Equity

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Equity

Equity

Accumulated Other Comprehensive Income (Loss)

The following table provides a summary of the changes in the balances of accumulated other comprehensive income (loss) for the quarter ended March 31, 2024: 

(In thousands)	Foreign Currency Translation Adjustments		Cash Flow Hedges		Unrealized Gains (Losses) on Debt Securities AFS		Total
Balance - December 31, 2023, net of tax	$	14,847	$	3,336	26		18,209
Other comprehensive income (loss) before reclassifications	(26,476)		4,021		(3)		(22,458)
Effective portion reclassified to net income	$	—	(1,673)		—		(1,673)
Balance - March 31, 2024, net of tax	$	(11,629)	$	5,684	$	23	$	(5,922)

Share Repurchase

On March 6, 2024, the Company entered into an accelerated share repurchase agreement (the “ASR”) with Bank of America, N.A. to repurchase an aggregate of $70 million of the Company’s common stock, par value $0.01 per share. In connection with the launch of the ASR, on March 8, 2024, the Company paid Bank of America, N.A., an aggregate of $70 million and received approximately 1.5 million shares of the Company’s common stock. The final number of shares to be received under the ASR agreement will be determined upon completion of the transaction and will be based on the total transaction value and the average of the daily volume-weighted average share price of the Company’s common stock during the term of the transaction. Final settlement of the transaction is expected to be completed in the third quarter of 2024. The Company accounted for this contract as an equity contract. If upon contract termination, an amount is owed by the Company, the contract can be net settled in cash or shares at the Company's option.