STLD Steel Dynamics Inc

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC  20549

 

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (date of earliest event reported) January 27, 2016 (January 25, 2016)

 

STEEL DYNAMICS, INC.

(Exact name of registrant as specified in its charter)

 

 

7575 West Jefferson Blvd, Fort Wayne, Indiana 46804

(Address of principal executive offices) (Zip Code)

 

Registrant’s telephone number, including area code:  260-969-3500

 

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Item 2.02.  Results of Operations and Financial Condition.

 

On January 25, 2016, Steel Dynamics, Inc. issued a press release titled “Steel Dynamics Reports Fourth Quarter and Full-Year 2015 Results.” A copy of that press release is attached hereto as Exhibit 99.1.

 

The information contained in Exhibit 99.1 is furnished under this Item 2.02 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or incorporated by reference in any filing thereunder or under the Securities Act of 1933, as amended, except as may be expressly set forth by specific reference in any such filing.

 

Item 9.01.  Financial Statements and Exhibits.

 

(d) Exhibits.

 

The following exhibit is furnished with this report:

 

Exhibit Number		Description
99.1		A press release dated January 25, 2016, titled “Steel Dynamics Reports Fourth Quarter and Full-Year 2015 Results.”

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereto duly authorized.

 

		STEEL DYNAMICS, INC.
		/s/Theresa E. Wagler
Date: January 27, 2016	By:	Theresa E. Wagler
	Title:	Executive Vice President and
		Chief Financial Officer

 

2

Exhibit 99.1

 

Press Release
January 25, 2016	7575 W. Jefferson Blvd.
	Fort Wayne, IN 46804

 

Steel Dynamics Reports Fourth Quarter and Full-Year 2015 Results

 

FORT WAYNE, INDIANA, January 25, 2016 / PRNewswire / Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced fourth quarter and full-year financial results.  Excluding non-cash goodwill and asset impairment charges related to the company’s metals recycling operations of $1.13 per diluted share, the company’s adjusted fourth quarter 2015 net income was $22 million, or $0.09 per diluted share, on net sales of $1.6 billion.  Including the non-cash impairment charges, the company reported a fourth quarter net loss of $253 million, or $1.04 per diluted share.

 

As a part of the company’s annual goodwill and indefinite-lived intangible asset assessment, it was determined that the fair market value of its metals recycling operations was less than its carrying value, due to the weak global scrap commodity outlook, as indicated in the company’s December 16, 2015 press release.  Upon completion of the final assessment, it was determined that the book value of the metals recycling segment was impaired, resulting in non-cash goodwill and other related asset impairment charges of $435 million.

 

Comparatively, prior year fourth quarter net sales were $2.5 billion, with adjusted net income of $97 million, or $0.40 per diluted share, which excluded the impact of non-cash asset impairment and purchase accounting charges of $0.59 per diluted share.  Sequential third quarter 2015 net sales were $2.0 billion, with net income of $61 million, or $0.25 per diluted share.

 

“The fourth quarter 2015 market environment was one of the most challenging in recent history for our steel and metals recycling operations,” said Mark D. Millett, Chief Executive Officer. “The domestic steel industry operated at production rates below 65 percent in November and December, representing the lowest levels this year caused by ongoing pressure from unfairly traded steel imports, customer destocking and seasonally lower demand.  Enabled by our diversified and value-added product portfolio, our steel operations were again able to maintain a higher than industry average production utilization rate at 73 percent for the fourth quarter 2015.  The automotive market remains strong and construction continues to show incremental improvement, as current industry forecasts suggest additional year-over-year growth in 2016.

 

“An important barometer for domestic steel consumption is the strength of the construction industry.  Historically, the construction industry has been the largest single domestic steel consuming sector, and it is continuing on an upward trend,” continued Millett.  “Steady demand in an otherwise typically seasonally slower quarter, coupled with market share growth related to our recent acquisition of additional deck assets, resulted in a 10 percent increase in fourth quarter 2015 fabrication shipments.  Order entry remains robust, reflecting the steady positive trend in the non-residential construction market.  Our fabrication operations recorded another strong financial outcome in the fourth quarter 2015, and achieved record annual 2015 operating income of $116 million—well over twice the previous record annual results of $52 million earned in 2014.

 

“Despite the macro-headwinds encountered during the fourth quarter, we generated strong cash flow from operations of $330 million.  Additionally, we generated record annual 2015 cash flow from operations of over $1.0 billion, and after fixed asset capital expenditures, recorded $924 million of free cash flow.  Including our revolver and available cash of $727 million, we achieved record liquidity of $1.9 billion at the end of the year, providing a firm financial foundation for growth”, concluded Millett.

 

Additional Fourth Quarter 2015 Comments

 

Although at levels somewhat lower than experienced earlier in the year, steel imports continued to flood the domestic market during the fourth quarter 2015.  Coupled with seasonally lower demand and buyer hesitancy related to uncertain raw material markets, steel and metals recycling shipments declined.  Fourth quarter 2015 operating income for the company’s steel operations decreased 47 percent to $67 million sequentially, due to a 12 percent decrease in shipments. In addition, average steel product pricing declined more than consumed raw material scrap

 

 

costs, resulting in slight steel metal spread compression.  The fourth quarter 2015 average product selling price for the company’s steel operations decreased $51 to $614 per ton.  The average ferrous scrap cost per ton melted decreased $47 to $205 per ton.

 

Fourth quarter 2015 operating income attributable to the company’s sheet products decreased 43 percent when compared to the sequential third quarter.  The company’s flat roll metal spread decreased in the quarter as average pricing declined more than scrap costs, and quarterly shipments also decreased 10 percent.  Flat roll products, specifically commodity-grade hot roll, were the most severely impacted by high import volumes.  Operating income from long products decreased 47 percent, caused by average price declines and reduced shipments of 13 percent. The company’s steel production utilization rate declined to 73 percent for the fourth quarter 2015, which remains higher than the average U.S. domestic steel mill utilization rate, but lower than the company’s third quarter 2015 rate of 82 percent.

 

The company’s metals recycling operations recorded an adjusted fourth quarter 2015 operating loss of $16 million (excluding non-cash goodwill and asset impairment charges), compared to third quarter 2015 operating income of $463,000.  Based on lower domestic steel mill production utilization and traditional year-end steel mill scrap inventory reduction, fourth quarter 2015 ferrous scrap shipments declined 12 percent.  Additionally, sequential quarterly ferrous scrap pricing decreased substantially resulting in a 34 percent margin reduction.

 

The company’s fabrication operations continued to achieve strong financial performance. Fourth quarter 2015 operating income of $30 million was only surpassed by the sequential third quarter’s record of $37 million.  Sustained demand supported a 10 percent increase in quarterly shipments, which partially offset metal spread compression, as average product pricing declined more than raw material steel costs.

 

Full-Year 2015 Comparison

 

Despite record full-year fabrication and steel shipments (a function of including the company’s Columbus Flat Roll Division shipments for a full year in 2015), annual 2015 net sales were $7.6 billion compared to $8.8 billion in 2014, a decrease of 13 percent, based on significantly lower product pricing.  The dramatic drop in global commodity prices caused the average full-year 2015 selling price for the company’s metals recycling operations to decline over 36 percent year-over-year.  Additionally, due to sustained high levels of unfairly traded steel imports during the year, the average full-year 2015 selling price for the company’s steel operations decreased $152 per ton, or 18 percent.  As a result, annual 2015 revenues for the company’s metals recycling and steel operations fell $794 million and $338 million, respectively.  The average full-year 2015 ferrous scrap cost per ton melted decreased $105 to $255 per ton, resulting in meaningful metal spread compression.

 

Adjusted annual 2015 operating income was $398 million, with adjusted net income of $178 million, or $0.74 per diluted share, excluding non-cash asset impairment and other charges related to the company’s metals recycling and ferrous production operations and first quarter 2015 refinancing costs.  Including these charges, annual 2015 net loss was $130 million, or $0.54 per diluted share.  Comparatively, adjusted annual 2014 operating income was $612 million, with adjusted net income of $323 million, or $1.35 per diluted share, excluding charges related to the Minnesota asset impairment and Columbus acquisition.  Including these charges, annual 2014 net income was $157 million, or $0.67 per diluted share.

 

Outlook

 

“While underlying steel demand in certain market sectors remains steady and import levels have somewhat declined, the issue of unfairly traded steel imports persists”, said Millett.  “We believe that customer steel inventories have started to realign with current demand dynamics, and when combined with scrap price stabilization and moderating steel import volumes, presents an environment that could result in increased 2016 domestic steel production.  We continue to strengthen our financial position through strong cash flow generation, record liquidity, and the execution of our long-term strategy. We are uniquely, well-positioned for additional growth.  Customer focus, coupled with our market diversification and low-cost operating platforms, support our ability to not only maintain our best-in-class industry performance, but to also grow in a challenging environment,” concluded Millett.

 

 

Supplemental Quarterly Information (1)

 

		Fourth Quarter						Year to Date
		2015			2014			2015			2014			1Q 2015			2Q 2015			3Q 2015
		(Dollars in thousands)
External Net Sales
Steel		$	1,091,029		$	1,707,829		$	5,203,512		$	5,541,743		$	1,385,419		$	1,375,677		$	1,351,387
Fabrication		182,884			191,044			673,374			631,750			161,023			154,513			174,954
Metals Recycling		270,625			525,546			1,433,003			2,226,827			425,596			391,210			345,572
Other		46,508			92,674			284,522			355,632			75,397			83,607			79,010
Consolidated		$	1,591,046		$	2,517,093		$	7,594,411		$	8,755,952		$	2,047,435		$	2,005,007		$	1,950,923
Operating Income
Steel		$	66,580		$	216,773		$	411,523		$	692,212		$	116,996		$	101,212		$	126,735
Fabrication		30,193			21,704			115,947			51,894			21,361			27,660			36,733
Metals Recycling		(444,547		)	2,933			(432,264		)	43,901			(480		)	12,300			463
Operations		(347,774		)	241,410			95,206			788,007			137,877			141,172			163,931
Non-cash Amortization of Intangible Assets		(6,178		)	(6,918		)	(25,312		)	(27,551		)	(6,323		)	(6,493		)	(6,318		)
Profit Sharing Expense		(4,427		)	(13,397		)	(23,064		)	(42,126		)	(4,598		)	(5,031		)	(9,008		)
Non-segment Operations		(22,764		)	(302,255		)	(119,614		)	(398,010		)	(27,185		)	(52,089		)	(17,576		)
Consolidated Operating Income		(381,143		)	(81,160		)	(72,784		)	320,320			99,771			77,559			131,029
Non-cash Asset Impairment Charges		428,500			260,000			428,500			260,000			—			—			—
Minnesota Idle & Non-cash Inventory Charges		—			5,732			33,167			5,732			—			33,167			—
Iron Dynamics Outage		—			—			9,403			—			—			9,403			—
Non-cash Purchase Accounting		—			10,916			—			25,965			—			—			—
Adjusted Operating Income (Loss) (2)		$	47,357		$	195,488		$	398,286		$	612,017		$	99,771		$	120,129		$	131,029
External Shipments
Steel (In tons)		1,777,597			2,119,236			7,703,749			6,704,714			1,816,371			2,078,685			2,031,096
Steel Shipped to Internal Locations		167,921			210,589			624,401			653,652			132,649			163,723			160,108
Fabrication (In tons)		141,731			136,906			492,875			480,470			112,729			109,662			128,753
Metals Recycling
Nonferrous (In 000’s of pounds)		241,442			268,876			997,367			1,084,693			241,580			253,273			261,072
Ferrous (In gross tons)		564,868			693,832			2,384,288			2,892,461			642,080			626,264			551,076
Ferrous Scrap Shipped to Internal Steel Mills		629,543			631,505			2,755,218			2,673,777			590,921			731,491			803,263
Other Operating Information
Steel
Average External Sales Price (Per ton shipped)		$	614		$	806		$	675		$	827		$	763		$	662		$	665
Average Ferrous Cost (Per ton melted)		$	205		$	346		$	255		$	360		$	312		$	255		$	252
Flat Roll Shipments
Butler Division		601,502			759,059			2,539,399			2,917,259			579,493			721,115			637,289
Columbus Division (Acquired Sept 2014)		627,934			698,907			2,598,939			873,661			564,241			693,772			712,992
The Techs		149,358			163,570			667,661			714,158			145,934			182,239			190,130
Long Product Shipments
Structural and Rail Division-Structural		216,659			266,149			923,564			1,103,213			237,644			227,338			241,923
-Rail		55,775			64,190			261,545			221,722			66,708			74,912			64,150
Engineered Bar Products Division		99,257			172,769			509,083			646,731			156,366			120,559			132,901
Roanoke Bar Division		119,208			131,613			515,440			572,373			125,123			140,795			130,314
Steel of West Virginia		75,825			73,568			312,519			309,249			73,511			81,678			81,505
Total Steel Shipments (In tons)		1,945,518			2,329,825			8,328,150			7,358,366			1,949,020			2,242,408			2,191,204
Steel Production (In tons)		1,982,315			2,263,540			8,528,885			7,376,657			1,949,263			2,344,895			2,252,412
Fabrication
Average External Sales Price (Per ton shipped)		$	1,290		$	1,395		$	1,366		$	1,315		$	1,428		$	1,409		$	1,359
Consolidated EBITDA
Earnings (Loss) Before Taxes		$	(417,923	)	$	(124,467	)	$	(242,117	)	$	164,803		$	40,492		$	41,608		$	93,706
Net Interest Expense		36,107			44,415			152,609			135,346			42,874			36,890			36,738
Depreciation		65,621			72,614			263,162			229,393			64,860			66,281			66,400
Amortization		6,178			6,918			25,312			27,551			6,323			6,493			6,318
Non-controlling Interest		3,077			51,015			14,859			65,374			3,807			6,225			1,750
EBITDA		(306,940		)	50,495			213,825			622,467			158,356			157,497			204,912
Non-cash Adjustments
Unrealized Hedging (Gain) Loss		435			(634		)	2,580			(5,327		)	3,215			(1,808		)	738
Inventory Valuation		2,349			6,514			28,541			9,802			4,990			18,075			3,127
Asset Impairment Charges		428,500			213,453			428,500			213,453			—			—			—
Equity Based Compensation		9,947			8,478			28,835			22,972			7,199			6,356			5,333
Financing Expenses		—			—			3,326			—			3,326			—			—
Adjusted EBITDA		$	134,291		$	278,306		$	705,607		$	863,367		$	177,086		$	180,120		$	214,110

 

(1)  Effective the third quarter 2015, our reporting segments are Steel, which includes our steel mills and finishing facilities as well as Iron Dynamics; Metals    Recycling, which consists solely of OmniSource: and Fabrication, which consists solely of New Millennium Building Systems. Minnesota operations is reflected in non-segment operations. All prior periods have been restated consistent with this new segment presentation.

 

(2) Amount excludes 4Q 2015 Metals Recycling goodwill, intangibles, and property, plant, and equipment impairments, 2Q 2015 expenses associated with the idled Minnesota Operations (amount includes non-controlling interests of approximately $4 million), the impact from the Q2 2015 Iron Dynamics planned furnace maintenance outage that generally is required once every 5 years, and the Q3 2014 impact of purchase accounting related to the Severstal Columbus acquisition.

 

 

Conference Call and Webcast

 

Steel Dynamics, Inc. will hold a conference call to discuss fourth quarter and full-year 2015 operating and financial results on Tuesday, January 26, 2016, at 9:00 a.m. Eastern Time.  You may access the call and find dial-in information on the Investor Relations section of the company’s website at www.steeldynamics.com.  A replay of the call will be available on our website until 11:59 p.m. Eastern Time on January 31, 2016.

 

About Steel Dynamics, Inc.

 

Steel Dynamics, Inc. is one of the largest domestic steel producers and metals recyclers in the United States based on estimated annual steelmaking and metals recycling capability, with annual sales of $7.6 billion in 2015, approximately 7,500 employees, and manufacturing facilities primarily located throughout the United States (including six electric-arc-furnace steel mills, eight steel coating lines, an iron production facility, approximately 80 metals recycling locations and eight steel fabrication plants).

 

Note Regarding Non-GAAP Financial Measures

 

The company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). Management believes that Adjusted Operating Income, EBITDA and Adjusted EBITDA, non-GAAP financial measures, provide additional meaningful information regarding the company’s performance and financial strength. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the company’s reported results prepared in accordance with GAAP.  In addition, because not all companies use identical calculations, EBITDA included in this release may not be comparable to similarly titled measures of other companies.

 

Forward-Looking Statements

 

This press release contains some predictive statements about future events, including statements related to conditions in the steel and metallic scrap markets, Steel Dynamics’ revenues, costs of purchased materials, future profitability and earnings, and the operation of new or existing facilities. These statements, which we generally precede or accompany by such typical conditional words as “anticipate,” “intend,” “believe,” “estimate,” “plan,” “seek,” “project” or “expect,” or by the words “may,” “will,” or “should,” are intended to be made as “forward-looking,” subject to many risks and uncertainties, within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. These statements speak only as of this date and are based upon information and assumptions, which we consider reasonable as of this date, concerning our businesses and the environments in which they operate. Such predictive statements are not guarantees of future performance, and we undertake no duty to update or revise any such statements. Some factors that could cause such forward-looking statements to turn out differently than anticipated include: (1) the effects of uncertain economic conditions; (2) cyclical and changing industrial demand; (3) changes in conditions in any of the steel or scrap-consuming sectors of the economy which affect demand for our products, including the strength of the non-residential and residential construction, automotive, appliance, pipe and tube, and other steel-consuming industries; (4) fluctuations in the cost of key raw materials (including steel scrap, iron units, and energy costs) and our ability to pass-on any cost increases; (5) the impact of domestic and foreign import price competition; (6) unanticipated difficulties in integrating or starting up new or acquired businesses; (7) risks and uncertainties involving product and/or technology development; and (8) occurrences of unexpected plant outages or equipment failures.

 

More specifically, we refer you to Steel Dynamics’ more detailed explanation of these and other factors and risks that may cause such predictive statements to turn out differently, as set forth in our most recent Annual Report on Form 10-K under the headings Special Note Regarding Forward-Looking Statements and Risk Factors, in our quarterly reports on Form 10-Q or in other reports which we from time to time file with the Securities and Exchange Commission. These are available publicly on the SEC website, www.sec.gov, and on the Steel Dynamics website, www.steeldynamics.com.

 

Contact:  Tricia Meyers, Investor Relations Manager— +1.260.969.3500

 

 

Steel Dynamics, Inc.

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(in thousands, except per share data)

 

		Three Months Ended						Year Ended						Three Months Ended
		December 31,						December 31,						September 30,
		2015			2014			2015			2014			2015
Net sales		$	1,591,046		$	2,517,093		$	7,594,411		$	8,755,952		$	1,950,923
Costs of goods sold		1,446,839			2,225,469			6,862,693			7,789,741			1,722,197
Gross profit		144,207			291,624			731,718			966,211			228,726
Selling, general and administrative expenses		86,245			92,469			327,626			316,214			82,371
Profit sharing		4,427			13,397			23,064			42,126			9,008
Amortization of intangible assets		6,178			6,918			25,312			27,551			6,318
Asset impairment charges		428,500			260,000			428,500			260,000			—
Operating income (loss)		(381,143		)	(81,160		)	(72,784		)	320,320			131,029
Interest expense, net of capitalized interest		36,616			44,740			153,950			137,263			37,084
Other expense (income), net		164			(1,433		)	15,383			18,254			239
Income (loss) before income taxes		(417,923		)	(124,467		)	(242,117		)	164,803			93,706
Income taxes (benefit)		(161,607		)	(28,421		)	(96,947		)	73,153			34,839
Net income (loss)		(256,316		)	(96,046		)	(145,170		)	91,650			58,867
Net loss attributable to noncontrolling interests		3,077			51,015			14,859			65,374			1,750
Net income (loss) attributable to Steel Dynamics, Inc.		$	(253,239	)	$	(45,031	)	$	(130,311	)	$	157,024		$	60,617
Basic earnings (loss) per share attributable to Steel Dynamics, Inc. stockholders		$	(1.04	)	$	(0.19	)	$	(0.54	)	$	0.68		$	0.25
Weighted average common shares outstanding		242,558			240,870			242,017			232,547			242,074
Diluted earnings (loss) per share attributable to Steel Dynamics, Inc. stockholders, including the effect of assumed conversions when dilutive		$	(1.04	)	$	(0.19	)	$	(0.54	)	$	0.67		$	0.25
Weighted average common shares and equivalents outstanding		242,558			240,870			242,017			242,078			243,822
Dividends declared per share		$	0.1375		$	0.1150		$	0.5500		$	0.4600		$	0.1375

 

Note 1      Excludes the impact of common share equivalents outstanding for the three months ended December 31, 2015 and 2014, and the year ended December 31, 2015, because the impact on diluted loss per share is anti-dilutive.

 

 

Steel Dynamics, Inc.

CONSOLIDATED BALANCE SHEETS

(in thousands)

 

		December 31, 2015			December 31, 2014
		(unaudited)
Assets
Current assets
Cash and equivalents		$	727,032		$	361,363
Accounts receivable, net		613,605			902,825
Inventories		1,149,390			1,618,419
Other current assets		47,914			55,655
Total current assets		2,537,941			2,938,262
Property, plant and equipment, net		2,951,210			3,123,906
Restricted cash		19,565			19,312
Intangible assets, net		278,960			370,669
Goodwill		397,470			745,158
Other assets		16,936			35,852
Total assets		$	6,202,082		$	7,233,159
Liabilities and Equity
Current liabilities
Accounts payable		$	283,355		$	511,056
Income taxes payable		2,023			6,086
Accrued expenses		233,232			286,980
Current maturities of long-term debt		16,680			46,460
Total current liabilities		535,290			850,582
Long-term debt		2,577,976			2,935,389
Deferred income taxes		400,770			506,482
Other liabilities		16,595			18,839
Commitments and contingencies		—			—
Redeemable noncontrolling interests		126,340			126,340
Equity
Common stock		638			635
Treasury stock, at cost		(396,455		)	(398,898		)
Additional paid-in capital		1,110,253			1,083,435
Retained earnings		1,965,291			2,227,843
Total Steel Dynamics, Inc. equity		2,679,727			2,913,015
Noncontrolling interests		(134,616		)	(117,488		)
Total equity		2,545,111			2,795,527
Total liabilities and equity		$	6,202,082		$	7,233,159

 

 

Steel Dynamics, Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands)

 

		Three Months Ended						Year Ended
		December 31,						December 31,
		2015			2014			2015			2014
Operating activities:
Net income (loss)		$	(256,316	)	$	(96,046	)	$	(145,170	)	$	91,650
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		73,289			81,359			294,595			263,325
Asset impairment charges		428,500			260,000			428,500			260,000
Equity-based compensation		2,372			(1,556		)	22,604			14,016
Deferred income taxes		(145,537		)	(17,254		)	(99,323		)	(25,042		)
Changes in certain assets and liabilities:
Accounts receivable		189,006			155,500			311,302			(2,191		)
Inventories		170,593			47,642			488,003			68,730
Accounts payable		(100,017		)	(104,257		)	(227,092		)	(76,141		)
Income taxes receivable/payable		(16,603		)	(44,577		)	12,706			(22,086		)
Other assets and liabilities		(15,101		)	38,770			(47,642		)	45,311
Net cash provided by operating activities		330,186			319,581			1,038,483			617,572
Investing activities:
Purchase of property, plant and equipment		(28,043		)	(28,879		)	(114,501		)	(111,785		)
Acquisition of business, net of cash acquired		—			(21,986		)	(45,000		)	(1,669,449		)
Other investing activities		3,690			(190		)	9,874			33,967
Net cash used in investing activities		(24,353		)	(51,055		)	(149,627		)	(1,747,267		)
Financing activities:
Issuance of current and long-term debt		28,897			320,201			207,930			1,822,096
Repayment of current and long-term debt		(51,105		)	(364,387		)	(612,534		)	(635,578		)
Debt issuance costs		(608		)	(4,199		)	(608		)	(22,219		)
Exercise of stock options proceeds, including related tax effect		3,520			9,312			10,781			32,307
Contributions from (distributions to) noncontrolling investors, net		(7		)	(39		)	(1,187		)	4,675
Dividends paid		(33,288		)	(27,642		)	(127,569		)	(105,379		)
Net cash provided by (used in) financing activities		(52,591		)	(66,754		)	(523,187		)	1,095,902
Increase (decrease) in cash and equivalents		253,242			201,772			365,669			(33,793		)
Cash and equivalents at beginning of period		473,790			159,591			361,363			395,156
Cash and equivalents at end of period		$	727,032		$	361,363		$	727,032		$	361,363
Supplemental disclosure information:
Cash paid for interest		$	44,845		$	13,787		$	160,190		$	114,310
Cash paid (received) for federal and state income taxes, net		$	423		$	34,103		$	(9,898	)	$	120,521