Stockholders' Equity

9 Months Ended

Apr. 03, 2021

Equity [Abstract]

Stockholders' Equity

Note 15. Stockholders' Equity

Repurchase of Common Stock

In September 2019, the Board of Directors authorized a stock repurchase program of up to $200 million of the Company’s common stock through open market or private transactions before September 30, 2021. The new stock repurchase program replaces the previous $200 million stock repurchase program that was set to expire on September 30, 2019. Under the new repurchase program, the Company may repurchase its common stock from time to time at the discretion of the Company’s management.

During the three and nine months ended April 3, 2021, the Company repurchased 0.5 million and 2.3 million shares of its common stock for $7.9 million and $31.7 million, respectively, of which $0.6 million was included as an unsettled liability at the end of April 3, 2021. As of April 3, 2021, the Company had remaining authorization of $123.9 million for future share repurchases. The number of shares to be repurchased and the timing of such repurchases will be based on several factors, including business and financial market conditions.