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Stockholders' Equity
 9 Months Ended
Oct. 03, 2021
Stockholders Equity Note [Abstract]  
Stockholders' Equity

Note 9. Stockholders' Equity

Stock Repurchases

From time to time, the Company's Board of Directors has authorized programs under which the Company may repurchase shares of its common stock, depending on market conditions, in the open market or through privately negotiated transactions. Under the authorizations, the timing and actual number of shares subject to repurchase are at the discretion of management and are contingent on a number of factors, such as levels of cash generation from operations, cash requirements for acquisitions and the price of the Company's common stock. On October 24, 2021, the Board of Directors authorized the management to repurchase up to 3.0 million shares of the Company’s outstanding common stock, incremental to the remaining shares of 1.0 million as of October 3, 2021 under the Company’s previous repurchase program. During the nine months ended October 3, 2021 and September 27, 2020, the Company repurchased, reported based on trade date, approximately 1.6 million and 0.9 million shares of common stock, at a cost of approximately $57.5 million and $22.5

million, respectively, under the repurchase authorizations. As of October 3, 2021, common stock repurchases at a cost of $3.8 million were pending settlement. 

The Company repurchased, reported based on trade date, approximately 197,000 and 188,000 shares of common stock, at a cost of approximately $7.5 million and $4.8 million, during the nine months ended October 3, 2021 and September 27, 2020, respectively, to administratively facilitate the withholding and subsequent remittance of personal income and payroll taxes for individuals receiving RSUs.

These shares were retired upon repurchase. The Company's policy related to repurchases of its common stock is to charge the excess of cost over par value to retained earnings. All repurchases were made in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended.

Accumulated Other Comprehensive Income

The following tables set forth the changes in accumulated other comprehensive income ("AOCI") by component during the nine months ended October 3, 2021 and September 27, 2020:

 

 

 

Unrealized

gains (losses)

on available

-for-sale

investments

 

 

Unrealized

gains (losses)

on derivatives

 

 

Estimated tax

benefit (provision)

 

 

Total

 

 

 

(In thousands)

 

Balance as of December 31, 2020

 

$

(2

)

 

$

(42

)

 

$

9

 

 

$

(35

)

Other comprehensive income (loss) before reclassifications

 

 

—

 

 

 

(235

)

 

 

53

 

 

 

(182

)

Less: Amount reclassified from accumulated other comprehensive income (loss)

 

 

—

 

 

 

(288

)

 

 

60

 

 

 

(228

)

Net current period other comprehensive income (loss)

 

 

—

 

 

 

53

 

 

 

(7

)

 

 

46

 

Balance as of October 3, 2021

 

$

(2

)

 

$

11

 

 

$

2

 

 

$

11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized

gains (losses)

on available

-for-sale

investments

 

 

Unrealized

gains (losses)

on derivatives

 

 

Estimated tax

benefit (provision)

 

 

Total

 

 

 

(In thousands)

 

Balance as of December 31, 2019

 

$

(2

)

 

$

22

 

 

$

1

 

 

$

21

 

Other comprehensive income (loss) before reclassifications

 

 

—

 

 

 

(608

)

 

 

115

 

 

 

(493

)

Less: Amount reclassified from accumulated other comprehensive income (loss)

 

 

—

 

 

 

(456

)

 

 

96

 

 

 

(360

)

Net current period other comprehensive income (loss)

 

 

—

 

 

 

(152

)

 

 

19

 

 

 

(133

)

Balance as of September 27, 2020

 

$

(2

)

 

$

(130

)

 

$

20

 

 

$

(112

)

 

 

The following table provides details about significant amounts reclassified out of each component of AOCI for the three and nine months ended October 3, 2021 and September 27, 2020:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

October 3,

2021

 

 

September 27,

2020

 

 

October 3,

2021

 

 

September 27,

2020

 

 

 

(In thousands)

 

Amount Reclassified from AOCI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gains (losses) on cash flow hedge:

 

Foreign currency forward contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affected line item in the statement of operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net revenue

 

$

545

 

 

$

(1,614

)

 

$

(407

)

 

$

(595

)

Cost of revenue

 

 

(1

)

 

 

3

 

 

 

—

 

 

 

2

 

Research and development

 

 

12

 

 

 

27

 

 

 

56

 

 

 

32

 

Sales and marketing

 

 

(27

)

 

 

167

 

 

 

50

 

 

 

95

 

General and administrative

 

 

(4

)

 

 

24

 

 

 

13

 

 

 

10

 

Total before tax

 

 

525

 

 

 

(1,393

)

 

 

(288

)

 

 

(456

)

Tax impact

 

 

(110

)

 

 

293

 

 

 

60

 

 

 

96

 

Total, net of tax

 

$

415

 

 

$

(1,100

)

 

$

(228

)

 

$

(360

)