Condensed Financial Statements Parent Company Only

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Statements Parent Company Only

Condensed Financial Statements

Parent Company Only

Condensed Balance Sheets

	December 31,
(In thousands)	2021		2020
Assets
Current assets:
Cash	$	1,680	$	1,680
Prepaid expenses and other assets	—		470
Total current assets	1,680		2,150
Investment in subsidiaries, at equity	468,651		342,385
Deferred tax asset, net	4,062		2,786
Total assets	$	474,393	$	347,321
Liabilities and stockholders’ equity
Current liabilities:
Accrued liabilities	$	1,259	$	272
Accounts payable	1,448		2,777
Income tax payable	1,834		—
Total current liabilities	4,541		3,049
Other long-term liabilities	3,640		6,530
Total liabilities	8,181		9,579
Stockholders’ equity:
Common stock	719		721
Additional paid-in capital	7,565		5,339
Accumulated earnings	506,051		379,937
Accumulated other comprehensive loss, net of tax	(48,123)		(48,255)
Total stockholders’ equity	466,212		337,742
Total liabilities and stockholders’ equity	$	474,393	$	347,321

Condensed Statements of Income and Comprehensive Income

	Years ended December 31,
(In thousands)	2021		2020		2019
Non-operating income (expenses)
Equity in earnings of subsidiaries	$	157,787	$	103,308	$	101,078
Interest income	157		234		367
Other expenses	(2,563)		(1,594)		(1,595)
Income before income taxes	155,381		101,948		99,850
Income tax benefit	(5,749)		(2,489)		(3,619)
Net income	161,130		104,437		103,469
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	(11,129)		(7,970)		4,754
Loss on cash flow hedges	11,151		(10,275)		(10,974)
Unrealized gain on change in fair value of debt securities available-for-sale	109		—		—
Total comprehensive income	$	161,261	$	86,192	$	97,249

Condensed Statements of Cash Flows

	Years ended December 31,
(In thousands)	2021		2020		2019
Cash flows from operating activities	$	47,590	$	29,817	$	55,092
Cash flows from financing activities
Dividends paid	(14,409)		(14,382)		(14,420)
Repurchase of common stock	(24,388)		(7,300)		(31,822)
Withholding taxes paid on share-based compensation	(8,793)		(8,134)		(8,849)
Net cash used in financing activities	(47,590)		(29,816)		(55,091)
Net change in cash	—		1		1
Cash at beginning of the period	1,680		1,679		1,678
Cash at end of the period	$	1,680	$	1,680	$	1,679