Quarterly report pursuant to Section 13 or 15(d)

Stock Repurchase Program

v2.4.1.9
Stock Repurchase Program
 6 Months Ended
Dec. 31, 2014
Equity [Abstract]  
Stock Repurchase Program
STOCK REPURCHASE PROGRAM
The Company’s Board of Directors has authorized a program for the Company to repurchase shares of the Company’s common stock. The intent of this program is to offset the dilution from KLA-Tencor’s equity incentive plans and employee stock purchase plan, as well as to return excess cash to the Company’s stockholders. Subject to market conditions, applicable legal requirements and other factors, the repurchases will be made from time to time 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. On July 8, 2014, the Company’s Board of Directors authorized KLA-Tencor to repurchase up to 13 million additional shares of the Company’s common stock. On October 23, 2014, as part of the leveraged recapitalization transaction announcement, the Board of Directors authorized an increase to the existing stock repurchase program of 3.6 million additional shares of the Company's common stock. As of December 31, 2014, an aggregate of approximately 14.8 million shares were available for repurchase under the Company’s repurchase program.
Share repurchases for the indicated periods (based on the trade date of the applicable repurchase) were as follows:
 
Three months ended
December 31,
 
Six months ended
December 31,
(In thousands)
2014
 
2013
 
2014
 
2013
Number of shares of common stock repurchased
2,120

 
959

 
3,862

 
1,997

Total cost of repurchases
$
148,266

 
$
60,302

 
$
278,949

 
$
120,806


As of December 31, 2014, the Company had repurchased 176,123 shares for $12.6 million, which repurchases had not settled prior to December 31, 2014 and were recorded as a component of other current liabilities.