Note 10 Stockholders' Equity

9 Months Ended

Jul. 02, 2022

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Stockholders’ Equity

Accumulated Other Comprehensive Income

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

	As of
	July 2, 2022		October 2, 2021
	(In thousands)
Foreign currency translation adjustments	$	69,185	$	76,120
Unrealized holding gains (losses) on derivative financial instruments	689		(14,305)
Unrecognized net actuarial losses and transition costs for benefit plans	(19,037)		(21,125)
Total	$	50,837	$	40,690

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 2, 2022 and October 2, 2021. The aggregate effective interest rate of these swaps as of July 2, 2022 was approximately 4.3%. These interest rate swaps had a negative value of $19 million as of October 2, 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. Given the recent rise in interest rates and the continued signaling of additional rate hikes, these interest rate swaps had a positive value of $1 million as of July 2, 2022.

Stock Repurchase Program

During the nine months ended July 2, 2022 and July 3, 2021, the Company repurchased 7.4 million and 0.7 million shares of its common stock for $293 million and $22 million, respectively, under stock repurchase programs authorized by the Board of Directors in October 2019 and the first and third quarters of 2022. These programs have no expiration dates and the timing of repurchases will depend 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, purchases of shares reduce the Company’s liquidity. As of July 2, 2022, an aggregate of $188 million remains available under these programs.

In addition to the repurchases discussed above, the Company withheld 0.4 million and 0.3 million shares of its common stock during the nine months ended July 2, 2022 and July 3, 2021, respectively, in settlement of employee tax withholding obligations due upon the vesting of restricted stock units. The Company paid $13 million and $10 million for the nine months ended July 2, 2022 and July 3, 2021, respectively, to applicable tax authorities in connection with these repurchases.