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Statement of Consolidated Cash Flows (Unaudited) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net income $ 72.6 $ 68.1
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of property, plant and equipment 34.2 31.3
Amortization of definite-lived intangible assets 2.1 1.1
Amortization of debt discount and debt issuance costs 0.9 0.8
Deferred income taxes 27.8 27.4
Non-cash equity compensation 8.4 8.4
Gain on disposition of available for sale securities (0.6) (2.4)
Non-cash asset impairment charge 0.1 0.1
Gain on disposition of property, plant and equipment (0.1) (0.2)
Other non-cash changes in assets and liabilities 9.3 20.2
Changes in operating assets and liabilities:    
Trade and other receivables (8.8) (35.7)
Contract assets 8.8 4.6
Inventories 22.6 (25.6)
Prepaid expenses and other current assets (1.7) (1.6)
Accounts payable (21.9) 31.1
Accrued liabilities (3.3) (1.0)
Annual variable cash contributions to VEBAs (2.1) (15.7)
Long-term assets and liabilities, net 5.6 1.6
Net cash provided by operating activities 153.9 112.5
Cash flows from investing activities    
Capital expenditures (40.7) (53.1)
Purchase of available for sale securities (56.3) (111.9)
Purchase of equity securities (0.7) (0.9)
Proceeds from disposition of available for sale securities 68.2 208.7
Cash payment for acquisition of Imperial Machine & Tool Co., net of cash received 0.0 (43.3)
Proceeds from disposition of property, plant and equipment 0.2 0.6
Net cash (used in) provided by investing activities [1] (29.3) 0.1
Cash flows from financing activities    
Repayment of finance lease (1.1) (0.5)
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares (6.2) (6.9)
Repurchase of common stock (40.6) (31.9)
Cash dividends and dividend equivalents paid (29.8) (28.5)
Net cash used in financing activities [1] (77.7) (67.8)
Net increase in cash, cash equivalents and restricted cash during the period 46.9 44.8
Cash, cash equivalents and restricted cash at beginning of period 139.6 64.3
Cash, cash equivalents and restricted cash at end of period $ 186.5 $ 109.1
[1]
See Note 12 for supplemental cash flow information.