Stockholders' Equity

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Stockholders' equity

Note 11 – Stockholders’ equity:

Changes in accumulated other comprehensive loss are presented in the table below. See Note 9 for discussion of our defined benefit pension plans.

	Three months ended				Nine months ended
	September 30,				September 30,
	2021		2022		2021		2022
	(In millions)
Accumulated other comprehensive loss, net of tax:
Currency translation:
Balance at beginning of period	$	(229.4)	$	(270.1)	$	(233.4)	$	(240.4)
Other comprehensive loss		(7.8)		(25.9)		(3.8)		(55.6)
Balance at end of period	$	(237.2)	$	(296.0)	$	(237.2)	$	(296.0)
Defined benefit pension plans:
Balance at beginning of period	$	(207.5)	$	(158.6)	$	(214.5)	$	(163.3)
Other comprehensive income - amortization    of prior service cost and net losses included in    net periodic pension cost		3.5		2.2		10.5		6.9
Balance at end of period	$	(204.0)	$	(156.4)	$	(204.0)	$	(156.4)
OPEB plans:
Balance at beginning of period	$	(.4)	$	(.5)	$	(.3)	$	(.4)
Other comprehensive loss - amortization    of prior service credit and net losses    included in net periodic OPEB cost		(.1)		(.1)		(.2)		(.2)
Balance at end of period	$	(.5)	$	(.6)	$	(.5)	$	(.6)
Total accumulated other comprehensive loss:
Balance at beginning of period	$	(437.3)	$	(429.2)	$	(448.2)	$	(404.1)
Other comprehensive income (loss)		(4.4)		(23.8)		6.5		(48.9)
Balance at end of period	$	(441.7)	$	(453.0)	$	(441.7)	$	(453.0)

Our board of directors has previously 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.

During the fourth quarter of 2021, we acquired 14,409 shares of common stock in market transactions for an aggregate purchase price of $.2 million which were accounted for as treasury stock at December 31, 2021 and we subsequently cancelled these shares in February 2022. During the first quarter of 2022, we acquired 73,881 shares of our common stock in market transactions for an aggregate purchase price of $1.1 million and we subsequently cancelled these shares in May 2022. At September 30, 2022, 1,475,229 shares are available for repurchase under this stock repurchase program.