Quarterly report pursuant to Section 13 or 15(d)

Stock Repurchase Program

v3.10.0.1
Stock Repurchase Program
6 Months Ended
Dec. 31, 2018
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 $1.00 billion of its common stock, or up to $2.00 billion if the Orbotech Merger closes. 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 merger involving Orbotech, 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 December 31, 2018, an aggregate of approximately $411.7 million 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
December 31,
 
Six months ended
December 31,
(In thousands)
2018
 
2017
 
2018
 
2017
Number of shares of common stock repurchased
2,556

 
388

 
5,337

 
822

Total cost of repurchases
$
242,401

 
$
40,868

 
$
550,187

 
$
81,643