Stockholders' Equity

9 Months Ended

Oct. 01, 2023

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Note 9. Stockholders' Equity

Stock Repurchases

From time to time, the Company's Board of Directors has authorized programs under which the Company may repurchase shares of its common stock, depending on market conditions, in the open market or through privately negotiated transactions. Under the authorizations, the timing and actual number of shares subject to repurchase are at the discretion of management and are contingent on a number of factors, such as levels of cash generation from operations, cash requirements for acquisitions and the price of the Company's common stock. The Company did not repurchase any shares of common stock during the nine months ended October 1, 2023. During the nine months ended October 2, 2022, the Company repurchased, reported based on trade date, approximately 1.0 million shares of common stock at a cost of approximately $24.4 million under the repurchase authorizations. As of October 1, 2023, 2.5 million shares remained authorized for repurchase under the repurchase program.

The Company repurchased, reported based on trade date, approximately 194,000 and 198,000 shares of common stock, at a cost of approximately $2.7 million and $4.7 million, during the nine months ended October 1, 2023, and October 2, 2022, respectively, to administratively facilitate the withholding and subsequent remittance of personal income and payroll taxes for individuals receiving RSUs.

These shares were retired upon repurchase. The Company's policy related to repurchases of its common stock is to charge the excess of cost over par value to retained earnings. All repurchases were made in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended.

Accumulated Other Comprehensive Income (Loss)

The following tables set forth the changes in accumulated other comprehensive income (loss) ("AOCI") by component:

(In thousands)	Unrealized gains (losses) on available -for-sale investments			Unrealized gains (losses) on derivatives			Estimated tax benefit (provision)			Total
Balance as of December 31, 2022	$	(322	)	$	(338	)	$	125		$	(535	)
Other comprehensive income (loss) before reclassifications		249			2,584			(568	)		2,265
Less: Amount reclassified from accumulated other comprehensive income (loss)		—			2,178			(457	)		1,721
Net current period other comprehensive income (loss)		249			406			(111	)		544
Balance as of October 1, 2023	$	(73	)	$	68		$	14		$	9
(In thousands)	Unrealized gains (losses) on available -for-sale investments			Unrealized gains (losses) on derivatives			Estimated tax benefit (provision)			Total
Balance as of December 31, 2021	$	(2	)	$	173		$	(22	)	$	149
Other comprehensive income (loss) before reclassifications		(459	)		1,340			(154	)		727
Less: Amount reclassified from accumulated other comprehensive income (loss)		—			1,254			(263	)		991
Net current period other comprehensive income (loss)		(459	)		86			109			(264	)
Balance as of October 2, 2022	$	(461	)	$	259		$	87		$	(115	)

The following table provides details about significant amounts reclassified out of each component of AOCI:

	Three Months Ended						Nine Months Ended
(In thousands)	October 1, 2023			October 2, 2022			October 1, 2023			October 2, 2022
Amount Reclassified from AOCI
Gains (losses) on cash flow hedge:
Foreign currency forward contracts
Affected line item in the statement of operations
Net revenue	$	1,059		$	683		$	2,510		$	1,395
Cost of revenue		(2	)		—			(4	)		—
Research and development		—			(3	)		(26	)		(18	)
Sales and marketing		(100	)		(64	)		(242	)		(97	)
General and administrative		(41	)		(22	)		(60	)		(26	)
Total before tax		916			594			2,178			1,254
Tax impact		(192	)		(124	)		(457	)		(263	)
Total, net of tax	$	724		$	470		$	1,721		$	991