STOCK REPURCHASE PROGRAM

9 Months Ended

Mar. 29, 2020

In November 2018, the Board of Directors authorized the Company to repurchase up to an additional $5.0 billion of Common Stock. 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. This repurchase program has no termination date and may be suspended or discontinued at any time. Funding for this repurchase program may be through a combination of cash on hand, cash generation, and borrowings. As of March 29, 2020, the Company has purchased approximately $3.2 billion of shares under this authorization, comprised of $0.7 billion of open market purchases and execution of $2.5 billion of accelerated share repurchase arrangements.

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 30, 2019						$	3,033,500
Quarter ended September 29, 2019	383	$	75,196	$	196.34	$	2,958,304
Quarter ended December 29, 2019	3,224	$	1,000,475	$	—	$	1,957,829
Quarter ended March 29, 2020	1,239	$	146,397	$	274.37	$	1,811,432


(1)	Average price paid per share excludes the effect of accelerated share repurchases. See additional disclosure below regarding the Company’s accelerated share repurchase activity during the nine months ended March 29, 2020.

In addition to the shares repurchased under the Board-authorized repurchase program shown above, during the three and nine months ended March 29, 2020, the Company acquired 337 thousand shares at a total cost of $99.0 million and 369 thousand

shares at a total cost of $106.8 million, respectively, which the Company withheld through net settlements to cover minimum tax withholding obligations upon the vesting of restricted stock unit awards granted under the Company’s equity compensation plans. 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 plan.

Accelerated Share Repurchase Agreements

On November 22, 2019, the Company entered into two separate accelerated share repurchase agreements (collectively, the "November 2019 ASR") with two financial institutions to repurchase a total of $1.0 billion of Common Stock. The Company took an initial delivery of approximately 2.9 million shares, which represented 75% of the prepayment amount divided by the Company’s closing stock price on November 22, 2019. The total number of shares received under the November 2019 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 the November 2019 ASR occurred during March 2020, resulting in the receipt of approximately 705 thousand additional shares, which yielded a weighted-average share price of approximately $280.27 for the transaction period.

On June 4, 2019, the Company entered into four separate accelerated share repurchase agreements (collectively, the "June 2019 ASR") with two financial institutions to repurchase a total of $750 million of Common Stock. The Company took an initial delivery of approximately 3.1 million shares, which represented 75% of the prepayment amount divided by the Company’s closing stock price on June 4, 2019. The total number of shares received under the June 2019 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 the agreements occurred during November 2019, resulting in the receipt of approximately 361 thousand additional shares, which yielded a weighted-average share price of approximately $215.60 for the transaction period.