Shareholders' Equity

6 Months Ended

Dec. 27, 2014

Equity [Abstract]

Shareholders' equity

Shareholders' equity

Share repurchase program

In November 2014, the Company’s Board of Directors authorized a $250.0 million increase in the Company's existing share repurchase program. With this increase, the Company may repurchase up to $1.0 billion 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 share price, corporate and regulatory requirements, and prevailing market conditions. During the second quarter of fiscal 2015, the Company repurchased 2.3 million shares under this program at an average market price of $39.86 per share for a total cost of $91.0 million. Since the beginning of the repurchase program through the end of the second quarter of fiscal 2015, the Company has repurchased 20.8 million shares at an aggregate cost of $642.9 million, and $357.1 million remained available for future repurchases under the share repurchase program.

Common stock dividend

In November 2014, the Company's Board of Directors approved a dividend of $0.16 per common share and dividend payments of $21.8 million were made in December 2014. During the six months ended December 27, 2014, the Company has paid dividends of $0.32 per common share and $43.9 million in total.