Quarterly report [Sections 13 or 15(d)]

Stockholders' Equity

v3.25.2
Stockholders' Equity
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Stockholders' Equity
5. Stockholders' Equity:
Accumulated Other Comprehensive Loss
The following tables present the tax effects of each component of other comprehensive income (loss) for the three and six months ended June 30, 2025 and 2024, respectively:
Three months ended June 30,
2025 2024
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 $ 226  $ (55) $ 171  $ 714  $ (178) $ 536 
Net prior service cost —  —  —  (7) 1  (6)
Benefit plans, net 226  (55) 171  707  (177) 530 
Net loss from hedging activities (3,214) 804  (2,410) (1,433) 358  (1,075)
Foreign currency translation 8,582  —  8,582  (679) —  (679)
Other comprehensive income (loss) $ 5,594  $ 749  $ 6,343  $ (1,405) $ 181  $ (1,224)
Six months ended June 30,
2025 2024
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 $ 225  $ (55) $ 170  $ 713  $ (178) $ 535 
Net prior service cost —  —  —  (15) 4  (11)
Benefit plans, net 225  (55) 170  698  (174) 524 
Net (loss) gain from hedging activities (8,952) 2,238  (6,714) 3,719  (930) 2,789 
Foreign currency translation 13,113  —  13,113  (2,363) —  (2,363)
Other comprehensive income $ 4,386  $ 2,183  $ 6,569  $ 2,054  $ (1,104) $ 950 
The following tables present the changes in accumulated other comprehensive income (loss) (“AOCI”), net of tax, by component for the six months ended June 30, 2025 and 2024, respectively:
Defined benefit
and other
postretirement
plans 		 Net gain (loss) from hedging activities Foreign
currency
translation 		 Total 
December 31, 2024 $ 1,467  $ 9,902  $ (18,776) $ (7,407)
Other comprehensive income (loss) before reclassifications 172  (3,545) 13,113  9,740 
Amounts reclassified from AOCI(1)
(2) (3,169) —  (3,171)
Net current period other comprehensive income (loss) 170  (6,714) 13,113  6,569 
June 30, 2025 $ 1,637  $ 3,188  $ (5,663) $ (838)
December 31, 2023 $ 612  $ 12,546  $ (14,116) $ (958)
Other comprehensive income (loss) before reclassifications 540  9,778  (2,363) 7,955 
Amounts reclassified from AOCI(1)
(16) (6,989) —  (7,005)
Net current period other comprehensive income (loss) 524  2,789  (2,363) 950 
June 30, 2024 $ 1,136  $ 15,335  $ (16,479) $ (8)
(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 three and six months ended June 30, 2025 and 2024, respectively:
Details about AOCI Components
Amounts reclassified from AOCI(1)
Affected line item where
income is presented
Three months ended
June 30,		 Six months ended
June 30,
2025 2024 2025 2024
Amortization of defined benefit and other postretirement items:
Net loss $ 2  $ 6  $ 3  $ 7 
Other expense(2)
Net prior service cost —  7  —  15 
Other expense(2)
2  13  3  22  Total before tax
(1) (3) (1) (6) Tax benefit
$ 1  $ 10  $ 2  $ 16  Net of tax
Gains and losses on cash flow hedges:
Interest rate caps $ 2,085  $ 4,662  $ 4,225  $ 9,318  Interest expense
(521) (1,166) (1,056) (2,329) Tax benefit
$ 1,564  $ 3,496  $ 3,169  $ 6,989  Net of tax
Total reclassifications for the period $ 1,565  $ 3,506  $ 3,171  $ 7,005  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 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 six months ended June 30, 2025, the Company repurchased 2,926,152 shares on the open market at an average price of $7.47 per share, for a total of $21,859, excluding brokerage commissions and accrued excise tax. During the six months ended June 30, 2025, the Company accrued $151 of 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). As of June 30, 2025, $207,735 was available for share repurchases under the program.
During the six months ended June 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. During the six months ended June 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).
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 189,446 and 128,801 shares delivered to the Company to cover tax payments for the six months ended June 30, 2025 and 2024, respectively, and the fair value of those shares withheld were $1,477 and $1,218 for the six months ended June 30, 2025 and 2024, respectively.