Stockholders' Equity

6 Months Ended

Jul. 03, 2022

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Comprehensive Income:

The components of accumulated other comprehensive loss consisted of the following:

	July 3, 2022		January 2, 2022
	(In thousands)
Foreign currency translation adjustments, net of income taxes	$	(458,160)	$	(161,810)
Unrecognized prior service costs, net of income taxes	(842)		(842)
Unrealized net losses on securities, net of income taxes	(83)		(40)
Accumulated other comprehensive loss	$	(459,085)	$	(162,692)

Stock Repurchases:

On July 31, 2020, the Company's Board of Directors (the "Board") authorized the Company to repurchase shares of common stock for an aggregate amount up to $250.0 million under a stock repurchase program (the "Repurchase Program"). During the six months ended July 3, 2022, the Company repurchased 240,000 shares of common stock under the Repurchase Program for an aggregate cost of $43.4 million. As of July 3, 2022, $144.0 million remained available for aggregate repurchases of shares under the Repurchase Program. On July 22, 2022, the Repurchase Program was terminated by the Board and the Board authorized the Company to repurchase shares of common stock for an aggregate amount up to $300.0 million under a new stock repurchase program (the "New Repurchase Program"). The New Repurchase Program will expire on July 22, 2024 unless terminated earlier by the Board and may be suspended or discontinued at any time.

In addition, the Board has authorized the Company to repurchase shares of common stock to satisfy minimum statutory tax withholding obligations in connection with the vesting of restricted stock awards and restricted stock unit awards granted pursuant to the Company’s equity incentive plans and to satisfy obligations related to the exercise of stock options made pursuant to the Company's equity incentive plans. During the three months ended July 3, 2022, the Company repurchased 2,922 shares of common stock for this purpose at an aggregate cost of $0.5 million. During the six months ended July 3, 2022, the Company repurchased 70,029 shares of common stock for this purpose at an aggregate cost of $12.7 million. The repurchased shares have been reflected as additional authorized but unissued shares, with the payments reflected in common stock and capital in excess of par value.

Dividends:

The Board declared a regular quarterly cash dividend of $0.07 per share for each of the first two quarters of fiscal year 2022 and in each quarter of fiscal year 2021. At July 3, 2022, the Company had accrued $8.8 million for dividends declared on April 28, 2022 for the second quarter of fiscal year 2022 that is payable on August 12, 2022. On July 22, 2022, the Company announced that the Board had declared a quarterly dividend of $0.07 per share for the third quarter of fiscal year 2022 that will be payable in November 2022. In the future, the Board may determine to reduce or eliminate the Company’s common stock dividend in order to fund investments for growth, repurchase shares or conserve capital resources.