XML 33 R22.htm IDEA: XBRL DOCUMENT v3.24.0.1
STOCK REPURCHASE PROGRAM
 6 Months Ended
Dec. 24, 2023
Equity [Abstract]  
STOCK REPURCHASE PROGRAM STOCK REPURCHASE PROGRAM
In May 2022, the Board of Directors authorized the Company to repurchase up to an additional $5.0 billion of Common Stock; this authorization 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. 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:
PeriodTotal Number of
Shares
Repurchased
Total Cost of
Repurchase (1)
Average Price
Paid Per 
Share (1)
Amount
Available Under
Repurchase
Program
(in thousands, except per share data)
Available balance as of June 25, 2023$3,537,217 
Quarter ended September 24, 20231,257 $829,874 $660.01 $2,707,343 
Quarter ended December 24, 2023970 $640,267 $660.04 $2,067,076 
(1)    The Company’s net share repurchases are subject to a 1% excise tax under the Inflation Reduction Act. Excise tax incurred reduces the amount available under the repurchase program, as applicable, and is included in the cost of shares repurchased in the Condensed Consolidated Statement of Stockholders’ Equity and the calculation of the average price paid per share.
In addition to the shares repurchased under the Board-authorized repurchase program shown above, during the three and six months ended December 24, 2023, the Company acquired 6 thousand shares at a total cost of $4.5 million and 15 thousand shares at a total cost of $10.0 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.