Stockholders' Equity

9 Months Ended

Jul. 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 3,250,000 shares of VMS common stock during the nine months ended June 27, 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 1,000,000 and 3,074,849 shares of VMS common stock during the three and nine months ended July 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 July 3, 2015, 2,925,151 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”). On January 6, 2015, the Company paid $45.0 million and J.P Morgan delivered 419,874 shares of VMS common stock. 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. On April 7, 2015, the Company paid $70.0 million and BofA delivered 592,280 shares of VMS common stock. The repurchase period ended on April 29, 2015, and the Company received an additional 151,604 shares of VMS common stock from BofA upon settlement of the April 2015 Repurchase Agreement.

On February 4, 2015, the Company signed an accelerated share repurchase agreement ("July 2015 Repurchase Agreement") with J.P. Morgan. Pursuant to the agreement, on July 8, 2015, the Company paid $45.0 million to J.P. Morgan and J.P. Morgan delivered 418,167 shares of VMS common stock, representing approximately 80% of the shares expected to be repurchased. The repurchase period will end on September 29, 2015, and J.P. Morgan has the right to accelerate the repurchase beginning July 16, 2015.

On May 19, 2015, the Company entered into an accelerated share repurchase agreement with J.P. Morgan. Pursuant to the agreement, on July 23, 2015, the Company paid$43.9 millionand received400,000shares ofVMS common stock, representing approximately 80% of the shares expected to be repurchased. The repurchase period will end on August 26, 2015, and J.P. Morgan has the right to accelerate the the repurchase period beginning August 3, 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 Gain (Loss) Defined Benefit Pension and Post-Retirement Benefit Plans			Net Unrealized Gain (Loss) Available for Sale Investments			Net Unrealized Gain (Loss) 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	—			(320		)	2,318			(28,348		)	(26,350		)
Amounts reclassified out of other comprehensive earnings	1,623						(3,441		)	—			(1,818		)
Tax benefit (expense)	(226		)	102			420			—			296
Balance at July 3, 2015	$	(42,663	)	$	(218	)	$	262		$	(43,864	)	$	(86,483	)

(in thousands)	Net Unrealized Gain (Loss) Defined Benefit Pension and Post-Retirement Benefit Plans			Net Unrealized Gain (Loss) 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	—			2,177			(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	)

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						Nine Months Ended
	July 3,			June 27,			July 3,			June 27,
(in thousands)	2015			2014			2015			2014
Comprehensive Earnings Components	Income (Loss) Before Taxes						Income (Loss) Before Taxes						Line Item in Statements of Earnings
Unrealized loss on defined benefit pension and post-retirement benefit plans	$	(541	)	$	(579	)	$	(1,623	)	$	(1,737	)	Cost of revenues & Operating expenses
Unrealized gain (loss) on cash flow hedging instruments	693			(239		)	3,441			1,038			Revenues
Total amounts reclassified out of other comprehensive earnings	$	152		$	(818	)	$	1,818		$	(699	)