Stockholders' equity

12 Months Ended

Dec. 31, 2023

Stockholders' equity

Stockholders' equity

Note 13 – Stockholders’ equity:

Long-term incentive compensation plan – Prior to 2020, 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 7,200 shares in 2021, 8,400 shares in 2022 and 14,700 shares in 2023 under this plan. At December 31, 2023, 97,100 shares are available for awards.

Stock repurchase program – Prior to 2020, 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. In 2021, we acquired 14,409 shares of common stock in market transactions for an aggregate purchase price of $.2 million and subsequently cancelled all such shares. In 2022, we acquired 217,778 shares of common stock in market transactions for an aggregate purchase price of $2.5 million and subsequently cancelled all such shares. In 2023, we acquired 313,814 shares of common stock in market transactions for an aggregate purchase price of $2.8 million and subsequently cancelled all such shares. At December 31, 2023, 1,017,518 shares are available for repurchase under this stock repurchase program.

Accumulated other comprehensive loss – Changes in accumulated other comprehensive loss for 2021, 2022 and 2023 are presented in the table below.

	Years ended December 31,
	2021		2022		2023
	(In millions)
Accumulated other comprehensive loss, net of tax:
Currency translation:
Balance at beginning of period	$	(233.4)	$	(240.4)	$	(269.2)
Other comprehensive income (loss)		(7.0)		(28.8)		3.7
Balance at end of period	$	(240.4)	$	(269.2)	$	(265.5)
Defined benefit pension plans:
Balance at beginning of period	$	(214.5)	$	(163.3)	$	(63.1)
Other comprehensive income:
Amortization of prior service cost and net losses   included in net periodic pension cost		14.9		9.9		2.0
Net actuarial gain (loss) arising during year		36.3		90.3		(16.0)
Plan settlement		-		-		1.1
Balance at end of period	$	(163.3)	$	(63.1)	$	(76.0)
OPEB plans:
Balance at beginning of period	$	(.3)	$	(.4)	$	.8
Other comprehensive loss - amortization    of prior service credit and net losses    included in net periodic OPEB cost		(.3)		(.3)		(.2)
Net actuarial gain (loss) arising during year		.2		1.5		(.2)
Balance at end of period	$	(.4)	$	.8	$	.4
Total accumulated other comprehensive loss:
Balance at beginning of period	$	(448.2)	$	(404.1)	$	(331.5)
Other comprehensive income (loss)		44.1		72.6		(9.6)
Balance at end of period	$	(404.1)	$	(331.5)	$	(341.1)

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.