Shareholders' Equity

12 Months Ended

Sep. 28, 2018

NOTE 14: Shareholders’ Equity

The authorized capital stock of the Company consists of 25,000 shares of preferred stock ($100 par value), 475,000 shares of serial preferred stock ($1.00 par value), each issuable in series, and 60,000,000 shares of common stock ($.20 par value). At the end of fiscal 2018, there were no shares of preferred stock or serial preferred stock outstanding.

Changes in outstanding common shares are summarized as follows:

	2018			2017

Shares Outstanding
Shares issued, beginning of year		33,117,473			32,564,252
Shares issued under share-based compensation plans		72,994			553,221
Shares issued, end of year		33,190,467			33,117,473

Treasury stock purchased, beginning of year		(3,135,927	)		(3,135,927	)
Treasury stock purchased		(601,400	)		-
Treasury stock purchased, end of year		(3,737,327	)		(3,135,927	)
Shares outstanding, end of year		29,453,140			29,981,546

In June 2014 the Company’s Board of Directors approved a $200 million share repurchase program. In March 2015 the Company’s Board of Directors approved an additional $200 million for the share repurchase program. Under the program, the Company is authorized to repurchase up to $400 million of outstanding shares of common stock from time to time, depending on market conditions, share price and other factors. Repurchases may be made in the open market or through private transactions, in accordance with SEC requirements. The Company may enter into a Rule 10(b)5-1 plan designed to facilitate the repurchase of all or a portion of the repurchase amount. The program does not require the Company to acquire a specific number of shares. Common stock repurchased can be reissued, and accordingly, the Company accounts for repurchased stock under the cost method of accounting.

In fiscal 2018 there were 601,400 shares repurchased at an average price of $72.25, for an aggregate purchase price of $43.4 million. There were no shares repurchased in fiscal 2017. Since the program began, the Company has repurchased 3,737,327 shares for an aggregate purchase price of $352.0 million, with $48.0 million in shares remaining available for repurchased in the future.

The components of Accumulated Other Comprehensive Loss:

In Thousands	2018			2017

Unrealized gain (loss) on derivative contracts	$	(5,381	)	$	13,469
Tax effect		1,673			(3,892	)
		(3,708	)		9,577

Pension and post-retirement obligations		(55,817	)		(81,782	)
Tax effect		22,135			27,956
		(33,682	)		(53,826	)

Cumulative effect of accounting change		(7,682	)		-
Currency translation adjustment		(261,117	)		(222,621	)
Accumulated other comprehensive loss	$	(306,189	)	$	(266,870	)