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STATEMENTS OF CONSOLIDATED CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income [1] $ 21.6 $ 18.2 [2]
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of property, plant and equipment [1] 28.9 27.7 [2]
Amortization of definite-lived intangible assets [1] 1.1 1.1 [2]
Amortization of debt premium and debt issuance costs [1] 0.5 0.6 [2]
Deferred income taxes [1] 6.4 4.8 [2]
Non-cash equity compensation [1] 4.2 4.0 [2]
Non-cash asset impairment charge [1],[2],[3]   4.2
Loss on disposition of property, plant and equipment [1],[2]   0.2
Bad debt expense [1],[2]   0.1
Non-cash postretirement and postemployment defined benefit plan cost [1] 2.3 1.5 [2]
Changes in operating assets and liabilities:    
Trade and other receivables [1] (48.0) (15.1) [2]
Contract assets [1] 5.5 (4.5) [2]
Inventories [1] 29.5 12.8 [2]
Prepaid expenses and other current assets [1] 0.2 (1.7) [2]
Accounts payable [1] 20.3 18.6 [2]
Accrued liabilities [1] (14.3) (5.2) [2]
Annual variable cash contributions to Salaried VEBA [1] (0.7) (1.1) [2]
Long-term assets and liabilities, net [1] (0.5) (2.9) [2]
Net cash provided by operating activities [1] 57.0 63.3 [2]
Cash flows from investing activities:    
Capital expenditures [1] (38.2) (30.0) [2]
Proceeds from sale of equity securities [1],[2]   0.1
Net cash used in investing activities [1] (38.2) (29.9) [2]
Cash flows from financing activities:    
Borrowings under the Revolving Credit Facility [1] 42.5  
Repayment of borrowings under the Revolving Credit Facility [1] (42.5)  
Repayment of finance lease [1] (0.7) (0.4) [2]
Cancellation of shares to cover tax withholdings upon common shares issued [1] (1.8) (1.2) [2]
Cash dividends and dividend equivalents paid [1] (12.9) (12.6) [2]
Net cash used in financing activities [1] (15.4) (14.2) [2]
Net increase in cash, cash equivalents and restricted cash during the period 3.4 19.2 [2]
Cash, cash equivalents and restricted cash at beginning of period 37.9 100.7 [2]
Cash, cash equivalents and restricted cash at end of period $ 41.3 $ 119.9 [2]
[1] See Note 12 for supplemental cash flow information.
[2] Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC. See Note 14 for further discussion.
[3] Non-cash asset impairment charge for the quarter ended March 31, 2024 is comprised of: (i) a $3.8 million inventory write-down related to certain alloying metals and (ii) a $0.4 million impairment charge on land held for sale.