Shareholders' equity (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
|---|
| Equity [Abstract] |
|
| Schedule of Earnings (Loss) Per Share (Basic and Diluted) |
Our earnings per share (basic and diluted) for 2022, 2021, and 2020 are presented below (in thousands, except per share amounts): | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | 2020 | | Net income | $ | 631,198 | | | $ | 478,197 | | | $ | 482,763 | | | Net (income) loss attributable to noncontrolling interest | (729) | | | (1,242) | | | 15 | | | Adjustment of redeemable noncontrolling interest to redemption value | (560) | | | 46 | | | (948) | | | Earnings available to common shareholders | $ | 629,909 | | | $ | 477,001 | | | $ | 481,830 | | | | | | | | | Weighted average number of common shares outstanding - basic | 223,652 | | | 221,504 | | | 219,232 | | | Effect of dilutive securities | | | | | | | Restricted stock | 535 | | | 736 | | | 246 | | | Performance share units | 299 | | | 230 | | | 254 | | | Stock options | — | | | 1 | | | 1 | | | Weighted average number of common shares outstanding - diluted | 224,486 | | | 222,471 | | | 219,733 | | | | | | | | | Earnings per share - basic | $ | 2.82 | | | $ | 2.15 | | | $ | 2.20 | | | | | | | | | Earnings per share - diluted | $ | 2.81 | | | $ | 2.14 | | | $ | 2.19 | |
|
| Schedule of Stock-Based Compensation Related Amounts Recognized in the Consolidated Statements of Income for Equity Awards |
The following table shows the stock-based compensation related amounts recognized in the Consolidated Statements of Income for equity awards (in thousands): | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | 2020 | | RSUs | $ | 16,182 | | | $ | 12,806 | | | $ | 11,686 | | | PSAs | 14,299 | | | 18,709 | | | 8,620 | | | Total stock-based compensation | 30,481 | | | 31,515 | | | 20,306 | | | Total income tax benefit | 10,744 | | | 8,082 | | | 4,297 | | | Stock-based compensation net of tax | $ | 19,737 | | | $ | 23,433 | | | $ | 16,009 | |
|
| Schedule of Restricted Stock and RSU Awards |
A summary of RSU awards is presented below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | 2020 | | RSU Activity | Shares | | Weighted average fair value | | Shares | | Weighted average fair value | | Shares | | Weighted average fair value | | Unvested at beginning of year | 2,842,288 | | | $ | 15.11 | | | 2,614,654 | | | $ | 13.09 | | | 2,132,936 | | | $ | 13.22 | | | Granted | 949,022 | | | 21.90 | | | 1,282,636 | | | 17.83 | | | 1,416,300 | | | 13.39 | | | Vested | (1,118,395) | | | 14.62 | | | (899,282) | | | 13.21 | | | (738,159) | | | 14.03 | | | Canceled | (129,183) | | | 16.39 | | | (155,720) | | | 14.56 | | | (196,423) | | | 13.14 | | | Unvested at end of year | 2,543,732 | | | $ | 17.80 | | | 2,842,288 | | | $ | 15.11 | | | 2,614,654 | | | $ | 13.09 | |
|
| Schedule of Nonvested Performance-based Units Activity |
A summary for the PSAs activity is presented below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | 2020 | | PSAs Activity | Target number of shares | | Weighted average fair value | | Target number of shares | | Weighted average fair value | | Target number of shares | | Weighted average fair value | | Unvested at beginning of year | 1,015,433 | | | $ | 15.04 | | | 1,142,879 | | | $ | 12.87 | | | 698,482 | | | $ | 12.26 | | | Granted | 484,781 | | | 21.80 | | | 553,090 | | | 17.48 | | | 673,127 | | | 13.47 | | | Vested | (503,844) | | | 15.26 | | | (646,635) | | | 13.22 | | | (151,511) | | | 13.40 | | | Canceled | (10,266) | | | 17.09 | | | (33,901) | | | 14.20 | | | (77,219) | | | 12.50 | | | Unvested at end of year | 986,104 | | | $ | 18.18 | | | 1,015,433 | | | $ | 15.04 | | | 1,142,879 | | | $ | 12.87 | |
|
| Schedule of Accumulated Other Comprehensive Loss |
The following tables summarize the components of, and changes in AOCL, net of tax (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | 2022 | Retirement Plans | | Foreign Currency Translation (1) | | Available-For-Sale Investment | | Total | | Balance at beginning of year | $ | (113,090) | | | $ | 455 | | | $ | 15,419 | | | $ | (97,216) | | | Other comprehensive (loss) gain before reclassifications | (16,288) | | | 77 | | | — | | | (16,211) | | | Amounts reclassified from AOCL | 3,313 | | | — | | | (15,419) | | | (12,106) | | | | | | | | | | | | | | | | | | | Balance at end of year | $ | (126,065) | | | $ | 532 | | | $ | — | | | $ | (125,533) | |
| | | | | | | | | | | | | | | | | | | | | | | | | 2021 | Retirement Plans | | Foreign Currency Translation (1) | | Available-For-Sale Investment | | Total | | Balance at beginning of year | $ | (120,979) | | | $ | (97) | | | $ | — | | | $ | (121,076) | | | Other comprehensive gain before reclassifications | 3,316 | | | 552 | | | 15,419 | | | 19,287 | | | Amounts reclassified from AOCL | 4,573 | | | — | | | — | | | 4,573 | | | | | | | | | | | | | | | | | | | Balance at end of year | $ | (113,090) | | | $ | 455 | | | $ | 15,419 | | | $ | (97,216) | |
| | | | | | | | | | | | | | | | | | | | | 2020 | Retirement Plans | | Foreign Currency Translation (1) | | | | Total | | Balance at beginning of year | $ | (142,398) | | | $ | (199) | | | | | $ | (142,597) | | | Other comprehensive gain before reclassifications | 16,779 | | | 102 | | | | | 16,881 | | | Amounts reclassified from AOCL | 4,640 | | | — | | | | | 4,640 | | | | | | | | | | | Balance at end of year | $ | (120,979) | | | $ | (97) | | | | | $ | (121,076) | | |
(1) Our entire foreign currency translation adjustment is related to our CareerBuilder investment. We record our share of foreign currency translation adjustments through our equity method investment.
|
| Schedule of Reclassification out of Accumulated Other Comprehensive Loss |
Reclassifications out of AOCL related to these post-retirement plans included the following (in thousands): | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | 2020 | | Amortization of prior service credit | $ | (481) | | | $ | (481) | | | $ | (481) | | | Amortization of actuarial loss | 4,639 | | | 5,698 | | | 6,690 | | | Realized gain on available-for-sale investment | (20,800) | | | — | | | — | | | Pension payment timing related charges | 300 | | | 946 | | | — | | | Total reclassifications, before tax | (16,342) | | | 6,163 | | | 6,209 | | | Income tax effect | 4,236 | | | (1,590) | | | (1,569) | | | Total reclassifications, net of tax | $ | (12,106) | | | $ | 4,573 | | | $ | 4,640 | |
|