Note 13 Stockholders' Equity

12 Months Ended

Sep. 28, 2019

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Stockholders' Equity

The Company's 2009 Stock Plan ("2009 Plan") expired as to future grants on January 26, 2019. Although the 2009 Plan expired, it will continue to govern all awards granted under it prior to its expiration date. On March 11, 2019, the Company's stockholders approved the Company's 2019 Equity Incentive Plan ("2019 Plan") and the reservation of 4 million shares of common stock for issuance thereunder, plus any shares subject to stock options or similar awards granted under the 2009 Plan that expire or otherwise terminate without having been exercised in full and shares issued pursuant to awards granted that are forfeited by the Company.

As of September 28, 2019, an aggregate of 9.5 million shares were authorized for future issuance under the Company's stock plans, of which 5.0 million of such shares were issuable upon exercise of outstanding options and delivery of shares upon vesting of restricted stock units and 4.5 million shares of common stock were available for future grant. Awards other than stock options and stock appreciation rights reduce common stock available for grant by 1.36 shares for every share of common stock subject to such an award. Awards under the 2019 Plan and 2009 Plan that expire or are cancelled without delivery of shares generally become available for issuance under the 2019 Plan. The 2019 Plan will expire as to future grants in December 2028.

Stock Repurchase Program

During the fourth quarter of 2017, the Board of Directors approved a $200 million stock repurchase plan. The timing of repurchases will depends upon capital needs to support the growth of the Company's business, market conditions and other factors. Although stock repurchases are intended to increase stockholder value by reducing the number of outstanding shares, repurchases of shares reduce the Company's liquidity. During 2019, 2018 and 2017, the Company repurchased 0.3 million shares, 5.0 million shares and 4.3 million of its common stock for $7 million, $146 million and $160 million (including commissions), respectively. As of September 28, 2019, $101 million remains available under the repurchase program authorized by the Board of Directors. Subsequent to the end of 2019, the Board of Directors authorized the Company to purchase an additional $200 million of its common stock on the same terms as the program approved in September 2017 which brought the total Board authorized amount to $301 million. One of the objectives of the Company's share repurchase plan is to offset the dilution that results from the issuance of shares under the Company's equity incentive plans. For example, over the past 3 years, the Company issued 7 million shares under its equity incentive plans and repurchased 10 million shares under its share repurchase plan.

In addition to the repurchases discussed above, the Company repurchased 207,000, 334,000 and 549,000 shares of its common stock during 2019, 2018, and 2017, respectively, in settlement of employee tax withholding obligations due upon the vesting of restricted stock units. The Company paid $6 million, $12 million and $17 million, respectively, in conjunction with these purchases.

Accumulated Other Comprehensive Income

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

	As of
	September 28, 2019			September 29, 2018
	(In thousands)
Foreign currency translation adjustments	$	86,268		$	87,889
Unrealized holding losses on derivative financial instruments	(19,888		)	(335		)
Unrecognized net actuarial loss and unrecognized transition cost for benefit plans	(24,121		)	(13,610		)
Total	$	42,259		$	73,944