Stockholders' Equity

12 Months Ended

Dec. 31, 2015

Equity [Abstract]

Stockholders' Equity

Note 13 - Stockholders’ equity:

Long-term incentive compensation plan – Prior to 2013, our board of directors adopted a new plan that would provide for the award of stock to our board of directors, and up to a maximum of 200,000 shares could be awarded. We awarded 7,000 shares in 2013, and 8,000 shares in each of 2014 and 2015 under this new plan, and 177,000 shares are available for future award under this new plan at December 31, 2015.

Stock repurchase program – Prior to 2013, our board of directors authorized the repurchase of up to 2.0 million shares of our common stock in open market transactions, including block purchases, or in privately-negotiated transactions at unspecified prices and over an unspecified period of time.  We may repurchase our common stock from time to time as market conditions permit. The stock repurchase program does not include specific price targets or timetables and may be suspended at any time.  Depending on market conditions, we may terminate the program prior to its completion.  We would use cash on hand or other sources of liquidity to acquire the shares. Repurchased shares will be added to our treasury and cancelled.

During 2013 we repurchased 49,000 shares in market transactions for an aggregate of $.7 million in cash.  We cancelled these treasury shares and allocated their cost to common stock at par value and additional paid-in capital.  At December 31, 2015 an additional 1,951,000 shares are available for repurchase under this authorization.

Accumulated other comprehensive loss - Changes in accumulated other comprehensive loss for 2013, 2014 and 2015 are presented in the table below.

	Years ended December 31,
	2013			2014			2015
	(In millions)
Accumulated other comprehensive loss, net of tax:
Currency translation:
Balance at beginning of year	$	(63.5	)	$	(56.8	)	$	(159.8	)
Other comprehensive income (loss)		6.7			(103.0	)		(92.2	)
Balance at end of year	$	(56.8	)	$	(159.8	)	$	(252.0	)
Marketable securities:
Balance at beginning of year	$	4.2		$	10.8		$	(2.9	)
Other comprehensive income (loss):
Unrealized gains (losses) arising during the    year		5.3			(13.7	)		(6.5	)
Less reclassification adjustment for amounts    included in realized loss		1.3			-			8.8
Balance at end of year	$	10.8		$	(2.9	)	$	(.6	)
Defined benefit pension plans:
Balance at beginning of year	$	(137.3	)	$	(109.4	)	$	(175.4	)
Other comprehensive income (loss):
Amortization of prior service cost and net    losses included in net periodic pension cost		10.0			7.2			10.0
Net actuarial gain (loss) arising during year		12.6			(73.2	)		6.2
Plan curtailment		5.3			-			-
Balance at end of year	$	(109.4	)	$	(175.4	)	$	(159.2	)
OPEB plans:
Balance at beginning of year	$	(.5	)	$	3.4		$	2.3
Other comprehensive (income) loss:
Amortization of prior service credit and net    losses included in net periodic OPEB cost		(.6	)		(.5	)		(.4	)
Net actuarial gain (loss) arising during year		1.2			(.6	)		.2
Plan amendments		3.3			-			-
Balance at end of year	$	3.4		$	2.3		$	2.1
Interest rate swap:
Balance at beginning of year	$	-		$	-		$	-
Other comprehensive loss:
Unrealized losses arising during the year		-			-			(2.9	)
Less reclassification adjustment    for amounts included in interest expense		-			-			.6
Balance at end of year	$	-		$	-		$	(2.3	)
Total accumulated other comprehensive loss:
Balance at beginning of year	$	(197.1	)	$	(152.0	)	$	(335.8	)
Other comprehensive income (loss)		45.1			(183.8	)		(76.2	)
Balance at end of year	$	(152.0	)	$	(335.8	)	$	(412.0	)

See Note 6 for further discussion of our marketable securities, Note 11 for amounts related to our defined benefit pension plans and OPEB plans and Note 16 for discussion of our interest rate swap contract.