SEC Filings

10-Q
RELIANCE STEEL & ALUMINUM CO filed this Form 10-Q on 05/02/2019
Entire Document
 

RELIANCE STEEL & ALUMINUM CO.

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

 

 

 

 

 

 

 

Three Months Ended

 

March 31,

 

2019

    

2018

Operating activities:

 

 

 

 

 

Net income 

$

191.6

 

$

171.1

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

Depreciation and amortization expense

 

54.0

 

 

54.1

Provision for uncollectible accounts

 

1.7

 

 

3.6

Gain on sales of property, plant and equipment

 

(0.2)

 

 

(0.1)

Stock-based compensation expense

 

8.2

 

 

6.4

Other

 

1.8

 

 

4.1

Changes in operating assets and liabilities (excluding effect of businesses acquired):

 

 

 

 

 

Accounts receivable

 

(180.7)

 

 

(234.2)

Inventories 

 

(119.0)

 

 

(169.8)

Prepaid expenses and other assets 

 

41.2

 

 

15.9

Accounts payable and other liabilities 

 

118.6

 

 

162.2

Net cash provided by operating activities

 

117.2

 

 

13.3

 

 

 

 

 

 

Investing activities:

 

 

 

 

 

Purchases of property, plant and equipment 

 

(53.0)

 

 

(41.8)

Acquisitions, net of cash acquired

 

 —

 

 

(39.6)

Other

 

4.3

 

 

4.1

Net cash used in investing activities 

 

(48.7)

 

 

(77.3)

 

 

 

 

 

 

Financing activities:

 

 

 

 

 

Net short-term debt borrowings

 

 —

 

 

1.0

Proceeds from long-term debt borrowings 

 

374.0

 

 

398.0

Principal payments on long-term debt

 

(391.0)

 

 

(253.7)

Dividends and dividend equivalents paid 

 

(39.6)

 

 

(38.5)

Share repurchases

 

 —

 

 

(49.3)

Other

 

(8.8)

 

 

(2.6)

Net cash (used in) provided by financing activities

 

(65.4)

 

 

54.9

Effect of exchange rate changes on cash and cash equivalents

 

2.3

 

 

0.1

Increase (decrease) in cash and cash equivalents

 

5.4

 

 

(9.0)

Cash and cash equivalents at beginning of year 

 

128.2

 

 

154.4

Cash and cash equivalents at end of period

$

133.6

 

$

145.4

 

 

 

 

 

 

Supplemental cash flow information:

 

 

 

 

 

Interest paid during the period

$

13.6

 

$

9.0

Income taxes paid during the period, net

$

7.9

 

$

9.0

 

See accompanying notes to unaudited consolidated financial statements.

 

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