Shareholders' equity

12 Months Ended

Jul. 02, 2016

Shareholders' equity

Shareholders' equity

4. Shareholders’ equity

Accumulated comprehensive income (loss)

The following table includes the balances within accumulated other comprehensive income (loss):

	July 2,		June 27,		June 28,
	2016		2015		2014
	(Thousands)
Accumulated translation adjustments and other	$	(362,228)	$	(316,873)	$	244,149
Accumulated pension liability adjustments, net of income taxes		(158,547)		(124,165)		(104,637)
Total accumulated other comprehensive income (loss)	$	(520,775)	$	(441,038)	$	139,512

Amounts reclassified out of accumulated comprehensive income (loss), net of tax, to operating expenses during fiscal 2016, 2015 and 2014 substantially all related to net periodic pension costs as discussed further in Note 10.

Share repurchase program

In August 2015, the Company’s Board of Directors amended the Company’s existing share repurchase program to authorize the repurchase of up to $1.25 billion of common stock in the open market or through privately negotiated transactions. The timing and actual number of shares repurchased will depend on a variety of factors such as share price, corporate and regulatory requirements, and prevailing market conditions. During fiscal 2016, the Company repurchased 9.3 million shares under this program at an average market price of $40.73 per share for a total cost of $377.5 million. This amount differs from the cash used for repurchases of common stock on the consolidated statement of cash flows to the extent repurchases were not settled at the end of a fiscal year. Repurchased shares were retired. Since the beginning of the repurchase program through the end of fiscal 2016, the Company has repurchased 31.4 million shares at an aggregate cost of $1.08 billion, and $174.9 million remains available for future repurchases under the share repurchase program.

Common stock dividend

During fiscal 2016, the Company has paid dividends of $0.68 per common share and $88.6 million in total.