Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income $ 3.0 $ 59.8
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization 112.8 110.3
Amortization of acquired contract liabilities (16.5) (8.1)
Stock-based compensation 2.1 13.1
Loss (gain) on disposal of assets, net (1.4) 1.5
Non-cash loss (gain) on extinguishment of debt 0.8 (4.1)
Amortization of debt issuance costs 3.2 6.1
Acquisition earnout adjustment   (3.0)
Unrealized loss (gain) on investments, net (1.2) 9.7
Deferred tax expense 0.2  
Other non-cash items, net   0.1
Changes in operating assets and liabilities:    
Accounts receivable (41.2) (41.9)
Inventories 16.6 (24.7)
Prepaid expenses and other assets 1.4 (1.8)
Accounts payable (20.3) 136.5
Accrued expenses 23.3 (3.1)
Other liabilities (3.7) (16.9)
Net cash provided by operating activities 79.1 233.5
Cash flows from investing activities:    
Acquisitions, net of cash acquired   (443.6)
Investment in property, plant & equipment (59.9) (83.2)
Proceeds from sale of assets 6.6 1.0
Net cash used in investing activities (53.3) (525.8)
Cash flows from financing activities:    
Proceeds from issuance of long-term debt   320.0
Repayments of long-term debt (37.5) (18.2)
Borrowings from revolving credit agreements 501.1 406.7
Repayments of revolving credit agreements (485.2) (363.0)
Payment of debt issuance costs (1.1) (18.4)
Tax withholding related to net share settlement of equity awards (0.1)  
Net cash provided by (used in) financing activities (22.8) 327.1
Net increase in cash, cash equivalents, and restricted cash 3.0 34.8
Cash, cash equivalents, and restricted cash beginning of period 25.3 37.9
Cash, cash equivalents, and restricted cash end of period 28.3 72.7
Non-cash investing and financing activities:    
Capital expenditures included in accounts payable 22.6 54.2
Operating lease liabilities incurred from obtaining right-of-use assets $ 5.7 $ 6.1