Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net loss $ (355.5) $ (207.8) $ (59.2)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation, depletion and amortization 416.3 442.2 438.4
Amortization of acquired unfavorable contracts (7.6) (46.5) (57.5)
Stock-based compensation 9.3 7.3 29.8
Loss (gain) on insurance recoveries 0.3 (4.9)  
Loss (gain) on disposal of assets, net 18.1 0.3 (1.7)
Non-cash loss on extinguishment of debt   0.8 17.4
Amortization of debt issuance costs 11.7 14.5 24.3
Acquisition earnout adjustment     (6.6)
Loss (gain) on investments, net 6.8 (0.4) 38.5
Provision for supply commitment charges   9.6  
Provision for credit losses, net of recoveries 13.7   0.1
Impairment of long-lived assets and goodwill 52.6 74.5 2.5
Deferred tax expense (benefit) (14.1) (10.7) 0.1
Other non-cash items, net 1.2 (0.1)  
Changes in operating assets and liabilities:      
Accounts receivable 26.9 55.5 204.8
Inventories 38.8 64.7 19.1
Prepaid expenses and other assets 6.9 (1.9) 26.5
Accounts payable (22.4) (7.6) (68.2)
Accrued expenses 2.7 (1.3) (43.8)
Other liabilities (16.2) (20.9) (8.4)
Net cash provided by operating activities 189.5 367.3 553.5
Cash flows from investing activities:      
Acquisitions, net of cash acquired   (194.4) (454.5)
Investment in property, plant & equipment (169.9) (255.0) (267.0)
Proceeds from sale of assets 5.8 72.9 6.2
Proceeds from insurance recoveries   6.2  
Other 0.4 (2.0) (0.5)
Net cash used in investing activities (163.7) (372.3) (715.8)
Cash flows from financing activities:      
Proceeds from issuance of long-term debt 118.5 136.7 1,220.0
Repayments of long-term debt (136.1) (157.2) (946.7)
Borrowings from revolving credit agreements 1,755.9 1,938.2 1,575.8
Repayments of revolving credit agreements (1,830.5) (1,918.1) (1,685.2)
Payment of debt issuance costs (1.8) (3.6) (62.3)
Cash settlement of vested stock awards (1.2)    
Tax withholding related to net share settlement of noncontrolling interest equity awards (1.6) (1.5) (0.8)
Payment of stock issuance costs (3.4)    
Proceeds from issuance of common stock 83.0    
Other (0.5)    
Net cash provided by (used in) financing activities (17.7) (5.5) 149.7
Net increase (decrease) in cash, cash equivalents, and restricted cash 8.1 (10.5) (12.6)
Cash, cash equivalents, and restricted cash beginning of period 14.8 25.3 37.9
Cash, cash equivalents, and restricted cash end of period 22.9 14.8 25.3
Non-cash investing and financing activities      
Capital expenditures included in accounts payable 8.6 32.4 44.9
Supplemental cash flow information:      
Cash payments for interest 125.5 137.8 139.1
Cash payments for income taxes $ 2.1 $ 3.0 0.3
Series A Preferred Stock      
Cash flows from financing activities:      
Proceeds from issuance of Series A preferred stock     50.0
Payment of stock issuance costs     $ (1.1)