Annual report pursuant to Section 13 and 15(d)

Stockholders' Equity

v3.24.0.1
Stockholders' Equity
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Stockholders' Equity
7. Stockholders' Equity:
Accumulated Other Comprehensive Income (Loss)
The stockholders’ equity footnote disclosures have been revised to correct a presentation error in the components of accumulated other comprehensive income (loss) for the years ended December 31, 2022 and 2021. See Note 2 to these consolidated financial statements for further information on the reclassification and correction of errors in historical presentation.
The following table presents the components of accumulated other comprehensive income (loss), net of tax, as of December 31, 2023 and 2022:
December 31,
2023 2022
Amortization and unrealized gains on pension and postretirement plans, net of tax of $(4,344) and $(4,078)
 $ 612  $ (508)
Net changes in fair values of derivatives, net of tax of $(4,385) and $(9,057)
 12,546  24,672 
Foreign currency translation adjustments, net of tax of $8,177 and $8,177
 (14,116) (18,172)
Accumulated other comprehensive (loss) income $ (958) $ 5,992 
The following table presents the tax effects of each component of other comprehensive income (loss) for the years ended December 31, 2023, 2022 and 2021:
Years ended
December 31,
2023 2022 2021
Pre-tax amount Tax benefit/
(expense)		 After-tax amount 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 gain (loss) $ 1,511  $ (297) $ 1,214  $ (3,344) $ 826  $ (2,518) $ 12,976  $ (3,272) $ 9,704 
Net prior service cost (125) 31  (94) (210) 52  (158) (232) 58  (174)
Benefit plans, net 1,386  (266) 1,120  (3,554) 878  (2,676) 12,744  (3,214) 9,530 
Net (loss) gain from hedging activities (17,312) 5,186  (12,126) 33,194  (8,812) 24,382  3,885  (971) 2,914 
Foreign currency translation(1)
4,056  —  4,056  (9,922) —  (9,922) (9,202) 6,954  (2,248)
Other comprehensive (loss) income $ (11,870) $ 4,920  $ (6,950) $ 19,718  $ (7,934) $ 11,784  $ 7,427  $ 2,769  $ 10,196 
(1)     The income tax benefit included in other comprehensive income for the year ended December 31, 2021 is attributed to the portion of foreign currency translation associated with the Company’s cross-currency interest rate swaps, for which the tax effect was based on the applicable U.S. deferred income tax rate. In March 2021, as a result of the Performance Materials and Performance Chemicals divestitures, the Company settled its cross-currency swaps.
The following table presents the changes in accumulated other comprehensive income (loss), net of tax, by component for the years ended December 31, 2023 and 2022:
Defined benefit
and other
postretirement
plans 		 Net gain (loss) from hedging activities Foreign
currency
translation 		 Total 
December 31, 2021 $ 2,168  $ 290  $ (8,250) $ (5,792)
Other comprehensive income (loss) before reclassifications (2,832) 23,868  (9,922) 11,114 
Amounts reclassified from accumulated other comprehensive income(1)
156  514  —  670 
Net current period other comprehensive income (loss) (2,676) 24,382  (9,922) 11,784 
December 31, 2022 (508) 24,672  (18,172) 5,992 
Other comprehensive income (loss) before reclassifications 1,085  5,031  4,056  10,172 
Amounts reclassified from accumulated other comprehensive income(1)
35  (17,157) — (17,122)
Net current period other comprehensive income (loss) 1,120  (12,126) 4,056  (6,950)
December 31, 2023 $ 612  $ 12,546  $ (14,116) $ (958)
(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 years ended December 31, 2023 and 2022.
Details about Accumulated Other
Comprehensive Income Components
Amount Reclassified from Accumulated Other Comprehensive Income(1)
Affected Line Item in the
Statements of Income
Years ended
December 31,
2023 2022
Amortization of defined benefit and other postretirement plans:
Net prior service credit $ (125) $ (210)
Other (expense) income(2)
Net loss 59  3 
Other (expense) income(2)
(66) (207) Total before tax
31  51  Tax benefit
$ (35) $ (156) Net of tax
Gains and losses on cash flow hedges:
Interest rate caps $ 22,731  $ (683) Interest expense
(5,574) 169  Tax benefit (expense)
17,157  (514) Net of tax
Total reclassifications for the period $ 17,122  $ (670) 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 20 to these consolidated financial statements for further information).
Treasury Stock Repurchases
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 year ended December 31, 2021.
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 year ended December 31, 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 $73,373, excluding accrued excise tax. As of December 31, 2023, $234,592 was available for additional share repurchases under the program.
The Company accrued excise tax of $638 related to these repurchases, net of shares issued under the Company’s equity incentive program during the year ended December 31, 2023 (see Note 19 to these consolidated financial statements for further information). This amount is included in accrued liabilities in the consolidated balance sheet and is treated by the Company as a cost of the treasury stock transactions in equity.
During the year ended December 31, 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 secondary offerings of the Company’s common stock in August and November 2022, the Company repurchased 14,500,000 shares of its common stock sold in the offerings from underwriters at a weighted average price of $8.09 per share concurrently with the closing of the offerings, for a total of $117,346.
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 year ended December 31, 2023 and2022, respectively and the fair value of those shares withheld to cover tax payments were $3,372 and $332 for the years ended December 31, 2023 and 2022, respectively.
Dividends Paid
On August 4, 2021, the Company’s Board declared a special cash dividend of $3.20 per share, using after tax cash proceeds from the sale of the Performance Chemicals business. The dividend was paid on August 23, 2021 to the Company’s stockholders of record at the close of business on August 12, 2021. See Note 4 of these consolidated financial statements for f