Stockholders' Equity

3 Months Ended

Apr. 05, 2020

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Comprehensive Income:

The components of accumulated other comprehensive loss consisted of the following:

	April 5, 2020			December 29, 2019
	(In thousands)
Foreign currency translation adjustments	$	(279,030	)	$	(200,437	)
Unrecognized prior service costs, net of income taxes	1,052			1,052
Unrealized net losses on securities, net of income taxes	(349		)	(261		)
Accumulated other comprehensive loss	$	(278,327	)	$	(199,646	)

Stock Repurchases:

On July 23, 2018, the Board of Directors (the "Board") authorized the Company to repurchase shares of common stock for an aggregate amount up to $250.0 million under a stock repurchase program (the "Repurchase Program"). The Repurchase Program will expire on July 23, 2020 unless terminated earlier by the Board and may be suspended or discontinued at any time. During the three months ended April 5, 2020, the Company had no stock repurchases under the Repurchase Program. As of April 5, 2020, $197.8 million remained available for aggregate repurchases of shares under the Repurchase Program.

In addition, the Board has authorized the Company to repurchase shares of common stock to satisfy minimum statutory tax withholding obligations in connection with the vesting of restricted stock awards and restricted stock unit awards granted pursuant to the Company’s equity incentive plans and to satisfy obligations related to the exercise of stock options made pursuant to the Company's equity incentive plans. During the three months ended April 5, 2020, the Company repurchased 66,360 shares of common stock for this purpose at an aggregate cost of $6.3 million. The repurchased shares have been reflected as additional authorized but unissued shares, with the payments reflected in common stock and capital in excess of par value.

Dividends:

The Board declared a regular quarterly cash dividend of $0.07 per share for the first quarter of fiscal year 2020 and in each quarter of fiscal year 2019. At April 5, 2020, the Company has accrued $7.8 million for dividends declared on January 23, 2020 for the first quarter of fiscal year 2020 that were paid on May 8, 2020. On April 30, 2020, the Company announced that the Board had declared a quarterly dividend of $0.07 per share for the second quarter of fiscal year 2020 that will be payable in August 2020. In the future, the Board may determine to reduce or eliminate the Company’s common stock dividend in order to fund investments for growth, repurchase shares or conserve capital resources.