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Statement of Consolidated Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows from operating activities:    
Net income $ 26.3 $ (292.2)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation of property, plant and equipment 8.3 7.6
Amortization of definite-lived intangible assets 0.4 0.4
Amortization of debt discount and debt issuance costs 0.3 3.2
Deferred income taxes – Note 4 15.1 (176.7)
Excess tax benefit upon vesting of non-vested shares and dividend payment on unvested shares expected to vest1 [1] 0.0 (1.0)
Non-cash equity compensation1 [2] 2.6 2.1
Inventory Write-down 4.9 0.0
Non-cash unrealized (gain) loss on derivative instruments (4.0) 4.5
Non-cash defined benefit net periodic benefit cost relating to Salaried VEBA 0.8 0.6
Non-cash loss on removal of Union VEBA net assets2 [3] 0.0 446.7
Other non-cash changes in assets and liabilities 0.3 0.3
Changes in operating assets and liabilities:    
Trade and other receivables (24.6) (18.3)
Inventories, excluding lower of cost or market write-down 4.1 (3.3)
Prepaid expenses and other current assets (2.2) (2.4)
Accounts payable 1.9 0.4
Accrued liabilities2 21.2 19.1
Annual variable cash contributions to VEBAs2 [3] (19.5) (13.7)
Long-term assets and liabilities, net2 [3] (14.6) 30.1
Net cash provided by operating activities 21.3 7.4
Cash flows from investing activities3:    
Capital expenditures (25.9) (11.3)
Proceeds from disposition of available for sale securities 20.0 84.0
Net cash (used in) provided by investing activities [4] (5.9) 72.7
Cash flows from financing activities3:    
Repayments of Long-term Capital Lease Obligations 0.0 0.1
Excess tax benefit upon vesting of non-vested shares and dividend payment on unvested shares expected to vest 0.0 1.0
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares (2.7) (2.5)
Repurchase of common stock (6.3) (28.2)
Cash dividends paid to stockholders (8.2) (7.1)
Net cash used in financing activities [4] (17.2) (36.9)
Net (decrease) increase in cash and cash equivalents during the period (1.8) 43.2
Cash and cash equivalents at beginning of period 72.5 177.7
Cash and cash equivalents at end of period $ 70.7 $ 220.9
[1] See Note 4 and Note 6 for discussion of our adoption of ASU 2016-09.
[2] See Note 4 and Note 6 for discussion of our adoption of ASU 2016-09 (as defined in Note 1).
[3] See Note 5 for the impact of removing the Union VEBA (defined in Note 5) net assets.
[4] See Note 12 for the supplemental disclosure on non-cash transactions.