Note 10 Stockholders' Equity

9 Months Ended

Jun. 27, 2020

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 27, 2020		September 28, 2019
	(In thousands)
Foreign currency translation adjustments	$	85,297	$	86,268
Unrealized holding losses on derivative financial instruments	(24,093)		(19,888)
Unrecognized net actuarial losses and transition costs for benefit plans	(23,534)		(24,121)
Total	$	37,670	$	42,259

Unrealized holding losses on derivative financial instruments includes losses 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 27, 2020 and September 28, 2019, interest rate swaps with an aggregate notional amount of $350 million were outstanding. The aggregate effective interest rate of these swaps as of June 27, 2020 was approximately 4.3%. 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 $31 million as of June 27, 2020, of which $9 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 first quarter of 2020, the Board of Directors authorized the Company to purchase an additional $200 million of its common stock on the same terms as previously approved repurchase programs with no expiration. During the nine months ended June 27, 2020 and June 29, 2019, the Company repurchased 3.4 million and 0.3 million shares of its common stock for $88 million and $7 million, respectively. As of June 27, 2020, an aggregate of $213 million remains available under repurchase programs authorized by the Board of Directors.

In addition to the repurchases discussed above, the Company repurchased 0.4 million and 0.2 million shares of its common stock during the nine months ended June 27, 2020 and June 29, 2019, respectively, in settlement of employee tax withholding obligations due upon the vesting of restricted stock units. The Company paid $12 million and $6 million, respectively, to applicable tax authorities in connection with these repurchases.