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Shareholders' equity
9 Months Ended
Mar. 28, 2020
Shareholders' equity  
Shareholders' equity

10. Shareholders’ equity

Share repurchase program

In August 2019, the Company’s Board of Directors amended the Company’s existing share repurchase program, increasing the cumulative total of authorized share repurchases to $2.95 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, expected liquidity, expected compliance with financial debt convents, corporate and regulatory requirements, and prevailing market conditions. During the third quarter and nine months ended March 28, 2020, the Company repurchased 1.1 million and 5.9 million shares, respectively, under this program for a total cost of $36.7 million and $236.4 million, respectively. As of March 28, 2020, the Company had $469.0 million remaining under its share repurchase authorization.

As a result of the economic uncertainty caused by COVID-19, the Company has temporarily suspended share repurchases.

Common stock dividend

In February 2020, the Company’s Board of Directors approved a dividend of $0.21 per common share and dividend payments of $20.8 million were made in March 2020. During the nine months ended March 28, 2020, the Company paid dividends of $0.63 per common share and $63.2 million in total.