Note 14 Stockholders' Equity

12 Months Ended

Oct. 02, 2021

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 October 2, 2021, an aggregate of 7.5 million shares were authorized for future issuance under the Company's stock plans, of which 3.7 million of such shares were issuable upon exercise of outstanding options and delivery of shares upon vesting of restricted stock units and 3.8 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 first quarter of 2020, the Board of Directors authorized the Company to purchase $200 million of its common stock. During 2021, 2020 and 2019, the Company repurchased 1.5 million shares, 6.4 million shares and 0.3 million shares of its common stock for $54 million, $166 million and $7 million (including commissions), respectively, under the plan and as of October 2, 2021, $81 million remains available under such plan, which has no expiration date. Although stock repurchases are intended to increase stockholder value by reducing the number of outstanding shares and to offset the dilution that results from the issuance of shares under the Company’s equity plans, repurchases of shares also reduce the Company's

liquidity. As a result, the timing of future repurchases depends upon the Company’s future capital needs, market conditions and other factors.

In addition to the repurchases discussed above, the Company repurchased 286,000, 398,000 and 207,000 shares of its common stock during 2021, 2020, and 2019, respectively, in settlement of employee tax withholding obligations due upon the vesting of restricted stock units. The Company paid $10 million, $13 million and $6 million, respectively, to applicable tax authorities in connection with these repurchases.

Accumulated Other Comprehensive Income

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

	As of
	October 2, 2021		October 3, 2020
	(In thousands)
Foreign currency translation adjustments	$	76,120	$	85,343
Unrealized holding losses on derivative financial instruments	(14,305)		(22,202)
Unrecognized net actuarial loss and unrecognized transition cost for benefit plans	(21,125)		(28,255)
Total	$	40,690	$	34,886

During the third quarter of 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.