Shareholders' Equity

3 Months Ended

Sep. 27, 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 first quarter of fiscal 2015, the Company repurchased 0.4 million shares under this program at an average market price of $41.95 per share for a total cost of $17.8 million, a portion of which was not settled as of September 27, 2014. Since the beginning of the repurchase program through the end of the first quarter of fiscal 2015, the Company has repurchased 18.5 million shares at an aggregate cost of $551.9 million, and $198.1 million remained available for future repurchases under the share repurchase program.

Common stock dividend

In August 2014, the Company's Board of Directors approved a dividend of $0.16 per common share and dividend payments of $22.1 million were made in September 2014.