SHAREHOLDERS' EQUITY

9 Months Ended

Mar. 27, 2013

Stockholders' Equity Note [Abstract]

SHAREHOLDERS' EQUITY

SHAREHOLDERS’ EQUITY

In August 2012, our Board of Directors authorized a $500.0 million increase to our existing share repurchase program. We repurchased approximately 5.8 million shares of our common stock for $191.8 million during the first three quarters of fiscal 2013. As of March 27, 2013, approximately $474.1 million was available under our share repurchase authorizations. Our stock repurchase plan has been and will be used to return capital to shareholders and to minimize the dilutive impact of stock options and other share-based awards. We evaluate potential share repurchases under our plan based on several factors, including our cash position, share price, operational liquidity, proceeds from divestitures, borrowing and planned investment and financing needs. Repurchased common stock is reflected as a reduction of shareholders’ equity. During the first three quarters of fiscal 2013, we granted approximately 276,000 stock options with an exercise price of $34.28 and a fair value of $13.42, and approximately 535,000 restricted share awards with a weighted average fair value of $35.40. Additionally, during the first three quarters of fiscal 2013, approximately 1.5 million stock options were exercised resulting in cash proceeds of $32.0 million.

During the first three quarters of fiscal 2013, we paid dividends of $42.2 million to common stock shareholders, compared to $37.9 million in the prior year. Our Board of Directors approved a 25 percent increase in the quarterly dividend from $0.16 to $0.20 per share effective with the dividend declared in August 2012. Additionally, we declared a quarterly dividend of $14.2 million in February 2013, payable on March 28, 2013.