|
Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Millions, unless otherwise specified
|
9 Months Ended |
|
Sep. 30, 2012
|
Sep. 30, 2011
|
| Cash flows from operating activities: |
|
|
|
| Net earnings |
$ 58.8 |
$ 105.1 |
|
| Adjustments to reconcile net earnings to net cash flows provided by operating activities: |
|
|
|
| Depreciation, depletion and amortization |
47.2 |
48.8 |
|
| Finance fee amortization |
1.0 |
1.1 |
|
| Early extinguishment and refinancing of long-term debt |
2.8 |
0 |
|
| Stock-based compensation |
5.4 |
4.8 |
|
| Deferred income taxes |
(2.0) |
5.4 |
|
| Other, net |
1.0 |
4.7 |
|
| Asset impairment charges, Goderich tornado |
0 |
4.1 |
|
| Insurance advances for operating purposes, Goderich tornado |
16.3 |
0 |
|
| Insurance receivable accrued, Goderich tornado |
0 |
(2.2) |
|
| Insurance advances for investment purposes, Goderich tornado |
0 |
(4.1) |
|
| Changes in operating assets and liabilities, net of acquisition: |
|
|
|
| Receivables |
52.0 |
67.0 |
|
| Inventories |
(16.5) |
18.3 |
|
| Other assets |
(3.0) |
4.3 |
|
| Accounts payable and accrued expenses |
(29.9) |
(58.1) |
|
| Other liabilities |
(0.9) |
1.6 |
|
| Net cash provided by operating activities |
132.2 |
200.8 |
|
| Cash flows from investing activities: |
|
|
|
| Capital expenditures |
(98.9) |
(66.5) |
|
| Insurance advances for investment purposes, Goderich tornado |
0 |
4.1 |
|
| Acquistion of a business, net |
0 |
(58.1) |
|
| Other, net |
(1.0) |
0.7 |
|
| Net cash used in investing activities |
(99.9) |
(119.8) |
|
| Cash flows from financing activities: |
|
|
|
| Principal payments on long-term debt |
(386.7) |
(3.2) |
|
| Issuance of long-term debt |
387.0 |
0 |
|
| Fees paid to refinance long-term debt |
(1.8) |
0 |
|
| Deferred financing costs |
(2.2) |
0 |
|
| Dividends paid |
(49.7) |
(45.1) |
|
| Proceeds received from stock option exercises |
1.6 |
1.9 |
|
| Excess tax benefits from equity compensation awards |
0.9 |
1.9 |
|
| Net cash used in financing activities |
(50.9) |
(44.5) |
|
| Effect of exchange rate changes on cash and cash equivalents |
4.7 |
(4.2) |
|
| Net change in cash and cash equivalents |
(13.9) |
32.3 |
|
| Cash and cash equivalents, beginning of the year |
130.3 |
91.1 |
|
| Cash and cash equivalents, end of period |
116.4 |
123.4 |
|
| Supplemental cash flow information: |
|
|
|
| Interest paid, net of amounts capitalized |
11.4 |
13.1 |
|
| Income taxes paid, net of refunds |
30.4 |
42.4 |
|
| In connection with the January 2011 acquisition of Big Quill Resources, Inc., the Company assumed liabilities as follows (in millions): |
|
|
|
| Fair value of assets acquired, net of deferred tax liabilities and cash acquired |
|
60.0 |
[1] |
| Cash paid during the nine months ended September 30, 2011 |
0 |
(58.1) |
|
| Liabilities assumed |
|
$ 1.9 |
|
|
|
|