Stockholders' Equity

12 Months Ended

Sep. 26, 2014

Equity [Abstract]

Stockholders' Equity

11. STOCKHOLDERS’ EQUITY  

Stock Repurchase Program

During fiscal years 2014, 2013 and 2012, the Company repurchased 7,750,000 shares, 6,000,000 shares and 4,433,718 shares, respectively, of VMS common stock under various authorizations by VMS’s Board of Directors. The repurchased shares include shares of VMS common stock repurchased under various accelerated share repurchase agreements. Aggregate amount of repurchases in connection with the various accelerated share repurchase agreements and for shares repurchased in the open market totaled $624.0 million, $423.7 million and $257.4 million in fiscal years 2014, 2013 and 2012, respectively. All shares that were repurchased have been retired.

In February 2011, the VMS Board of Directors authorized the repurchase of 12,000,000 shares of VMS common stock through the end of fiscal year 2012. As of September 28, 2012, the remaining 3,000,000 shares available for repurchase under the February 2011 authorization expired. 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.

On August 25, 2011, the Company entered into an accelerated share repurchase agreement with BofA. The repurchase period ended in February 2012 and the Company received 375,449 shares of VMS common stock in fiscal year 2012 upon settlement. The market value of the shares received of $25.0 million was included in “Capital in excess of par value.”

In November 2013, the VMS Board of Directors authorized the repurchase of 6,000,000 shares of VMS common stock from December 30, 2013 through December 31, 2014. Of the 7,750,000 shares repurchased during fiscal year 2014, 5,750,000 shares were repurchased under the November 2013 authorization and remaining 2,000,000 shares were repurchased under the August 2012 authorization. As of September 26, 2014, 250,000 shares of VMS common stock remained available for repurchase under the November 2013 authorization. All shares repurchase programs authorized prior to November 2013 have been completed.

In August 2014, the VMS Board of Directors authorized the repurchase of an additional 6,000,000 shares of VMS common stock from August 15, 2014 through December 31, 2015. As of September 26, 2014, no shares of VMS common stock had been repurchased under the August 2014 authorization. Stock repurchases may be made in the open market, in privately negotiated transactions (including accelerated share repurchase programs), or under Rule 10b5-1 share repurchase plans, and also may be made from time to time or in one or more larger blocks.

Accumulated Other Comprehensive Loss

(In millions)	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 30, 2011	$	(43,120	)	$	(7	)	$	(3,721	)	$	(46,848	)
Other comprehensive earnings before reclassifications		(8,837	)		1,441			(4,808	)		(12,204	)
Amounts reclassified out of other comprehensive earnings		2,822			(579	)		-			2,243
Tax benefit (expense)		512			(324	)		-			188
Balance at September 28, 2012		(48,623	)		531			(8,529	)		(56,621	)
Other comprehensive earnings before reclassifications		7,545			509			9,230			17,284
Amounts reclassified out of other comprehensive earnings		2,950			(2,463	)		-			487
Tax benefit (expense)		(1,953	)		732			-			(1,221	)
Balance at September 27, 2013		(40,081	)		(691	)		701			(40,071	)
Other comprehensive earnings before reclassifications		(5,429	)		3,925			(16,217	)		(17,721	)
Amounts reclassified out of other comprehensive earnings		2,316			(1,281	)		-			1,035
Tax benefit (expense)		(866	)		(988	)		-			(1,854	)
Balance at September 26, 2014	$	(44,060	)	$	965		$	(15,516	)	$	(58,611	)

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

	Fiscal Years
Comprehensive Earnings Components	2014			2013			2012			Line Item in Statements of Earnings
Unrealized gains and (losses) on defined benefit pension and post-retirement benefit plans	$	(2,316	)	$	(2,950	)	$	(2,822	)	Cost of revenues & Operating expenses
Unrealized gains and (losses) on cash flow hedging instruments		1,281			2,463			579		Revenues
Total amounts reclassified out of other comprehensive earnings	$	(1,035	)	$	(487	)	$	(2,243	)