Common Stock Repurchases

12 Months Ended

Jun. 24, 2017

Common Stock Repurchases [Abstract]

Treasury Stock [Text Block]

COMMON STOCK REPURCHASES

In July 2013, the Board of Directors authorized the Company to repurchase up to $1.0 billion of the Company's common stock from time to time at the discretion of the Company's management. This stock repurchase authorization had no expiration date. All prior authorizations by the Company's Board of Directors for the repurchase of common stock were superseded by this authorization.

During fiscal years 2017, 2016 and 2015, the Company repurchased approximately 6.1 million, 6.8 million and 6.2 million shares of its common stock for $251.8 million, $237.1 million and $195.1 million, respectively. As of June 24, 2017, the Company had a remaining authorization of $77.9 million for future share repurchases.

On July 20, 2017, the board of directors of the Company authorized the repurchase of up to $1.0 billion of the Company's common stock. The stock repurchase authorization does not have an expiration date and the pace of repurchase activity will depend on factors such as current stock price, levels of cash generation from operations, cash requirements, and other factors. The Company's prior repurchase authorization has been cancelled and superseded by this new repurchase authorization.