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Stockholders' Equity | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
Stockholders' Equity |
14. Stockholders' Equity
Preferred stock Our Board of Directors may fix the relative rights and preferences of each series of preferred stock in a resolution of the Board of Directors. Stock repurchase program Under our stock repurchase program, we are authorized to repurchase shares from time to time in accordance with applicable laws both on the open market, including under trading plans established pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, and in privately negotiated transactions. The timing and amount of repurchases depends on several factors, including market and business conditions, the trading price of our common stock and the nature of other investment opportunities. The repurchase program does not have an expiration date and may be limited, suspended or discontinued at any time without prior notice. Under the 2020 Credit Facility, we have restrictions on our ability to repurchase shares of our common stock, which are summarized on page 56 in this report. We account for purchases of treasury stock under the cost method. During the year ended December 31, 2023, we repurchased 221,836 shares for $18.8 million. The remaining amount available to purchase stock under the then approved stock repurchase program was $231.2 million as of December 31, 2023. On January 17, 2024, our Board of Directors reauthorized, expanded and replenished our stock repurchase program by expanding the total capacity under the program from $250.0 million to $500.0 million available for purchase. Between January 1, 2024 and January 17, 2024, we repurchased $22.3 million under the prior authorization. Between January 18, 2024 and February 16, 2024, we repurchased an additional 7,114 shares for $0.6 million under the new authorization. The remaining amount available to purchase stock under the stock repurchase program was $499.4 million as of February 16, 2024. Changes in accumulated other comprehensive income (loss) by component The changes in accumulated other comprehensive income (loss) by component, consisted of the following:
| Years ended December 31,
(in thousands) | 2023 | 2022 | 2021
Accumulated other comprehensive income (loss), beginning of period | $ | 8,938 |  | $ | 6,522 |  | $ | (2,497) |
By component: |  |  |
Gains and losses on cash flow hedges: |  |  |
Accumulated other comprehensive income (loss) balance, beginning of period | $ | 23,833 |  | $ | 5,257 |  | $ | (3,101) |
Other comprehensive (loss) income before reclassifications, net of tax effects of $201, $(8,068) and $(1,982) | (271) |  | 22,772 |  | 5,617 |
Amounts reclassified from accumulated other comprehensive (loss) income | (20,806) |  | (5,685) |  | 3,714 |
Tax expense (benefit) included in provision for income taxes | 5,402 |  | 1,489 |  | (973) |
Total amounts reclassified from accumulated other comprehensive (loss) income | (15,404) |  | (4,196) |  | 2,741 |
Net current-period other comprehensive (loss) income | (15,675) |  | 18,576 |  | 8,358 |
Accumulated other comprehensive income balance, end of period | $ | 8,158 |  | $ | 23,833 |  | $ | 5,257 |
Foreign currency translation adjustment: |  |  |
Accumulated other comprehensive (loss) income balance, beginning of period | $ | (14,895) |  | $ | 1,265 |  | $ | 604 |
Translation adjustment | 5,049 |  | (16,160) |  | 661 |
Accumulated other comprehensive (loss) income balance, end of period | (9,846) |  | (14,895) |  | 1,265 |
Accumulated other comprehensive (loss) income, end of period | $ | (1,688) |  | $ | 8,938 |  | $ | 6,522 |

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