Stockholders' equity

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

Stockholders' equity

Note 12 - Stockholders’ equity:

Changes in accumulated other comprehensive loss are presented in the table below.  See Note 4 for further discussion of our marketable securities and Note 10 for discussion of our defined benefit pension plans. 

	Three months ended
	March 31,
	2019			2020
	(In millions)
Accumulated other comprehensive loss, net of tax:
Currency translation:
Balance at beginning of period	$	(245.0	)	$	(246.8	)
Other comprehensive loss		(.1	)		(41.9	)
Balance at end of period	$	(245.1	)	$	(288.7	)
Defined benefit pension plans:
Balance at beginning of period	$	(180.0	)	$	(202.2	)
Other comprehensive income - amortization    of prior service cost and net losses included in    net periodic pension cost		2.3			3.0
Balance at end of period	$	(177.7	)	$	(199.2	)
OPEB plans:
Balance at beginning of period	$	.7		$	.2
Other comprehensive loss - amortization    of prior service credit and net losses    included in net periodic OPEB cost		(.1	)		(.1	)
Balance at end of period	$	.6		$	.1
Total accumulated other comprehensive loss:
Balance at beginning of period	$	(424.3	)	$	(448.8	)
Other comprehensive income (loss)		2.1			(39.0	)
Balance at end of period	$	(422.2	)	$	(487.8	)

Prior to 2019, 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.  At December 31, 2019, 1,686,008 shares were available for repurchase under this stock repurchase program.

During the first three months of 2020, we acquired 122,489 shares of our common stock in market transactions for an aggregate purchase price of $1.0 million which are accounted for as treasury stock at March 31, 2020. At March 31, 2020 an additional 1,563,519 shares are available for repurchase under this stock repurchase program.