Stockholders' Equity

6 Months Ended

Jan. 02, 2016

Equity [Abstract]

Stockholders' Equity

Note 13. Stockholders' Equity

Repurchase of Common Stock

In May 2014, the Company's Board of Directors authorized a stock repurchase program under which the Company may purchase shares of its common stock worth up to an aggregate purchase price of $100.0 million through open market or private transactions. In October 2015, the Board extended the previously authorized repurchase program to utilize the remaining unused dollar amount from the program of approximately $40 million.

In November 2015, the Company entered into a $40.0 million accelerated share repurchase agreement (the “ASR”) with a financial institution that was completed during the third quarter of fiscal 2016. Upon making the upfront payment of $40.0 million, the Company received an initial delivery of 5.3 million shares from the financial institution during the second quarter of fiscal 2016, which were retired and recorded as a $32.0 million reduction to stockholder’s equity on the Consolidated Balance Sheet. As of January 2, 2016, the ASR was evaluated as an unsettled forward contract indexed to the Company’s own stock, with $8.0 million classified within stockholders’ equity. The Company reflects the repurchase of common stock under the ASR in the period the shares are delivered for the purposes of calculating earnings per share and as a forward contract indexed to its own common stock. The ASR met all of the applicable criteria for equity classification and therefore was not accounted for as a derivative instrument.

During the third quarter of fiscal 2016, the ASR was completed and a final delivery of 1.3 million shares was delivered based on the final settlement price of $6.05 per share. All common shares repurchased under this program have been canceled and retired.