Stock Repurchases

12 Months Ended

Jun. 30, 2021

Equity [Abstract]

Stock Repurchases

Stock Repurchases

On January 22, 2015, our Board of Directors approved a share repurchase program (the "Share Repurchase Program") for up to $450.0 million of our common stock. The Share Repurchase Program was announced on January 28, 2015, and expires at the end of each fiscal year unless extended. On April 26, 2016, June 8, 2017, April 18, 2018, December 6, 2018, and April 17, 2019, the Board of Directors approved a $400.0 million, $200.0 million, $200.0 million, $100.0 million, and $200.0 million increase in the Share Repurchase Program, respectively.On July 22, 2020, our Board of Directors approved a new share repurchase program (the "FY 2021 Program") for up to $200.0 million of our common stock, and terminated the Share Repurchase Program. The FY 2021 Program expired on June 30, 2021. On June 4, 2021, our Board of Directors approved another share repurchase program (the “FY 2022 Program”) for up to $300.0 million of our common stock in our fiscal year ending June 30, 2022. The timing and amount of any shares repurchased under the FY 2022 Program are based on market conditions and other factors. All shares of our common stock repurchased have been recorded as treasury stock under the cost method.

On June 14, 2021, as part of our FY 2022 Program, we entered into an accelerated share repurchase program (the "ASR Program") with a third party financial institution to repurchase an aggregate of $150.0 million of our common stock. The final settlement of the transaction under the ASR Program is expected to occur in the first quarter of our fiscal year 2022. For more details on of the ASR Program, refer to Note 21, "Subsequent Events".

During fiscal 2021, we repurchased 361,239 shares of our common stock in the open market for $50.0 million under the FY 2021 Program. During fiscal 2020, we repurchased 1,252,289 shares of our common stock in the open market for $150.0 million. During fiscal 2019, we repurchased 3,074,127 shares of our common stock in the open market for $300.0 million.

As of June 30, 2021, there was no remaining dollar value under the FY 2021 Program, and $300.0 million under the FY 2022 Program.