Stockholders' Equity

6 Months Ended

Jun. 28, 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 June 28, 2020, 2.7 million shares remained authorized for repurchase under the repurchase program. In the six months ended June 28, 2020 and June 30, 2019, the Company repurchased, reported based on trade date, approximately 0.9 million shares and 1.0 million shares of common stock, respectively, at a cost of approximately $22.5 million and $32.0 million, respectively, under the repurchase authorization.

The Company repurchased, as reported based on trade date, approximately 149,000 shares of common stock at a cost of $3.6 million and approximately 168,000 shares of common stock at a cost of $5.7 million, to administratively facilitate the

withholding and subsequent remittance of personal income and payroll taxes for individuals receiving RSUs during the six months ended June 28, 2020 and June 30, 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 six months ended June 28, 2020 and June 30, 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		—			922			(196	)		726
Less: Amount reclassified from accumulated other comprehensive income		—			937			(197	)		740
Net current period other comprehensive income (loss)		—			(15	)		1			(14	)
Balance as of June 28, 2020	$	(2	)	$	7		$	2		$	7

	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		16			863			(187	)		692
Less: Amount reclassified from accumulated other comprehensive income		—			842			(177	)		665
Net current period other comprehensive income (loss)		16			21			(10	)		27
Balance as of June 30, 2019	$	(2	)	$	13		$	1		$	12

The following tables provide details about significant amounts reclassified out of each component of AOCI for the three and six months ended June 28, 2020 and June 30, 2019:

	Three Months Ended						Six Months Ended
	June 28, 2020			June 30, 2019			June 28, 2020			June 30, 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	$	343		$	672		$	1,019		$	1,086
Cost of revenue		1			(6	)		(1	)		(8	)
Research and development		7			(20	)		5			(46	)
Sales and marketing		5			(98	)		(72	)		(167	)
General and administrative		(1	)		(12	)		(14	)		(23	)
Total before tax		355			536			937			842
Tax impact		(75	)		(113	)		(197	)		(177	)
Total, net of tax	$	280		$	423		$	740		$	665