Stockholders' Deficit

6 Months Ended

Apr. 11, 2021

Stockholders' Equity Note [Abstract]

STOCKHOLDERS’ DEFICIT

Summary of changes in stockholders’ deficit — A reconciliation of the beginning and ending amounts of stockholders’ deficit is presented below (in thousands):


	Quarter				Year-to-date
	April 11, 2021		April 12, 2020		April 11, 2021		April 12, 2020
Balance at beginning of period	$	(749,123)	$	(841,153)	$	(793,361)	$	(737,584)
Shares issued under stock plans, including tax benefit	4,226		3,375		4,340		3,559
Share-based compensation expense	1,605		2,681		2,836		5,865
Dividends declared	(9,041)		(9,067)		(18,130)		(18,492)
Purchases of treasury stock	(65,000)		—		(65,000)		(153,550)
Net earnings	35,934		11,463		86,793		19,360
Other comprehensive income (loss), net of taxes	842		(44,225)		1,965		6,786
Cumulative-effect from a change in accounting principle	—		—		—		(2,870)
Balance at end of period	$	(780,557)	$	(876,926)	$	(780,557)	$	(876,926)

Repurchases of common stock — The Company repurchased 0.6 million shares of its common stock in the second quarter of fiscal 2021 at an average price of $101.45 per share for an aggregate cost of $65.0 million. There were no repurchases of common stock in the first quarter of fiscal 2021. As of April 11, 2021, this leaves $135.0 million remaining under share repurchase programs authorized by the Board of Directors, consisting of $35.0 million that expires in November 2021 and $100.0 million that expires in November 2022.

Dividends — During 2021, the Board of Directors declared two cash dividends of $0.40 per common share totaling $18.2 million. Future dividends are subject to approval by our Board of Directors.