Ecovyst, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table presents the components of accumulated other comprehensive income (loss), net of tax, as of December 31, 2022 and 2021:


	December 31,
	2022		2021
Amortization and unrealized gains on pension and postretirement plans, net of tax of $(4,078) and $(4,957)	$	12,132	$	14,808
Net changes in fair values of derivatives, net of tax of $(9,057) and $(759)	26,636		2,254
Foreign currency translation adjustments, net of tax of $8,177 and $8,177	(32,776)		(22,854)
Accumulated other comprehensive income (loss)	$	5,992	$	(5,792)

The following table presents the tax effects of each component of other comprehensive income (loss) for the years ended December 31, 2022, 2021 and 2020:


	Years ended December 31,
	2022						2021						2020
	Pre-tax amount		Tax benefit/ (expense)		After-tax amount		Pre-tax amount		Tax benefit/ (expense)		After-tax amount		Pre-tax amount		Tax benefit/ (expense)		After-tax amount
Defined benefit and other postretirement plans:
Amortization of net gains and (losses)	$	(3,383)	$	836	$	(2,547)	$	10,917	$	(2,757)	$	8,160	$	2,627	$	(791)	$	1,836
Amortization of prior service cost	(210)		52		(158)		(232)		58		(174)		(232)		58		(174)
Settlement gain (loss)	39		(10)		29		2,059		(515)		1,544		64		(16)		48
Benefit plans, net	(3,554)		878		(2,676)		12,744		(3,214)		9,530		2,459		(749)		1,710
Net gain from hedging activities	33,194		(8,812)		24,382		3,885		(971)		2,914		1,569		(392)		1,177
Foreign currency translation(1)	(9,922)		—		(9,922)		(9,202)		6,954		(2,248)		1,784		(6,251)		(4,467)
Other comprehensive income (loss)	$	19,718	$	(7,934)	$	11,784	$	7,427	$	2,769	$	10,196	$	5,812	$	(7,392)	$	(1,580)

(1) The income tax benefit or expense included in other comprehensive income is attributed to the portion of foreign currency translation associated with the Company’s cross-currency interest rate swaps, for which the tax effect is based on the applicable U.S. deferred income tax rate. See Note 20 to these consolidated financial statements for information regarding the Company’s cross currency interest rate swaps.

The following table presents the changes in accumulated other comprehensive income (loss), net of tax, by component for the years ended December 31, 2022 and 2021:


	Defined benefit and other postretirement plans		Net gain (loss) from hedging activities		Foreign currency translation		Total
December 31, 2020	$	5,278	$	(660)	$	(19,883)	$	(15,265)
Other comprehensive income before reclassifications	5,622		2,580		11,043		19,245
Amounts reclassified from accumulated other comprehensive income(1)	3,908		334		(14,014)		(9,772)

Net current period other comprehensive income (loss)	9,530		2,914		(2,971)		9,473
December 31, 2021	14,808		2,254		(22,854)		(5,792)
Other comprehensive income (loss) before reclassifications	(2,832)		23,868		(9,922)		11,114
Amounts reclassified from accumulated other comprehensive income(1)	156		514		—		670

Net current period other comprehensive income (loss)	(2,676)		24,382		(9,922)		11,784
December 31, 2022	$	12,132	$	26,636	$	(32,776)	$	5,992

(1) See the following table for details about these reclassifications. Amounts in parentheses indicate debits.

Reclassification out of Accumulated Other Comprehensive Income

The following table presents the reclassifications out of accumulated other comprehensive income for the years ended December 31, 2022 and 2021.


Details about Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income(1)				Affected Line Item in the Statements of Income
	Years ended December 31,
	2022		2021
Amortization of defined benefit and other postretirement plans:
Prior service credit	$	(210)	$	(232)	Other (expense) income(2)
Actuarial losses	3		5		Other (expense) income(2)
Release of actuarial losses	—		(3,737)		Net loss from discontinued operations, net of tax
	(207)		(3,964)		Total before tax
	51		56		Tax benefit
	$	(156)	$	(3,908)	Net of tax

Gains and losses on cash flow hedges:
Interest rate caps	$	(683)	$	(444)	Interest expense


	169		110		Tax benefit
	(514)		(334)		Net of tax

Release of foreign currency translation	—		14,014		Net loss from discontinued operations, net of tax

Total reclassifications for the period	$	(670)	$	9,772	Net of tax

(1) Amounts in parentheses indicate debits to profit/loss.

(2) These accumulated other comprehensive income (loss) components are components of net periodic pension and other postretirement cost (see Note 22 to these consolidated financial statements for additional details).