STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

Share Repurchase Program

In August 2021, the Company announced that the Board of Directors approved the repurchase of an additional $150 million in shares of common stock over a three-year period. This authorization was an increase to the previous $100 million repurchase programs approved in November 2018, February 2017, and February 2016. The repurchase program is set to expire in August 2024. Stock repurchases under this program may be made in the open market or in private transactions at times and in amounts determined by the Company. As of December 31, 2022, $105.2 million remained available under the program.

Common and Preferred Stock

The Board of Directors has the authority to issue common and unclassed preferred stock of up to 200 million shares and 25 million shares, respectively, with par value of $0.01 per share, as well as to fix dividends, voting and conversion rights, redemption provisions, liquidation preferences, and other rights and restrictions.

Accumulated Other Comprehensive Income (Loss) (“AOCI”)

Changes in AOCI by component, net of tax, for the years ended December 31, 2022, 2021, and 2020 are summarized as follows (in thousands):

	Foreign Currency Translation		Derivative Instruments		Total
Balances at December 31, 2019	$	(1,866)	$	(2,112)	$	(3,978)
Net unrealized gains (losses) arising during the period(a)	(316)		6,111		5,795
Less: Net realized gains (losses) reclassified to net loss(b)	—		(5,816)		(5,816)
Net change during the period	(316)		11,927		11,611
Balances at December 31, 2020	(2,182)		9,815		7,633
Net unrealized gains (losses) arising during the period(c)	193		34,127		34,320
Less: Net realized gains (losses) reclassified to net income(d)	—		41,094		41,094
Net change during the period	193		(6,967)		(6,774)
Balances at December 31, 2021	(1,989)		2,848		859
Net unrealized gains (losses) arising during the period(e)	198		1,727		1,925
Less: Net realized gains (losses) reclassified to net income(f)	—		3,666		3,666
Net change during the period	198		(1,939)		(1,741)
Balances at December 31, 2022	$	(1,791)	$	909	$	(882)

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(a) Derivative instruments net of $2.1 million of tax expense for the year ended December 31, 2020.

(b) Derivative instruments net of $2.0 million of tax benefit for the year ended December 31, 2020.

(c) Derivative instruments net of $11.5 million of tax expense for the year ended December 31, 2021.

(d) Derivative instruments net of $13.8 million of tax expense for the year ended December 31, 2021.

(e) Derivative instruments net of $0.6 million of tax expense for the year ended December 31, 2022.

(f) Derivative instruments net of $1.2 million of tax expense for the year ended December 31, 2022.