58 / Schnitzer Steel Industries, Inc. Form 10-K 2021 SCHNITZER STEEL INDUSTRIES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Currency – U.S. Dollar) Year Ended August 31, 2021 2020 2019 Cash flows from operating activities: Net income (loss) $ 169,975 $ (2,200) $ 58,322 Adjustments to reconcile net income (loss) to cash provided by operating activities: Asset impairment charges, net of recoveries — 5,729 63 Exit-related asset impairments — 971 23 Depreciation and amortization 58,599 58,173 53,336 Inventory write-downs — — 775 Deferred income taxes 6,884 15,096 14,613 Undistributed equity in earnings of joint ventures (4,006) (834) (1,452) Share-based compensation expense 18,213 10,033 17,300 Loss (gain) on the disposal of assets, net 717 530 (1,545) Unrealized foreign exchange loss (gain), net 127 (67) 148 Credit loss, net — 66 74 Changes in assets and liabilities, net of acquisitions: Accounts receivable (84,086) (2,252) 9,478 Inventories (88,622) 39,226 33,466 Income taxes 22,789 (15,433) (1,158) Prepaid expenses and other current assets (15,674) 63 (859) Other long-term assets (5,402) (216) 1,167 Operating lease assets and liabilities (813) 334 — Accounts payable 64,956 (7,971) (17,068) Accrued payroll and related liabilities 27,824 13,465 (19,117) Other accrued liabilities 613 7,148 (3,560) Environmental liabilities 12,895 1,602 (2,476) Other long-term liabilities 3,825 134 518 Distributed equity in earnings of joint ventures 1,250 1,000 2,692 Net cash provided by operating activities 190,064 124,597 144,740 Cash flows from investing activities: Capital expenditures (118,866) (82,005) (94,613) Acquisitions — — (1,553) Joint venture receipts, net — — 641 Proceeds from sale of assets 587 1,290 4,070 Deposit on land option 630 1,860 1,890 Net cash used in investing activities (117,649) (78,855) (89,565) Cash flows from financing activities: Borrowings from long-term debt 546,706 690,162 431,048 Repayments of long-term debt (578,030) (698,492) (435,353) Payment of debt issuance costs (23) (1,983) (102) Repurchase of Class A common stock — (914) (13,083) Taxes paid related to net share settlement of share-based payment awards (5,638) (5,845) (7,484) Distributions to noncontrolling interests (4,577) (2,548) (1,677) Dividends paid (21,259) (20,884) (20,615) Net cash used in financing activities (62,821) (40,504) (47,266) Effect of exchange rate changes on cash 337 272 (255) Net increase in cash and cash equivalents 9,931 5,510 7,654 Cash and cash equivalents as of beginning of year 17,887 12,377 4,723 Cash and cash equivalents as of end of year $ 27,818 $ 17,887 $ 12,377 See Notes to the Consolidated Financial Statements.
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