Supplemental Stockholders' Equity Information

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

SUPPLEMENTAL STOCKHOLDERS' EQUITY INFORMATION

SUPPLEMENTAL STOCKHOLDERS’ EQUITY INFORMATION

Share Repurchases

In February 2022, the Board of Directors approved a $150.0 million Class A share repurchase program that replaced the previous program, which was approved in 2015. In February 2023, in addition to the remaining 2022 authorization, the Board of Directors approved a $250.0 million Class A share repurchase program. The authorizations provide that shares of Class A Common Stock may be purchased from time to time as market conditions warrant, through open-market purchases, privately negotiated transactions or other means, including Rule 10b5-1 trading plans. We expect to repurchase shares to offset the impact of dilution from our equity compensation program and to return capital to our stockholders. There is no expiration date with respect to these authorizations.

As of September 30, 2023, repurchases under these authorizations totaled approximately $148.6 million (excluding commissions) and approximately $251.4 million remained. During the nine months ended September 30, 2023, repurchases under these authorizations totaled approximately $43.6 million (excluding commissions).

Accumulated Other Comprehensive Income

The following table summarizes the changes in AOCI by component as of September 30, 2023:

(In thousands)	Foreign Currency Translation Adjustments		Funded Status of Benefit Plans		Net Unrealized Loss on Available-For-Sale Securities		Total Accumulated Other Comprehensive Loss
Balance as of December 31, 2022	$	(510)	$	(348,947)	$	(8,390)	$	(357,847)
Other comprehensive income before reclassifications, before tax	(1,199)		—		5,984		4,785
Amounts reclassified from accumulated other comprehensive loss, before tax	—		4,656		—		4,656
Income tax expense	(352)		1,230		1,585		2,463
Net current-period other comprehensive income, net of tax	(847)		3,426		4,399		6,978
Balance as of September 30, 2023	$	(1,357)	$	(345,521)	$	(3,991)	$	(350,869)

The following table summarizes the reclassifications from AOCI for the nine months ended September 30, 2023:

(In thousands) Detail about accumulated other comprehensive loss components	Amounts reclassified from accumulated other comprehensive loss		Affects line item in the statement where net income is presented
Funded status of benefit plans:
Amortization of prior service credit (1)	$	(1,459)	Other components of net periodic benefit (income)/costs
Amortization of actuarial loss (1)	6,115		Other components of net periodic benefit (income)/costs
Total reclassification, before tax (2)	4,656
Income tax expense	1,230		Income tax expense
Total reclassification, net of tax	$	3,426
(1) These AOCI components are included in the computation of net periodic benefit (income)/cost for pension and other postretirement benefits. See Note 9 for more information.
(2) There were no reclassifications relating to noncontrolling interest for the quarter ended September 30, 2023.

Stock-based Compensation Expense

Total stock-based compensation expense included in the Condensed Consolidated Statements of Operations is as follows:

	For the Quarters Ended				For the Nine Months Ended
(In thousands)	September 30, 2023		September 25, 2022		September 30, 2023		September 25, 2022
Cost of revenue	$	3,673	$	2,028	$	8,970	$	5,647
Sales and marketing	350		337		1,214		1,006
Product development	5,554		2,986		14,472		7,586
General and administrative	4,986		3,912		14,060		11,060
Total stock-based compensation expense	$	14,563	$	9,263	$	38,716	$	25,299