Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

v3.23.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2023
Equity [Abstract]  
Stockholders' Equity
5. Stockholders' Equity:
Accumulated Other Comprehensive Income (Loss)
The following table presents the tax effects of each component of other comprehensive (loss) income for the three months ended March 31, 2023 and 2022, respectively:
Three months ended March 31,
2023 2022
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 loss $ (1) $ —  $ (1) $ 1  $ —  $ 1 
Amortization of prior service credit (31) 8  (23) (53) 13  (40)
Benefit plans, net (32) 8  (24) (52) 13  (39)
Net (loss) gain from hedging activities (10,303) 2,383  (7,920) 18,296  (4,574) 13,722 
Foreign currency translation 2,185  —  2,185  (2,305) —  (2,305)
Other comprehensive (loss) income $ (8,150) $ 2,391  $ (5,759) $ 15,939  $ (4,561) $ 11,378 
The following table presents the changes in accumulated other comprehensive income, net of tax, by component for the three months ended March 31, 2023 and 2022, respectively:
Defined benefit
and other
postretirement
plans 		 Net gain (loss)
from hedging
activities		 Foreign
currency
translation 		 Total 
December 31, 2022 $ 12,132  $ 26,636  $ (32,776) $ 5,992 
Other comprehensive (loss) income before reclassifications (48) (7,394) 2,185  (5,257)
Amounts reclassified from accumulated other comprehensive income(1)
24  (526) —  (502)
Net current period other comprehensive (loss) income (24) (7,920) 2,185  (5,759)
March 31, 2023 $ 12,108  $ 18,716  $ (30,591) $ 233 
December 31, 2021 $ 11,072  $ 2,254  $ (19,118) $ (5,792)
Other comprehensive income (loss) before reclassifications (78) 13,208  (2,305) 10,825 
Amounts reclassified from accumulated other comprehensive income(1)
39  514  —  553 
Net current period other comprehensive (loss) income (39) 13,722  (2,305) 11,378 
March 31, 2022 $ 11,033  $ 15,976  $ (21,423) $ 5,586 
(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 months ended March 31, 2023 and 2022, respectively:
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
March 31,
2023 2022
Amortization of defined benefit and other postretirement items:
Prior service credit $ (31) $ (53)
Other expense(2)
Actuarial gains (1) 1 
Other (expense) income(2)
(32) (52) Total before tax
8  13  Tax benefit
$ (24) $ (39) Net of tax
Gains and losses on cash flow hedges:
Interest rate caps $ 698  $ (683) Interest expense
(172) 169  Tax (expense) benefit
$ 526  $ (514) Net of tax
Total reclassifications for the period $ 502  $ (553) 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 14 to these condensed consolidated financial statements for additional details).
Treasury Stock Repurchases
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 four-year period from the date of approval. 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 months ended March 31, 2023, in connection with a secondary offering of the Company’s common stock in March 2023, the Company repurchased 3,000,000 shares of its common stock sold in the offering from the underwriter at a price of $9.95 per share concurrently with the closing of the offering, for a total of $29,850.
As of March 31, 2023, $283,448 was available for additional share repurchases under the program.
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 95,269 and 32,058 shares delivered to the Company to cover tax payments for the three months ended March 31, 2023 and 2022, respectively and the fair value of those shares withheld were $866 and $332 for the three months ended March 31, 2023 and 2022, respectively.