Stockholders' Equity

3 Months Ended

Mar. 29, 2020

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. As of March 29, 2020, 3.0 million shares remained

authorized for repurchase under the repurchase program. In the three months ended March 29, 2020 and March 31, 2019, the Company repurchased, reported based on trade date, approximately 0.6 million shares and 0.4 million shares of common stock, respectively, at a cost of approximately $15.0 million in each period under the repurchase authorization.

The Company repurchased, as reported based on trade date, approximately 54,000 shares of common stock at a cost of $1.3 million and approximately 89,000 shares of common stock at a cost of $3.3 million, to administratively facilitate the withholding and subsequent remittance of personal income and payroll taxes for individuals receiving RSUs during the three months ended March 29, 2020 and March 31, 2019, respectively.

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

The following table sets forth the changes in accumulated other comprehensive income ("AOCI") by component during the three months ended March 29, 2020 and March 31, 2019:

	Unrealized gains (losses) on available -for-sale investments			Unrealized gains (losses) on derivatives			Estimated tax benefit (provision)			Total
	(In thousands)
Balance as of December 31, 2019	$	(2	)	$	22		$	1		$	21
Other comprehensive income (loss) before reclassifications		—			985			(175	)		810
Less: Amount reclassified from accumulated other comprehensive income		—			582			(122	)		460
Net current period other comprehensive income (loss)		—			403			(53	)		350
Balance as of March 29, 2020	$	(2	)	$	425		$	(52	)	$	371

	Unrealized gains (losses) on available -for-sale investments			Unrealized gains (losses) on derivatives			Estimated tax benefit (provision)			Total
	(In thousands)
Balance as of December 31, 2018	$	(18	)	$	(8	)	$	11		$	(15	)
Other comprehensive income (loss) before reclassifications		15			329			(73	)		271
Less: Amount reclassified from accumulated other comprehensive income		—			306			(64	)		242
Net current period other comprehensive income (loss)		15			23			(9	)		29
Balance as of March 31, 2019	$	(3	)	$	15		$	2		$	14

The following tables provide details about significant amounts reclassified out of each component of AOCI for the three months ended March 29, 2020 and March 31, 2019:

	Three Months Ended
	March 29, 2020			March 31, 2019
	(In thousands)
Amount Reclassified from AOCI
Gains (losses) on cash flow hedge:
Foreign currency forward contracts
Affected line item in the statement of operations
Net revenue	$	676		$	414
Cost of revenue		(2	)		(2	)
Research and development		(2	)		(26	)
Sales and marketing		(77	)		(69	)
General and administrative		(13	)		(11	)
Total before tax		582			306
Tax impact		(122	)		(64	)
Total, net of tax	$	460		$	242