The $12.9 million increase in cash used by the Energy segment was primarily due to lower cash earnings as a result of the decline in average sales price for oil, natural gas and natural gas liquids during the Fiscal 2016 Quarter.
The $12.8 million increase in cash used by the Insurance segment was primarily as a result of the payment of reinsurance settlements in the Fiscal 2016 Quarter driven by realized and unrealized losses on fixed maturity securities in the funds withheld receivables.
Investing Activities
Cash provided by investing activities was $248.8 million for the Fiscal 2016 Quarter and was primarily related to (i) $151.7 million proceeds from the Compass Asset Sale; (ii) net repayment of asset-based loans of $65.2 million; and (iii) $51.8 million of cash provided from sales, maturities and repayments, net of purchases, of fixed maturity securities and other investments. Partially offsetting these inflows were capital expenditures of $19.9 million.
Cash used in investing activities was $106.8 million for the Fiscal 2015 Quarter and was primarily related to (i) $147.3 million of cash used in the acquisition of the approximately 25.5% interest in Compass, Spectrum Brands’ acquisition of Tell Manufacturing, Inc. and Front Street’s acquisition of Ability Reinsurance (Bermuda) Limited; and (ii) capital expenditures of $20.8 million. Partially offsetting these outflows was $33.3 million of cash provided from the net repayment of asset-based loans and $27.9 million of cash provided from sales, maturities and repayments, net of purchases, of fixed maturity securities and other investments.
Financing Activities
Cash used in financing activities was $137.0 million for the Fiscal 2016 Quarter and was primarily used in (i) repayment of $167.0 million of the Compass Credit Agreement; (ii) $87.6 million of repayment of debt primarily by Salus; (iii) purchases of Spectrum Brands stock of $49.6 million; (iv) cash used for payment of contractholder account withdrawals, net of account deposits of $35.9 million; and (iii) share based award tax withholding payments of $20.6 million, partially offset by borrowing under the Spectrum Brands’ Revolver Facility of $230.0 million.
Cash provided by financing activities was $389.6 million for the Fiscal 2015 Quarter and was primarily provided from (i) proceeds from issuance of debt, net of financing costs of $436.8 million; and (ii) cash provided by contractholder account deposits, net of the payment of contractholder account withdrawals of $35.4 million. Partially offsetting these cash inflows was cash used for (i) purchases of Spectrum Brands stock of $27.8 million; (ii) HRG’s common stock repurchases of $19.0 million; (iii) share-based award tax withholding payments of $18.6 million; and (iv) repayment of debt of $12.5 million.
Debt Financing Activities
During the Fiscal 2016 Quarter, the aggregate amount outstanding under the Compass Credit Agreement decreased from $327.0 million to $160.0 million, using proceeds from the Compass Asset Sale and other cash on hand. The Compass Credit Agreement which contains certain restrictions that require Compass to maintain certain financial covenants was amended during the fiscal year 2015.
At December 31, 2015, HRG and its subsidiaries were in compliance with their respective covenants under their senior credit agreements and senior unsecured indentures. See Note 9, Debt, to our Condensed Consolidated Financial Statements for additional information regarding the Company and its subsidiaries’ debt activities during the Fiscal 2016 Quarter.
Equity Financing Activities
During the Fiscal 2016 Quarter, we granted shares and restricted stock awards representing approximately 99 thousand shares to our employees, our directors, and our consultants. All vesting dates of grants made to our employees are subject to the recipient’s continued employment with us, except as otherwise permitted by our Board of Directors, or in certain cases if the employee is terminated without cause or resigns for good reason. The total market value of the restricted shares on the date of grant was approximately $1.4 million, a portion of which represented unearned restricted stock compensation. Unearned compensation is amortized to expense over the appropriate vesting period.
Contractual Obligations
At December 31, 2015, there have been no material changes to the contractual obligations as set forth in our Form 10-K, except as discussed in Note 9, Debt, to our Condensed Consolidated Financial Statements. Refer to the Company’s Condensed Consolidated Financial Statements included in Part I - Item 1. Financial Statements for additional information.
