v3.26.1
Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Equity Equity:
Common Stock
On February 26, 2026, the Company’s board of directors declared a cash dividend of $0.405 per share. This dividend was paid on April 1, 2026 to shareholders of record at the close of business as of March 13, 2026. On May 5, 2026, the Company’s board of directors declared a cash dividend of $0.405 per share, which is payable on July 1, 2026 to shareholders of record at the close of business as of June 12, 2026.
Mandatory Convertible Preferred Stock
On March 8, 2024, the Company issued 46,000,000 depositary shares (“Depositary Shares”), each representing a 1/20th interest in a share of Series A Mandatory Convertible Preferred Stock (“Mandatory Convertible Preferred Stock”). The 2,300,000 shares of Mandatory Convertible Preferred Stock issued had a $1,000 per share liquidation preference.
The Company pays a quarterly cash dividend of $18.125 per share of Mandatory Convertible Preferred Stock. Dividends that are declared on the Mandatory Convertible Preferred Stock are payable quarterly to the holders of record on February 15, May 15, August 15 and November 15 of each year, and are expected to be paid on March 1, June 1, September 1 and December 1 of each year ending on, and including, March 1, 2027.
Unless converted earlier in accordance with its terms, each share of Mandatory Convertible Preferred Stock will automatically convert on the mandatory conversion date, which is expected to be March 1, 2027, into between 7.618 shares and 9.140 shares of common stock, in each case, subject to customary anti-dilution adjustments described in the certificate of designations related to the Mandatory Convertible Preferred Stock. The number of shares of common stock issuable upon conversion will be determined based on the average volume weighted average price per share of common stock over the 20 consecutive trading day period beginning on, and including, the 21st scheduled trading day immediately prior to March 1, 2027.
There were 2,300,000 shares of Mandatory Convertible Preferred Stock issued and outstanding at March 31, 2026.
Accumulated Other Comprehensive Loss
The components and activity in Accumulated other comprehensive loss (net of deferred income taxes) consisted of the following during the periods indicated below (in thousands):
Three Months Ended March 31, 2026Three Months Ended March 31, 2025
Foreign Currency Translation and Other(a)
Cash Flow Hedge(b)
TotalForeign Currency Translation and Other
Cash Flow Hedge(b)
Total
Balance, beginning of period$(339,519)$4,712 $(334,807)$(747,202)$5,140 $(742,062)
Other comprehensive income (loss) before reclassifications26,453 (110)26,343 108,999 (231)108,768 
Amounts reclassified from accumulated other comprehensive loss49,314 3 49,317 16 124 140 
Other comprehensive income (loss), net of tax75,767 (107)75,660 109,015 (107)108,908 
Other comprehensive loss attributable to noncontrolling interests35 — 35 18 — 18 
Balance, end of period$(263,717)$4,605 $(259,112)$(638,169)$5,033 $(633,136)
(a)Amount reclassified from accumulated other comprehensive loss for the three-month period ended March 31, 2026 is primarily included in Loss on sale of business on the consolidated statement of income, and resulted from the release of cumulative foreign currency translation adjustments into earnings upon the sale of the Refining Solutions business on March 2, 2026. See Note 2, “Divestitures,” for additional information.
(b)We previously entered into a foreign currency forward contract, which was designated and accounted for as a cash flow hedge under ASC 815, Derivatives and Hedging. During 2024, the Company dedesignated the remaining foreign currency forward contracts accounted for as cash flow hedges. The balance of the settled hedged foreign currency forward contracts will be reclassified to earnings over the life of the related assets.
The amount of income tax benefit (expense) allocated to each component of Other comprehensive income for the three-month periods ended March 31, 2026 and 2025 is provided in the following tables (in thousands):
Three Months Ended March 31, 2026Three Months Ended March 31, 2025
Foreign Currency Translation and OtherCash Flow HedgeTotalForeign Currency Translation and OtherCash Flow HedgeTotal
Other comprehensive income (loss), before tax$75,738 $(107)$75,631 $109,018 $(107)$108,911 
Income tax benefit (expense)29 — 29 (3)— (3)
Other comprehensive income (loss), net of tax$75,767 $(107)$75,660 $109,015 $(107)$108,908