v3.26.1
STOCKHOLDERS' EQUITY
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY
Common Stock Dividend Payments
On February 18, 2026, the Board of Directors declared a dividend of $0.12 per share on the outstanding Class A common stock of the Company to stockholders of record at the close of business on March 6, 2026 which was paid in cash on March 23, 2026.
On April 28, 2026, the Board of Directors declared a dividend of $0.12 per share on the outstanding Class A common stock of the Company to stockholders of record at the close of business on June 4, 2026, which was paid in cash on June 15, 2026.
Share Repurchase Program
On August 6, 2025, the Board of Directors approved a share repurchase program of $250.0 million of the Company's outstanding Class A common stock (the "Share Repurchase Program"). On November 9, 2025, the Board of Directors approved an increase of $50.0 million to the Share Repurchase Program, bringing the total authorization under the program to $300.0 million worth of the Company's Class A common stock. During the three and six months ended June 30, 2026, the Company repurchased 707,943 and 2,247,118 shares, respectively, of its Class A common stock for an aggregate purchase price of approximately $15.5 million and $44.5 million, respectively, including commissions paid to brokers, through open market transactions under the Share Repurchase Program.
Shares purchased under this plan were subsequently retired. As of June 30, 2026, the Company had $62.8 million of authorization remaining under the Share Repurchase Program.
Share Repurchases
On March 10, 2025, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Triton Water Parent Holdings, LP and its affiliates (the "Sponsor Stockholder") and Morgan Stanley & Co. LLC and BofA Securities, Inc., as representatives of the several underwriters named therein (collectively, the “Underwriters”), in connection with the underwritten secondary offering by the Sponsor Stockholder of 51,750,000 shares of the Company’s Class A common stock, which included the full exercise by the Underwriters of their option to purchase up to 6,750,000 additional shares of Class A common stock, at an offering price of $29.50 per share (the "March Offering"). The March Offering closed on March 12, 2025. The Sponsor Stockholder received all of the net proceeds from the March Offering. No shares were sold by the Company. Following the March Offering, the Company was no longer considered a controlled company.
Pursuant to the Underwriting Agreement, the Company agreed to purchase 4,000,000 shares of its Class A common stock for approximately $114.1 million from the Underwriters at a price per share equal to the price paid by the Underwriters to the Sponsor Stockholder in the March Offering. The Company funded the share repurchase with cash on hand and the repurchased shares of Class A common stock are no longer outstanding.
On May 7, 2025, the Company entered into a stock purchase agreement (the "Stock Purchase Agreement") with the Sponsor Stockholder and Triton Water Equity Holdings, LP, a Delaware limited partnership (“Triton Water Equity Holdings”). Pursuant to the Stock Purchase Agreement, the Company agreed to repurchase 3,157,562 shares of Class A common stock from the Sponsor Stockholder and Triton Water Equity Holdings at a price per share equal to the price paid by the underwriters in the May Offering (as defined below). The share repurchase closed concurrently with the May Offering on May 12, 2025 for an aggregate purchase price of approximately $100.0 million. The Company funded the share repurchase with cash on hand and the repurchased shares of Class A common stock are no longer outstanding.
On May 8, 2025, the Company entered into an underwriting agreement with the Sponsor Stockholder, Triton Water Equity Holdings and BofA Securities, Inc. and Morgan Stanley & Co. LLC, as underwriters, in connection with the underwritten secondary offering by the Sponsor Stockholder and Triton Water Equity Holdings of 47,500,000 shares of Class A common stock at a price of $31.67 per share (the "May Offering"). The May Offering closed on May 12, 2025. The Sponsor Stockholder and Triton Water Equity Holdings received all of the proceeds from the May Offering. No shares were sold by the Company.
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (loss) ("AOCI") represents gains and losses affecting stockholders' equity that are not reflected on the Condensed Consolidated Statements of Operations. The Company uses the portfolio approach for releasing income tax effects from AOCI.
The following table reflects the changes in AOCI, net of taxes, by component for the periods presented:
($ in millions) ¹
Gains and Losses On Derivative Instruments
Cumulative Translation Adjustment
Postretirement Benefit Plan Items
Total
Balance as of March 31, 2026$1.4$(15.4)$2.1$(11.9)
OCI before reclassifications1.1(2.1)—(1.0)
Amounts reclassified from AOCI1.1—(0.2)0.9
Net current-period OCI2.2(2.1)(0.2)(0.1)
Balance as of June 30, 2026$3.6$(17.5)$1.9$(12.0)
Balance as of December 31, 2025$(2.4)$(13.8)$2.3$(13.9)
OCI before reclassifications3.8(3.7)—0.1
Amounts reclassified from AOCI2.2—(0.4)1.8
Net current-period OCI6.0(3.7)(0.4)1.9
Balance as of June 30, 2026$3.6$(17.5)$1.9$(12.0)
Balance as of March 31, 2025$2.3$(16.9)$1.9$(12.7)
OCI before reclassifications(1.7)9.8—8.1
Amounts reclassified from AOCI1.81.0(0.2)2.6
Net current-period OCI0.110.8(0.2)10.7
Balance as of June 30, 2025$2.4$(6.1)$1.7$(2.0)
Balance as of December 31, 2024$0.3$(19.6)$2.1$(17.2)
OCI before reclassifications(1.4)12.5—11.1
Amounts reclassified from AOCI3.51.0(0.4)4.1
Net current-period OCI2.113.5(0.4)15.2
Balance as of June 30, 2025$2.4$(6.1)$1.7$(2.0)
______________________
¹ All amounts are net of tax. Amounts in parentheses indicate debits.
The following table reflects the amounts reclassified out of AOCI, net of taxes, by component for the periods presented:
($ in millions)
For the Three Months Ended
For the Six Months Ended
Affected Line Item in the Statement Where Net Income Is Presented
Details of AOCI ComponentsJune 30, 2026June 30, 2025June 30, 2026June 30, 2025
Gains and losses reclassified from AOCI
Foreign exchange contracts¹$(1.5)$(1.8)$(3.0)$(3.5)Other expense (income), net
Cumulative translation adjustment
—(1.0)—(1.0)Net loss from discontinued operations, net of tax
Interest rate swaps2
0.4—0.8—Interest and financing expense, net
Recognized actuarial gains2
0.20.20.40.4Interest and financing expense, net
Total reclassification for the period
$(0.9)$(2.6)$(1.8)$(4.1)
______________________
1    Amount is net of tax impact of $0.5 million and $0.6 million for the three months ended June 30, 2026 and June 30, 2025, respectively, and $1.0 million and $1.2 million for the six months ended June 30, 2026 and June 30, 2025, respectively. Tax impact is recorded within Provision for income taxes on the Condensed Consolidated Statements of Operations.
2    Tax impact of this income for all periods was immaterial.