Shareholders' Equity

9 Months Ended

Mar. 29, 2014

Equity [Abstract]

Shareholders' equity

Shareholders' equity

Share repurchase program

In August 2012, the Company’s Board of Directors amended the Company's existing share repurchase program to authorize the repurchase of up to $750.0 million of common stock in the open market or through privately negotiated transactions. The timing and actual number of shares purchased will depend on a variety of factors such as price, corporate and regulatory requirements, and prevailing market conditions. During the third quarter and first nine months of fiscal 2014, the Company repurchased 31,700 shares under this program at an average market price of $39.50 per share for a total cost of $1.3 million. Since the beginning of the repurchase program through the end of the first nine months of fiscal 2014, the Company has repurchased 17,921,700 shares at an aggregate cost of $526.8 million, and $223.2 million remains available for future repurchases under the share repurchase program.

Common stock dividend

In February 2014, the Company's Board of Directors approved a dividend of $0.15 per common share to the shareholders of record on March 4, 2014. Dividend payments of $20.7 million were made in March 2014.

During the first nine months of fiscal 2014, the Company has paid dividends of $0.45 per common share and $62.0 million in total.