Shareholders' equity

3 Months Ended

Oct. 01, 2022

Shareholders' equity

Shareholders' equity

10. Shareholders’ equity

Share repurchase program

In May 2022, the Company’s Board of Directors approved a new share repurchase plan with an authorization to repurchase up to an aggregate of $600 million 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 first quarter of fiscal 2023, the Company repurchased 3.4 million shares under this program for a total cost of $147.9 million. As of October 1, 2022, the Company had $383.4 million remaining under its share repurchase authorization.

Common stock dividend

In August 2022, the Company’s Board of Directors approved a dividend of $0.29 per common share and dividend payments of $27.0 million were made in September 2022.