Stockholders' Equity

6 Months Ended

Apr. 03, 2015

Equity [Abstract]

Stockholders' Equity

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.

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. The Company repurchased a total of 2,000,000 shares of VMS common stock during the three months ended March 28, 2014. The Company repurchased a total of 250,000 shares of VMS common stock during the three months ended January 2, 2015 under this program and thereafter no shares of VMS common stock remained available for repurchase under this repurchase authorization.

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. The Company repurchased a total of 824,849 and 2,074,849 shares of VMS common stock during the three and six months ended April 3, 2015 under this program. The repurchased shares include shares of VMS common stock repurchased under the accelerated share repurchase agreements mentioned below. As of April 3, 2015, 3,925,151 shares of VMS common stock remained available for repurchase 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.

All shares that were repurchased under the Company's stock repurchase programs have been retired.

On November 7, 2014, the Company signed an accelerated share repurchase agreement (the "January 2015 Repurchase Agreement") with J.P.Morgan Chase Bank, N.A. (“J.P. Morgan”). Pursuant to the agreement, on January 6, 2015, the Company paid $45.0 million to J.P. Morgan and J.P. Morgan delivered 419,874 shares of VMS common stock, representing approximately 80% of the shares expected to be repurchased. The repurchase period ended on March 27, 2015, and the Company received an additional 74,975 shares of VMS common stock from J.P. Morgan upon settlement of the January 2015 Repurchase Agreement.

On February 3, 2015, the Company signed an accelerated share repurchase agreement (the "April 2015 Repurchase Agreement") with BofA. Pursuant to the agreement, on April 7, 2015, the Company paid $70.0 million to BofA and BofA delivered 592,280 shares of VMS common stock, representing approximately 80% of the shares expected to be repurchased. On April 29, 2015, BofA accelerated the share repurchase agreement and delivered an additional 151,604 shares of VMS common stock upon settlement of the April 2015 Repurchase Agreement.

On February 4, 2015, the Company signed an accelerated share repurchase agreement with J.P. Morgan. Pursuant to the agreement, on July 8, 2015, the Company will pay $45.0 million to J.P. Morgan and J.P. Morgan will deliver approximately 80% of the shares of VMS common stock expected to be repurchased. The Company has the right to cancel this agreement at any time prior to July 7, 2015.

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 Gains (Losses) Defined Benefit Pension and Post-Retirement Benefit Plans			Net Unrealized Gains (Losses) Cash Flow Hedging Instruments			Cumulative Translation Adjustment			Accumulated Other Comprehensive Earnings (Loss)
Balance at September 26, 2014	$	(44,060	)	$	965		$	(15,516	)	$	(58,611	)
Other comprehensive earnings before reclassifications	—			1,977			(30,460		)	(28,483		)
Amounts reclassified out of other comprehensive earnings	1,082			(2,748		)	—			(1,666		)
Tax benefit (expense)	(151		)	288			—			137
Balance at April 3, 2015	$	(43,129	)	$	482		$	(45,976	)	$	(88,623	)

(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		Accumulated Other Comprehensive Earnings (Loss)
Balance at September 27, 2013	$	(40,081	)	$	(691	)	$	701	$	(40,071	)
Other comprehensive earnings before reclassifications	—			2,078			990		3,068
Amounts reclassified out of other comprehensive earnings	1,158			(1,277		)	—		(119		)
Tax expense	(213		)	(300		)	—		(513		)
Balance at March 28, 2014	$	(39,136	)	$	(190	)	$	1,691	$	(37,635	)

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: 

	Three Months Ended						Six Months Ended
	April 3,			March 28,			April 3,			March 28,
(in thousands)	2015			2014			2015			2014
Comprehensive Earnings Components	Income (Loss) Before Taxes						Income (Loss) Before Taxes						Line Item in Statements of Earnings
Unrealized losses on defined benefit pension and post-retirement benefit plans	$	(541	)	$	(578	)	$	(1,082	)	$	(1,158	)	Cost of revenues & Operating expenses
Unrealized gains and (losses) on cash flow hedging instruments	1,877			1,627			2,748			1,277			Revenues
Total amounts reclassified out of other comprehensive earnings	$	1,336		$	1,049		$	1,666		$	119