XML 22 R7.htm IDEA: XBRL DOCUMENT v3.4.0.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Operating activities    
Net (loss) income $ (15,622) $ 3,945
Adjustments to reconcile net income to cash used in operating activities:    
Depreciation and amortization 20,902 17,523
Bad debt expense 424 188
Equity in earnings of affiliates, net of dividends 7,033 1,404
Gain on sale of investments (685) 0
Gains on sales of Rail Group assets and related leases (2,443) (4,522)
Excess tax benefit from share-based payment arrangement 0 (224)
Deferred income taxes (988) (3,446)
Stock-based compensation expense 1,473 736
Other (20) 890
Changes in operating assets and liabilities:    
Accounts receivable (37,474) (28,366)
Inventories 43,947 51,698
Commodity derivatives (15,630) (3,696)
Other assets 1,526 (4,042)
Trade and other payables (270,296) (318,747)
Net cash used in operating activities (267,853) (286,659)
Investing Activities    
Purchases of Rail Group assets (7,340) (23,455)
Proceeds from sale of Rail Group assets 4,967 12,851
Purchases of property, plant and equipment (12,305) (6,742)
Proceeds from sale of property, plant and equipment 206 80
Proceeds from sale of investments 15,013 0
Investments in affiliates (22) 0
Change in restricted cash (269) (256)
Net cash provided by (used in) investing activities 250 (17,522)
Financing Activities    
Net change in short-term borrowings 258,000 308,500
Proceeds from issuance of long-term debt 76,908 30,799
Payments of long-term debt (80,399) (63,466)
Purchase of treasury stock 0 (27,783)
Proceeds from sale of treasury shares to employees and directors 1,275 403
Payments of debt issuance costs (299) (107)
Dividends paid (4,338) (4,059)
Excess tax benefit from share-based payment arrangement 0 224
Other (993) (573)
Net cash provided by financing activities 250,154 243,938
Decrease in cash and cash equivalents (17,449) (60,243)
Cash and cash equivalents at beginning of period 63,750 114,704
Cash and cash equivalents at end of period $ 46,301 $ 54,461