Note 10 Stockholders' Equity

9 Months Ended

Jul. 03, 2021

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
	July 3, 2021		October 3, 2020
	(In thousands)
Foreign currency translation adjustments	$	77,289	$	85,343
Unrealized holding losses on derivative financial instruments	(15,989)		(22,202)
Unrecognized net actuarial losses and transition costs for benefit plans	(27,123)		(28,255)
Total	$	34,177	$	34,886

During the three months ended July 3, 2021, a foreign entity of the Company was substantially liquidated and the Company reclassified $8 million of cumulative translation adjustments associated with this entity from accumulated other comprehensive income to other income (expense), net in the condensed consolidated statements of income. There were no other significant reclassifications from accumulated other comprehensive income to the condensed consolidated statements of income for any period presented.

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. Interest rate swaps with an aggregate notional amount of $350 million were outstanding as of July 3, 2021 and October 3, 2020. The aggregate effective interest rate of these swaps as of July 3, 2021 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 $21 million as of July 3, 2021, 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 nine months ended July 3, 2021 and June 27, 2020, the Company repurchased 0.7 million and 3.4 million shares of its common stock for $22 million and $88 million, respectively, under a stock repurchase program authorized by the Board of Directors. As of July 3, 2021, an aggregate of $113 million remains available under such repurchase program, which has no expiration date.

In addition to the repurchases discussed above, the Company withheld 0.3 million and 0.4 million shares of its common stock during the nine months ended July 3, 2021 and June 27, 2020, respectively, in settlement of employee tax withholding obligations due upon the vesting of restricted stock units. The Company paid $10 million and $12 million, respectively, to applicable tax authorities in connection with these repurchases.