In Steel Processing, net sales of $584 million were down 10% from Q4 of 2018, due mostly to lower code volumes. total boat tons were down 9.5% with code shipments declining 15.1% and toll declining 1.5%. code tons were 55% at combine compared to 59% at the foregoing year quarter. Volumes though the part were down significantly above the foregoing year owing to sole impartial conditions at both periods. final year at Q4 zone 232 Steel Tariffs had recently been announced and steel prices were rising rapidly, which we meditate led customers to found inventories. Conversely, at the final little accommodation steel prices had been falling. We meditate many of our customers own been destocking and holding cheap levels of inventory. at addition, at the contemporary part we did experience softness at automotive volumes owing to the reduced North American auto builds year-over-year.

Operating allowance though Steel Processing of $15 million was down $33 million from Q4 final year, driven by a negative rock of about $27 million at inventory holding gains and losses, $3 million of impairment charges and lower code volumes. nevertheless we currently estimate that owing to farther refuse at steel prices, we will own the inventory holding losses at Q1 of 2020, we meditate that our competitive situation at the steel price-to-market has never been stronger. We are investing though growth and are focused above improving margins, nevertheless we link with and deliver innovative solutions to our customers.

In engineered Cabs', net sales were up 18% above Q4 of 2018, driven by higher volumes and medium selling prices. though reporting operating -- reported operating loss of $3.2 million was a $2.1 million sequential improvement, miserable $2.1 million improvement above the foregoing year and a $600,000 improvement sequentially.

Equity allowance from our common ventures during the part was down $14.5 million driven by lower contributions across the portfolio. Clark Dietrich was down $3 million mostly owing to decreased spreads though a results of declining steel prices. Equity allowance from wave was also down $2 million owing to lower volumes, the WAVE's margins did amplify year-over-year.

In addition, our equity allowance was negatively impacted by a $4 million blame we took to write down the estimate of our $8 million investment at our Chinese Steel Strip common venture. We received $29 million at dividends from our unconsolidated JVs during the part and we meditate those affair are executing above well strategies that will direct to better deed moving forward.

Turning to the money flow statement and the remains sheet. money flow from operations was $71 million at the quarter. We spent $10 million above an acquisition, $24 million above headmaster projects, paid $13 million at dividends and paid $39 million to repurchase 1 million shares of our mutual stock. Yesterday, the Board declared a $0.24 per portion dividend though the quarter, which is a $0.01 per part amplify which is payable above September of 2019. This marks the ninth consecutive year we own increased our dividend.

Funded debt at part goal was even sequentially at $749 million. use allowance of $9 million was down slightly from the foregoing year quarter, and we ended the part with consolidated money of $92 million and $548 million available beneath our revolving faith facilities. Our adjusted EBITDA above the final 12 months, which includes the $13 million blame though the tank replacement program was $330 million and our net debt to trailing EBITDA leverage ratio is almost 2 times.

At this point, I will become it above to Andy.

Andy Rose -- President

Thanks, Joe. Good morning everyone. Fiscal 2019 was a challenging year though us, mostly driven by the steel tariffs enacted at early 2018. quite than dwell above things we cannot control, we apply the time to situation ourselves though the future above a amount of fronts. though a originate of these efforts, we finished the fiscal year with a firm quarter, and a fate of enthusiasm though where we are headed. We own a fate to be excited about our Worthington. Our strategic planning process has been completed and there are a amount of initiatives that are delivering estimate today and we'll summary to perform consequently though years to come. First, our transformation playbook has been refocused into a affair system that combines standard metrics and deed management, slight tools though optimizing estimate streams and agile teams to attack great opportunities. We own multiple innovation teams that own developed meaningful pipelines of new products that are beginning to launch at the marketplace. We meditate that our capability to differentiate with new products at new services will create meaningful separation though us from our competitors and deliver results to the bottom line.

And nevertheless the M&A impartial remainder expensive. We own increased the size and experience level of our team here consequently that we are ready while the precise opportunities arrives. We summary to generate healthful money flow and used a part to buy another million shares of our stock this part at attractive levels. We're also taking the occur to clay up our underperforming assets, little of those moves resulted at small impairments this quarter, and we will summary this trouble until total of our businesses satisfy our goals though EBITDA growth and retort above capital.

We own used this year robust to reposition Worthington Industries though growth. We own a amount of talented leaders at new roles adding fresh ideas to our affair strategies, and the best workforce enabling our success. We are above the precise path to achieving new levels of performance. Thank you though your continued back at Worthington.

Marcus A. Rogier -- Investor Relations officer & Treasurer

At this point, we'll become it back above to the operator to cavity the queue though questions.

Questions and Answers:

Operator

Thank you. (Operator Instructions) at first up at queue, looks similar we own the queue of Martin Englert of Jefferies. Your queue is open.

Martin Englert -- Jefferies -- Analyst

Hi, good morning everyone.

John P. McConnell -- Chairman and leader Executive Officer

Good morning.

Martin Englert -- Jefferies -- Analyst

In the fiscal 1Q, can you controversy the possible magnitude of the inventory holding losses that you'd desire at Steel Processing?

Joseph B. Hayek -- Vice headmaster & leader economical Officer

Yes. Other than to talk that we perform desire them and we don't meditate it will be materially different than it was at Q4, the rock is indeed going to be the challenge and that we had almost $14 million of advantage at Q1 of fiscal '19. Prices went down another $40 yesterday, we're no steel charge prognosticators, besides folks own suggested that $500 can be shut the bottom, we'll see.

Martin Englert -- Jefferies -- Analyst

Okay. Thanks though that color there. And then impartial looking at cylinders, volumes specifically consumer products, consequently it was a small bit weaker than maybe I had anticipated here. Looking at the sequential move, can you impartial controversy some of the request trends that you're seeing maybe at the fiscal 1Q here? And the cadence of activity?

John P. McConnell -- Chairman and leader Executive Officer

Yes. I intend cylinders there's obviously a fate going above at those volume numbers, the biggest driver there of the swings is typically the consumer manufacture side, the 16 ounce camping cylinder et cetera, and consequently I meditate while you advantage a small bit of softness at that marketplace that drops the volumes. besides I used to talk overall, most of the goal markets there are doing reasonably robust with a little exceptions, consequently we don't own a entire fate of substance there.

Martin Englert -- Jefferies -- Analyst

Okay. And used to you be capable to highlight the markets that were can be lagging or contracting a small bit within consumer?

John P. McConnell -- Chairman and leader Executive Officer

A little of our industrial gas markets, a small bit soft. The other business that Joe touched above is while you own declining steel prices folks that are buying above the situation impartial will hang their purchases, hoping to obviously advantage lower prices though a originate of that. consequently we advantage a small bit of that at cylinders though well.

Martin Englert -- Jefferies -- Analyst

And you had some successful charge initiatives, if I recall, from the foregoing part that were flowing across at this quarter. can you oration about the sustainability there?

John P. McConnell -- Chairman and leader Executive Officer

Yes. I, you know, there is handsome good momentum there. The transformation trouble overall and cylinders is indeed starting to grown-up and advantage momentum, and one of the great components of that is though we post pricing desks at post and we'd be bring much more complex at condition of our strategies there. So, I meditate what we're doing there is sustainable and hopefully good things to bring at the future there.

Martin Englert -- Jefferies -- Analyst

Okay. Thanks though total that details. if I could one final one above some modeling items, CapEx budget though the year at tax rate.

Joseph B. Hayek -- Vice headmaster & leader economical Officer

Not indeed comfortable out of disclosing that. I don't meditate CapEx will be materially different than it's been historically. I don't anticipate important changes at the tax worthy either, besides nothing more concrete than that. I apologize.

Martin Englert -- Jefferies -- Analyst

Okay. no worries. Thanks though total the detail there and congratulations above the results at flare of the radical headwinds.

Joseph B. Hayek -- Vice headmaster & leader economical Officer

Thanks same much.

Operator

Next at string is the queue of John Tumazos of John Tumazos Independent. Thank you. Your queue is open.

John Tumazos -- John Tumazos same Independent investigation -- Analyst

Sorry, it's John Tumazos or something similar that. How are you doing today?

John P. McConnell -- Chairman and leader Executive Officer

Good John. How are you?

John Tumazos -- John Tumazos same Independent investigation -- Analyst

Good, good. talk me a small bit about the cryogenic sale. Are you selling the mill to somebody that's going to competition with your other cryogenics tank operations?

John P. McConnell -- Chairman and leader Executive Officer

We are not. Fundamentally while we invested at that affair a amount of years ago, things were different. We were at $100 and $110 a barrel of fat and I meditate the expectation though that affair was different. I also meditate Turkey obviously what's going above there has made it difficult to operate. So, we will summary our operations here at the US. And what they did there at Turkey to be blunt John, some niche markets and products that indeed aren't direct competing with what we're doing here at the US.

John Tumazos -- John Tumazos same Independent investigation -- Analyst

But you're cottage selling cryogenic cylinders -- tanks.

John P. McConnell -- Chairman and leader Executive Officer

That is correct, yes.

John Tumazos -- John Tumazos same Independent investigation -- Analyst

And the new owner is going to perform it.

John P. McConnell -- Chairman and leader Executive Officer

The new owner. I'm no sure I'm following...

Joseph B. Hayek -- Vice headmaster & leader economical Officer

Yes, John. It's Joe. That affair is same sole relative to other businesses though other geographies. consequently there won't be any competitive pressure.

John Tumazos -- John Tumazos same Independent investigation -- Analyst

Since you've got is much coin impartial dismantling the mill and selling, specialty steel it's tall estimate scrap?

John P. McConnell -- Chairman and leader Executive Officer

We meditate this is the best get though us and everybody involved.

John Tumazos -- John Tumazos same Independent investigation -- Analyst

I desire that your discount worthy at non-US transactions is at least 5 period though much though your discount rate, at US transactions?

John P. McConnell -- Chairman and leader Executive Officer

We certainly appreciate that and I would...

John Tumazos -- John Tumazos same Independent investigation -- Analyst

Let me continue. They play a sport called drag about the alien where, impartial though an example, Normandy had a gold mine shut Izmir and the Australian company couldn't apply cyanide besides the Turk could buy though since (ph) chump change, could apply cyanide. And you're also riding down your commerce at China. Whenever Iike Freeport has bother at Indonesia, I motorway though them to dynamite the plant. And then they advantage more at Arizona. besides it's impartial -- it's impartial you could drag about a fate less at Columbus, Ohio than you perform overseas. I'm a shareholder and I emotion you.

John P. McConnell -- Chairman and leader Executive Officer

Thank you, John.

Operator

(Operator Instructions) Next, we own the queue of Phil Gibbs of KeyBanc headmaster Markets. Your queue is open.

Phil Gibbs -- KeyBanc headmaster Markets -- Analyst

That was super interesting, that final five minutes. My mystery is indeed above WAVE, to start. I meditate you said that volumes were a bit frail at the part versus final year. impartial any visibility you guys own to bid trends or seasonality. How perform we meditate that that affair bridges into the next quarter?

Joseph B. Hayek -- Vice headmaster & leader economical Officer

Sure, Phil, it's Joe. final year during Q4, wave had announced a charge amplify that took result at June, and consequently we used to meditate that nation bought ahead of that charge increase. And consequently we had a small bit of lumpiness and maybe some of Q1 final year got brought into Q4, that impartial is at growing by default same rapidly. They own a amount of initiatives above the new manufacture front that are smaller pieces of their base today, besides growing much more rapidly than the core grid market, besides we don't anxiety about WAVE's volumes moving forward.

Phil Gibbs -- KeyBanc headmaster Markets -- Analyst

Okay, nice. Andy I meditate you commented above M&A multiples. Any signs that were moving more toward -- a small bit toward normalcy? Or is this contemporary satisfy higher at the -- above the stock impartial given everybody pumped out impartial again at holding their ground?

Andy Rose -- President

Yes. I used to talk it's firm though she goes, Phil. I intend the impartial is handsome good. The financing markets are readily available and consequently I meditate there is plenty of buyers out there. consequently I meditate that's supporting a handsome healthful multiple environment. It doesn't mean, we're no looking and we aren't seeing things we like. It's impartial we spent final year indeed refocusing ourselves cleaning up our core operations and I meditate now where Joe has done a glad vocation of indeed building some more expertise above his team and I used to talk we're friendly of ready to proceed now, and that being said, we're going to summary to be charge sensitive to a sure degree. We're no going to proceed crazy, though a fate of companies are at or shut mountain earnings, and we're at or shut mountain multiples. consequently while you perform that you better be the best buyer and you better own a fate of synergies, and if not, then you energy be better served to saving your dollars though a small bit better environment.

Phil Gibbs -- KeyBanc headmaster Markets -- Analyst

That makes sense. I think, I had one more question. One was above the fat and gas aspect though cylinders. Volumes picked up a bit, I meditate relative to what we were expecting, which is a good sign. Any color at condition of how that affair looks moving forward? And if or no you total were EBIT -- EBIT certain at the quarter.

Joseph B. Hayek -- Vice headmaster & leader economical Officer

Yes. flow worthy at the goal of the part was same good and trending at that direction, Phil, and they own -- it's a smaller affair though you know, $100 million or consequently though us, besides at their markets a handsome amount of momentum cottage going to be song to fluctuations at fat prices, besides lots of good momentum at some innovation that they own brought to the market. consequently we feel reasonably good about certainly the next little accommodation though them above a year-over-year basis.

Phil Gibbs -- KeyBanc headmaster Markets -- Analyst

And while were you total advantageous at the quarter, above an...

John P. McConnell -- Chairman and leader Executive Officer

I intend it depends above allocations everything else, besides the final connect of months.

Phil Gibbs -- KeyBanc headmaster Markets -- Analyst

Okay. Thanks consequently much.

Operator

(Operator Instructions) at this time we own none queuing by phone though us.

John P. McConnell -- Chairman and leader Executive Officer

Okay. Thank you same much again though joining us today. Again, we're same pleased with the team we own at post and our appear at our future results coming forward. So, looking deliver to seeing you at the goal of the first quarter. Thanks.

Operator

Ladies and gentlemen, that does finish the presentation though this morning. We thank you same much though total of your participation and using our Executive Teleconference Service. You can now disconnect.

Duration: 21 minutes

Call participants:

Marcus A. Rogier -- Investor Relations officer & Treasurer

John P. McConnell -- Chairman and leader Executive Officer

Joseph B. Hayek -- Vice headmaster & leader economical Officer

Andy Rose -- President