577.4 million of common stock remaining to be repurchased under our common stock repurchase program. During fiscal 2022 and 2021, we issued 3.5 million and 0.1 million shares, respectively, from treasury stock for settlement of redemptions of our convertible notes.