Stockholders' Equity

12 Months Ended

Dec. 31, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity

NOTE 14 - STOCKHOLDERS’ EQUITY

Accumulated Other Comprehensive Loss

Accumulated other comprehensive (loss) income included the following:

	Foreign Currency Translation Adjustments			Changes in Fair Value of Interest Rate Hedge Agreements (1)(2)			Total
Accumulated other comprehensive (loss) income at January 1, 2022	$	(8,759	)	$	(2,276	)	$	(11,035	)
Current period other comprehensive income (loss):
Other comprehensive income (loss) before reclassifications		(9,259	)		11,445			2,186
Amounts reclassified from accumulated other comprehensive (loss) income		—			(248	)		(248	)
Effect of taxes (3)		3,962			(2,998	)		964
Total current period other comprehensive income (loss)		(5,297	)		8,199			2,902
Accumulated other comprehensive (loss) income at December 31, 2022		(14,056	)		5,923			(8,133	)
Current period other comprehensive income (loss):
Other comprehensive (loss) income before reclassifications		4,158			(45	)		4,113
Amounts reclassified from accumulated other comprehensive (loss) income		—			(6,982	)		(6,982	)
Effect of taxes (3)		(2,797	)		1,914			(883	)
Total current period other comprehensive income (loss)		1,361			(5,113	)		(3,752	)
Accumulated other comprehensive (loss) income at December 31, 2023		(12,695	)		810			(11,885	)
Current period other comprehensive income (loss):
Other comprehensive income (loss) before reclassifications		(3,884	)		5,996			2,112
Amounts reclassified from accumulated other comprehensive (loss) income (4)		—			(6,244	)		(6,244	)
Effect of taxes (3)		196			75			271
Total current period other comprehensive income (loss)		(3,688	)		(173	)		(3,861	)
Accumulated other comprehensive (loss) income at December 31, 2024	$	(16,383	)	$	637		$	(15,746	)

(1)Represents the change in fair value of interest rate hedge agreements designated as a cash flow hedges. The fair value of the interest rate hedge agreements was recorded in other comprehensive income, net of tax, and will be reclassified to earnings when earnings are impacted by the hedged items, as interest payments are made on the Credit Facility from through June 27, 2028. See additional details of the hedge agreements in Note 12 - Derivative Instruments and Hedging Activities.

(2)The Company expects to reclassify $0.8 million in unrealized gains related to the Change in Fair Value of Interest Rate Hedge Agreement from accumulated other comprehensive loss into earnings during the next 12 months.

(3)The Company’s effective tax rate for the years ended December 31, 2024, 2023, and 2022 was 20.2%, 14.4%, and 23.5%, respectively.

Share Repurchases

The Company’s current approved share repurchase program allows for share repurchases in the aggregate up to $300.0 million under approved share repurchase plans pursuant to Rules 10b5-1 and 10b-18 under the Exchange Act. The repurchase program and the authorized amount have no expiration date. On an annual basis, the Credit Facility (see Note 10 – Long-Term Debt) permits share repurchases of at least $25.0 million provided that the Company is not in default of its covenants, and higher amounts provided that the Company’s Consolidated Leverage Ratio, prior to and after giving effect to such repurchases, is 0.50 to 1.00 less than the then-applicable maximum Consolidated Leverage Ratio and subject to the Company having net liquidity of at least $100.0 million after giving effect to such repurchases.

Purchases under this program may be made from time to time at prevailing market prices in open market purchases or in privately negotiated transactions pursuant to Rule 10b-18 under the Exchange Act and in accordance with applicable insider trading and other securities laws and regulations. The purchases are funded from existing cash balances and/or borrowings, and the repurchased shares are held in treasury. The timing and extent to which the Company repurchases its shares will depend on market conditions and other corporate considerations in the Company’s sole discretion.

For the years ended December 31, 2024 and 2023, the Company used $44.4 million to repurchase 327,321 shares at an average price of $135.77 per share and $18.1 million to repurchase 180,000 shares at an average price of $100.70 per share, respectively, under this program. As of December 31, 2024, approximately $149.3 million of authority remained available under the share repurchase plan.

Employee Stock Purchase Plan

The Company has an Employee Stock Purchase Plan (“ESPP”) under which one million shares have been authorized for issuance. The ESPP allows eligible employees to purchase shares of the Company’s common stock through payroll deductions up to $25,000 per calendar year, per Internal Revenue Services rules, over six-month offering periods at a discount not to exceed 5% of the market value on the date of each purchase period, and therefore the Company does not have any compensation expense related to the ESPP. For the years ended December 31, 2024 and 2023, employees purchased a total of 40,987 and 36,140 shares at an average purchase price of $125.20 and $121.96, respectively. At December 31, 2024 and 2023, there were 507,845 and 548,832 shares remaining available for future issuance under this plan.