Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

v3.22.2
Stockholders' Equity
 6 Months Ended
Jun. 30, 2022
Equity [Abstract]  
Stockholders' Equity
6. Stockholders' Equity:
Accumulated Other Comprehensive Income (Loss)
The following tables present the tax effects of each component of other comprehensive income (loss) for the three and six months ended June 30, 2022 and 2021:
Three months ended June 30,
2022 2021
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 $ —  $ —  $ —  $ 2  $ (1) $ 1 
Amortization of prior service cost (52) 13  (39) (58) 15  (43)
Benefit plans, net (52) 13  (39) (56) 14  (42)
Net gain from hedging activities 6,343  (1,586) 4,757  551  (138) 413 
Foreign currency translation(1)
(7,994) —  (7,994) 12,163  —  12,163 
Other comprehensive income $ (1,703) $ (1,573) $ (3,276) $ 12,658  $ (124) $ 12,534 
Six months ended June 30,
2022 2021
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 $ 1  $ —  $ 1  $ 3  $ (1) $ 2 
Amortization of prior service cost (105) 26  (79) (116) 29  (87)
Benefit plans, net (104) 26  (78) (113) 28  (85)
Net gain from hedging activities 24,639  (6,160) 18,479  1,571  (393) 1,178 
Foreign currency translation(1)
(10,299) —  (10,299) 5,855  2,447  8,302 
Other comprehensive income (loss) $ 14,236  $ (6,134) $ 8,102  $ 7,313  $ 2,082  $ 9,395 
(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 the six months ended June 30, 2021, 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, which were settled in March 2021.
The following table presents the changes in accumulated other comprehensive income (loss), net of tax, by component for the six months ended June 30, 2022 and 2021:
Defined benefit
and other
postretirement
plans 		 Net gain (loss)
from hedging
activities		 Foreign
currency
translation 		 Total 
December 31, 2021 $ 11,072  $ 2,254  $ (19,118) $ (5,792)
Other comprehensive income (loss) before reclassifications (155) 18,029  (10,299) 7,575 
Amounts reclassified from accumulated other comprehensive income(1)
77  450  —  527 
June 30, 2022 $ 10,994  $ 20,733  $ (29,417) $ 2,310 
December 31, 2020 $ 5,278  $ (660) $ (19,883) $ (15,265)
Other comprehensive income (loss) before reclassifications (170) 1,043  8,243  9,116 
Amounts reclassified from accumulated other comprehensive income(1)
85  135  —  220 
June 30, 2021 $ 5,193  $ 518  $ (11,640) $ (5,929)
(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 six months ended June 30, 2022 and 2021:
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
June 30,		 Six months ended
June 30,
2022 2021 2022 2021
Amortization of defined benefit and other postretirement items:
Prior service (cost) credit $ (53) $ (58) $ (105) $ (116)
Other income (expense)(2)
Actuarial gains (losses) 1  2  2  3 
Other income (expense)(2)
(52) (56) (103) (113) Total before tax
13  15  26  28  Tax benefit (expense)
$ (39) $ (41) $ (77) $ (85) Net of tax
Gains and losses on cash flow hedges:
Interest rate caps $ (359) $ (70) $ (598) $ (179) Interest expense
88  17  148  44  Tax benefit
$ (271) $ (53) $ (450) $ (135) Net of tax
Total reclassifications for the period $ (310) $ (94) $ (527) $ (220) 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).
Treasury Stock Repurchases
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.
2020 Stock Repurchase Program
On March 12, 2020, the Company’s Board of Directors (the “Board”) approved a plan to purchase up to $50,000 of the Company’s common stock under a stock repurchase program approved by the Board. Under the plan, the Company could 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 determined the timing and the amount of any repurchases based on its evaluation of market conditions, share price and other factors. The stock repurchase program expired in March 2022, with no repurchases made in 2022 through the expiration of the program, nor during the three or six months ended June 30, 2021.
2022 Stock Repurchase Program
On April 27, 2022, the Board approved a stock repurchase program that permits the Company to purchase up to $450,000 of the Company’s common stock over the next four years. Under the plan, the Company can 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.
During the three and six months ended June 30, 2022, the Company repurchased 893,123 shares on the open market at an average price of $9.88, for a total of $8,842 (of which $1,715 was accrued at June 30, 2022). As of June 30, 2022, $441,158 was available for additional share repurchases under the program.
In July 2022, the Company repurchased 1,077,640 shares on the open market at an average price of $9.77, for a total of $10,553 as part of the approved stock repurchase program, which reduced availability for additional share repurchases under the program to $430,605.
Tax Withholdings on Equity Award Vesting
In connection with the vesting of restricted stock awards, restricted stock units and performance stock units, shares of common stock may be delivered to the Company by employees to satisfy withholding tax obligations at the instruction of the employee award holders. These transactions when they occur are accounted for as stock repurchases by the Company, with the shares returned to treasury stock at a cost representing the payment by the Company of the tax obligations on behalf of the employees in lieu of shares for the vesting unit. There were no shares delivered to the Company to cover tax payments for the three months ended June 30, 2022 and 2021, and the fair value of the shares withheld to cover tax payments were $332 and $1,470 for the six months ended June 30, 2022 and 2021, respectively.