Annual report [Section 13 and 15(d), not S-K Item 405]

Stockholders' Equity

v3.25.0.1
Stockholders' Equity
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Stockholders' Equity
7. Stockholders' Equity:
Accumulated Other Comprehensive Loss
The following table presents the components of AOCI, net of tax, as of December 31, 2024 and 2023:
December 31,
2024 2023
Amortization and unrealized gains on pension and postretirement plans, net of tax expense of $(4,628) and $(4,344) respectively
 $ 1,467  $ 612 
Net changes in fair values of derivatives, net of tax expense of $(3,504) and $(4,385) respectively
 9,901  12,546 
Foreign currency translation adjustments (18,775) (14,116)
AOCI $ (7,407) $ (958)

The following table presents the tax effects of each component of other comprehensive income (loss) for the years ended December 31, 2024, 2023 and 2022:
Years ended December 31,
2024 2023 2022
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) $ 1,169  $ (291) $ 878  $ 1,511  $ (297) $ 1,214  $ (3,344) $ 826  $ (2,518)
Net prior service cost (30) 7  (23) (125) 31  (94) (210) 52  (158)
Benefit plans, net 1,139  (284) 855  1,386  (266) 1,120  (3,554) 878  (2,676)
Net (loss) gain from hedging activities (3,525) 881  (2,644) (17,312) 5,186  (12,126) 33,194  (8,812) 24,382 
Foreign currency translation (4,660) —  (4,660) 4,056  —  4,056  (9,922) —  (9,922)
Other comprehensive (loss) income $ (7,046) $ 597  $ (6,449) $ (11,870) $ 4,920  $ (6,950) $ 19,718  $ (7,934) $ 11,784 
The following table presents the changes in AOCI, net of tax, by component for the years ended December 31, 2024 and 2023:
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 before reclassifications 1,085  5,031  4,056  10,172 
Amounts reclassified from AOCI(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)
Other comprehensive income (loss) before reclassifications 883  10,254  (4,660) 6,477 
Amounts reclassified from AOCI(1)
(28) (12,898) — (12,926)
Net current period other comprehensive income (loss) 855  (2,644) (4,660) (6,449)
December 31, 2024 $ 1,467  $ 9,902  $ (18,776) $ (7,407)
(1)    See the following table for details about these reclassifications. Amounts in parentheses indicate debits.

The following table presents the reclassifications out of AOCI for the years ended December 31, 2024 and 2023.
Details about AOCI Components
Amount reclassified from AOCI(1)
Affected line item where Income is presented
Years ended December 31,
2024 2023
Amortization of defined benefit and other postretirement items:
Net loss $ 8  $ 59 
Other (expense) income(2)
Net prior service cost (credit) 30  (125)
Other (expense) income(2)
38  (66) Total before tax
(10) 31  Tax benefit (expense)
$ 28  $ (35) Net of tax
Gains and losses on cash flow hedges:
Interest rate caps $ 17,197  $ 22,731  Interest expense
(4,299) (5,574) Tax expense
12,898  17,157  Net of tax
Total reclassifications for the period $ 12,926  $ 17,122  Net of tax
(1)    Amounts in parentheses indicate debits to profit/loss.
(2)    These AOCI components are components of net periodic pension and other postretirement cost. See Note 20 to these 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 year ended December 31, 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 December 31, 2024, $229,594 was available for share repurchases under the program. During the year ended December 31, 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 19 to these consolidated financial statements).
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 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 $73,373, excluding accrued excise tax. During the year ended December 31, 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 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.
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 event. There were 128,801 and 315,635 shares delivered to the Company to cover tax payments for the years ended December 31, 2024 and 2023, respectively and the fair value of those shares withheld were $1,218 and $3,372 for the years ended December 31, 2024 and 2023, respectively.