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Stockholders' Equity | 9 Months Ended
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Sep. 29, 2024
Stockholders' Equity Note [Abstract] |
Stockholders' Equity | Note 9. Stock holders’ 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 July 16, 2024, the Board of Directors authorized management to repurchase up to 3.0 million shares of the Company’s outstanding common stock, incremental to the remaining shares under the Company’s previous repurchase program. During the nine months ended September 29, 2024, the Company repurchased and retired, reported based on trade date, approximately 1.7 million shares of common stock, at a cost of approximately $22.9 million under the repurchase authorization. The Company did not repurchase any shares of common stock during the nine months ended October 1, 2023. As of September 29, 2024, approximately 3.8 million shares remained authorized for repurchase under the repurchase program. The Company repurchased, reported based on trade date, approximately 222,000 shares and 194,000 shares of common stock, at a cost of approximately $3.3 million and $2.7 million, during the nine months ended September 29, 2024 and October 1, 2023, 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 (Loss) The following tables set forth the changes in accumulated other comprehensive income (loss) (“AOCI”) by component:
(In thousands) |  | Unrealized gains (losses) on available -for-sale investments |  |  | Unrealized gains (losses) on derivatives |  |  | Estimated tax benefit (provision) |  |  | Total |
Balance as of December 31, 2023 |  | $ | 126 |  |  | $ | 7 |  |  | $ | 3 |  |  | $ | 136 |
Other comprehensive income (loss) before reclassifications |  |  | 233 |  |  |  | (821 | ) |  |  | 151 |  |  |  | (437 | )
Less: Amount reclassified from accumulated other comprehensive (loss) income |  |  | — |  |  |  | (573 | ) |  |  | 120 |  |  |  | (453 | )
Net current period other comprehensive income (loss) |  |  | 233 |  |  |  | (248 | ) |  |  | 31 |  |  |  | 16 |
Balance as of September 29, 2024 |  | $ | 359 |  |  | $ | (241 | ) |  | $ | 34 |  |  | $ | 152 |
(In thousands) |  | Unrealized gains (losses) on available -for-sale investments |  |  | Unrealized gains (losses) on derivatives |  |  | Estimated tax benefit (provision) |  |  | Total |
Balance as of December 31, 2022 |  | $ | (322 | ) |  | $ | (338 | ) |  | $ | 125 |  |  | $ | (535 | )
Other comprehensive income (loss) before reclassifications |  |  | 249 |  |  |  | 2,584 |  |  |  | (568 | ) |  |  | 2,265 |
Less: Amount reclassified from accumulated other comprehensive income (loss) |  |  | — |  |  |  | 2,178 |  |  |  | (457 | ) |  |  | 1,721 |
Net current period other comprehensive income (loss) |  |  | 249 |  |  |  | 406 |  |  |  | (111 | ) |  |  | 544 |
Balance as of October 1, 2023 |  | $ | (73 | ) |  | $ | 68 |  |  | $ | 14 |  |  | $ | 9 |
The following table provides details about significant amounts reclassified out of each component of AOCI:
|  | Three Months Ended |  |  | Nine Months Ended |
(In thousands) |  | September 29, 2024 |  |  | October 1, 2023 |  |  | September 29, 2024 |  |  | October 1, 2023 |
Amount Reclassified from AOCI |  |  |  |  |  |  |  |  |  |  |  |
Gains (losses) on cash flow hedge: |
Foreign currency forward contracts |  |  |  |  |  |  |  |  |  |  |  |
Affected line item in the statement of operations |  |  |  |  |  |  |  |  |  |  |  |
Net revenue |  | $ | (461 | ) |  | $ | 1,059 |  |  | $ | (670 | ) |  | $ | 2,510 |
Cost of revenue |  |  | — |  |  |  | (2 | ) |  |  | — |  |  |  | (4 | )
Research and development |  |  | 8 |  |  |  | — |  |  |  | 6 |  |  |  | (26 | )
Sales and marketing |  |  | 18 |  |  |  | (100 | ) |  |  | 60 |  |  |  | (242 | )
General and administrative |  |  | 24 |  |  |  | (41 | ) |  |  | 31 |  |  |  | (60 | )
Total before tax |  |  | (411 | ) |  |  | 916 |  |  |  | (573 | ) |  |  | 2,178 |
Tax impact |  |  | 86 |  |  |  | (192 | ) |  |  | 120 |  |  |  | (457 | )
Total, net of tax |  | $ | (325 | ) |  | $ | 724 |  |  | $ | (453 | ) |  | $ | 1,721 |

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