XML 25 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Operating activities:    
Net income $ 117.9 $ 93.6
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization expense 35.5 33.0
Deferred income tax benefit (1.2) (1.2)
Gain on sales of property, plant and equipment (0.1)  
Equity in earnings of unconsolidated entities (0.5) (0.7)
Dividends received from unconsolidated entities 0.3 0.3
Share-based compensation expense 4.9 4.8
Tax deficit from share-based compensation 0.1  
Net (gain) loss from life insurance policies (1.2) 1.6
Changes in operating assets and liabilities (excluding effect of business acquired):    
Accounts receivable (143.6) (215.1)
Inventories (182.2) (228.2)
Prepaid expenses and other assets 9.0 34.6
Accounts payable and other liabilities 97.9 175.9
Net cash used in operating activities (63.2) (101.4)
Investing activities:    
Purchases of property, plant and equipment (34.6) (35.8)
Acquisition of a metals service center, net of cash acquired (10.0)  
Proceeds from sales of property, plant and equipment 0.2 0.9
Net proceeds from redemption of life insurance policies 2.8 0.1
Net cash used in investing activities (41.6) (34.8)
Financing activities:    
Net short-term debt repayments (0.4)  
Proceeds from long-term debt borrowings 221.0 197.0
Principal payments on long-term debt (122.2) (52.0)
Payments to noncontrolling interest holders (0.7) (0.8)
Dividends paid (11.2) (9.0)
Tax deficit from share-based compensation (0.1)  
Exercise of stock options 4.6 3.9
Net cash provided by financing activities 91.0 139.1
Effect of exchange rate changes on cash (0.8) 1.0
(Decrease) increase in cash and cash equivalents (14.6) 3.9
Cash and cash equivalents at beginning of year 84.6 72.9
Cash and cash equivalents at end of period 70.0 76.8
Supplemental cash flow information:    
Interest paid during the period 5.2 2.9
Income taxes paid during the period $ 32.6 $ 4.2