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Stockholders' Equity
3 Months Ended
Apr. 03, 2022
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. The Company repurchased, reported based on trade date, approximately 0.4 million shares of common stock at a cost of approximately $9.4 million under the repurchase authorizations during the three months ended April 3, 2022. The Company did not repurchase any shares of common stock under the authorizations during the three months ended March 28, 2021. As of April 3, 2022, 3.1 million shares remained authorized for repurchase under the repurchase program. 

The Company repurchased, reported based on trade date, approximately 46,000 and 48,000 shares of common stock, at a cost of approximately $1.3 million and $2.0 million, during the three months ended April 3, 2022, and March 28, 2021, 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, 2021

 

$

(2

)

 

$

173

 

 

$

(22

)

 

$

149

 

Other comprehensive income (loss) before reclassifications

 

 

(49

)

 

 

369

 

 

 

(57

)

 

 

263

 

Less: Amount reclassified from accumulated other comprehensive income

 

 

 

 

 

324

 

 

 

(68

)

 

 

256

 

Net current period other comprehensive income (loss)

 

 

(49

)

 

 

45

 

 

 

11

 

 

 

7

 

Balance as of April 3, 2022

 

$

(51

)

 

$

218

 

 

$

(11

)

 

$

156

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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, 2020

 

$

(2

)

 

$

(42

)

 

$

9

 

 

$

(35

)

Other comprehensive income (loss) before reclassifications

 

 

 

 

 

(371

)

 

 

82

 

 

 

(289

)

Less: Amount reclassified from accumulated other comprehensive income

 

 

 

 

 

(418

)

 

 

88

 

 

 

(330

)

Net current period other comprehensive income (loss)

 

 

 

 

 

47

 

 

 

(6

)

 

 

41

 

Balance as of March 28, 2021

 

$

(2

)

 

$

5

 

 

$

3

 

 

$

6

 

 

The following table provides details about significant amounts reclassified out of each component of AOCI:

 

 

 

Three Months Ended

 

(In thousands)

 

April 3, 2022

 

 

March 28, 2021

 

Amount Reclassified from AOCI

 

 

 

 

 

 

 

 

Gains (losses) on cash flow hedge:

 

Foreign currency forward contracts

 

 

 

 

 

 

 

 

Affected line item in the statement of operations

 

 

 

 

 

 

 

 

Net revenue

 

$

385

 

 

$

(463

)

Cost of revenue

 

 

3

 

 

 

 

Research and development

 

 

(15

)

 

 

12

 

Sales and marketing

 

 

(43

)

 

 

26

 

General and administrative

 

 

(6

)

 

 

7

 

Total before tax

 

 

324

 

 

 

(418

)

Tax impact

 

 

(68

)

 

 

88

 

Total, net of tax

 

$

256

 

 

$

(330

)