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STOCK REPURCHASE PROGRAM | 9 Months Ended
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Mar. 26, 2023
Equity [Abstract] |
STOCK REPURCHASE PROGRAM | STOCK REPURCHASE PROGRAM In May 2022, the Board of Directors authorized the Company to repurchase up to an additional $5.0 billion of Common Stock; this authorization supplements the remaining balances from any prior authorizations. 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. 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 (3)
| (in thousands, except per share data)
Available balance as of June 26, 2022 |  |  |  |  |  |  | $ | 5,514,636 |
Quarter ended September 25, 2022 | 675 |  | (2) |  | $ | 104,982 |  |  | $ | 432.74 |  |  | $ | 5,409,654 |
Quarter ended December 25, 2022 | 1,125 |  |  | $ | 483,226 |  |  | $ | 429.42 |  |  | $ | 4,926,428 |
Quarter ended March 26, 2023 | 1,017 |  |  | $ | 483,418 |  | (3) |  | $ | 475.18 |  | (3) |  | $ | 4,443,010 |
(1) Average price paid per share excludes the effect of accelerated share repurchase activities. See additional disclosure below regarding the Company’s accelerated share repurchase activity during the nine months ended March 26, 2023. (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 nine months ended March 26, 2023. (3) As of January 1, 2023, the Company’s net share repurchases are subject to a 1% excise tax under the Inflation Reduction Act. Excise tax incurred reduces the amount available under the repurchase program, as applicable, and is included in the cost of share repurchased in the Condensed Consolidated Statement of Stockholders’ Equity. In addition to the shares repurchased under the Board-authorized repurchase program shown above, during the three and nine months ended March 26, 2023, the Company acquired 148 thousand shares at a total cost of $72.5 million and 167 thousand shares at a total cost of $80.4 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 June 2, 2022, the Company entered into an accelerated share repurchase agreement (the "June 2022 ASR") with two financial institutions to repurchase a total of $500 million of Common Stock. The Company took an initial delivery of approximately 717 thousand shares, which represented 75% of the prepayment amount divided by our closing stock price on June 2, 2022. The total number of shares received under the June 2022 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 June 2022 ASR occurred in September 2022, resulting in the receipt of approximately 433 thousand additional shares, which yielded a weighted-average share price of $435.20 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 https://asc.fasb.org/subtopic&trid=2208821 + Details
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