XML 19 R8.htm IDEA: XBRL DOCUMENT v3.22.2
STATEMENTS OF CONSOLIDATED CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net loss $ (5.7) $ (17.9)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation of property, plant and equipment 48.1 35.7
Amortization of definite-lived intangible assets 6.5 3.6
Amortization of debt premium and debt issuance costs 1.1 1.2
Deferred income taxes (4.1) (18.2)
Non-cash equity compensation 7.8 7.0
Non-cash asset impairment charge 3.2  
Loss on extinguishment of debt   35.9
Loss on disposition of property, plant and equipment 2.1 0.1
Changes in operating assets and liabilities, net of effects of acquisition:    
Trade and other receivables (13.5) (130.5)
Contract assets (30.7) (10.5)
Inventories (64.0) (21.2)
Prepaid expenses and other current assets (5.0) (8.5)
Accounts payable 61.8 115.5
Accrued liabilities 1.9 15.6
Annual variable cash contributions to Salaried VEBA   (1.7)
Long-term assets and liabilities, net (2.5) (1.2)
Net cash provided by operating activities 7.0 4.9
Cash flows from investing activities:    
Capital expenditures (45.5) (18.0)
Cash payment for acquisition of the Warrick rolling mill   (617.5)
Purchase of equity securities (0.3) (0.4)
Proceeds from disposition of property, plant and equipment 1.0  
Net cash used in investing activities (44.8) (635.9)
Cash flows from financing activities:    
Cash paid for debt issuance costs (1.8) (8.6)
Repayment of finance lease (1.0) (1.1)
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares (1.9) (2.4)
Cash dividends and dividend equivalents paid (25.1) (23.4)
Net cash (used in) provided by financing activities (29.8) 133.6
Net decrease in cash, cash equivalents and restricted cash during the period (67.6) (497.4)
Cash, cash equivalents and restricted cash at beginning of period 317.0 794.3
Cash, cash equivalents and restricted cash at end of period $ 249.4 296.9
6.50% Senior Notes    
Cash flows from financing activities:    
Repayment of principal and redemption premium of Senior Notes   (380.9)
4.50% Senior Notes    
Cash flows from financing activities:    
Issuance of Senior Notes   $ 550.0