XML 47 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Operating activities:      
Net income $ 408.3 $ 349.2 $ 197.9
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense 151.5 133.1 120.6
Deferred income tax provision (benefit) 2.8 (27.2) 42.7
(Gain) loss on sales of property, plant and equipment (2.9) (2.6) 1.1
Equity in earnings of unconsolidated entities (2.2) (2.2) (0.7)
Dividends received from unconsolidated entities 2.9 3.9 0.3
Share-based compensation expense 23.0 21.3 17.3
Tax deficit (excess benefit) from share-based compensation 0.4 0.3 (4.0)
Net loss from life insurance policies and other investments 4.0 5.5 4.2
Changes in operating assets and liabilities (excluding effect of businesses acquired):      
Accounts receivable 123.1 (145.9) (146.7)
Inventories (1.3) (231.0) (121.9)
Prepaid expenses and other assets (18.9) 22.8 23.9
Accounts payable and other liabilities (88.8) 107.6 79.4
Net cash provided by operating activities 601.9 234.8 214.1
Investing activities:      
Purchases of property, plant and equipment (214.0) (156.4) (111.4)
Acquisitions of metals service centers, net of cash acquired (166.9) (313.3) (100.3)
Proceeds from sales of property, plant and equipment 8.2 9.0 3.2
Net investment in marketable securities (0.7) (8.5)  
Net (investment in) borrowings from life insurance policies (11.2) (9.0) 42.4
Net proceeds from redemptions of life insurance policies 2.9 3.6 4.3
Net cash used in investing activities (381.7) (474.6) (161.8)
Financing activities:      
Net short-term debt (repayments) borrowings (63.2) (104.7) 3.2
Proceeds from long-term debt borrowings 641.0 995.0 539.0
Principal payments on long-term debt (763.0) (606.6) (560.6)
Debt issuance costs   (7.3)  
Payments to noncontrolling interest holders (3.1) (3.7) (1.8)
Capital contributions from noncontrolling interests     0.2
Noncontrolling interests purchased (0.8)    
Dividends paid (60.2) (35.9) (29.7)
(Tax deficit) excess benefit from share-based compensation (0.4) (0.3) 4.0
Exercise of stock options 42.1 11.1 21.2
Net cash (used in) provided by financing activities (207.6) 247.6 (24.5)
Effect of exchange rate changes on cash 0.4 3.9 2.1
Increase in cash and cash equivalents 13.0 11.7 29.9
Cash and cash equivalents at beginning of year 84.6 72.9 43.0
Cash and cash equivalents at end of year 97.6 84.6 72.9
Supplemental cash flow information:      
Interest paid during the year 58.7 57.4 62.2
Income taxes paid during the year 245.7 149.2 68.9
Non-cash investing and financing activities:      
Debt assumed in connection with acquisitions of metals service centers $ 59.4 $ 104.7 $ 22.6