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

Stockholders' Equity

v3.25.4
Stockholders' Equity
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Stockholders' Equity
8. Stockholders' Equity:
Accumulated Other Comprehensive Income (Loss)
The following table presents the components of AOCI, net of tax, as of December 31, 2025 and 2024:
December 31,
2025 2024
Amortization and unrealized gains on pension and postretirement plans, net of tax expense of $(4,951) and $(4,628) respectively
 $ 2,450  $ 1,467 
Net changes in fair values of derivatives, net of tax expense of $(380) and $(3,504) respectively
 821  9,902 
Foreign currency translation adjustments —  (18,776)
AOCI, net of tax $ 3,271  $ (7,407)
The following table presents the tax effects of each component of other comprehensive income (loss) for the years ended December 31, 2025, 2024 and 2023:
Years ended December 31,
2025 2024 2023
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 $ 1,295  $ (312) $ 983  $ 1,169  $ (291) $ 878  $ 1,511  $ (297) $ 1,214 
Net prior service cost —  —  —  (30) 7  (23) (125) 31  (94)
Benefit plans, net 1,295  (312) 983  1,139  (284) 855  1,386  (266) 1,120 
Net loss from hedging activities (12,495) 3,414  (9,081) (3,525) 881  (2,644) (17,312) 5,186  (12,126)
Foreign currency translation 18,776  —  18,776  (4,660) —  (4,660) 4,056  —  4,056 
Other comprehensive income (loss) $ 7,576  $ 3,102  $ 10,678  $ (7,046) $ 597  $ (6,449) $ (11,870) $ 4,920  $ (6,950)

The following table presents the changes in AOCI, net of tax, by component for the years ended December 31, 2025 and 2024:
Defined benefit
and other
postretirement
plans 		 Net loss from hedging activities Foreign
currency
translation 		 Total 
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)
Other comprehensive income (loss) before reclassifications 987  (3,115) 11,701  9,573 
Amounts reclassified from AOCI(1)
(4) (5,966) — (5,970)
Disposal of Advanced Materials & Catalysts —  —  7,075  7,075 
Net current period other comprehensive income (loss) 983  (9,081) 18,776  10,678 
December 31, 2025 $ 2,450  $ 821  $ —  $ 3,271 
(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, 2025 and 2024:
Details about AOCI Components
Amount reclassified from AOCI(1)
Affected line item where income is presented
Years ended December 31,
2025 2024
Amortization of defined benefit and other postretirement items:
Net loss $ 5  $ 8 
Other expense(2)
Net prior service cost —  30 
Other expense(2)
5  38  Total before tax
(1) (10) Tax benefit
$ 4  $ 28  Net of tax
Gains and losses on cash flow hedges:
Interest rate caps $ 8,208  $ 17,197  Interest expense
(2,242) (4,299) Tax benefit
5,966  12,898  Net of tax
Total reclassifications for the period $ 5,970  $ 12,926  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 19 to these consolidated financial statements for additional details.
Treasury Stock Repurchases
2022 Stock Repurchase Program
On April 27, 2022, the Company’s board of directors (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 (the “Stock Repurchase Program”). On October 30, 2025, the Board amended the Stock Repurchase Program to remove the limitation that all repurchases must be made within the four-year period from the date of original 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, 2025, the Company repurchased 5,752,285 shares on the open market at an average price of $8.24 per share, for a total of $47,387, excluding brokerage commissions and accrued excise tax. During the year ended December 31, 2025, the Company accrued $392 of excise tax related to these repurchases, net of shares issued under the Company’s equity incentive program (see Note 18 to these consolidated financial statements). As of December 31, 2025, $182,207 was available for share repurchases under the program.
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. 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.
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 years ended December 31, 2025 and 2024, respectively and the fair value of those shares withheld were $1,477 and $1,218 for the years ended December 31, 2025 and 2024, respectively.