Stockholders' Equity

6 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Comprehensive Income:

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

	June 30, 2024		December 31, 2023
	(In thousands)
Foreign currency translation adjustments, net of income taxes	$	(341,322)	$	(275,678)
Unrecognized prior service costs, net of income taxes	(798)		(798)
Unrealized net gains (losses) on marketable securities, net of income taxes	186		(216)
Accumulated other comprehensive loss	$	(341,934)	$	(276,692)

Stock Repurchases:

On April 27, 2023, the Company's Board of Directors (the “Board”) authorized the Company to repurchase shares of common stock for an aggregate amount up to $600.0 million under a stock repurchase program (the “Repurchase Program”). The Repurchase Program will expire on April 26, 2025, unless terminated earlier by the Board and may be suspended or discontinued at any time. During the three months ended June 30, 2024, the Company repurchased 188,532 shares of common stock under the Repurchase Program for an aggregate cost of $19.3 million. During the six months ended June 30, 2024, the Company repurchased 251,702 shares of common stock under the Repurchase Program for an aggregate cost of $25.8 million. As of June 30, 2024, $329.6 million remained available for aggregate repurchases of shares under the Repurchase Program.

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 June 30, 2024, the Company repurchased 7,574 shares of common stock for this purpose at an aggregate cost of $0.8 million. During the six months ended June 30, 2024, the Company repurchased 47,658 shares of common stock for this purpose at an aggregate cost of $5.0 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 2024 and in each quarter of fiscal year 2023. At June 30, 2024, the Company had accrued $8.6 million for dividends declared on April 25, 2024 for the second quarter of fiscal year 2024 that will be paid in August 2024. On July 25, 2024, the Company announced that the Board had declared a quarterly dividend of $0.07 per share for the third quarter of fiscal year 2024 that will be payable in November 2024. 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.