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Share Repurchase Programs
12 Months Ended
Jun. 29, 2014
Equity [Abstract]  
Share Repurchase Programs
Share Repurchase Programs
In November 2013, the Company's Board of Director's approved a $200.0 million share repurchase program that superseded the existing share repurchase program authorized in August 2008. The share repurchases are authorized to be completed through the combination of individually negotiated transactions, accelerated share buybacks, and open market purchases.
On November 13, 2013, the Company entered into an accelerated stock buyback agreement ("ASB") with Goldman, Sachs & Co. (Goldman Sachs) to repurchase an aggregate of approximately $44.3 million of outstanding common stock. The total aggregate number of shares repurchased pursuant to the ASB was based on the daily volume weighted average market price (VWAP) of the Company's common stock over the course of a calculation period, less a discount, and was subject to certain adjustments under the ASB. Under the ASB, the Company paid approximately $44.3 million to Goldman Sachs on November 18, 2013, and Goldman Sachs delivered to the Company approximately 4.6 million shares of common stock, reflecting 80% of the $44.3 million paid. The ASB was completed on April 30, 2014 and the Company received an additional 1.5 million shares of outstanding common stock, representing the 20% holdback. In total, approximately 6.1 million shares of the Company's outstanding common stock were delivered under the ASB at an average price of $7.27 per share.
During fiscal 2014, the Company repurchased approximately 22.5 million shares, at an average price of $6.68 per share, for a total of $150.0 million, recorded as treasury stock, which included the 6.1 million shares repurchased through the ASB for approximately $44.3 million and approximately 16.4 million shares from the open market and individually negotiated transactions for approximately $105.7 million.
As of June 29, 2014, approximately $50.0 million remains under the authorized repurchase program.