Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Equity

Common Shares

On December 17, 2020, we entered into an Equity Distribution Agreement with Wells Fargo Securities, LLC (the “Equity Distribution Agreement”) for the issuance and sale of up to $60.0 million of our common shares. Under terms of the Equity Distribution Agreement, the sales of our common shares may be made by any method deemed to be an “at-the-market offering” as defined in Rule 415 under the Securities Act of 1933. The Company elects when to issue a placement notice which may, among other sales parameters, specify the number of shares to be sold, the minimum price per share to be accepted, the daily volume of shares that may be sold and the range of dates when shares may be sold. we completed the program and sold 1,658,012 common shares during the first quarter of 2021, which generated aggregate proceeds of $59.1 million, net of commissions and other associated costs. Proceeds were used to reduce debt on the Company's Credit Facility during the first quarter of 2021.

Treasury Shares

In connection with our initial public offering in September 1995, our shareholders authorized our Management Board to repurchase up to 10% of our issued share capital, the maximum allowed under Dutch law at the time, for a period of 18 months. This authorization was renewed at subsequent annual or special shareholder meetings. At our annual shareholders' meeting on May 19, 2021, our shareholders authorized an extension to repurchase up to 10% of our issued share capital through November 19, 2022. The repurchase of shares in the open market is at the discretion of management pursuant to this shareholder authorization. Such common shares, unless canceled, may be reissued for a variety of purposes such as future acquisitions, non-employee director stock awards or employee stock awards. From the activation of the share repurchase program on October 29, 2002 through December 31, 2021, pursuant to shareholder approvals, we have repurchased 40,091,496 shares for an aggregate purchase price of approximately $1.7 billion, or an average price of $41.43 per share and have canceled 33,475,406 shares with an historical cost of $1.2 billion. At December 31, 2021, we held 104,867 shares in treasury with the authority to repurchase 4,540,559 additional shares under our stock repurchase program. During the year ended December 31, 2021, we repurchased 300,568 of our common shares for $8.3 million, including rights to 95,568 shares valued at $2.6 million surrendered to us pursuant to the terms of a stock-based compensation plan in consideration of the participants' tax burdens that may result from the issuance of common shares under that plan. Subsequent to year-end, we have repurchased 72,339 of our common shares for $1.8 million.

Dividend Policy

In 2008, Core Laboratories announced the initiation of a cash dividend program. In 2020, cash dividends of $0.25 per share were paid in the first quarter and $0.01 per share were paid in each remaining quarter of 2020. In 2021, cash dividends of $0.01 per share were paid in each quarter. The declaration and payment of future dividends will be at the discretion of the Supervisory Board of Directors and will depend upon, among other things, future earnings, general financial condition, liquidity, capital requirements, and general business conditions. On February 2, 2022, the Company declared a cash dividend of $0.01 per share of common stock payable March 7, 2022 to shareholders of record on February 14, 2022.

Accumulated Other Comprehensive Income (Loss)

Amounts recognized, net of income tax, in accumulated other comprehensive income (loss) consist of the following (in thousands):

	December 31,
	2021			2020
Pension and other postretirement benefit plans - unrecognized prior service costs and net actuarial loss	$	(5,595	)	$	(5,375	)
Interest rate swaps - net fair value loss		(4,538	)		(1,825	)
Total accumulated other comprehensive income (loss)	$	(10,133	)	$	(7,200	)