Stockholders' Equity

9 Months Ended

Jun. 27, 2014

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 shares of VMS common stock during the three months ended December 27, 2013 and thereafter 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. The Company has repurchased a total of 1,250,000, and 5,250,000 of VMS common stock during the three and nine months ended June 27, 2014, respectively. The 5,250,000 shares repurchased during the nine months ended fiscal year 2014 included 2,000,000 shares repurchased under the August 2012 repurchase program. All shares that were repurchased have been retired. As of June 27, 2014, 2,750,000 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 are summarized as follows (in thousands):

				Net
				Unrealized
	Net Unrealized Gains			Gains						Accumulated
	(Losses) Defined			(Losses)			Cumulative			Other
	benefit pension and			Cash Flow			Translation			Comprehensive
	post-retirement			Hedging			Adjustment			Earnings
	benefit plans			Instruments			and Other			(Loss)
Balance at September 27, 2013	$	(40,081	)	$	(691	)	$	701		$	(40,071	)
Other comprehensive earnings before reclassifications		-			2,177			(752	)		1,425
Amounts reclassified out of other comprehensive earnings		1,737			(1,038	)		-			699
Tax expense		(321	)		(427	)		-			(748	)
Balance at June 27, 2014	$	(38,665	)	$	21		$	(51	)	$	(38,695	)
				Net
				Unrealized
	Net Unrealized Gains			Gains						Accumulated
	(Losses) Defined			(Losses)			Cumulative			Other
	benefit pension and			Cash Flow			Translation			Comprehensive
	post-retirement			Hedging			Adjustment			Earnings
	benefit plans			Instruments			and Other			(Loss)
Balance at September 28, 2012	$	(48,623	)	$	531		$	(8,529	)	$	(56,621	)
Other comprehensive earnings before reclassifications		-			2,046			1,998			4,044
Amounts reclassified out of other comprehensive earnings		2,211			(2,962	)		-			(751	)
Tax benefit / (expense)		(411	)		344			-			(67	)
Balance at June 28, 2013	$	(46,823	)	$	(41	)	$	(6,531	)	$	(53,395	)

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						Nine Months Ended
	June 27,			June 28,			June 27,			June 28,
	2014			2013			2014			2013
Comprehensive Earnings Components	Income (Loss) Before Taxes						Income (Loss) Before Taxes						Line Item in Statements of Earnings
Unrealized gains and (losses) on defined benefit pension and post-retirement benefit plans	$	(579	)	$	(736	)	$	(1,737	)	$	(2,211	)	Cost of Revenues & Operating Expenses
Unrealized gains and (losses) on cash flow hedging instruments		(239	)		2,000			1,038			2,962		Revenues
Total amounts reclassified out of other comprehensive earnings	$	(818	)	$	1,264		$	(699	)	$	751