Capital expenditures, net of reimbursements from the government for purchases
made for the beryllium facility in accordance with the Title III contract,
We acquired the outstanding shares of AMC for
Outstanding debt increased from
$81.4 millionat year-end 2011 to $122.5 millionat the end of the third quarter 2012. The increase in debt was used to fund the growth in working capital, capital expenditures, quarterly dividend and the AMC acquisition.
Cash balances totaled
Off-balance Sheet Arrangements and Contractual Obligations
We maintain the majority of our precious metals and a portion of our copper that we use in production on a consignment basis in order to reduce our exposure to metal price movements and to reduce our working capital investment. The balance outstanding under these off-balance sheet consignment arrangements totaled
$280.5 millionas of the end of the third quarter 2013 compared to $286.9 millionas of year-end 2012. The decline in the outstanding balance was primarily due to lower metal prices. During the third quarter 2013, we renewed our metal consignment agreements. The maturity dates were extended from one to three years and the total capacity was increased. Pricing under the agreements improved, while the other key terms and conditions remained largely unchanged from the previous agreements.
We were in compliance with the covenants contained in our consignment agreements as of
We negotiated a new revolving credit facility in the second quarter 2013 that replaced the prior facility that was scheduled to mature in 2016. The new facility is secured and provides up to
$375.0 millionof borrowing capacity, an increase of $50.0 millionover the prior facility. Borrowing rates are based on a spread over LIBOR, with the spreads being slightly lower under the new facility than they were under the old facility. The financial covenants remained unchanged. The new facility matures in 2018.
For additional information on our contractual obligations, please see page 38 of our Annual Report on Form 10-K for the year ended
We believe funds from operations plus the available borrowing capacity and the current cash balance are adequate to support operating requirements, capital expenditures, projected pension plan contributions, the payment of quarterly dividends, share repurchases, environmental remediation projects and strategic acquisitions. Cash provided from operations was
$38.5 millionin the first nine months of 2013. After consuming $4.8 millionof cash in the first quarter 2013, we generated $43.3 millionof cash in the following two quarters due to net income and changes in working capital levels. We typically consume cash in the first quarter of a given year and then generate cash over the balance of the year.