Shareholders' equity

3 Months Ended

Oct. 01, 2016

Shareholders' equity

Shareholders' equity

10. Shareholders’ equity

Share repurchase program

In August 2015, the Company’s Board of Directors amended the Company’s existing share repurchase program to authorize the repurchase of up to $1.25 billion of common stock in the open market or through privately negotiated transactions. The timing and actual number of shares repurchased will depend on a variety of factors such as share price, corporate and regulatory requirements, and prevailing market conditions. During the first quarter of fiscal 2017, the Company did not repurchase any shares under this program. Since the beginning of the repurchase program through the end of the first quarter of fiscal 2017, the Company has repurchased 31.4 million shares at an aggregate cost of $1.08 billion, and $174.9 million remains available for future repurchases.

Common stock dividend

In August 2016, the Company’s Board of Directors approved a dividend of $0.17 per common share and dividend payments of $21.7 million were made in September 2016.