Item 2. Unregistered Sales of Equity Securities
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds
Repurchases of Company Shares
In May 2022, the Board of Directors authorized management to repurchase up to an additional $5.0 billion of Common Stock; this authorization supplements the remaining balance from any prior authorization. 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.
Share repurchases, including those under the repurchase program, were as follows:
Period Total Number
of Shares
Repurchased (1)
Average Price
Paid Per
Share (2)
Total Number of
Shares Purchased
as Part of Publicly
Announced Plans or
Programs Amount
Available
Under
Repurchase
Program (2)
(in thousands, except per share data)
Available balance as of June 25, 2023 $ 3,537,217
Quarter ended September 24, 2023 1,266 $ 659.88 1,257 2,707,343
September 25, 2023 - October 22, 2023 304 $ 634.13 302 2,515,931
October 23, 2023 - November 19, 2023 403 $ 630.38 400 2,263,857
November 20, 2023 - December 24, 2023 269 $ 734.44 268 2,067,076
Quarter ended December 24, 2023 976 $ 660.25 (3) 970 $ 2,067,076
(1) During the three and six months ended December 24, 2023, we acquired 6 thousand shares at a total cost of $4.5 million, and 15 thousand shares at a total cost of $10.0 million, respectively, which we withheld through net share settlements to cover minimum tax withholding obligations upon the vesting of restricted stock unit awards granted under our equity compensation plans. The shares retained by us through these net share settlements are not a part of the Board-authorized repurchase program but instead are authorized under our equity compensation plan.
(2) Our net share repurchases are subject to a 1% excise tax under the Inflation Reduction Act. Excise tax incurred reduces the amount available under repurchase programs, as applicable, and is included in the cost of shares repurchased in the Condensed Consolidated Statement of Stockholders’ Equity and the calculation of the average price paid per share.
(3) Average price paid per share presented is for the quarter ended December 24, 2023.
Lam Research Corporation 2024 Q2 10-Q 37
Table of Contents
ITEM 3. Defaults Upon Senior Securities
None.
ITEM 4. Mine Safety Disclosures
Not applicable.
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.