Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

v3.24.3
Stockholders' Equity
 9 Months Ended
Sep. 30, 2024
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 loss for the three and nine months ended September 30, 2024 and 2023, respectively:

Three months ended September 30,
2024 2023
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) $ 11  $ (3) $ 8  $ (253) $ 63  $ (190)
Net prior service cost (7) 2  (5) (31) 8  (23)
Benefit plans, net 4  (1) 3  (284) 71  (213)
Net (loss) gain from hedging activities (15,539) 3,885  (11,654) 1,247  (119) 1,128 
Foreign currency translation 6,403  —  6,403  (3,112) —  (3,112)
Other comprehensive loss $ (9,132) $ 3,884  $ (5,248) $ (2,149) $ (48) $ (2,197)
Nine months ended September 30,
2024 2023
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 $ 724  $ (181) $ 543  $ 398  $ (99) $ 299 
Net prior service cost (22) 6  (16) (94) 23  (71)
Benefit plans, net 702  (175) 527  304  (76) 228 
Net loss from hedging activities (11,820) 2,955  (8,865) (1,998) 605  (1,393)
Foreign currency translation 4,040  —  4,040  (99) —  (99)
Other comprehensive loss $ (7,078) $ 2,780  $ (4,298) $ (1,793) $ 529  $ (1,264)
The following tables present the changes in accumulated other comprehensive income (loss), net of tax, by component for the nine months ended September 30, 2024 and 2023, respectively:
Defined benefit
and other
postretirement
plans 		 Net gain (loss)
from hedging
activities		 Foreign
currency
translation 		 Total 
December 31, 2023 $ 612  $ 12,546  $ (14,116) $ (958)
Other comprehensive income before reclassifications 549  1,657  4,040  6,246 
Amounts reclassified from accumulated other comprehensive loss(1)
(22) (10,522) —  (10,544)
Net current period other comprehensive income (loss) 527  (8,865) 4,040  (4,298)
September 30, 2024 $ 1,139  $ 3,681  $ (10,076) $ (5,256)
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 (loss)(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 
(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 (loss) for the three and nine months ended September 30, 2024 and 2023, respectively:
Details about Accumulated Other Comprehensive Income Components
Amounts reclassified from Accumulated Other
Comprehensive Loss (Income)(1)
Affected line item where
Income is presented
Three months ended
September 30,		 Nine months ended
September 30,
2024 2023 2024 2023
Amortization of defined benefit and other postretirement items:
Net loss $ —  $ 21  $ 7  $ 48 
Other (expense) income(2)
Net prior service cost (credit) 7  (31) 22  (94)
Other (expense) income(2)
7  (10) 29  (46) Total before tax
(2) 7  (7) 25  Tax (expense) benefit
$ 5  $ (3) $ 22  $ (21) Net of tax
Gains and losses on cash flow hedges:
Interest rate caps $ 4,711  $ 6,048  $ 14,029  $ 17,933  Interest income (expense)
(1,177) (1,511) (3,507) (4,483) Tax expense
$ 3,534  $ 4,537  $ 10,522  $ 13,450  Net of tax
Total reclassifications for the period $ 3,539  $ 4,534  $ 10,544  $ 13,429  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 with an equity sponsor 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, 2024, the Company repurchased 552,081 shares on the open market at an average price of $9.05 per share, for a total of $4,998, excluding brokerage commissions and accrued excise tax. As of September 30, 2024, $229,594 was available for share repurchases under the program. During the nine months ended September 30, 2024, the Company did not need to accrue excise tax related to these repurchases, net of shares issued under the Company’s equity incentive program (see Note 18 to these condensed consolidated financial statements).
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 by an equity sponsor 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. 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. This amount was 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.
Tax Withholdings on Equity Award Vesting
In connection with the vesting of restricted stock awards (“RSA” or “RSAs”), restricted stock units (“RSU” or “RSUs”) and performance stock units (“PSU” or “PSUs”), 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 128,801 and 315,635 shares delivered to the Company to cover tax payments for the nine months ended September 30, 2024 and 2023, respectively and the fair value of those shares withheld were $1,218 and $3,372 for the nine months ended September 30, 2024 and 2023, respectively.