Stockholders' Equity

9 Months Ended

Oct. 03, 2021

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Dividends

During the first, second and third quarter of 2021, the Company paid dividends per share of $.09, $.10 and $.12, respectively. During the first, second and third quarter of 2020, the Company paid dividends per share of $.12, $.05 and $.05, respectively.

Repurchases of Common Stock

In February 2020, our Board of Directors authorized a repurchase program for up to $100,000 of our common stock through February 28, 2021, when and if market conditions warranted and to the extent legally permissible (the “February 2020 authorization”). As previously announced, beginning in March 2020, the Company temporarily suspended all share repurchase activity under the February 2020 authorization in connection with the Company’s response to the COVID-19 pandemic. In July 2020, the Company’s Board of Directors approved an extension of the February 2020 authorization by one year, through February 28, 2022, when and if market and economic conditions warrant and to the extent legally permissible. The Company resumed share repurchases in August 2020. In addition, in May 2021 and August 2021, the Board of Directors approved increases of $50,000 and $70,000, respectively, to the February 2020 authorization, resulting in an aggregate authorization of $220,000 that continues to expire on February 28, 2022. During the nine months ended October 3, 2021, the Company repurchased 5,876 shares under the February 2020 authorization with an aggregate purchase price of $127,150, of which $2,299 was accrued at October 3, 2021, and excluding commissions of $82. As of October 3, 2021, the Company had $60,566 of availability remaining under the February 2020 authorization. Subsequent to October 3, 2021 through November 3, 2021, the Company repurchased 697 shares under the February 2020 authorization with an aggregate purchase price of $15,494, excluding commissions of $10. In addition, in November 2021, the Board of Directors approved an increase of $80,000 to the February 2020 authorization, resulting in an aggregate authorization of $300,000 that continues to expire on February 28, 2022. The Company also announced in November 2021 its intention to launch a $125,000 accelerated share repurchase transaction during the fourth quarter of 2021 as part of the February 2020 authorization. The Company has availability of $125,072 remaining under the February 2020 authorization as of November 10, 2021.

In February 2019, our Board of Directors authorized a repurchase program for up to $225,000 of our common stock through March 1, 2020, when and if market conditions warranted and to the extent legally permissible (the February 2019 authorization”). In November 2019, the Company entered into an accelerated share repurchase agreement (the “2019 ASR Agreement”) with a third-party financial institution to repurchase common stock as part of the February 2019 authorization. Under the 2019 ASR Agreement, the Company paid the financial institution an initial purchase price of $100,000 in cash and received an initial delivery of 4,051 shares of common stock, representing an estimated 85% of the total shares expected to be delivered under the 2019 ASR Agreement. In February 2020, the Company completed the 2019 ASR Agreement and received an additional 628 shares of common stock at an average purchase price of $23.89. The total number of shares of common stock ultimately purchased by the Company under the 2019 ASR Agreement was based on the average of the daily volume-weighted average prices of the common stock during the term of the 2019 ASR Agreement, less an agreed upon discount. In total, 4,679 shares were delivered under the 2019 ASR Agreement at an average purchase price of $21.37 per share.

In addition to the shares repurchased in connection with the 2019 ASR Agreement, during the nine months ended September 27, 2020, the Company repurchased 2,172 shares with an aggregate purchase price of $45,014, excluding commissions of $30, under the February 2020 authorization and the February 2019 authorization. After taking into consideration these repurchases, with the completion of the 2019 ASR Agreement in February 2020, the Company completed the February 2019 authorization.

Accumulated Other Comprehensive Loss

The following table provides a rollforward of accumulated other comprehensive loss:

	Nine Months Ended
	October 3, 2021		September 27, 2020
Balance at beginning of period	$	(49,641)	$	(53,828)
Foreign currency translation	908		(5,138)
Balance at end of period	$	(48,733)	$	(58,966)