Stock Repurchase Program

In March 2018, the Board of Directors authorized the Company to repurchase up to an additional $2.0 billion of Common Stock. The new authorization increases the share repurchase authorization granted in November 2017 to an aggregate of $4.0 billion of Common Stock, and supplements the remaining balances from any prior authorizations. These repurchases can be conducted on the open market or as private purchases and may include the use of derivative contracts with large financial institutions, in all cases subject to compliance with applicable law. Repurchases are funded using the Company’s cash and available credit facilities. This repurchase program has no termination date and may be suspended or discontinued at any time.

Repurchases under the repurchase program were as follows during the periods indicated:



Period	Total Number of Shares Repurchased	Total Cost of Repurchase		Average Price Paid per Share⁽¹⁾		Amount Available Under Repurchase Program
	(in thousands, except per share data)
Available balance as of June 25, 2017						$	282,141
Quarter ended September 24, 2017	1,779	$	157,938	$	158.40	$	124,203
Board authorization, $2.0 billion increase, November 2017						$	2,124,203
Quarter ended December 24, 2017	3,709	$	1,089,744	$	196.28	$	1,034,459
Board authorization, $2.0 billion increase, March 2018						$	3,034,459
Quarter ended March 25, 2018	1,019	$	—	$	—	$	3,034,459
Quarter ended June 24, 2018	7,702	$	1,300,821	$	191.03	$	1,733,638

(1) Average price paid per share excludes effect of accelerated share repurchases; see additional disclosure below regarding our accelerated share repurchase activity during the fiscal year.

In addition to the shares repurchased under the Board-authorized repurchase program shown above, the Company acquired 577 thousand shares at a total cost of $104.9 million during the 12 months ended June 24, 2018, which the Company withheld through net share settlements to cover minimum tax withholding obligations upon the vesting of restricted stock unit awards granted under the Company’s equity compensation plan. The shares retained by the Company through these net share settlements are not a part of the Board-authorized repurchase program but instead are authorized under the Company’s equity compensation plans.

Accelerated Share Repurchase Agreements Settled in the 2018 Fiscal Year

On May 9, 2018, the Company entered into two separate accelerated share repurchase agreements (collectively, the "May 2018 ASR") with two financial institutions to repurchase a total of $1 billion of Common Stock. The Company took an initial delivery of approximately 3,505,000 shares, which represented 70% of the prepayment amount divided by the Company’s closing stock price on May 9, 2018. The total number of shares received under the May 2018 ASR was based upon the average daily volume weighted average price of the Company’s Common Stock during the repurchase period, less an agreed upon discount. Final settlement of these two transactions occurred on June 8, 2018 and June 11, 2018. Approximately 1,640,000 shares were received at final settlement which resulted in a weighted–average price of approximately $194.35 for the transaction period.

On November 20, 2017, the Company entered into four separate accelerated share repurchase agreements (collectively, the " November 2017 ASR") with two financial institutions to repurchase a total of $1 billion of Common Stock. The Company took an initial delivery of 3,254,300 shares, which represented 70% of the prepayment amount divided by the Company’s closing stock price on November 20, 2017. The total number of shares received under the November 2017 ASR was based upon the average daily volume weighted average price of the Company’s Common Stock during the repurchase period, less an agreed upon discount. Final settlement of two of the transactions occurred on February 1, 2018 and February 2, 2018. Approximately 1,019,000 shares were received at final settlement, which resulted in a weighted-average share price of approximately $189.03 for the transaction period. Final settlement for the remaining transactions occurred on April 24, 2018 and May 23, 2018. Approximately 984,000 shares were received at final settlement, which resulted in a weighted-average share price of approximately $191.55 for the transaction period.

On April 19, 2017, the Company entered into two separate accelerated share repurchase agreements (collectively, the “April 2017 ASR”) with two financial institutions to repurchase a total of $500 million of Common Stock. The Company took an initial delivery of approximately 2,570,000 shares, which represented 70% of the prepayment amount divided by the Company’s closing stock price on April 19, 2017. The total number of shares received under the April 2017 ASR was based upon the average daily volume weighted average price of our Common Stock during the repurchase period, less an agreed upon discount. The April 2017 ASR settled on June 30, 2017. Approximately 780,000 shares were received at final settlement, which resulted in a weighted-average share price of approximately $149.16 for the transaction period.