Note 10 Stockholders' Equity

9 Months Ended

Jul. 01, 2023

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 1, 2023		October 1, 2022
	(In thousands)
Foreign currency translation adjustments	$	70,736	$	63,929
Unrealized holding gains on derivative financial instruments	7,044		4,112
Unrecognized net actuarial losses and transition costs for benefit plans	(11,898)		(11,716)
Total	$	65,882	$	56,325

Stock Repurchase Program

During the nine months ended July 1, 2023 and July 2, 2022, the Company repurchased 1 million and 7 million shares of its common stock for $51 million and $293 million, respectively, under stock repurchase programs authorized by the Board of Directors. 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, they also reduce the Company’s liquidity. During the third quarter of 2023, the Company’s Board of Directors authorized the repurchase of up to $200 million of the Company’s common stock in the open market or in negotiated private transactions. As of July 1, 2023, an aggregate of $312 million remained available under these programs.

In addition to the repurchases discussed above, the Company withheld 0.4 million and 0.4 million shares of its common stock during the nine months ended July 1, 2023 and July 2, 2022, respectively, in settlement of employee tax withholding obligations due upon the vesting of restricted stock units. The Company paid $22 million and $13 million for the nine months ended July 1, 2023 and July 2, 2022, respectively, to applicable tax authorities in connection with these repurchases.