XML 43 R8.htm IDEA: XBRL DOCUMENT v3.19.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash Flows from Operating Activities:    
Net income $ 37.3 $ 11.2
Adjustments to reconcile net income to cash used for operating activities:    
Asset impairment expense   0.4
Depreciation 26.3 27.2
Amortization of intangible assets 0.2 0.2
Amortization of deferred financing fees 1.2 1.4
Loss on debt extinguishment 25.0  
Gain on sale of property, plant and equipment (3.5) (1.7)
Other 8.7 7.6
Changes in operating assets and liabilities:    
Accounts receivable (184.2) (386.3)
Inventories (87.4) (106.3)
Notes receivable (0.5) 18.0
Other assets 14.8 6.1
Accounts payable (37.4) 44.8
Accrued expenses and other liabilities 1.6 (43.1)
Net cash used for operating activities (197.9) (420.5)
Cash Flows from Investing Activities:    
Capital expenditures (22.4) (21.4)
Proceeds from sale of fixed assets 17.2 12.2
Cash receipts on sold accounts receivable 126.3 401.3
Net cash provided by investing activities 121.1 392.1
Cash Flows from Financing Activities:    
Proceeds from revolving credit facility 131.4  
Payments on revolving credit facility (131.4)  
Payments on long-term debt (276.6) (4.6)
Proceeds from long-term debt 300.0  
Other debt - net (2.8)  
Debt issuance costs (8.3)  
Exercises of stock options 0.2 2.5
Common stock repurchases (7.4)  
Net cash provided by (used for) financing activities 5.1 (2.1)
Effect of exchange rate changes on cash and cash equivalents (1.1) (1.9)
Net decrease in cash and cash equivalents (72.8) (32.4)
Cash and cash equivalents at beginning of period 140.3 123.0
Cash and cash equivalents at end of period $ 67.5 $ 90.6