Shareholders' equity

9 Months Ended

Apr. 02, 2022

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 ended April 2, 2022, the Company repurchased 1.1 million shares under this program for a total cost of $45.1 million. As of April 2, 2022, the Company had $378.0 million remaining under its share repurchase authorization.

Common stock dividend

In February 2022, the Company’s Board of Directors approved a dividend of $0.26 per common share and dividend payments of $25.6 million were made in March 2022.