Supplemental Stockholders' Equity Information

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

SUPPLEMENTAL STOCKHOLDERS' EQUITY INFORMATION

SUPPLEMENTAL STOCKHOLDERS’ EQUITY INFORMATION

Share Repurchases

In February 2022, the Board of Directors approved a $150.0 million Class A share repurchase program that replaced the previous program, which was approved in 2015. In February 2023, in addition to the remaining 2022 authorization, the Board of Directors approved a $250.0 million Class A share repurchase program. The authorizations provide that shares of Class A Common Stock may be purchased from time to time as market conditions warrant, through open-market purchases, privately negotiated transactions or other means, including Rule 10b5-1 trading plans. We expect to repurchase shares to offset the impact of dilution from our equity compensation program and to return capital to our stockholders. There is no expiration date with respect to these authorizations.

As of June 30, 2024, repurchases under these authorizations totaled approximately $191.5 million (excluding commissions and excise taxes), fully utilizing the 2022 authorization and leaving approximately $208.5 million remaining under the 2023 authorization. During the six months ended June 30, 2024, repurchases under these authorizations totaled approximately $42.0 million.

Accumulated Other Comprehensive Income

The following table summarizes the changes in AOCI by component as of June 30, 2024:

(In thousands)	Foreign Currency Translation Adjustments		Funded Status of Benefit Plans		Net Unrealized Loss on Available-For-Sale Securities		Total Accumulated Other Comprehensive Loss
Balance as of December 31, 2023	$	910	$	(353,286)	$	(486)	$	(352,862)
Other comprehensive loss before reclassifications, before tax	(2,434)		—		(667)		(3,101)
Amounts reclassified from accumulated other comprehensive loss, before tax	—		6,603		—		6,603
Income tax (benefit)/expense	(637)		1,764		(175)		952
Net current-period other comprehensive (loss)/income, net of tax	(1,797)		4,839		(492)		2,550
Balance as of June 30, 2024	$	(887)	$	(348,447)	$	(978)	$	(350,312)

The following table summarizes the reclassifications from AOCI for the six months ended June 30, 2024:

(In thousands) Detail about accumulated other comprehensive loss components	Amounts reclassified from accumulated other comprehensive loss		Affects line item in the statement where net income is presented
Funded status of benefit plans:
Amortization of prior service credit (1)	$	(972)	Other components of net periodic benefit costs/(income)
Amortization of actuarial loss (1)	7,548		Other components of net periodic benefit costs/(income)
Pension settlement charge	27		Other components of net periodic benefit costs/(income)
Total reclassification, before tax (2)	6,603
Income tax expense	1,764		Income tax expense
Total reclassification, net of tax	$	4,839
(1) These AOCI components are included in the computation of net periodic benefit (income)/cost for pension and other postretirement benefits. See Note 9 for more information.
(2) There were no reclassifications relating to noncontrolling interest for the quarter ended June 30, 2024.

Stock-based Compensation Expense

Total stock-based compensation expense included in the Condensed Consolidated Statements of Operations is as follows:

	For the Quarters Ended				For the Six Months Ended
(In thousands)	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Cost of revenue	$	4,196	$	3,067	$	8,150	$	5,297
Sales and marketing	412		444		804		864
Product development	6,537		5,034		12,772		8,918
General and administrative	5,889		4,708		11,164		9,074
Total stock-based compensation expense	$	17,034	$	13,253	$	32,890	$	24,153