Stockholders’ Equity

6 Months Ended

Jun. 30, 2020

Note 14—Stockholders’ equity:

Accumulated Other Comprehensive Income – Changes in accumulated other comprehensive income (loss) attributable to Valhi stockholders are presented in the table below.

	Three months ended						Six months ended
	June 30,						June 30,
	2019			2020			2019			2020
	(In millions)
Accumulated other comprehensive income (loss), net of tax and noncontrolling interest:
Marketable securities:
Balance at beginning of period	$	1.7		$	1.7		$	1.7		$	1.7
Other comprehensive loss - unrealized losses arising during the period		-			.1			-			.1
Balance at end of period	$	1.7		$	1.8		$	1.7		$	1.8
Currency translation adjustment:
Balance at beginning of period	$	(75.8	)	$	(104.4	)	$	(75.6	)	$	(76.8	)
Other comprehensive income (loss)		4.9			12.0			4.7			(15.6	)
Balance at end of period	$	(70.9	)	$	(92.4	)	$	(70.9	)	$	(92.4	)
Defined benefit pension plans:
Balance at beginning of period	$	(132.3	)	$	(144.3	)	$	(134.0	)	$	(146.6	)
Other comprehensive income - amortization of prior service cost and net losses included in net periodic pension cost		1.7			2.2			3.4			4.5
Balance at end of period	$	(130.6	)	$	(142.1	)	$	(130.6	)	$	(142.1	)
OPEB plans:
Balance at beginning of period	$	1.5		$	.8		$	1.7		$	1.0
Other comprehensive loss - amortization of prior service credit and net losses included in net periodic OPEB cost		(.2	)		(.1	)		(.4	)		(.3	)
Balance at end of period	$	1.3		$	.7		$	1.3		$	.7
Total accumulated other comprehensive income (loss):
Balance at beginning of period	$	(204.9	)	$	(246.2	)	$	(206.2	)	$	(220.7	)
Other comprehensive income (loss)		6.4			14.2			7.7			(11.3	)
Balance at end of period	$	(198.5	)	$	(232.0	)	$	(198.5	)	$	(232.0	)

Reverse stock split – On May 28, 2020 following stockholder approval at our annual meeting, our board of directors approved a reverse stock split of our common stock at a ratio of 1-for-12, which was effective on June 1, 2020. All share and per-share disclosures for all periods presented in our consolidated financial statements have been adjusted to give effect to the reverse stock split and we have adjusted our stockholders’ equity at December 31, 2018, March 31, 2019, December 31, 2019 and March 31, 2020 to reflect the split by reclassifying $3.3 million from common stock to additional paid-in capital representing $.01 per share par value of each share of common stock eliminated as a result of the reverse stock split.

Other – During the first six months of 2019 and 2020, Kronos acquired 110,303 and 122,489 shares, respectively, of its common stock in market transactions for an aggregate purchase price of $1.4 million and $1.0 million, respectively, and subsequently cancelled all such shares. At June 30, 2020, 1.6 million shares are available for repurchase under Kronos’ previously authorized stock repurchase program.