Annual report pursuant to Section 13 and 15(d)

Stock Repurchase Program

v3.19.2
Stock Repurchase Program
 12 Months Ended
Jun. 30, 2019
Equity [Abstract]  
STOCK REPURCAHSE PROGRAM
NOTE 10 — STOCK REPURCHASE PROGRAM
Our Board of Directors has authorized a program which permits us to repurchase up to $2.00 billion of our common stock, reflecting an increase from $1.00 billion upon the close of the Orbotech Acquisition. For additional details, refer to Note 1, “Description of Business and Summary of Significant Accounting Policies.” The intent of this program is to offset the dilution from our equity incentive plans, employee stock purchase plan, the issuance of shares in the Orbotech Acquisition, as well as to return excess cash to our stockholders. Subject to market conditions, applicable legal requirements and other factors, the repurchases were made in the open market in compliance with applicable securities laws, including the Securities Exchange Act of 1934 and the rules promulgated thereunder such as Rule 10b-18 and Rule 10b5-1. This stock repurchase program has no expiration date and may be suspended at any time. As of June 30, 2019, an aggregate of approximately $858.7 million was available for repurchase under our stock repurchase program.
Share repurchases for the indicated periods (based on the trade date of the applicable repurchase) were as follows: 
(In thousands)
Year ended June 30,
2019
 
2018
 
2017
Number of shares of common stock repurchased
10,207

 
1,960

 
243

Total cost of repurchases
$
1,103,202

 
$
203,169

 
$
25,002


As of June 30, 2019, we had repurchased 68 thousand shares for $8.0 million, for which repurchases had not settled prior to June 30, 2019. The amount was recorded as a component of other current liabilities for the period presented.