XML 32 R18.htm IDEA: XBRL DOCUMENT v3.24.3
Stockholders' Equity
 9 Months Ended
Sep. 29, 2024
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 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