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STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net income $ 28.8 $ 62.0 $ 91.7
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation of property, plant and equipment 49.3 46.3 42.1
Amortization of definite-lived intangible assets 2.9 2.8 1.8
Amortization of debt premium and debt issuance costs 2.0 1.2 1.0
Deferred income taxes 15.2 21.1 36.7
Non-cash equity compensation 10.0 9.8 10.3
Non-cash asset impairment charges 0.5 26.1 1.4
Loss on extinguishment of debt   20.3  
Loss (gain) on disposition of property, plant and equipment 0.2   (0.2)
Gain on disposition of short-term investments (0.7) (0.9) (2.9)
Non-cash defined benefit net periodic postretirement benefit cost 5.2 7.0 6.6
Other non-cash changes in assets and liabilities (1.8) 8.6 21.9
Changes in operating assets and liabilities:      
Trade and other receivables 60.8 20.2 (22.3)
Contract assets 18.5 0.3 0.7
Inventories 25.6 37.5 (45.0)
Prepaid expenses and other current assets (3.2) (1.7) (0.4)
Accounts payable (5.9) (24.5) 29.2
Accrued liabilities (3.9) (7.5) (2.6)
Annual variable cash contributions to VEBAs (2.9) (2.1) (15.7)
Long-term assets and liabilities, net 6.3 5.8 (4.1)
Net cash provided by operating activities 206.9 232.3 150.2
Cash flows from investing activities:      
Capital expenditures (51.9) (60.2) (74.1)
Purchase of short-term investments (39.1) (132.2) (135.2)
Purchase of equity securities (0.5) (0.7) (0.9)
Proceeds from disposition of short-term investments 118.1 91.1 283.9
Cash payment for acquisition of Imperial Machine & Tool Co., net of cash received     (43.2)
Proceeds from disposal of property, plant and equipment 0.3 0.2 0.6
Net cash provided by (used in) investing activities [1] 26.9 (101.8) 31.1
Cash flows from financing activities:      
Repayment of principal and redemption premium of 5.875% Senior Notes   (391.5)  
Issuance of 6.50% and 4.625% Senior Notes 350.0 500.0  
Cash paid for debt issuance costs (6.2) (8.8)  
Repayment of finance lease (1.7) (1.4) (0.7)
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares (4.3) (6.2) (6.9)
Repurchase of common stock (12.5) (44.2) (60.7)
Cash dividends and dividend equivalents paid (43.4) (39.4) (37.7)
Net cash provided by (used in) financing activities [1] 281.9 8.5 (106.0)
Net increase in cash, cash equivalents and restricted cash during the period 515.7 139.0 75.3
Cash, cash equivalents and restricted cash at beginning of period 278.6 139.6 64.3
Cash, cash equivalents and restricted cash at end of period $ 794.3 $ 278.6 $ 139.6
[1] See Note 16 for supplemental disclosure of cash flow information.