Stockholders' Equity

9 Months Ended

Sep. 27, 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 September 27, 2020, 2.7 million shares remained authorized for repurchase under the repurchase program. In the nine months ended September 27, 2020 and September 29, 2019, the Company repurchased, reported based on trade date, approximately 0.9 million shares and 1.7 million shares of common stock, respectively, at a cost of approximately $22.5 million and $53.9 million, respectively, under the repurchase authorization.

The Company repurchased, as reported based on trade date, approximately 188,000 shares of common stock at a cost of $4.8 million and approximately 180,000 shares of common stock at a cost of $6.1 million, to administratively facilitate the withholding and subsequent remittance of personal income and payroll taxes for individuals receiving RSUs during the nine months ended September 27, 2020 and September 29, 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 nine months ended September 27, 2020 and September 29, 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		—			(608	)		115			(493	)
Less: Amount reclassified from accumulated other comprehensive income		—			(456	)		96			(360	)
Net current period other comprehensive income (loss)		—			(152	)		19			(133	)
Balance as of September 27, 2020	$	(2	)	$	(130	)	$	20		$	(112	)

	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			1,322			(284	)		1,054
Less: Amount reclassified from accumulated other comprehensive income		—			1,338			(281	)		1,057
Net current period other comprehensive income (loss)		16			(16	)		(3	)		(3	)
Balance as of September 29, 2019	$	(2	)	$	(24	)	$	8		$	(18	)

The following tables provide details about significant amounts reclassified out of each component of AOCI for the three and nine months ended September 27, 2020 and September 29, 2019:

	Three Months Ended						Nine Months Ended
	September 27, 2020			September 29, 2019			September 27, 2020			September 29, 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	$	(1,614	)	$	548		$	(595	)	$	1,634
Cost of revenue		3			(2	)		2			(10	)
Research and development		27			(2	)		32			(47	)
Sales and marketing		167			(42	)		95			(209	)
General and administrative		24			(7	)		10			(30	)
Total before tax		(1,393	)		495			(456	)		1,338
Tax impact		293			(104	)		96			(281	)
Total, net of tax	$	(1,100	)	$	391		$	(360	)	$	1,057