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Changes in Shareholders' Equity | 9 Months Ended
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Sep. 30, 2023
Stockholders' Equity Note [Abstract] |
Changes in Shareholders’ Equity | Changes in Shareholders’ Equity The following table summarizes changes in Shareholders’ Equity for the period December 31, 2022 to September 30, 2023:
| Class A Common Stock |  | Additional paid-in capital | Retained earnings | Accumulated items of other comprehensive income | Class A Treasury Stock | Noncontrolling Interest | Total Shareholders' Equity
(in thousands) | Shares | Amount |  |  | Shares | Amount
December 31, 2022 | 40,785 |  | $ | 41 |  |  |  | $ | 441,540 |  | $ | 931,318 |  | $ | (144,927) |  | 9,675 |  | $ | (364,923) |  | $ | 4,494 |  | $ | 867,543 |
Net income | — |  | — |  |  |  | — |  | 26,889 |  | — |  | — |  | — |  | 197 |  | 27,086 |
Compensation and benefits paid or payable in shares | 58 |  | — |  |  |  | 378 |  | — |  | — |  | — |  | — |  | — |  | 378 |
Dividends declared on Class A Common Stock, $0.25 per share | — |  | — |  |  |  | — |  | (7,792) |  | — |  | — |  | — |  | — |  | (7,792) |
Cumulative translation adjustments | — |  | — |  |  |  | — |  | — |  | 13,881 |  | — |  | — |  | 238 |  | 14,119 |
Pension and postretirement liability adjustments | — |  | — |  |  |  | — |  | — |  | (916) |  | — |  | — |  | — |  | (916) |
Derivative valuation adjustment | — |  | — |  |  |  | — |  | — |  | (2,902) |  | — |  | — |  | — |  | (2,902) |
March 31, 2023 | 40,842 |  | $ | 41 |  |  |  | $ | 441,917 |  | $ | 950,415 |  | $ | (134,864) |  | 9,675 |  | $ | (364,923) |  | $ | 4,929 |  | $ | 897,515 |
Net income | — |  | — |  |  |  | — |  | 26,672 |  | — |  | — |  | — |  | 154 |  | 26,826 |
Compensation and benefits paid or payable in shares | — |  | — |  |  |  | 811 |  | — |  | — |  | — |  | — |  | — |  | 811 |
Shares issued to Directors' | — |  | — |  |  | 828 |  | — |  | — |  | (12) |  | 258 |  | — |  | 1,086 |
Dividends declared on Class A Common Stock, $0.25 per share | — |  | — |  |  |  | — |  | (7,795) |  | — |  | — |  | — |  | — |  | (7,795) |
Cumulative translation adjustments | — |  | — |  |  |  | — |  | — |  | (2,568) |  | — |  | — |  | 179 |  | (2,389) |
Pension and postretirement liability adjustments | — |  | — |  |  |  | — |  | — |  | (724) |  | — |  | — |  | — |  | (724) |
Derivative valuation adjustment | — |  | — |  |  |  | — |  | — |  | 389 |  | — |  | — |  | — |  | 389 |
June 30, 2023 | 40,842 |  | $ | 41 |  |  |  | $ | 443,556 |  | $ | 969,292 |  | $ | (137,767) |  | 9,663 |  | $ | (364,665) |  | $ | 5,262 |  | $ | 915,719 |
Net income | — |  | — |  |  |  | — |  | 27,109 |  | — |  | — |  | — |  | 45 |  | 27,154 |
Compensation and benefits paid or payable in shares | 15 |  | — |  |  |  | 2,914 |  | — |  | — |  | (1) |  | — |  | — |  | 2,914 |
Dividends declared on Class A Common Stock, $0.25 per share | — |  | — |  |  |  | — |  | (7,799) |  | — |  | — |  | — |  | — |  | (7,799) |
Initial equity related to Noncontrolling interest in Arcari | — |  | — |  |  |  | — |  | — |  | — |  | — |  | — |  | 1,632 |  | 1,632 |
Cumulative translation adjustments | — |  | — |  |  |  | — |  | — |  | (15,639) |  | — |  | — |  | (145) |  | (15,784) |
Pension and postretirement liability adjustments | — |  | — |  |  |  | — |  | — |  | 34 |  | — |  | — |  | — |  | 34 |
Derivative valuation adjustment | — |  | — |  |  |  | — |  | — |  | (2,237) |  | — |  | — |  | — |  | (2,237) |
September 30, 2023 | 40,857 |  | $ | 41 |  |  |  | $ | 446,470 |  | $ | 988,602 |  | $ | (155,609) |  | 9,662 |  | $ | (364,665) |  | $ | 6,794 |  | $ | 921,633 |
The following table summarizes changes in Shareholders’ Equity for the period December 31, 2021 to September 30, 2022:
| Class A Common Stock |  | Additional paid-in capital | Retained earnings | Accumulated items of other comprehensive income | Class A Treasury Stock | Noncontrolling Interest | Total Shareholders' Equity
(in thousands) | Shares | Amount |  |  | Shares | Amount
December 31, 2021 | 40,760 |  | $ | 41 |  |  |  | $ | 436,996 |  | $ | 863,057 |  | $ | (145,984) |  | 8,665 |  | $ | (280,143) |  | $ | 3,638 |  | $ | 877,605 |
Net income | — |  | — |  |  |  | — |  | 27,737 |  | — |  | — |  | — |  | 338 |  | 28,075 |
Compensation and benefits paid or payable in shares | 21 |  | — |  |  |  | 745 |  | — |  | — |  | — |  | — |  | — |  | 745 |
Options exercised | — |  | — |  |  |  | 7 |  | — |  | — |  | — |  | — |  | — |  | 7 |
Purchase of Treasury shares (a) | — |  | — |  |  |  | — |  | — |  | — |  | 515 |  | (43,937) |  | — |  | (43,937) |
Dividends declared on Class A Common Stock, $0.21 per share | — |  | — |  |  |  | — |  | (6,661) |  | — |  | — |  | — |  | — |  | (6,661) |
Cumulative translation adjustments | — |  | — |  |  |  | — |  | — |  | (1,730) |  | — |  | — |  | 56 |  | (1,674) |
Pension and postretirement liability adjustments | — |  | — |  |  |  | — |  | — |  | 74 |  | — |  | — |  | — |  | 74 |
Derivative valuation adjustment | — |  | — |  |  |  | — |  | — |  | 10,018 |  | — |  | — |  | — |  | 10,018 |
March 31, 2022 | 40,781 |  | $ | 41 |  |  |  | $ | 437,748 |  | $ | 884,133 |  | $ | (137,622) |  | 9,180 |  | $ | (324,080) |  | $ | 4,032 |  | $ | 864,252 |
Net income | — |  | — |  |  |  | — |  | 39,201 |  | — |  | — |  | — |  | 168 |  | 39,369 |
Compensation and benefits paid or payable in shares | 4 |  | — |  |  |  | 902 |  | — |  | — |  | — |  | — |  | — |  | 902 |
Shares issued to Directors' | — |  | — |  |  |  | 800 |  | — |  | — |  | (13) |  | 285 |  | — |  | 1,085 |
Purchase of Treasury shares (a) | — |  | — |  |  |  | — |  | — |  | — |  | 508 |  | (41,128) |  | — |  | (41,128) |
Dividends declared on Class A Common Stock, $0.21 per share | — |  | — |  |  |  | — |  | (6,529) |  | — |  | — |  | — |  | — |  | (6,529) |
Cumulative translation adjustments | — |  | — |  |  |  | — |  | — |  | (39,661) |  | — |  | — |  | (91) |  | (39,752) |
Pension and postretirement liability adjustments | — |  | — |  |  |  | — |  | — |  | 234 |  | — |  | — |  | — |  | 234 |
Derivative valuation adjustment | — |  | — |  |  |  | — |  | — |  | 3,349 |  | — |  | — |  | — |  | 3,349 |
June 30, 2022 | 40,785 |  | $ | 41 |  |  |  | $ | 439,450 |  | $ | 916,805 |  | $ | (173,700) |  | 9,675 |  | $ | (364,923) |  | $ | 4,109 |  | $ | 821,782 |
Net income | — |  | — |  |  |  | — |  | 10,694 |  | — |  | — |  | — |  | 129 |  | 10,823 |
Compensation and benefits paid or payable in shares | — |  | — |  |  |  | 835 |  | — |  | — |  | — |  | — |  | — |  | 835 |
Options exercised | — |  | — |  |  |  | 10 |  | — |  | — |  | — |  | — |  | — |  | 10 |
Dividends declared on Class A Common Stock, $0.21 per share | — |  | — |  |  |  | — |  | (6,533) |  | — |  | — |  | — |  | — |  | (6,533) |
Cumulative translation adjustments | — |  | — |  |  |  | — |  | — |  | (38,450) |  | — |  | — |  | (56) |  | (38,506) |
Pension and postretirement liability adjustments | — |  | — |  |  |  | — |  | — |  | (629) |  | — |  | — |  | — |  | (629) |
Settlement of certain pension liabilities | — |  | — |  |  |  | — |  | — |  | 26,198 |  | — |  | — |  | — |  | 26,198 |
Derivative valuation adjustment | — |  | — |  |  |  | — |  | — |  | 6,208 |  | — |  | — |  | — |  | 6,208 |
September 30, 2022 | 40,785 |  | $ | 41 |  |  |  | $ | 440,295 |  | $ | 920,966 |  | $ | (180,373) |  | 9,675 |  | $ | (364,923) |  | $ | 4,182 |  | $ | 820,188 |
(a)In October 2021, the Company's Board of Directors authorized the Company to repurchase shares of up to $200 million through open market purchases, privately negotiated transactions or otherwise, and to determine the prices, times and amounts. During the nine months ended September 30, 2022, the Company repurchased 1,022,717 shares totaling $85.1 million. The Company did not repurchase shares during the nine months ended September 30, 2023.

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