Stockholders' Equity

9 Months Ended

Sep. 29, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Comprehensive Income:

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

	September 29, 2024		December 31, 2023
	(In thousands)
Foreign currency translation adjustments, net of income taxes	$	(231,548)	$	(275,678)
Unrecognized prior service costs, net of income taxes	(798)		(798)
Unrealized net gains (losses) on marketable securities, net of income taxes	431		(216)
Accumulated other comprehensive loss	$	(231,915)	$	(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”). During the three months ended September 29, 2024, the Company repurchased 1,283,609 shares of common stock under the Repurchase Program for an aggregate cost of $153.4 million. During the nine months ended September 29, 2024, the Company repurchased 1,535,311 shares of common stock under the Repurchase Program for an aggregate cost of $179.3 million. Subsequent to the third quarter of fiscal year 2024, the Company repurchased 284,985 shares of common stock under the Repurchase Program at an aggregate cost of $34.3 million.

On October 24, 2024, 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 $1.0 billion under a new stock repurchase program (the “New Repurchase Program”). No shares remain available for repurchase under the Repurchase Program due to its termination.

The New Repurchase Program will expire on October 23, 2026 unless terminated earlier by the Board and may be suspended or discontinued at any time. Subsequent to October 24, 2024, the Company repurchased 171,400 shares of common stock under the New Repurchase Program at an aggregate cost of $20.3 million.

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 September 29, 2024, the Company repurchased 1,383 shares of common stock for this purpose at an aggregate cost of $0.2 million. During the nine months ended September 29, 2024, the Company repurchased 49,041 shares of common stock for this purpose at an aggregate cost of $5.2 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 three quarters of fiscal year 2024 and in each quarter of fiscal year 2023. At September 29, 2024, the Company had accrued $8.5 million for dividends declared on July 25, 2024 for the third quarter of fiscal year 2024 that will be paid in November 2024. On October 24, 2024, the Company announced that the Board had declared a quarterly dividend of $0.07 per share for the fourth quarter of fiscal year 2024 that will be payable in February 2025. 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.