Stockholders' Equity

9 Months Ended

Oct. 02, 2011

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Comprehensive (Loss) Income:

The components of comprehensive (loss) income consisted of the following:

	Three Months Ended					Nine Months Ended
	October 2, 2011			October 3, 2010		October 2, 2011			October 3, 2010
	(In thousands)
Net income	$	35,319		$	13,391	$	87,394		$	95,425
Other comprehensive (loss) income:
Foreign currency translation adjustments, net of income taxes	(41,844		)	52,896		21,536			(18,551		)
Unrecognized losses and prior service costs, net of income taxes	—			—		(110		)	—
Unrealized net (losses) gains on securities, net of income taxes	(75		)	38		(57		)	(11		)
Reclassification adjustments for losses on derivatives included in net income, net of income taxes	299			299		897			897
	(41,620		)	53,233		22,266			(17,665		)
Comprehensive (loss) income	$	(6,301	)	$	66,624	$	109,660		$	77,760

The components of accumulated other comprehensive loss consisted of the following:

	October 2, 2011			January 2, 2011
	(In thousands)
Foreign currency translation adjustments, net of income taxes	$	75,886		$	54,350
Unrecognized losses and prior service costs, net of income taxes	(102,567		)	(102,457		)
Unrealized net losses on securities, net of income taxes	(157		)	(100		)
Unrealized and realized losses on derivatives, net of income taxes	(4,387		)	(5,284		)
Accumulated other comprehensive loss	$	(31,225	)	$	(53,491	)

The Company recorded in other comprehensive (loss) income $1.6 million for the tax expense on the previously unremitted earnings of the IDS and Photoflash businesses, from the end of fiscal year 2010 to the date of each distribution, in the foreign currency translation adjustments.

Stock Repurchase Program:

On October 23, 2008, the Company announced that the Board of Directors (the “Board”) authorized the Company to repurchase up to 10.0 million shares of common stock under a stock repurchase program (the “Repurchase Program”). On August 31, 2010, the Company announced that the Board had authorized the Company to repurchase an additional 5.0 million shares of common stock under the Repurchase Program. The Repurchase Program will expire on October 22, 2012 unless terminated earlier by the Board, and may be suspended or discontinued at any time. During the first nine months of fiscal year 2011, the Company repurchased 4.0 million shares of common stock in the open market at an aggregate cost of $107.8 million, including commissions, under the Repurchase Program. As of October 2, 2011, 6.0 million shares of the Company’s common stock remained available for repurchase from the 15.0 million shares authorized by the Board under the Repurchase Program.

The Board has authorized the Company to repurchase shares of common stock to satisfy minimum statutory tax withholding obligations in connection with the vesting of restricted stock awards and restricted stock unit awards granted pursuant to the Company’s equity incentive plans. During the first nine months of fiscal year 2011, the Company repurchased 84,166 shares of common stock for this purpose at an aggregate cost of $2.2 million. The repurchased shares have been reflected as a reduction in shares outstanding, but remain available to be reissued with the payments reflected in common stock and capital in excess of par value.

Dividends:

The Board declared a regular quarterly cash dividend of $0.07 per share in each of the first three quarters of fiscal year 2011 and in each quarter of fiscal year 2010. In the future, the Board may determine to reduce or eliminate the Company’s common stock dividend in order to fund investments for growth, repurchase shares or conserve capital resources.