| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | |||||||||||
Net income | |||||||||||
62,000 | 91,700 | 45,400 | 91,700 | -236,600 | 71,800 | 104,800 | 85,800 | 25,100 | 12,000 | 70,500 | -68,500 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation of property, plant and equipment | |||||||||||
46,300 | 42,100 | 38,300 | 34,500 | 30,800 | 29,500 | 26,400 | 24,700 | 23,000 | 19,500 | 16,400 | 14,700 |
Amortization of definite-lived intangible assets | |||||||||||
2,800 | 1,800 | 1,400 | 1,500 | 1,600 | 1,600 | 1,700 | 1,800 | 2,200 | 300 | 0 | 0 |
Amortization of debt discount and debt issuance costs | |||||||||||
1,200 | 1,000 | 1,200 | 1,100 | 4,300 | 11,800 | 11,000 | 9,800 | 8,600 | 4,500 | 0 | 200 |
Deferred income taxes | |||||||||||
21,100 | 36,700 | 89,000 | 57,400 | -131,700 | 34,300 | 55,400 | 52,000 | 17,600 | 13,300 | 47,300 | -31,000 |
Excess tax benefit upon vesting of non-vested shares and dividend payment on unvested shares expected to vest | |||||||||||
- | - | - | - | 1,300 | 800 | 1,100 | 1,300 | 200 | 0 | -100 | 100 |
Non-cash equity compensation | |||||||||||
9,800 | 10,300 | 13,300 | 11,800 | 9,500 | 7,000 | 6,800 | 5,800 | 5,400 | 4,700 | 9,100 | 10,100 |
Gain on disposition of short-term investments | |||||||||||
900 | 2,900 | 2,300 | 0 | 0 | -100 | 400 | 0 | 0 | - | - | - |
Lower of cost or market inventory write-down | |||||||||||
- | - | - | 4,900 | 2,600 | 0 | 0 | - | - | - | - | - |
Net non-cash LIFO benefits | |||||||||||
- | - | - | - | - | - | - | - | -7,100 | 16,500 | - | - |
Non-cash unrealized loss (gain) on derivative instruments | |||||||||||
- | - | - | - | -3,400 | -6,800 | 3,900 | 16,000 | -25,900 | -5,500 | 80,500 | -87,100 |
Amortization of option premiums (received) paid, net | |||||||||||
- | - | - | - | - | - | -100 | 300 | -1,200 | 1,800 | 5,500 | 0 |
Net non-cash LIFO (benefit) charges and lower of cost or market inventory write-down | |||||||||||
- | - | - | - | - | - | - | - | - | - | 18,000 | 57,700 |
Non-cash asset impairment charges | |||||||||||
26,100 | 1,400 | 19,200 | 2,800 | 100 | 1,500 | 0 | 4,400 | 0 | 4,600 | 2,300 | 42,100 |
Loss on extinguishment of debt | |||||||||||
-20,300 | 0 | 0 | -11,100 | -2,500 | 0 | 0 | - | - | - | - | - |
Equity in income of unconsolidated affiliate, net of distributions | |||||||||||
- | - | - | - | - | - | - | - | - | - | 1,900 | -1,800 |
Loss on disposition of property, plant and equipment | |||||||||||
0 | 200 | 500 | -200 | -300 | -200 | -100 | 100 | -200 | -100 | -100 | 100 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | |||||||||||
7,000 | 6,600 | 4,800 | 3,700 | 2,800 | -23,500 | -22,000 | -11,500 | -5,700 | 5,100 | 5,300 | - |
Non-cash loss on removal of Union VEBA, net | |||||||||||
- | - | - | - | 446,700 | 0 | 0 | - | - | - | - | - |
Other non-cash changes in assets and liabilities | |||||||||||
-8,600 | -21,900 | 15,500 | 17,500 | -600 | -600 | 9,300 | -1,200 | -400 | 700 | -200 | -300 |
Changes in operating assets and liabilities: | |||||||||||
Trade and other receivables | |||||||||||
-20,200 | 22,300 | 30,900 | 26,800 | -17,400 | 7,000 | 3,300 | 27,100 | 8,300 | 1,200 | -30,100 | 13,200 |
Contract assets | |||||||||||
-300 | -700 | 0 | 0 | - | - | - | - | - | - | - | - |
Receivable from affiliate | |||||||||||
- | - | - | - | - | - | - | - | - | -200 | -11,600 | 2,300 |
Inventories | |||||||||||
-37,500 | 45,000 | 6,300 | -13,100 | 7,500 | 300 | 28,400 | -19,700 | 24,500 | 56,300 | -29,100 | 22,700 |
Prepaid expenses and other current assets | |||||||||||
1,700 | 400 | 1,700 | 8,000 | -500 | 600 | -1,100 | -1,400 | 2,900 | 900 | 2,000 | 7,000 |
Accounts payable | |||||||||||
-24,500 | 29,200 | 13,000 | 3,400 | -13,600 | 20,300 | -1,600 | -1,300 | 10,900 | 4,200 | -2,500 | -18,900 |
Accrued liabilities | |||||||||||
-7,500 | -2,600 | -4,700 | 26,200 | 12,800 | -6,000 | 1,800 | 10,400 | -1,500 | 400 | -19,800 | 7,100 |
Annual variable cash contributions to Salaried VEBA | |||||||||||
2,100 | 15,700 | 20,000 | 19,500 | 13,700 | 16,000 | 20,000 | 0 | - | - | - | - |
Payable to affiliate | |||||||||||
- | - | - | - | - | - | -7,900 | -6,500 | -2,700 | 8,100 | -18,500 | 8,900 |
Long-term assets and liabilities, net | |||||||||||
-5,800 | 4,100 | 2,200 | 26,000 | -28,200 | 7,200 | -600 | 1,100 | 2,400 | -24,600 | -7,300 | 18,300 |
Net cash provided by operating activities | |||||||||||
232,300 | 150,200 | 141,500 | 165,600 | 159,700 | 124,100 | 111,700 | 152,400 | 62,800 | 66,300 | 127,700 | 46,900 |
Cash flows from investing activities | |||||||||||
Accrued income taxes | |||||||||||
- | - | - | - | - | - | - | - | - | - | - | -400 |
Capital expenditures | |||||||||||
60,200 | 74,100 | 75,500 | 76,100 | 63,100 | 59,400 | 70,400 | 44,100 | 32,500 | 38,900 | 59,200 | 93,200 |
Purchase of short-term investments | |||||||||||
132,200 | 135,200 | 247,500 | 255,300 | 500 | 93,500 | 227,800 | 85,000 | 300 | 4,400 | 0 | 0 |
Purchase of equity securities | |||||||||||
700 | 900 | 0 | 0 | - | - | - | - | - | - | - | - |
Proceeds from disposition of short-term investments | |||||||||||
91,100 | 283,900 | 296,900 | 55,000 | 84,000 | 108,200 | 183,100 | 0 | 0 | - | - | - |
Net proceeds from disposal of manufacturing facility and related assets | |||||||||||
- | - | - | - | - | - | - | - | - | - | - | 0 |
Cash payment for acquisition of Imperial Machine & Tool Co., net of cash received | |||||||||||
0 | 43,200 | 0 | 0 | - | - | - | - | 83,200 | 9,000 | 0 | 0 |
Proceeds from disposal of property, plant and equipment | |||||||||||
200 | 600 | 600 | 0 | 0 | - | - | 300 | 700 | 4,800 | 0 | 1,600 |
Change in restricted cash | |||||||||||
- | - | - | - | - | - | -1,700 | -6,900 | 1,000 | -1,100 | -18,500 | 20,900 |
Net cash provided by investing activities | |||||||||||
-101,800 | 31,100 | -25,500 | -276,400 | 20,400 | -44,700 | -113,400 | -121,900 | -116,300 | -46,400 | -40,700 | -112,500 |
Cash flows from financing activities | |||||||||||
Repayments of Unsecured Debt | |||||||||||
391,500 | 0 | 0 | 206,000 | 30,000 | 0 | 0 | - | - | - | - | - |
Issuance of 4.625% Senior Notes | |||||||||||
500,000 | 0 | 0 | 375,000 | 0 | 0 | - | - | - | - | - | - |
Cash paid for debt issuance costs | |||||||||||
- | - | - | - | - | - | - | - | - | - | 0 | 0 |
Repayment of Convertible Notes | |||||||||||
- | - | - | - | 175,000 | 0 | 0 | - | - | - | - | 0 |
Proceeds from cash-settled call options related to settlement of Convertible Notes | |||||||||||
- | - | - | - | 94,900 | 0 | 0 | - | - | - | - | - |
Payment for conversion premium related to settlement of Convertible Notes | |||||||||||
- | - | - | - | 94,900 | 0 | 0 | - | - | - | - | - |
Repayment of promissory notes | |||||||||||
- | - | - | - | - | - | - | 4,700 | 8,300 | 700 | 0 | - |
Borrowings under note payable | |||||||||||
- | - | - | - | - | - | - | - | - | - | - | 7,000 |
Borrowings under the revolving credit facility | |||||||||||
- | - | - | - | - | - | - | - | - | - | 111,600 | 171,500 |
Repayment of borrowings under the revolving credit facility | |||||||||||
- | - | - | - | - | - | - | - | - | - | 147,600 | 135,500 |
Cash paid for debt issuance costs | |||||||||||
8,800 | 0 | 0 | 6,800 | 600 | 0 | 0 | 6,600 | 2,100 | 8,600 | 1,200 | 0 |
Proceeds from stock option exercises | |||||||||||
- | - | - | 1,200 | 0 | 0 | - | - | - | - | - | - |
Proceeds from issuance of Senior Notes | |||||||||||
- | - | - | - | - | - | - | 225,000 | 0 | 0 | - | - |
Proceeds from issuance of Convertible Notes | |||||||||||
- | - | - | - | - | - | - | - | - | 175,000 | 0 | 0 |
Purchase of call option in connection with issuance of cash convertible senior notes | |||||||||||
- | - | - | - | - | - | - | - | - | -31,400 | 0 | 0 |
Proceeds from issuance of warrants | |||||||||||
- | - | - | - | - | - | - | - | - | 14,300 | 0 | 0 |
Repayment of finance lease | |||||||||||
1,400 | 700 | 400 | 0 | 0 | 100 | 100 | 100 | 100 | 0 | 0 | - |
Excess tax benefit upon vesting of non-vested shares and dividend payment on unvested shares expected to vest | |||||||||||
- | - | - | - | 1,300 | 800 | 1,100 | 1,300 | 200 | 0 | -100 | 100 |
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares | |||||||||||
6,200 | 6,900 | 4,500 | 2,900 | 2,800 | 2,400 | 2,500 | 2,200 | 3,100 | 0 | 0 | - |
Retirement of common stock | |||||||||||
- | - | - | - | - | - | - | - | - | - | - | 700 |
Repurchase of common stock | |||||||||||
44,200 | 60,700 | 79,500 | 33,300 | 49,200 | 44,100 | 78,300 | 0 | 0 | 44,200 | 0 | 28,100 |
Cash dividends and dividend equivalents paid | |||||||||||
39,400 | 37,700 | 35,000 | 32,400 | 28,100 | 25,400 | 23,000 | 19,600 | 18,900 | 19,000 | 19,600 | 17,200 |
Cash dividend returned to the Company | |||||||||||
- | - | - | - | - | - | 600 | 0 | 0 | - | - | - |
Net cash used in financing activities | |||||||||||
8,500 | -106,000 | -119,400 | 94,800 | -284,400 | -71,200 | -102,200 | 193,100 | -32,300 | 85,400 | -56,900 | -2,900 |
Net increase (decrease) in cash, cash equivalents and restricted cash during the period | |||||||||||
139,000 | 75,300 | -3,400 | -16,000 | -104,300 | 8,200 | -103,900 | 223,600 | -85,800 | 105,300 | 30,100 | -68,500 |