Share Repurchase Programs

3 Months Ended

Sep. 28, 2014

Equity [Abstract]

Share Repurchase Programs

Share Repurchase Programs

In November 2013, the Company's Board of Directors approved a $200.0 million share repurchase program that superseded the existing share repurchase program authorized in August 2008.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.

As of September 28, 2014, the Company repurchased approximately 22.5 million shares, at an average price of $6.68, for a total of approximately $150.0 million, recorded as treasury stock. No shares were repurchased during the three months ended September 28, 2014.

As of September 28, 2014, approximately $50.0 million remains under the authorized repurchase program.