STOCK REPURCHASE PROGRAM

3 Months Ended

Sep. 27, 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 September 27, 2020, the Company has purchased approximately $3.7 billion of shares under this authorization, comprised of $1.2 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		Amount Available Under Repurchase Program
	(in thousands, except per share data)
Available balance as of June 28, 2020						$	1,773,427
Quarter ended September 27, 2020	1,344	$	461,998	$	343.73	$	1,311,429

In addition to the shares repurchased under the Board-authorized repurchase program shown above, during the three months ended September 27, 2020, the Company acquired 15 thousand shares at a total cost of $5.1 million, 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.