XML 44 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Operating activities:      
Net income $ 324.7 $ 408.3 $ 349.2
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense 192.4 149.0 133.1
Impairment of intangible asset 14.9 2.5 0
Deferred income tax provision (benefit) 3.1 2.8 (27.2)
Loss (gain) on sales of property, plant and equipment 0.7 (2.9) (2.6)
Equity in earnings of unconsolidated entities (2.3) (2.2) (2.2)
Dividends received from unconsolidated entities 3.9 2.9 3.9
Share-based compensation expense 26.0 23.0 21.3
Other (0.4) 4.4 5.8
Changes in operating assets and liabilities (excluding effect of businesses acquired):      
Accounts receivable 25.4 123.1 (145.9)
Inventories 111.9 (1.3) (231.0)
Prepaid expenses and other assets (17.3) (18.9) 22.8
Accounts payable and other liabilities (49.7) (88.8) 107.6
Net cash provided by operating activities 633.3 601.9 234.8
Investing activities:      
Purchases of property, plant and equipment (168.0) (214.0) (156.4)
Acquisitions, net of cash acquired (821.1) (166.9) (313.3)
Proceeds from sales of property, plant and equipment 11.9 8.2 9.0
Net investment in life insurance policies (10.3) (11.2) (9.0)
Net proceeds from redemption of life insurance policies 7.7 2.9 3.6
Other 0.8 (0.7) (8.5)
Net cash used in investing activities (979.0) (381.7) (474.6)
Financing activities:      
Net short-term debt repayments (473.0) (63.2) (104.7)
Proceeds from long-term debt borrowings 2,297.9 641.0 995.0
Principal payments on long-term debt (1,454.5) (763.0) (606.6)
Debt issuance costs (10.3)   (7.3)
Payments to noncontrolling interest holders (2.3) (3.1) (3.7)
Noncontrolling interests purchased   (0.8)  
Dividends paid (96.9) (60.2) (35.9)
Excess benefit (tax deficit) from share-based compensation 1.1 (0.4) (0.3)
Exercise of stock options 70.1 42.1 11.1
Net cash provided by (used in) financing activities 332.1 (207.6) 247.6
Effect of exchange rate changes on cash (0.4) 0.4 3.9
(Decrease) increase in cash and cash equivalents (14.0) 13.0 11.7
Cash and cash equivalents at beginning of year 97.6 84.6 72.9
Cash and cash equivalents at end of year 83.6 97.6 84.6
Supplemental cash flow information:      
Interest paid during the year 74.2 58.7 57.4
Income taxes paid during the year, net 161.4 245.7 149.2
Non-cash investing and financing activities:      
Debt assumed in connection with acquisitions of metals service centers $ 529.9 $ 59.4 $ 104.7