Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

v3.20.2
Stockholders' Equity
 9 Months Ended
Sep. 30, 2020
Equity [Abstract]  
Accumulated Other Comprehensive Income
5. Stockholders' Equity:
Accumulated Other Comprehensive Income
The following tables present the tax effects of each component of other comprehensive income for the three and nine months ended September 30, 2020 and 2019:
Three months ended September 30,
2020 2019
Pre-tax
amount		 Tax benefit/
(expense)		 After-tax amount Pre-tax
amount		 Tax benefit/
(expense)		 After-tax amount
Defined benefit and other postretirement plans:
Amortization of net gains and (losses) $ 28  $ (9) $ 19  $ (10) $ 4  $ (6)
Amortization of prior service cost (52) 13  (39) (63) 10  (53)
Benefit plans, net (24) 4  (20) (73) 14  (59)
Net (loss) gain from hedging activities 1,260  (315) 945  46  (11) 35 
Foreign currency translation(1)
17,596  (4,024) 13,572  (10,020) (3,852) (13,872)
Other comprehensive income (loss) $ 18,832  $ (4,335) $ 14,497  $ (10,047) $ (3,849) $ (13,896)
Nine months ended September 30,
2020 2019
Pre-tax
amount		 Tax benefit/
(expense)		 After-tax amount Pre-tax
amount		 Tax benefit/
(expense)		 After-tax amount
Defined benefit and other postretirement plans:
Amortization of net gains and (losses) $ 93  $ (25) $ 68  $ (26) $ 8  $ (18)
Amortization of prior service cost (155) 39  (116) (128) 26  (102)
Benefit plans, net (62) 14  (48) (154) 34  (120)
Net (loss) gain from hedging activities 1,215  (304) 911  (3,579) 895  (2,684)
Foreign currency translation(1)
(19,308) (1,536) (20,844) 4,731  (5,351) (620)
Other comprehensive income (loss) $ (18,155) $ (1,826) $ (19,981) $ 998  $ (4,422) $ (3,424)

(1)The income tax benefit or expense included in other comprehensive income is attributed to the portion of foreign currency translation associated with the Company’s cross-currency interest rate swaps, for which the tax effect is based on the applicable U.S. deferred income tax rate. See Note 14 to these condensed consolidated financial statements for information regarding the Company’s cross-currency interest rate swaps.
The following table presents the changes in accumulated other comprehensive income (loss), net of tax, by component for the nine months ended September 30, 2020 and 2019:
Defined benefit
and other
postretirement
plans 		 Net gain (loss)
from hedging
activities		 Foreign
currency
translation 		 Total 
December 31, 2019 $ 3,568  $ (1,838) $ (17,078) $ (15,348)
Other comprehensive income (loss) before reclassifications —  (28) (18,041) (18,069)
Amounts reclassified from accumulated other comprehensive income(1)
(48) 939  —  891 
September 30, 2020 $ 3,520  $ (927) $ (35,119) $ (32,526)
December 31, 2018 $ (546) $ 637  $ (39,195) $ (39,104)
Other comprehensive loss before reclassifications (27) (3,163) (665) (3,855)
Amounts reclassified from accumulated other comprehensive income(1)
(93) 479  —  386 
Net current period other comprehensive loss (120) (2,684) (665) (3,469)
Tax Cuts and Jobs Act, reclassification from AOCI to retained earnings 1,684  190  —  1,874 
September 30, 2019 $ 1,018  $ (1,857) $ (39,860) $ (40,699)

(1)See the following table for details about these reclassifications. Amounts in parentheses indicate debits.
The following table presents the reclassifications out of accumulated other comprehensive income for the three and nine months ended September 30, 2020 and 2019:
Details about Accumulated Other Comprehensive
Income Components
Amounts Reclassified from Accumulated Other
Comprehensive Income(1)
Affected Line Item where
Income is Presented
Three months ended
September 30,		 Nine months ended
September 30,
2020 2019 2020 2019
Amortization of defined benefit and other postretirement items:
Prior service credit $ 52  $ 32  $ 155  $ 97 
Other income (expense)(2)
Actuarial gains (losses) (28) 8  (93) 26 
Other income (expense)(2)
24  40  62  123  Total before tax
(4) (10) (14) (30) Tax expense
$ 20  $ 30  $ 48  $ 93  Net of tax
Gains and losses on cash flow hedges:
Interest rate caps $ 611  $ (157) $ (18) $ (449) Interest expense
Natural gas swaps (467) (291) (1,229) (187) Cost of goods sold
144  (448) (1,247) (636) Total before tax
(39) 111  308  157  Tax benefit
$ 105  $ (337) $ (939) $ (479) Net of tax
Total reclassifications for the period $ 125  $ (307) $ (891) $ (386) Net of tax

(1)Amounts in parentheses indicate debits to profit/loss.
(2)These accumulated other comprehensive income (loss) components are components of net periodic pension and other postretirement cost (see Note 16 to these condensed consolidated financial statements for additional details).
Stock Repurchase Program
The Company records repurchases of its common stock for treasury at cost. Upon the reissuance of the Company’s common stock from treasury, differences between the proceeds from reissuance and the average cost of the treasury stock are credited or charged to capital in excess of par value to the extent of prior credits related to the reissuance of treasury stock. If no such credits exist, the differences are charged to retained earnings.
On March 12, 2020, the Company’s Board approved a plan to purchase up to $50,000 of PQ Group Holdings Inc. common stock under a stock repurchase program approved by the Company’s Board of Directors. The Company may repurchase shares from time to time for cash in open market transactions or in privately negotiated transactions in accordance with applicable federal securities laws. The Company will determine the timing and the amount of any repurchases based on its evaluation of market conditions, share price and other factors. The stock repurchase program is valid until March 2022.
From the announcement date of the program through September 30, 2020, the Company repurchased 211,700 shares on the open market at an average price of $9.73 for a total of $2,059, none of which repurchases were made during the three months ended September 30, 2020. As of September 30, 2020, $47,941 was available for additional share repurchases under the program.