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STOCK REPURCHASE PROGRAM | 6 Months Ended
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Dec. 29, 2019
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 December 29, 2019, the Company has purchased approximately $3.0 billion of shares under this authorization, comprised of $0.5 billion of open market purchases and execution of $2.5 billion of 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 |  |  | $ | 1,000,475 |  |  | $ | — |  |  | $ | 1,957,829 |
(1) | Average price paid per share excludes the effect of accelerated share repurchases. See additional disclosure below regarding the Company’s accelerated share repurchase activity during the six months ended December 29, 2019.
In addition to the shares repurchased under the Board-authorized repurchase program shown above, during the three and six months ended December 29, 2019, the Company acquired 18 thousand shares at a total cost of $4.9 million and 32 thousand shares at a total cost of $7.8 million, respectively, 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 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 November 2019 ASR will occur no later than May 27, 2020. 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 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 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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