Quarterly report pursuant to Section 13 or 15(d)

Stock Repurchase Program

v3.19.1
Stock Repurchase Program
 9 Months Ended
Mar. 31, 2019
Equity [Abstract]  
STOCK REPURCHASE 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, “Basis of Presentation”. 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 March 31, 2019, an aggregate of approximately $1.21 billion 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:
 
Three months ended
March 31,
 
Nine months ended
March 31,
(In thousands)
2019
 
2018
 
2019
 
2018
Number of shares of common stock repurchased
1,770

 
796

 
7,107

 
1,618

Total cost of repurchases
$
206,017

 
$
83,435

 
$
756,204

 
$
165,078



As of March 31, 2019, we had repurchased 0.1 million shares for $6.0 million, which repurchases had not settled prior to March 31, 2019. The amount was recorded as a component of other current liabilities for the period presented.