FY2021 10-K Document - FINAL 11 15 21 - Flipbook - Page 36
Table of Contents
We declared and paid cash dividends of $0.25 per share on our Class A and Class B common stock in each quarter of
2021.
On November 20, 2020, the Board of Directors authorized a new share repurchase program to replace the previously
existing share repurchase program. This program authorizes repurchases that includes both Class A and Class B
common stock, and allows us to buy up to an aggregate 3 million common shares. Under this program, since
inception we purchased approximately 243,000 shares for $19 million.
Previously, the Board of Directors authorized a share repurchase program that was amended from time to time to
authorize additional repurchases that includes both Class A and Class B common stock, and allowed us to buy up to
an aggregate 13 million common shares. Under this program, we purchased approximately 13 million shares for $899
million.
As we continue to adapt to the changing COVID-19 environment, we believe we are well positioned to invest in our
business and have returned to a balanced capital deployment strategy. We expect to organically invest in our
operations and explore opportunities to make strategic acquisitions and return capital to shareholders.
Off Balance Sheet Arrangements
We do not have any material off balance sheet arrangements that have or are reasonably likely to have a material
future effect on our financial condition, results of operations or cash flows.
Contractual Obligations and Commercial Commitments
For further information on our contractual obligations and commitments as of October 2, 2021, see the notes
referenced below, of Item 8, Financial Statements and Supplementary Data, of this report.
Right-of-use lease liabilities - See Note 7, Leases, for details on obligations and timing of expected future payments,
including a five-year maturity schedule.
Debt Obligations and Interest Payments - See Note 9, Indebtedness, for details of our debt and timing of expected
future principal and interest payments. Our current and long-term interest obligation on fixed-rate debt is $21 million
and $111 million, respectively. Interest on variable-rate long-term debt, assuming the rate and outstanding balances
do not change from those at October 2, 2021, would be approximately $8 million annually.
Employee Benefit Plans - See Note 14, Employee Benefit Plans, for details on our obligations and timing of expected
future payments under these plans. In 2022, we have no minimum funding requirements. However, we anticipate
making contributions to defined benefit pension plans of $13 million, of which approximately $5 million is for a nonqualified U.S. plan. We are unable to determine minimum funding requirements beyond 2022. We have made no
discretionary incremental contributions to our defined benefit plans in excess of minimum funding requirements. We
do not plan to make additional contributions for the foreseeable future.
Income Taxes - We are unable to determine if and when any unrecognized tax benefits, which are not material, will be
settled, nor can we estimate any potential changes to the unrecognized tax benefits. See Note 15, Income Taxes, for
additional details of tax obligations.
Commitments - Our current and long-term obligations for non-cancelable purchase commitments are $489 million and
$106 million, respectively. See Note 23, Commitments and Contingencies, for additional details.
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