v3.19.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities    
Net income $ 18.0 $ 15.9
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Lower of cost or market adjustment to inventory [1] (2.8) (0.9)
Unrealized (gain) loss on derivatives (3.3) 2.4
Depreciation 5.6 5.1
Amortization of intangible assets 0.1 0.1
Amortization of debt discount and issuance costs 0.3 0.3
Share-based compensation expense 2.4 1.7
Provision for bad debts, net of reductions (0.1) (0.1)
Deferred income taxes 0.8 0.9
Loss on disposal of property, plant and equipment 0.2
Change in assets and liabilities, net of effects of business acquisition:    
Accounts receivable (42.9) (12.5)
Inventories 4.9 (0.3)
Prepaid expenses and other current assets 0.4 0.6
Accounts payable 20.1 9.2
Accrued liabilities (13.1) (10.8)
Accrued interest 0.2
Income taxes, net 5.3 1.6
Other, net 0.4 0.3
Net cash provided by (used in) operating activities (3.7) 13.7
Cash flows from investing activities    
Capital expenditures (6.9) (7.5)
Business acquisition (1.6)
Net cash used in investing activities (6.9) (9.1)
Cash flows from financing activities    
Borrowings on ABL Facility 0.2 0.2
Payments on ABL Facility (0.2) (0.2)
Payments on term loan (0.8) (0.8)
Principal payments under finance lease obligation (0.5) (0.5)
Dividends paid (2.0) (1.4)
Proceeds from exercise of stock options 0.7
Share repurchases (1.5) (3.4)
Net cash used in financing activities (4.8) (5.4)
Effect of foreign currency exchange rates 0.2 (0.3)
Net increase (decrease) in cash (15.2) (1.1)
Cash and cash equivalents at beginning of period 125.5 59.0
Cash and cash equivalents at end of period 110.3 57.9
Noncash investing and financing activities    
Purchases of property, plant and equipment not yet paid 1.6 3.4
Acquisition of equipment under finance lease obligation $ 0.1
[1] Represents the impact of lower of cost or market adjustments to domestic metal inventory.

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