Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

v3.23.3
Stockholders' Equity
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Stockholders' Equity
5. 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 nine months ended September 30, 2023 and 2022, respectively:
Three months ended September 30,
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:
Net prior service credit (cost) $ (31) $ 8  $ (23) $ (53) $ 13  $ (40)
Net gain (loss) (253) 63  (190) (1,226) 304  (922)
Benefit plans, net (284) 71  (213) (1,279) 317  (962)
Net gain (loss) from hedging activities 1,247  (119) 1,128  12,188  (3,047) 9,141 
Foreign currency translation (3,112) —  (3,112) (7,207) —  (7,207)
Other comprehensive income (loss) $ (2,149) $ (48) $ (2,197) $ 3,702  $ (2,730) $ 972 
Nine months ended September 30,
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:
Net prior service credit (cost) $ (94) $ 23  $ (71) $ (158) $ 39  $ (119)
Net gain (loss) 398  (99) 299  (1,225) 304  (921)
Benefit plans, net 304  (76) 228  (1,383) 343  (1,040)
Net gain (loss) from hedging activities (1,998) 605  (1,393) 36,827  (9,207) 27,620 
Foreign currency translation (99) —  (99) (17,506) —  (17,506)
Other comprehensive income (loss) $ (1,793) $ 529  $ (1,264) $ 17,938  $ (8,864) $ 9,074 
The following tables present the changes in accumulated other comprehensive income, net of tax, by component for the nine months ended September 30, 2023 and 2022, respectively:
Defined benefit
and other
postretirement
plans 		 Net gain (loss)
from hedging
activities		 Foreign
currency
translation 		 Total 
December 31, 2022 $ (508) $ 24,672  $ (18,172) $ 5,992 
Other comprehensive income (loss) before reclassifications 207  12,057  (99) 12,165 
Amounts reclassified from accumulated other comprehensive income(1)
21  (13,450) —  (13,429)
Net current period other comprehensive income (loss) 228  (1,393) (99) (1,264)
September 30, 2023 $ (280) $ 23,279  $ (18,271) $ 4,728 
December 31, 2021 $ 2,168  $ 290  $ (8,250) $ (5,792)
Other comprehensive income (loss) before reclassifications (1,157) 27,148  (17,506) 8,485 
Amounts reclassified from accumulated other comprehensive income(1)
117  472  —  589 
Net current period other comprehensive income (loss) (1,040) 27,620  (17,506) 9,074 
September 30, 2022 $ 1,128  $ 27,910  $ (25,756) $ 3,282 
(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, 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
September 30,		 Nine months ended
September 30,
2023 2022 2023 2022
Amortization of defined benefit and other postretirement items:
Net prior service (credit) cost $ (31) $ (53) $ (94) $ (158)
Other (expense) income(2)
Net (gain) loss 21  1  48  3 
Other (expense) income(2)
(10) (52) (46) (155) Total before tax
7  12  25  38  Tax benefit
$ (3) $ (40) $ (21) $ (117) Net of tax
Gains and losses on cash flow hedges:
Interest rate caps $ 6,048  $ (29) $ 17,933  $ (627) Interest expense
(1,511) 7  (4,483) 155  Tax (expense) benefit
$ 4,537  $ (22) $ 13,450  $ (472) Net of tax
Total reclassifications for the period $ 4,534  $ (62) $ 13,429  $ (589) 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 authorized 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 is permitted to repurchase shares from time to time for cash in open market transactions or in privately negotiated transactions in accordance with applicable federal securities laws, with the Company determining the timing and the amount of any repurchases based on its evaluation of market conditions, share price and other factors.
During the nine months ended September 30, 2023, the Company repurchased 541,494 shares on the open market at an average price of $9.85 per share, for a total of $5,333, excluding brokerage commissions and accrued excise tax. Additionally, in connection with secondary offerings of the Company’s common stock in March and May 2023, the Company repurchased 7,000,000 shares of its common stock sold in the offerings from the underwriters at a weighted average price of $10.48 per share concurrently with the closing of the offerings, for a total of $73,374, excluding accrued excise tax. As of September 30, 2023, $234,592 was available for additional share repurchases under the program.
During the nine months ended September 30, 2023, the Company accrued excise tax of $638 related to these repurchases, net of shares issued under the Company’s equity incentive program (see Note 17 to these condensed consolidated financial statements). This amount is included in accrued liabilities in the condensed consolidated balance sheet and is treated by the Company as a cost of the treasury stock transactions in equity.
During the nine months ended September 30, 2022, the Company repurchased 1,970,763 shares on the open market at an average price of $9.82 per share, for a total of $19,356, excluding brokerage commissions. Additionally, in connection with a secondary offering of the Company’s common stock in August 2022, the Company repurchased 6,500,000 shares of its common stock sold in the offering from underwriters at a price of $8.36 per share concurrently with the closing of the offering, for a total of $54,316.
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 315,635 and 32,058 shares delivered to the Company to cover tax payments for the nine months ended September 30, 2023 and 2022, respectively and the fair value of those shares withheld were $3,372 and $332 for the nine months ended September 30, 2023 and 2022, respectively.