Stockholders' Equity

3 Months Ended

Dec. 27, 2013

Stockholders' Equity

12. STOCKHOLDERS’ EQUITY

Stock Repurchase Program

In August 2012, the VMS Board of Directors authorized the repurchase of 8,000,000 shares of VMS common stock from September 29, 2012 through December 31, 2013. The Company repurchased a total of 2,000,000 and 1,500,000 shares of VMS common stock during the three months ended December 27, 2013 and December 28, 2012, respectively. As of December 27, 2013, no shares of VMS common stock remained available for repurchase under this repurchase authorization. All shares that were repurchased have been retired.

In November 2013, the VMS Board of Directors authorized the repurchase of an additional 6,000,000 shares of VMS common stock from December 30, 2013 through December 31, 2014. Stock repurchases under the November 2013 authorization may be made in open market purchases, in privately negotiated transactions (including accelerated share repurchase programs) or under Rule 10b5-1 share repurchase plans, and may be made from time to time in one or more blocks. Shares will be retired upon repurchase. As of December 27, 2013, 6,000,000 shares of VMS common stock remained available for repurchase under this repurchase authorization.

Other Comprehensive Earnings

The changes in accumulated other comprehensive earnings (loss) by component and related tax effects for the three months ended December 27, 2013 and December 28, 2012 are summarized as follows (in thousands):

	Net Unrealized Gains (Losses) Defined benefit pension and post-retirement benefit plans			Net Unrealized Gains (Losses) Cash Flow Hedging Instruments			Cumulative Translation Adjustment and Other		Accumulated Other Comprehensive Earnings (Loss)
Balance at September 27, 2013	$	(40,081	)	$	(691	)	$	701	$	(40,071	)
Other comprehensive earnings before reclassifications		—			3,182			1,469		4,651
Amounts reclassified out of other comprehensive earnings		580			350			—		930
Tax benefit / (expense)		(107	)		(1,329	)		—		(1,436	)
Balance at December 27, 2013	$	(39,608	)	$	1,512		$	2,170	$	(35,926	)

	Net Unrealized Gains (Losses) Defined benefit pension and post-retirement benefit plans			Net Unrealized Gains (Losses) Cash Flow Hedging Instruments			Cumulative Translation Adjustment and Other			Accumulated Other Comprehensive Earnings (Loss)
Balance at September 28, 2012	$	(48,623	)	$	531		$	(8,529	)	$	(56,621	)
Other comprehensive earnings before reclassifications		—			283			4,916			5,199
Amounts reclassified out of other comprehensive earnings		737			(760	)		—			(23	)
Tax benefit / (expense)		(137	)		179			—			42
Balance at December 28, 2012	$	(48,023	)	$	233		$	(3,613	)	$	(51,403	)

The amounts reclassified out of other comprehensive earnings into the Condensed Consolidated Statements of Earnings, with line item location, during each period were as follows (in thousands):

	Three Months Ended
	December 27, 2013		December 28, 2012
Comprehensive Earnings Components	Income (Loss) Before Taxes					Line Item in Statements of Earnings
Net unrealized gains and (losses) on defined benefit pension and post-retirement benefit plans	$	580	$	737		Cost of Revenues & Operating Expenses
Net unrealized gains and (losses) on cash flow hedging instruments		350		(760	)	Revenues
Total amounts reclassified out of other comprehensive earnings	$	930	$	(23	)