Note 10 Stockholders' Equity

9 Months Ended

Jun. 29, 2019

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Stockholder's Equity

Accumulated Other Comprehensive Income

Accumulated other comprehensive income, net of tax as applicable, consisted of the following:

	As of
	June 29, 2019			September 29, 2018
	(In thousands)
Foreign currency translation adjustments	$	87,871		$	87,889
Unrealized holding losses on derivative financial instruments	(17,359		)	(335		)
Unrecognized net actuarial losses and transition costs for benefit plans	(12,511		)	(13,610		)
Total	$	58,001		$	73,944

Unrealized holding losses on derivative financial instruments includes losses (effective portion) from interest rate swap agreements with independent counterparties to partially hedge the variability in cash flows due to changes in the benchmark interest rate (LIBOR) associated with anticipated variable rate borrowings. These swaps are accounted for as cash flow hedges under ASC Topic 815, Derivatives and Hedging. As of June 29, 2019 and September 29, 2018, interest rate swaps with an aggregate notional amount of $350 million and $50 million, respectively, were outstanding. The aggregate effective interest rate of these swaps as of June 29, 2019 was approximately 4.3%. As of June 29, 2019, due to a decline in interest rates since the time the swaps were put in place, these interest rate swaps had a negative value of $17 million, of which $3 million is included in accrued liabilities and the remaining amount is included in other long-term liabilities on the condensed consolidated balance sheets.

Stock Repurchase Program

During the nine months ended June 29, 2019 and June 30, 2018, the Company repurchased 0.3 million and 4.8 million shares of its common stock for $7 million and $138 million, respectively. The Company did not repurchase any shares under its repurchase programs during the three months ended June 29, 2019. As of June 29, 2019, an aggregate of $101 million remains available under repurchase programs authorized by the Board of Directors.

In addition to the repurchases discussed above, the Company repurchased 207,000 and 328,000 shares of its common stock during the nine months ended June 29, 2019 and June 30, 2018, respectively, in settlement of employee tax withholding obligations due upon the vesting of restricted stock units. The Company paid $6 million and $12 million, respectively, in connection with these repurchases.