Quarterly report pursuant to Section 13 or 15(d)

Stock Repurchase Program

v3.10.0.1
Stock Repurchase Program
 3 Months Ended
Sep. 30, 2018
Equity [Abstract]  
STOCK REPURCHASE PROGRAM
NOTE 10 – STOCK REPURCHASE PROGRAM
The Company’s Board of Directors has authorized a program which permits the Company to repurchase up to $1.00 billion of its common stock, or up to $2.00 billion if the Orbotech Merger closes. The intent of this program is to offset the dilution from KLA-Tencor’s equity incentive plans, employee stock purchase plan, the issuance of shares in the merger involving Orbotech, as well as to return excess cash to the Company’s 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 September 30, 2018, an aggregate of approximately $654.1 million was 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
September 30,
(In thousands)
2018
 
2017
Number of shares of common stock repurchased
2,781

 
433

Total cost of repurchases
$
307,786

 
$
40,775


As of September 30, 2018, the Company had repurchased 0.1 million shares for $7.8 million, which repurchases had not settled prior to September 30, 2018. The amount was recorded as a component of other current liabilities for the period presented.