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Stockholders' Equity
 12 Months Ended
Dec. 31, 2016
Equity [Abstract]  
Stockholders' Equity

Note 15 - Stockholders’ equity:

Long-term incentive compensation plan – Prior to 2014, 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 8,000 shares in each of 2014 and 2015 and 13,500 shares in 2016 under this plan, and 163,500 shares are available for future award under this plan at December 31, 2016.

Stock repurchase program – Prior to 2014, 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.  At December 31, 2016, 1,951,000 shares are available for repurchase under this authorization.

Accumulated other comprehensive loss - Changes in accumulated other comprehensive loss for 2014, 2015 and 2016 are presented in the table below.

 

Years ended December 31,

 

 

2014

 

 

2015

 

 

2016

 

 

(In millions)

 

Accumulated other comprehensive loss, net of tax:

 

 

 

 

 

 

 

 

 

 

 

Currency translation:

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of year

$

(56.8

)

 

$

(159.8

)

 

$

(252.0

)

Other comprehensive loss

 

(103.0

)

 

 

(92.2

)

 

 

(17.6

)

Balance at end of year

$

(159.8

)

 

$

(252.0

)

 

$

(269.6

)

 

 

 

 

 

 

 

 

 

 

 

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of year

$

10.8

 

 

$

(2.9

)

 

$

(.6

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains (losses) arising during the year

 

(13.7

)

 

 

(6.5

)

 

 

2.4

 

Less reclassification adjustment for amounts

   included in realized loss

 

-

 

 

 

8.8

 

 

 

-

 

Balance at end of year

$

(2.9

)

 

$

(.6

)

 

$

1.8

 

 

 

 

 

 

 

 

 

 

 

 

 

Defined benefit pension plans:

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of year

$

(109.4

)

 

$

(175.4

)

 

$

(159.2

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

Amortization of prior service cost and net

   losses included in net periodic pension cost

 

7.2

 

 

 

10.0

 

 

 

8.5

 

Net actuarial gain (loss) arising during year

 

(73.2

)

 

 

6.2

 

 

 

(34.1

)

Balance at end of year

$

(175.4

)

 

$

(159.2

)

 

$

(184.8

)

 

 

 

 

 

 

 

 

 

 

 

 

OPEB plans:

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of year

$

3.4

 

 

$

2.3

 

 

$

2.1

 

Other comprehensive (income) loss:

 

 

 

 

 

 

 

 

 

 

 

Amortization of prior service credit and net

   losses included in net periodic OPEB cost

 

(.5

)

 

 

(.4

)

 

 

(.4

)

Net actuarial gain (loss) arising during year

 

(.6

)

 

 

.2

 

 

 

.1

 

Balance at end of year

$

2.3

 

 

$

2.1

 

 

$

1.8

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swap:

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of year

$

-

 

 

$

-

 

 

$

(2.3

)

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

Unrealized losses arising during the year

 

-

 

 

 

(2.9

)

 

 

(2.0

)

Less reclassification adjustment

   for amounts included in interest expense

 

-

 

 

 

.6

 

 

 

2.3

 

Balance at end of year

$

-

 

 

$

(2.3

)

 

$

(2.0

)

 

 

 

 

 

 

 

 

 

 

 

 

Total accumulated other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of year

$

(152.0

)

 

$

(335.8

)

 

$

(412.0

)

Other comprehensive loss

 

(183.8

)

 

 

(76.2

)

 

 

(40.8

)

Balance at end of year

$

(335.8

)

 

$

(412.0

)

 

$

(452.8

)

 

See Note 6 for further discussion of our marketable securities, Note 10 for amounts related to our defined benefit pension plans and OPEB plans and Note 18 for discussion of our interest rate swap contract.