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, 2023

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, 2023 and 2022:


	December 31,
	2023		2022
Amortization and unrealized gains on pension and postretirement plans, net of tax of $(4,344) and $(4,078)	$	612	$	(508)
Net changes in fair values of derivatives, net of tax of $(4,385) and $(9,057)	12,546		24,672
Foreign currency translation adjustments, net of tax of $8,177 and $8,177	(14,116)		(18,172)
Accumulated other comprehensive (loss) income	$	(958)	$	5,992

The following table presents the tax effects of each component of other comprehensive income (loss) for the years ended December 31, 2023, 2022 and 2021:


	Years ended December 31,
	2023						2022						2021
	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:
Net gain (loss)	$	1,511	$	(297)	$	1,214	$	(3,344)	$	826	$	(2,518)	$	12,976	$	(3,272)	$	9,704
Net prior service cost	(125)		31		(94)		(210)		52		(158)		(232)		58		(174)
Benefit plans, net	1,386		(266)		1,120		(3,554)		878		(2,676)		12,744		(3,214)		9,530
Net (loss) gain from hedging activities	(17,312)		5,186		(12,126)		33,194		(8,812)		24,382		3,885		(971)		2,914
Foreign currency translation(1)	4,056		—		4,056		(9,922)		—		(9,922)		(9,202)		6,954		(2,248)
Other comprehensive (loss) income	$	(11,870)	$	4,920	$	(6,950)	$	19,718	$	(7,934)	$	11,784	$	7,427	$	2,769	$	10,196

(1) The income tax benefit included in other comprehensive income for the year ended December 31, 2021 is attributed to the portion of foreign currency translation associated with the Company’s cross-currency interest rate swaps, for which the tax effect was based on the applicable U.S. deferred income tax rate. In March 2021, as a result of the Performance Materials and Performance Chemicals divestitures, the Company settled its cross-currency swaps.

The following table presents the changes in accumulated other comprehensive income (loss), net of tax, by component for the years ended December 31, 2023 and 2022:


	Defined benefit and other postretirement plans		Net gain (loss) from hedging activities		Foreign currency translation		Total
December 31, 2021	$	2,168	$	290	$	(8,250)	$	(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	(508)		24,672		(18,172)		5,992
Other comprehensive income (loss) before reclassifications	1,085		5,031		4,056		10,172
Amounts reclassified from accumulated other comprehensive income(1)	35		(17,157)		—		(17,122)

Net current period other comprehensive income (loss)	1,120		(12,126)		4,056		(6,950)
December 31, 2023	$	612	$	12,546	$	(14,116)	$	(958)

(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, 2023 and 2022.


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,
	2023		2022
Amortization of defined benefit and other postretirement plans:
Net prior service credit	$	(125)	$	(210)	Other (expense) income(2)
Net loss	59		3		Other (expense) income(2)

	(66)		(207)		Total before tax
	31		51		Tax benefit
	$	(35)	$	(156)	Net of tax

Gains and losses on cash flow hedges:
Interest rate caps	$	22,731	$	(683)	Interest expense


	(5,574)		169		Tax benefit (expense)
	17,157		(514)		Net of tax



Total reclassifications for the period	$	17,122	$	(670)	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 20 to these consolidated financial statements for further information).