Stockholders' equity

12 Months Ended

Dec. 31, 2020

Note 13 – Stockholders’ equity:

Long-term incentive compensation plan – Prior to 2018, our board of directors adopted a plan that provides for the award of stock to our board of directors, up to a maximum of 200,000 shares. We awarded 5,600 shares in 2018, 9,000 shares in 2019 and 13,500 shares in 2020 under this plan. At December 31, 2020, 127,400 shares are available for awards.

Stock repurchase program – Prior to 2018, 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 use cash on hand or other sources of liquidity to acquire the shares. Repurchased shares are added to our treasury and subsequently cancelled upon approval of the board of directors. We did not make any purchases under the program in 2018. In 2019, we acquired 264,992 shares of our common stock in market transactions for an aggregate purchase price of $3.0 million and subsequently cancelled all of such shares. In 2020, we acquired 122,489 shares of common stock in market transactions for an aggregate purchase price of $1.0 million and subsequently cancelled all of such shares. At December 31, 2020, 1,563,519 shares are available for repurchase under this stock repurchase program.

Accumulated other comprehensive loss – Changes in accumulated other comprehensive loss for 2018, 2019 and 2020 are presented in the table below.

	Years ended December 31,
	2018			2019			2020
	(In millions)
Accumulated other comprehensive loss, net of tax:
Currency translation:
Balance at beginning of year	$	(211.9	)	$	(245.0	)	$	(246.8	)
Other comprehensive income (loss)		(33.1	)		(1.8	)		13.4
Balance at end of year	$	(245.0	)	$	(246.8	)	$	(233.4	)

Defined benefit pension plans:
Balance at beginning of year	$	(172.8	)	$	(180.0	)	$	(202.2	)
Other comprehensive income (loss):
Amortization of prior service cost and net losses included in net periodic pension cost		10.4			9.5			13.4
Net actuarial loss arising during year		(17.6	)		(31.7	)		(25.7	)
Balance at end of year	$	(180.0	)	$	(202.2	)	$	(214.5	)

OPEB plans:
Balance at beginning of year	$	1.2		$	.7		$	.2
Other comprehensive income (loss):
Amortization of prior service credit and net losses included in net periodic OPEB cost		(.3	)		(.3	)		(.2	)
Net actuarial loss arising during year		(.2	)		(.2	)		(.3	)
Balance at end of year	$	.7		$	.2		$	(.3	)

Marketable securities:
Balance at beginning of year	$	4.8		$	-		$	-
Change in accounting principle		(4.8	)		-			-
Balance at beginning of period, as adjusted		-			-			-
Other comprehensive income -
Unrealized gains arising during the year		-			-			-
Balance at end of year	$	-		$	-		$	-

Total accumulated other comprehensive loss:
Balance at beginning of year	$	(378.7	)	$	(424.3	)	$	(448.8	)
Change in accounting principle		(4.8	)		-			-
Balance at beginning of period, as adjusted		(383.5	)		(424.3	)		(448.8	)
Other comprehensive income (loss)		(40.8	)		(24.5	)		.6
Balance at end of year	$	(424.3	)	$	(448.8	)	$	(448.2	)

See Note 6 for further discussion on our marketable securities, Note 10 for amounts related to our defined benefit pension plans and Note 11 for our OPEB plans.