Stockholders' Equity

6 Months Ended

Jun. 27, 2021

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 27, 2021, 2.0 million shares remained authorized for repurchase under the repurchase program. During the six months ended June 27, 2021 and June 28, 2020, the Company

repurchased, reported based on trade date, approximately 0.7 million and 0.9 million shares of common stock, respectively, at a cost of approximately $ 25.0 million and $22.5 million, respectively, under the repurchase authorizations.

The Company repurchased, reported based on trade date, approximately 154,000 and 149,000 shares of common stock, at a cost of approximately $5.9 million and $3.6 million, during the six months ended June 27, 2021 and June 28, 2020, 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

The following tables set forth the changes in accumulated other comprehensive income ("AOCI") by component during the six months ended June 27, 2021 and June 28, 2020:

	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, 2020	$	(2	)	$	(42	)	$	9		$	(35	)
Other comprehensive income (loss) before reclassifications		—			(679	)		154			(525	)
Less: Amount reclassified from accumulated other comprehensive income (loss)		—			(813	)		171			(642	)
Net current period other comprehensive income (loss)		—			134			(17	)		117
Balance as of June 27, 2021	$	(2	)	$	92		$	(8	)	$	82

	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 (loss)		—			937			(197	)		740
Net current period other comprehensive income (loss)		—			(15	)		1			(14	)
Balance as of June 28, 2020	$	(2	)	$	7		$	2		$	7

The following table provides details about significant amounts reclassified out of each component of AOCI for the three and six months ended June 27, 2021 and June 28, 2020:

	Three Months Ended						Six Months Ended
	June 27, 2021			June 28, 2020			June 27, 2021			June 28, 2020
	(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	$	(489	)	$	343		$	(952	)	$	1,019
Cost of revenue		1			1			1			(1	)
Research and development		32			7			44			5
Sales and marketing		51			5			77			(72	)
General and administrative		10			(1	)		17			(14	)
Total before tax		(395	)		355			(813	)		937
Tax impact		83			(75	)		171			(197	)
Total, net of tax	$	(312	)	$	280		$	(642	)	$	740