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Stock Repurchase Program | 12 Months Ended
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Jun. 28, 2020
Equity [Abstract] |
Stock Repurchase Program | Stock Repurchase Program In November 2018, the Board of Directors authorized the Company to repurchase up to an additional $5.0 billion of Common Stock. These repurchases can be conducted on the open market or as private purchases and may include the use of derivative contracts with large financial institutions, in all cases subject to compliance with applicable law. This repurchase program has no termination date and may be suspended or discontinued at any time. Funding for this repurchase program may be through a combination of cash on hand, cash generation, and borrowings. As of June 28, 2020, the Company has purchased approximately $3.2 billion of shares under this authorization, $0.7 billion via open market trading and $2.5 billion utilizing accelerated share repurchase arrangements. Repurchases under the repurchase program were as follows during the periods indicated:
Period | Total Number of Shares Repurchased |  | Total Cost of Repurchase |  | Average Price Paid Per Share(1) |  | Amount Available Under Repurchase Program
| (in thousands, except per share data)
Available balance as of June 30, 2019 |  |  |  |  |  |  | $ | 3,033,500 |
Quarter ended September 29, 2019 | 383 |  |  | $ | 75,196 |  |  | $ | 196.34 |  |  | $ | 2,958,304 |
Quarter ended December 29, 2019 | 3,224 |  | (2) | $ | 1,000,475 |  |  | $ | — |  |  | $ | 1,957,829 |
Quarter ended March 29, 2020 | 1,239 |  | (2) | $ | 146,397 |  |  | $ | 274.37 |  |  | $ | 1,811,432 |
Quarter ended June 28, 2020 | 145 |  |  | $ | 38,005 |  |  | $ | 261.34 |  |  | $ | 1,773,427 |
(1) | Average price paid per share excludes effect of accelerated share repurchases; see additional disclosure below regarding the Company’s accelerated share repurchase activity during the fiscal year.
(2) | Includes shares received at final settlement of accelerated share repurchase agreements; see additional disclosures below regarding the Company’s accelerated share repurchase activity during the fiscal year.
In addition to the shares repurchased under the Board-authorized repurchase program shown above, the Company acquired 380 thousand shares at a total cost of $109.6 million during the 12 months ended June 28, 2020, which the Company withheld through net settlements to cover minimum tax withholding obligations upon the vesting of restricted stock unit awards granted under the Company’s equity compensation plans. The shares retained by the Company through these net share settlements are not a part of the Board-authorized repurchase program but instead are authorized under the Company’s equity compensation plan. Accelerated Share Repurchase Agreements On November 22, 2019, the Company entered into two separate accelerated share repurchase agreements (collectively, the "November 2019 ASR") with two financial institutions to repurchase a total of $1.0 billion of Common Stock. The Company took an initial delivery of approximately 2.9 million shares, which represented 75% of the prepayment amount divided by the Company’s closing stock price on November 22, 2019. The total number of shares received under the November 2019 ASR was based upon the average daily volume weighted average price of the Company’s Common Stock during the repurchase period, less an agreed upon discount. Final settlement of the November 2019 ASR occurred during March 2020, resulting in the receipt of approximately 705 thousand additional shares, which yielded a weighted-average share price of approximately $280.27 for the transaction period. On June 4, 2019, the Company entered into four separate accelerated share repurchase agreements (collectively, the "June 2019 ASR") with two financial institutions to repurchase a total of $750 million of Common Stock. The Company took an initial delivery of approximately 3.1 million shares, which represented 75% of the prepayment amount divided by the Company’s closing stock price on June 4, 2019. The total number of shares received under the June 2019 ASR will be based upon the average daily volume weighted average price of the Company’s Common Stock during the repurchase period, less an agreed upon discount. Final settlement of the agreements occurred during November 2019, resulting in the receipt of approximately 361 thousand additional shares, which yielded a weighted-average share price of approximately $215.60 for the transaction period.

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- Definition The entire disclosure for treasury stock, including, but not limited to, average cost per share, description of share repurchase program, shares repurchased, shares held for each class of treasury stock. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -URI http://asc.fasb.org/subtopic&trid=2208821 + Details
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