Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Share Repurchase Program
On November 2, 2022, our Board of Directors approved a share repurchase program under which the Company is authorized to repurchase up to $500 million of its outstanding common stock. As of July 1, 2023, there was approximately $286 million in remaining funds authorized under this program. For the 13 weeks ended July 1, 2023 the Company repurchased 4,179,757 shares at an aggregate purchase price of approximately $166 million under the program. During the 26 weeks ended July 1, 2023, the Company repurchased 5,097,461 shares at an aggregate price of approximately $200 million under the program. Additionally, during the 26 weeks ended July 1, 2023, the Company recorded $2 million of excise tax associated with common stock repurchases.
The following table summarizes repurchases of US Foods common stock for the three periods ended July 1, 2023:
Period (Millions of dollars, except number and price per share) Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Program Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (1)
April 2, 2023 through May 6, 2023 — — — $ 452
May 7, 2023 through June 3, 2023 3,916,058 $ 39.51 3,916,058 297
June 4, 2023 through July 1, 2023 263,699 41.41 263,699 $ 286
Total 4,179,757 $ 39.63 4,179,757
1 The size and timing of any repurchases will depend on a number of factors, including share price, general business and market conditions and other factors. Under the share repurchase program, repurchases can be made from time to time using a variety of methods, including open market purchases, privately negotiated transactions, accelerated share repurchases and Rule 10b5-1 trading plans. The share repurchase program does not obligate the Company to acquire any particular amount of shares, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion. The repurchase authorization does not have an expiration date.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
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