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Statement of Consolidated Cash Flows (Unaudited) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash flows from operating activities:    
Net income $ 68.1 $ 60.6
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of property, plant and equipment 31.3 28.3
Amortization of definite-lived intangible assets 1.1 1.0
Amortization of debt discount and debt issuance costs 0.8 0.9
Deferred income taxes 27.4 38.6
Non-cash equity compensation 8.4 10.1
Gain on disposition of available for sale securities (2.4) (1.8)
Non-cash asset impairment charge 0.1 18.4
Gain on disposition of property, plant and equipment (0.2) (0.4)
Non-cash net periodic postretirement benefit cost relating to Salaried VEBA 4.6 3.4
Other non-cash changes in assets and liabilities 15.6 (14.8)
Changes in operating assets and liabilities:    
Trade and other receivables (35.7) (4.0)
Contract assets 4.6 0.0
Inventories (25.6) (10.6)
Prepaid expenses and other current assets (1.6) (1.8)
Accounts payable 31.1 21.6
Accrued liabilities (1.0) 0.9
Annual variable cash contributions to VEBAs (15.7) (20.0)
Long-term assets and liabilities, net 1.6 1.1
Net cash provided by (used in) operating activities [1] 112.5 131.5
Cash flows from investing activities    
Capital expenditures (53.1) (56.1)
Purchase of available for sale securities (111.9) (196.0)
Purchase of equity securities (0.9) 0.0
Proceeds from disposal of property, plant and equipment 208.7 237.2
Cash payment for acquisition of manufacturing facility and related assets, net of cash received (43.3) 0.0
Proceeds from disposal of property, plant and equipment 0.6 0.6
Net cash provided by (used in) investing activities [2] 0.1 (14.3)
Cash flows from financing activities    
Repayment of capital lease (0.5) (0.2)
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares (6.9) (4.5)
Repurchase of common stock (31.9) (66.7)
Cash dividends and dividend equivalents paid (28.5) (26.4)
Net cash used in financing activities [2] (67.8) (97.8)
Net increase in cash, cash equivalents and restricted cash during the period 44.8 19.4
Cash, cash equivalents and restricted cash at beginning of period 64.3 67.7
Cash, cash equivalents and restricted cash at end of period $ 109.1 $ 87.1
[1] See Note 9 for adjustments made to arrive at our Consolidated Balance Sheet as of January 1, 2018 upon adopting ASC 606 (as defined in Note 1).
[2] See Note 13 for the supplemental disclosure on non-cash transactions.