Quarterly report [Sections 13 or 15(d)]

Stockholders' Equity

v3.26.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Stockholders' Equity
6. Stockholders' Equity:
Accumulated Other Comprehensive Income (Loss)
The following tables present the tax effects of each component of other comprehensive income for the three months ended March 31, 2026 and 2025, respectively:
Three months ended March 31,
2026 2025
Pre-tax
amount		 Tax benefit/
(expense)		 After-tax amount Pre-tax
amount		 Tax benefit/
(expense)		 After-tax amount
Net loss from defined benefit and postretirement plans $ (138) $ 34  $ (104) $ (1) $ —  $ (1)
Net gain (loss) from hedging activities 1,357  (339) 1,018  (5,738) 1,434  (4,304)
Foreign currency translation —  —  —  4,531  —  4,531 
Other comprehensive income $ 1,219  $ (305) $ 914  $ (1,208) $ 1,434  $ 226 
The following tables present the changes in accumulated other comprehensive income (loss) (“AOCI”), net of tax, by component for the three months ended March 31, 2026 and 2025, respectively:
Defined benefit
and other
postretirement
plans 		 Net gain (loss) from hedging activities Foreign
currency
translation 		 Total 
December 31, 2025 $ 2,450  $ 821  $ —  $ 3,271 
Other comprehensive (loss) income before reclassifications (89) 1,298  —  1,209 
Amounts reclassified from AOCI(1)
(15) (280) —  (295)
Net current period other comprehensive (loss) income (104) 1,018  —  914 
March 31, 2026 $ 2,346  $ 1,839  $ —  $ 4,185 
December 31, 2024 $ 1,467  $ 9,902  $ (18,776) $ (7,407)
Other comprehensive (loss) income before reclassifications —  (2,699) 4,531  1,832 
Amounts reclassified from AOCI(1)
(1) (1,605) —  (1,606)
Net current period other comprehensive (loss) income (1) (4,304) 4,531  226 
March 31, 2025 $ 1,466  $ 5,598  $ (14,245) $ (7,181)
(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 months ended March 31, 2026 and 2025, respectively:
Details about AOCI Components
Amounts reclassified from AOCI(1)
Affected line item where
income is presented
Three months ended
March 31,
2026 2025
Amortization of defined benefit and other postretirement items:
Net loss $ 20  $ 1 
Other expense, net(2)
Tax benefit (5) —  Provision (benefit) for income taxes
Net of tax $ 15  $ 1 
Gains and losses on cash flow hedges:
Interest rate caps $ 373  $ 2,140  Interest expense
Tax benefit (93) (535) Provision (benefit) for income taxes
Net of tax $ 280  $ 1,605 
Total reclassifications for the period, net of tax $ 295  $ 1,606 
(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 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 three months ended March 31, 2026, the Company repurchased 3,226,461 shares on the open market at an average price of $11.07 per share, for a total of $35,721, excluding brokerage commissions and accrued excise tax. During the three months ended March 31, 2026, the Company accrued $268 of excise tax related to these repurchases, net of shares issued under the Company’s equity incentive program (see Note 17 to these condensed consolidated financial statements). As of March 31, 2026, $146,486 was available for share repurchases under the program.
The Company did not repurchase any of its common stock pursuant to the stock repurchase program during the three months ended March 31, 2025.
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 121,608 and 189,446 shares delivered to the Company to cover tax payments for the three months ended March 31, 2026 and 2025, respectively, and the fair value of those shares withheld were $1,253 and $1,477 for the three months ended March 31, 2026 and 2025, respectively.