Stockholders' Equity |
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. As of December 31, 2018, 1.5 million shares remained authorized for repurchase under the repurchase program. The Company repurchased, as reported based on trade date, shares of approximately 0.5 million common stock at a cost of $30.0 million during the year ended December 31, 2018. During the years ended December 31, 2017 and 2016, the Company repurchased, as reported based on trade date, approximately 2.4 million shares of common stock at a cost of $113.2 million and approximately 0.9 million shares of common stock at a cost of $38.3 million, respectively.
The Company repurchased, as reported based on trade date, approximately 138,000 shares of common stock at a cost of $8.1 million, to administratively facilitate the withholding and subsequent remittance of personal income and payroll taxes for individuals receiving RSUs during the year ended December 31, 2018. Similarly, during the years ended December 31, 2017 and 2016, the Company repurchased, as reported based on trade date, approximately 135,000 shares of common stock at a cost of $6.4 million and 105,000 shares of common stock at a cost of $4.7 million, respectively, to facilitate tax withholding for 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 table sets forth the changes in accumulated other comprehensive income ("AOCI") by component during the years ended December 31, 2018, 2017 and 2016: | | | | | | | | | | | | | | | | | | Unrealized gains (losses) on available-for-sale securities | | Unrealized gains (losses) on derivatives | | Estimated tax benefit (provision) | | Total | | (In thousands) | Balance as of December 31, 2015 | $ | (64 | ) | | $ | 43 |
| | $ | 24 |
| | $ | 3 |
| Other comprehensive income (loss) before reclassifications | 33 |
| | 3,007 |
| | (572 | ) | | 2,468 |
| Less: Amount reclassified from accumulated other comprehensive income | — |
| | 820 |
| | (287 | ) | | 533 |
| Net current period other comprehensive income (loss) | 33 |
| | 2,187 |
| | (285 | ) | | 1,935 |
| Balance as of December 31, 2016 | $ | (31 | ) | | $ | 2,230 |
| | $ | (261 | ) | | $ | 1,938 |
| Other comprehensive income (loss) before reclassifications | (115 | ) | | (10,692 | ) | | 3,062 |
| | (7,745 | ) | Less: Amount reclassified from accumulated other comprehensive income | — |
| | (7,624 | ) | | 2,668 |
| | (4,956 | ) | Net current period other comprehensive income (loss) | (115 | ) | | (3,068 | ) | | 394 |
| | (2,789 | ) | Balance as of December 31, 2017 | $ | (146 | ) | | $ | (838 | ) | | $ | 133 |
| | $ | (851 | ) | Other comprehensive income (loss) before reclassifications | 128 |
| | 1,422 |
| | (249 | ) | | 1,301 |
| Less: Amount reclassified from accumulated other comprehensive income | — |
| | 588 |
| | (123 | ) | | 465 |
| Net current period other comprehensive income (loss) | 128 |
| | 834 |
| | (126 | ) | | 836 |
| Distribution of Arlo | — |
| | (4 | ) | | 4 |
| | — |
| Balance as of December 31, 2018 | $ | (18 | ) | | $ | (8 | ) | | $ | 11 |
| | $ | (15 | ) |
The following tables provide details about significant amounts reclassified out of each component of accumulated other comprehensive income for the years ended December 31, 2018, 2017 and 2016: | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | Details about Accumulated Other Comprehensive Income Components | | 2018 | | 2017 | | 2016 | | Amount Reclassified from AOCI | | Affected Line Item in the Statements of Operations | | Amount Reclassified from AOCI | | Affected Line Item in the Statements of Operations | | Amount Reclassified from AOCI | | Affected Line Item in the Statements of Operations | | | (In thousands) | Gains (losses) on cash flow hedge: | | | | | | | | | | | | | Foreign currency forward contracts | | $ | 665 |
| | Net revenue | | $ | (5,786 | ) | | Net revenue | | $ | 850 |
| | Net revenue | Foreign currency forward contracts | | (9 | ) | | Cost of revenue | | 18 |
| | Cost of revenue | | (6 | ) | | Cost of revenue | Foreign currency forward contracts | | 83 |
| | Research and development | | 130 |
| | Research and development | | (55 | ) | | Research and development | Foreign currency forward contracts | | (102 | ) | | Sales and marketing | | 788 |
| | Sales and marketing | | (189 | ) | | Sales and marketing | Foreign currency forward contracts | | (53 | ) | | General and administrative | | 133 |
| | General and administrative | | (30 | ) | | General and administrative | Total, from continuing operations before income taxes | | 584 |
| | Total from continuing operations before tax | | (4,717 | ) | | Total from continuing operations before tax | | 570 |
| | Total from continuing operations before tax | Tax impact from continuing operations | | (123 | ) | | Tax impact from continuing operations | | 1,651 |
| | Tax impact from continuing operations | | (200 | ) | | Tax impact from continuing operations | Total, from continuing operations net of tax | | 461 |
| | Total, from continuing operations net of tax | | (3,066 | ) | | Total, from continuing operations net of tax | | 370 |
| | Total, from continuing operations net of tax | Total, from discontinued operations net of tax | | 4 |
| | Total, from discontinued operations net of tax | | (1,890 | ) | | Total, from discontinued operations net of tax | | 163 |
| | Total, from discontinued operations net of tax | Total, net of tax | | $ | 465 |
| | | | $ | (4,956 | ) | | | | $ | 533 |
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